Wise to Krungthai

[Gecko]

I got a transfer from Wise, about 503  Euros after Wise fees were sent. I received just 18933 Baht, more than 1000 Baht less than expected. Are there any fees involved like conversion fees? 1000 Baht less seems quite much. Anyone has an idea?

[Mike Lister]

Just from the numbers you supplied, that's an effective exchange rate of 37.64 whereas todays rate is 39.44....hmmmm! As you say, about 1k baht difference.

[Upnotover]

Wise is usually very clear about what you will receive before you send.  And your account wil have a clear record of what charges were taken from any money you send.  Do you not have these records?

[Chivas]

The maths are simple.

503 Euros wasnt the amount sent

[Gecko]

I didn't send it, but I saw the pdf file from wise and it was just some Euros fee. As for Krungthai, I saw on the App that I received it, there's no information where or from whom  it came from. Zero.

[Upnotover]

8 minutes ago, Gecko said:

I didn't send it, but I saw the pdf file from wise and it was just some Euros fee. As for Krungthai, I saw on the App that I received it, there's no information where or from whom  it came from. Zero.

You "saw" the Wise transaction document?  Can you not see it again and check the numbers on it?

[NoDisplayName]

Whoever sent you the money deducted 25 Euro.

You'll have to ask them why.

Did they send a Euro SWIFT from their bank to Wise?

 

[Gecko]

3 hours ago, NoDisplayName said:

Whoever sent you the money deducted 25 Euro.

You'll have to ask them why.

Did they send a Euro SWIFT from their bank to Wise?

 

Yep, I know. The wise pdf says paid 513 Euro, fee 3,84 Euro. Transferred by Wise Euro sent by SWIFT.

[NoDisplayName]

12 minutes ago, Gecko said:

Yep, I know. The wise pdf says paid 513 Euro, fee 3,84 Euro. Transferred by Wise Euro sent by SWIFT.

Well, there ya go!

They sent Euros via SWIFT to your Thai bank.

 

Thus they were charged the SWIFT fee, AND they got the local Thai bank currency conversion rate, NOT the advertised Wise baht rate.

[Upnotover]

3 hours ago, Gecko said:

Yep, I know. The wise pdf says paid 513 Euro, fee 3,84 Euro. Transferred by Wise Euro sent by SWIFT.

Sounds like Wise wasn't involved at all.  They don't send anything, simply transfer the quoted amount locally.  Weird thread.

[NoDisplayName]

1 hour ago, Upnotover said:

Sounds like Wise wasn't involved at all.  They don't send anything, simply transfer the quoted amount locally.  Weird thread.

 

Wise will send GBP via SWIFT.

 

https://wise.com/help/articles/2977936/sending-gbp-to-countries-outside-of-the-uk?origin=related-article-2553074

[NoshowJones]

Are there any Thai banks who Wise will not transfer money to from a persons UK bank account? 

[Upnotover]

8 hours ago, NoDisplayName said:

 

Wise will send GBP via SWIFT.

 

https://wise.com/help/articles/2977936/sending-gbp-to-countries-outside-of-the-uk?origin=related-article-2553074

Ah yes, thanks for that.  So it appears the OP was actually sent EUR which would explain the missing amount.

[Gecko]

4 hours ago, Upnotover said:

Ah yes, thanks for that.  So it appears the OP was actually sent EUR which would explain the missing amount.

Tbh, I'm not that familiar with wise.  I was sent Euro to my Krungthai bank account and there converted to Thai Baht.  i asked the sender and they said the fee must be on my side.

So, what can I do - or they do - to avoid that high fee? Are there better types of wise transactions?

[CanadaSam]

1 hour ago, Gecko said:

Are there better types of wise transactions?

 

Actually, that is a good question! 

 

Because I have a guy who wants to send me money from the UK and I told him to send it via Wise and he says he does not have Wise!

 

So, anybody with experience, can please explain how a guy without Wise can send money via Wise to a guy who has Wise?

 

Second question for the expert, is that my Wise USD account has a bank account number in the USA, and the routing codes, their address, etc., but NO BANK NAME!

 

What bank name would somebody have to choose, to send money to my Wise USD account in the states?

 

Thanks for the help!

[Grusa]

I would suggest you speak to Wise directly. They are incredibly helpful and polite.

 

[bradiston]

2 hours ago, CanadaSam said:

 

Actually, that is a good question! 

 

Because I have a guy who wants to send me money from the UK and I told him to send it via Wise and he says he does not have Wise!

 

So, anybody with experience, can please explain how a guy without Wise can send money via Wise to a guy who has Wise?

 

Second question for the expert, is that my Wise USD account has a bank account number in the USA, and the routing codes, their address, etc., but NO BANK NAME!

 

What bank name would somebody have to choose, to send money to my Wise USD account in the states?

 

Thanks for the help!

Seems Community Federal Savings Bank is Wise's partner in the US. All the details are in your US $ account details.

[GreasyFingers]

7 hours ago, Gecko said:

Tbh, I'm not that familiar with wise.  I was sent Euro to my Krungthai bank account and there converted to Thai Baht.  i asked the sender and they said the fee must be on my side.

So, what can I do - or they do - to avoid that high fee? Are there better types of wise transactions?

Try OFX, they quote a set rate that you can accept or not. THB is sent and my bank (KBank) deduct their own fees about 0.15%. But overall the rate received is not much different to KBank quoted TT rate. But your home bank might also have fees with a direct SWIFT transfer.

[NoDisplayName]

7 hours ago, Gecko said:

Tbh, I'm not that familiar with wise.  I was sent Euro to my Krungthai bank account and there converted to Thai Baht.  i asked the sender and they said the fee must be on my side.

So, what can I do - or they do - to avoid that high fee? Are there better types of wise transactions?

 

If they used Wise to send a SWIFT, then they have a Wise account, so they could have simply sent the money to your Thai bank using Wise. 

 

Wise would deduct a ~ 3.50-pound fee and then convert pounds to baht using the market rate.  Then baht would have been deposited into your Thai account from their local account.

 

500 pounds = 22,750 baht

https://wise.com/gb/send-money/

[Gecko]

12 minutes ago, NoDisplayName said:

 

If they used Wise to send a SWIFT, then they have a Wise account, so they could have simply sent the money to your Thai bank using Wise. 

 

Wise would deduct a ~ 3.50-pound fee and then convert pounds to baht using the market rate.  Then baht would have been deposited into your Thai account from their local account.

 

500 pounds = 22,750 baht

https://wise.com/gb/send-money/

Exactly. I know that Krungthai  will charge you up to 1500 for sending money to a foreign country. But receiving? Haven't had time yet to go to Krungthai, will go in soon.

[NoDisplayName]

27 minutes ago, Gecko said:

Exactly. I know that Krungthai  will charge you up to 1500 for sending money to a foreign country. But receiving? Haven't had time yet to go to Krungthai, will go in soon.

Krungthai fees:

 

Fees for receiving money from overseas transfer

The Bank fee charges at 0.25% of the total amount transferred, minimum rate at 200 baht but not exceeding 500 baht

 

You were charged the Wise fee, the SWIFT fee, the international transfer fee, and received the lower Krungthai currency exchange rate.

 

Next time have them send baht to your Krungthai account.  Small Wise fee, no swift fee, no overseas transfer fee (the money comes from Wise local Thai accounts), and better exchange rate.

Edited April 23 by NoDisplayName

[Upnotover]

45 minutes ago, Gecko said:

Exactly. I know that Krungthai  will charge you up to 1500 for sending money to a foreign country. But receiving? Haven't had time yet to go to Krungthai, will go in soon.

You don't need to go in.  It is clear what has occurred.  Next time just tell the sender to send you THB.

[bravo19]

4 hours ago, NoDisplayName said:

Krungthai fees:

 

Fees for receiving money from overseas transfer

The Bank fee charges at 0.25% of the total amount transferred, minimum rate at 200 baht but not exceeding 500 baht

But the partner banks from Wise in Thailand are the Bangkok Bank, Kasikorn, SCB and DeeMoney. That means, if you send money from abroad to Thailand via Wise, the money will sent first to one of these partner banks and then further to your Krungthai account. So it is not an international transfer.

[NoDisplayName]

10 hours ago, bravo19 said:

But the partner banks from Wise in Thailand are the Bangkok Bank, Kasikorn, SCB and DeeMoney. That means, if you send money from abroad to Thailand via Wise, the money will sent first to one of these partner banks and then further to your Krungthai account. So it is not an international transfer.

 

OP had a SWIFT sent via Wise.

 

That was real live GBP sent across borders and deposited in his Thai bank account, via the SWIFT system, not utilizing the lower-cost Wise alternative.

 

Not a Wise choice.

[daejung]

On 4/23/2024 at 11:43 AM, Gecko said:

Tbh, I'm not that familiar with wise.  I was sent Euro to my Krungthai bank account and there converted to Thai Baht.  i asked the sender and they said the fee must be on my side.

So, what can I do - or they do - to avoid that high fee? Are there better types of wise transactions?

I transfer THB, converted by Wise, to my Bangok Bank Account.

Bangkok Bank charges no fees in that case. I get on my Bangkok Bank account the exact amount in THB I sent.

[Gecko]

Ahh, ok, thanks to all.