Problems transfering money using Wise

[aussiebrian]

Last Wednesday 29th of May, I did a money transfer using Wise. It was only my 3rd transfer using this method, the other 2 times had been excellent, with the money arriving from my Australian Bank account to my Kasikorn,Thai Bank within minutes, and very low fees. 

This time unfortunately I am still waiting for my money, I have been getting them to call me daily from the wise app, using the help option. Each day they say it will be tomorrow, and they have sent it, but there is a problem with their partner bank in Thailand and it keeps bouncing and getting sent back. Last Friday the did say it would be Monday it should come, They say many other people are also having these problems too. 

I rang Kasikorn Bank and they told me that other people had also rung them about the same problem, and the problem was with the partner bank. 

I also need to transfer my 65000 baht for my living expenses and visa requirements but now am worried if I do that now I will have the same problem. 

Also, with my initial transfer, they told me how much Australian dollars I needed to send to get 16,900 baht which I needed extra last month. Instead of it being transferred to my bank, it went into my wise credit. Then I needed to transfer it from my wise credit to my Thai bank account which incurred extra fees. They have told me they can't wave the fees. I believe this happened because of the problem with their partner Bank and it couldn't be sent directly to my Kasikorn and account. The extra fees don't worry me because they are very minor,

I always had used Citibank Australia, but now NAB has taken them over and when I used them before Wise, the first transfer caused me a week of headaches, and much higher fees, so I don't want to use this option if I can help it. 

When I look on wise.status it said they had problems on the 21st and 22nd of May but they were resolved each time in about 2 hours. It states from the 23rd onwards there have been no reported incidents which is untrue. 

Has anyone tried to transfer money using Wise between May 29th and now? If so, what was the outcome?

Thanks 

 

 

Edited June 4 by aussiebrian
Small change to Title.

[Stanton681]

There’s a whole recent thread on this:

 

[PJPom]

I transferred money from Australia last night at 21.39, the immediate email said..initiated 21.38.. verified 21.38 ..will be sent 0955 tomorrow.  At 0954 it changed to 1155 ...it arrived in SCB at 1140. This is the first time in many years that it has taken so long so we will see what the next transfer takes, back to normal I hope.

[Liverpool Lou]

3 hours ago, aussiebrian said:

I also need to transfer my 65000 baht for my living expenses and visa requirements

Use SWIFT.

[Sigmund]

Currency Fair seems worse. If the amount is more then 500 €uros, takes days to be credited in the CF account and even longer after that to appear on Kasikorn Bank. Seems that with Revolut the cash is credited faster in the Thai bank ?

[freedomnow]

maybe there has to be more scrutiny now with the remittance and new tax laws and tying it to the length of time the foreign recipient is in the country.

[aussiebrian]

Ok, it finally arrived. 🥳 6 days. I then immediately transfered another $3000 Au to my Thai account, took 15 seconds.. faith restored 🙏🏻🦘🫰🏻 Looks like their problem is fixed.

[KhunHeineken]

3 hours ago, aussiebrian said:

Ok, it finally arrived. 🥳 6 days. I then immediately transfered another $3000 Au to my Thai account, took 15 seconds.. faith restored 🙏🏻🦘🫰🏻 Looks like their problem is fixed.

Similar experience.  After reading this thread, I ran a test and transferred a small ammout.  It took days.  After it arrived, I transferred another small amount, and it arrived in seconds as well. 

 

Whatever was the problem seems to have been fixed now.

[VBF]

4 hours ago, KhunHeineken said:

Similar experience.  After reading this thread, I ran a test and transferred a small ammout.  It took days.  After it arrived, I transferred another small amount, and it arrived in seconds as well. 

 

Whatever was the problem seems to have been fixed now.

Agree - I transferred from my UK bank on June 03, 2024 00:16:54 BST

Money was in SCB (Thailand) June 03, 2024 00:32:03 BST (06:32 Thailand)

[Greenwich Boy]

8 hours ago, Sigmund said:

Currency Fair seems worse. If the amount is more then 500 €uros, takes days to be credited in the CF account and even longer after that to appear on Kasikorn Bank. Seems that with Revolut the cash is credited faster in the Thai bank ?

I have had a Currency Fair going back before I had even heard of Revolut or Wise. With the transfer delays amongst other things they are pretty much redundant in my view. I made a transfer to my Thai acct with Revolut this week, money received immediately. Will get myself a Wise acct when I get organised as an alternative

[rwill]

One thing I noticed helping a friend recently is that they charge a higher fee for transfering in Thai baht.  It first came up as a pound to euro transaction with a fee of 4 pounds.  When I switched it to Thai baht the fee was a little over 7 pounds.

[supersomchai]

Had a problem last week with wise

Bouncing 2 transfers back to me ,i got a refund .

Got an error message your bank details are incorrect ,which wasnt true.

I called them and they said they had a problem with the thai bank they use.

All this when the exchange rate was the best its been for years ☹️

[Skeptic7]

From the USA to Bangkok Bank used to get the money next day every time. Twice it was same day and the fastest ever was 8 hours. 3 transfers since that 8 hour transfer and all have taken 6 days. Always tells me it will arrive in a matter of hours, but later it says "your money is taking longer than usual to get to us". This is total BS since WISE has already withdrawn the money when I check my US bank, yet continues with this lie for days. 

[nutosf]

I transfered using wise on Friday. I knew it would not post till Tuesday. Banks were closed on Monday. 

[Robert Paulson]

It’s not an accident is the thing people don’t understand. The longer they hold your money, the more money they make. People with the money loan it out at a 10th 1 clip and make money with your money.

 

why would they send your money right away when they can make money with it instead. It’s not a bug it’s a feature for them

Edited June 4 by Robert Paulson

[Robert Paulson]

21 minutes ago, Skeptic7 said:

From the USA to Bangkok Bank used to get the money next day every time. Twice it was same day and the fastest ever was 8 hours. 3 transfers since that 8 hour transfer and all have taken 6 days. Always tells me it will arrive in a matter of hours, but later it says "your money is taking longer than usual to get to us". This is total BS since WISE has already withdrawn the money when I check my US bank, yet continues with this lie for days. 

Why was it never immediate? We don’t have the tech, right? Haha. Yeah, sure. We don’t have the tech to move money. They hold onto your money on purpose my peeps 

[Expat68]

13 hours ago, aussiebrian said:

Last Wednesday 29th of May, I did a money transfer using Wise. It was only my 3rd transfer using this method, the other 2 times had been excellent, with the money arriving from my Australian Bank account to my Kasikorn,Thai Bank within minutes, and very low fees. 

This time unfortunately I am still waiting for my money, I have been getting them to call me daily from the wise app, using the help option. Each day they say it will be tomorrow, and they have sent it, but there is a problem with their partner bank in Thailand and it keeps bouncing and getting sent back. Last Friday the did say it would be Monday it should come, They say many other people are also having these problems too. 

I rang Kasikorn Bank and they told me that other people had also rung them about the same problem, and the problem was with the partner bank. 

I also need to transfer my 65000 baht for my living expenses and visa requirements but now am worried if I do that now I will have the same problem. 

Also, with my initial transfer, they told me how much Australian dollars I needed to send to get 16,900 baht which I needed extra last month. Instead of it being transferred to my bank, it went into my wise credit. Then I needed to transfer it from my wise credit to my Thai bank account which incurred extra fees. They have told me they can't wave the fees. I believe this happened because of the problem with their partner Bank and it couldn't be sent directly to my Kasikorn and account. The extra fees don't worry me because they are very minor,

I always had used Citibank Australia, but now NAB has taken them over and when I used them before Wise, the first transfer caused me a week of headaches, and much higher fees, so I don't want to use this option if I can help it. 

When I look on wise.status it said they had problems on the 21st and 22nd of May but they were resolved each time in about 2 hours. It states from the 23rd onwards there have been no reported incidents which is untrue. 

Has anyone tried to transfer money using Wise between May 29th and now? If so, what was the outcome?

Thanks 

 

 

I suggest you open a wise account, transfer the money you want sent into that account, wait for confirmation, then send money using this.

I sent mine last Friday, arrived in minutes 

[Jeffrey346]

I transfered 16000 Bt from US last Thursday. Wise delivered in seconds. On Friday, I transfered 80000 Bt and it arrived on Tuesday. I have done this often, seems small amounts are immediate and large amounts seem to take 1 to 5 days.

[thailand49]

From my own experience in a blue moon it does get delayed. I can only speak of the USD, but first this!

 

When you log on and see your history on the screen above you will see a number of currency large  boxes like USD, EURO, above on left will be a small green tab " send " if you dont want your money to be put into the Wise Account dont hit the large tabs for your country money.

It is really about planning ahead for USD if one does an amount under 1000 USD, it comes within seconds.

If over 1000, dont do on Fridays and be aware of many Thai hoildays.

 

On ocassions Ive done transfer the funds are recieved shows taken from my account back home but doing another Wise reply they havent recieved Yet so transfers cant be completed.

To get around this I have several accounts listed on my wise account so I use another account basically for the transfer.

Good luck

[HuaHinNew]

I have used WISE for years here, transfers from my Aussie NAB account to my Bangkok Bank here in Thailand, always successfully.

 

But, there is always a but....never every had I received the transfer of funds in hours, minutes or seconds.

 

At best, if I did a WISE transaction in the evening in Thailand, and it was before NAB opened for business there next morning in Aus, I received the funds in my Bangkok Bank my next day.

 

But on average it took 2 to 3 days to arrive from Aus to Thailand, on weekends it of course took longer.

 

I may be a skeptic, but while these financial institutions organizations are holding your collective funds, it gives them the opportunity to invest in the short term money markets.

 

I know for entrain that with for the Reserve Bank of Australia, it has specific requirements for banks to hold cash equity overnight, banks borrow and lend the balances they hold in their Reserve Bank Exchange Settlement Accounts (ESAs) in the cash market.

 

Sorry for the detailed information, but it supports my point.

 

The Australian Reserve Bank has specific requirements for banks to hold cash equity overnight. This is part of the cash market, which is the market for unsecured, overnight loans between banks.

Banks borrow and lend the balances they hold in their Reserve Bank Exchange Settlement Accounts (ESAs) in the cash market. 

 

These transactions are undertaken between banks on an unsecured basis for a term of one business day1. ESAs, which must be in credit at all times, are used to settle obligations arising from interbank payments within the Reserve Bank Information and Transfer System (RITS), Australia’s high-value payments system1.

 

Each business day, banks that hold more exchange settlement (ES) balances than they need (i.e., to settle their net payment obligations) can lend the surplus in the cash market to banks with a shortfall1. The (annualized) weighted-average interest rate on these unsecured interbank loans is the overnight ‘cash rate’, which is the Reserve Bank’s operational target for the implementation of monetary policy.

 

The Reserve Bank does not directly participate in the cash market, but it is able to control the aggregate amount of ES balances that are available for market participants to borrow and lend. It does this by supplying enough ES balances through its open market operations, such that the demand for ES balances is satisfied at, or close to, the cash rate target.

 

In recent years, banks that make payments outside business hours are no longer required to contract open repos with the Reserve Bank. Financial institutions were still free to lend any ES balances in excess of their open repo position (surplus ES balances) in interbank markets, and earn a higher interest rate than if they had left the funds in their ES account.

[sikishrory]

Where is the Wise account registered. If it is in Australia it is quite easy to open a case against them online using AFCA.

I have had many problems with missing transfers over the years. Once I had a lost transfer with OFX. For weeks they put all the blame on the banks. However within a day or two of opening an AFCA case against them all of a sudden they found the missing money money and sent it straight to me.

I'm sure other countries would have similar protections. Even Thailand has a department for this. You just need to do it in the country that your address is in.

Now I just do bank to bank to transfers. I don't mind paying a little bit extra to cut out the middle man and have more protection with SWIFT records etc.

[freeworld]

2 hours ago, Robert Paulson said:

It’s not an accident is the thing people don’t understand. The longer they hold your money, the more money they make. People with the money loan it out at a 10th 1 clip and make money with your money.

 

why would they send your money right away when they can make money with it instead. It’s not a bug it’s a feature for them

No, this is not what they do.

 

They are probably carrying out regulatory and verification checks and probably once verified, a tick box is checked and then everything is back to normal with seconds to transfer.

 

Info from wise for eg.

"Wise is a safe and regulated way to send money. And sometimes we need to double check some info about the person or business sending you money. If the sender is a person, we need to know their full legal name, date of birth, and the country they live in."

 

https://wise.com/help/articles/2977951/why-is-my-transfer-taking-so-long

 

https://www.einsstark.tech/transferwise-paused-transaction/

 

 

 

Edited June 5 by freeworld

[Wrwest]

15 hours ago, aussiebrian said:

Last Wednesday 29th of May, I did a money transfer using Wise. It was only my 3rd transfer using this method, the other 2 times had been excellent, with the money arriving from my Australian Bank account to my Kasikorn,Thai Bank within minutes, and very low fees. 

This time unfortunately I am still waiting for my money, I have been getting them to call me daily from the wise app, using the help option. Each day they say it will be tomorrow, and they have sent it, but there is a problem with their partner bank in Thailand and it keeps bouncing and getting sent back. Last Friday the did say it would be Monday it should come, They say many other people are also having these problems too. 

I rang Kasikorn Bank and they told me that other people had also rung them about the same problem, and the problem was with the partner bank. 

I also need to transfer my 65000 baht for my living expenses and visa requirements but now am worried if I do that now I will have the same problem. 

Also, with my initial transfer, they told me how much Australian dollars I needed to send to get 16,900 baht which I needed extra last month. Instead of it being transferred to my bank, it went into my wise credit. Then I needed to transfer it from my wise credit to my Thai bank account which incurred extra fees. They have told me they can't wave the fees. I believe this happened because of the problem with their partner Bank and it couldn't be sent directly to my Kasikorn and account. The extra fees don't worry me because they are very minor,

I always had used Citibank Australia, but now NAB has taken them over and when I used them before Wise, the first transfer caused me a week of headaches, and much higher fees, so I don't want to use this option if I can help it. 

When I look on wise.status it said they had problems on the 21st and 22nd of May but they were resolved each time in about 2 hours. It states from the 23rd onwards there have been no reported incidents which is untrue. 

Has anyone tried to transfer money using Wise between May 29th and now? If so, what was the outcome?

Thanks 

 

 

Same, same but different. I had used Wise for over a decade. Authorized them, once a month, to withdraw $2200 USD from my USA bank and they transferred it directly into my Bangkok Bank Acct. No worries. Last month ... nope. After going round and round, here was the problem. Wise began using "Plaid", evidently an intermediary company to withdraw my USA bank funds. Seems my USA bank did not allow "Plaid" to withdraw funds (Plaid does not list my USA bank as a partner bank). End of Wise relationship ... did a Wire Transfer (my USA bank does not charge), directly into my BKK Bank Acct. (comes in as FTT). Ordered in eve USA Eastern time, arrived in the next morning BKK time. Cost? BKK Bank charges 200 baht + they do not give as good an exchange rate as Wise. Still under $20.00 fUSDor my monthly transfer.

Edited June 5 by Wrwest

[Brock]

Its much easier just to use internet banking, and transfer directly from your Oz bank to the Thai bank. It just may take a few days.

 

[Phulublub]

49 minutes ago, Wrwest said:

Same, same but different. I had used Wise for over a decade. Authorized them, once a month, to withdraw $2200 USD from my USA bank and they transferred it directly into my Bangkok Bank Acct. No worries. Last month ... nope. After going round and round, here was the problem. Wise began using "Plaid", evidently an intermediary company to withdraw my USA bank funds. Seems my USA bank did not allow "Plaid" to withdraw funds (Plaid does not list my USA bank as a partner bank). End of Wise relationship ... did a Wire Transfer (my USA bank does not charge), directly into my BKK Bank Acct. (comes in as FTT). Ordered in eve USA Eastern time, arrived in the next morning BKK time. Cost? BKK Bank charges 200 baht + they do not give as good an exchange rate as Wise. Still under $20.00 fUSDor my monthly transfer.

Which is why everyone should check periodically for their own personal circumstances to make sure they are getting a competitive transfer. And if making a one-off larger payment, double check as your usual method may be a lot more expensive than your usual transfers.  Individually, neither the exchange rate or charges are important. ALL that matters is how much you have credited for the amount you spent.

 

PH

[Bangkok Barry]

 

I did a transfer on Saturday morning from HSBC UK to Bangkok and it took 10 seconds. From the posts here it does seem to be very hit and miss. In the three or four years I've used Wise monthly there have only been perhaps three occasions the payment has been delayed by a few hours. Never days. I'm sure there are many, and an increasing number, of complexities we know nothing about.

 

Still, better than in the old days. In the 60s I had to go to the Amex office in Stockholm to cash travellers cheques (remember them?), and there was only one office in NYC to change money, at what was then the Pan Am building at Grand Central. Imagine that.

[statman78]

4 hours ago, Skeptic7 said:

From the USA to Bangkok Bank used to get the money next day every time. Twice it was same day and the fastest ever was 8 hours. 3 transfers since that 8 hour transfer and all have taken 6 days. Always tells me it will arrive in a matter of hours, but later it says "your money is taking longer than usual to get to us". This is total BS since WISE has already withdrawn the money when I check my US bank, yet continues with this lie for days. 

I have the same issue transferring from USA account to Bangkok Bank account.  For years I always received my money within hours or at the latest the next day.  Last month and this month it takes 6 days.  When I initiated the transfer I got a notice stating it will take longer because of a setting on my bank account.  It said that my account was set up for micro deposits (or something like this).  I should have taken a screenshot of the notice.  I have not changed anything on my accounts for the last 5 years.

[Everyman]

Why are you all so impatient. So what if it takes a few days? 

[digger70]

2 hours ago, HuaHinNew said:

At best, if I did a WISE transaction in the evening in Thailand, and it was before NAB opened for business there next morning in Aus, I received the funds in my Bangkok Bank my next day.

 

But on average it took 2 to 3 days to arrive from Aus to Thailand, on weekends it of course took longer.

Yes, That is same for me whenI Transfer from NAB to BBank in Thailand Via Wise.

[fittobethaied]

5 hours ago, Skeptic7 said:

From the USA to Bangkok Bank used to get the money next day every time. Twice it was same day and the fastest ever was 8 hours. 3 transfers since that 8 hour transfer and all have taken 6 days. Always tells me it will arrive in a matter of hours, but later it says "your money is taking longer than usual to get to us". This is total BS since WISE has already withdrawn the money when I check my US bank, yet continues with this lie for days. 

Exact same thing happened to me Skeptic7. My guess is they have some sort of Algorithm that can tell them if the Baht and/or home currency will get stronger or weaker over the next few days, and if the forecast over the next few days is favorable for them, they will hold onto our money for a few more days and make extra interest or profit on the Forex Market. I wrote them for an explanation and received the following email in return. Perhaps this will answer some questions for other forum members:

 

Thank you for reaching out. 

In general, ACH payments can take up to 4 working days to clear. Your payment can take longer to process because of the time it’s taking to reach us from your bank. There’s no way to speed this up but we’ll notify you once your payment is received.

If you verified your bank account with microdeposits, then it may take longer to process your payment. To try to speed this up, you can try reconnecting your bank account using instant account verification with your banking username/password. 

This isn't guaranteed, but may help you with the speed of ACH Direct Debit transfers in the future. 

Some payment methods, for example ACH Direct Debit, work differently, when it comes to your Guaranteed rate. If you pay for a transfer or a balance top up with one of these methods, your rate is locked in when you successfully paid, or when you authorised the payment to Wise. Read more here: What's a guaranteed rate?. As you've paid with ACH Direct Debit, the rate would be locked in and fixed.

Additionally, you can update your app to the latest version, as well as pay for future transfers with a card or wire, which are faster payment methods. You can also hold money on your Wise account ahead of time to instantly send out from there: How can I send money from a balance? and here: How do I add money to a balance?

I hope that helps. Just let me know if you have any other questions — or you can check out our Help Centre.

Best regards,

Wise