Problems transfering money using Wise

[Skeptic7]

1 hour ago, statman78 said:

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.

Same exact thing...micro deposits. It was set up that way as that was the only option years ago when I set up my account. Not really an issue as long as I get a guaranteed rate, as I'm never in any rush to get or in need of the money. I just try to transfer a tidy sum when the rates are favorable...but in six days they've usually gone down.

[freeworld]

48 minutes ago, Everyman said:

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

Or just plan 1 week in advance of needing the transfer.

 

Remember the old days (not so long ago) banks needed between 7 and 14 working days for normal transfer. Had to pay more if one wanted it faster (5 working days)

Edited June 5 by freeworld

[Moonlover]

19 hours ago, aussiebrian said:

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. 

That's interesting. Inputs to this and the previous thread a few days ago clearly show that problems of delayed payouts are occurring to transfers originating from a variety of countries, including the UK were they are normally very quick, a matter of seconds in fact.

 

My logic tells me therefor that the problem must be at this end where the funds a distributed to banks and this comment by Kasikorn seems to confirm that.

 

Wise relies on monies being paid into the agencies accounts by the business community in THB which is the money used to pay us. See this website for more details We're often reading that the Thai economy is sluggish right now. I'd suggest that this could be slowing down the incoming funds on which Wise relies and causing a backlog. And I don't see that's a lot that Wise can do about that.

[Lazybones]

6 hours ago, fittobethaied said:

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

On 6/4/2024 at 12:00 PM, Upnotover said:

If you can't show 400k in the bank then you'll need 40k/month for the income option, not a total of 400k over the year.

 

8 hours ago, Bangkok Barry said:

 

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.

Someone earlier hit the nail on the head. It was the Queen Mother's birthday here so banks were closed

[steven100]

You guys do realize that Wise and all the other money transfers use the FX or Forex to make money from your transfer.

 

They will hold it as long as they can to make money from your money.

 

It's the standard practice that has been going on for donkeys ages. 

 

 

[Paris333]

Actually there are three priorities mehod to send money with Wise (I have Revolut)

Wise: the speed of your currency transfer will depend on a range of factors including how you pay (debit and credit card is fastest) and the type of transfer you choose, where you’re sending the cash and the currency.

Wise has three transfer speed options at different prices with the ‘fast and easy transfer’ costing the most

Advanced transfer – funds arrive within one to three working days
Low cost transfer – funds arrive within three to 24 hours
Fast and easy transfer – funds arrive within 3 to 5 hours

Check out it at your Wise account which transfer΄s method you selected because I am sure its not Wise problem but your preselected method of payment.

Be patient dont worry your money is safe.

Source:

https://www.forbes.com/uk/advisor/money-transfer/wise-vs-revolut/

and official quidance from Wise:

Source:

https://wise.com/gb/blog/how-works-speed-at-transferwise

[KhunHeineken]

18 hours ago, VBF said:

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)

Just replying out of courtesy. 

 

The problem has been fixed. 

 

It may have been "wise" (yes, pun intended) that the company email people telling them they have some issues.  I would have respected that more than tying up my small transfer, which could have been a significant transfer, like it would have been for many, for days, when it's normally seconds to minutes. 

[superal]

On 6/5/2024 at 11:39 AM, fittobethaied said:

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

I have been using Wise for 14 years always with my UK debit card . Between 200-300 GBP weekly at least . Use to arrive in seconds but lately 3 hours , 10 hours or 3 days and that happens despite you saying you will pay out in seconds . I spoke to one of your Customer Service agents who said the delays were caused by converting the currency . What BS . I can do the conversion in 1 minute . Sadly your company's reputation is getting tarnished  . No longer reliable or consistent .  

[chilly07]

Never had any problems with Wise for 10+ yrs. I use Natwest in the UK via Wise to Bangkok Bank in Thailand. Have done 2 transfers since 29 May both received the next working day