What has happened to Wise Transfers lately

[NoDisplayName]

On 7/2/2024 at 8:48 AM, mackayae said:

What is the cutoff amount between an ACH and a wire transfer? After one of my recent transfers (US bank to BBL) Wise sent me a message: "you would have saved $xx.xx by using a wire transfer instead of an ACH transfer. I imagine the magic number is between $2500 and $7000.

 

Cutoff is zero dollars if you're pushing from your bank to Wise.

ACH is free at most banks.

Wise charges to pull from your bank.

[mackayae]

Thank you TT. The magic number is 2190.

[brianburi]

On 6/30/2024 at 10:15 AM, CharlieH said:

I used Wise 3 days ago, usual 3 seconds or thereabouts and all done.

So whatever the problem is seems to be around your particular situation not company wide.

 Wise transfers from home country are quick, its the Thai end that causes delay.

Initiate a transfer early Friday morning and Wise respond with transfer on the way.

Money not in BBL account by close of play and contact Wise.

They say problem is with the Thai banks.

Money went in Monday 2pm.

Lesson learnt, do transfers earlier in the week.

 

 

 

[NanLaew]

On 7/1/2024 at 3:56 AM, BenCrew said:

No problem transferring to Bangkok Bank. Arrives the day after, or sometimes on the day if I arrange the transfer early enough.

 

That's disappointing. I am getting weary of Bangkok Bank sitting on inbound remittances for ~24-hours and was considering getting a Wise account to speed things up. But if Bangkok Bank delays Wise remittances, I won't bother.

[treetops]

1 hour ago, NanLaew said:

That's disappointing. I am getting weary of Bangkok Bank sitting on inbound remittances for ~24-hours and was considering getting a Wise account to speed things up. But if Bangkok Bank delays Wise remittances, I won't bother.

It's not standard for BBL to sit on inbound funds so if they are in your situation try to change things about until they don't.  Different reasons for remittance, higher value of transaction, funding method and source of funds can all affect the process so there's no "right" answer but only "right for you".  You just have to find it and it could easily be Wise.

[Will B Good]

I find it varies from hours to days...BKK Bank... the timing of the transfer seems to have an impact....Friday v Monday.

[Gottfrid]

On 6/30/2024 at 10:11 AM, khaepmu said:

I sent a message to Wise and they actually called me back. They told me there is an updated verification process that I have to complete before I can make a transfer. They told me that they would email me the procedures. It entails selfies and photos of a drivers license or passport. This was not necessary for my previous transfers. I ask him where my money is now and he  said they have it. I actually cancelled the transfer before he called. He told me the money would be sent back to my bank in a few days. 

Of course you need to go through a verification of identity. They might have a small limit for transfer without, as Paypal had before.

[JimGant]

On 7/1/2024 at 9:41 AM, Moonlover said:

do not use the  'Funds for long term stay' option. That always introduces a delay.

I don't believe purpose of transfer would affect the other parameters. But, I'm curious as to why you think so.

[treetops]

7 minutes ago, JimGant said:

I don't believe purpose of transfer would affect the other parameters. But, I'm curious as to why you think so.

 

This reason (long stay) was introduced a few years ago to replace "tagging" accounts to force the routing via BBL and ensure the International Transfer annotation to deposits.  Choosing this means the deposit will land in your account just after 2:00pm the next day (same day if you're up early enough).

 

"Tagging" was introduced after a change in Wise' procedures meant a lot of people relying on the International marking were left without it for a while causing issues with Immigration for many.

 

The reason about purchasing property also goes this different route as condo purchases may have to show the funds coming from overseas.

Edited July 4 by treetops

[Moonlover]

1 hour ago, JimGant said:

On 7/1/2024 at 9:41 AM, Moonlover said:

do not use the  'Funds for long term stay' option. That always introduces a delay.

 

1 hour ago, JimGant said:

I don't believe purpose of transfer would affect the other parameters. But, I'm curious as to why you think so.

Just like @treetops said above.

[NoDisplayName]

2 hours ago, JimGant said:

I don't believe purpose of transfer would affect the other parameters. But, I'm curious as to why you think so.

 

I sent 7 "long stay" transfers this year.  All were sent from wise at ~8:30pm when funds received from my credit union by ACH.  All were received by Bangkok Bank before noon the following day(*), and released around 2:30pm. coded as international transfer.

 

(*)  Exceptions for weekends and holidays, of course.

 

Also sent a dozen "monthly expense" transfers for similar amounts ($500-$1500).  All sent ~8:30pm, deposited into Bangkok Bank within seconds available for immediate use, coded as transfer from other bank account.

 

 

 

 

Edited July 4 by NoDisplayName

[BenCrew]

7 hours ago, NanLaew said:

 

That's disappointing. I am getting weary of Bangkok Bank sitting on inbound remittances for ~24-hours and was considering getting a Wise account to speed things up. But if Bangkok Bank delays Wise remittances, I won't bother.

Wise do state that the transfer may not show in your account for one or two days, though it's never taken that long in my experience.

[NanLaew]

1 hour ago, BenCrew said:

Wise do state that the transfer may not show in your account for one or two days, though it's never taken that long in my experience.

 

That will be Wise basically admitting 'your mileage may vary' which is reasonable since they are dealing with hundreds of different banks in many different countries.

 

I am more concerned if Bangkok Bank takes 24-hours compared with other Thai banks when it comes to Wise transfers posting to the local account. I only have the Bangkok Bank account.

 

I'm interested in what Krung Thai, SCB and Kasikorn posting times are like for Wise transfers?

[NanLaew]

7 hours ago, Will B Good said:

I find it varies from hours to days...BKK Bank... the timing of the transfer seems to have an impact....Friday v Monday.

 

Thanks. A bit of a lottery then.

[Stocky]

Transfer this evening HSBC Singapore - Wise - Kasikorn instantaneous, the SMS from Kasikorn acknowledging receipt arrived the same time the one from HSBC SMS said the money had left my account.

 

Most times there are topics about Wise problems it involved money from the USA.

[NanLaew]

7 hours ago, treetops said:

It's not standard for BBL to sit on inbound funds so if they are in your situation try to change things about until they don't.  Different reasons for remittance, higher value of transaction, funding method and source of funds can all affect the process so there's no "right" answer but only "right for you".  You just have to find it and it could easily be Wise.

 

Thanks for that. There are no variables on the UK offshore banking end since forever: same accounts at each end, varying amounts. Up until around 2014, it was always a ~24-hour event and most all Thai banks were like that too. Then it suddenly became same-day in that if I initiated the transaction BEFORE UK banking 'opened' (like around midnight Thai time), it would post between 13:00 and 17:00 same day. It has reverted to the old ~24-hours ways some time in the past couple of years.

 

I have nothing to lose setting up a Wise account, so I will get my procrastinating alter ego to just get on with it.

[NanLaew]

3 minutes ago, Stocky said:

Transfer this evening HSBC Singapore - Wise - Kasikorn instantaneous, the SMS from Kasikorn acknowledging receipt arrived the same time the one from HSBC SMS said the money had left my account.

 

Most times there are topics about Wise problems it involved money from the USA.

 

One could argue that time zones make a difference but SWIFT remittances to/from my US bank to my UK offshore bank are almost instantaneous. It's just Bangkok Bank that appears to have reverted to the old ways. No big deal as it is pretty consistent ~24-hours unless a UK or Thai bank holiday gets in the mix and that's good for an extra 24 to 48 hours.

[Bangkok Barry]

On 6/30/2024 at 10:15 AM, CharlieH said:

I used Wise 3 days ago, usual 3 seconds or thereabouts and all done.

So whatever the problem is seems to be around your particular situation not company wide.

 

Same for me. Since an  earlier similar thread about delays I've received two transfers from the UK within seconds as usual. I've also not been asked for increased verification as some have. Might depend where the money is sent from, or is just random or is being rolled out for everyone over a period of time?

[phetphet]

If I send early UK time, my Wise transfers are usually same day. I just did one at 19:50 Thai time, which is 13:50 UK and they said it will arrive 10am tomorrow.

 

As for asking for proof of identity, these KYC rules are getting more and more intrusive and frequent.

 

[Aforek]

On 6/30/2024 at 8:59 AM, khaepmu said:

... I wonder where my 5000 is. It's not in my bank in Canada or in Thailand. This is beginning to worry me. Maybe it's unwise to use Wise. A few month back I go my money in about 20 minutes. What has happened.

For me you don't have to worry ; I don't know what has happened but Wise will give you back your money : 2 years ago they couldn't send my money ( don't know why but they sent me a message ) and they gave my money back 

[pasathai]

the longer it takes, the more interest an intermediary gets 

[Moonlover]

4 minutes ago, pasathai said:

the longer it takes, the more interest an intermediary gets 

There are no intermediaries.

[foreverlomsak]

11 hours ago, treetops said:

It's not standard for BBL to sit on inbound funds so if they are in your situation try to change things about until they don't.  Different reasons for remittance, higher value of transaction, funding method and source of funds can all affect the process so there's no "right" answer but only "right for you".  You just have to find it and it could easily be Wise.

I always sent money from my UK account to Wise (generally Wise acknowledge receipt before the UK bank confirms sent), from Wise if I send it to Bangkok Bank before 8:30am in Thailand  Monday to Friday and using the "Funds for long stay" it arrives in my account just after 2pm same day.

If I send from Wise Saturday or Sunday or after 8:30am it will normally arrive the next working day at about 2pm.

If I use another reason for the transfer e.g. "Monthly Expenses" or "Hospital", generally arrives in minutes.

Larger sums i.e. over 50k THB do seem to additional suffer delays.

[tweedledee2]

   It was explained to me 2 weeks ago by Wise customer support that verification of identity is required to be updated every 5 years. 

[NanLaew]

17 hours ago, Bangkok Barry said:

 

Same for me. Since an  earlier similar thread about delays I've received two transfers from the UK within seconds as usual. I've also not been asked for increased verification as some have. Might depend where the money is sent from, or is just random or is being rolled out for everyone over a period of time?

 

What's your receiving bank here?

 

Thanks.

[NanLaew]

13 hours ago, foreverlomsak said:

I always sent money from my UK account to Wise (generally Wise acknowledge receipt before the UK bank confirms sent), from Wise if I send it to Bangkok Bank before 8:30am in Thailand  Monday to Friday and using the "Funds for long stay" it arrives in my account just after 2pm same day.

If I send from Wise Saturday or Sunday or after 8:30am it will normally arrive the next working day at about 2pm.

If I use another reason for the transfer e.g. "Monthly Expenses" or "Hospital", generally arrives in minutes.

Larger sums i.e. over 50k THB do seem to additional suffer delays.

 

Excellent response and pretty much answers my questions.

 

Thanks.

[Bangkok Barry]

32 minutes ago, NanLaew said:

17 hours ago, Bangkok Barry said:

 

Same for me. Since an  earlier similar thread about delays I've received two transfers from the UK within seconds as usual. I've also not been asked for increased verification as some have. Might depend where the money is sent from, or is just random or is being rolled out for everyone over a period of time?

 

What's your receiving bank here?

 

Thanks.

 

Bangkok Bank. Comes to me via Kasikorn I think, but that doesn't delay it. 

[NoDisplayName]

21 minutes ago, Bangkok Barry said:

 

Bangkok Bank. Comes to me via Kasikorn I think, but that doesn't delay it. 

 

I believe this is where the delay comes in.

 

Monthly expenses are received in the account immediately, coded as a standard domestic interbank transfer from Kasikorn to Bangkok Bank.  This would be fully automated and immediate.

 

Long-stay funds require additional processing in order to be coded as international.

[n00dle]

On 7/1/2024 at 9:41 AM, Moonlover said:

Unless you have to, do not use the  'Funds for long term stay' option. That always introduces a delay.

 

I have never once encountered this.

[n00dle]

On 7/3/2024 at 7:45 PM, treetops said:

 

Using Wise' calculator on their home page you can see the Wire Transfer fee is fixed at $6.11 USD.  The ACH fee varies dependent on the amount being sent and at $2,190 it is exactly $6.11 so anything greater than that would be better sent using a Wire Transfer.

 

why are you using ach? I transfer from my wise wallet into my thai account for paying only the service fee. No ach charge.