Wise removes Long Stay Reason on Transfers

[billd766]

I have just done 2 transfers from my Wise UK account to my Thai BBK account using my pc and the UK Wise website.

 

The first was using the "personal funds" code, and the 2nd was using the the "other" code. 

 

Both will be paid out on Monday afternoon, but until then I won't know if they were an international transfer or not.

[Baht Simpson]

8 hours ago, Man Mart said:

I emailed Wise yesterday about the difficulties and implications posed by their actions and requested them to reinstate the relevant phrase on their list. They have asked me to be patient whilst their team investigates the matter. The more people that complain to Wise to reinforce our concerns the better. It is not just  visa issues, but why should Thailand based clients be asked to tell “porkies” concerning purchase of property which may not be the legitimate reason behind any transfer in order to record an FTT transaction!

Yes, and not only that but companies are obliged to ascertain the correct reason for transfer of funds for anti-money laundering purposes, especially large amounts. It seems strange that they would direct users to state this incorrectly.

[KannikaP]

10 minutes ago, billd766 said:

I have just done 2 transfers from my Wise UK account to my Thai BBK account using my pc and the UK Wise website.

 

The first was using the "personal funds" code, and the 2nd was using the the "other" code. 

 

Both will be paid out on Monday afternoon, but until then I won't know if they were an international transfer or not.

If it's taking until Monday, they will be FTTs. I did 20k THB on Wednesday, put Family & Friends. It was Instant but from Another Bank Account. Keep us informed please.

[billd766]

17 minutes ago, KannikaP said:

If it's taking until Monday, they will be FTTs. I did 20k THB on Wednesday, put Family & Friends. It was Instant but from Another Bank Account. Keep us informed please.

That is what I think also but I would like to be sure, not only for my sake, but for the IO when I do my next extension at the end of July next year.

 

I will update my post later on Monday afternoon.

Edited 1 hour ago by billd766
added extra text

[JamesPhuket10]

8 hours ago, Liquorice said:

Since when?

Link to that source of information please

We can buy property but not the land it sits on, hence Farangs can buy condos.

 

I know there is a way to set up a company that buys a house and land but this is not strictly cosha as if you are investigated you will be found out, it is not intended for individuals to buy a house to live in.

 

Companies set up to buy multiple properties for business is legal but farangs can only own 49% of the company, this is where your half-Thai, half-farang kids come to be useful (for a change😄).

[Upnotover]

1 hour ago, Baht Simpson said:

Yes, and not only that but companies are obliged to ascertain the correct reason for transfer of funds for anti-money laundering purposes, especially large amounts. It seems strange that they would direct users to state this incorrectly.

They are not directing anybody to do anything.  If none of the remaining reasons for transfer applies then there is "other".  If that gets the receiver the wished for tagging as a foreign transfer is a totally separate issue.