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 Friday at 10:01 AM 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.

[DrJack54]

Off topic post removed.

This thread has about run it's race. 

[UWEB]

8 hours ago, KannikaP said:

You MUST have a Wise account and Customer number to be able to transfer funds and out in various currencies.

You do not have to keep a balance in any of them, but I think it would be better if you did.

I do transfers with Wise but have no Wise Account, why you must have one if all works without.

[KannikaP]

5 minutes ago, UWEB said:

I do transfers with Wise but have no Wise Account, why you must have one if all works without.

So you can send money to Wise via Card or Bank? Where to? I have Sort Code and account number. Transfers from my UK banks are instant, and also to Thailand if I want them to be, by NOT clicking Long Term (RIP) or Buying Property. 

I used the card in many European and UAE countries. Great because Wise automatically convert any shortcomings in what you've spent in say AED dirham, from your GBP account at their good rates. 

Revolut do a similar thing, but no good for my Monthly transfer as an International Transfer.

Edited Friday at 11:57 AM by KannikaP

[khunJam]

6 hours ago, Liquorice said:

Only for those using the income method.

So if I have 800000k in bkk bank that was transferred and deposited as a foreign exchange then transfer that money into a different bank, then immigration won’t be concerned that it wasn’t a foreign transaction? In other words what you’re saying is that the initial funds transfer for the retirement visa and first extension is the only time the IO wants to see that the funds came from abroad?

[UWEB]

11 minutes ago, KannikaP said:

So you can send money to Wise via Card or Bank? Where to? I have Sort Code and account number. Transfers from my UK banks are instant, and also to Thailand if I want them to be, by NOT clicking Long Term (RIP) or Buying Property. 

I used the card in many European and UAE countries. Great because Wise automatically convert any shortcomings in what you've spent in say AED dirham, from your GBP account at their good rates. 

Revolut do a similar thing, but no good for my Monthly transfer as an International Transfer.

I initiate the Transfer on Wise Homepage and get a Reference number in return, then transfer the Amount from my Bank account to a Wise Account in Belgium by using the Reference number as Subject and 24 to 48 hours later the Money is in my Thai Bank Account.

[DrJack54]

10 minutes ago, UWEB said:

I initiate the Transfer on Wise Homepage and get a Reference number in return, then transfer the Amount from my Bank account to a Wise Account in Belgium by using the Reference number as Subject and 24 to 48 hours later the Money is in my Thai Bank Account.

Interesting.

I transfer using WISE. 

I do not maintain funds with WISE.

When WISE app asks for transfer I tick "already sent" 

Then go to my online Oz banking app and pay WISE.

After doing a few reference # is not required.

You are in their system.

My transfers using WISE take minutes.

When I have sent LARGE amounts for property purchase it is still done same day provided transfer was AM

[Kalasin Jo]

13 hours ago, bastco said:

I would suggest it is not there now.

It was not there today.

[Liquorice]

1 hour ago, khunJam said:

In other words what you’re saying is that the initial funds transfer for the retirement visa and first extension is the only time the IO wants to see that the funds came from abroad?

Correct.

[treetops]

On 9/20/2024 at 12:25 PM, Upnotover said:

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.

 

As an alternative to tagging, directing users to incorrectly state the reason for transfer in order to get the "International" annotation is exactly what they have directed a user elsewhere to do.  Here was what they said:

 

[QuantumQuandry]

Strangest thing...

So I went to repeat my WISE transfer from last month, noticed the lack of "For long term stay" option, canceled out of the transfer and ended up in this thread where the prevailing theory is to use buying property.

 

BUT...I go back into my Wise account, hit repeat transfer again, planning to put in that it's for buying property...and guess what?  The "For long term stay in Thailand" option is back!

 

I don't know if it's replicable or a glitch or what happened.  Just throwing it out there.

 

Edit: Just went back to test another transfer.  Same thing, the option is there now.  Maybe it's been changed back, coincidentally, while I was researching it.

 

Edited 2 hours ago by QuantumQuandry

[JamesPhuket10]

14 minutes ago, QuantumQuandry said:

Strangest thing...

So I went to repeat my WISE transfer from last month, noticed the lack of "For long term stay" option, canceled out of the transfer and ended up in this thread where the prevailing theory is to use buying property.

 

BUT...I go back into my Wise account, hit repeat transfer again, planning to put in that it's for buying property...and guess what?  The "For long term stay in Thailand" option is back!

 

I don't know if it's replicable or a glitch or what happened.  Just throwing it out there.

 

Edit: Just went back to test another transfer.  Same thing, the option is there now.  Maybe it's been changed back, coincidentally, while I was researching it.

 

 

Great, thanks for the info.

 

After reading this article a few days ago I tested Wise and the long-term option had indeed disappeared as stated.

 

I just tested it now after reading your comment and it is back.

 

A few people I have read contacted Wise to complain, so now it is back, it would have been easy for them to put it back as it is just a matter of setting an option in a list.

 

Cheers. 👍