WISE....Beware !

[scubascuba3]

1 hour ago, KannikaP said:

That's OK except for those of us who need the Transaction to show as an International Transfer for Immigration purposes. Does Kasikorn mark an instant transfer as such?

No

[sandyf]

1 hour ago, kalasiner said:

Congratulations on having a 4 day weekend.

I Initiated the transfer on Thursday to receive the next day, Friday...as with more than 100 transfers previously.

I have made payments to Canada regularly for several years and they have always taken 3 days, maybe Thai banks, rather than Wise, are changing their ways. 

[Tom100]

18 minutes ago, G_Money said:

 Been using WISE for years.  ...it says my financial institution makes micro deposits so it will take longer than expected.

Same experience. Now Un-Wise takes up to 7 days to move USD to Baht. 

[Moonlover]

1 hour ago, worgeordie said:

My daughter transferred  3000 quid to me yesterday ,arrived in afternoon ,

 the service was quick ,but was charged 18 .50 Sterling  for the transfer ,I

thought that was a bit much ,is that normal ? thanks

 

regards Worgeordie

 

59 minutes ago, KannikaP said:

A SWIFT from say Nationwide costs GBP20, so if WISE's 0.6% is over that, use SWIFT. But that will take a few days.

However, with Wise you will get the mid-market rate. Whereas with a SWIFT transfer you will get the buy-rate. Plus the receiving bank will make 500 THB charge to receive it.

 

Do the math for yourselves.

[gargamon]

I was doing a sizable transfer a few weeks ago for a medical procedure and was having problems with wise. I tried XE and set up a transfer after connecting to my bank. I didn't pull the trigger there because the wise transfer finally got processed. I got a few emails from XE offering to help me get it done. Eventually I told them to piss off. Here's there response to that one.

 

Since they're now permanently giving me a better rate, i will definitely be giving XE a look next time.

 

[Dmaxdan]

59 minutes ago, KannikaP said:

A SWIFT from say Nationwide costs GBP20, so if WISE's 0.6% is over that, use SWIFT. But that will take a few days.

Wise's fee may cost slightly more but using them you will get a much, much better exchange rate than any receiving Thai bank will offer you with a direct transfer using Swift. I'm afraid, at the end of the day it's no contest.  

[scubascuba3]

1 hour ago, kalasiner said:

I transferred to WISE on Thursday and they acknowledged receipt today, Friday, at 2pm. Instead of immediately transferring to the recipient...as previously...they, disgracefully, chose to sit on the money over the weekend.

If true they probably had system issues, oh well, happens

[billd766]

1 hour ago, scubascuba3 said:

Presumably you use Bangkok Bank which require a human for T+1 2pm settlement, Kasikorn will settle in seconds usually, no human

But to get the transfer cleared with Immigration, I have to contact the KBank call centre to get the paperwork from them. I would have to do that 37 times a year.

 

With Bangkok Bank it shows up automatically in my bankbook and also in the 12 month statements. With KBank it does not.

[KannikaP]

5 minutes ago, billd766 said:

But to get the transfer cleared with Immigration, I have to contact the KBank call centre to get the paperwork from them. I would have to do that 37 times a year.

Why not 'save up' your THB in WISE, and send it ONCE a month.

[scubascuba3]

6 minutes ago, billd766 said:

But to get the transfer cleared with Immigration, I have to contact the KBank call centre to get the paperwork from them. I would have to do that 37 times a year.

 

With Bangkok Bank it shows up automatically in my bankbook and also in the 12 month statements. With KBank it does not.

Yep, settling T+1 2pm is no big deal anyway

[billd766]

22 minutes ago, scubascuba3 said:

No

So why would I use KBank when the interbank transfer from Bangkok Bank is free and is already marked as an international transfer? It generally takes only a couple of minutes, start to finish, to make an interbank transfer.

[kalasiner]

1 hour ago, scubascuba3 said:

If true they probably had system issues, oh well, happens

Do you realise how offensive your "If true" is ?

[G_Money]

1 hour ago, scubascuba3 said:

No

Do you actually use Kasikorn?

It does show something to that effect.

 

I always choose “for long term stay in Thailand “

 

My letter from Kasikorn for monthly deposits must show something as Immigration accepted it from for years.

[Upnotover]

6 hours ago, worgeordie said:

My daughter transferred  3000 quid to me yesterday ,arrived in afternoon ,

 the service was quick ,but was charged 18 .50 Sterling  for the transfer ,I

thought that was a bit much ,is that normal ? thanks

 

regards Worgeordie

Yes.

[prakhonchai nick]

14 hours ago, worgeordie said:

My daughter transferred  3000 quid to me yesterday ,arrived in afternoon ,

 the service was quick ,but was charged 18 .50 Sterling  for the transfer ,I

thought that was a bit much ,is that normal ? thanks

 

regards Worgeordie

Just checked  the fee shown was £18.81,  It is worth noting that when making a transfer with Wise, if you send the money to your account first then use the balance to pay for the transfer it is usually a wee bit cheaper.

[scubascuba3]

11 hours ago, G_Money said:

Do you actually use Kasikorn?

It does show something to that effect.

 

I always choose “for long term stay in Thailand “

 

My letter from Kasikorn for monthly deposits must show something as Immigration accepted it from for years.

Yes i us Kasikorn but not for Immigration. Do your transfers show as International? usually no if using Wise. When they print out the monthly deposit letter they must be basing it on some Wise code used, ask them

[hotandsticky]

15 hours ago, worgeordie said:

My daughter transferred  3000 quid to me yesterday ,arrived in afternoon ,

 the service was quick ,but was charged 18 .50 Sterling  for the transfer ,I

thought that was a bit much ,is that normal ? thanks

 

regards Worgeordie

 

 

Don't focus on the fee but look at the net Baht you receive. WISE fees appear high but the headline rate is so much better than the banks that you are always better off using WISE.

[sabai-dee-man]

16 hours ago, kalasiner said:

I have been a satisfied customer of WISE for over a decade.

Today 14.00 hrs. they acknowledged receipt of my latest transfer payment and say they will pay the recipient on Monday at 14.00 hrs. Previously payment was forwarded immediately. Now they will withhold my money over the weekend. A disgraceful decline in service from WISE.

Happy for "over a decade", and disgusted over one transaction? Really, unless it's to pay your bail, what's the problem?! It happens sometimes!

I've been using them since 2012, and sometimes it's been an hour or four, usually the transfer's in the bank before the app's had time to go through it's "received your money/sending to destination" animations, and once in a blue moon might take a day or two. If you're living hand-to-mouth and transferring when you run out of cash, I might suggest just being a bit more organised... or set up your own international transfer company, and see how easy it is to deal with some financial institutions!

[Skeptic7]

Starting this past January (2024), my transfers of usually B100,000 went from taking, in previous years, 1-2 business days to a full week this year...5 business days. It's all exactly the same as previous years...an ACH transfer from the same US bank. Each time now, they say the money will arrive in the previous acceptable time frame...then within minutes inform that "Your money is taking longer than expected to get to us". Same service, only 400% slower. 

[xxeo]

I made another transfer with WISE these days.

As many times before: I keep on being very satisfied with the service of WISE. No complaints.

[hotandsticky]

21 minutes ago, xxeo said:

I made another transfer with WISE these days.

As many times before: I keep on being very satisfied with the service of WISE. No complaints.

 

 

Same here.

[ravip]

17 hours ago, kalasiner said:

I have been a satisfied customer of WISE for over a decade.

Today 14.00 hrs. they acknowledged receipt of my latest transfer payment and say they will pay the recipient on Monday at 14.00 hrs. Previously payment was forwarded immediately. Now they will withhold my money over the weekend. A disgraceful decline in service from WISE.

Yes. I too avoid Fridays & weekends. Large amounts, when you select for property purchase it delays 24 hrs (my experience with transfers to Thailand from Australia).

[Upnotover]

1 hour ago, scubascuba3 said:

Yes i us Kasikorn but not for Immigration. Do your transfers show as International?

I send to Kasikorn.  Irrespective of the reason given for the transfer they always show (on the app and English statement) as "Trade Finance Deposit" which Wise advise is Anglo-speak for an international transfer.  And indeed on a Thai statement they do indeed show as international.  The bankbook doesn't indicate anything useful but the statement is the thing of interest to immigration.  

[phetphet]

17 hours ago, kalasiner said:

I have been a satisfied customer of WISE for over a decade.

Today 14.00 hrs. they acknowledged receipt of my latest transfer payment and say they will pay the recipient on Monday at 14.00 hrs. Previously payment was forwarded immediately. Now they will withhold my money over the weekend. A disgraceful decline in service from WISE.

It's more likely the timing of your transaction rather than a decline in service. I sometimes get money sent within seconds. Other times can take a day or two. There are threads on here about it, but you would have to figure out the best time for your particular country.

 

Sending money on a Friday (especially in the afternoon) will usually result in a Monday or Tuesday arrival.

[hotandsticky]

16 minutes ago, phetphet said:

It's more likely the timing of your transaction rather than a decline in service. I sometimes get money sent within seconds. Other times can take a day or two. There are threads on here about it, but you would have to figure out the best time for your particular country.

 

Sending money on a Friday (especially in the afternoon) will usually result in a Monday or Tuesday arrival.

 

 

98% of my transfers take under 10 seconds.

 

I transfer funds from my main UK bank account into my WISE account - and then remit money to Thailand from there.

[RichardColeman]

18 hours ago, kalasiner said:

I have been a satisfied customer of WISE for over a decade.

Today 14.00 hrs. they acknowledged receipt of my latest transfer payment and say they will pay the recipient on Monday at 14.00 hrs. Previously payment was forwarded immediately. Now they will withhold my money over the weekend. A disgraceful decline in service from WISE.

Happens to me all the next, next day etc, not a big deal. Sometimes 24 hours , sometimes hours.

 

Not being able to manage your payments and send in advance of needing it is more of a personal issue than a wise one.

 

[TucsonDavid]

“Been using WISE for years.  Before my transfers arrived in minutes.  Now about 4 working days.”

 

 Yes👍👍 Same for me. I’ve changed nothing at the source of the funds nor the receiving bank (BKK Bank) here in Hua Hin.