Another Wise problem

[Jaggg88]

5 minutes ago, sandyf said:

It varies significantly among other providers.

On Friday afternoon I transferred £1500 from HSBC which incurred a £5 fee. About 10am yesterday morning i received 63,480 baht into my account.

 

If you did that transfer with Wise today you would receive 64,491.52

[Flyguy330]

Can you guys with a Thai WISE account convert money to Malaysian Ringgit?

[KannikaP]

1 hour ago, Jaggg88 said:

You can fund your Wise transfer by using a debit card straight to your Thai bank or you can fund the transfer directly from your home bank account. The fees for transferring directly from your bank account are less than using your debit card. 

You can do it that way if you want. I find that MY way, of sending GBP to my WISE account, converting GBP to THB within WISE, as and when the rate is (maybe) favourable, and then doing a THB to THB transfer, as in my case I need to do one every month for Mr IO's benefit, it seems easy and cheaper.

But as they say here, uo to you. 

[AgMech Cowboy]

This is the first time, 3 January, that I have encountered "Plaid".  I've been using WISE for almost 3 years now with no problems.  On Friday afternoon, after receiving my pension in the US, I proceeded to transfer the funds I needed.  Everything was normal until I clicked the continue button.

At that point WISE informed me that they were no longer connected to my bank, but that could be rectified with a few quick instructions and agreements.  Most of that had to do with agreeing to use "Plaid", which I did.  In the end I was told that my transfer could take up to 6 days.  The time delay was waiting for WISE to received the payment from my bank (JP Morgan Chase).  I have continually checked both WISE, CHASE & Kasikorn (my Thai bank). Chase removed the funds from my account last Friday, which I have to assume was paid to Plaid.  It's Tuesday evening now, 7 Jan, at 17:30 and there's still no money.  

If this is going to be the normal time that it takes to get my transfer through WISE, I'm going to have to find a different way.  This isn't going to cut it.

 

Is there any other transfer method that you folks have used that is as easy, quick with good transfer cost and better than market exchange rates.

            I receive my THB

[Suitcase]

9 hours ago, scottiejohn said:

Which Thai Bank is it going to?  i.e. Is it one of the Wise partner banks?

I use BKK and only once in many years has it taken over 2 minutes if sending less than £50,000!

I have been using Wise for several years and up until 6 months ago the transfers were going through in seconds

The last couple transfers have taken 5 and 6 days

I contacted Wise but I couldn't understand the explanation

So I haven't been using them now

[Everyman]

34 minutes ago, AgMech Cowboy said:

This is the first time, 3 January, that I have encountered "Plaid".  I've been using WISE for almost 3 years now with no problems.  On Friday afternoon, after receiving my pension in the US, I proceeded to transfer the funds I needed.  Everything was normal until I clicked the continue button.

At that point WISE informed me that they were no longer connected to my bank, but that could be rectified with a few quick instructions and agreements.  Most of that had to do with agreeing to use "Plaid", which I did.  In the end I was told that my transfer could take up to 6 days.  The time delay was waiting for WISE to received the payment from my bank (JP Morgan Chase).  I have continually checked both WISE, CHASE & Kasikorn (my Thai bank). Chase removed the funds from my account last Friday, which I have to assume was paid to Plaid.  It's Tuesday evening now, 7 Jan, at 17:30 and there's still no money.  

If this is going to be the normal time that it takes to get my transfer through WISE, I'm going to have to find a different way.  This isn't going to cut it.

 

Is there any other transfer method that you folks have used that is as easy, quick with good transfer cost and better than market exchange rates.

            I receive my THB

 

I have several accounts connected to Wise with Plaid. Different accounts take different amounts of time. From my Citi account is takes a week, from Bank of America, just seconds. 

 

So try opening an account with a different bank.

[sometimewoodworker]

3 hours ago, Flyguy330 said:

Can you guys with a Thai WISE account convert money to Malaysian Ringgit?

You can send money to a Malaysian account in Ringgit 

[sometimewoodworker]

3 hours ago, sandyf said:

It varies significantly among other providers.

On Friday afternoon I transferred £1500 from HSBC which incurred a £5 fee. About 10am yesterday morning i received 63,480 baht into my account.

 

While you were notified of a £5 fee you were not informed if the lower exchange rate you received, nor the other fees taken before the money hit your account. Your amount was about 1.5% less than you would have got using Wise

[Njoku]

3 hours ago, Flyguy330 said:

Can you guys with a Thai WISE account convert money to Malaysian Ringgit?

Yes, if you have an account you can hold multiple currencies including Malaysian, apply for physical card to use and in ATMs  upload a virtual/digital card in wallet tap and go.

 

If you run out of money in the account you are using it will automatically take funs from the best conversion rate account you hold in wise.

[Flyguy330]

Thanks Njoku and sometimewoodworker

[AgMech Cowboy]

4 hours ago, Everyman said:

So try opening an account with a different bank.

Thanks for the advice. I haven't been in the US since 2018 and I have no plans to go there any time soon...

[AgMech Cowboy]

4 hours ago, AgMech Cowboy said:

This is the first time, 3 January, that I have encountered "Plaid".  I've been using WISE for almost 3 years now with no problems.  On Friday afternoon, after receiving my pension in the US, I proceeded to transfer the funds I needed.  Everything was normal until I clicked the continue button.

At that point WISE informed me that they were no longer connected to my bank, but that could be rectified with a few quick instructions and agreements.  Most of that had to do with agreeing to use "Plaid", which I did.  In the end I was told that my transfer could take up to 6 days.  The time delay was waiting for WISE to received the payment from my bank (JP Morgan Chase).  I have continually checked both WISE, CHASE & Kasikorn (my Thai bank). Chase removed the funds from my account last Friday, which I have to assume was paid to Plaid.  It's Tuesday evening now, 7 Jan, at 17:30 and there's still no money.  

If this is going to be the normal time that it takes to get my transfer through WISE, I'm going to have to find a different way.  This isn't going to cut it.

 

Is there any other transfer method that you folks have used that is as easy, quick with good transfer cost and better than market exchange rates.

            I receive my THB

The good news is that my transfer arrived this evening, 7 Jan, at 19:01 (aka 7:01 PM).  I paid a bunch of bills and now it's almost all gone. 😢

[NoDisplayName]

On 1/6/2025 at 5:16 PM, Furioso said:

Yes I'm trying to send money from my U.S. bank to Bangkok Bank. I try to bypass the Plaid option but there's no way around it. I did a little more digging and you can register an account on plaid.com to see what information they're getting from you..with the option to shut any account plaid is accessing. I don't know if I'm going to use Wise anymore or not, this is just too intrusive. 

 

 

 

Simple solution.

 

Log onto your bank account and SEND the money to Wise with a free ACH transfer.  It should arrive almost immediately, unless your bank batch processes ACH transactions, in which case it would be at opening next morning.

 

No Plaid involved, and you'll save yourself the transfer-in fee charged by Wise to PULL from your bank account, as well as the extra days of processing by your bank.

[Skeptic7]

On 1/6/2025 at 2:13 PM, Furioso said:

I apologize in advance if this has been brought up before. However, today I tried to use Wise and right before I press the last button it says I need to approve "Plaid" to reconnect my bank account. This is the first time this has come up and I've been using Wise every month for 2 years. I did a quick google search and if I approve Plaid it allows them to extract information from my account. 

Anyway, just curious as to what your experience has been. 

Did this happen to you?

Does this keep you from using Wise anymore? 

Been using Wise (formerly TransferWise) for 7 years. My transfers are ACH from The USA. Was always 1-3 days to receive my money here in my Thai Bank account. Then just beginning this year, transfers started taking a full week (four or five business days). Wise was prompting me to do instant verification through Plaid. I resisted for a while, but just this past week I wanted to transfer 1 million baht and it insisted I verify through Plaid. Researched Plaid and saw it's legit. Asked a American friend of mine also here in Thailand and he said, yes he did the Plaid verification with Wise in 2023. So I went ahead with Plaid Instant Verification and lo and behold, my 1 million baht transfer from Wise was here in my Bangkok Bank acct in less than 24 hours...instead of six or seven full days. 

[Skeptic7]

9 hours ago, NoDisplayName said:

Log onto your bank account and SEND the money to Wise with a free ACH transfer.  It should arrive almost immediately, unless your bank batch processes ACH transactions, in which case it would be at opening next morning.

 

No Plaid involved, and you'll save yourself the transfer-in fee charged by Wise to PULL from your bank account, as well as the extra days of processing by your bank.

That was my experience until 2024. Not anymore. See my post just above. My transfers are always B100,000 and up. ACH from USA.

[NoDisplayName]

6 hours ago, Skeptic7 said:

That was my experience until 2024. Not anymore. See my post just above. My transfers are always B100,000 and up. ACH from USA.

 

You appear to be directing wise to PULL money from your bank, rather than having your bank PUSH money to Wise, using PLAID as an external (paid) facilitator service to shorten processing time.

 

Am I correct that there is a service charge from Wise when you add to your balance via ACH?  If so, how much?  The fee appears to be 0.25% of the amount added to your balance jar.

https://wise.com/us/pricing/receive/

 

When calculating fees to send USD to THB, the cost to send US$1000 as transfer from your balance is $6.68 (variable fee = 0.54%), while the cost to send via bank debit (ACH) is $9,60 (variable fee - 0.80%)

 

For $2,000, the fees are $12.06 and $17.55

For $10,000, $55.07 and $81.22

https://wise.com/gb/pricing/send-money?sourceAmount=10000&sourceCurrency=USD&targetCurrency=THB

 

So the fee for your $3000 (~100K baht) means at the current exchange rate, you'll get 103,383 baht (fee $17.44)  sending from balance, or 103,103 if using Plaid (fee $25.51).  Not a big deal for the convenience, I suppose, when you look at the difference in baht.

 

Plaid is not a free service. They charge Wise per use to facilitate bank authorizations, otherwise a normal ACH pull to add to your balance takes longer.

 

Finally, it's helpful to know that the Wise ACH transfer time may be slower than some other payment methods. That’s because banks tend to take a little longer to process ACH payments, meaning it can take up to 4 days for your payment to be cleared and received by Wise.

 

I have always sent FROM my credit union TO Wise.  Never used this Plaid thing you and others have encountered from the Wise side of the transaction.  I may have been asked in the past to set up a Plaid link, but I don't recall.

[sandyf]

On 1/7/2025 at 3:01 PM, Jaggg88 said:

If you did that transfer with Wise today you would receive 64,491.52

Obviously been polishing your crystal balls.

[sandyf]

20 hours ago, sometimewoodworker said:

While you were notified of a £5 fee you were not informed if the lower exchange rate you received, nor the other fees taken before the money hit your account. Your amount was about 1.5% less than you would have got using Wise

You don't need to try and sell me Wise, had an account with card for several years and use it quite a lot.

When I first got Wise, I checked both each time i did a transfer for about six months and saw insufficient evidence to change what I had been doing for nearly 20 years.

The usual 24 hour delay sometimes goes in my favour and sometimes against me, but that is the nature of the beast.

If i had been with a bank that charges £20 to transfer, then maybe a different story.

[OJAS]

On 1/7/2025 at 5:59 PM, Suitcase said:

I have been using Wise for several years and up until 6 months ago the transfers were going through in seconds

The last couple transfers have taken 5 and 6 days

I contacted Wise but I couldn't understand the explanation

So I haven't been using them now

 

From which country and in which currency?

 

[RSD1]

I think many Fintech companies that are operating in the US are using Plaid now to help prevent fraud when linking bank account accounts to a Fintech service account. It happened to me the other day too when I went to link a bank account to Privacy.com, which is another US based Fintech company. 

[nickmondo]

On 1/6/2025 at 2:13 PM, Furioso said:

I apologize in advance if this has been brought up before. However, today I tried to use Wise and right before I press the last button it says I need to approve "Plaid" to reconnect my bank account. This is the first time this has come up and I've been using Wise every month for 2 years. I did a quick google search and if I approve Plaid it allows them to extract information from my account. 

Anyway, just curious as to what your experience has been. 

Did this happen to you?

Does this keep you from using Wise anymore? 

this is solely a US problem.  Use another app

[Colabamumbai]

On 1/6/2025 at 2:13 PM, Furioso said:

I apologize in advance if this has been brought up before. However, today I tried to use Wise and right before I press the last button it says I need to approve "Plaid" to reconnect my bank account. This is the first time this has come up and I've been using Wise every month for 2 years. I did a quick google search and if I approve Plaid it allows them to extract information from my account. 

Anyway, just curious as to what your experience has been. 

Did this happen to you?

Does this keep you from using Wise anymore? 

Yes you must use plaid to reconnect wise to your bank. After that you should not see plaid. Hate it, no advance warning. Used Wise today, no plaid. 

[Wrwest]

On 1/6/2025 at 2:13 PM, Furioso said:

I apologize in advance if this has been brought up before. However, today I tried to use Wise and right before I press the last button it says I need to approve "Plaid" to reconnect my bank account. This is the first time this has come up and I've been using Wise every month for 2 years. I did a quick google search and if I approve Plaid it allows them to extract information from my account. 

Anyway, just curious as to what your experience has been. 

Did this happen to you?

Does this keep you from using Wise anymore? 

It was the Wise switching to use "Plaid" that resulted in my Fidelity Account not allowing transfers to Wise. So, I have switched to a wire transfer for my 65K+ transfer (monthly income method). Wise gave a better exchange rate but charged a higher fee. Fidelity does not charge for my international wire transfer. Bangkok Bank gives a lower exchange rate and charges 200 baht. In my case, cost came out at about $17.00 either way so I am fine using the wire transfer.

[J Branche]

On 1/6/2025 at 2:13 PM, Furioso said:

I apologize in advance if this has been brought up before. However, today I tried to use Wise and right before I press the last button it says I need to approve "Plaid" to reconnect my bank account. This is the first time this has come up and I've been using Wise every month for 2 years. I did a quick google search and if I approve Plaid it allows them to extract information from my account. 

Anyway, just curious as to what your experience has been. 

Did this happen to you?

Does this keep you from using Wise anymore? 

I believe I had to approve Plaid about 8 months ago when connecting a new account.  From my research Plaid is safe and used by many banks to share information to complete a transaction.

 

Here are a few links to help.

 

https://wise.com/us/blog/is-plaid-safe

 

https://finance.yahoo.com/personal-finance/banking/article/what-is-plaid-174926375.html

 

It is still totally up to you. My advice is always set limits and set alerts on any account you store money in.  Change the password every 45 days, use an updated good browser or app, connect to VPN when accessing account and clear all info (Privacy, Security under settings in most browsers) when you close out and leave the website.

 

Hope this helps.

[J Branche]

Duplicate post deleted 

[Skeptic7]

19 hours ago, NoDisplayName said:

 

You appear to be directing wise to PULL money from your bank, rather than having your bank PUSH money to Wise, using PLAID as an external (paid) facilitator service to shorten processing time.

 

Am I correct that there is a service charge from Wise when you add to your balance via ACH?  If so, how much?  The fee appears to be 0.25% of the amount added to your balance jar.

https://wise.com/us/pricing/receive/

 

When calculating fees to send USD to THB, the cost to send US$1000 as transfer from your balance is $6.68 (variable fee = 0.54%), while the cost to send via bank debit (ACH) is $9,60 (variable fee - 0.80%)

 

For $2,000, the fees are $12.06 and $17.55

For $10,000, $55.07 and $81.22

https://wise.com/gb/pricing/send-money?sourceAmount=10000&sourceCurrency=USD&targetCurrency=THB

 

So the fee for your $3000 (~100K baht) means at the current exchange rate, you'll get 103,383 baht (fee $17.44)  sending from balance, or 103,103 if using Plaid (fee $25.51).  Not a big deal for the convenience, I suppose, when you look at the difference in baht.

 

Plaid is not a free service. They charge Wise per use to facilitate bank authorizations, otherwise a normal ACH pull to add to your balance takes longer.

 

Finally, it's helpful to know that the Wise ACH transfer time may be slower than some other payment methods. That’s because banks tend to take a little longer to process ACH payments, meaning it can take up to 4 days for your payment to be cleared and received by Wise.

 

I have always sent FROM my credit union TO Wise.  Never used this Plaid thing you and others have encountered from the Wise side of the transaction.  I may have been asked in the past to set up a Plaid link, but I don't recall.

Thanks for the info. I had exceeded one of the Wise amount limits...60 day period, if memory serves. So to get this transaction processed, Wise again suggested (in this case required) I get Instant Verification thru Plaid to proceed or use another method of transfer. Plaid was quick and easy. The fee seemed the same, possibly slightly higher...but didn't notice it...as the old (but now much slower) ACH transfer without Plaid. With Plaid, my money was in my Bangkok Bank acct in less than 24 hours. Perviously it was taking a full 5-7 days. 

 

Is it cheaper depositing (pushing as you called it) money into my Wise account and then doing the transfer from there❓I see they are paying interest on the money now.

[NoDisplayName]

2 hours ago, Skeptic7 said:

Thanks for the info. I had exceeded one of the Wise amount limits...60 day period, if memory serves. So to get this transaction processed, Wise again suggested (in this case required) I get Instant Verification thru Plaid to proceed or use another method of transfer. Plaid was quick and easy. The fee seemed the same, possibly slightly higher...but didn't notice it...as the old (but now much slower) ACH transfer without Plaid. With Plaid, my money was in my Bangkok Bank acct in less than 24 hours. Perviously it was taking a full 5-7 days. 

 

Is it cheaper depositing (pushing as you called it) money into my Wise account and then doing the transfer from there❓I see they are paying interest on the money now.

 

If you're PULLing from a bank using ACH, that may take 3-4 days due to the additional confirmation processing.  Plaid (paid third party service) cuts that down to 1 day.  Wise charges you a 0.25% fee for this service.

 

I did the numbers in the post above.  The fee works out to $2.50/$10K.  That's only about 85 baht for every $10K, so may be worth it to some for the convenience.

 

PUSHing from your bank via ACH is free, and should be accomplished in at most a day.

[iLuvThai]

Been using WISE for 2 years plus and have zero idea what PLAID is. Maybe because I'm from Canada they don't use that avenue.