More Wise issues

[hotandsticky]

56 minutes ago, JB300 said:

 

Interesting perk of being Ex-Bank staff, I can remember when I worked for Barclays we used to be able to buy our holiday currency at the Bank’s Buy rate rather than the Sell rate 😊

 

 

As Mary Hopkin said....................Those were the Days......................and mortgages at 2.5%. 🙂

[newbee2022]

20 hours ago, CallumWK said:

I was due to receive 2 small payment through Wise, and although they were initiated yesterday, the tracking said they would be in my account by 9.30am today.

At 10am this morning that message had disappeared from the tracking, and it was now said 12.00pm

Since there was still no payment i checked again, and both trackings now show.

 

We're a bit delayed — here are some possible reasons:

• It's taking us longer to convert your money
• Our banking partner might be experiencing downtime

Time to look for another company I assume, as there are too many similar reports recently.

I didn't have any delays or problems since 5 years now.

Maybe it's right that your bank got issues.

[CallumWK]

1 minute ago, newbee2022 said:

I didn't have any delays or problems since 5 years now.

Maybe it's right that your bank got issues.

 

My bank is Kasikorn, which is partner bank of Wise, and the tracking showed Wise received the money from the senders minutes after they sent it, so no bank issues there end either

[PhillyBoy]

I transfer several times a month using Wise. 6 seconds usually. Once or twice was delayed over the past several years. The best service I have ever had. 

[newbee2022]

4 minutes ago, CallumWK said:

 

My bank is Kasikorn, which is partner bank of Wise, and the tracking showed Wise received the money from the senders minutes after they sent it, so no bank issues there end either

I agree, that Wise sends money very fast (not on weekends).

From Wise to Kasikorn (my bank) within minutes.

However, if I send money from EU to Wise it takes at least a whole day, sometimes due to the time difference.

[Kinok Farang]

Wise are now the victims of their own brilliant success.

So quick and easy before that a couple of hiccups feels like disappointment.

[MarkT63]

16 hours ago, hotandsticky said:

 

 

With all due respect I am not sure you were comparing like for like.

 

The exchange rate is ALWAYS better with WISE than a bank......

The exchange rate may be slightly better but when they tried to charge well over $100 for the transfer it raised my suspicions so I made the transfer from my offshore bank the very same day and ended up with more bahts in my account than Wise had quoted. I don't know how else I can put it - I got more bahts than using Wise. 

[khunjeff]

21 hours ago, Digitalbanana said:

My Wise came thro in seconds this week.

 

My transfers normally take under 10 seconds, but the one yesterday ended up taking 90 minutes. I have no idea what the reason was, but it was still fast enough that I'm not going to worry about it.

[KhunBENQ]

Using it since years for monthly transfers.  Two minor cases of delay.

I don't care about minutes or hours. To Bangkok Bank for "long term stay" it's always next working day.

To Kasikorn I can transfer in seconds. Nice to have.

I care about the result on my account.

 

How long does your SWIFT transfer take?

And what's the overall result (Thai Baht on your account, own currency sent/deducted)?

One concrete example would be helpful.

[KhunBENQ]

9 minutes ago, MarkT63 said:

The exchange rate may be slightly better but when they tried to charge well over $100 for the transfer it raised my suspicions so I made the transfer from my offshore bank the very same day and ended up with more bahts in my account than Wise had quoted. I don't know how else I can put it - I got more bahts than using Wise. 

Which currency from what country?

How do you fund WISE? CC?

[Moonlover]

 

18 hours ago, Serenity_Now said:

18 hours ago, anchadian said:

The UK changed their clocks yesterday.  One hour forward.

18 hours ago, Serenity_Now said:

thanks that may also create a delay

Yes it does make a difference. I received my 1st of the month pension an hour earlier today.

 

18 hours ago, Serenity_Now said:

But we do not know how Wise route cash if they utilise any Arabic banks 

Wise do not route cash through any intermediates. When you make a transfer with them, money does not cross any borders at all.

 

'It’s because of how we work: when you send money with us, we use our Thai banking partners to send out your money locally. It doesn’t cross any borders', 

[Stocky]

It's also end of the month, which is also a busy time. Money I sent today from Singapore with Wise took 30 minutes.

[simon43]

Since the UK is effectively a Muslim country now, I suspect it was Eid that delayed the transfer.

[crazykopite]

I did a transfer yesterday from the UK it estimated 28 minutes due to the current situation in Bangkok it’s normal in my K bank within a minute it did arrive but took 15 minutes due to. !

[Scouse123]

23 hours ago, CallumWK said:

I was due to receive 2 small payment through Wise, and although they were initiated yesterday, the tracking said they would be in my account by 9.30am today.

At 10am this morning that message had disappeared from the tracking, and it was now said 12.00pm

Since there was still no payment i checked again, and both trackings now show.

 

We're a bit delayed — here are some possible reasons:

• It's taking us longer to convert your money
• Our banking partner might be experiencing downtime

Time to look for another company I assume, as there are too many similar reports recently.

 

I am sure WISE will be gutted if you move.

[hotandsticky]

2 hours ago, MarkT63 said:

The exchange rate may be slightly better but when they tried to charge well over $100 for the transfer it raised my suspicions so I made the transfer from my offshore bank the very same day and ended up with more bahts in my account than Wise had quoted. I don't know how else I can put it - I got more bahts than using Wise. 

 

Most unusual......................what currency did you convert into Baht - and where; presumably you remitted home currency to a Thai bank?

[Thailandbuckeye]

I am new to Wise and only made my 3rd transfer today. Wise is linked to my Credit Union so it is initiated with them and then Wise to my wife’s account. Today it took a little less than 2 hours. All 3 transfers completed around 11am which is the time her bank opens at Central. Not sure if that has anything to do with it or not. 
 

 

 

[Scott Tracy]

I initiated a transfer earlyish Friday and the tracking into said it would be paid out 06:00 Monday.... Nothing to do but wait or cancel and try another provider who may do the same thing....

[Health On A Budget]

I had made the mistake of joining a Wise-related Facebook group many months ago, expecting to see some tips on how to use the service even more efficienly - not that I had any complaints of my own.

 

Instead, I saw lots of complaints about Wise accounts that had been shut down, money being withheld, and long delays in transfers. I worried about these as I use Wise at least once a month to t/f funds from  the UK to Thailand.

 

Then I noticed that most (if not all) of the names of the complainants originated outside Europe and the US. I doubt that any of those names were typical farangs... Almost all of those complaints that I read seemed to be made by people who were breaking Wise policies and suffering the consequences as a result.

 

Of course, that could be entirely coincidental.

[Cameroni]

It took 35 hours for my Wise transfer recently, but that was because it was done on a Sunday, so it had more to do with the Thai bank I suspect.

[digger70]

On 3/31/2025 at 12:13 PM, CallumWK said:

I was due to receive 2 small payment through Wise, and although they were initiated yesterday, the tracking said they would be in my account by 9.30am today.

At 10am this morning that message had disappeared from the tracking, and it was now said 12.00pm

Since there was still no payment i checked again, and both trackings now show.

 

We're a bit delayed — here are some possible reasons:

• It's taking us longer to convert your money
• Our banking partner might be experiencing downtime

Time to look for another company I assume, as there are too many similar reports recently.

Just calm down a bit, I always have to wait a couple /3 days for my transfers from Aus to Thaiand using Wise.   🙏

[hotandsticky]

On 3/31/2025 at 2:08 PM, Dan O said:

I've used swift for monthly transfers for years and never an issue. Swift wasn't the problem the receiving bank you used was. Positive tracking and always coded correctly. Wise is ok until it isn't and its not a bank so not under any of the normal banking rules and protections.  It seems to be in the not ok category lately on a regular basis. 

 

 

Your statement is misleading..

 

WISE:- Not a Bank, Not FSCS Protected:

Wise Payments Ltd, the UK entity of Wise, is not a bank and therefore doesn't offer the Financial Services Compensation Scheme (FSCS) protection, which is typically available for customers of licensed UK banks. 

Safeguarding Customer Funds:

Instead of FSCS protection, Wise safeguards customer funds by: 

Segregation: Keeping customer money separate from Wise's own business funds. 

Cash Deposits: Holding customer deposits in cash with top-tier financial institutions like Barclays and Citibank. 

Secure Liquid Assets: Investing in secure liquid assets, such as government bonds in the UK, US, or EU. 

Regulatory Obligations:

Wise follows strict rules set out by regulators in the countries where it operates to ensure the safety of customer funds. 

No Lending:

Wise doesn't lend out customers' money, which is why FSCS protection isn't applicable. 

Security Measures:

Wise also implements various security measures, including a dedicated fraud team, two-factor authentication, and regular audits. 

[hotandsticky]

5 hours ago, MarkT63 said:

The exchange rate may be slightly better but when they tried to charge well over $100 for the transfer it raised my suspicions so I made the transfer from my offshore bank the very same day and ended up with more bahts in my account than Wise had quoted. I don't know how else I can put it - I got more bahts than using Wise. 

 

 

I still can't believe that ... today's example suggests otherwise:-

 

£10k transaction...gets, say, SCB TT rate of 43.6225 = 436,225 Baht less circa 500 Baht in fees.

 

The same transaction with WISE yields 437,735 Baht. Around 2,000 Baht better with WISE and that excludes any UK bank charges on the SWIFT transfer.

[phetphet]

OP. You say you were due to receive two small payments. I don't know if it would make a difference and I am likely wrong, but that doesn't sound like the normal bank to bank transfer.

If you are expecting payments from other people rather than directly from your own bank, that might be the reason for delay.

 

i made a transfer from my UK bank to Wise yesterday afternoon, and the money was in my account here this morning. Other times it might take a day or two. A lot depends on the time of day you initiate the transaction with Wise.

 

HTH

 

[MarkT63]

2 minutes ago, hotandsticky said:

 

 

I still can't believe that ... today's example suggests otherwise:-

 

£10k transaction...gets, say, SCB TT rate of 43.6225 = 436,225 Baht less circa 500 Baht in fees.

 

The same transaction with WISE yields 437,735 Baht. Around 2,000 Baht better with WISE and that excludes any UK bank charges on the SWIFT transfer.

OK - you got me - I just made it all up because I have not got any friends or anyone to talk to. Happy now???

[HampiK]

13 minutes ago, MarkT63 said:

OK - you got me - I just made it all up because I have not got any friends or anyone to talk to. Happy now???

I think when you made your transfer the baht still was going up. So at the end you received more money than what you would become with wise. Exchange risk or luck.

 

My experience is, that with bigger amount sometimes a SWIFT transfer can be slightly better. But mostly I choose the WISE, because I know exactly what I will receive, with the SWIFT I could become more, about the same or less... 

But if you want transfer more than 2 million Thai Baht, then you have to use swift anyway.

[sandyf]

On 3/31/2025 at 1:22 PM, proton said:

Compared to how swift used to work it's a godsend. Last time I used swift the bank here held onto the money until the rate dropped, lost 40k baht. With swift you know what you will be getting

Apples and oranges.

Wise is a money transfer service, SWIFT is a protocol for interbank messaging, doesn't actually do anything.

The UK and Europe dropped SWIFT and adopted the more secure coding arrangement of IBAN.

Thailand only uses the 8 character Swift code for retail banking.

[Sigmund]

If possible...if possible. ...cash, cash and only cash. Change at the exchange booth and that's it. No hassles, no delays, no absurd fees...

[rough diamond]

2 minutes ago, Sigmund said:

If possible...if possible. ...cash, cash and only cash. Change at the exchange booth and that's it. No hassles, no delays, no absurd fees...

That may be ok for tourists who do not have a bank a/c but not for residents.

[Dan O]

1 hour ago, hotandsticky said:

 

 

Your statement is misleading..

 

WISE:- Not a Bank, Not FSCS Protected:

Wise Payments Ltd, the UK entity of Wise, is not a bank and therefore doesn't offer the Financial Services Compensation Scheme (FSCS) protection, which is typically available for customers of licensed UK banks. 

Safeguarding Customer Funds:

Instead of FSCS protection, Wise safeguards customer funds by: 

Segregation: Keeping customer money separate from Wise's own business funds. 

Cash Deposits: Holding customer deposits in cash with top-tier financial institutions like Barclays and Citibank. 

Secure Liquid Assets: Investing in secure liquid assets, such as government bonds in the UK, US, or EU. 

Regulatory Obligations:

Wise follows strict rules set out by regulators in the countries where it operates to ensure the safety of customer funds. 

No Lending:

Wise doesn't lend out customers' money, which is why FSCS protection isn't applicable. 

Security Measures:

Wise also implements various security measures, including a dedicated fraud team, two-factor authentication, and regular audits. 

How is my statement misleading? Your post supports exactly what I said Wise is not a bank and doesnt not provide typical banking protections. Depositing money in other banks provides them protection but not you.