More Wise issues

[JimGant]

3 hours ago, sandyf said:

One of the other problems in Thailand is they only use the 8 characer SWIFT code which means the funds have to pass though the recipient bank head office. An 11 character SWIFT code is required for funds to go direct to a branch.

Why are you using Wise to transfer via SWIFT? Yes, you can easily do this, as I found out by accident -- because I mistakenly set up my recipient account in Thailand to receive dollars (not baht). But, I also subsequently set up the same account to receive baht, which is the account I normally choose. Somehow, I chose the "USD" account to send $40k to my Bangkok Bank -- and watched as the $40k became $39,xxxk, after fees subtracted. Then, on the receiving end, I got the TT rate for the day, less the 500 baht receipt fee (just like in the old days, when I did SWIFT transfers). The fact that a Wise P2P might have been near instantaneous, with the guaranteed FX rate -- vs two days later, with a slower SWIFT, and maybe a higher FX rate (but with fixed Wise fees) -- would make for an interesting "best method" comparison......

 

Yes, I remember from years ago the comparison of Wise vs SWIFT costs, and that amounts greater than $20k, because of the fixed vs percentage fee differences -- gave the nod to SWIFT transfers. But, this is a false comparison, since the two-day plus SWIFT transfer time is hostage to whatever the TT rate is upon arrival.

 

Anyway, I've erased my USD receipt account from WISE, as I like knowing all the costs up front -- and I actually didn't realize the significance of having a receipt account denominated in dollars, or even why I set it up in the first place....

 

So, just a heads up: If your receipt account in Thailand isn't denominated in baht -- your transfers will be via SWIFT.

[KhunBENQ]

Business as usual.

Yesterday initiated EUR transfer for long-term stay to Bangkok Bank (one day too early 🙄). The ">65k transfer".

Just got email "money been sent". Will be on account about 2 PM.

 

On a day like this I am again reminded that the real timing problem is when to send.

Baht plunged overnight.

You know why.

[sandyf]

On 4/2/2025 at 9:42 AM, Dan O said:

Not sure about that. I've had no problems and the transfers are typically next day though and all coding is correct on the statements

All SWIFT codes are basically 8 characters, an additional 3 characters merely identifies the branch.

Thai banks generally do not provide an 11 character codes for retail accounts at a branch, i think they have to for business accounts. Didn't say it was a problem, just another step in the sequence.

There is nothing to stop  the remitting bank adding the branch code if known but the they normally just add XXX which is default for head office.

[sandyf]

On 4/2/2025 at 1:58 PM, JimGant said:

Why are you using Wise to transfer via SWIFT?

Where on earth did you get that from?

[Dan O]

17 minutes ago, sandyf said:

All SWIFT codes are basically 8 characters, an additional 3 characters merely identifies the branch.

Thai banks generally do not provide an 11 character codes for retail accounts at a branch, i think they have to for business accounts. Didn't say it was a problem, just another step in the sequence.

There is nothing to stop  the remitting bank adding the branch code if known but the they normally just add XXX which is default for head office.

Once it hits the main branch your account number is used to post to,  so no need to go to the actual branch as your already inside the system. 

[oldcpu]

On 4/2/2025 at 12:55 AM, ronnie50 said:

 Both WISE and TOR-FX appear to be British operations (WISE HQ in London; 

 

... I believe this no longer the case. Around the time of BREXIT I believe WISE moved their HQ to mainland Europe  ( Holland or Belgium).

[JohnnyBD]

Made $2,400 USD xfer via SWIFT (no outgoing fee with Chase Bank due to my relationship) to Bangkok Bank minus .0025 incoming fee of $6.00 = $2,394 converted at 34.14 = 81,731 THB.

Most US banks charge an outgoing wire fee of $35 to $75 USD, which would make Wise a better choice.

I just use SWIFT since I pay no outgoing fees.

 

Wise was 81,614

 

[anchadian]

21 minutes ago, oldcpu said:

 

... I believe this no longer the case. Around the time of BREXIT I believe WISE moved their HQ to mainland Europe  ( Holland or Belgium).

Not correct.  Wise HQ are still in London.

[sandyf]

1 hour ago, Dan O said:

Once it hits the main branch your account number is used to post to,  so no need to go to the actual branch as your already inside the system. 

The point in question was timing.

There was a great deal of debate on this topic about 10/12 years ago with many claiming that head offices were holding up distribution to the branches. With Wise coming on the scene issue died out a bit.

If 11 character or IBAN codes were to be used then there would be no head office intervention, it would be direct from remitting bank to branch account.

[Dan O]

43 minutes ago, sandyf said:

The point in question was timing.

There was a great deal of debate on this topic about 10/12 years ago with many claiming that head offices were holding up distribution to the branches. With Wise coming on the scene issue died out a bit.

If 11 character or IBAN codes were to be used then there would be no head office intervention, it would be direct from remitting bank to branch account.

I don't believe there's  much main branch intervention and hasn't been for quite a while,  its pretty seamless and automated.  The main swift code and your account numbers gets it where its going.

[rough diamond]

1 hour ago, oldcpu said:

 

... I believe this no longer the case. Around the time of BREXIT I believe WISE moved their HQ to mainland Europe  ( Holland or Belgium).

Wrong;

Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money.

[JimGant]

3 hours ago, sandyf said:

On 4/2/2025 at 1:58 PM, JimGant said:

Why are you using Wise to transfer via SWIFT?

Where on earth did you get that from?

Quote

When does Wise use SWIFT?

Wise uses the SWIFT network for the following scenarios: 

Sending USD to countries outside the US 

Sending GBP to countries outside the UK 

Sending more than 1 million JPY to any country 

Sending EUR to banks that are not part of SEPA and countries outside of SEPA