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 

 

[oldcpu]

14 hours ago, anchadian said:

Not correct.  Wise HQ are still in London.

 

I stand corrected.

 

Rather,  as a result of BREXIT, a new office was set up in Brussels, and all EEA customers needed to enter a new Customer Agreement with the European arm of the company (then called TransferWise Europe SA ( and now Wise Europe)).

.

[oldcpu]

13 hours ago, rough diamond said:

Wrong;

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

 

After reading an earlier post of another user, I correct this to be:    as a result of BREXIT, a new office was set up in Brussels, and all EEA customers needed to enter a new Customer Agreement with the European arm of the company (then called TransferWise Europe SA ( and now Wise Europe)).

[steve187]

On 3/31/2025 at 12:20 PM, CallumWK said:

 

And your point is? My Wise normally also come through in seconds, today they are not.

One of the senders was also not able to use debit or credit card, and had to make the payment by bank transfer.

Both payments the tracking shows Wise received the money yesterday

made 2 transfers this week 1st one went through in seconds, 2nd one a day later was delayed 2 hours which they informed me at the time, so did transfer at 8am, money in bank at 9.55am, both from UK

[racyrick]

Well, I guess it was finally my time. I have used WISE for 7 years now monthly and never an issue until now.

 

Last night made a transfer from US bank at 7:04 pm. They said that they were waiting for my money and there was a slight delay on their end. As of now, still not received, but my bank shows the money was taken at 12:04 am last night from my bank account.

 

Talked to WISE and they said that it could take up to 4 days to reach them even though in the last 7 years, it was always instant.

Now she says that I SHOULD be paid on Tuesday and if not, contact them again, so not much help and no definitive answer.

 

Not happy, but all I can do is wait.

[sandyf]

20 hours ago, JimGant said:

 

Why avoid the question and post irrelevant information.

I have never ever made a transfer to Thailand using WIse,  so again why do you think I did.

[JimGant]

1 hour ago, sandyf said:

I have never ever made a transfer to Thailand using WIse,  so again why do you think I did.

Maybe because this is a thread about Wise transfers -- and you jumped in with the SWIFT 8 digit system, or whatever. I thought this might be a nice time to point out that Wise, if you use, for example, USD vs Thai baht as your sending currency -- Wise will send it SWIFT.

 

It's actually a good point worth noting, as you can inadvertently push the wrong send button, if you've set up a USD route to Thailand with Wise.

 

I assumed, since this was a Wise thread, and you began talking about SWIFT transfers -- that you had inadvertently sent through Wise, a SWIFT wire transfer.

 

Not sure why you mentioned SWIFT in a Wise thread? But, don't really care.

[mackayae]

The Send item on the menu is no longer there. How do initiate a new transfer? 

[treetops]

55 minutes ago, mackayae said:

The Send item on the menu is no longer there. How do initiate a new transfer? 

 

Still there for me after logging in and selecting my account using Firefox on a Win 11 laptop.

 

 

Don't know if that's any help as you don't mention how you're using the system or with what.

[mackayae]

It says I have to add money to my Wise account before I can send. In the past I just sent from my US bank to my Thai bank. It doesn't give my that option now.

[GanDoonToonPet]

Just a quickie, not really worth starting a new thread. 🙂

 

I'm planning to transfer 500 GBP from my UK account to my SCB account in Thailand. When I added my SCB account as a recipient, I selected 'This is my account' and it now shows my UK address under the recipient account details.

 

Can I just leave it as it is or will it cause a problem? I can't see a way to change it and can't for the life of me remember the address I opened the account with. 🤔

[hotandsticky]

Just now, GanDoonToonPet said:

Just a quickie, not really worth starting a new thread. 🙂

 

I'm planning to transfer 500 GBP from my UK account to my SCB account in Thailand. When I added my SCB account as a recipient, I selected 'This is my account' and it now shows my UK address under the recipient account details.

 

Can I just leave it as it is or will it cause a problem? I can't see a way to change it and can't for the life of me remember the address I opened the account with. 🤔

 

Not a problem, my WISE account is linked to my UK correspondence address.

[GanDoonToonPet]

15 minutes ago, hotandsticky said:

 

Not a problem, my WISE account is linked to my UK correspondence address.

 

Cheers. I was just worried it might screw things up on the Thai domestic transfer side.

[hotandsticky]

3 minutes ago, GanDoonToonPet said:

 

Cheers. I was just worried it might screw things up on the Thai domestic transfer side.

 

 

Not entirely sure what you mean by that.

 

Once you have set up your SCB account as a recipient the funds will transfer seamlessly. There is no correlation between your WISE account details (ie address) and the SCB account details.

[GanDoonToonPet]

10 minutes ago, hotandsticky said:

 

 

Not entirely sure what you mean by that.

 

Once you have set up your SCB account as a recipient the funds will transfer seamlessly. There is no correlation between your WISE account details (ie address) and the SCB account details.

 

32 minutes ago, GanDoonToonPet said:

When I added my SCB account as a recipient, I selected 'This is my account' and it now shows my UK address under the recipient account details

 

To elaborate, I was worried that my UK address details would be passed to SCB during the domestic side of the transfer and this wouldn't tally with whatever Thai address they have on file.

[hotandsticky]

Just now, GanDoonToonPet said:

 

 

To elaborate, I was worried that my UK address details would be passed to SCB during the domestic side of the transfer and this wouldn't tally with whatever Thai address they have on file.

 

 

Don't worry.

 

SCB won't see account details such as an address.

 

Funds from WISE go through an agent in Thailand and it is a domestic transfer from there to SCB,

[sidneybear]

The problem isn't with Wise, it's the insanely strict Anti Money Laundering and Counter Terrorism Financing regulations they have to adhere to, in order to stay in business and avoid penalties and sanctions. They're obliged to freeze accounts and are forbidden to say why they did so under anti tipping off rules.

 

They (and all similar financial service providers) err on the side of extreme caution, freeze accounts and cancel transactions for all kinds of obscure reasons. I had a remittance frozen for using my wife's pet name in the transaction reference field, even though I'd stated what the transaction was for. They'd flagged it as suspicious under CTF and Sanctioned individual concerns. They cancelled the transfer and I did get the money refunded a few days later, after I'd provided them with extensive information on whom I was transferring to and why.

 

Gone are the days when our money was ours to do what we liked with.

[Yumthai]

5 hours ago, sidneybear said:

Gone are the days when our money was ours to do what we liked with.

Crypto is the way.