More "Wise" Bad News For Wise Customers Residing in Thailand

[FriscoKid]

It seems that as time goes on, the BOT and the Thai banks in general are making increasing efforts to squeeze out foreign digital payment platforms in Thailand and maintain the monopoly. They claim it is due to "system upgrades" that now prevent payments from Wise from continuing to be supported at certain banks, but only believe that excuse at your peril.

 

Fortunately, most major Thai banks will not be affected for now (by this new change made in May) and that is what matters. However, I suspect it is only a matter of time before Wise can no longer be used to transfer money into any Thai bank accounts. My guess is that it may last at most another year before it is completely shut down. See the Wise link and pertinent details below.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

Starting on 6 May 2025, the following banks will no longer be supported due to payment system upgrades in Thailand: 

 

• TMB Thanachart Bank (011)

• Citibank (017)

• Sumitomo Mitsui Banking Corporation (018)

• Standard Chartered Bank (020)

• United Overseas Bank (024)

• The Government Savings Bank (030)

• HSBC (031)

• Deutsche Bank (032)

• The Government Housing Bank (033)

• Bank For Agriculture And Agricultural Cooperatives (034)

• Mizuho Corporate Bank (039)

• BNP Paribas (045)

• Bank Of China (052)

• Thanachart Bank (065)

• Islamic Bank Of Thailand (066)

• TISCO Bank (067)

• ICBC (070)

• The Thai Credit Retail Bank (071)

• Land And Houses Retail Bank (073)

• Sumitomo Mitsui Trust Bank (Thai) PCL (SMTB) (080)

Supported recipient banks: 

• Bangkok Bank Public Company

• Kasikorn Bank

• Krung Thai Bank

• Siam Commercial Bank

• CIMB Thai Bank

• Bank Of Ayudhya (Krungsri bank)

• Kiatnakin Phatra Bank

[Everyman]

I have noticed that Wise transfer times to my Philipines and Vietnamese bank accounts still take seconds. Only my Thai account at Bangkok Bank is next business day. I do think there’s something to the idea that this is due to restrictions by the BoT, but like most things it’s probably an unintended consequence of something else. 

 

For my part though, I have started using my Schwab card to withdraw 30,000 baht at a time and just deposit it in cash in my account. If I do that twice a month, plus credit card use, it about covers my expenses. 

[hotandsticky]

2 minutes ago, Everyman said:

I have noticed that Wise transfer times to my Philipines and Vietnamese bank accounts still take seconds. Only my Thai account at Bangkok Bank is next business day. I do think there’s something to the idea that this is due to restrictions by the BoT, but like most things it’s probably an unintended consequence of something else. 

 

For my part though, I have started using my Schwab card to withdraw 30,000 baht at a time and just deposit it in cash in my account. If I do that twice a month, plus credit card use, it about covers my expenses. 

 

 

Six seconds to Kasikorn Bank 99.5% of the time.

[FriscoKid]

44 minutes ago, hotandsticky said:

Six seconds to Kasikorn Bank 99.5% of the time.

Thank you, but there are already plenty of posts about how many seconds it takes to transfer from Wise to a Thai bank account.

 

The real issue is that out of the 27 Thai banks Wise used to support, transfers to 20 have been discontinued as of two and a half months ago. That leaves only seven banks, just 25 percent, that can still receive a Wise transfer. Options are shrinking fast, and if they disappear completely, it will no longer matter how fast a Wise transfer is.

[Everyman]

1 hour ago, hotandsticky said:

 

 

Six seconds to Kasikorn Bank 99.5% of the time.

 

I had an account there 20 years ago but unfortunately I let it lapse. I can’t open another one because my visa type doesn’t qualify and I am too young for a retirement visa. 

[CallumWK]

So something that came in force on May 6 is more bad news in August? I would assume most people concerned would be aware already

[OJAS]

2 hours ago, FriscoKid said:

However, I suspect it is only a matter of time before Wise can no longer be used to transfer money into any Thai bank accounts.

 

Well that, of course, would kill off the 40k/65k monthly income route for annual marriage and retirement extensions stone dead, wouldn't it?

 

[FriscoKid]

16 minutes ago, CallumWK said:

So something that came in force on May 6 is more bad news in August? I would assume most people concerned would be aware already

 

I know many people who only transfer funds into Thailand once or twice a year with Wise and not every month because they are not pensioners. Monthly pensioners who are affected would already be aware of this. I only transfer money at the beginning of the year, and the bank I usually use is no longer supported. If I had not come across this information now, I would have been caught out by it early next year. How about you? How often do you transfer money into Thailand with Wise?

[OJAS]

1 hour ago, FriscoKid said:

The real issue is that out of the 27 Thai banks Wise used to support, transfers to 20 have been discontinued as of two and a half months ago. That leaves only seven banks, just 25 percent, that can still receive a Wise transfer. Options are shrinking fast, and if they disappear completely, it will no longer matter how fast a Wise transfer is.

 

But these 20 are largely minnows, relatively speaking. In actual expat banking terms we are probably talking about a figure way in excess of 25% in respect of the remaining 7.

 

[FriscoKid]

7 minutes ago, OJAS said:

 

Well that, of course, would kill off the 40k/65k monthly income route for annual marriage and retirement extensions stone dead, wouldn't it?

 

Yes, it probably would. And I think the majority of the retirees from the UK living in Thailand, who receive a state pension, also have it transferred in via Wise. Without that facility, they would have to do a Bank wire from their UK bank account to get their money into their Thai bank every month. I think wire transfer fees from UK banks are not that inexpensive either. And that would be 12 wires a year for them.

[gk10012001]

being new to this sort of thing and having only just used Zelle once this week for the first time and was impressed with how fast and easy Zelle was, I wondered if one can use zelle to transfer money to thailand? So some quick research:

 

While Zelle doesn’t work internationally, you don’t have to worry if you want to send money overseas. For international payments, Zelle alternatives include PayPal, WorldRemit, Wise, Revolut, Remitly, and TransferGo.

[FriscoKid]

Just now, OJAS said:

 

But these 20 are largely minnows, relatively speaking. In actual expat banking terms we are probably talking about a figure way in excess of 25% in respect of the remaining 7.

 

There are a few big ones on the list of 20, but as I said, in my original post, it's the 7 that are still supported which matter the most. The bigger concern in all this though is that eventually those 7 get wiped out too because of BOT policy.