WISE TRANSFERS

[WilliamG]

I heard that some Wise transfers done in the last couple of days are not being shown as FTT/International transfers even though 'long term stay' option is clicked. So I just did a Bht 1000 transfer to my Bangkok Bank as I do every month and yes, it was shown as a transfer from a local bank, Kasikorn, and was instant wheras it normally takes a few hours or even a day. I have sent an enquiry email to Wise and expect an answer soon, but if this is going to be the normal from now on, a lot of us will be very disappointed, and will have to go to say Kasikorn to get a Credit advice to show to Bangkok Bank, and Immigration. 

My usual monthly transfer on 1st October came as it has done for over two years, as an FTT. Has anyone else experienced this?

Edited October 9, 2021 by WilliamG

[gummy]

4 minutes ago, WilliamG said:

I heard that some Wise transfers done in the last couple of days are not being shown as FTT/International transfers even though 'long term stay' option is clicked. So I just did a Bht 1000 transfer to my Bangkok Bank as I do every month and yes, it was shown as a transfer from a local bank, Kasikorn, and was instant wheras it normally takes a few hours or even a day. I have sent an enquiry email to Wise and expect an answer soon, but if this is going to be the normal from now on, a lot of us will be very disappointed, and will have to go to say Kasikorn to get a Credit advice to show to Bangkok Bank, and Immigration. 

My usual monthly transfer on 1st October came as it has done for over two years, as an FTT. Has anyone else experienced this?

No .   3 of mine this week to BKK  Bank were all shown as International funds  transfers. Are you sure for the reason  of the transfer that you clicked " long term living in Thailand ( or similar ) ? which is the bottom option on the list ?

[Faz]

20 minutes ago, WilliamG said:

I heard that some Wise transfers done in the last couple of days are not being shown as FTT/International transfers even though 'long term stay' option is clicked.

Depends which bank your account is with.
It will never be coded as FTT in a Passbook other than if you bank with Bangkok Bank, regardless of what option you select for the reason of transfer.

My guess is for a 1,000 baht they wouldn't even bother with a an 'FTT' transfer, just paid it from their local Kasikorn account.

[WilliamG]

33 minutes ago, gummy said:

No .   3 of mine this week to BKK  Bank were all shown as International funds  transfers. Are you sure for the reason  of the transfer that you clicked " long term living in Thailand ( or similar ) ? which is the bottom option on the list ?

Sure. What amounts did you send. I usually do 50k a month and it arrives as FTT in Bkk Bank. On 25th Sept I did a Bht 5000 transfer and earlier today a Bht 1000 one, always as 'for long term stay', and they DID NOT show as International

[gummy]

1 minute ago, WilliamG said:

Sure. What amounts did you send. I usually do 50k a month and it arrives as FTT in Bkk Bank. On 25th Sept I did a Bht 5000 transfer and earlier today a Bht 1000 one, always as 'for long term stay', and they DID NOT show as International

40000 on the 1st, 10000 on 5th and 5000 on 6th. All showing FTT. I will try 1000 just like you did on Monday to check

[WilliamG]

17 minutes ago, gummy said:

40000 on the 1st, 10000 on 5th and 5000 on 6th. All showing FTT. I will try 1000 just like you did on Monday to check

No sorry, I tell a lie. The transfer I did  for5000 on Sept 25th was one I DID NOT put for 'long term stay' and was simply to prove that it was 'instant' for all other reasons....and it was. 

[gummy]

3 minutes ago, WilliamG said:

No sorry, I tell a lie. The transfer I did  for5000 on Sept 25th was one I DID NOT put for 'long term stay' and was simply to prove that it was 'instant' for all other reasons....and it was. 

Ok. Just for clarity. The 5000 was not for long term stay  but still went to BKK Bank ? . The 1000 baht was today to BKK Bank but received almost instantly although it is a Saturday. Was that for long term stay ? . Would you mind telling us what time you sent this latest transfer and what time zone you are in.

[WilliamG]

1 minute ago, gummy said:

Ok. Just for clarity. The 5000 was not for long term stay  but still went to BKK Bank ? . The 1000 baht was today to BKK Bank but received almost instantly although it is a Saturday. Was that for long term stay ? . Would you mind telling us what time you sent this latest transfer and what time zone you are in.

The 5000 went to Bkk Bank because that's where I told them to send it, same account as my monthly transfer, but it came via Kasikorn.

The 1000 was this morning at 11.59 to the same bank, for long term stay, but did not show as International and also came via Kasikorn. The 50k I did on 1st Oct came, as usual at 2pm directly into Bkk Bank as an FTT.

I am in Phitsanulok time zone ! 

[gummy]

2 minutes ago, WilliamG said:

The 5000 went to Bkk Bank because that's where I told them to send it, same account as my monthly transfer, but it came via Kasikorn.

The 1000 was this morning at 11.59 to the same bank, for long term stay, but did not show as International and also came via Kasikorn. The 50k I did on 1st Oct came, as usual at 2pm directly into Bkk Bank as an FTT.

I am in Phitsanulok time zone ! 

But you don't get FTT transferred over the weekend as it requires another "tick" to click by someone in BKK Bank and they don't work weekends as I understand. I have never received a FTT over a weekend

[RobMuir]

1 hour ago, WilliamG said:

I heard that some Wise transfers done in the last couple of days are not being shown as FTT/International transfers even though 'long term stay' option is clicked. So I just did a Bht 1000 transfer to my Bangkok Bank as I do every month and yes, it was shown as a transfer from a local bank, Kasikorn, and was instant wheras it normally takes a few hours or even a day. I have sent an enquiry email to Wise and expect an answer soon, but if this is going to be the normal from now on, a lot of us will be very disappointed, and will have to go to say Kasikorn to get a Credit advice to show to Bangkok Bank, and Immigration. 

My usual monthly transfer on 1st October came as it has done for over two years, as an FTT. Has anyone else experienced this?

Yes, I experienced it but it went to HSBC bank in Bangkok first which meant a rush from Chonburi into Bangkok through traffic to get the statement required by immigration. It was a stuff around.

Because of that happening I only use wise now when I don't need a statement from immigration and just use normals banks and cop the extra fee.

[GMoney2312]

2 hours ago, gummy said:

40000 on the 1st

You can send me the next 40,000 and I can tell you how it did...

[gummy]

Just now, GMoney2312 said:

You can send me the next 40,000 and I can tell you how it did...

Not over the weekend but If you could tell me your bank, account number , your name and pin number I will get my Nigerian pal to try it out for you

[GMoney2312]

2 minutes ago, gummy said:

Not over the weekend but If you could tell me your bank, account number , your name and pin number I will get my Nigerian pal to try it out for you

Wow, you won that lottery too?

[gummy]

5 minutes ago, GMoney2312 said:

Wow, you won that lottery too?

I believe so because he said he would deposit the winnings in the bank account I gave him details off, along with the inheritance I was left from somebody the world had never heard of. So who's the lucky one ?

[GMoney2312]

21 minutes ago, gummy said:

believe so because he said he would deposit the winnings in the bank account I gave him details off, along with the inheritance I was left from somebody the world had never heard of. So who's the lucky one ?

The fact that those scams are still around tells you something about the amount of stupid on this planet.

[WilliamG]

Got a reply from Wise. This is a load of rubbish as I have done a transfer to my Bangkok Bank every month for at least two years and it has always shown as an International Transfer (FTT).

 

We aren't authorized by the Bank of Thailand to issue FET forms. 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, so it doesn’t show up as a foreign transaction.

 

 

 

[gummy]

1 minute ago, WilliamG said:

Got a reply from Wise. This is a load of rubbish as I have done a transfer to my Bangkok Bank every month for at least two years and it has always shown as an International Transfer (FTT).

We aren't authorized by the Bank of Thailand to issue FET forms. 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, so it doesn’t show up as a foreign transaction.

 

Strange. I would ring Singapore and speak to them there

[Pib]

This morning around 7:30am I did a low USD Wise transfer from the US to Thailand....to my Bangkok Bank acct.  Funded the transfer from my Wise multicurrency acct. Did the test since I was seeing multiple posts on other forums that some people were no longer always getting the FTT coding when sending to their Bangkok Bank acct even though they were using the Long Stay Thailand reason for transfer.  Problem seemed to start a week or two ago.

For the transfer today I selected Long Stay Thailand as the reason for transfer (like I almost always do).  In the past it would always get get coded as International Transfer/FTT and get posted to my Bangkok Bank acct around 2pm....I never-ever got one of those almost instant transfers occurring within seconds like some people get, but today the transfer posted to my Bangkok Bank acct in 4 seconds.  The coding received today was "not" Int'l Transfer/FTT coding but just regular domestic transfer coding.

And when looking at the Wise PDF receipt Bangkok Bank was "not" used as the partner bank, but K-bank was used.  Years back before Wise developed the Long Stay Thailand reason for transfer to help ensure transfers to Bangkok Bank got FTT coding I had Wise tag my acct to always use Bangkok Bank as the partner bank and that resulted in my transfers to my Bangkok Bank acct always getting FTT coding regardless of the reason for transfer I used.   But for this latest transfer they must have ignored that tagging...and as mentioned earlier I did use the Long Stay Thailand reason for transfer to help ensure Bangkok Bank was used as the partner bank so I could get FTT coding.

Yeap, I think something has changed a Wise regarding using the Long Stay Thailand reason for transfer in always getting your FTT coding when sending to a Bangkok Bank acct.  Maybe a temporary issue...or maybe a permanent change.  Wise has always said their primary goal is to accomplish a transfer quickly and at a low cost and they can't guarantee you receive certain coding on your receiving bank end nor guarantee always using the same partner bank as they do have multiple partners in Thailand.   And maybe they no longer honor tagging on people's acct to always use Bangkok Bank as the partner bank for your transfer.

[WilliamG]

2 hours ago, gummy said:

Strange. I would ring Singapore and speak to them there

They cannot/will not help as my Wise Account is in UK.

[gummy]

So is mine and that who I have run in the past. Hope the change to Wise means that they are changing too

[Pib]

7 hours ago, Pib said:

This morning around 7:30am I did a low USD Wise transfer from the US to Thailand....to my Bangkok Bank acct.  Funded the transfer from my Wise multicurrency acct. Did the test since I was seeing multiple posts on other forums that some people were no longer always getting the FTT coding when sending to their Bangkok Bank acct even though they were using the Long Stay Thailand reason for transfer.  Problem seemed to start a week or two ago.

For the transfer today I selected Long Stay Thailand as the reason for transfer (like I almost always do).  In the past it would always get get coded as International Transfer/FTT and get posted to my Bangkok Bank acct around 2pm....I never-ever got one of those almost instant transfers occurring within seconds like some people get, but today the transfer posted to my Bangkok Bank acct in 4 seconds.  The coding received today was "not" Int'l Transfer/FTT coding but just regular domestic transfer coding.

And when looking at the Wise PDF receipt Bangkok Bank was "not" used as the partner bank, but K-bank was used.  Years back before Wise developed the Long Stay Thailand reason for transfer to help ensure transfers to Bangkok Bank got FTT coding I had Wise tag my acct to always use Bangkok Bank as the partner bank and that resulted in my transfers to my Bangkok Bank acct always getting FTT coding regardless of the reason for transfer I used.   But for this latest transfer they must have ignored that tagging...and as mentioned earlier I did use the Long Stay Thailand reason for transfer to help ensure Bangkok Bank was used as the partner bank so I could get FTT coding.

Yeap, I think something has changed a Wise regarding using the Long Stay Thailand reason for transfer in always getting your FTT coding when sending to a Bangkok Bank acct.  Maybe a temporary issue...or maybe a permanent change.  Wise has always said their primary goal is to accomplish a transfer quickly and at a low cost and they can't guarantee you receive certain coding on your receiving bank end nor guarantee always using the same partner bank as they do have multiple partners in Thailand.   And maybe they no longer honor tagging on people's acct to always use Bangkok Bank as the partner bank for your transfer.

And I did another low dollar Wise transfer to my Bangkok Bank acct around 6pm....used the Long Stay Thailand reason for transfer...the USD-THB transfer posted to my Bangkok Bank acct in 6 seconds...I did "not" get International Transfer/FTT coding but just domestic transfer coding....Wise PDF Receipt shows K-bank as the partner bank used.  

So, for today, both transfers to my Bangkok Bank acct when using Long Stay Thailand transfer coding did not garner FTT coding/Bangkok Bank was not used as the partner bank, but Wise used K-bank as the partner bank instead and I got domestic transfer coding.

[Marc26]

37 minutes ago, Pib said:

And I did another low dollar Wise transfer to my Bangkok Bank acct around 6pm....used the Long Stay Thailand reason for transfer...the USD-THB transfer posted to my Bangkok Bank acct in 6 seconds...I did "not" get International Transfer/FTT coding but just domestic transfer coding....Wise PDF Receipt shows K-bank as the partner bank used.  

So, for today, both transfers to my Bangkok Bank acct when using Long Stay Thailand transfer coding did not garner FTT coding/Bangkok Bank was not used as the partner bank, but Wise used K-bank as the partner bank instead and I got domestic transfer coding.

Maybe I am reading this wrong, but wouldn't the small amount be the reason that it is hitting your bank in seconds?

That is their business model and they would have small amounts more readily available for transfer

 

I never heard of "long stay" 

I usually put "tuition" and i would say about 10-15% of my transfers hit right away

I've heard my wife's phone ping in the bedroom seconds after sending

[Chaimai]

Just now, Marc26 said:

Maybe I am reading this wrong, but wouldn't the small amount be the reason that it is hitting your bank in seconds?

That is their business model and they would have small amounts more readily available for transfer

I never heard of "long stay" 

I usually put "tuition" and i would say about 10-15% of my transfers hit right away

I've heard my wife's phone ping in the bedroom seconds after sending

 

 

Anything up to 2m Baht same same

[Marc26]

5 minutes ago, Chaimai said:

Anything up to 2m Baht same same

Yes but there is always varying amount of time it takes to hit your bank

 

My understanding of the business model is that they are matching senders from 2 countries

So it would make sense that if you are sending 33usd they would have 1000 baht on hand, so could easily send that in seconds

Whereas you send 50-100k baht, they tell you 12 hours to give them time to bring in the USD equivalent

 

Again, that is just my guess, Seems there are some on here that are very knowledgable when it comes to Wise

[JamesE]

1 hour ago, Marc26 said:

Yes but there is always varying amount of time it takes to hit your bank

My understanding of the business model is that they are matching senders from 2 countries

So it would make sense that if you are sending 33usd they would have 1000 baht on hand, so could easily send that in seconds

Whereas you send 50-100k baht, they tell you 12 hours to give them time to bring in the USD equivalent

Again, that is just my guess, Seems there are some on here that are very knowledgable when it comes to Wise

I think this is pretty close to the way it originally worked but as Wise grew they gained the ability to keep cash-on-hand in all their supported currencies. The clue is the new immediacy of the transfers. What used to take days now takes seconds. They take your money when they can and use it to top-up their local funds. By this time they've already paid you your Baht. Now they have no rush to get more Baht and can use whatever path(s) through the various currencies - always using local money - that allows them to profit on the complete set of transactions. With no money actually moving between countries.

I think the recent demise of FTT (or whatever foreign code is used by your Thai bank) may be a reflection of this new model. Originally, TransferWise didn't have a pile of money sitting at K Bank and they really did need to move money into Thailand to complete the transfer. That's why the original default was FTT and why the transfer could take several days. Now, it's becoming harder to justify coding the transfer as a "foreign" anything because Wise is no longer transferring any money from anywhere to anywhere else, just balance sheet entries. Your money stays in the US or UK or Euro Zone and Wise's balance in Baht drops a bit but stays in Thailand.