WISE TRANSFERS

[WilliamG]

47 minutes ago, gummy said:

Well my transfer today via Wise has just come through to Bangkok bank shown as international transfer as usual

And mine has not, gone the Kasikorn route. WHY?

Just to compare yours with mine, how much was it for, and at what time did you send it, and arrive at Bkk bank please?

Edited October 18, 2021 by WilliamG

[RobMuir]

8 minutes ago, WilliamG said:

And mine has not, gone the Kasikorn route. WHY?

Wise go with whoever gives them the best rate. It varies.

[WilliamG]

51 minutes ago, Faz said:

Not on a weekend as BKK only manually process an FTT transfer on weekdays.

Oh! and Immigration are going to love you turning up with several 'smaller' transfers throughout a month to meet the monthly 'overseas' financial requirements. They hate the 'monthly transfer' method to begin with.
It's Immigration way, or the Highway. Your complicating a simple process for the sake of possibly 200 baht a month difference on the total amount required.

If you are paid through Kasikorn to your BKK account because you choose to do it your way, good luck with getting the 'Foreign Exchange Transfer' form you'll need from Kasikorn as proof the funds came from overseas. Been there done it, it's expensive and time consuming.

Faz, you are misinterpreting what I say which is that I am making a few small 'test' transfers to determine whether or not the successful previous system, where my Wise transfers to Bangkok Bank and showed as FTTs, is still working, which it is not for some reason. I will only show the Immigration Officer my 'big' transfers on 1st of every month.

I don't understand your comment 'because you choose to do it your way', as I have done all possible ways to fund the Wise transfer. Did £50 today, Monday,  directly from my Nationwide account and it arrived instantly, via Kasikorn, as local in my Primary account, Bangkok. I suspect it is Wise who have changed something ON MY ACCOUNT as Gummy got an FTT this morning, although I do not know for how much.

[WilliamG]

3 minutes ago, RobMuir said:

Wise go with whoever gives them the best rate. It varies.

Whereas they should go to the senders PRIMARY account as they say they will.

[LoongFred]

21 hours ago, gummy said:

Completely irrelevant.  This thread is about Wise transfers,  You do know who and what Wise are do you ?

Sure they are a way to transfer funds. There are  more than one way and some may be better than others. My way works best for me. 

 

Edited October 18, 2021 by Smithydog
Unnecessary personal attack comment removed.

[Bob20]

Don't have time today to walk through every post, so apologies if it's double. I asked Wise about tagging and which banks they use and this is their reply:

"There isn't an option for us to tag features for your account as that's not how our system works. Our partner bank in Thailand is BLL who makes THB payouts and we can't change this. "

Hope it helps.

[gummy]

3 hours ago, WilliamG said:

And mine has not, gone the Kasikorn route. WHY?

Just to compare yours with mine, how much was it for, and at what time did you send it, and arrive at Bkk bank please?

This morning it was 10,000 baht, sent at 06:53 . Arrived usual time 13:03. But as i said before the trial one I sent ladt week after your concerns was only for 1000 THB. 

[WilliamG]

3 hours ago, Bob20 said:

Don't have time today to walk through every post, so apologies if it's double. I asked Wise about tagging and which banks they use and this is their reply:

"There isn't an option for us to tag features for your account as that's not how our system works. Our partner bank in Thailand is BLL who makes THB payouts and we can't change this. "

Hope it helps.

This just goes to show that some of the operatives at Wise do not know what they are talking about, and giving false information to their customers. Their partner banks are Bangkok Bank, which I assume is what they meant by BLL, Kasikorn Bank, and now Dee Money.

1 hour ago, gummy said:

This morning it was 10,000 baht, sent at 06:53 . Arrived usual time 13:03. But as i said before the trial one I sent ladt week after your concerns was only for 1000 THB. 

So Faz's guess on 9th October that any 'small' transfers will go directly via Kasikorn, but why did my transfer for Bht 5000 go that way too, when my Primary Bank is Bangkok. Pi55ed off with it all.

And another difference between yours and mine is that the 'usual time' was always 14.03! 

[gummy]

7 minutes ago, WilliamG said:

This just goes to show that some of the operatives at Wise do not know what they are talking about, and giving false information to their customers. Their partner banks are Bangkok Bank, which I assume is what they meant by BLL, Kasikorn Bank, and now Dee Money.

So Faz's guess on 9th October that any 'small' transfers will go directly via Kasikorn, but why did my transfer for Bht 5000 go that way too, when my Primary Bank is Bangkok. Pi55ed off with it all.

And another difference between yours and mine is that the 'usual time' was always 14.03! 

Oh sorry typo it was 14:03, not that it makes any difference. Well obviously for you Wise is not working so good luck with finding alternatives other than SWIFT of course

[Bob20]

1 hour ago, WilliamG said:

This just goes to show that some of the operatives at Wise do not know what they are talking about, and giving false information to their customers. Their partner banks are Bangkok Bank, which I assume is what they meant by BLL, Kasikorn Bank, and now Dee Money.

So Faz's guess on 9th October that any 'small' transfers will go directly via Kasikorn, but why did my transfer for Bht 5000 go that way too, when my Primary Bank is Bangkok. Pi55ed off with it all.

And another difference between yours and mine is that the 'usual time' was always 14.03! 

Please see attached shot. They acknowledged at querying a second time that they have more partners, but maintain you can not "tag".

[Benroon]

On 10/9/2021 at 10:15 AM, gummy said:

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 ?

I don't suppose he has a princess sister does he ?

[Benroon]

On 10/11/2021 at 5:30 PM, JamesE said:

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.

My transfers (to Bangkok Bank) are still next day by 2pm and on Tuesday if over the weekend from UK!

You get yours in seconds ?

[JamesE]

49 minutes ago, Benroon said:

My transfers (to Bangkok Bank) are still next day by 2pm and on Tuesday if over the weekend from UK!

You get yours in seconds ?

Yeah, seems like a lot of people do. I've even had the money show up in Thailand a day before they took it out of my US account.

[WilliamG]

11 hours ago, gummy said:

Oh sorry typo it was 14:03, not that it makes any difference. Well obviously for you Wise is not working so good luck with finding alternatives other than SWIFT of course

Someone on 'the other side' have said that Wise do a Same Currency SWIFT transfer eg GBP to GBP so then Bangkok Bank will do the exchange. Says it is more expensive, I guess because Wise do not profit from the exchange rate, but guaranteed to arrive as International. I shall give that a go and report later.

[WilliamG]

9 hours ago, JamesE said:

Yeah, seems like a lot of people do. I've even had the money show up in Thailand a day before they took it out of my US account.

I very much doubt that. What if you cancelled the transfer before they took the money? But if you say so.....

[Chaimai]

10 hours ago, Benroon said:

My transfers (to Bangkok Bank) are still next day by 2pm and on Tuesday if over the weekend from UK!

You get yours in seconds ?

 

Mine average about 6 seconds……. There is always an occasional one that may take a few hours.

 

You also get a slightly better deal if you transfer money from your U.K. account to Wise, then instruct the Thai Baht transfer from there.

 

My only exception is over a weekend when I can ‘hold’ the rate for 72 hours and transfer money in if the rate hasn’t moved up on the Monday morning.

[JamesE]

12 minutes ago, WilliamG said:

I very much doubt that. What if you cancelled the transfer before they took the money? But if you say so.....

True fact. It's happened to me twice.

I thought about it... but figured the damage to my credit score (and the subsequent interactions with the authorities) wouldn't be worth the few thousand dollars.

[LoongFred]

Can you use a credit advice from the bank to show it was a foreign transfer? Kasikorn does this for free via e-mail and I use it to show that was a foreign transfer as required by immigration. I do it a couple of times a year and it's easy. My direct depost post as BahtNet so I simply call and the send the documation by e-mail. Of course I also need a yearly statement and bank letter for immigrations, but that's easy.

Also, the direct deposit is free of charges and I get the best exchange rate.

[WilliamG]

On 10/18/2021 at 11:13 AM, Faz said:

Your not making an International transfer as you don't involve your UK bank.
Your transferring from your local Wise account which you hold funds in.

Totally wrong. And I have said several times, I have done Nationwide to Wise to Bangkok = FTT, Wise GBP to Bangkok = FTT, and Wise THB to Bangkok = THB. Until last week.

[WilliamG]

After yesterday's Wise transfer, for long term stay, from my Nationwide to Bangkok Bank and showing as a local transfer as it was routed through Kasikorn Bank, I went this morning to Kasikorn and after a few Google Translate messages, got the Credit Advice document for that particular transaction, free of charge. It does however still say Transferwise as the sending bank, and Travel Expenses as the reason for the transfer instead of long term stay.

I hope it satisfies my friendly Immigration Officer.

Edited October 19, 2021 by WilliamG

[Faz]

22 minutes ago, WilliamG said:

Totally wrong. And I have said several times, I have done Nationwide to Wise to Bangkok = FTT, Wise GBP to Bangkok = FTT, and Wise THB to Bangkok = THB. Until last week.

I can explain it, but can't make you understand it.
An FTT transfer will not occur over the weekend. Your transfer is coming from your local Wise account.

Make a transfer from your Nationwide account on Saturday and post the PDF.
It will state funds will reach your account Monday because the banks don't process it over the weekend.
Wise however operate 24/7 and if you have enough funds in your Wise account will electronically transfer that over the weekend period.

[WilliamG]

21 minutes ago, Faz said:

I can explain it, but can't make you understand it.
An FTT transfer will not occur over the weekend. Your transfer is coming from your local Wise account.

Make a transfer from your Nationwide account on Saturday and post the PDF.
It will state funds will reach your account Monday because the banks don't process it over the weekend.
Wise however operate 24/7 and if you have enough funds in your Wise account will electronically transfer that over the weekend period.

I give up on you Faz, it is you who does not seem to understand, and state the same thing over & over again.

Yesterday I made a transfer funding directly from my Nationwide account to be sent for long term stay to my Primary (tagged) Bangkok Bank. It arrived instantly via Kasikorn, who today supplied me with the Credit Advice necessary to show the IO that it WAS from abroad, so now my personal problem is solved I hope. I am talking about weekend transfers, I understand that banks do not work then.

But you have contradicted yourself by saying 'and if you have enough funds in your Wise account will electronically transfer that over the weekend period.' I already have sufficient funds in both my GBP & THB accounts and have done successful transfers from both of them in the past.

Let's end our conversations about this now please. 

Edited October 19, 2021 by WilliamG

[Faz]

1 minute ago, WilliamG said:

Yesterday I made a transfer funding directly from my Nationwide account to be sent for long term stay to my Primary (tagged) Bangkok Bank. It arrived instantly via Kasikorn, who today supplied me with the Credit Advice necessary to show the IO that it WAS from abroad, so now my personal problem is solved I hope.

Because they didn't have to wait for the FTT transfer to come through as you already had sufficient funds in your Wise account, thus instantaneous. Your Nationwide transfer then just topped your Wise account up again.

If you had 20K in your Wise account, but wanted to transfer 65K, you wouldn't get that instant transfer.
You'd need to transfer sufficient funds from your Nationwide account (an FTT) request and choosing 'long term stay in Thailand' the PDF would notify funds to be paid next day (processing) and it would go through the designated channels and be paid by Wise BKK account and be coded FTT.

[WilliamG]

17 minutes ago, Faz said:

Because they didn't have to wait for the FTT transfer to come through as you already had sufficient funds in your Wise account, thus instantaneous. Your Nationwide transfer then just topped your Wise account up again.

If you had 20K in your Wise account, but wanted to transfer 65K, you wouldn't get that instant transfer.
You'd need to transfer sufficient funds from your Nationwide account (an FTT) request and choosing 'long term stay in Thailand' the PDF would notify funds to be paid next day (processing) and it would go through the designated channels and be paid by Wise BKK account and be coded FTT.

Once again wrong Faz. The FTT code is put on at this, the Thai end, nothing to do with Wise. That is why I have had FTTs with all three methods. End of it.

[WilliamG]

19 minutes ago, Faz said:

If you had 20K in your Wise account, but wanted to transfer 65K, you wouldn't get that instant transfer.

Nothing like stating the obvious.