Wise formerly Transferwise

[londongeorge]

I transferred money from the U.K. this morning and is took just over 4 hours. Previously it only took a matter of seconds and it was in my Thai account. I'm not complaining as I remember when waiting a week for money to arrive was not unusual.

[PeteC]

With the new Thai tax programs, not surprised if they are setting up mandatory transfer in reporting with all of the services such as Wise which could slow the system. I'm quite sure overseas Thais use Wise and similar more than foreigners do.

[PeteC]

Further to above. I use Wise for small sums from the USA from time to time. There is now a questionnaire where you have to tick I think 1 out of 8 choices as to why you're sending money to Thailand.

[Ratsima]

Further to above. I use Wise for small sums from the USA from time to time. There is now a questionnaire where you have to tick I think 1 out of 8 choices as to why you're sending money to Thailand.

That’s been there for quite some time.

[Big Boy]

That has been there since I started using (Transfer)Wise many moons ago. Certainly for retired Brits, we use 'Funds for Long Term Stay in Thailand'. If we use any other option, funds may arrive in Thailand by the wrong route, complicating the Credit Advice process.

[caller]

My Wise transfer from my UK bank this morning took 28 minutes. Clicked to complete the transaction, already aware that the transaction would complete at 12.00m as it did. I wonder if there is any significance in that time?

[Ratsima]

After ten days my latest Wise transfer has finally arrived at Bangkok Bank.

I’m sure it must be exhausted by now.

This is even slower than the old days when I’d send money to Bangkok Bank's New York branch.

My fellow Americans, we’ve been FATCA’d.

[Big Boy]

Out of interest, how does the transfer rate compare today, compared with the rate when you initiated the transaction? Did you gain or lose?

[Ratsima]

Out of interest, how does the transfer rate compare today, compared with the rate when you initiated the transaction? Did you gain or lose?

It didn’t change more than a few Satang per dollar.

IMG_0929.jpeg (40.98 KiB) Viewed 3714 times

[Big Boy]

That is probably good. I'd have been really P'd if it was me, and the rate had changed substantially in their favour.

[STEVE G]

^I've always been quoted a rate on initiating the transfer, it hasn't changed if there is a delay.

[Big Boy]

Yes, that is right, but over a period of 10 days, there could have been quite a change in exchange rates resulting in the recipient receiving a lot less than the current exchange rate. It is not uncommon for the exchange rate to rise or fall by a Baht over such a long (10 day) period. With such a large amount, the recipient could easily have found himself receiving 10,000฿ less than the current rate.

[fft100]

From a UK bank this morning, as soon as i transferred the money to Wise from the banks mobile app a notification from kbank popped up saying the thai baht was in kasikorn ! Less than 3 seconds after i clicked confirm. Possibly the quickest ever in over 10 years experience.

[thecolonel]

I did one yesterday (transfer from UK ac to Bkk bank acc via Wise)

They said it would be there by Saturday today which I thought was a bit odd and slow

Turns out it took 7 seconds!

Sent from my M2007J20CG using Tapatalk

[STEVE G]

I sent 100,000bt over yesterday and it took about 14 hours which considering it was a Sunday, I thought reasonable.
It's worth pointing out that Wise has registered as a bank or financial institute in some countries and so depending on where you're sending from, there are different rules that may have to be adhered to.
My account is in Europe and the transfers go through Wise in Brussels where they have a banking licence.
I just had a look and Wise in the US isn't registered as a bank but they have licenses in most states as a regulated money transmitter.