Wise formerly Transferwise

[StevePIraq]

I have used TransferWise extensively however not for the last year.

I tried to transfer from my Australian bank to Kasikorn and Wise gave the details to enter on my bank system, as it has always done. However this time it gave a new BSB and Account number. When entering these details on my bank site, the name came up as CUSCAL Limited, this an Australian payment platform and has no mention of TransferWise/Wise on their web site.

Due to this I cancelled the transfer and sent an email to Wise asking for clarification, they are not answering chat or calls at this time.

Has anyone else had this issue.

[Motyduke]

Many banks don't want to work with Wise and removed them for authorized lists or blocked payments.

[handdrummer]

Probably because the banks can't skim off any money on the transfer.

[STEVE G]

Probably because the banks can't skim off any money on the transfer.

Exactly, many of my friends in Luxembourg work in international banking and they tell me that fees on currency transfers are a substantial part of their profit.

[Big Boy]

I was very surprised when I started using Transferwise because they were saving me £50 to £100/month. I didn't think banks would cooperate, but they have been very good.

Wise are putting their fees up very soon, but the increase is minimal. Using them is a key part of my annual visa renewal plan, and I am very grateful they exist.

[StevePIraq]

Wise have responded and advised that all payments from Australia now go via CUSCAL Limited, who process the payments through to Wise. However Wise should really have this statement on their web site. When I entered the BSB to do the transfer and saw the name was CUSCAl not Wise I was really concerned that is was a scam.

All is sorted now. And its nothing to do with banks and the other comments. BB was the only one with a sensible comment.

[StevePIraq]

I was very surprised when I started using Transferwise because they were saving me £50 to £100/month. I didn't think banks would cooperate, but they have been very good.

Wise are putting their fees up very soon, but the increase is minimal. Using them is a key part of my annual visa renewal plan, and I am very grateful they exist.

BB I assume you know that you can now only bring in more than 50,000 Baht via Kasikorn, Bangkok and SCB.

[HHTel]

I think that's well known now.

N.B. The 50,000 limit to other banks only applies to a 'per transfer' limit. There is no limit to the number of transfers you can do at 49,999 baht per transfer.

[StevePIraq]

I think that's well known now.

N.B. The 50,000 limit to other banks only applies to a 'per transfer' limit. There is no limit to the number of transfers you can do at 49,999 baht per transfer.

Of course not but it will cost you a lot more to do multiple transfers,

[StevePIraq]

Probably because the banks can't skim off any money on the transfer.

Exactly, many of my friends in Luxembourg work in international banking and they tell me that fees on currency transfers are a substantial part of their profit.

Not so in Australia. A recent government review of bank operations show that over 70% of the big four banks get most of their income from mortgage and other loans. Anyway that is irrelevant you can't expect any business to do things at no cost. So a small fee to transfer to WISE is only to be expected.

At least WISE were quick to respond to me.

[HHTel]

Just to put that into perspective.
Sending 10 x £1000 as opposed to one transfer of £10,000 would cost £6 more. So not a great penalty.

[StevePIraq]

Just to put that into perspective.
Sending 10 x £1000 as opposed to one transfer of £10,000 would cost £6 more. So not a great penalty.

Quite true its not much and what can we do, there are no serious options, using an overseas CC costs even more,

I brought AU$10k at a cost of AUD5, so I can't complain.

[STEVE G]

I've noticed that even though Wise will do transfers over 50,000bt to Bangkok Bank, larger amounts can be delayed by up to two days whereas transfers below that are almost always instantaneous, so I sometimes do split transfers just to get funds moved quickly.

[HHTel]

I've not found that, Steve. I recently transferred in excess of half a million baht and I had it within the hour.

If you had a 'stalled' transfer, it might have been a one off.

[STEVE G]

I've not found that, Steve. I recently transferred in excess of half a million baht and I had it within the hour.

If you had a 'stalled' transfer, it might have been a one off.

I had three transfers in May and June of several hundred thousand baht each and they all took one or two days.