Scheduling with WISE

DailyLunatic

DailyLunatic

Surin Legend
Okay, I keep hearing how much better it would be to use WISE rather than transferring from my US Bank every month.

Truthfully, it would be nice not to have to remember to make that transfer at the beginning of every month and to have it do all that for me automatically.

I did try to set up WISE when I first got to Thailand three years ago but could not get past the photo verification (tried multiple times and was told 'we can't read the passport' over and over. BS, and I gave up.) Tried again today and despite my telephone and passport numbers both having changed it with through without a hitch.

The issue has come in with trying to set up for automatic transfers. WISE wants money coming out of 'their' accounts, not my bank's for that feature. That means I would have the extra expense of transferring into their account, reducing the savings by US$5 -AND- either setting up a monthly transfer from Chase to WISE or remembering to do it manually (The thing I am trying to avoid.)

The difference between Chase and WISE is US$40.02 (Taking into account rate differences and fees) so the extra US$5 is not the issue.

For those that use WISE, do you have a scheduled transaction to WISE from your home bank, or do you push it through manually every month? Alternately, does anyone know how to set up WISE so that it dips into your home account as needed?

-sterling
 
What you want cannot be done..

Manual transfer (in my case from a UK GBP account to my WISE GBP) into WISE - free of charge. Then transfer to Thailand.

Some people hold balances with WISE and then transfer from there as and when required.


Some people instruct a payment on WISE and settle with their debit card - free of charge.


Some people instruct a payment on WISE and settle with a transfer in from their domestic bank account - note, that money goes to a WISE account; not your own WISE account.


WISE is excellent. As said before as a HSBC bank pensioner I get free international transfers - it is more cost effective for me to use WISE.
 
CO-CO said:
What you want cannot be done..

Manual transfer (in my case from a UK GBP account to my WISE GBP) into WISE - free of charge. Then transfer to Thailand.

Some people hold balances with WISE and then transfer from there as and when required.


Some people instruct a payment on WISE and settle with their debit card - free of charge.


Some people instruct a payment on WISE and settle with a transfer in from their domestic bank account - note, that money goes to a WISE account; not your own WISE account.


WISE is excellent. As said before as a HSBC bank pensioner I get free international transfers - it is more cost effective for me to use WISE.
Click to expand...
Thanks. I'll look into the Debit Card option. I can set that to pay off each month in my home bank. May be as no touch as I can get.

-sterling
 
At present, I do a manual transfer from my UK bank to my Wise account, then instruct a transfer from that Wise account to my Thai bank account. The cost is much less than transferring from my UK bank direct to my Thai bank. It saves time and transfer charges plus an International Transaction charge. (Wise is treated by my UK bank as though it is a UK transfer.)

However, I am falling out with my UK bank, and will arrange soon for the payments I receive into my UK bank to be paid direct into my Wise account. I will then arrange a schedule with Wise for them to transfer the same amount each month into my Thai bank.
 
Hi.
DailyLunatic said:
Okay, I keep hearing how much better it would be to use WISE rather than transferring from my US Bank every month.

Truthfully, it would be nice not to have to remember to make that transfer at the beginning of every month and to have it do all that for me automatically.

I did try to set up WISE when I first got to Thailand three years ago but could not get past the photo verification (tried multiple times and was told 'we can't read the passport' over and over. BS, and I gave up.) Tried again today and despite my telephone and passport numbers both having changed it with through without a hitch.

The issue has come in with trying to set up for automatic transfers. WISE wants money coming out of 'their' accounts, not my bank's for that feature. That means I would have the extra expense of transferring into their account, reducing the savings by US$5 -AND- either setting up a monthly transfer from Chase to WISE or remembering to do it manually (The thing I am trying to avoid.)

The difference between Chase and WISE is US$40.02 (Taking into account rate differences and fees) so the extra US$5 is not the issue.

For those that use WISE, do you have a scheduled transaction to WISE from your home bank, or do you push it through manually every month? Alternately, does anyone know how to set up WISE so that it dips into your home account as needed?

-sterling
Click to expand...
I have been using Wise for several years. You can set up to use ACH transfers from a US bank checking account to fund transfers. Once that is done, you can do the same for periodic transfers. For the past year, I have been transferring 65,000 THB automatically on the same day every month in order to meet the money requirement for my annual ‘retirement visa’ (rather than keeping 800,000 THB on permanent deposit). They automatically transfer enough from my checking account to fund the transfer. I can give more details if you wish. I have found them quite reliable, and their rates are so close to the best possible that I stick with them.
 
merlin said:
At present, I do a manual transfer from my UK bank to my Wise account, then instruct a transfer from that Wise account to my Thai bank account. The cost is much less than transferring from my UK bank direct to my Thai bank. It saves time and transfer charges plus an International Transaction charge. (Wise is treated by my UK bank as though it is a UK transfer.)

However, I am falling out with my UK bank, and will arrange soon for the payments I receive into my UK bank to be paid direct into my Wise account. I will then arrange a schedule with Wise for them to transfer the same amount each month into my Thai bank.
Click to expand...
Despite falling out with your UK bank. I would suggest that rather than closing it completely, you keep it open with a minimal balance (?£10). You never know that one day you may need a UK bank account.
 
Prakhonchai Nick said:
Despite falling out with your UK bank. I would suggest that rather than closing it completely, you keep it open with a minimal balance (?£10). You never know that one day you may need a UK bank account.
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CO-CO said:
I agree. Once it is gone, it is gone forever and non-residents cannot open new UK bank accounts.
Click to expand...
Whilst I am falling out with them (2 formal complaints outstanding, plus one case with the Financial Ombudsman to be determined) I don't intend closing the accounts - one business a/c and one personal a/c - for exactly the reasons mentioned by @Prakhonchai Nick and @CO-CO.
 
Stargazer said:
Hi.

I have been using Wise for several years. You can set up to use ACH transfers from a US bank checking account to fund transfers. Once that is done, you can do the same for periodic transfers. For the past year, I have been transferring 65,000 THB automatically on the same day every month in order to meet the money requirement for my annual ‘retirement visa’ (rather than keeping 800,000 THB on permanent deposit). They automatically transfer enough from my checking account to fund the transfer. I can give more details if you wish. I have found them quite reliable, and their rates are so close to the best possible that I stick with them.
Click to expand...

Sounds exactly like what I am wanting to do. Unfortunately, when I attempt to set up a scheduled transfer it comes up with a disclaimer that (exact quote not in front of me) 'scheduled transfers can only come from the WISE account' and greys out any other options.

Let me attempt one manually (ACH) and see if anything opens up for me.

Should that fail, yes, I'd love to hear details how to set this up, either here, or via DM. Thank you.

-sterling
 
DailyLunatic said:
Sounds exactly like what I am wanting to do. Unfortunately, when I attempt to set up a scheduled transfer it comes up with a disclaimer that (exact quote not in front of me) 'scheduled transfers can only come from the WISE account' and greys out any other options.

Let me attempt one manually (ACH) and see if anything opens up for me.

Should that fail, yes, I'd love to hear details how to set this up, either here, or via DM. Thank you.

-sterling
Click to expand...
Transfers to Wise can either be a "push" initiated from your bank or a "pull" initiated from Wise. Wise prefers the pull, and it took some persuading before they would let me set up for push, but they finally did. Once you are set up that way, the automatic scheduling is set up on your bank's end.
 
WileE said:
Transfers to Wise can either be a "push" initiated from your bank or a "pull" initiated from Wise. Wise prefers the pull, and it took some persuading before they would let me set up for push, but they finally did. Once you are set up that way, the automatic scheduling is set up on your bank's end.
Click to expand...

I'm okay with WISE pulling. Usually not, and certainly not with a cable bill, gym membership, or the like, but I understand that with the rate of the Baht fluctuating, it would be needed.

-sterling
 
Oh Bother. Got a small test ACH payment through WISE and into my Thai bank. Took seconds after I jumped through all the hoops setting everything up.

After confirming that I had received the money I went to try to schedule the monthly for Visa Requirements and got the following:

You can only send up to 49,999 THB to this type of account. Try a lower amount or send to different account details

Looks like I'm making a day trip to the bank to negotiate.

I wonder why Chase can send 66,000B, but WISE cannot.

-sterling
 
DailyLunatic said:
Oh Bother. Got a small test ACH payment through WISE and into my Thai bank. Took seconds after I jumped through all the hoops setting everything up.

After confirming that I had received the money I went to try to schedule the monthly for Visa Requirements and got the following:

You can only send up to 49,999 THB to this type of account. Try a lower amount or send to different account details

Looks like I'm making a day trip to the bank to negotiate.

I wonder why Chase can send 66,000B, but WISE cannot.

-sterling
Click to expand...


WISE limits are well publicised and the 50,000 Baht transfer limit applies to the 'lesser' Thai banks.

I can transfer 2,000,000 Baht at any one time.


"The maximum amount you can transfer to Thailand with Wise depends on the recipient bank":

  • Bangkok Bank Public Company: 2,000,000 THB per transfer
  • Kasikorn Bank: 2,000,000 THB per transfer
  • Siam Commercial Bank: 1,499,999 THB per transfer
  • Other recipient banks: 49,999 THB per transfer
 
CO-CO said:
WISE limits are well publicised and the 50,000 Baht transfer limit applies to the 'lesser' Thai banks.

I can transfer 2,000,000 Baht at any one time.


"The maximum amount you can transfer to Thailand with Wise depends on the recipient bank":

  • Bangkok Bank Public Company: 2,000,000 THB per transfer
  • Kasikorn Bank: 2,000,000 THB per transfer
  • Siam Commercial Bank: 1,499,999 THB per transfer
  • Other recipient banks: 49,999 THB per transfer
Click to expand...

Found them, but only after a search.

I'm reminded by a quote by Douglas Adams:
"It was on display in the bottom of a locked filing cabinet stuck in a disused lavatory with a sign on the door saying, ‘Beware of the Leopard'. Have you considered going into advertising?"

Obviously, this is something WISE specific as I, at Krungthai, have never had a problem sending in excess of 50,000B from Chase. This was unexpected.

Do you know if this can be negotiated with the bank/WISE, or will I need to set up an account at Kasikorn (Wife's preferred Bank)?

-sterling
 
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