WISE transfer delays
- Thread starter merlin
- Start date
Ivor the Engine
Nowhere man
Thought it was because of the weekend but maybe not??? (Still not arrived in my SCB account)
CO-CO
Rather wrinkly & occasionally cantankerous member
Just harping back to this transfer (which was WISE to Thai bank, not from your UK bank ).
It is important to understand what actually happened because, as I discovered, it can make a difference to transfer times.
If you instruct a WISE transfer to Thailand and link it to a transfer from your home country bank two things happen - or this is what I found - the fee is slightly higher AND it can take longer to transfer to Thailand.
What I do is transfer GBP into WISE where it temporarily sits in my WISE GBP account and then I instruct a Baht transfer and link that to my GBP balance.........nearly always 6 seconds. What I also do on occasions, if I like the daily rate, is to transfer GBP to WISE GBP and then convert to WISE THB account..........................then I transfer the Baht to Kasikorn when it suits me - directly from my WISE THB account.
I wasn't going to do this yet as I was waiting for an improvement in the exchange rate; nevertheless, for the purpose of this educational post
I thought I would experiment by transferring my regular 40k Baht.If I had done it your way (linked to a UK bank transfer) I would have got a rate of 45.0841 (that doesn't change for the other methods), the fee was £7.21 and I would have waited until Monday for the money. I moved £900 from my UK bank to WISE GBP and linking the Thailand transfer to that would cost £6.95 and arrive in seconds.
For the purpose of this exercise I first converted WISE GBP into my WISE THB account (same exchange rate) and the fee was £5.59. I then transferred 40k to Kasikorn from my WISE THB account. There was a transfer fee of 61 Baht making my total cost £6.20 - the transfer was instantaneous. The benefit of this option is that I can convert when I like the exchange rate - that might be 2 weeks ago and the 40k would sit in my WISE THB until the start of this month when I transfer to Thailand for Immigration purposes.
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wildoates
Surin Founding Father
I used it when I first came over to Thailand, works well
Rice
Resident Smart Arse
Does anyone else think that it all depends on the country where your Wise account was established effects everything. I understand they work under different laws in every jurisdiction. Can make it complicated. We all transfer to Thailand. Although we all have different experiences.
CO-CO
Rather wrinkly & occasionally cantankerous member
The answer may be under "Speed" in this fairly comprehensive review from June.
Wise (Formerly TransferWise): The In-Depth Review After Using It Since 2019
After more than 1,000 transfers with Wise since 2019, here is our honest verdict: the mid-market rate and sub-1% fees genuinely beat the banks, and the multi-currency account is built for expat life.
www.expatden.com
Speed:-
If you are transferring money from the UK or Europe your payment and transfer will be automatically approved by the system after the provision of the copies. The transfer will happen within a few minutes or within a day at the latest. However from other regions, the on-boarding process takes longer due to the long compliance procedure.