WISE
- Thread starter varrius57
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Stargazer
Surin Legend
I like Wise and K-Bank. Bangkok Ba
Question: my wife’s sister’s boyfriend is buying her a to-be-built Khao Yai fancy Italianate house (Casa Vacanza) for about ฿ 24M, so he needs to move around $600K USD in over the next year to make the progress payments. Wise says transfers are limited to ฿ 2M per transaction. Is that a Thai banking rule for farang? Also, is there a better rate way for such large transfers? He’d feel more comfortable wiring $100,000 USD at a time to her bank, but sometimes the exchange deal that way is not so good.
I get best results from Wise and K-Bank. XE.com and Bangkok Bank, not good. BB took hidden fee ofc transfer. K-Bank gives me exactly what Wise sends.
Question: my wife’s sister’s boyfriend is buying her a to-be-built Khao Yai fancy Italianate house (Casa Vacanza) for about ฿ 24M, so he needs to move around $600K USD in over the next year to make the progress payments. Wise says transfers are limited to ฿ 2M per transaction. Is that a Thai banking rule for farang? Also, is there a better rate way for such large transfers? He’d feel more comfortable wiring $100,000 USD at a time to her bank, but sometimes the exchange deal that way is not so good.
Prakhonchai Nick
You chose a custom title
The 2 million baht maximum Wise transfer to Thailand affects everyone, Thais too. And even then only 3 Thai banks are permitted to receive this "large" amount. The others have a smaller maximum.. Cannot help re alternatives
Yorky
Fullritis Member
I've noticed that Bangkok Bank charge a "fee for receiving funds from overseas 0.25% of the transfer amount (Baht 200.00 Min. Baht 500.00 Max.)"
In the case of Kasikorn Bank they state the same fee but it appears to be only charged for receiving foreign currency funds not Thai Baht. I have never been charged for depositing Thai Baht into my Kasikorn account from whatever source. I cannot say about Bangkok Bank.
However, it may be worth checking with AtB as he appears to have found a way to transfer foreign currency without charges.
nomad97
Resident Geek
I use WISE to transfer funds from the UK to Thailand several times a month. My Thai account is with Bangkok Bank. I have never been charged by Bangkok Bank for funds deposited in my account. There is no additional fee. The money sent by WISE is exactly the same as the money depoited in my account - no deductions.
P.S. WISE convert my sterling to Thai Baht before sending to Thailand. It is Thai Baht that is deposited in my account.
P.S. WISE convert my sterling to Thai Baht before sending to Thailand. It is Thai Baht that is deposited in my account.
Prakhonchai Nick
You chose a custom title
I think you will find that Thai banks do not charge for receiving THB wherever it comes from. Wise convert to THB before sending and one knows exactly how much will be deposited. UK banks/building societies (don't know about other countries) invariably send payments in UK£, and when converted to THB on arrival, the banks take a fee........as do some correspondent banks along the way. WISE is best!
Prakhonchai Nick
You chose a custom title
Had Nomad made a single transfer recently, he would likely have received a somewhat lower rate than the recent daily pre Christmas increases.. I believe the "fixed fee" per transfer from Wise is £1.50
nomad97
Resident Geek
I fell foul of the no more than 50,000 Baht transfer limit that was in force until recently. Now that the limit has increased this would no longer be a problem. Another consideration was that we needed funds in Thailand to support the family budget and regular/frequent transfers were necessary. However, I will thank both @Yorky and @Prakhonchai Nick for their suggestions. In recent months our family finances have improved for the better and a monthly transfer would now be very feasible. Thank you.
CO-CO
Rather wrinkly & occasionally cantankerous member
It is instantaneous - as in the time it takes me to switch from my HSBC screen to my WISE screen the funds are there as I begin to instruct the Baht transfer.
CO-CO
Rather wrinkly & occasionally cantankerous member
CO-CO
Rather wrinkly & occasionally cantankerous member
It is instantaneous - as in the time it takes me to switch from my HSBC screen to my WISE screen the funds are there as I begin to instruct the Bant
Yorky
Fullritis Member
Instantaneous twice, eh?
Very good.
Although the difference between 60 seconds and instantaneous in this process doesn't give me grave concerns.
[Edit: I'm currently trying to ascertain why my PPF pension for September 2023 was paid on 5th October 2023]
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Prakhonchai Nick
You chose a custom title
That wasn't my experience when I used to transfer to Bkk Bank. usually arrived at 2pm if sent in the morning. Since changed to Kasikorn, and unless large amounts, then instantaneous,.
CO-CO
Rather wrinkly & occasionally cantankerous member
Not quite as instantaneous as the UK bank to WISE.
Yorky
Fullritis Member
As I was told by a representative of Barnett Waddingham (a leading independent UK professional services consultancy) - "the money takes a week to reach you because you live so far away".
CO-CO
Rather wrinkly & occasionally cantankerous member
Stargazer
Surin Legend
Published where? I'd like to educate myself so I can help my rich but naive (compared with me
) perhaps soon to-be brother-in-law.I'm getting a bit cynical about the 'rule of law' in Thailand. We narrowly escaped having our vehicles hauled off to Cambodia sans titles, which seem unimportant. I could tell you more, but then I'd have to kill you, and then myself. I'm going to have to move to the 'need to know' principle.
I'm back, by the way. I had trouble getting the forum to reset my password after it inexplicably quit letting me log on: then, it would say it was sending me a password reset email, but it would never arrive. Now that I'm 'home' with my fast 3BB connection, the reset request/email worked. In the meantime, I tried setting up a new account under the rubric 'Stargazer' for better anonymity , but that is still pending 'approval by 'administrator'. That should confuse them good. It's pretty rainy here near Surin City, and the monsoon rains have wreaked havoc with the roads, so it's pothole dodging time on most roads, with lots of water flooding half of a lane in places.