Transfer delays with Wise?

[Moonlover]

36 minutes ago, KannikaP said:

Check the costs. Wise rises quite considerably the more you send whereas a Swift transfer from your bank is fixed whatever amount you send.

I have already done that exercise. My bank, the NBS would charge a flat rate of 20 GBP for a SWIFT transfer. For that sum I could send 3,800 GBP via Wise.

 

But that's not the whole story. With a SWIFT transfer I would incur the buying rate of exchange plus a receiving fee of 500 THB, whereas with Wise I would get the mid market rate. For those of us who use Wise for monthly income transfers, Wise wins hands down. For very large sums, yes do your homework first.

 

Edited April 8, 2021 by Moonlover

[Susco]

Just now, KannikaP said:

When you do a Wise transfer, there are NO FEES charged by the receiving Thai bank.

If you send GBP to a Thai bank, there is a sliding scale depending on the amount. I never heard of the virtual transfer in over three years. I cannot 'set up' a transfer of GBP 5000 if I only have GBP 2000 in my account. Unless you know better.

A Swift transfer from Nationwide to Bkk Bank will cost £20, take 3 days and have an inferior exchange rate to Wise. But what are Wise's charges for say £5000.

 

Maybe you should try to read, before you comment.

 

I didn't say that receiving bank charge  fees, I clearly said that the exchange rate makes up for the increased wise fees.

 

You never heard about a virtual transfer?

 

You can enter all details on the Wise website, and it will show you how much the receiver will get, without doing the transfer.

 

I then said you can see what the exchange rate will be if you do a swift transfer, and then there will be fees at both ends, and the intermediate bank may even add some more fees.

[Susco]

7 minutes ago, KannikaP said:

I cannot 'set up' a transfer of GBP 5000 if I only have GBP 2000 in my account. Unless you know better.

A Swift transfer from Nationwide to Bkk Bank will cost £20, take 3 days and have an inferior exchange rate to Wise. But what are Wise's charges for say £5000.

 

That was difficult. NOT?

 

Don't even have to log in, much less have the money in an account.

 

[Moonlover]

59 minutes ago, KannikaP said:

Why would those things affect the transfer speed, which some have said is almost immediate.? Is there a human element involved in the process, or do computers have bank holidays too?   

It is not possible to receive international payments during public holidays. That is also true for pension payments. You'll have ask the BoT why that is so. Me, I'm just a customer. ????

 

[scubascuba3]

I keep seeing these posts of panicking falang including on Facebook, just be patient and stop panicking

[KannikaP]

12 minutes ago, Susco said:

 

That was difficult. NOT?

 

Don't even have to log in, much less have the money in an account.

 

Thanks, I did not know I could do that.

[Neeranam]

4 minutes ago, scubascuba3 said:

I keep seeing these posts of panicking falang including on Facebook, just be patient and stop panicking

Hmm. 

 

I've just checked, 25 gbp for transferring 5000.

250 for transferring 50,000.

I'm going to transferring a few million baht. Any suggestions? 

 

Not sure if I can transfer £200k online from RBS

 

[KannikaP]

1 minute ago, Neeranam said:

Hmm. 

 

I've just checked, 25 gbp for transferring 5000.

250 for transferring 50,000.

I'm going to transferring a few million baht. Any suggestions? 

 

Not sure if I can transfer £200k online from RBS

 

I think there would be questions asked at both ends.

[metisdead]

Some pedantic troll posts taking the "quoted" content out of context have been removed:

 

16) You will not make changes to quoted material from other members posts, except for purposes of shortening the quoted post. This cannot be done in such a manner that it alters the context of the original post.

 

Forum Netiquette:

 

2. Please do not modify someone else's post in your quoted reply, either with font or color changes or wording. Such posts will be deleted and the user warned.

[TC17]

I am experiencing the same delays you described, USA to Thailand. Started this week.  

[Neeranam]

1 hour ago, KannikaP said:

I think there would be questions asked at both ends.

By the banks?

[scubascuba3]

16 minutes ago, Neeranam said:

By the banks?

your own bank and Wise will do additional checks over a certain amount, anti money laundering. Wise a better rate but much bigger charges than circ £25 uk bank transfer. You could ask your Thai bank to give you a better rate, speak to their Intl desk

[AlfHuy]

3 hours ago, Neeranam said:

I made my first Wise transfer. I'm impressed. Just tested it with 50 quid and cost me 1.50 or so. 

Also RBS to KrungThai.

I'm going to try it with 5000 GBP next. 

Let your wife or GF assist and see how it works.

If all to plan, she will jump and say, hansum, let's now go big and try to send all you have.

[AlfHuy]

2 hours ago, Susco said:

 

That was difficult. NOT?

 

Don't even have to log in, much less have the money in an account.

 

Get started.

I send my details by PM

[AlfHuy]

2 hours ago, Neeranam said:

Hmm. 

 

I've just checked, 25 gbp for transferring 5000.

250 for transferring 50,000.

I'm going to transferring a few million baht. Any suggestions? 

 

Not sure if I can transfer £200k online from RBS

 

Let"s try. I can help.

My bank details will follow.

If all going to plan, I transfer the money to your Thai account.

[Neeranam]

19 minutes ago, scubascuba3 said:

your own bank and Wise will do additional checks over a certain amount, anti money laundering. Wise a better rate but much bigger charges than circ £25 uk bank transfer. You could ask your Thai bank to give you a better rate, speak to their Intl desk

Any idea what amount that would be?

[Nojohndoe]

There may be  times when the transfer can be delayed  for reason unspecified at the time but  the exchange  rate will never be less than specified at  initiation of the transaction.

That the delay  may be in favour or disfavour of the transfer agent has little to do with the time taken in completion of the transaction. Rarely , if ever ,is that time delayed for reason other than time zone/system response.

Admittedly that is a  BS justification if it were  to be acknowledged that the international exchanges  operate "digitally" as per expectations. The reality is that well paid  individuals counter overt distortional  manipulations of  forex  in accordance with  IMF protocols.

 

[Nojohndoe]

3 hours ago, Moonlover said:

I have already done that exercise. My bank, the NBS would charge a flat rate of 20 GBP for a SWIFT transfer. For that sum I could send 3,800 GBP via Wise.

 

But that's not the whole story. With a SWIFT transfer I would incur the buying rate of exchange plus a receiving fee of 500 THB, whereas with Wise I would get the mid market rate. For those of us who use Wise for monthly income transfers, Wise wins hands down. For very large sums, yes do your homework first.

 

In my experience  if  "Swift" transfers implies a  Bank to Bank transfer then yes indeed the transaction fee is fixed regardless of the exchange  rate. However it is that exchange  rate that becomes the question as to which is to advantage. Yes, homework is  key !

[scubascuba3]

8 hours ago, Neeranam said:

Any idea what amount that would be?

Something like 10,000 euros

[bojo]

I use rationalfx and it's usually seamless and fast, however on one occasion, I had to phone them as there was an unusual delay of 24hrs or so and even though it appeared on my account that the transfer was well on it's way.................Reading between the lines it was something to do with siesmic changes in the rate/obviously 'a  money making thing their end'........................arrived few hours later anyways..................

[Neeranam]

3 hours ago, bojo said:

I use rationalfx and it's usually seamless and fast, however on one occasion, I had to phone them as there was an unusual delay of 24hrs or so and even though it appeared on my account that the transfer was well on it's way.................Reading between the lines it was something to do with siesmic changes in the rate/obviously 'a  money making thing their end'........................arrived few hours later anyways..................

Sounds like Bangkok Bank, they used to keep my money for weeks until they made money on the exchange