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Transfer Money Using WISE (Formerly TRANSFERWISE)


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hi all

 

WISE offers 3 ways to transfer money: card (fast), bank (slow), and online.

using the bank method, in order to get the GUARANTEED RATE, we have to transfer from our (european in my case) bank to estonia within a deadline (right now it s 31 hours. from my bank i can transfer using a SEPA transfer (2 days) or a instant (it costs few euros).

WISE claims that none of my transfers have reached estonia within the deadline, hence WISE has applied MARKET RATES.

the overall difference has been minimal. on 1.000 euro transferred, the bank method was still a couple of euros cheaper than the card method.

having said that, for a couple of euros difference, i d rather choose the fast method (card).

 

how can i take advantage of the GUARANTEED RATES?

 

if i open a WISE account, would that serve the purpose? (if true, i m reading bad reviews about WISE account, being deactivated with no notice and funds not returned unless legal action is taken)

 

thank you for your help and contribution

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From sending from the UK account online to my Thai account just over a week ago at 5am in the morning in Thailand with Wise, I got the cash into my Thai account in three minutes.

 

I was amazed when my phone pinged and had an entry into my Thai bank account in such a short space of time.

 

I have also been well satisfied with their exchange rates and they do give a certain length of time at a guaranteed rate.

 

A lot better rate than Dee money offer sending from Thailand.

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3 hours ago, giogio said:

 

if i open a WISE account, would that serve the purpose? (if true, i m reading bad reviews about WISE account, being deactivated with no notice and funds not returned unless legal action is taken)

I setup a WISE acount and fill it up with some buffer (one month pension).

Personally never had a problem.

In the beginning I had similar problems with the transfer from own bank account to WISE.

 

They must have good reason to close like doubts about identity, suspected money laundering ("suspicious" transfers/recipients), "abuse" by endless init/cancel transactions (some hope to squeeze the last few Satang out of that).

Edited by KhunBENQ
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1 hour ago, Scouse123 said:

From sending from the UK account online to my Thai account just over a week ago at 5am in the morning in Thailand with Wise, I got the cash into my Thai account in three minutes.

 

I was amazed when my phone pinged and had an entry into my Thai bank account in such a short space of time.

 

I am always amazed when I read about this. For most of us there is a 4 to 6 hour delay between initiating the transfer and receipt into their Thai account. I am not complaining about this delay, but I would love to know how come some folks manage to get this instant service.

 

Would you mind telling us which bank you use in Thailand? 

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A transfer of 1,000 GBP a couple of weeks ago took less than a minute to arrive in my Kasikorn account.

 

It was marked as an internal transfer but I have since emailed Wise and they have marked my recipient account with a flag that should make any future transfer an international one, but they cannot absolutely promise that.

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8 hours ago, lungbing said:

A transfer of 1,000 GBP a couple of weeks ago took less than a minute to arrive in my Kasikorn account.

 

It was marked as an internal transfer but I have since emailed Wise and they have marked my recipient account with a flag that should make any future transfer an international one, but they cannot absolutely promise that.

I'm not sure that will work, try a small amount. The International thing works with Bangkok Bank

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10 hours ago, Moonlover said:

I am always amazed when I read about this. For most of us there is a 4 to 6 hour delay between initiating the transfer and receipt into their Thai account. I am not complaining about this delay, but I would love to know how come some folks manage to get this instant service.

 

Would you mind telling us which bank you use in Thailand? 

 

Hi,

 

I use Krung Thai bank/

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I’ve never used this service but have a question for those who have.

 

Is it possible to do a Wise transfer from a UK bank account to another country that you don’t have a bank account in? For example, if you are travelling to different countries. 
 

And if it is, how does that work?

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6 minutes ago, AlexRich said:

I’ve never used this service but have a question for those who have.

 

Is it possible to do a Wise transfer from a UK bank account to another country that you don’t have a bank account in? For example, if you are travelling to different countries. 
 

And if it is, how does that work?

I use rationalfx which I believe is the same as Wise or thereabouts and transfer money from UK to a third party in Thailand regularly............. On rationalfx, you set up an account, complete registration and can transfer to anyone anywhere pretty much, so 'yes' you can transfer to yourself..............

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1 hour ago, AlexRich said:

I’ve never used this service but have a question for those who have.

 

Is it possible to do a Wise transfer from a UK bank account to another country that you don’t have a bank account in? For example, if you are travelling to different countries. 
 

And if it is, how does that work?

There is a very long list of countries to which you can have money sent to, but you must have an account in the country, either in your own name or that of a trusted 3rd party. It's not like Western Union, for an example, where you can collect over the counter.

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59 minutes ago, JAS21 said:

I’ve never received these quick transfer times… the money usually appears in my BB account the next day at about 2pm.

 

When you do a transfer, you are asked a reason why… always put the last option in the list #10..wording is something like for satisfying immigration requirements.

 

In the last few years all my transfers have shown FTT in my bank book.

 

Happy to say mine are always in seconds.

 

 

SmartSelect_20210525-121259_Wise (formerly TransferWise).jpg

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1 hour ago, JAS21 said:

I’ve never received these quick transfer times… the money usually appears in my BB account the next day at about 2pm.

 

When you do a transfer, you are asked a reason why… always put the last option in the list #10..wording is something like for satisfying immigration requirements.

 

In the last few years all my transfers have shown FTT in my bank book.

It won't work for him because the last option is set up for Bangkok Bank, not Kasikorn

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7 minutes ago, scubascuba3 said:

It won't work for him because the last option is set up for Bangkok Bank, not Kasikorn

Well the answer is staring him in the face then isn’t it…

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In my recent experience the deciding factor in receiving a transfer (from UK to Thailand) is what is noted as being the reason for transfer.

 

I have both BB and SCB accounts and if I note reason being 'funds for long term stay' I almost always receive the funds around 1pm (SCB) and 2pm (BB). Always provided i initiate the transfer on a Thai banking day before around 8.30am. I tend to use BB under this option as it arrives with an FTT notation. For SCB, not sure of the notation, but I never need to show the SCB funds as part of my 65k monthly income total so not an issue for me.

 

If I note the reason as 'general expenses' the transfer is actioned in seconds for both BB and SCB. Have not kept records of whether that is also dependent on bank opening times / business days (UK / Thai) but I do recall that some, at least, are sent outwith normal UK banking hours. May need to experiment for other timings/days to see whether this rapid transfer happens no matter when sent.

 

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6 hours ago, Henryford said:

Still a mystery why some get it in seconds and some takes hours/days.

To answer that and also  @Moonlover who asked "I would love to know how come some folks manage to get this instant service.":

I have had Wise transfers take a day and I've had some take 30 seconds from my UK bank to SCB.

 

I believe, it can depend on when you do the transfer.

If you initiate the transfer when both the UK bank and the Thai bank are open for business, it seems to be pretty much instant.

So for example, Monday-Friday  09:00 UTC (GMT) is 16:00 Thai time (UTC+7 hours). Both banks are open.

(As Brits are aware, during Summer time Thailand is UTC+6 hours)

 

This my empirical finding NOT based on anything I've read or been told!

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8 hours ago, bojo said:

I use rationalfx which I believe is the same as Wise or thereabouts and transfer money from UK to a third party in Thailand regularly............. On rationalfx, you set up an account, complete registration and can transfer to anyone anywhere pretty much, so 'yes' you can transfer to yourself..............


Thanks for that. But I’m not understanding the mechanics.

 

If I transfer funds to myself in Thailand, where do I collect the cash, given that I don’t possess a Thai Bank account? 
 

That’s the part I’m not sure about.

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7 hours ago, Moonlover said:

There is a very long list of countries to which you can have money sent to, but you must have an account in the country, either in your own name or that of a trusted 3rd party. It's not like Western Union, for an example, where you can collect over the counter.


Thanks, that’s what I was trying to understand. So Wise only makes sense if you already have an account in the foreign country? For a traveller it makes little sense.

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2 minutes ago, AlexRich said:


Thanks, that’s what I was trying to understand. So Wise only makes sense if you already have an account in the foreign country? For a traveller it makes little sense.

Unless you have borderless account debit card with Wise which means you can draw out local currency anywhere after firstly converting it from your home currency into whichever other currency you require.

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4 hours ago, CharlieH said:

Nope, bank transfer to Wise UK and wise Uk to Kasikorn.

i transfer from portugal and italy.

WISE ask me to send it to estonia bank.

could this be the reason why WISE claims they get my transfer outside the timeframe?

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7 minutes ago, giogio said:

i transfer from portugal and italy.

WISE ask me to send it to estonia bank.

could this be the reason why WISE claims they get my transfer outside the timeframe?

You are effectively adding an extra step, so yes, that is possibly the reason.

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