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What are the pros and cons of using Wise for transferring money to Thailand compared to bank transfers?
Mar 27, 2024
2 years ago
Colin *********************
ORIGINAL POSTERI have found lots of useful information on this site and want to pose my first question. I send money to a Thai bank account each month for rent etc and have used Western Union. This month there has been a significant delay in transfer so I have registered to a Wise account. I am sending from UK. Wise offer 2 options - sending via bank transfer or using a debit card. There seem to be pros and cons to both. Does anyone have experience or advice of which method to use?
TLDR : Answer Summary
The discussion revolves around the use of Wise for transferring money from the UK to Thailand, highlighting the benefits and challenges associated with using debit cards versus bank transfers. Many users shared positive experiences with Wise, noting its competitive exchange rates and ease of use. However, some recommended direct bank transfers, citing concerns about fees, transfer delays, and potential account issues with banks. Overall, the consensus is that while Wise provides quicker and cheaper transfers, it is important to consider individual circumstances such as fees and transfer methods.
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Ron ******
Sending by bank transfer the charges are slightly less, I personally use Wise.
Frank ********
I pay with wise use my debit card and gets there in minutes low cost
Brian ********
If you use a debit card to transfer money from a UK account Wise will make a charge but if you transfer direct from your UK account then its free
Colin *********************
ORIGINAL POSTERSeveral people are recommending bank to bank transfer. The reason that was not included in my question is due to (relatively) high fees from my bank to do this.
Nick ************
@Colin ********************
and the risk of them closing your account if they beleive you are living in Thailand.Ken ***********
@Colin ********************
agreed. Higher fees and often worse exchange rates with bank to bankReply to
Ken ***********
Reply
Gareth *******
Wise is brill every month debit card
Aake **********
I ship with Wise every month and have done so for many years, never any problems
Gary *******
This month Wise is 5 days for transfers from my US bank. Ive done 7 transfers. Used to be less than 30 seconds. Tried OFX and it was the same 5 days. Exchange rate was slightly better with Wise with fees better with OFX. Ends up about the same..
Paul ********
I am British too and use wise. Transfer always instant and at a fantastic rate.
Gary *******
Wise says it's taking 5 days for them to receive my money but it's debited from my account the next day. I've done seven transfers this month all the same. So I tried OFX and same 5 days. Not sure what's going on
Paul ********
@Gary ******
I've just gone on wise and it says seconds for meGary *******
@Paul *******
yes it says seconds but after the details are gathered it says taking longer than expected. Just now checked and says April 2.Paul ********
@Gary ******
maybe it has something to do with EasterGary *******
@Paul *******
hard to say. I set up my condo rent payment early to allow for the 5-6 days.Paul ********
@Gary ******
good idea. I might do the same as mine is due soon, just in caseReply to
Paul ********
Reply
Gary *******
@Paul *******
this month too? My transfers from US are taking 5 days this month instead of the usual 10 secondsPaul ********
@Gary ******
I used it last week and took about 8 secondsReply to
Paul ********
Reply
Darren ******
Wise has great rates and will give comparisons to other sites when you set up a transfer. Cheapest fees and fastest transfer is best using PayID. I transfer regularly and it takes literally seconds to arrive in thai bank account
Rick ********
@Darren *****
maybe next time we meet you can teach me?Darren ******
@Rick *******
gladlyRick ********
@Darren *****
Thank you! I don’t like messing around with my bank accounts because everything safe and secure now. So adding 3rd party apps like Wise makes me little bit nervous.Darren ******
@Rick *******
I've used them for years and never a problem. Exchange rate always better and fees much lower than banksReply to
Darren ******
Reply
CN ****
I'm surprised WU is still in business.
Colin *********************
ORIGINAL POSTER@CN ***
if the amount you are sending is not huge WU works out at the same cost as, although rate is lower, so is the fee. It is just unreliable in terms of transfer time.Reply to
Colin *********************
Reply
Michael *******
Wise direct to your local account, sometimes through in minutes some times takes a day…..very efficient and shows on your statement as an international transfer
Xr ***
Don't send thai women money. You're not her only foreign boyfriend sending her money. She has a Thai husband and children. She doesn't have a sick buffalo.
Colin *********************
ORIGINAL POSTER@Xr **
I’ve met the buffalo and he didn’t look well to me 😄Xr ***
@Colin ********************
they use money send the Buffalo to acting school in Bangkok...Reply to
Xr ***
Reply
Bob **********
I use ACH transfer
Bob **********
They should have a debit card option which is basically the same
Bob **********
@Ken ******
been doing it with the Wise app for many yearsBob **********
@Ken ******
it’s the cheapest option on the WISE appKen ***********
@Bob *********
you aren't following. He is from the UK. ACH only works in the U.S.Reply to
Ken ***********
Reply
Lynnette *******
I just sent money today. Took less than a minute. It's linked to my debit card. Never had a problem.
Man *****
Why not transferring from bank to bank? Why using WISE, what's the reason, may I ask please
Sue **********
@Man ****
the only reason is the better exchange rate with Wise nothing else. You still have to pay fees for every transfer with Wise. It up to you to find out if the better exch rate is worth it after deducting fees versus bank to bank with no fees but worse exch rate. I don‘t use Wise because the tranfer from my bank acc to wise takes too longGiraffe *********
@Man ****
better exchange rateJo **********
@Man ****
i transfer bank to bank saferKevin *********
@Man ****
wise is cheaperJo **********
@Kevin ********
bank to bank is saferNick ************
Your home bank could take some time to transfer the money to Wise which often accounts for the delay in getting your money. There are only 3 Thai banks that Wise will transfer more than
*****
baht to in one go. Over *****
baht takes longer than *****
or less. A credit card transfer of less than *****
baht usually takes seconds. I did 3 in an hour and the slowest was 22 seconds.Nick ************
@Jo *********
for me bank to bank was not only expensive but after 3 monthly payments they closed my UK account as they considered that I was no longer resident in UK.Jo **********
@Nick ***********
for me it was not expensive but they locked my account for a few days because they did not understand what I was doing. once i explained it was okNick ************
@Jo *********
the phone call to UK to set up the transfer every month cost more than Wise fee.Jo **********
@Nick ***********
oh I just do it on my computer 2 minutes. Netherlands to ThailandNick ************
@Jo *********
I can now but with my previous bank, the one that closed my account, I could not.Stuart ***********
Jo **********
Stuart ***********
@Jo *********
okay, I think it's fair to say that your feeling is incorrect then as thousands of people have been using Wise for many years safely. I have only been using it for 2 years, which is why asked, but it has worked perfectly for me.
I can understand some people are comfortable with things they are familiar with and will pay more for that.
Gareth ********
@Jo *********
Wise is a bank.Nick ************
@Gareth *******
Wise is not a bank but I've had no problems with their service.Reply to
Nick ************
Reply
Ken ***********
********************************************************
There is a FB group about using WISE in Thailand. Personally, I find them to be the best value.
Paul ********
I send through my bank no problems
Robert *********
I use wise and send by debit card never a problem
Reply to
Robert *********
Reply
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