Answered8 months ago
What are the upcoming changes to Wise accounts for users in Thailand?
Changes to Wise
Https://wise.com/help/articles/3hVTV4OmZimsLpW0Z8LB6l/upcoming-changes-to-your-wise-account-in-thailand?fbclid=IwdGRjcAQTictjbGNrBBOJw2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHl0O0yv8d04MWXwdmwNoYoySlYXoN_r2f0e-bbJ5rMdhEOWyMtody1Lp1th8_aem_Gf1edcy_Pf9KLNaTF9Z_kw
Https://wise.com/help/articles/3hVTV4OmZimsLpW0Z8LB6l/upcoming-changes-to-your-wise-account-in-thailand?fbclid=IwdGRjcAQTictjbGNrBBOJw2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHl0O0yv8d04MWXwdmwNoYoySlYXoN_r2f0e-bbJ5rMdhEOWyMtody1Lp1th8_aem_Gf1edcy_Pf9KLNaTF9Z_kw
Answer summary
Wise has announced upcoming changes to accounts set up in Thailand, primarily affecting users within the country. These changes reportedly include the introduction of QR-scan payments similar to those used by Thai banks, aimed at increasing local user adoption. However, users have expressed concerns over the drawbacks, such as limitations on ATM withdrawals using Wise physical cards, the prevalence of conversion fees for international transactions, and the restricted multi-currency utility. Users with accounts set up in other countries report that their services remain unchanged, leading to discussions about implications for expatriates and tourists.
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Matti **********
Only (?) pros are:
- sending money to abroad from Thailand
- QR Payment
If you get money (salary, pension) from your origin country (abroad) you need to pay fees for convert to THB and when you will send money back to your origin country you will pay conversion feels again (for example EUR-THB-EUR).
If you have account in thaibank why using QR Payment via Wise?
Cons: You cannot use your physical Wise card to ATM withdrawals in Thailand (abroad yes but pay fees for convert).
If you travel other countries Wise is no more as useful it was. No more multicurrency. All money in your Wise account will be THB. And using it a äbroad it will convert to the location currency but with conversion fee(?).
But this change concerns only those who have Wise address in Thailand. Hopefully...
Most certain Thailand's regulations have forced Wise for this.
It also means that the authorities can better monitor that you pay your taxes in Thailand.
- sending money to abroad from Thailand
- QR Payment
If you get money (salary, pension) from your origin country (abroad) you need to pay fees for convert to THB and when you will send money back to your origin country you will pay conversion feels again (for example EUR-THB-EUR).
If you have account in thaibank why using QR Payment via Wise?
Cons: You cannot use your physical Wise card to ATM withdrawals in Thailand (abroad yes but pay fees for convert).
If you travel other countries Wise is no more as useful it was. No more multicurrency. All money in your Wise account will be THB. And using it a äbroad it will convert to the location currency but with conversion fee(?).
But this change concerns only those who have Wise address in Thailand. Hopefully...
Most certain Thailand's regulations have forced Wise for this.
It also means that the authorities can better monitor that you pay your taxes in Thailand.
Chris ************
Matti Simpanen does the QR work only for businesses, 7 Eleven etc or can you pay street food carts as well because aren’t their qr codes normally personal as opposed to business registered.
Matti **********
Chris Fitzgibbon After the change of system, Thailand addressed Wise will be in Thailand domestic like other Thai banks. With Wise there will be QR pay also for individuals.
But if you have account in Thailand bank why should use Wise for QR payments?
If I understood your question right?
But if you have account in Thailand bank why should use Wise for QR payments?
If I understood your question right?
Alek *********
Nothing changes. I am a thai citizen, but for me it will be the same as before.
Tyler *******
I mentioned this elsewhere but the restrictions of setting up an account in Thailand far outweigh the ability to use QR.
This is really to adopt more local users in Thailand.
This is really to adopt more local users in Thailand.
Ian **********
These changes only apply to Wise accounts setup in Thailand. Foreign accounts are unchanged
Jan ******************
If it includes QR-scan payments in the same way as for Thaibank apps it’s a great improvement. 😊
Marianne ********
@Jan *****************
But only apply to accounts setup in Thailand.For people visiting with accounts set up in Norway I don't think there are any changes.
Chris ************
Marianne Holmen thinking that answers my question. My account is for uk so I cannot use QR for any business in Thailand like 7 Eleven etc?
It’s handy for visa payments if you already have THB on your wise account.
It’s handy for visa payments if you already have THB on your wise account.
Martin ********
These changes don’t represent any real benefits to me.
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