Why is Wise taking longer for my long-term stay transfers to Thailand?

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I too had this problem a few weeks ago. Having a couple degrees in financial markets I asked customer service some very direct questions. First I got the run around then they sent me their annual report and I actually read it.

Here’s what is happening. 50% from them and 50% from interpreting their annual report.

Volatile currency markets is a huge risk for for Wise. If you place an order on the weekend and the THBUSD gaps down before they can settle the transaction, they lose. This is where their rate guarantee comes in. They guarantee the rate for just 48 hours now, and if the money takes longer than that they are at risk.

This is what they do. If you transfer THBUSD at 34 on Friday night after the transfer window they guarantee that rate until Monday. If your money doesn’t arrive until Tuesday and the spot rate is now 33.5, your guarantee is expired and they transfer you at 33.5. If the rate is more favorable, say 34.5, they honor your 34 rate and call the .5 difference a cost of sales adjustment.

We are seeing longer periods of transfers to hedge their risk and decrease their costs, especially in volatile markets.

The last paragraph in this section of their annual report is most relevant.

I just transferred a bit over “for long term stay”. It took one day. But in the past I’ve had it take up to a week from time to time. A lot of complaining seemed to fix it.

You transfers from THB to THB or ....?

If you transfer from another currency it may take longer time.

Yes, it takes longer when using the Funds for long term stay, it always has when I use that option.

Made the mistake of sending it over a public holiday two months ago it took a week. Generally it takes around 4-5 days for it to be transferred when I use that option

Its not wise it's the Thai banks as they do more checks ,but don't select long term stay for the transfer select for monthly expenses it works faster , also do the transfer in the morning as well it makes a difference

I find smaller amounts go faster $2900 almost same day

it depends on the amount it seems, if I stay below say $4000 it takes seconds, if I go above it takes 2 days, if you go to the next level say $10,000 it can take up to a week

Did one yesterday came within seconds.

I just made A couple of transactions, one was coded general living expenses, and the detail page is very vague about origin of funds, came through in seconds. I did same transaction using long term stay option, also came through in seconds and on details page it has a comment in reason field “ long term visa requirement” so I think that clarifies it….sadly, folks who have spent a year clocking up their monthly 65k transfer without using correct reason will hit a snag with immig…thanks Brendan for clarifying this

Every month but usually arrives by the next day or one day more at the most. I called them as asked why it took so long when before it was there in minutes. Thats why I left western union. Now a day or two.they said it was the banks timeframe.

I've never had a, problem and transfer 20-30 a week

Put pay for goods 5mins

"Long term stay" transfers settle next business day usually 2pm with Bangkok Bank as there's a manual process involved. You didn't say which bank and if a public holiday involved

French banks have stopped me using WISE. they say too much fraud. I think, it's because they get no commission.

I use Wise to transfer “general living expenses” to my Thai bank every month, and it takes seconds.

If you make smaller transfers, should be instant. There is a FAQ on the website that gives you to limit for instant, vs waiting. Then just make several instants vs one big one per month.

When I use Wise, money transfered regardless of whether either of the banks is open for retail banking business. It usually takes seconds but occasionally takes an hour or 2. Today was 2 hours, but nothing to do with bank opening hours in London or Bangkok

I just sent my wife's allowance from Spain and it took seconds.

Your probably under investigation for money laundering - they need extra time to forward your details to the investigators.

For visa, buying condo etc income Wise need to send funds abroad not their thai account so there some delay ofcourse. family support came in second from Belgium few million bahts.

NEver had an issue , maximum is 12 hours and they keep You updated - do transfer every month

Remitly takes about 10 seconds to hit the bank transfer every time

When you say anything other than for long term stay, it's an internal transfer from a Wise account in Thailand. When you say long term stay it's a SWIFT transfer from your country to Thailand. Both banks have to be open (not a weekend, public holiday in either country) and business hours in both countries. Many things to cause delays. No one is holding your money intentionally!

For those of you the use 'general living expenses' do you incur any receiving bank charges?

Use Remitly. Takes seconds.

I use 'general living expenses' comes in minutes...

I had this problem last month. Quoted a full week for $2500.

Yesterday I only sent $1,000 and it came today.

It said “will arrive in seconds” but then took 17-18 hours.

I have been lucky with WISE transfers, I transfer THB 65,000+ every month from my U.S. bank account to my Thai Bangkok Bank account and it posts the next day at around 2:30 PM Thai time. Not sure what issues cause longer transfer times for others.

Seems like banks don’t want to release your own money I’ve had similar experience

i see these posts all the time and I can't help ask why? Every single transaction bar 1 or 2 over say 100-200k bht have been instantanious, wondering if there are reasons yourrs take a long time

I transfer money to Thailand each month from Australia using Bahtsmart which gives a slightly lesser rate than Wise but takes all of 2 minutes.

Yes, having the same issues

When they ask what the money is for, always answer that it's for general living expenses. My transfers when that is the reason take from seconds to 3 or so hours.

A normal Wise transfer (travel expenses) is just a domestic transfer from one account in Thailand to another account in Thailand. Easy and fast.

A transfer for the long term stay has to show as an international transfer. So it's not as easy and not as fast.