Wise Money Transfer - how does it work?

[madmike]

Hi guys,

I read where some of you use this.  I have/had a bank account in Thailand that I used for years.  Easy cheap transfer from my investment account to that bank and withdraw thai baht from the ATMs.  Last trip suddenly the bank wants me to come in and confirm some information.  I am guessing because I was never supposed to have an account on a tourist visa they were planning to close it out.  I withdrew almost all my money and left maybe a few hundred baht in it.  I expect it won't be good next year. 

So I am flying out in January for a few months and am trying to figure out how to get money sent to me from the states cheaper than the insane costs of my bank charges and exchange rates.  Can anyone explain how you receive the money with wise? 

Thanks

 

[Herbby]

It’s really easy. You enter how much you want to send and where to and then get differing transfer options. I use the debit card option and the money is in your Thai account almost immediately.

[tokyojoe2010]

You can read more about it at the link below. There are some differences depending on your home country, but basically you log into the Wise web site, tell them where and how much money you are sending, and they give you a local account to pay into (bank transfer, cc, debit card). If you have the Wise card, you can put money on that and use it as a debit card or to cash out at ATMs. If you have Thai baht in your account, Wise will use that first, otherwise it will convert from other currencies at the current rate. You may have to do some identity verification stuff to activate your account, so do it before you travel.

How Does TransferWise Work? Your Guide - Wise, formerly TransferWise

Edited September 16, 2022 by tokyojoe2010

[simon46]

6 hours ago, madmike said:

I withdrew almost all my money and left maybe a few hundred baht in it.  I expect it won't be good next year. 

Or it might be something to do with being US citizen.  But beware of leaving only a few hundred baht in an account.  My recollection is that below a thousand or so there is an automatic annual charge of 500 or so, hence the account will automatically close.

From the UK Wise is great.  Takes the money direct from my Bank account, only hold ups from my bank's security end.  Works well for low value 3000 baht transfers to Thai individuals as well as the million bank to bank transfers.

But still can not quite match the TT cash rates on 2nd rd.  Cash is king.

[splitpin]

Do you have the online app for the bank, I don't think they close them for the reason you mentioned, just send say 10 quid to test, and see if it arrives ok

[madmike]

Thanks guys.  I guess I am wondering how to get physical cash out of it.  Assuming my bank account is closed (which is probable) what am I getting?  Is there a point in Pattaya where I can send it and walk in and get my cash?  This debit card is it a physical card from Wise I need to get beforehand? 

I'm not sure I get the debit card stuff.  I mean if it's still using a card in a Thai bank and paying their fees I can use my Schwab card.  I'm just tired of seeing the transaction charge associated with it.

BTW I will try to send a small amount to my bank when I arrive to see if it's still active.  Also I agree it might be that because I'm a yank the Thais are enforcing some banking rules they let slide before.  I don't know.  I get it they want to prevent money laundering etc.  But it sure does inconvenience us innocent supporters of single mothers.  😜

[petehoax]

wise is for transfer between different bank accounts respectively for international transfers. 

if you don't have a thai bank account, then wise isn't a useful option for you. 

(yes, they also have an ATM card, but the limits are too low to make much sense for actual use)

if you want to avoid using an ATM, bring USD with you and exchange it at the TT exchange booths

ps: if you have a charles schwab account, then just use that one and get all the ATM fees refunded. seems like a nobrainer. 

Edited September 16, 2022 by petehoax

[Kale]

The Wise ATM card is still usually cheaper than using your banks ATM card even if you exceed the monthly maximum before the fees kick in. 

I do Wise transfers from my bank back home to my Thai Bank.  I also have a Wise ATM card that I only use up to the fee free maximum each month.  Both work great.

Edited September 16, 2022 by Kale

[madmike]

OK, yes i agree cash is KINK.  BUT I spend  months there and play a lot of golf and other expenses so I really don't like carrying $10,000.  I usually do have some amount around $5K on me and maybe I need to up it.

I admit I miss my Thai bank account because I could just leave the condo and if I needed more money stop at any ATM and no fees. 
 

[bungee]

14 hours ago, madmike said:

I am guessing because I was never supposed to have an account on a tourist visa they were planning to close it out. 

I'm not aware of any rule that says you can't open an account on a tourist visa. If you say which bank are you with I'm sure lots of people can confirm they opened an account with then on a tourist visa and have no issues.

It's more likely because you are american and they have to report your balance back to the US and/or some of the information they hold on you is incorrect or outdated.

From reading the open a bank account thread it seems like there is no issue opening a bank account on a tourist visa but maybe a little more hoops to jump through and maybe gettting a hard sell on buying some insurance.

To use wise you will still need a thai bank account to send the money to. The only place you can send cash and walk in and collect it is the like of Western Union and they will kill you with fees. You would be better off opening a new account if yours has been closed.

[br1985n]

So this what I do. 

I have a Wise Card (Visa Debit). I convert Euro to Baht with Wise.Its much cheaper then using my standard Dutch Bank card at a ATM to withdraw money and they will give you shitty conversion.

I always have like 30K Baht in my Baht account at Wise. U can use the app to find the ATM that have free withdraw. I've attached a screenshot with the rates atm.

You guys tell me if it's good or not.

I take for granted the Fee because for me it's quite low. Even if I spend 2-3 months in Thailand/South East Asia.

I paid for condos etc using the Wise Card. It's accepted everywhere that accepts debit cards.

 

[madmike]

Just a note.  If they want more info from me such as my Social Security Number it ain't happening.  Too much risk of it being stolen from them and used nefariously. 

Maybe I should have left more money in the account.  At the time I figured it was over.  BTW, while I had an account with a tourist visa and others also have them I don't think it is strictly legal.  Would be good to know if it's just one of those they looked the other way things or what.  When I opened the account in about 2010 I was refused at 5 banks for having nothing but a tourist visa before the 6th did it anyway. 

 

[w1lly]

Sorry for making a slight sidestep in the thread, but it sort of ties in once you have arrived. It’s a nuisance to carry cash around especially in the evening. What about the app Thais use to transfer money between each other, and pay for stuff? Do you need a Thai bank account for that now ?

[petehoax]

3 hours ago, br1985n said:

I always have like 30K Baht in my Baht account at Wise. U can use the app to find the ATM that have free withdraw. I've attached a screenshot with the rates atm.

You guys tell me if it's good or not.

that's not the rate you get at an ATM. 

at ATM you pay 1.75% conversion fee and 0.5€ per withdrawal (after the first €200 you've taken out per month).
on top of that 220 thb atm-fee.
that's still slightly better than some other western ATM fees (if you don't get them refunded), but it's much worse than the rate you get for international transfers with wise. 

1 hour ago, w1lly said:

Do you need a Thai bank account for that now ?

yes

 

edit:  

1 hour ago, w1lly said:

Sorry for making a slight sidestep in the thread, but it sort of ties in once you have arrived. It’s a nuisance to carry cash around especially in the evening. What about the app Thais use to transfer money between each other, and pay for stuff? Do you need a Thai bank account for that now ?

well, then this thread might have run it's course...

 assume they need quite a lot of personal info for you as a company that facilitates international payments / transfers... know-your-customer requirements are very strict nowadays. 
but at least i hope you now understood how the wise card works (and how it doesn't). 

Edited September 16, 2022 by petehoax

[Soi7]

4 hours ago, madmike said:

Just a note.  If they want more info from me such as my Social Security Number it ain't happening.  Too much risk of it being stolen from them and used nefariously. 

They will 100% want your SS number as they have to report your account back to the US. I have accounts at Bkk Bank as well as K bank and they need a few forms filled out and it did not matter that I held a Business Visa as well as a Work Permit. Still needed the forms 

[br1985n]

3 hours ago, petehoax said:

that's not the rate you get at an ATM. 

at ATM you pay 1.75% conversion fee and 0.5€ per withdrawal (after the first €200 you've taken out per month).
on top of that 220 thb atm-fee.
that's still slightly better than some other western ATM fees (if you don't get them refunded), but it's much worse than the rate you get for international transfers with wise. 

 

Ah ok, I understand the need then for the Bank Account. Maybe i have to start looking into getting one also. For me Wise is cheaper then my personal dutch bank card.

[madmike]

2 hours ago, Soi7 said:

They will 100% want your SS number as they have to report your account back to the US. I have accounts at Bkk Bank as well as K bank and they need a few forms filled out and it did not matter that I held a Business Visa as well as a Work Permit. Still needed the forms 

I'm trying to remember if I ever have them my SSN 10 years ago.  Well hell I can't even remember what I had for lunch today so that's a fruitless exercise.  😜

[SlowlyMan]

9 hours ago, madmike said:

Thanks guys.  I guess I am wondering how to get physical cash out of it.  Assuming my bank account is closed (which is probable) what am I getting?  Is there a point in Pattaya where I can send it and walk in and get my cash?  This debit card is it a physical card from Wise I need to get beforehand? 

I'm not sure I get the debit card stuff.  I mean if it's still using a card in a Thai bank and paying their fees I can use my Schwab card.  I'm just tired of seeing the transaction charge associated with it.

BTW I will try to send a small amount to my bank when I arrive to see if it's still active.  Also I agree it might be that because I'm a yank the Thais are enforcing some banking rules they let slide before.  I don't know.  I get it they want to prevent money laundering etc.  But it sure does inconvenience us innocent supporters of single mothers.  😜

When did Schwab start charging a transaction fee?

[petehoax]

3 hours ago, SlowlyMan said:

When did Schwab start charging a transaction fee?

assuming you have the required account: they don't (respectively they will refund the fees). 

[madmike]

10 hours ago, petehoax said:

assuming you have the required account: they don't (respectively they will refund the fees). 

But you still pay the Thai bank fees correct? 

[petehoax]

4 minutes ago, madmike said:

But you still pay the Thai bank fees correct? 

what thai bank? there's no thai bank involved.

if you talk about ATM fees: no, they get refunded as well. 

[madmike]

58 minutes ago, petehoax said:

what thai bank? there's no thai bank involved.

if you talk about ATM fees: no, they get refunded as well. 

That Bank ATMs charge a fee when I use my USA Chase ATM card.  That is on top of the Chase fees and poor conversion rate.

 

[SlowlyMan]

We seem to be getting a bit muddled here. In my experience, Schwab doesn't charge an atm withdrawal, or conversion fee and will refund all atm fees imposed by the atm operator.. And the conversion rate has been fair. 

If you're using Chase or some other debit card, then yes the fees add up.

For USA folks. The schwab card is the best option.

Edited September 17, 2022 by SlowlyMan

[madmike]

4 hours ago, SlowlyMan said:

We seem to be getting a bit muddled here. In my experience, Schwab doesn't charge an atm withdrawal, or conversion fee and will refund all atm fees imposed by the atm operator.. And the conversion rate has been fair. 

If you're using Chase or some other debit card, then yes the fees add up.

For USA folks. The schwab card is the best option.

Sorry if I confused people.  Last trip I used my Chase card a bit and paid big fees.  I did not try my Schwab card and since I haven't used it anywhere in years they probably would have denied it if I had. 

However, if what you say is true then I have my solution.  I will contact them next week and ask.

Come to think of it I'm not sure I recall the pin code.  LOL

 

[SlowlyMan]

28 minutes ago, madmike said:

Sorry if I confused people.  Last trip I used my Chase card a bit and paid big fees.  I did not try my Schwab card and since I haven't used it anywhere in years they probably would have denied it if I had. 

However, if what you say is true then I have my solution.  I will contact them next week and ask.

Come to think of it I'm not sure I recall the pin code.  LOL

 

Just make sure you set a travel alert. Before Covid, they required you to reset it every 30 days. I'm not sure if that policy still holds. And of course you will need to populate your investor checking account with plenty of mula.