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Wise transfer only 50k?


Sarisin
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Wise say due to new regulations they can only send 50k a time to most banks in Thailand, strangely a few banks are unaffected by this change.

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I never really understood why so many people use Transferwise to transfer money in THB to Thailand. 

Whenever I need money transferred in to Thailand I use Transferwise, but use SWIFT to transfer USD to my Thai bank account (Krungsri), in the end I get slightly more money using SWIFT over Transferwise's THB system. You send USD via SWIFT to your Thai THB account and your own bank exchanges it for you

No limits on USD also.

Edited by ctxa
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4 hours ago, ctxa said:

I never really understood why so many people use Transferwise to transfer money in THB to Thailand. 

Whenever I need money transferred in to Thailand I use Transferwise, but use SWIFT to transfer USD to my Thai bank account (Krungsri), in the end I get slightly more money using SWIFT over Transferwise's THB system. You send USD via SWIFT to your Thai THB account and your own bank exchanges it for you

No limits on USD also.

Because most tunes your bank is going to o to rape you on the exchange rate

 

Thailand banks aren't as bad as Western banks but they still don't give the best rates 

 

By my calculations

 

It will cost you 1512.59usd to send 50k baht on wise (fx=33.315 + 11.76 fee)

 

It will cost you 1548usd through SWIFT to Bangkok Bank

(Fx=32.92 + 30.00usd fee)

 

And you don't really know what rate you locked in until it hits your Thai bank account 

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1 hour ago, Marc26 said:

Because most tunes your bank is going to o to rape you on the exchange rate

Thailand banks aren't as bad as Western banks but they still don't give the best rates 

By my calculations

It will cost you 1512.59usd to send 50k baht on wise (fx=33.315 + 11.76 fee)

It will cost you 1548usd through SWIFT to Bangkok Bank

(Fx=32.92 + 30.00usd fee)

And you don't really know what rate you locked in until it hits your Thai bank account 

Let's see, on November 2nd 2020 I sent 10,000 USD from my Transferwise to my BKK (first transaction I managed to spot on my bank book). 

I paid 10,004.26 USD in Transferwise (including $4.26 SWIFT fee). According to the exchange rate back then, 10,000 USD = 311,096.81 THB (0.32144) 

And I got instead 309,880.22 THB. Which means they charged a fee of 1,216.22 THB 

Using Transferwise's THB didn't let me send 10,000 USD one time, I had to do 2x 5,000 USD. And each of the transactions had a 30 something USD fee. I would have paid almost double in fees. 

The only disadvantage I can find to sending USD is that you have no idea what rate you've locked, but on the multiple occasions I've sent money (sometimes up to 60,000 USD in one time) I've found it to be very fair with minimal fees. Way better than in the west, and IMO a bit better than Transferwise's THB. 

If it were small amounts, like 50,000 THB I think it would  be cheaper to use Transferwise's THB.

 

 

Edited by ctxa
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18 th Jan 2022

i bank Krunsri yellow bank and use Wise transfer. today i tried to transfer 2700 AUD australian dollars but was sent a note maximum 50,000 THB so i reduced to 2000 dollars. i went to wise FAQ they stated inbound 2 mill BAHT max...something has changed....also i miht mention if you use swift the money enters thailand via BOT bank of thailand they charge .25% it shows up on statement in code i think its bahtnet it not much but it does alter the amount you receive. STEVE

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23 minutes ago, ramubond said:

18 th Jan 2022

i bank Krunsri yellow bank and use Wise transfer. today i tried to transfer 2700 AUD australian dollars but was sent a note maximum 50,000 THB so i reduced to 2000 dollars. i went to wise FAQ they stated inbound 2 mill BAHT max...something has changed....also i miht mention if you use swift the money enters thailand via BOT bank of thailand they charge .25% it shows up on statement in code i think its bahtnet it not much but it does alter the amount you receive. STEVE

There are only 3 banks now that you can send more than 50k baht

Bangkok Bank, Kasikorn and SCB

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On Sunday 9 January I did sent almost 400.000 THB using Wise from my Belgian bank-account to my Kasikorn account.  I was lucky that the rate was at its peak then (1 Euro = 38,207 THB), and the money arrived on Tuesday 11 January.  I got an apology mail from Wise that arrival of the money had taken longer than usual (when transferring in afternoon during working-days the money is there in less than 10 seconds). 

As I need to send again in course of coming weeks, that 50.000 THB max transfer would be rather annoying.  Not so much in higher Wise service fee, but the fact that I would have to do the transaction multiple times. Very strange that it is not mentioned on the Wise FAQ's and that you did receive a notification by Wise.  And just read @Marc26's post - just above this one - that indicates that the 50K transfer limit only applies to other Thai banks than Bangkok Bank, SCB and Kasikorn (Kasikorn and Bangkok Bank are Wise thai partner-banks). 

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55 minutes ago, BlueSphinx said:

On Sunday 9 January I did sent almost 400.000 THB using Wise from my Belgian bank-account to my Kasikorn account.  I was lucky that the rate was at its peak then (1 Euro = 38,207 THB), and the money arrived on Tuesday 11 January.  I got an apology mail from Wise that arrival of the money had taken longer than usual (when transferring in afternoon during working-days the money is there in less than 10 seconds). 

As I need to send again in course of coming weeks, that 50.000 THB max transfer would be rather annoying.  Not so much in higher Wise service fee, but the fact that I would have to do the transaction multiple times. Very strange that it is not mentioned on the Wise FAQ's and that you did receive a notification by Wise.  And just read @Marc26's post - just above this one - that indicates that the 50K transfer limit only applies to other Thai banks than Bangkok Bank, SCB and Kasikorn (Kasikorn and Bangkok Bank are Wise thai partner-banks). 

It  comes right up on my Send page when I put in to receive THB

It may not come up for you because your bank is Kasikorn 

 

My wife's bank we send to is Krungsi

 

Due to regulatory changes in Thailand, transfers of 50,000 THB and above will only be available for Kasikorn Bank, Bangkok Bank, and Siam Commercial Bank recipients. Effective on 7 January 2022, 1PM Bangkok time. Transfers under 50,000 THB remain unaffected for all supported recipient banks

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just back from Krungsri bank  8 jan ...ass manager
says the bank has no restrictions on inbound THB

2 hours ago, ramubond said:

 

18 th Jan 2022

i bank Krunsri yellow bank and use Wise transfer. today i tried to transfer 2700 AUD australian dollars but was sent a note maximum 50,000 THB so i reduced to 2000 dollars. i went to wise FAQ they stated inbound 2 mill BAHT max...something has changed....also i miht mention if you use swift the money enters thailand via BOT bank of thailand they charge .25% it shows up on statement in code i think its bahtnet it not much but it does alter the amount you receive. STEVE

 

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