Wyse

[Whistler]

The new version of Wyse has given me no end of problems in past few days. Sending and receiving accounts have to be set up again. With my bank this was a huge problem as it enforced OTP authorisation and would only send OTP code to an Australian mobile number.

Please be aware that Wyse users should make sure it is working OK and not get trapped for a few days as I have been for two days. Upside was when I got it sorted, first transfer was blindingly fast.

My Australian bank said they are getting many customers having the same problem

[jackspratt]

Do you mean Wise?

https://wise.com

[Whistler]

Sorry, Jack, my bad

[fatbob]

No difference when I opened my account accept I received an otop to my mobile to log on, after that exactly the same.

[747man]

Just Checked My Account.....Transfer went through NO Problems !!!

[Whistler]

Bob, lucky for you. I suspect issues can arise by a combination of payment method and your sending banks policies. The reason I posted this was simply to give a heads up that many are experiencing problems so check it out first and be prepared just in case.

[fatbob]

Bob, lucky for you. I suspect issues can arise by a combination of payment method and your sending banks policies. The reason I posted this was simply to give a heads up that many are experiencing problems so check it out first and be prepared just in case.

I completed a transfer this morning, money was in my scb bank thirty minutes later from my Comm bank in Aus, the only change was an otop at the login, everything else the same with the exception the money was in my bank faster so a big thumbs up from me.

[Whistler]

My Bank is Stgeorge. Support centre said that they have had many similar calls. One thing I did find pleasantly surprising, is once fixed, the transfer was lightning fast even though it was a Budha day. For last year or so, transfer times were pretty slow, I would get an email around 9:00AM that money would be in my bank at 2:00pm on a send request sent the day before.

I will transfer pension on Wed night this week and am interested in seeing if this fast transfer happens again.

[joudon]

Wise?

[Fatone]

Hi Whisler, why don't you just get your pension direct deposited into your Thai bank? It comes a couple of days later, usually monday,exchange rate is good and no problems with wise. Just tell social security.

[Old Grumpy]

i have 4 UK pensions including govt OAP paid into my Wise acct every month and transfer into BKK bank in baht, it is getting faster every month, this last one was in real fast, before I had logged out my phone was ringing with a SMS from bank updating my acct with its arrival. You can't get any faster than that and cheap too.

[Whistler]

Hi Whisler, why don't you just get your pension direct deposited into your Thai bank? It comes a couple of days later, usually monday,exchange rate is good and no problems with wise. Just tell social security.

I still.make some payments out of my Oz bank account, so need to keep some dough in Oz.

[lemalon]

I'm having similar problems too.

[Fatone]

Fair enough

[nutosf]

I had no problems with a transfer this week.

[Whistler]

I had no problems with a transfer this week.

Not everyone will, some will find their is an issue depending on who they bank with. Once the issues are fixed it is clear sailing, I did a transfer yesterday after having resolved the issue and it was back to normal, except it was lightning fast.

[Bandung_Dero]

My 1st transfer in Feb 2022 from my CBA (Aust.) to the Wise acct (Cuscal Limited) took 24 hrs = CBA Security checks. The next in March 2022 took 4hrs 40 Mins?? And it has been instant since then including this month = No Hassles! As soon as I hit the transfer go button to Cuscal on the PC my phone barks up telling me my Baht has arrived at KBank.

[pipoz4444]

Has anyone ever calculated what the loose in Transfer Process (all costs, all fees) when using Wise to move an Amount from Australia to Thailand

Just that when transfer I look at the Exchange Rate and its Forecast Amount (Transferring USD into Baht), using as a measure https://www.xe.com/currencyconverter/co ... USD&To=THB. Then do a Transfer via.......see how much actually arrives in the Thai Bank Account. Then quickly calculate the difference between XE.Com Forecast and the Actual Received in the Thai Bank account, just to see what the overall transfer cost really is to me as a % of the Amount. Transfer time is normally less than 24 Hours mid week.

I often wonder, as percentage, what is the true % of the Amount that one pays / looses from the Amount between Australia and Thailand, when you add the CBA Bank Fee coming out and the Wise Transfer Fee. I have always found the Australia CBA outgoing Exchange Rate to be well below the Market Exchange Rate at the time., like they are skimming off the top before you start the Transfer, then the CBA applies a Fee on top

It appears to be common practice with the Australian Banks that they start with a reduced Exchange Rate (from that of the Market Rate). So coming out of the CBA and then having to pay the Wise Transfer Fee, I wonder what is that overall percentage that one pays

pipoz4444

[Whistler]

Yes, I did calc on transferring about 1M baht each year. Savng from Westac was about 80,000 baht when using Wise and transfer times were halved, now transfer times go from a couple of days to seconds.

A lot of these savings came about because of fixed fees from multiple smaller amounts.

I put a mate onto Wise, from memory he saved more than 25,000 on his first transfer of 500,000 bhat. His bank was Westpac.

[pipoz4444]

Yes, I did calc on transferring about 1M baht each year. Savng from Westac was about 80,000 baht when using Wise and transfer times were halved, now transfer times go from a couple of days to seconds

8% is a lot of Saving

It must show how the CBA and other Australian Banks rip their Customers off with overseas Bank to Bank transfers

pipoz4444