SWIFT and Wise delays?

[tamada]

My last SWIFT transfer has got "stuck" somewhere but it has typically taken two working days between remitting and receipt. I've heard that some Wise users are saying their regular transfers, typically same-day or "instant" are also taking longer.

Anyone using either method experiencing slower or delayed payments?

Ta
tam

[joepai]

Wise - depends on time/day/holidays etc
Normal use it's very quick but have noticed if transfer late Friday afternoon it may take to Monday, similar to holidays etc.
The sticking point are the banks this end as the UK does their 'bit' immediately

Wise is cheaper than than SWIFT via banks

[tamada]

Thanks. I am aware that Wise is generally cheaper and faster, just a creature of habit and a bit lazy on finalising my Wise setup. Avoiding holidays at both ends is essential so yes, doing any transactions between Tuesday and Thursday should beat most hurdles.

Now that Bangkok Bank have found my quarter million down the back of the sofa (6 days late), I will get my account configured in Wise and give it a shot next time.

[Bandung_Dero]

Wise = good move.
My monthly 65K+ transfer costs me about 425 Baht above the xe.com rate and usually instant BUT never more than 3 minutes no matter what time or day. And that's over the past 30 months, I have been using them.
The 1st transfer will take up to 2 days as they want to verify your bonifidies.
I use KBank here.
Due again next week, will let you know how it went.

[Bandung_Dero]

Less than a minute to complete a transfer with Wise this morning - AUD against the THB has been crumbling over the past 2 months = that sucks!

[AlexO]

Less than a minute to complete a transfer with Wise this morning - AUD against the THB has been crumbling over the past 2 months = that sucks!

Same for me, transactions are virtually instantaneous. Only times there is a delay tends to be bank holidays in UK.
Agree about the Baht, Thailand is almost a busted flush economy but their currency is becoming more valuable?

[jackson]

Anyone have advise on which company gives the best rate to transfere Australia $ to Thai bht.. ?
Haven't done it for a very long time so I welcome help . Long ago I used to go to my bank and they did it but seems all on line now. Like most things
Thanks in advance7

[Potamoi]

I used wise extensively last year from US to TH, me to me without issue. Fast and easy once setup. Always less that the 18 min it typically quotes.

One thing I did a little math on though since my US bank account allows for foreign ATM fee reimbursement once per 24 hours. The costs are almost the same transfer/forex to just go to an ATM two or three days in a row to get say 60-90,000 (2-3x30k) if I were to make transfers for living expenses for example. Less of a paper trail though if needed for visa extension requirements.

So my general thoughts would be to just use an ATM if its smaller amounts and no paper trail needed. If it is say 200k or more THB per transfer, Wise becomes the cheaper option. Wise also offers the wire option at a slightly cheaper rate but says it may take a few days so I never tried that choice.

[tamada]

I recall earlier this year, while checking out Wise for a transfer on their website (not their app), before going to the the final "Send" stage, they presented a screen with the rate/fee comparison with SWIFT, WU and others, and highlighted any option that was cheaper than theirs. That was solely a forex and fee comparison, not a speed or convenience comparison.

[semperfiguy]

I used wise extensively last year from US to TH, me to me without issue. Fast and easy once setup. Always less that the 18 min it typically quotes.

One thing I did a little math on though since my US bank account allows for foreign ATM fee reimbursement once per 24 hours. The costs are almost the same transfer/forex to just go to an ATM two or three days in a row to get say 60-90,000 (2-3x30k) if I were to make transfers for living expenses for example. Less of a paper trail though if needed for visa extension requirements.

So my general thoughts would be to just use an ATM if its smaller amounts and no paper trail needed. If it is say 200k or more THB per transfer, Wise becomes the cheaper option. Wise also offers the wire option at a slightly cheaper rate but says it may take a few days so I never tried that choice.

Potamoi, just to be clear if I may, if you are referring to SWIFT transfers as "wire transfers", I have been using that method to transfer USD's to my local USD savings account, and thought the Wise quoted fee is very low, they also hit you for an intermediate bank fee of $18. Also, when using the SWIFT option, the local Thai bank will charge their usual "deposit fee" of 200-500 Baht; whereas, if using Wise to exchange USD and transfer Thai Baht, Wise will use their local partner bank to make the deposit into your local Baht account, and there is no deposit fee in that instance.

[AlexO]

Potamoi, just to be clear if I may, if you are referring to SWIFT transfers as "wire transfers", I have been using that method to transfer USD's to my local USD savings account, and thought the Wise quoted fee is very low, they also hit you for an intermediate bank fee of $18. Also, when using the SWIFT option, the local Thai bank will charge their usual "deposit fee" of 200-500 Baht; whereas, if using Wise to exchange USD and transfer Thai Baht, Wise will use their local partner bank to make the deposit into your local Baht account, and there is no deposit fee in that instance.

Have to agree with SFG. Using Wise to transfer UK Pounds/US Dollars is very simple. You also know what transfer costs are going to be before you complete the transaction.
Have only suffered what could be described as an excessive delay once in the years I have been using them with most transactions completed in less than 5 minutes from fund transfer from your home bank to Wise.

[Potamoi]

Potamoi, just to be clear if I may, if you are referring to SWIFT transfers as "wire transfers", I have been using that method to transfer USD's to my local USD savings account, and thought the Wise quoted fee is very low, they also hit you for an intermediate bank fee of $18. Also, when using the SWIFT option, the local Thai bank will charge their usual "deposit fee" of 200-500 Baht; whereas, if using Wise to exchange USD and transfer Thai Baht, Wise will use their local partner bank to make the deposit into your local Baht account, and there is no deposit fee in that instance.

Yes, I think Wire and Swift are one in the same. Whenever I sent in the past it showed slightly lower fees than normal Wise transfer, but I never went through the motions as it also quoted longer transfer times like in workdays. There may be fees and deposits like you mention but since I never opted for that method I don’t have more info there.

Next time I do a Wise transfer I'll take a screenshot to compare notes. I don’t want to do a dummy transfer just now as I think Wise does monitor if you hesitate and cancel out of a transfer and has a little remark dissuading you from canceling saying it may cost more later or something like that.

[Charlieb]

Swift is just the protocol used.
The SWIFT system is a global cooperative and secure messaging network used by financial institutions worldwide to send and receive information about financial transactions, not the funds themselves

[NickDunning]

My last SWIFT transfer has got "stuck" somewhere but it has typically taken two working days between remitting and receipt. I've heard that some Wise users are saying their regular transfers, typically same-day or "instant" are also taking longer.

Anyone using either method experiencing slower or delayed payments?

Ta
tam

Malcolm at Monkey's Bar knows a thing or two about Wise transfers.

[AlexO]

My last SWIFT transfer has got "stuck" somewhere but it has typically taken two working days between remitting and receipt. I've heard that some Wise users are saying their regular transfers, typically same-day or "instant" are also taking longer.

Anyone using either method experiencing slower or delayed payments?

Ta
tam

Malcolm at Monkey's Bar knows a thing or two about Wise transfers.

Jeez, resurrecting a post from a year ago that was the subject of multiple answers
That particular question has been done to death Nick.

[NickDunning]

My last SWIFT transfer has got "stuck" somewhere but it has typically taken two working days between remitting and receipt. I've heard that some Wise users are saying their regular transfers, typically same-day or "instant" are also taking longer.

Anyone using either method experiencing slower or delayed payments?

Ta
tam

Malcolm at Monkey's Bar knows a thing or two about Wise transfers.

Jeez, resurrecting a post from a year ago that was the subject of multiple answers
That particular question has been done to death Nick.

I didn't check the date, but thanks for being a bad cop.

[deankham]

Oh jees, reading this just reminded me I'm meant to send some cash to LOS for the wifes retirement fund

Wise is far far to efficient nowadays. Her indoors needs a chunk of cash and it arrives in 10 mins and is spend 5 mins later

[tamada]

Oh jees, reading this just reminded me I'm meant to send some cash to LOS for the wifes retirement fund

Wise is far far to efficient nowadays. Her indoors needs a chunk of cash and it arrives in 10 mins and is spend 5 mins later

You're truly blessed. Mrs tam spends her stipend hours before it deposits.

[Bandung_Dero]

Wise seems to have changed their process. This morning I initiated a transfer and received notification within seconds saying they had received my AUD but indicated it will take 1 & 1/2 hours to process. I received the funds into KBank 2 & 1/2 hours later, the time stamps indicated the deposit was made within 1 minute after Wise released them.
A new delay at the Australian end - what for?? Who knows!!!!