WISE Transfer

My understanding is that the 50,000 baht limit is not a limit for all banks.  There are three banks that the 50k limit does not apply.  They are  Kasikorn, Bangkok Bank and Public Bank I believe.  The limit for those banks is 2,000,000 baht.

My understanding is that the 50,000 baht limit is not a limit for all banks. There are three banks that the 50k limit does not apply. They are Kasikorn, Bangkok Bank and Public Bank I believe. The limit for those banks is 2,000,000 baht.
-@mdgolfer2003

2 million baht receiving limit at Bangkok Bank, Kasikorn Bank and Siam Commercial Bank. Other banks 50,000 baht. But you can send 50,000 baht several times if you want. You can't send baht out of Thailand when using Wise.

@Bigrad Wolf

Hey, for Wise I use all the time for large transfers, it all depends on which country you are sending from and to. Plus if using a personal or business account, for the business account it is much higher. But its always been 100% reliable.

Best is just send them a message on your app and they will get back to you with your limits,

cheers

guys if I missed the baht in @bigrad post forgive me, but I thought he was talking about USD $?

cheers

@Bigrad Wolf
Hey, for Wise I use all the time for large transfers, it all depends on which country you are sending from and to. Plus if using a personal or business account, for the business account it is much higher. But its always been 100% reliable.

Best is just send them a message on your app and they will get back to you with your limits,

cheers
-@consultants

The limits for a personal account when sending money to Thailand are the same. The limit doesn't change because of the country. This is the Thailand forum, and costs and limits when sending money (and using Wise) to other countries is irrelevant.2 million baht is the receiving limit when sending to Bangkok Bank, Kasikorn Bank and Siam Commercial Bank (because these three banks are Wise's partners in Thailand), other banks 50,000 baht, but you can send 50,000 baht over and over again. You don't need to ask Wise about limits, just increase the receiving amount in the app or online and you'll see when the limit is reached.

guys if I missed the baht in @bigrad post forgive me, but I thought he was talking about USD $?
cheers
-@consultants

Correct, I was speaking in dollar limits but nice to know guys chime in on Baht limits as well.  It may come in handy for future reference.

@Bigrad Wolf
Hey, for Wise I use all the time for large transfers, it all depends on which country you are sending from and to. Plus if using a personal or business account, for the business account it is much higher. But its always been 100% reliable.

Best is just send them a message on your app and they will get back to you with your limits,

cheers
-@consultants

Are you telling me if I am in US and it allows me to transfer $1.6M in a single day transaction, that when I go to Thailand for actual purchase, that I may not suddenly be able to do it because not it depends on Thailand?   Or are stating that bolded statement as a general rule that Wise have different limit per country  and not which country one is physically at the time of sending?

@Bigrad Wolf
Hey, for Wise I use all the time for large transfers, it all depends on which country you are sending from and to. Plus if using a personal or business account, for the business account it is much higher. But its always been 100% reliable.

Best is just send them a message on your app and they will get back to you with your limits,

cheers
-@consultants

Are you telling me if I am in US and it allows me to transfer $1.6M in a single day transaction, that when I go to Thailand for actual purchase, that I may not suddenly be able to do it because not it depends on Thailand?  Or are stating that bolded statement as a general rule that Wise have different limit per country and not which country one is physically at the time of sending?
-@Bigrad Wolf

Why don't you read every comment where limits are explained and how they work? It will save you a lot of time. Why would the limit has anything to do where you're physically located when sending money? It's the receiving amount limit in Thailand we're talking about (and local limits in the land where you send money from). The receiving amount limit is 2 million baht when sending money to an account at Bangkok Bank, Kasikorn Bank and Siam Commercial Bank. For other banks the limit is 50,000 baht, but you can send 50,000 baht several times if you want. This is the 3:rd time I've written this,and still you haven't noticed it. Wise doesn't come up with limits. Local central banks do. In Thailand it's Bank of Thailand. Wise is not a bank and that's why the limits are not same compared to a bank to bank swift transfer.

guys if I missed the baht in @bigrad post forgive me, but I thought he was talking about USD $?
cheers
-@consultants
Correct, I was speaking in dollar limits but nice to know guys chime in on Baht limits as well. It may come in handy for future reference.
-@Bigrad Wolf

This is about Thailand and baht is what's you're  sending when using Wise. In the US there might also be local limits when sending money, but that has nothing to do with receiving limits. By the way,do you even have a Thai bank account or any account outside the US?

WISE is my option to transfer small amounts when the fee is low, but when I need to transfer large amounts SWIFT is the best, where I know the fixed cost of transfer and the correspondence bank charges which is usually a fixed amount. WISE in comparison charges you a percentage of the transfer amount. It is best to transfer small amounts for speedy transfers, but for large amounts, I stay with SWIFT, where the transfer is just as prompt and reliable.

WISE is my option to transfer small amounts when the fee is low, but when I need to transfer large amounts SWIFT is the best, where I know the fixed cost of transfer and the correspondence bank charges which is usually a fixed amount. WISE in comparison charges you a percentage of the transfer amount. It is best to transfer small amounts for speedy transfers, but for large amounts, I stay with SWIFT, where the transfer is just as prompt and reliable.
-@chutimaprojects

You're not correct. You'll always get more money when using Wise compared to a swift transfer even when sending larger amounts because you'll get the mid-market rate compared to the TT buy rate you'll get when doing a swift transfer. Do the math and you'll see I'm right. The increase in percentage when using Wise for larger amounts isn't linear, meaning the percentage is actually lower when sending larger amounts. You also seem to forget when doing a swift transfer you're paying a sending fee to your bank back home and a receiving fee to the Thai bank. And swift transfers are always slower than a Wise transfer. A normal swift transfer takes at least three banking days, while a Wise transfer will arrive within 24 hours mon-friday when using the "low cost transfer" option or using the Balance account. I've been using Wise for both small and large amounts many years and I've never had one delayed transfer. How's that for reliability?

WISE is my option to transfer small amounts when the fee is low, but when I need to transfer large amounts SWIFT is the best, where I know the fixed cost of transfer and the correspondence bank charges which is usually a fixed amount. WISE in comparison charges you a percentage of the transfer amount. It is best to transfer small amounts for speedy transfers, but for large amounts, I stay with SWIFT, where the transfer is just as prompt and reliable.
-@chutimaprojects

Wait, isn't SWIFT a payment method inside Wise? Or are you saying there is also another company like WISE that is called "SWIFT"?

This is what I meant when inside Wise website as you use their service, there are 3 payment methods they offer and one of them is Swift.

[img][link under review]

The  pic got held up by computer glitch when you edit a post.  Trying again.

WISE is my option to transfer small amounts when the fee is low, but when I need to transfer large amounts SWIFT is the best, where I know the fixed cost of transfer and the correspondence bank charges which is usually a fixed amount. WISE in comparison charges you a percentage of the transfer amount. It is best to transfer small amounts for speedy transfers, but for large amounts, I stay with SWIFT, where the transfer is just as prompt and reliable.
-@chutimaprojects
Wait, isn't SWIFT a payment method inside Wise? Or are you saying there is also another company like WISE that is called "SWIFT"?

This is what I meant when inside Wise website as you use their service, there are 3 payment methods they offer and one of them is Swift.

[img][link under review]
-@Bigrad Wolf

Swift is the name for international transfers between banks. When sending USD, and I think it's only in the US, the swift transfer option is between your account and Wise. Then Wise sends the money to the receiving bank. I have never seen the swift option for any European currency. Normally you connect your bank account to Wise to be able to use ACH. It's called Fast transfer option in Europe. Don't confuse a normal swift transfer which is an international bank to bank transfer with the swift option in Wise.

This is about Thailand and baht is what's you're sending when using Wise. In the US there might also be local limits when sending money, but that has nothing to do with receiving limits. By the way,do you even have a Thai bank account or any account outside the US?
-@Leeds forever!

As you may know, am buying a condo  and me and seller agreed it's easier to transact in USD instead of THB.  So my purpose is not really for the B800K yet.  BUT, the condo will become my address and then will be used to open up my first Thai bank account which I can then use to transfer baht later on to build the B800K.     

Swift is the name for international transfers between banks. The screenshot you showed is for the registration,right?
-@Leeds forever!

That WISE site screenshot pops up whenever I "Add A Recipient".  In adding a recipient, it already asks for what payment method I want to use.   With think, I think I can add same recipient 3x --- one for each payment method type, for flexibility in options in case one of those methods does not work.  But the problem is, my own experience  of using ACH from my US bank account to my US Wise account is that ACH has a daily limit of $50K (which includes the fees, so technically its under $50K that I can transfer).

This article for 2023 on WISE states $1M limit for sending locally (no mention of payment method), and $1.6M limit for sending internationally via SWIFT payment method.
Transferring locally, WISE actually has a daily limit of $50K via ACH payment method. This is a key information that the author or WISE itself should have helped clarified when sending locally. The $1M may only be true for certain payment method.

Now, I am about to use the SWIFT payment method but internationally. Has anyone here have actual experience of using this method for international payment with WISE and doe is also hit a daily limit of $50K? I guess the only way to know this is if anyone of you used it for sending via SWIFT international more than $50K.

The answer will help me and others plan going forward.


-@Bigrad Wolf

Why not read the info about transfers on Wise's website instead of reading what seems like a review by Forbes?  You're mixing apples and oranges. Where are you supposed to send money?  If it's Thailand there are no daily limits, only limits regarding amounts. Current limits depends on the receiving bank.

Why not read the info about transfers on Wise's website instead of reading what seems like a review by Forbes? You're mixing apples and oranges. Where are you supposed to send money? If it's Thailand there are no daily limits, only limits regarding amounts. Current limits depends on the receiving bank.
-@Leeds forever!

Of course I did that already and they are silent on daily limit for SWIFT.    But silent does not necessarily mean it does not exist.   So trying to see if other people have actually used WISE's SWIFT payment method in USD and if they hit any limit. 

If will be interesting how this develops, it will be a SWIFT transfer from my US Wise account to a UAE bank account. 

I will let you guys know if my amount will Fail because of a  limit and what that limit is.    I did not even know of the $50k daily limit in ACH until I hit it.   Their website is also outdated on the info re limits.  On the site it lists the ACH daily limit as only $15K but it was thankfully larger at $50K.     

https://wise.com/us/blog/wise-limits

Why not read the info about transfers on Wise's website instead of reading what seems like a review by Forbes? You're mixing apples and oranges. Where are you supposed to send money? If it's Thailand there are no daily limits, only limits regarding amounts. Current limits depends on the receiving bank.

-@Leeds forever!

Of course I did that already and they are silent on daily limit for SWIFT.  But silent does not necessarily mean it does not exist.  So trying to see if other people have actually used WISE's SWIFT payment method in USD and if they hit any limit.

-@Bigrad Wolf

There are no daily limits when transfer money to Thailand, only the limits I have mentioned 3-4 times already. Don't confuse limits in the US with international transfers. The swift transfer option at Wise is not same as an international swift transfer bank to bank. If it was, why would you need Wise? The reason for the Wire and Swift transfer option when sending USD might be because of restrictions in the US. There might be banks that don't allow you to connect your account to Wise and let Wise withdraw money. Don't forget that Wire and Swift transfer options don't exist in for example Europe. US is the land of paranoia when it comes to banking. You have ever heard of FATCA?

Wise does use SWIFT for some outward payments, but apparently in very limited cases (same currency payments in USD/GBP/EUR [outside of SEPA]) - see https://wise.com/help/articles/2553074/paying-by-swift. I'm not sure if you can open accounts in these currencies in Thailand - it's hard enough opening one in THB - but it seems that the OP is trying to make a payment to an account in the UAE, where USD accounts may possibly be opened more readily.

Wise does use SWIFT for some outward payments, but apparently in very limited cases (same currency payments in USD/GBP/EUR [outside of SEPA]) - see https://wise.com/help/articles/2553074/paying-by-swift. I'm not sure if you can open accounts in these currencies in Thailand - it's hard enough opening one in THB - but it seems that the OP is trying to make a payment to an account in the UAE, where USD accounts may possibly be opened more readily.
-@Retiree

You can open accounts in USD/GBP/EUR in Thailand as long as your sending bank is located in one of those countries. You can only use a Thai bank account as a recipient account,because you can't send THB out of Thailand using Wise. When it comes to international transfers,Wise does only (as far as I know) use swift (and wire) transfer options in the US, and it's just for a part of the transfer.

Update: Wise deemed it was a large transfer and required 3 recent months of bank statements showing salary deposits AND last year's tax filing.  The tax filing was a bit tricky because I had to create an account to access IRS site. And boy the also have their own requirements -- Drivers License back and forth, an app to take your pic from your smartphone, etc.

What I'm saying here is learn from me. Make sure you have your softcopies of the bank statements and the tax filing for last year ready.

With regards to the question of daily limit for SWIFT payment method for US Dollar international transfer == I did not hit any limit if there was one and the money I sent was between US$200K - US$250K. So you guys are safe if you're sending under $250K.  I sent Monday, received Wednesday (today). It was that fast.

Bravo Wise. Happy customer.

Next purchase transfer -- $500K to $1M.  Let's see if WISE can handle that in same speed and without limit issue.