BANGKOK, THAILAND – From 19 May, Wise shifted its Thailand services to a locally licensed entity, unlocking direct baht transfers abroad and full PromptPay integration for expats.
Baht transfers overseas without detours
People earning their income in Thailand had previously been unable to send baht directly abroad via Wise. That changed in May, when customers began transferring THB from a local bank account or from their Wise balance at the mid-market rate with clearly itemised fees.
At the same time, the new regulatory setup restricted other routes. Transfers between two foreign accounts – for example from the United States to Singapore via Wise Thailand – were no longer processed, and foreign currencies such as USD or GBP could not be sent directly overseas from a Wise balance; funds first had to be converted into baht.
PromptPay integration reshapes daily payments
Wise fully integrated PromptPay into its service. Customers could send money to any PromptPay ID – mobile phone number or ID card number – and receive payments via QR code or e-wallet ID, with Scan-and-Pay support for PromptPay-QR and ThaiQR codes.
This aimed to remove a frequent obstacle in everyday life. Foreign cards had often failed at smaller shops and market stalls, but the QR function allowed Wise users to pay where international cards were simply not accepted.
Cards stay – Thai ATMs disappear
The company began issuing both digital and physical Wise cards to addresses in Thailand. These cards could be used for online payments, in-store purchases and cash withdrawals abroad.
However, one feature disappeared: cash could no longer be withdrawn at Thai ATMs with the Wise card. The company instead pointed to PromptPay as an alternative, meaning customers who regularly needed cash had to adjust their habits.
Foreign currencies now only in transit
Incoming transfers in foreign currencies were automatically converted into baht at the applicable mid-market rate, including fees. Customers who had wanted to park USD or EUR in their Wise accounts in Thailand lost that option.
More than 40 currencies remained available to hold and exchange, as long as the funds originated in Thailand. The system stayed flexible, but now effectively only in one direction.
Winners, losers and looming deadlines
In April, Wise sent verification requests to all customers in Thailand, with the changes taking effect from 19 May. Those who no longer lived in the country were asked to update the address listed in their accounts.
Whether the new structure would ultimately simplify life, or whether the losses – no ATM access, no foreign-currency accounts, no third-country transfers – would outweigh the new functions for many users, remained an open question. Affected customers were expected to make up their minds once they completed their first transfer under the new rules.
Quelle: Wise