Wise Stories: Funding my business in Thailand

Wise
01.03.16
2 minute read

At Wise we spend a lot of time speaking to you, our amazing customers. From testing out new products to letting us know which currencies you'd like us to launch next.

You help us test lots of practical stuff, but the one thing that always stands out is the great stories you have about Wise helping you live global lives.

This is the first in a series of 'Wise Stories' - sharing the amazing things that Wise enables people to do.

Meet Marc:

Marchas been a Wise user for the past year. He's currently studying for his degree in Economics at the University of Cologne in Germany. An entrepreneur at heart, he's already working on his own startup after graduation later this year, and runs Paigh.com as a side project selling harem pants.

Common Grounds Pai Hostel - Thailand

Marc part owns a hostel in Thailand with 12 friends, called Common Grounds Pai.

"There’s not a lot of money in it, but it’s a passion project for us"

The hostel is located in Pai, Northern Thailand. It's famed for it’s artistic, bohemian atmosphere, with live music nearly every night. Guests vary - but often they are musicians who will stay for a few months every year. The area is safe, but not too touristy - they are one of the only hostels in the area. While the profit margins aren’t very high, demand for the hostel is.

“We are nearly always at 90 % capacity, throughout the year, even after we expanded.... the area is so relaxed and carefree, people come and some stay a long time”

He has visited the hostel many times, but is predominantly a financial backer. The success of the hostel is down to the hard work of his two friends, Mitch and Taylor, who live and work in Thailand all year round. Despite this, he loves the area, and it’s relaxed culture.

“The best thing you can do in Pai is to do nothing.”

Using Wise to fund the business

Marc uses Wise to transfer money for the business. At first, he used his banking provider, but quickly became frustrated by the rates charged by the banks. He came across Wise in a German newspaper, Der Spiegel - and the rest is history (or the at least the bank charges were!). The hostel has undergone renovations recently, and Marc used Wise to transfer £5,000 to go towards the work, saving over £100 compared to using his bank. The money went towards expansion - adding an additional 18 beds to the structure, which now sleeps 46.

Why Wise?

Marc loves the "Transparency and the pricing...People think Wise is expensive but when you use a bank you don’t see the fees hidden in the fake exchange rates.” Onwards.


Sending money to Thailand? See how much you could save using Wise: Plus, if you need to request money from abroad, you can use Wise Request Money here.

Do you have a Wise story to tell? We'd love to hear it. Fill in our form and tell us more.

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