Using Transferwise for bringing money to THailand

[GreytMan]

1 hour ago, Jip99 said:

 

 

Was the Nationwide transfer free of charge ?

 

Did you transfer Sterling or Baht ?

 

I don't believe that Bangkok Bank did not charge.... their published tariff is 0.25% on incoming transfers.

 

 

It's likely a local transfer/deposit, so no incoming fee.

[Jip99]

7 minutes ago, GreytMan said:

 

 

It's likely a local transfer/deposit, so no incoming fee.

 

Of course there is an incoming fee with transfers from Nationwide..... it is the likes of Transferwise that use the 'local' system.

 

 

[ketherin]

6 hours ago, Jip99 said:

 

Kasikorn charge 025% min 200 Max 500 + 0.1% (unlimited)  +  20 Baht to transfer out of Bangkok.

 

GBP 3,000 @ 43 = 129,000 Baht less 0.25% = 322 Bt.less 0.1% = 129 Bt less 20 Baht  =  net payment 128,529 Baht with 471 Baht in charges.........suggests rate better than 43

Not sure if a couple of people misunderstood my original post... 

 

I did the latest transfer from my UK bank to my Kasikorn bank using Transferwise. 

I've done the same transaction numerous times in the past using Transferwise and Kasikorn have not charged any foreign transaction fee. 

As Transferwise make the payment seem like its coming from another Thai account. 

 

But this time I was charged... Just asking if this is going to be the norm from now on or was this transferred slightly differently and Kasikorn picked it up as foreign transaction. 

 

 

Thanks everyone for your input really appreciated...  

[Jip99]

2 minutes ago, ketherin said:

Not sure if a couple of people misunderstood my original post... 

 

I did the latest transfer from my UK bank to my Kasikorn bank using Transferwise. 

I've done the same transaction numerous times in the past using Transferwise and Kasikorn have not charged any foreign transaction fee. 

As Transferwise make the payment seem like its coming from another Thai account. 

 

But this time I was charged... Just asking if this is going to be the norm from now on or was this transferred slightly differently and Kasikorn picked it up as foreign transaction. 

 

 

Thanks everyone for your input really appreciated...  

 

Thank you for clarifying....... I think we all want to get a clear understanding so we can make our best transfer choices.

 

 

Being charged this time (at the Thai end) does not make sense; Transferwise stipulate the exact amount of Baht tat will be received into your account without deductions.

 

Hello XXX,

21,690.65 THB is on its way to XXX. The money should be in their bank account by tomorrow, November 7.

Here’s a summary of that transfer. And if you need a proper receipt, you can download it from your TransferWise account.

Transfer details

Amount:

21,690.65 THB

Rate:

43.38129

TransferWise fee:

0 GBP

 

 

 

 

There was no Transferwise fee because this was a first transfer for under GBP 500 - otherwise  Normal rate is 0.55% + £1.50

[GreytMan]

16 minutes ago, Jip99 said:

 

Of course there is an incoming fee with transfers from Nationwide..... it is the likes of Transferwise that use the 'local' system.

 

 

 

I am referring to Transferwise, as was wgdanson, whom you quoted.

[Jip99]

Just now, GreytMan said:

 

I am referring to Transferwise, as was wgdanson, whom you quoted.

 

 

understand - apologies, I thought he was talking about Nationwide direct to Bangkok Bank....

[Eff1n2ret]

47 minutes ago, ketherin said:

 

But this time I was charged... Just asking if this is going to be the norm from now on or was this transferred slightly differently and Kasikorn picked it up as foreign transaction. 

I always had a charge from Kasikorn. It used to be around 200 - 250 Baht for amounts around £3000 -5000 (translated into Baht) but it's increased significantly in the last year or so. When I first started dealing with UK Forex (now OFX) nearly 8 years ago, the person in their London office said "We have an account with HSBC in Bangkok. When you do a deal we just send them an instruction to transfer the baht amount to your account." - but the funds have never gone directly to my local account, they've always been channelled through a foreign department of Kasikorn in Bangkok, who stick the charge on.

I don't know who OFX's correspondent account is now, as HSBC no longer have a retail branch in Thailand. And I don't know if Transferwise operate in the same way, or perhaps collect the charge up front at the time of purchase.

Some time ago I asked Kasikorn to justify their increased charges and they didn't reply, so I re-activated an old Bangkok bank account as their maximum charge on any amount transferred is 500 Baht.

[Tanoshi]

18 hours ago, ketherin said:

Not sure if a couple of people misunderstood my original post... 

 

I did the latest transfer from my UK bank to my Kasikorn bank using Transferwise. 

I've done the same transaction numerous times in the past using Transferwise and Kasikorn have not charged any foreign transaction fee. 

As Transferwise make the payment seem like its coming from another Thai account. 

 

But this time I was charged... Just asking if this is going to be the norm from now on or was this transferred slightly differently and Kasikorn picked it up as foreign transaction. 

 

 

Thanks everyone for your input really appreciated...  

 

No Transferwise always pay Thai baht into your account from a local bank, so it's not deposited as a foreign transaction.

Only your bank can tell you why you were charged on this occasion.

It could be a genuine error, check it out.