Transferwise

[mrmazinkle]

I just found this on Google and read up some about it..Anyone here using it?Good?bad?any positives ?negatives.?How is it done?I would appreciate your input..Many thanks Thomas

[Phuket Man]

Used it a few times and it works well.

You know exactly how much you will be getting into your Thai bank before you commit. 

[Maverickthai]

Use the borderless system method to transfer if you have a Thai bank.


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[Jack Mountain]

On thailand-starter-kit is an good article about transferwise.

[mrmazinkle]

many many thanks for the input.I will give it a try and post here.I am sick of giving my money to banks in Thailand and UK..Thank you all again..

[orientalist]

I have used it several times to move funds from the UK to Thailand, and was very happy with the result. Their "fee" for transfers from sterling to baht was  1.5% in January, then it was lowered to 0.6% and is now 0.55%. The transfers took 2.5 days into my Kasikorn sub-branch but other members have had same-day transfers.

[sumrit]

When you receive the money in your Thai bank account does the Thai bank charge for the service in the same way as they do when receiving money via a Swift Transaction?

 

Personally I've started using a Pre-paid Credit Card, similar to the ones that are popular in the UK for holiday makers/travellers use to manage their money when abroad.

Firstly, like Transferwise, with the one I use there are no bank charges whatsoever from the credit card company and they use the mid point bank rate. but the advantage is I can take my money out in Thailand immediately if I want to, no two/three days waiting time. I transfer my pensions (in GBP) in this way and take it out (in Baht) via an ATM, with the 220 baht Thai ATM charge for using a foreign card being the only charge. I have to pay. And I can see the current exchange rate via an app in my phone before taking the money out.

[robin33]

When you receive the money in your Thai bank account does the Thai bank charge for the service in the same way as they do when receiving money via a Swift Transaction?
 
Personally I've started using a Pre-paid Credit Card, similar to the ones that are popular in the UK for holiday makers/travellers use to manage their money when abroad.
Firstly, like Transferwise, with the one I use there are no bank charges whatsoever from the credit card company and they use the mid point bank rate. but the advantage is I can take my money out in Thailand immediately if I want to, no two/three days waiting time. I transfer my pensions (in GBP) in this way and take it out (in Baht) via an ATM, with the 220 baht Thai ATM charge for using a foreign card being the only charge. I have to pay. And I can see the current exchange rate via an app in my phone before taking the money out.

Used it again last week send money to relative no charge by Thai Bank. Made transfer on saturday was in bank monday. Al workshop great.

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[orientalist]

3 hours ago, sumrit said:

When you receive the money in your Thai bank account does the Thai bank charge for the service in the same way as they do when receiving money via a Swift Transaction?

 

Personally I've started using a Pre-paid Credit Card, similar to the ones that are popular in the UK for holiday makers/travellers use to manage their money when abroad.

Firstly, like Transferwise, with the one I use there are no bank charges whatsoever from the credit card company and they use the mid point bank rate. but the advantage is I can take my money out in Thailand immediately if I want to, no two/three days waiting time. I transfer my pensions (in GBP) in this way and take it out (in Baht) via an ATM, with the 220 baht Thai ATM charge for using a foreign card being the only charge. I have to pay. And I can see the current exchange rate via an app in my phone before taking the money out.

 

No, it comes into your account as a local transfer, so no charge.

 

Which card? I have used Monzo on occasion, but with any card the 200 baht Thai ATM fee on a 20K (or less) deposit is like a 1%+ fee. That doesn't compare so well with TransferWise.

[Scott]

Posts reported and removed.  

[BertBert]

I have used TransferWise many times. I sent money from Holland to Thailand.
You can choose if you want to sent an amount of Euros, then TransferWise calculates how many THB that will be. 
Or you can say that you want for example send 10.000 THB.
The recipient reveives exactly that amount, so there are no hidden costs for the Thai bank.
When you choose the last option TransferWise will reckon on the safe site, because they are not sure about the exact exchange rate. So they charge you a few Euro extra.
But they always have paid it back after a couple of days.
I think it is very transparant.
A few month ago I had to wait 3 days before my money arrived in Thailand (SCB-bank), but now it arrives almost always on the next day. Not in the weekend of course.

[Chivas]

Pros having used....

 

Full international interbank rate (eg xe.com) as long as you remit monies to TW within 24 hours

Was in my SCB account next working day

Excellent Email updates

No local bank fee for depositing it

Low fees

 

Cons.....only 1

 

Fees are a sliding scale upwards depending on amount.....there will come a point where your own banks flat fee will give a bottom line in your thai account that is slightly better when it lands at TT rates. You need to work out what it is. With mine its around £3800 transfer

[dabhand]

Just started using TW last week. Initial transfer experience was OK but was concerned by their use of emails, initially indicating a next day receipt, then on the following day indicating a one day delay, then actually having the funds in my account within two hours of the 'delay' email.

The funds were actually for a friend and the funds were needed on the day initially advised by TW. So when I advised my friend of the delay , not a happy camper. Then, when told of the surprise receipt shortly thereafter, changed to a happy camper!!

Used them again this weekend. Arranged the transfer yesterday, Sunday, from UK to Thailand (SCB), and the funds have just hit my account (1.30pm Monday). So rather impressive given the weekend aspect.

So, with the good rates and low fees on smaller transfers plus the speedy transfers they are definitely an improvement on the standard bank to bank transfers. Just a shame that their fixed % charges mean they are priced out of the larger transfers market. Hope that changes in the future, with maybe a sliding scale of charges being introduced.

[Chivas]

^^

It is a sliding scale of charges the bigger the transfer amount....??

[KittenKong]

1 hour ago, Chivas said:

^^

It is a sliding scale of charges the bigger the transfer amount....??

 

Sliding scales generally reduce the percentage as the amount increases. This charge is a fixed percentage that doesnt slide at all.

 

Another option of course would be to cap the charge at some fixed maximum, say 1000B.

 

But maybe they dont really want to deal with larger transfers unless they get pro rata payment?

[dabhand]

1 hour ago, Chivas said:

^^

It is a sliding scale of charges the bigger the transfer amount....??

Not currently. As KK explained.

[Chivas]

Dabhand KK

 

Ok acknowledge that point you're making but it simply is a sliding scale if £2000 costs £12 (or whatever)  £4000 costs £24 and so......thats a sliding scale whatever way you want to look at it as opposed to flat rate from your bank for 2k 4k 8k etc

[sumrit]

 

When using Transferwise nobody has given a definitive answer on costs. some posters seem to be suggesting a fixed rate is applied while others seem to be saying its a percentage of the amount sent.

 

I can see how the exchange rate is applied. I might have missed it, but can't find the answer about charges on their web site.

 

So can somebody please confirm whether a fixed charge (regardless on the amount being sent) applies OR whether a percentage of the money being sent is charged, and if so what that actual percentage??????

 

For example, what would  the actual cost of sending £1,000.00, £5,000.00 and £10,000.00 from the UK to my Thai bank be and how is it calculated?

[Here It Is]

I don't transfer huge amounts of monies from UK to LOS, but have stuck to Xendpay for the last few years.  

[Jip99]

Transferwise Charges £1.50 + 0.55% to Thailand. 

£1,200 would cost £8.10 for Transferwise     

 

For example, I can transfer via Barclays for an £8  prepaid charge (no charges at Thai end).

 

Depends whether I want to transfer Sterling to my FCD account (which Transferwise does not do but Barclays does).

 

If I want to receive Baht then Transferwise (assuming rates about the same) - simplistically - I would use Transferwise for up to 1,200 and Barclays for more than that.

 

 

[orientalist]

17 minutes ago, sumrit said:

 

When using Transferwise nobody has given a definitive answer on costs. some posters seem to be suggesting a fixed rate is applied while others seem to be saying its a percentage of the amount sent.

 

I can see how the exchange rate is applied. I might have missed it, but can't find the answer about charges on their web site.

 

So can somebody please confirm whether a fixed charge (regardless on the amount being sent) applies OR whether a percentage of the money being sent is charged, and if so what that actual percentage??????

 

For example, what would  the actual cost of sending £1,000.00, £5,000.00 and £10,000.00 from the UK to my Thai bank be and how is it calculated?

 

Just go to the Pricing page and plug in the currencies and amounts you want. It will show you the fee calculation.

[Here It Is]

6 minutes ago, JAS21 said:

However XendPay  may be cheaper for your first transfer as it may be possible to not pay their fee. However they do not give mid market rate. So it will be close.

Xendpay transfers of up to GBP 2,000 pa is free of charges [I have two accounts, one for me and one for the wife].  But worth a look at TransferWise thereafter.  I'll keep an eye on it as anything to keep the charges down is good for me.

[chickenslegs]

28 minutes ago, Here It Is said:

Xendpay transfers of up to GBP 2,000 pa is free of charges [I have two accounts, one for me and one for the wife].  But worth a look at TransferWise thereafter.  I'll keep an eye on it as anything to keep the charges down is good for me.

With Xendpay you can choose not to pay a fee. The exchange rate stays roughly the same. However, the rate is usually not as good as TW.

 

People need to pay less attention to transfer fees and bank charges. The only number that matters is how many Baht end up in your bank account.

 

Right now with TW you get 43,026.87 for 1,000 GBP

Right now with Xendpay you get 43074.94 for 1,000 GBP (if you choose the zero fee option).

 

See below.

 

These are guaranteed rates.

[chickenslegs]

 

 

 

 

[Here It Is]

6 minutes ago, chickenslegs said:

With Xendpay you can choose not to pay a fee. The exchange rate stays roughly the same. However, the rate is usually not as good as TW.

 

People need to pay less attention to transfer fees and bank charges. The only number that matters is how many Baht end up in your bank account.

 

Right now with TW you get 43,462.53 for 1,000 GBP

Right now with Xendpay you get 43074.94 for 1,000 GBP (if you choose the zero fee option).

 

These are guaranteed rates.

Maybe we're looking at different websites.

 

TW:  43,026

XE: 43.08

 

Rather than argue the toss just do the calcs at the time and get on with it.  

[robin33]

A link from some time ago

 

http://thaifood.robinramp.com/transferring-money-cheap-goedkoop-geld-overmaken/

 

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[chickenslegs]

8 minutes ago, Here It Is said:

Maybe we're looking at different websites.

 

TW:  43,026

XE: 43.08

My apologies. I have just spent a few minutes trying to edit my posts. If you read them again you will find they concur with your figures.

 

The 43,462.53 was for 1,010 GBP - Fat fingers.

[JAS21]

34 minutes ago, Here It Is said:

Xendpay transfers of up to GBP 2,000 pa is free of charges [I have two accounts, one for me and one for the wife].  But worth a look at TransferWise thereafter.  I'll keep an eye on it as anything to keep the charges down is good for me.

Yes ..having a quick look on a 2Kgbp transfer IF you have no charges then you will be about 270thb better of with XendPay. BUT you will have bank charges at this end of at least 200thb. ...so not a lot in it ...TW are offering 43.33thb/1gbp whereas XendPay are offering 43.08thb/1gbp .

 

After your free 2K you will loose out well ...having two XendPay accounts is an option ... however who can live on 4Kgbp/year!! 

[Here It Is]

5 minutes ago, JAS21 said:

BUT you will have bank charges at this end of at least 200thb. ...so not a lot in it ...TW are offering 43.33thb/1gbp whereas XendPay are offering 43.08thb/1gbp .

TW: 43,026 at this moment in time.

 

There are no bank charges on arrival in LOS.  I've sent dozens of Xendpay payments so don't try to make a fool of me.

 

Like I said, let's not argue the toss.  Do your calcs and send when you've hit the spot.  

 

 

[chickenslegs]

4 minutes ago, JAS21 said:

Yes ..having a quick look on a 2Kgbp transfer IF you have no charges then you will be about 270thb better of with XendPay. BUT you will have bank charges at this end of at least 200thb. ...so not a lot in it ...TW are offering 43.33thb/1gbp whereas XendPay are offering 43.08thb/1gbp .

 

After your free 2K you will loose out well ...having two XendPay accounts is an option ... however who can live on 4Kgbp/year!! 

Are you sure about the 200 Baht bank charges. I thought that both TW and EX send THB - No charges for receiving THB.