Has anybody ever tried Transferwise?

[garrya]

I was wondering if I could get some feedback on Transferwise.

I intend to transfer money from both my wife's and my bank accounts to our Thai bank accounts (both Bangkok Bank)

 

It seems like an easy-peasy service with the best rates and lowest fees 

[Carib]

Yes, at first the identity verification was a bit slow and failed a couple of times,  but that is a one time occurence. After being approved everything is smooth and it works as advertised. No problems at all.

[garrya]

3 minutes ago, Carib said:

Yes, at first the identity verification was a bit slow and failed a couple of times,  but that is a one time occurence. After being approved everything is smooth and it works as advertised. No problems at all.

Excellent. Thanks

 

[Oxx]

It has worked very well for me.  However, be aware that you won't have the necessary paperwork to be able transfer the money back out of Thailand should you wish to do so.

[jackdd]

Just use the search function, we had many threads about it already ?

[garrya]

5 hours ago, Oxx said:

It has worked very well for me.  However, be aware that you won't have the necessary paperwork to be able transfer the money back out of Thailand should you wish to do so.

This is interesting and is worth considering.

[Peterw42]

Lots of recommendations on Thaivsa. The only issue you may have is if the money is for a condo purchase or to be exported later, as no FET or record of money coming into Thailand.

[Duke007]

I just used Transferwise to send USD to Kasikorn Bank. Took about 4 days. But now I'm concerned about the future repatriation of these funds. What is an FET? I asked KBank about any type of paperwork to document the transaction and was told all I had to do was request a "credit advice" at the time I wish to withdraw the money. Can anyone clarify this procedure?

[gusincebu]

And I just used Transferwise to send AUD ( Westpac ) to Bangkok Bank .. 8pm last night ..in my Bkk Bank at 2pm today . That's actually quick , but it is usually approx 24 hrs in my experience . I use the Poli transfer option .

Sent from my SM-T535 using Tapatalk

[garrya]

On 6/20/2018 at 1:27 AM, Oxx said:

It has worked very well for me.  However, be aware that you won't have the necessary paperwork to be able transfer the money back out of Thailand should you wish to do so.

I have managed to send the money and even a pdf receipt is available showing clearly the amount , the account details and ID of both the sender and receiver.

I believe it will suffice.

[garrya]

On 6/20/2018 at 6:13 PM, Duke007 said:

I just used Transferwise to send USD to Kasikorn Bank. Took about 4 days. But now I'm concerned about the future repatriation of these funds. What is an FET? I asked KBank about any type of paperwork to document the transaction and was told all I had to do was request a "credit advice" at the time I wish to withdraw the money. Can anyone clarify this procedure?

Transferwise has given me a pdf receipt showing the details of both the sender and receiver, detailed account details and the amount . It may be a good enough evidence.

[Daryle]

I use it every month and sometimes get a better rate than on ground for the AUS . Although after fees the rates are very similar.

Sent from my SM-T530 using Tapatalk

[DUS]

I regularly use Transferwise and so far, touch wood, never had any issues with them. 

 

Quick question, though, as I am curious: Who do they work with when they need/source THB? So, when I transfer GBP 20,000 to Thailand, where do they get the 880k-ish Baht from? Does anyone know? I mean, since us users cannot sell THB back to Transferwise, the obviously "source" the Baht from a third party. 

 

Or am I completely missing something here? Could well be ... ?

 

Edited July 26, 2018 by DUS

[BritManToo]

1 hour ago, DUS said:

Who do they work with when they need/source THB?

Don't know, but it must be internal to Thailand, as my Thai bank doesn't charge a foreign transfer fee on the incoming money.

[Jip99]

1 hour ago, DUS said:

I regularly use Transferwise and so far, touch wood, never had any issues with them. 

 

Quick question, though, as I am curious: Who do they work with when they need/source THB? So, when I transfer GBP 20,000 to Thailand, where do they get the 880k-ish Baht from? Does anyone know? I mean, since us users cannot sell THB back to Transferwise, the obviously "source" the Baht from a third party. 

 

Or am I completely missing something here? Could well be ... ?

 

 

 

Have a read of the website/history - TW use 'agents/contact' in different countries.

 

Essentially, the match buyers and sellers so do not have to transact through the SWIFT system.

[KittenKong]

21 minutes ago, Jip99 said:

Have a read of the website/history - TW use 'agents/contact' in different countries.

Essentially, the match buyers and sellers so do not have to transact through the SWIFT system.

This is correct, and this is why you will not get an FET from them and why it will probably not be suitable for large sums for condo purchase or possible repatriation later.

 

It is not usually difficult to repatriate small sums.

[Jip99]

1 minute ago, KittenKong said:

This is correct, and this is why you will not get an FET from them and why it will probably not be suitable for large sums for condo purchase or possible repatriation later.

 

It is not usually difficult to repatriate small sums.

 

 

I believe that there is a 2m Baht transfer limit anyway......... of course, multiple transfers are possible but the advice  re FET is good.

[wgdanson]

14 minutes ago, KittenKong said:

It is not usually difficult to repatriate small sums

The 'small sums' I transfer each month are soon gone, no chance of any repatriation. You have to state that the transferred money is for 'General living expenses'or something like that.

[Jip99]

30 minutes ago, wgdanson said:

The 'small sums' I transfer each month are soon gone, no chance of any repatriation. You have to state that the transferred money is for 'General living expenses'or something like that.

 

 

Multiple options, including property related expenses........ just a box ticking exercise.

[Pib]

3 hours ago, DUS said:

I regularly use Transferwise and so far, touch wood, never had any issues with them. 

 

Quick question, though, as I am curious: Who do they work with when they need/source THB? So, when I transfer GBP 20,000 to Thailand, where do they get the 880k-ish Baht from? Does anyone know? I mean, since us users cannot sell THB back to Transferwise, the obviously "source" the Baht from a third party. 

 

Or am I completely missing something here? Could well be ... ?

 

Expect Transferwise has an account at a Thai bank...and they keep it topped-up with enough baht in order to finalize a transfer.  Transferwise would basically just do a domestic transfer from their Thai bank account to your Thai bank account.

 

Snapshot from Transferwise website

[Pib]

Here's a good article expanding Transferwise's peer-to-peer transfer service where Transferwise uses its own capital supply....like having a Transferwise bank account in Thailand topped-up with baht so a domestic transfer can be used to complete the final leg of a transfer.

 

http://transumo.com/transferwise-review/

Quote

As explained above, while it is peer to peer, Transferwise isn’t literally matching you up with another person on the other side of the world. They have large amounts of all the currencies they deal in and it is the company itself that will transfer the money from their capital supply.

 

Edited July 26, 2018 by Pib

[lopburi3]

At Bangkok Bank the transfers from Transferwise are clearly listed as an "international transfer" the same as when using Bangkok Bank New York ACH transfer service.  That is my experience this month.

Edited July 26, 2018 by lopburi3

[Pib]

Just now, lopburi3 said:

At Bangkok Bank the transfers from Transferwise are clearly listed as an "international transfer" the same as when using Bangkok Bank New York ACH transfer service.  That is my experience this month.

Yes, me too...for my Transferwise transfer to Bankgok Bank, but that does not mean the "final leg" of the international transfer was from an international source...like incoming SWIFT transfers.  Just means the beginning point of a  transfer was from outside of Thailand.  The final leg is a domestic transfer from within Thailand in Transferwise's case.

 

And on my Transferwise transfer to Krungsri Bank the description was not "international transfer"....it was just a 10 digit transfer number generated by Transferwise.   

 

I'm expect the transfers to my Bangkok Bank account also had a 10 digit transfer number in the coding associated with the transfer, but Krungsri only extracted/posted that info on my account where Bangkok Bank extracted/posted a different area of the coding.  

 

 

[Pib]

Another reference from the Transferwise website talking the final leg of the transfer is via local bank transfer.

 

https://transferwise.com/gb/blog/opening-a-bank-account-in-thailand

Quote

A cheaper solution, if you’re looking to fill up your new Thai bank account from overseas, is TransferWise. Not only does TransferWise use the real mid-market exchange rates (meaning that, unlike with regular bank transfers, there’s no hidden markup on the currency conversion rate), but because your money is received and sent via local bank transfers in both Thailand and your home country, that means those unpleasant international fees magically disappear.

 

[sushyoshi]

I dont get this.

There seems to be multiple people recommending transferwise but when I simulate the transfer it costs more expensive then my bank. Heres the deal:

 

I want to transfer 10,000 EURO to Thai. This gives me 52.74 EURO fees. On my local bank in Portugal the total fees are 38 EUROS.

Am I missing something here? I would like to know anyone transfering euros (more than 10,000) what was your choice?

[DUS]

2 minutes ago, sushyoshi said:

I dont get this.

There seems to be multiple people recommending transferwise but when I simulate the transfer it costs more expensive then my bank. Heres the deal:

 

I want to transfer 10,000 EURO to Thai. This gives me 52.74 EURO fees. On my local bank in Portugal the total fees are 38 EUROS.

Am I missing something here? I would like to know anyone transfering euros (more than 10,000) what was your choice?

Did you ask your bank if there will be additional charges for 3rd party / transfer banks that they will use? There usually is another bank involved who would charge some additional fees. 

 

I transfered higher amounts than the one you mentioned (in EUR as well as GBP) via European/UK banks and via Transferwise and on those occasions where I used the direct bank-to-bank transfer, TW would have resulted in a better overall rate (i.e. total amount of Baht received in my Thai account).

 

But again, this might be completely different in your case but I´d advise to check those "3rd party fees" just to avoid any surprises.

[Pib]

6 minutes ago, sushyoshi said:

I dont get this.

There seems to be multiple people recommending transferwise but when I simulate the transfer it costs more expensive then my bank. Heres the deal:

 

I want to transfer 10,000 EURO to Thai. This gives me 52.74 EURO fees. On my local bank in Portugal the total fees are 38 EUROS.

Am I missing something here? I would like to know anyone transfering euros (more than 10,000) what was your choice?

If you mean your Portugal bank charges a 38 Euros sending fee, then yea, if only looking at the fees it might appear you are better off.   And don't forget the Thai bank receiving fee which is typical 0.25% (Bt200 min, Bt500 max). 

 

You must also must include the other half of the equation as to the exchange rate.....don't look at "only" fees...also look at the exchange rate.

 

Transferwise will be using the FX mid market rate that will be higher than the Thai bank TT Buying Rate.  And definitely higher than what your Portugal bank might offer to do the exchange for you which is almost always a bad idea due to a significantly lower exchange rate that non-Thai banks offer for Thai baht.

 

Summary: fully cost out the exchange rate and all applicable fees to determine which method puts the most baht into your Thai bank account at the lowest cost.   But yes, at higher transfer amounts the Transferwise fees do start making them less attractive in comparison to just SWIFTing your money over to Thailand.

[Jip99]

17 minutes ago, sushyoshi said:

I dont get this.

There seems to be multiple people recommending transferwise but when I simulate the transfer it costs more expensive then my bank. Heres the deal:

 

I want to transfer 10,000 EURO to Thai. This gives me 52.74 EURO fees. On my local bank in Portugal the total fees are 38 EUROS.

Am I missing something here? I would like to know anyone transfering euros (more than 10,000) what was your choice?

 

 

What you are missing is the benefit a better rate of exchange IN ALL CASES.

[Jip99]

25 minutes ago, sushyoshi said:

I dont get this.

There seems to be multiple people recommending transferwise but when I simulate the transfer it costs more expensive then my bank. Heres the deal:

 

I want to transfer 10,000 EURO to Thai. This gives me 52.74 EURO fees. On my local bank in Portugal the total fees are 38 EUROS.

Am I missing something here? I would like to know anyone transfering euros (more than 10,000) what was your choice?

 

 

Sending via your bank = EUR 10,000 less EUR38 = EUR 9,962 to Thailand.

 

 

At, say, Kasikorn bank the rate is 38.57375 less 500 Baht = 384,272 Baht.

 

Via TW = EUR 10k less EUR 52.74 = EUR 9947.26 @ 38.88856 = 386,835 Baht.

 

Benefit from using TW =  2,563 Baht.

Edited July 30, 2018 by Jip99

[scubascuba3]

I dont get this.
There seems to be multiple people recommending transferwise but when I simulate the transfer it costs more expensive then my bank. Heres the deal:
 
I want to transfer 10,000 EURO to Thai. This gives me 52.74 EURO fees. On my local bank in Portugal the total fees are 38 EUROS.
Am I missing something here? I would like to know anyone transfering euros (more than 10,000) what was your choice?

Have you compared exchange rates? You can't just compare fees