Has anybody ever tried Transferwise?

[Forza2002]

5 minutes ago, VBF said:

As I hadn't used my TW account for a while, on 2nd Jan I made a "test" transfer of £10 from my UK account to my SCB account.

It had reached SCB when I checked 15 minutes later.

Now I did this at about 09:30 UK time (16:30 Thailand) and my UK bank is, like most here, on the Faster Payments scheme.

 

It might be that if you time it so you're in banking hours in both countries as I was, then it goes through faster than, say, at night or over a weekend.

 

I do know, that in the past I've used a Debit card and it has taken longer and I assume (!) that even if the card is a Debit card, the funds or authorising may still have to pass through the MasterCard or Visa systems.  YMMV, as they say.

I had confirmation email from TW that they had received the money at 4:42pm yesterday and would start the process. I received the funds in BKK bank 5 minutes ago 3:05pm so again, that's nearly 24 hrs....

[scubascuba3]

54 minutes ago, Forza2002 said:

Tagged it?

Some people tag it so the bank used in Thailand prior to it settling in say Bangkok Bank is also Bangkok Bank, this may make the process longer but means the transaction is shown as International, many threads on it

[VBF]

34 minutes ago, Forza2002 said:

I had confirmation email from TW that they had received the money at 4:42pm yesterday and would start the process. I received the funds in BKK bank 5 minutes ago 3:05pm so again, that's nearly 24 hrs....

If I may assume you're in UK or Europe (?) that means that you sent the money INSIDE banking hours but AFTER the Thai banking system had shut down for the night.

So my take on it is that basically nothing happened from when TW confirmed receipt until the Thai bank opened by which time TW was closed for the night.

Look at my post above and you'll see that my little transaction wasn't hampered by those timings.

 

I don't know that this is an issue but it would seem logical. I do realise that it's meant to be real time but I've seen transfers within UK delayed this way and in reality, moving money across several systems which may include correspondent banks involve several sets of rules. 

 

I admit 24 hours is a little excessive but if my logic is correct, it would take 12 hours out of the process.

 

The other thing - was this on or approaching the weekend?

Edited January 16, 2020 by VBF