Money transfer

[Taff64]

Has anyone had  or having trouble with Transferwise in the past?

[jackdd]

Just search for "transferwise" using the search function and you will find many threads about it, there is already a new thread about it from today

[Carib]

No, no trouble at all.

[Phuket Man]

No problems. Great service.

 

[Jip99]

50 minutes ago, Carib said:

No, no trouble at all.

 

 

+1  Very occasionally the funds will take a day longer, more are earlier and most are the next day.

[scubascuba3]

No use if you need an FET

[idman]

Been using them for 16 months and not one single problem. As a matter of fact it seems my transfers are arriving quicker, some within 24 hours, perhaps due to how many times I use their service.

[ivor bigun]

Excelent service.discoverd them 6 months ago .best by far

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app

[scubascuba3]

Once you've done the FX/transfer, do you get any kind of trail/notification how settlement is going? Or is just a case of the FX being done and wait for it to settle?

[Carib]

2 hours ago, scubascuba3 said:

Once you've done the FX/transfer, do you get any kind of trail/notification how settlement is going? Or is just a case of the FX being done and wait for it to settle?

They will send you an email when the money has been received and send to where you want it to go and another mail when it arrives at the destination. Also on their site it shows up as a transaction.

[KhunBENQ]

Had no problem.

Quick and good overall result.

I noticed that they now guarantee the exchange rate at the time of order (EUR -> THB).

Before there was always a chance of loosing or winning a slight difference between order time and actual transfer.

For the EUR I did extensive comparison of methods and up to about 3000 EUR there is hardly a cheaper electronic method to find.

Cheaper meaning best overall rate (sent/received).

For high amounts (like a 5 digit EUR amount) with their percentage fee they might be beaten by classical bank transfer.

Edited June 24, 2018 by KhunBENQ

[Chou Anou]

The other nice thing about Transferwise (one of the many) is that you can hold baht in your account (you can hold many different currencies in the same time in your account) if, say, the exchange rate is very favorable today, even if you don't need to transfer the money to Thailand until next week (or whenever)...in other words, exchange it now, send it later. And the fact that they give you the actual mid-market rate is just amazing. Can't say enough good things about it. Oh yes, and the ACH transfers of your local currency to their system are lightning-fast too--at least in the US.

[Aforek]

8 hours ago, KhunBENQ said:

For high amounts (like a 5 digit EUR amount) with their percentage fee they might be beaten by classical bank transfer.

You mean, let's say 12000 €, classic banks are cheaper ? my european bank has cheap fee transfer ( 19 € for 12000 € ) , but what about my thai bank ( for me, SCB ) ? which percentage does the thai bank takes ? thanks 

[KhunBENQ]

4 hours ago, Aforek said:

You mean, let's say 12000 €, classic banks are cheaper ? my european bank has cheap fee transfer ( 19 € for 12000 € ) , but what about my thai bank ( for me, SCB ) ? which percentage does the thai bank takes ? thanks 

For this amount I just did a simple comparison with a surprising result (for me).

(Baht amounts rounded)

 

Transferwise:
12000 - 85.40 (fee) -> 11914.6, rate 38.43918  -> 457987 Baht, overall rate 38.32
 
Bank
12000 - 19 (fee) -> 11981 -> SCB, rate 38.05 -> 455877 - 500 (fee) = 455377, overall rate 37.95

 

For transferwise there is not much to explain (as from their site).

The fee sounds big but look at the rates.

38.44 for transferwise

38.05 is the TT rate of SCB

 

The fee that Thai banks deduct is 0.25% (min 200, max 500).

(this information is from a Kasikorn staff some three years ago)

For the transferwise transfer there is no fee deducted (it arrives in Thai Baht).

 

So even for this amount transferwise would still slightly beat the bank transfer.

AND the bank transfer is a best case assumption:

your bank says 19 Euro, but usually there are intermediate banks involved in the transfer which bite a bit of the cake (which size I do not know, don't have numbers).

 

Edited June 25, 2018 by KhunBENQ

[scubascuba3]

For this amount I just did a simple comparison with a surprising result (for me).
(Baht amounts rounded)
 
Transferwise:
12000 - 85.40 (fee) -> 11914.6, rate 38.43918  -> 457987 Baht, overall rate 38.32
 
Bank
12000 - 19 (fee) -> 11981 -> SCB, rate 38.05 -> 455877 - 500 (fee) = 455377, overall rate 37.95
 
For transferwise there is not much to explain (as from their site).
The fee sounds big but look at the rates.
38.44 for transferwise
38.05 is the TT rate of SCB
 
The fee that Thai banks deduct is 0.25% (min 200, max 500).
(this information is from a Kasikorn staff some three years ago)
For the transferwise transfer there is no fee deducted (it arrives in Thai Baht).
 
So even for this amount transferwise would still slightly beat the bank transfer.
AND the bank transfer is a best case assumption:
your bank says 19 Euro, but usually there are intermediate banks involved in the transfer which bite a bit of the cake (which size I do not know, don't have numbers).
 

I did some comparision myself and the result was 1st Halifax Clarity Card, 2nd Transferwise, 3rd Traditional UK bank transfer. Two problems, Transferwise can't be used if an FET is required and with a bank transfer you don't know what rate you will get

[alfieconn]

8 minutes ago, scubascuba3 said:

2 hours ago, KhunBENQ said:

For this amount I just did a simple comparison with a surprising result (for me).
(Baht amounts rounded)
 
Transferwise:
12000 - 85.40 (fee) -> 11914.6, rate 38.43918  -> 457987 Baht, overall rate 38.32
 
Bank
12000 - 19 (fee) -> 11981 -> SCB, rate 38.05 -> 455877 - 500 (fee) = 455377, overall rate 37.95
 
For transferwise there is not much to explain (as from their site).
The fee sounds big but look at the rates.
38.44 for transferwise
38.05 is the TT rate of SCB
 
The fee that Thai banks deduct is 0.25% (min 200, max 500).
(this information is from a Kasikorn staff some three years ago)
For the transferwise transfer there is no fee deducted (it arrives in Thai Baht).
 
So even for this amount transferwise would still slightly beat the bank transfer.
AND the bank transfer is a best case assumption:
your bank says 19 Euro, but usually there are intermediate banks involved in the transfer which bite a bit of the cake (which size I do not know, don't have numbers).
 

I did some comparision myself and the result was 1st Halifax Clarity Card, 2nd Transferwise, 3rd Traditional UK bank transfer. Two problems, Transferwise can't be used if an FET is required and with a bank transfer you don't know what rate you will get

  It's the Thai bank that issue the FET so who ever the exchange was done with must be irrelevant.

 

Edited June 25, 2018 by alfieconn

[scubascuba3]

  It's the Thai bank that issue the FET so who ever the exchange was done with must be irrelevant.
 

Apparently it is different if the Thai bank receive say GBP from overseas and do the FX or they just receive THB from say Transferwise which may look just like an internal transfer

[alfieconn]

6 minutes ago, scubascuba3 said:

23 minutes ago, alfieconn said:

  It's the Thai bank that issue the FET so who ever the exchange was done with must be irrelevant.
 

Apparently it is different if the Thai bank receive say GBP from overseas and do the FX or they just receive THB from say Transferwise which may look just like an internal transfer

 If the bank receive the money in sterling then surely they can still supply you with a Credit Advice which confirms that the money has been bought into the country !

[jackdd]

2 minutes ago, alfieconn said:

 If the bank receive the money in sterling then surely they can still supply you with a Credit Advice which confirms that the money has been bought into the country !

Transferwise offers lower fees than the banks, so they won't use bank transfers to get the Money to Thailand. The money that you retrieve from Transferwise does most likely come from inside Thailand so no FET

[alfieconn]

6 minutes ago, jackdd said:

Transferwise offers lower fees than the banks, so they won't use bank transfers to get the Money to Thailand. The money that you retrieve from Transferwise does most likely come from inside Thailand so no FET

There must be a paper trail that originates from the customer's bank in the UK and somewhere on one of them pieces of paper there must confirmation that a FX trade was carried out, now it may not be called a FET but i'm quite sure it would mean the same thing.

I myself have never ever received an FET for any money that i have bought into the country but always get a Credit advise which i use as proof for bringing funds in.

[scubascuba3]

There must be a paper trail that originates from the customer's bank in the UK and somewhere on one of them pieces of paper there must confirmation that a FX trade was carried out, now it may not be called a FET but i'm quite sure it would mean the same thing.
I myself have never ever received an FET for any money that i have bought into the country but always get a Credit advise which i use as proof for bringing funds in.

Use Transferwise to buy a condo and let us know how you get on

[alfieconn]

16 minutes ago, scubascuba3 said:

19 minutes ago, alfieconn said:

There must be a paper trail that originates from the customer's bank in the UK and somewhere on one of them pieces of paper there must confirmation that a FX trade was carried out, now it may not be called a FET but i'm quite sure it would mean the same thing.
I myself have never ever received an FET for any money that i have bought into the country but always get a Credit advise which i use as proof for bringing funds in.

Use Transferwise to buy a condo and let us know how you get on

 Like i have already said someone must have confirmation of the FX trade after all the money didn't just appear out of thin air,  just because the receiving bank doesn't want to chase after a FET ( or similar ) doesn't mean there isn't one.

Edited June 25, 2018 by alfieconn

[Dmaxdan]

 

 

 

Sent from my iPad using Thaivisa Connect

 

[topt]

5 hours ago, alfieconn said:

Like i have already said someone must have confirmation of the FX trade after all the money didn't just appear out of thin air,  just because the receiving bank doesn't want to chase after a FET ( or similar ) doesn't mean there isn't one.

This (and all of this thread so far ) have been discussed at length many times on TVF. 

 

My understanding is that  Transferwise apparently use local funds so never actually need to transfer via the banking system and consequently no FET.  They transfer from a local baht account so it does not "just appear out of thin air".

 

They even say in their video intro they do not have to transfer across countries. Even if they did it is liable to be a one time transfer to balance their accounts covering multiple transactions across a period of time. 

 

 

[alfieconn]

1 hour ago, topt said:

This (and all of this thread so far ) have been discussed at length many times on TVF. 

 

My understanding is that  Transferwise apparently use local funds so never actually need to transfer via the banking system and consequently no FET.  They transfer from a local baht account so it does not "just appear out of thin air".

 

They even say in their video intro they do not have to transfer across countries. Even if they did it is liable to be a one time transfer to balance their accounts covering multiple transactions across a period of time. 

 

 

 

 

When the Thai baht is paid into the customer's account how do you think it get's there ? unless Transferwise have an account with every Thai bank (which i very much doubt) it get's paid by the Thai bank that Transferwise hold their account with to the customer's bank account thus they transfer, unless they ask their bank to run around to the customer's account with cash but i doubt it.

 

FET stands for Foreign Exchange Transaction and every time a customer buy's baht for another currency then a Foreign Exchange Transaction takes place so like i have already said there should be a confirmation (FET form ) of that trade.

 

Defintion : The FET-form or foreign exchange transaction form (sample) relates to the official statement by an authorized financial institution (Thai bank) of exchanging foreign currencies into Thai baht. The authorized bank in Thailand exchanges a quantity of foreign currency for a quantity of Thai baht and issues a FET-form for the conversion of foreign currency into Thai baht.

 

Edited June 25, 2018 by alfieconn

[jackdd]

23 minutes ago, alfieconn said:

  When the Thai baht is paid into the customer's account how do you think it get's there ? unless Transferwise have an account with every Thai bank (which i very much doubt) it get's paid by the Thai bank that Transferwise hold their account with to the customer's bank account thus they transfer.

It's not an usual electronical money transaction, because in my online banking in the field which normally shows the bank account number of the sender it just shows something like 000000001. Maybe they deposit cash or a cheque in the account? Unlikely but not impossible.

Let's say it would be as simple as this, which it most likely isn't: They send money from Europe to their bank in Thailand and then send it to the customer's account.

How do you want to get a FET for money that went through two banks? And what if their bank in Thailand had money from other sources in it, which part of the money is then the foreign part? Nobody will issue you such a FET

 

Edited June 25, 2018 by jackdd

[topt]

16 minutes ago, alfieconn said:

FET stands for Foreign Exchange Transaction and every time a customer buy's baht for another currency then a Foreign Exchange Transaction takes place so like i have already said there should be a confirmation of that trade.

You seem to be missing the point. There is no direct transfer of your home currency to your account so no chance you will be able to get one. As I actually experienced this when I purchased THB some years ago, when using a well known Forex trading company, I suggest that my experience may possibly trump your "theory".

 

The proof of the pudding will be if anyone has actually been able to get a FET for such a transaction and I have yet to see that reported............

 

 

[alfieconn]

2 minutes ago, jackdd said:

It's not an usual electronical money transaction, because in my online banking in the field which normally shows the bank account number of the sender it just shows something like 000000001. Maybe they deposit cash or a cheque in the account? Unlikely but not impossible.

Let's say it would be as simple as this, which it most likely isn't: They send money from Europe to their bank in Thailand and then send it to the customer's account.

How do you want to get a FET for money that went through two banks? And what if their bank in Thailand had money from other sources in it, which part of the money is then the foreign part? Nobody will issue you such a FET

 

Your getting confused, when the money goes into your account In Thailand it doesn't come from Europe, like i have already said it come's from Transferwise thai baht account in thailand.

 

Iv'e already explained that a Foreign exchange transaction is carried out in your name so their should be a confirmation somewhere, infact it goes through four banks !

[Jip99]

30 minutes ago, alfieconn said:

 

 

When the Thai baht is paid into the customer's account how do you think it get's there ? unless Transferwise have an account with every Thai bank (which i very much doubt) it get's paid by the Thai bank that Transferwise hold their account with to the customer's bank account thus they transfer, unless they ask their bank to run around to the customer's account with cash but i doubt it.

 

 

 

 

 

I very much doubt that TW have accounts in Thailand.

 

I would imagine that they use an agent, or agents, with whom they transact and then settle weekly/monthly.

 

 

I could be wrong.

 

https://www.telegraph.co.uk/money/transferwise/how-does-it-work-and-is-it-safe/

 

Our smart technology links local bank accounts in countries all over the world. So often we’re able to use money from a TransferWise user sending money the other way around. Once we get that sorted, we'll give you an estimate of when your money will arrive – usually it’s much faster than a bank transfer.

[alfieconn]

2 minutes ago, Jip99 said:

 

 

I very much doubt that TW have accounts in Thailand.

 

I would imagine that they use an agent, or agents, with whom they transact and then settle weekly/monthly.

 

 

I could be wrong.

 

https://www.telegraph.co.uk/money/transferwise/how-does-it-work-and-is-it-safe/

 

Our smart technology links local bank accounts in countries all over the world. So often we’re able to use money from a TransferWise user sending money the other way around. Once we get that sorted, we'll give you an estimate of when your money will arrive – usually it’s much faster than a bank transfer.

Well this is from Transferwise website :

 

                                                                                                Money is locally delivered

Your recipient gets ฿ directly from TransferWise’s Thai bank account.

 

Look's like they are trying to imply their payment system is unique by wording it as "locally delivered" ( sounds like they are delivering groceries)  when all payments by every Thai bank would be locally delivered.