Transferwise Using Nationwide UK

[chang50]

Hi,Please move if this is the wrong forum for this.Has anyone any advice for a first time user of Transferwise.I registered a while back and am planning a trial run of a small sum.Is it best to give your card details or go into internet banking and make a payment from there?

[jackdd]

Depends on if you want to pay an extra fee for using your credit card or not.

[chang50]

1 minute ago, jackdd said:

Depends on if you want to pay an extra fee for using your credit card or not.

Thanks I only have a debit card..so Nationwide charge a fee,probably best to use the second option.

 

[edwinchester]

I make a transfer direct to TransferWise from my UK bank using internet banking. It's instantaneous and free.

Been using TransferWise for some time now and very happy with their service. Always there next working day.

[chang50]

1 minute ago, edwinchester said:

I make a transfer direct to TransferWise from my UK bank using internet banking. It's instantaneous and free.

Been using TransferWise for some time now and very happy with their service. Always there next working day.

Thanks I've never heard about any problems to be honest.

[Jip99]

4 minutes ago, edwinchester said:

I make a transfer direct to TransferWise from my UK bank using internet banking. It's instantaneous and free.

Been using TransferWise for some time now and very happy with their service. Always there next working day.

 

 

+ 1

 

just do it.

 

 

I make about 10 transfers a month, transferring money from HSBC to TW's account at Barclays.........................piece of cake.

[Chivas]

transferwise are excellent for smaller amounts and pretty quick normally next day in thai account

they are not competative once you start wanting to transfer larger amounts because the fee scale slides upwards whereas your bank will charge a flat fee

just need to work when your bank will give a better bottom line and on my bank its around £4100 upwards

 

under that amount and TW gives better bottom line

[Nick ZepTepi]

I've used xendpay for 3 years with no problems.

They have a zero fee offer for the 2 days either side of month end.

Plus exchange rate is fractionally better than TransferWise

Sent from my BND-L21 using Tapatalk

[chang50]

6 hours ago, Chivas said:

transferwise are excellent for smaller amounts and pretty quick normally next day in thai account

they are not competative once you start wanting to transfer larger amounts because the fee scale slides upwards whereas your bank will charge a flat fee

just need to work when your bank will give a better bottom line and on my bank its around £4100 upwards

 

under that amount and TW gives better bottom line

Thanks..maybe I'm missing something obvious but isn't the problem the exchange rate you receive in Thailand rather than the flat fee your bank charges ie 20 pounds in my case which is 0.5% of 4000 pounds which is close to your example?

[Jip99]

2 minutes ago, chang50 said:

Thanks..maybe I'm missing something obvious but isn't the problem the exchange rate you receive in Thailand rather than the flat fee your bank charges ie 20 pounds in my case which is 0.5% of 4000 pounds which is close to your example?

 

 

As a former bank employee I don’t pay charges on international transfers. Despite that TW is the most cost effective way for me to transfer. I probably transfer close to 1m Baht per month with the largest single amount being £10,000.

 

The difference in exchange rates counters any fee charged by TW. The rate offered is invariably the same, or better, than the international rates quoted by, say, XE Currency.

[chang50]

4 minutes ago, Jip99 said:

 

 

As a former bank employee I don’t pay charges on international transfers. Despite that TW is the most cost effective way for me to transfer. I probably transfer close to 1m Baht per month with the largest single amount being £10,000.

 

The difference in exchange rates counters any fee charged by TW. The rate offered is invariably the same, or better, than the international rates quoted by, say, XE Currency.

Thanks again.. that is what I thought to be the case.

[Jip99]

7 minutes ago, chang50 said:

Thanks again.. that is what I thought to be the case.

 

 

On a £4,000 transfer, based on current rates, TW would be almost 2,000 Baht better than using your bank....circa 174,250 Baht vs 172,400 Baht.

[Chivas]

9 hours ago, Jip99 said:

 

 

On a £4,000 transfer, based on current rates, TW would be almost 2,000 Baht better than using your bank....circa 174,250 Baht vs 172,400 Baht.

Yes you got to establish at what point your bank with flat fee but using TT rates is better than TW who use full interbank rate but have a rising level of fees

As I said on mine TW bottom line becomes less advantageous around £4100

[wgdanson]

16 hours ago, chang50 said:

.so Nationwide charge a fee,probably best to use the second option.

 

Nationwide DO NOT charge for a debit card payment to anyone.

[alfieconn]

Does anyone know what TW rate is for 4,000 GBP at this moment in time ?

[Jip99]

3 minutes ago, Chivas said:

Yes you got to establish at what point your bank with flat fee but using TT rates is better than TW who use full interbank rate but have a rising level of fees

As I said on mine TW bottom line becomes less advantageous around £4100

 

 

Chivas.....I don't see how at  £4100 (unless you have a very high UK bank charge).

 

My example at £4000 used TW rates at that time yesterday, with quoted costs, versus £20k UK bank charge and Kasikorn rates less 500 Baht for fees.

 

The difference favoured TW by about 1,800 Baht.

 

 

... I have just done the calculation now, based on £10,000 and TW is still better by 2,500 Baht.

[Henryford]

6 minutes ago, Chivas said:

Yes you got to establish at what point your bank with flat fee but using TT rates is better than TW who use full interbank rate but have a rising level of fees

As I said on mine TW bottom line becomes less advantageous around £4100

I would have thought that TW was always better. Despite their rising fee their exchange rate always gives you a net benefit compared to a Bank. So even if you transferred 100,000 GBP their fee is @ 550 GBP but the extra 0.5 on the exchange rate saves you over 1000 GBP.

[Jip99]

3 minutes ago, alfieconn said:

Does anyone know what TW rate is for 4,000 GBP at this moment in time ?

 

 

Same as for £10,000 .... 43.80398

 

Charges £23.37

 

Net Baht... 174,192.22

[Chivas]

2 minutes ago, Jip99 said:

 

 

Chivas.....I don't see how at  £4100 (unless you have a very high UK bank charge).

 

My example at £4000 used TW rates at that time yesterday, with quoted costs, versus £20k UK bank charge and Kasikorn rates less 500 Baht for fees.

 

The difference favoured TW by about 1,800 Baht.

 

 

... I have just done the calculation now, based on £10,000 and TW is still better by 2,500 Baht.

yes have not crunched the numbers for some time I acknowledge. As the odd transfers I do are around the £2500 mark I know  TW will give better bottom line

If I get time later will run a dummy transfer and report it here

[alfieconn]

1 minute ago, Jip99 said:

 

 

Same as for £10,000 .... 43.80398

 

Charges £23.37

 

Net Baht... 174,192.22

Are them charges just TW or TW and Thai bank ? thanks

[Jip99]

2 minutes ago, Henryford said:

I would have thought that TW was always better. Despite their rising fee their exchange rate always gives you a net benefit compared to a Bank. So even if you transferred 100,000 GBP their fee is @ 550 GBP but the extra 0.5 on the exchange rate saves you over 1000 GBP.

 

 

Yes. The exchange rate benefit always outweighs the rising fee structure.

 

 

Additionally, the maximum you can send is 2m Baht at any one time:-

 

TW to send 2m Baht = £45,912.20

 

Send by bank to get 2,000,500 Baht to Kasikorn (fee 500 Baht)  it would cost £46,070.70

 

 

TW benefit is over £150 - even with transaction charges of £252.63

 

 

[Jip99]

2 minutes ago, alfieconn said:

Are them charges just TW or TW and Thai bank ? thanks

 

 

There are no Thai bank charges when you use TW

[alfieconn]

1 minute ago, Jip99 said:

 

 

There are no Thai bank charges when you use TW

So i wonder how the Thai sending and receiving bank make any money out of the service they provide ?

[Henryford]

2 minutes ago, alfieconn said:

So i wonder how the Thai sending and receiving bank make any money out of the service they provide ? 

To the thai bank it's just a normal pay in which they don't charge for.

[theoldgit]

23 minutes ago, alfieconn said:

Does anyone know what TW rate is for 4,000 GBP at this moment in time ?

 

[jonwilly]

I have a friend in Business and he swears by Transferwise.

Says he receives more in Baht with them then anyother method he has used.

 

john

[Jip99]

2 minutes ago, alfieconn said:

So i wonder how the Thai sending and receiving bank make any money out of the service they provide ?

 

 

Think about bank profit margins...........................

 

 

Transferwise match buyers and sellers. The website is worth a look and there is a video explaining the 'matching'.

 

 

 

 

 

 https://www.forbes.com/sites/bishopjordan/2017/11/29/transferwise-review/#63a83cc319f0

 

https://www.trustpilot.com/review/transferwise.co

 

https://www.transferguides.com/transferwise-review/

[alfieconn]

1 minute ago, Jip99 said:

 

 

Think about bank profit margins...........................

 

 

Transferwise match buyers and sellers. The website is worth a look and there is a video explaining the 'matching'.

 

 

 

 

 

 https://www.forbes.com/sites/bishopjordan/2017/11/29/transferwise-review/#63a83cc319f0

 

https://www.trustpilot.com/review/transferwise.co

 

https://www.transferguides.com/transferwise-review/

It's not so much the Thai bank that TW hold their account with that i'm curious of but the service the receiving bank provide which has nothing to do with TW !

[Jip99]

4 minutes ago, alfieconn said:

It's not so much the Thai bank that TW hold their account with that i'm curious of but the service the receiving bank provide which has nothing to do with TW !

 

 

The receiving bank does not even know the funds have come in..... I suspect not from a bank but an individual/agent.

[alfieconn]

4 minutes ago, Jip99 said:

 

 

The receiving bank does not even know the funds have come in..... I suspect not from a bank but an individual/agent.

So what does it say on the remittance advice or bank book ? and it has to come from a bank !

Edited July 27, 2018 by alfieconn