Transferwise does not work in Thailand

[marcusarelus]

People were talking about Transferwise to do many things at a good rate.  I chatted with them and they said it worked in Thailand. 

 

I set up an account and gave them all the info they wanted.

 

I tried to add Thai baht to the account and I get.

You can't yet add THB directly. Please choose another currency to pay with.

 

I tried to add USD to the account and I get.

You can't yet add USD directly. Please choose another currency to pay with.

 

I live in Thailand and I want to pay bills in the USA.  Seems to me this account will do me no good as my bank is in Thai baht and I want to pay in American dollars. 

 

Am I missing something?

[wgdanson]

Are you referring to the Borderless Account?

 

[marcusarelus]

5 minutes ago, wgdanson said:

Are you referring to the Borderless Account?

 

I think I have that but I don't see anyplace to set it up.  Only add money or transfer money. 

[wgdanson]

Just now, marcusarelus said:

I think I have that but I don't see anyplace to set it up.  Only add money or transfer money. 

Yes, I just tried and, at the moment, it seems you cannot add THB into the account. I think Transferwise is more for transferring money INTO Thailand than OUT.

[marcusarelus]

I tried to add money and it said " Sorry, cards from this country don’t work on TransferWise. Please try a different card or payment method."

[KhunBENQ]

No way (that I am aware of) to transfer money out of Thailand (from Thai bank account).

You really missed this.

99% of posters here are interested to send money from overseas to Thailand.

Transferwise is not for you.

[PerkinsCuthbert]

9 minutes ago, wgdanson said:

Yes, I just tried and, at the moment, it seems you cannot add THB into the account. I think Transferwise is more for transferring money INTO Thailand than OUT.

 

That's partially correct, I think; at present, if you log in to Transferwise and go to 'Balances' then 'Activate a currency', you can add THB but not directly yet, but only by buying THB through another currency linked to your overseas account. So effectively you may be better off paying creditors outside Thailand directly from a bank account in your home country, rather than bringing into Thailand, converting to THB, then sending out in another currency.

[Pib]

You can't send money from Thailand....that is, fund the transfer from a Thailand source.  Thailand is one of many countries where they can not send money out of that country; but can send money into that country.

 

https://transferwise.com/help/article/1570071/basic-information/supported-countries#/Thailand

 

 

[marcusarelus]

21 minutes ago, Pib said:

You can't send money from Thailand....that is, fund the transfer from a Thailand source.  Thailand is one of many countries where they can not send money out of that country; but can send money into that country.

 

https://transferwise.com/help/article/1570071/basic-information/supported-countries#/Thailand

 

 

How do they send THB via domestic transfers within Thailand if you can't deposit money into Transferwise in THB?

[Pib]

34 minutes ago, marcusarelus said:

How do they send THB via domestic transfers within Thailand if you can't deposit money into Transferwise in THB?

Transferwise does the final leg of a transfer (the domestic portion) by their in-Thailand partner converting foreign funds to baht...kinda like how a Thai bank converts incoming foreign funds to baht at their headquarters in Bangkok and then they transfer/credit your account in Chiaing Mai, Pattaya, etc., with the baht.

 

Or if Transferwise actually does not have a foreign partner converting funds Transferwise just transfers baht from its own baht account in Thailand which they keep topped-up with baht from foreign funds they transfer in.

 

 

 

 

 

[Scottjouro]

3 hours ago, Pib said:

Transferwise does the final leg of a transfer (the domestic portion) by their in-Thailand partner converting foreign funds to baht...kinda like how a Thai bank converts incoming foreign funds to baht at their headquarters in Bangkok and then they transfer/credit your account in Chiaing Mai, Pattaya, etc., with the baht.

 

Or if Transferwise actually does not have a foreign partner converting funds Transferwise just transfers baht from its own baht account in Thailand which they keep topped-up with baht from foreign funds they transfer in.

 

 

Coming soon to Thai bank near you...very fast and very cheap...SWIFTs days are numbered

SCB, Ripple Launch First Blockchain-Powered Payment Service Between Japan and Thailand

Jun 29, 2017 | Sarah Marquer

SCB, SBI and Ripple launch first blockchain-powered payment service between Japan and Thailand

Siam Commercial Bank (SCB), in collaboration with Japan’s SBI Remit, is using Ripple’s blockchain enterprise solution to power real-time remittance payments between Japan and Thailand. A first for the corridor, Ripple’s cross-border payments network solution is helping remittances from Japan reach SCB retail customers easily and faster than ever before.

Approximately 40,000 Thai nationals currently live in Japan and total remittance flows from Japan to Thailand are roughly USD250 million a year.

The rollout of this new service begins today, and supports individual funds transfers from JPY in Japan to THB in SCB savings accounts in Thailand. Once sent, the funds are credited to an SCB recipient’s account within two to five seconds, a significant uplift compared with the up to two business days it currently can take for a payment to be made between the two countries. SCB plans to roll out the service in other key markets across North America, Europe and Asia Pacific.

 

https://ripple.com/ripple_press/scb-ripple-launch-first-blockchain-powered-payment-service-japan-thailand/

Edited October 2, 2018 by Scottjouro

[Scottjouro]

2018 update 

 

https://ripple.com/insights/the-power-of-instant-remittances-ripplenet-in-japan/

Edited October 2, 2018 by Scottjouro

[Pib]

1 hour ago, Scottjouro said:

Coming soon to Thai bank near you...very fast and very cheap...SWIFTs days are numbered

I seriously doubt the "coming soon" part.   All new transfer methods and companies make big claims/plans regarding conquering the financial world....very few of the claims every come true.

[Scottjouro]

11 minutes ago, Pib said:

I seriously doubt the "coming soon" part.   All new transfer methods and companies make big claims/plans regarding conquering the financial world....very few of the claims every come true.

Time will tell i guess,

 

but as of this morning it went live with another 3 FI's and are already powering Santander One Pay FX, (Santander is the 9th largest bank in the world and the biggest in Europe) - settles in 3 to 5 seconds and almost zero fees, saving between 40% and 70% of the cost to transfer...so why wouldnt a bank or other FI use it ? 

Edited October 2, 2018 by Scottjouro

[Pib]

21 minutes ago, Scottjouro said:

Time will tell i guess,

 

but as of this morning it went live with another 3 FI's and are already powering Santander One Pay FX, (Santander is the 9th largest bank in the world and the biggest in Europe) - settles in 3 to 5 seconds and almost zero fees, saving between 40% and 70% of the cost to transfer...so why wouldnt a bank or other FI use it ? 

That good, but did that 40-70% cost reduction result in a 40-70% bank fee reduction for a typical customer transferring money?  Like a typical customer transferring funds from the UK to a family member/friend some where on mainland Europe?  Has Santander lowed typical transfer fees for the typical customer?   Or is this a case of Santander lowering operating costs without any fee reduction passed on to customers.  

 

Santander Electronic Payment Fee Schedule As of today/2Oct18

[wgdanson]

7 hours ago, marcusarelus said:

I tried to add money and it said " Sorry, cards from this country don’t work on TransferWise. Please try a different card or payment method."

As I said in my previous post, it is really only for GBP to THB not the other way round.

 

[CanuckThai]

Lowest cost transactions, are sending yourself crypto to Thailand.  Easy peasy, cheap and dirty.

[Scottjouro]

1 hour ago, CanuckThai said:

Lowest cost transactions, are sending yourself crypto to Thailand.  Easy peasy, cheap and dirty.

 

What about the tax declaration when you convert from your crypto to THB, there is a 15% Captial gains tax now in Thailand , and the onus is on you 

[Jimbo in Thailand]

I've only recently been sending money from the US to Thailand via Transferwise and gotta admit its... FANTASTIC!!!! ????

 

I just initiated a another transfer this afternoon.  Transferwise says the money will arrive tomorrow.  This is a debit/deposit not a wire transfer, which would incur high bank fees from my US bank.  In fact, the cost is much less than what my US bank charges for an international wire transfer (standard rate $45 USD).

 

And wiring money from my US bank requires that I must send the money in USD to keep from getting ripped off even more courtesy of the substandard crapola exchange rate my US bank is "Proud to offer".  To add to the misery Bangkok Bank adds an additional fee of approx. 1/8 baht/USD to receive the wire transfer.  Using Transferwise I can just send the money in Thai baht since the Transferwise Thai baht exchange rate is GREATER THAN the official Thai-government-mandated TT rate.  Not only that there is NO foreign exchange rate fee as the money arrives from Transferwise in Thai Baht.  It doesn't get any better than that folks! 

[CanuckThai]

1 hour ago, Scottjouro said:

 

What about the tax declaration when you convert from your crypto to THB, there is a 15% Captial gains tax now in Thailand , and the onus is on you 

...yip.  15% on profits made (capital gain).  They can have it.  If my spread on a $2000 (value) crypto transfer, immediately nets me $2200 (value) in Thai baht (after the trade and withdrawal fee), I'll be happy to mail off $30 worth of Thai baht to someone.   The best foreign $ transfer rates I know of.  Not so good if you are sending $ back home, but just as easy.

Edited October 2, 2018 by CanuckThai

[steve73]

To the OP...

I've just come across this thread, and I realize it's well out of date, but if you're still looking to transfer THB to other countries try Dee money.

 

https://www.dee.money/

[owl sees all]

Did a transaction of pounds from the UK, to baht in Thailand on Tuesday morning. Precisely 8 hours 45 minutes from account to account.

Edited January 23, 2019 by owl sees all

[soalbundy]

On 10/2/2018 at 11:19 AM, marcusarelus said:

I think I have that but I don't see anyplace to set it up.  Only add money or transfer money. 

You can use Transferwise to move money into Thailand but not to move it out apparently. I use Transferwise to send money from Germany to Thailand,works well.

[marcusarelus]

48 minutes ago, soalbundy said:

You can use Transferwise to move money into Thailand but not to move it out apparently. I use Transferwise to send money from Germany to Thailand,works well.

I am now using Deemoney to transfer out cheap and simple. 

[lucky2008]

On 10/2/2018 at 10:44 PM, Jimbo in Thailand said:

I've only recently been sending money from the US to Thailand via Transferwise and gotta admit its... FANTASTIC!!!! ????

 

I just initiated a another transfer this afternoon.  Transferwise says the money will arrive tomorrow.  This is a debit/deposit not a wire transfer, which would incur high bank fees from my US bank.  In fact, the cost is much less than what my US bank charges for an international wire transfer (standard rate $45 USD).

 

And wiring money from my US bank requires that I must send the money in USD to keep from getting ripped off even more courtesy of the substandard crapola exchange rate my US bank is "Proud to offer".  To add to the misery Bangkok Bank adds an additional fee of approx. 1/8 baht/USD to receive the wire transfer.  Using Transferwise I can just send the money in Thai baht since the Transferwise Thai baht exchange rate is GREATER THAN the official Thai-government-mandated TT rate.  Not only that there is NO foreign exchange rate fee as the money arrives from Transferwise in Thai Baht.  It doesn't get any better than that folks! 

Follow up question if you don't mind. 

 

When using the debit card option, does Bangkok Bank show the funds coming in as a international transfers? Does your bank book show a FTT code? 

[Jimbo in Thailand]

2 hours ago, lucky2008 said:

Follow up question if you don't mind. 

 

When using the debit card option, does Bangkok Bank show the funds coming in as a international transfers? Does your bank book show a FTT code? 

I haven't used that pay option yet but using the bank debit (not wire transfer) pay option Bangkok Bank does indeed show FTT in my bank book.  Also, Bualuang Mbanking Android app shows 'international transaction'.  If you're concerned about using Transferwise for your Thai visa required international deposits it should be fine.

 

If you haven't set up a Transferwise account yet then PM me with your email address and I'll send you an invitation via Transferwise so that your first transfer will be free. ????  Please note that email address must be the same as the one you register with Transferwise. 

[lucky2008]

On 1/24/2019 at 6:05 PM, Jimbo in Thailand said:

I haven't used that pay option yet but using the bank debit (not wire transfer) pay option Bangkok Bank does indeed show FTT in my bank book.  Also, Bualuang Mbanking Android app shows 'international transaction'.  If you're concerned about using Transferwise for your Thai visa required international deposits it should be fine.

 

If you haven't set up a Transferwise account yet then PM me with your email address and I'll send you an invitation via Transferwise so that your first transfer will be free. ????  Please note that email address must be the same as the one you register with Transferwise. 

Thanks Jimbo! 

 

Did the bank debit and everything worked great. Checked my Bualuang Mbanking and yes 'international transfer' is showing. 

 

It took approxmently 8 hours for me to get my funds once the debit was made. Good exchange and no fee from Bangkok Bank.

 

[cliveshep]

Trying to get set up with Transferwise and hit a snag - I cannot do it it seems. Until I initiate a transfer I do not get an account number if I understand it correctly, but until I have an account number I cannot set up the payee on my UK Lloyds account internet banking.

 

At the same time Lloyds will phone my (daughter's) phone to get a confirmation of any new account I set up, they text a code one then has to enter onto the internet banking page.

 

What is not clear is if this account number remains the same for every transaction or not. I e-mailed them to ask, they did not respond.

 

Can anyone confirm just how this works please?

[Jimbo in Thailand]

1 hour ago, cliveshep said:

Trying to get set up with Transferwise and hit a snag - I cannot do it it seems. Until I initiate a transfer I do not get an account number if I understand it correctly, but until I have an account number I cannot set up the payee on my UK Lloyds account internet banking.

 

At the same time Lloyds will phone my (daughter's) phone to get a confirmation of any new account I set up, they text a code one then has to enter onto the internet banking page.

 

What is not clear is if this account number remains the same for every transaction or not. I e-mailed them to ask, they did not respond.

 

Can anyone confirm just how this works please?

I'm no expert but I've now done 9 successful transfers without a hitch.  Let me say that using Transferwise is not like with a normal bank.  Instead, TW is simply a service to transfer funds.  It involves 2 steps.  The first step is to create a TW login, identify yourself, and to enter the account info for your destination bank.  Of course, Transferwise will verify this info.

 

The second step involves the payment method for Step 1.  Your options to pay are: direct debit, wire transfer, ATM card, or credit card.  I use direct debit since it incurs no ridiculous wire transfer fees from my source bank. TW will also verify this info.  In fact, in my case during the online process, TW somehow seamlessly transferred me to my source bank to login and confirm that I wish to debit funds.  I was then able to complete and initiate the money transfer.  TW is quite secure verifying all info you give them for your protection.

 

Now then, luckily this verification stuff only happens during the first transfer.  Subsequent transfers between the same banking institutions are a piece of cake. Simply logon to TW, click on Activity then select a previous transfer.  You'll see a 'Repeat transfer' option.  Click on that option then click Edit to change the amount you desire to send.  It typically takes about 1 minute to send money again after the first transfer.  Also, funds typically arrive within 2 working days, but a few of mine have arrived the next day.  ????

 

Hope this info helps you cliveshep.  Cheers!

[Orton Rd]

Since using transferwise no more unexpected fees or being cheated by a Thai bank. The bank here once claimed money was not exchanged when they received it but days later when the rate had dropped, cost me 40k baht. With tw you know exactly how much you will get and when