Transferwise does not work in Thailand

[Jimbo in Thailand]

3 minutes ago, Orton Rd said:

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

ABSOLUTELY!!!  TW sends the money in Thai baht so no exchange rate penalty as in an international wire transfer.  Also, I don't understand how TW gives a better rate than the official TT rate, but I'm thrilled that it does.

[reenatinnakor]

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I've just come across this thread, and I realize it's well out of date, but if you're still looking to transfer THB to other countries try Dee money.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

That's interesting. What's the maximum amount you can send thru them? It can't be the same fee if you send 200k or 2m thb out, must be based on amount?

Sent from my LG-H990 using Thailand Forum - Thaivisa mobile app

[Pib]

19 minutes ago, Jimbo in Thailand said:

ABSOLUTELY!!!  TW sends the money in Thai baht so no exchange rate penalty as in an international wire transfer.  Also, I don't understand how TW gives a better rate than the official TT rate, but I'm thrilled that it does.

Simple.  The TW uses the mid market exchange rate that applies to big banks (like Thai banks), currency trades, BIG money exchanges.  However, Thai banks apply a markup to the mid market rate (i.e., use a little lower rate which provides them a profit margin) to set their TT Buying Rate used for incoming foreign transfers. 

 

Then both TW and Thai banks have some direct fees like the TW sending fee and the Thai bank receiving fee to round out their fee structure.  The combination of exchange rate "plus" associated sending/receiving fee determines which method ends up putting the most baht in your account at the least cost to you.   TW is still making a nice profit.

 

The TW method is usually the best for lower amounts say around the 5K and below USD equivalent ball park depending on currency pairs involved (ie., USD-THB, GBP-THB, etc) and sending country but after around that point TW's sliding scale direct sending fee can make sending via SWIFT, ACH, etc., a better deal.  

 

 

[cliveshep]

1 hour ago, Jimbo in Thailand said:

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!

Thanks for that - sorry to appear thick but how does direct debit work in this case? I would as you suggest need to transfer different sums each month and DD normally means the same regular sum. When you, presumably from Thailand, found yourself on your bank log-in page did it not ask you to confirm a code sent by text to your phone? Or is it as my next para below - setting up a DD authority?

 

I understand you could repeat payments and vary the numbers as needful on the TW page so that bit is not an issue but are you actually setting up a Direct Debit authority with your bank and allowing TW to grab the money according to amounts you define each payment?

 

I'd need to know if a text code is involved because then I'd need to have my daughter available in the UK so I'd be grateful if you could clarify these points as the swine STILL won't answer my emails in spite of prodding them.

 

Thanks Jimbo.

[Chivas]

I'd avoid direct debits at all costs. That applies to everything. Giving control to 3rd parties of your bank account doesnt sit well with me

 

As regards TW Jimbo just register TW bank details with online banking and do an immediate transfer each time you want to send. Your reference number remains the same after first transfer. There is (or was) a very slight deduction in landing balance when sending via a debit card. I noticed that in December when it offered alternatives to my usual bank transfer. It wasnt much around 200 baht from memory on £1500 transfer but why lose that when you absolutely dont need to

Their system is so quick that time you press sent to TW if you go immediately to Email the confirmation of receipt is already there

[steve73]

3 hours ago, reenatinnakor said:

That's interesting. What's the maximum amount you can send thru them? It can't be the same fee if you send 200k or 2m thb out, must be based on amount?
 

The fee IS fixed.. but the Fx rate they use is a little less than the mid market rate (but much better than Thai bank rates - at least for GBP), so there is an element of a "variable" cost.

A bit like Transferwise... there is a 1.50GBP fixed fee for any size of transfer, and then 0.55% of the remaining.  But since the TW rate uses close to the MMR, which is usually around 1% better than the Thai banks give, there is a 0.45% benefit in using TW over a SWIFT (as well as any other fixed fees).

Not sure what the maximum is..  maybe 1 MM bt IIRC. 

 

[cliveshep]

After considerable grumpy prodding Transferwise responded to my email and helpfully gave me my future account number and reference up front bless 'em, so I was able to set them up as a private recipient on my bank.

 

This is not without tears and involved a 10 minute phone call back to the Bank to sort a problem which turns out to be where I used a mobile number as a home phone number which it seems adds an extra digit. Of course to change a phone number the bank have to write to you with a one time password and that is out of order. Fortunately the Support lady was able to confirm that I could use the mobile entry as it was correct and I have with help from daughter set them up ready to go on Thursday as soon as funds go into my account. I have my pension paid into my UK account and NOT sent elsewhere as I can control what I do with the money better.

 

Many thanks to Jimbo for the useful info, here's waiting for the 1st transfer time!

[Jimbo in Thailand]

10 hours ago, cliveshep said:

Thanks for that - sorry to appear thick but how does direct debit work in this case? I would as you suggest need to transfer different sums each month and DD normally means the same regular sum. When you, presumably from Thailand, found yourself on your bank log-in page did it not ask you to confirm a code sent by text to your phone? Or is it as my next para below - setting up a DD authority?

 

I understand you could repeat payments and vary the numbers as needful on the TW page so that bit is not an issue but are you actually setting up a Direct Debit authority with your bank and allowing TW to grab the money according to amounts you define each payment?

 

I'd need to know if a text code is involved because then I'd need to have my daughter available in the UK so I'd be grateful if you could clarify these points as the swine STILL won't answer my emails in spite of prodding them.

 

Thanks Jimbo.

I confess the process is a little bit peculiar when making another transfer that we must click on a previous transfer then edit the amount.  One reason TW may do this is I believe you can set up a variety of transfers to/from different banks so, in that case, it's easy to choose whichever transaction suits.

 

Direct debit is simply one of the options and is not an automatic repetitive function.  AFAIK each time you want to transfer, no matter what the pay option you choose, you will have to initiate the transfer manually.  I'm simply a TW customer so I'm clueless as to whether TW uses a "Direct Debit authority" or not.  Regarding "text codes", etc., for subsequent transfers I haven't had to do that.  Like I mentioned, during the first transfer TW connected me with my US bank to log on to verify my identity to my bank and to confirm the transfer.  That hasn't been required in subsequent transfers for me, but your mileage may vary since you're with a different bank in another country.

 

Hope that helped! ????

 

 

[indepth]

For TW, what address to use. i have an ozzie address and ozzie bank account, i live in thailand most of the year, have a thai bank account. I will be transferring money from oz to thailand. And do i ask for the transfer 

 

to be in baht or AU?

[Pib]

You could use either address but I would use your Oz address.  Since you are transferring funds to Thailand you would be sending/funding the transfer with AUD which TW converts to Baht and deposits that baht in your Thai bank account.

Edited January 31, 2019 by Pib

[cliveshep]

I'm impressed and really wish I'd done this three and a half years ago - would have saved me enough to buy a new motorcycle!

 

I got the payee details set up ahead of time on my UK Lloyds bank, so when I did the transfer on Transferwise it asked me to send the money. So I went onto my UK Internet Bank web site, signed in, and made a personal payment to Transferwise.

 

This went through immediately and an email confirmation came through. Reading that I also found an email asking me to pay which I hadn't spotted before as I just paid them straight away.

 

I did this as soon as my pension hit my bank account in the UK around 8.00am on Thursday, the wait constantly checking my Bangkok Bank Internet page seemed interminable as had this payment done astray I would have been in big trouble but as stated elsewhere on this thread the payment appeared in my account a few minutes after 2.00pm so it was fine.

 

And I'm 2000 baht better off on the deal although I only transferred £800 sterling.

 

So I'm a happy bunny

Edited February 2, 2019 by cliveshep

[Thailand J]

On 1/29/2019 at 11:15 AM, reenatinnakor said:

That's interesting. What's the maximum amount you can send thru them? It can't be the same fee if you send 200k or 2m thb out, must be based on amount?

DeeMoney told the cap was US$15,000,  when my transaction  wasn't even sending or receiving USD.

[Jimbo in Thailand]

10 hours ago, cliveshep said:

the payment appeared in my account a few minutes after 2.00pm so it was fine.

Same here. All of my transfers to date to my Bangkok Bank account have arrived ready to rock and roll at ~2pm on the date Transferwise promised.  This is lightyears better than wondering exactly what day and when a wire transfer from my US bank will actually be credited.

Edited February 2, 2019 by Jimbo in Thailand

[Chivas]

@cliveshep am at a loss even though I highly recommend Transferwise how you were £50 better off over a transfer of £800

 

If I used my own Halifax as an example the excess for the transfer fee itself would be £4.20 more than TW around 220 extra baht loss (because TW use full interbank rather than lower TT landing rates) and than add 300 baht landing fee from my Thai bank

That adds up to a differential of around 692 baht a long long way from 2000

Lets be fair on comparisions. If in fact someone was using HSBC their fee is actually less than TW so you'd lose the £4.20 above on top in the final comparison as well

The danger is someone reading these threads and sending a very large bundle using TW rising scale of fees and finding a landing amount somewhat less than if they had used their own banks flat rate transfer

[cliveshep]

On 2/3/2019 at 12:57 PM, Chivas said:

@cliveshep am at a loss even though I highly recommend Transferwise how you were £50 better off over a transfer of £800

 

If I used my own Halifax as an example the excess for the transfer fee itself would be £4.20 more than TW around 220 extra baht loss (because TW use full interbank rather than lower TT landing rates) and than add 300 baht landing fee from my Thai bank

That adds up to a differential of around 692 baht a long long way from 2000

Lets be fair on comparisions. If in fact someone was using HSBC their fee is actually less than TW so you'd lose the £4.20 above on top in the final comparison as well

The danger is someone reading these threads and sending a very large bundle using TW rising scale of fees and finding a landing amount somewhat less than if they had used their own banks flat rate transfer

I quoted what TW said. However, Lloyds charge £9.50, Bangkok Bank take 500, approx £12.50, and use a lower rate of transfer, so actually as I can't count on my toes any more 'cos I got arthritis I confess to a mistake. I probably saved closer to 1000 in fact.

[HNWI]

I deposit money onto bx.in.th and buy bitcoin, then I send to my UK coinbase account and sell. 

[Sheryl]

For sending money FROM Thailand to US use Dee Money.

As others said, TW is for sending money TO Thailand, not from.

And while it seemingly works well in the UK many (myself included) have had problems with them in the US.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[Sheryl]

Forgot to add, this means I will not be able to inform as to how a TW transfer to Kasikorn (likely first passing through Bangkok Bank) shows on a Kasikorn credit Advice.  Hopefully someone else will as important for those using income method.

 

[denishuahin]

You cannot Transfer out of Thailand with Transferwise, or any other account as far as I know, you generally have to go through a rigmarole before you can.  I use Transferwise upto £1000 after that my bank is cheaper. 
But to pay bills from Thailand is easy, I have A Kasikorn Account and use K web Shopping card ( it's a virtual )  credit card.  You don't have a card but just an account number with the 3 figures on that would be on the back of a credit a card. Nobody can draw off the card without your permission. So it a very secure way of paying.  
It works everywhere. 
Example: 2011 while in Ohio USA i wanted to hire a car, I gave them my UK debit card and they said don't that debit cards. They had a computer in the office which I used to book the car with my K Web card. so all was ok until I got to JFK airport. They asked for my payment, they said no to my UK halifax card and need the card I booked with, I tried to explain but they insisted I pay with the credit card I booked with, if not they would draw the money from it, which I knew they could not. So they took payment from my Debit Card after they tried to draw from the Web Card, they were very confused how all this work. ????????????     

Edited May 31, 2019 by denishuahin

[carken]

On 2/17/2019 at 10:53 AM, HNWI said:

I deposit money onto bx.in.th and buy bitcoin, then I send to my UK coinbase account and sell. 

Would you mind for all us dimmies giving us a step by step way to set this "bx.in.th bitcoin" option up

Thank You

carken

[Davai]

I tried using this card for several months and it's working perfectly 

 

Sending money to overseas via THB and from overseas to THB account 

 

They have improved a lot 

 

The only problem they have not issued a card for Thailand based users yet 

 

So you need to transfer your money to your bank account which you can use your atm card to withdraw 

 

It takes 24 hours to transfer to and from Europe to Thailand 

 

To Singapore and from Singapore takes 5 seconds