Experiences with Transferwise?

[KittenKong]

2 hours ago, glegolo said:

For us in Sweden, there is no doubt when it comes to SWIFT transfers.. We buy thaibaht and send that from our swedish banks... Better rate then the thaibanks offers.

That is surprising.

[glegolo]

22 minutes ago, KittenKong said:

That is surprising.

Yeah for some unknowlingly swedes too.. I do not know how things are in UK. But check up and see and compare, surpricing for me too when we discovered it here...

 

glegolo

[trd]

Yeah for some unknowlingly swedes too.. I do not know how things are in UK. But check up and see and compare, surpricing for me too when we discovered it here...
 
glegolo

There is no way it is cheaper in the UK to send baht rather than pounds. You will always get a better exchange rate if you send pounds.

[glegolo]

1 hour ago, trd said:

1 hour ago, glegolo said:

Not as good as  my suggestion to just do a pretend-transfer via SWIFT in your bank without actually press ther go-buttom, and see the rate of exchange there... Then you will have WITHOUT any doubts the banks costs and can compare properly...
 
glegolo

I know that without doing a pretend transfer. I know that my bank charges a fixed £25 for a swift transfer. I don't send Baht to Thailand, I send pounds and have it converted in Thailand which is cheaper. I thought everyone knew that. Then I go to my Thai bank and check the latest TT rate. Then I have the answer. But the problem with that is that by the time my bank sends the pounds to Thailand the exchange rate will have changed and that is out of my control. With Transferwise of course you get the guaranteed mid rate at the time you make the transaction.

So you dare to be sure about the rates??? The swedish banks have BETTER rates than the thai ones.... How about that???? Maybe the british banks also have better rates than the thai aones???? You are sure I guess???

 

glegolo

 

glegolo

[trd]

So you dare to be sure about the rates??? The swedish banks have BETTER rates than the thai ones.... How about that???? Maybe the british banks also have better rates than the thai aones???? You are sure I guess???
 
glegolo
 
glegolo

No. Maybe I'm just dreaming.

[glegolo]

1 minute ago, trd said:

3 minutes ago, glegolo said:

Yeah for some unknowlingly swedes too.. I do not know how things are in UK. But check up and see and compare, surpricing for me too when we discovered it here...
 
glegolo

There is no way it is cheaper in the UK to send baht rather than pounds. You will always get a better exchange rate if you send pounds.

OK,,,, I believe not all banks in the world are as good as the swedish ones then.. OR maybe you are mistaken..

 

glegolo

[KittenKong]

14 minutes ago, glegolo said:

I do not know how things are in UK. But check up and see and compare, surpricing for me too when we discovered it here...

It certainly isnt the case in the UK. Buying THB there always costs more than sending GBP here and buying THB here.

 

Do you have a link to a Swedish bank website that shows their current rates?

[Pattaya46]

13 hours ago, raven0099 said:

How much is the limit for sending to a Thai account ? 

I am looking to transfer in the region of 25k UK, will i have problems with Transferwise ?

- 2'000'000 THB

- Maybe not "problems" but for a transfer over 20'000€ they asked me for documentation about origin and use of my transfer. They didn't ask for 10'000€.

[glegolo]

1 hour ago, KittenKong said:

It certainly isnt the case in the UK. Buying THB there always costs more than sending GBP here and buying THB here.

 

Do you have a link to a Swedish bank website that shows their current rates?

Yes I have, and they only show the middayrate each day, but what regards SWIFT we customers always gets the highest rate on the spotmarket...

https://bank.nordea.se/webapp-pages/valutakurser.html

 

glegolo

[scubascuba3]

One thing to point out about Transferwise is the rate they quote is the rate before charges deducted. Its not clear funny enough

[MJCM]

I did a test Transfer last Friday with Transferwise I only send EUR 500,-

I just received THB 18.209,77 in my BBL Bank account

 

The TT Buying Rate @8:30 am (Today) was THB 36,25250

The Transfer wise THB rate was: THB 18.209,77 / 500 = 36,41954

So the Transferwise was way BETTER then the Bank.

 

I know it could also work the other way round (rate WISE I mean), but I am happy.

 

I Already have done another 2 Transfers with MUCH larger amounts, 1 via my Bank and 1 via Transferwise, and I will report back on the rates etc.

 

The only DISADVANTAGE is, but I think that's normal for BBL, that the transfers Arrive mid afternoon (2PM+) instead of early morning with for example SCB

 

Ps: And I just checked it shows up as an International Transfer in iBanking (BBL)

Edited January 14, 2019 by MJCM

[trd]

I did a test Transfer last Friday with Transferwise I only send EUR 500,-
I just received THB 18.209,77 in my BBL Bank account
 
The TT Buying Rate @8:30 am (Today) was THB 36,25250
The Transfer wise THB rate was: THB 18.209,77 / 500 = 36,41954
So the Transferwise was way BETTER then the Bank.
 
I know it could also work the other way round, but I am happy.
 
I Already have done another 2 Transfers with MUCH larger amounts, 1 via my Bank and 1 via Transferwise, and I will report back on the rates etc.
 
The only DISADVANTAGE is, but I think that's normal for BBL, that the transfers Arrive mid afternoon (2PM+) instead of early morning with for example SCB
 
Ps: And I just checked it shows up as an International Transfer in iBanking (BBL)

If you mean by the other way around, transferring baht to Euro you cannot with Transferwise.

[MJCM]

14 minutes ago, trd said:

18 minutes ago, MJCM said:

I did a test Transfer last Friday with Transferwise I only send EUR 500,-
I just received THB 18.209,77 in my BBL Bank account
 
The TT Buying Rate @8:30 am (Today) was THB 36,25250
The Transfer wise THB rate was: THB 18.209,77 / 500 = 36,41954
So the Transferwise was way BETTER then the Bank.
 
I know it could also work the other way round, but I am happy.
 
I Already have done another 2 Transfers with MUCH larger amounts, 1 via my Bank and 1 via Transferwise, and I will report back on the rates etc.
 
The only DISADVANTAGE is, but I think that's normal for BBL, that the transfers Arrive mid afternoon (2PM+) instead of early morning with for example SCB
 
Ps: And I just checked it shows up as an International Transfer in iBanking (BBL)

If you mean by the other way around, transferring baht to Euro you cannot with Transferwise.

 

Sorry changed my text. With other way around I meant Rates could have increased.

 

But I initiated 2 transfers today (MUCH larger amounts and Both the same amounts)

 

1- Via my Bank -> Thai Bank (BBL) (with their 9 EURO fee and Thai Bank costs and bad exchange rate)

2- Via Transferwise -> Thai Bank (BBL)

 

Will report back tomorrow (2pm++ ???? ????

Edited January 14, 2019 by MJCM

[scubascuba3]

Did we get a conclusion whether immigration will accept ALL Transferwise transfers as Intl payments?

[trd]

Did we get a conclusion whether immigration will accept ALL Transferwise transfers as Intl payments?

How many times does this have to be said? Immigration aren't involved in acceptance or non-acceptance. They accept the bank letter!! It is for the bank to agree this and if they do they prepare a letter and statement for immigration. Do you appreciate the difference?

[MJCM]

6 minutes ago, scubascuba3 said:

Did we get a conclusion whether immigration will accept ALL Transferwise transfers as Intl payments?

No idea, but my TEST transfer to BBL definitely showed up as an International Transfer.

 

But what Immigration wants seems to be different day by day ????

Edited January 14, 2019 by MJCM

[trd]

No idea, but my TEST transfer to BBL definitely showed up as an International Transfer.
 
But what Immigration wants seems to be different day by day [emoji19]
 
I think we have to wait till the first couple of months of 2020 before we can get confirmation on this (unfortunately)

You too also have difficulty in understanding. Immigration wants a bank letter! It is for your bank to recognize an international transfer and convey that information in a letter to immigration. Immigration isn't interested in looking at bank codes only a letter from the bank.

[MJCM]

8 minutes ago, trd said:

12 minutes ago, MJCM said:

No idea, but my TEST transfer to BBL definitely showed up as an International Transfer.
 
But what Immigration wants seems to be different day by day
 
I think we have to wait till the first couple of months of 2020 before we can get confirmation on this (unfortunately)

You too also have difficulty in understanding. Immigration wants a bank letter! It is for your bank to recognize an international transfer and convey that information in a letter to immigration. Immigration isn't interested in looking at bank codes only a letter from the bank.

I have no need for transferring money month by Month as I use the MONEY in the Bank for a couple of years already.

 

And Honestly I didn't follow the threads on this because of the remarks made by some members and IF you read my POST again, I deleted MY LAST REMARK BEFORE you posted YOURS !!

 

Edit: Now I know why I stopped posting on TV. (I am out of here) Good Luck Guys.

Edited January 14, 2019 by MJCM

[MJCM]

Just now, trd said:

2 minutes ago, MJCM said:

And maybe you noticed that Immigration will want to see evidence of transfers to a Bank account every month over a 12 month period. Living in present yes, but how about dealing with immigration in 1 year if you don't act accordingly today ??

Then I suggest you speak to your bank today about your statement.

I have no need for that, because I use MONEY in the BANK ????

[rayfork]

I've been using Transferwise for a couple of years.  No problems and very easy to use.  Low charges and good exchange rate.  I tried other currency transfer companies and Transferwise always won.

[sfokevin]

13 minutes ago, rayfork said:

I've been using Transferwise for a couple of years.  No problems and very easy to use.  Low charges and good exchange rate.  I tried other currency transfer companies and Transferwise always won.

Have your TransferWise transfers consistently been shown as “International Transfers” on your Thai bank statement?

[scubascuba3]

How many times does this have to be said? Immigration aren't involved in acceptance or non-acceptance. They accept the bank letter!! It is for the bank to agree this and if they do they prepare a letter and statement for immigration. Do you appreciate the difference?

How long will it take you to understand that there are many banks and will be many different interpretations of what's acceptable and thats where Immigration should take a lead as they set the rules. Anyway we don't need your help, thanks but no thanks

[Moonlover]

44 minutes ago, sfokevin said:

58 minutes ago, rayfork said:

I've been using Transferwise for a couple of years.  No problems and very easy to use.  Low charges and good exchange rate.  I tried other currency transfer companies and Transferwise always won.

 

45 minutes ago, sfokevin said:

Have your TransferWise transfers consistently been shown as “International Transfers” on your Thai bank statement?

It is for the bank to establish whether a deposit is an international one or not and I'm sure they will have their methods. In the case of T/W the customer can, if he wishes, produce the T/W transaction slips and provide the proof himself.

 

By the way, are you aware that many direct pension deposits from overseas also show up as domestic deposits. There are quite a few hoops to jump through before this new system settles down and I think many folk are in danger of 'over thinking' and seeing problems before they even arise.

 

How does the saying go?

 

'If you have a problem and you know the fix, you don't have a problem'.

 

'If you have a problem and you don't know the fix, worrying about won't make any difference'.

 

Something like that.

[glegolo]

Bangkok Bank always shows my transfer Sweden-Thailand as "International transfer"

 

glegolo

[Rimmer]

Some off topic bickering and flaming posts have been removed, also replies

[VBF]

Not read this whole thread, but merely "FYI"

I'm a relative Newbie to TW having only made 2 transfers from my UK bank to my SCB account, the latest Jan 3rd - see below.

SCB showed both of them in similar format, with no obvious proof that they came from outside Thailand.

 

 

I believe but do NOT know, that is because TW send the money to Bangkok Bank, who in turn send it to SCB. So the final transfer is actually internal not international.

 

For me, TW is brilliant - that transfer took less than a day, I got a much better rate and although the fee was slightly higher than my bank would have charged, overall I saved a bundle. See my other posting here 

 

Edited January 14, 2019 by VBF

[Moonlover]

14 hours ago, VBF said:

Not read this whole thread, but merely "FYI"

I'm a relative Newbie to TW having only made 2 transfers from my UK bank to my SCB account, the latest Jan 3rd - see below.

SCB showed both of them in similar format, with no obvious proof that they came from outside Thailand.

 

 

I believe but do NOT know, that is because TW send the money to Bangkok Bank, who in turn send it to SCB. So the final transfer is actually internal not international.

 

For me, TW is brilliant - that transfer took less than a day, I got a much better rate and although the fee was slightly higher than my bank would have charged, overall I saved a bundle. See my other posting here 

 

You're right about your assertion that the final leg of your transfer is a domestic one, often via Bangkok Bank, but also others.

 

A simple way to prove that it is a foreign deposit is to download the transaction slip that is produced with every T/W transfer.

[scubascuba3]

A simple way to prove that it is a foreign deposit is to download the transaction slip that is produced with every T/W transfer.

and the banks will accept that for the immigration letter?

[Moonlover]

10 minutes ago, scubascuba3 said:

 

 

and the banks will accept that for the immigration letter?

 

I doubt if anyone has tried yet, or whether they will need to. The banks may have their own method.

 

I'm saving mine anyway, just as a backup.

[VBF]

3 hours ago, Moonlover said:

You're right about your assertion that the final leg of your transfer is a domestic one, often via Bangkok Bank, but also others.

 

A simple way to prove that it is a foreign deposit is to download the transaction slip that is produced with every T/W transfer.

Logically that does show the nature of the transfer.

Just looked at mine - I'm not posting it because of all the personal information in it, (obviously) but it would require it to be examined alongside the bank book for other people (eg Immigration) to correlate the transfers and receipts. It's also in English and for those people needing to show monthly receipts, there would be 12 of them when they went to Immigration for their annual extension.

I'm in the fortunate position that I'm not affected by that requirement but just my 2 Satangs worth. ????