Transferwise - payment methods

[scubascuba3]

Do the 4 different transfer methods below appear the same on the thai bank statement? (i realise there are 3 local partners).
 
If you pay by UK debit card is there any additional charge that the UK bank charges? i know in the past when i did a currency cash withdrawal at the UK post office my bank put through an extra charge.
 
Does the credit card transaction go through as a cash withdrawal?

[wgdanson]

They never have done for me when I pay them with Nationwide Debit card. 

But now I have their Borderless Account into which I can put money anyway I want, bank transfer, credit or debit card.

Great system.

[scubascuba3]

They never have done for me when I pay them with Nationwide Debit card. 
But now I have their Borderless Account into which I can put money anyway I want, bank transfer, credit or debit card.
Great system.

What's the advantage of the borderless account over the other payment methods?

[wgdanson]

1 minute ago, scubascuba3 said:

6 minutes ago, wgdanson said:

They never have done for me when I pay them with Nationwide Debit card. 
But now I have their Borderless Account into which I can put money anyway I want, bank transfer, credit or debit card.
Great system.

What's the advantage of the borderless account over the other payment methods?

You can load it up with any currency you want online. eg THB, USD etc and then use the card as a normal Debit card, specifying in which currency you want the transaction to be. I think it's like a Revolute card.

But for doing Transferwise payments, it's the same as any other.

[scubascuba3]

You can load it up with any currency you want online. eg THB, USD etc and then use the card as a normal Debit card, specifying in which currency you want the transaction to be. I think it's like a Revolute card.
But for doing Transferwise payments, it's the same as any other.

Sounds useful if you haven't got a payment card, i already have a Halifax Clarity card which seems to have the best rates whenever i compare it. So for me the borderless account doesn't seem to be beneficial but maybe I'm missing something

[Spidey]

7 minutes ago, scubascuba3 said:

18 minutes ago, wgdanson said:

You can load it up with any currency you want online. eg THB, USD etc and then use the card as a normal Debit card, specifying in which currency you want the transaction to be. I think it's like a Revolute card.
But for doing Transferwise payments, it's the same as any other.

Sounds useful if you haven't got a payment card, i already have a Halifax Clarity card which seems to have the best rates whenever i compare it. So for me the borderless account doesn't seem to be beneficial but maybe I'm missing something

I have just signed up to TransferWise Borderless, haven't used it in anger yet but compared the THB/GBP exchange rate with my Clarity card (Mastercard) online and found them to be identical.

 

I'm planning to make my transfers from my UK account, in GBP, but am wondering how much extra it would be to use my Clarity CC.

Edited January 24, 2019 by Spidey

[Nurseynutcase]

I have used transfer wise since November - use my Uk debit card and never been charged by my UK bank or Thai bank.

 

Brilliant service IMO

[scubascuba3]

 

 

 

 

 

 

I have just signed up to TransferWise Borderless, haven't used it in anger yet but compared the THB/GBP exchange rate with my Clarity card (Mastercard) online and found them to be identical.   I'm planning to make my transfers from my UK account, in GBP, but am wondering how much extra it would be to use my Clarity CC. 

 

 

 Are you saying both Transferwise and Clarity have the same mastercard rate for purchases? 

to do a Transferwise transfer from UK credit card account the screenshot post #1 says £8.95 for £1000.

 

and BTW Clarity card for cash withdrawals is still cheaper as no fee anywhere

 

 

 

 

 

 

 

[Kwasaki]

3 hours ago, scubascuba3 said:

If you pay by UK debit card is there any additional charge that the UK bank charges?

With me yes because they use visa I guess at the Thai bank it's a non sterling traction fee and is showed on the 1st a/c monthly statement at the time with my UK bank.

Using Credit card same except when getting cash there's an additional charge as well like when using ATM. 

[scubascuba3]

With me yes because they use visa I guess at the Thai bank it's a non sterling traction fee and is showed on the 1st a/c monthly statement at the time with my UK bank.
Using Credit card same except when getting cash there's an additional charge as well like when using ATM. 

So for your UK debit card and UK credit card there is an additional charge by your UK bank when using Transferwise? which banks are they?

[Spidey]

3 hours ago, scubascuba3 said:

 

 

 

 

 

 

 

 Are you saying both Transferwise and Clarity have the same mastercard rate for purchases? 

to do a Transferwise transfer from UK credit card account the screenshot post #1 says £8.95 for £1000.

 

and BTW Clarity card for cash withdrawals is still cheaper as no fee anywhere

 

 

 

 

 

 

 

No. I was saying that the exchange rate is the same.

 

Using Clarity card for cash withdrawals (in bank) attracts no fees at either end. Was my usual method of bringing money to Thailand. However, no chance of proving international transfer for IO purposes, which is why I did a SWIFT transfer this month and will try TransferWise next month.

[scubascuba3]

No. I was saying that the exchange rate is the same.
 
Using Clarity card for cash withdrawals (in bank) attracts no fees at either end. Was my usual method of bringing money to Thailand. However, no chance of proving international transfer for IO purposes, which is why I did a SWIFT transfer this month and will try TransferWise next month.

Fair enough i may switch over to swifts from UK bank if i do the Income method.

On the transferwise exchange rate you need to take account of the fee to calculate the net/real rate. I was going to do a transferwise transfer today but decided to use Clarity as usual. I'll compare the rates on here when its finalised

[Kwasaki]

5 hours ago, scubascuba3 said:

5 hours ago, Kwasaki said:

debit card / credit card

So for your UK debit card and UK credit card there is an additional charge by your UK bank when using Transferwise? which banks are they?

Sorry I get money direct from UK First Direct bani at a Thai bank going to counter cheapest way for me, only small amounts.

[scubascuba3]

Fair enough i may switch over to swifts from UK bank if i do the Income method.

On the transferwise exchange rate you need to take account of the fee to calculate the net/real rate. I was going to do a transferwise transfer today but decided to use Clarity as usual. I'll compare the rates on here when its finalised

So in the end i decided to do a Halifax Clarity card cash withdrawal at the counter and received 41.27, If I'd used Transferwise the net rate would have been 41.16, so Clarity wins again but not a lot in it. I realise it's not much use for Retirement extension income method

[theoldgit]

I have used transfer wise since November - use my Uk debit card and never been charged by my UK bank or Thai bank.

I usually use a bank transfer to fund my TW transfers as it attracts a marginally lower TW fee than using debit card.
Last month I attempted to use my Santander debit card but the transaction was declined, Santander’s reasoning was that payments to TW are regarded as cash advances and have a limit of £500 per day.
I didn’t think that drawing cleared funds via a debit card was a cash advance, but I wasn’t going to labour the point.