Planning to use TransferWise for 800/400K? Beware!

[smedly]

great topic and great info shared, thanks guys

[AAArdvark]

4 hours ago, Fairynuff said:

Aren’t there alternatives to TW? Perhaps people can share their experiences using those alternatives 

try this web site:

https://www.finder.com/international-money-transfers

[TallGuyJohninBKK]

4 hours ago, magicroundabout said:

Therefore, it would seem whatever method you use their is always a small risk things can go wrong. 

 

 

Unfortunately, the new Immigration rules for 65K monthly transfers into a Thai bank account from abroad have the potential to be very unforgiving.

 

Applicants using that method have to have the required transfer EVERY month, no skipping, no amounts less than the 65K....

 

So in light of the kind of vagaries being described above, it sounds like anyone using the 65K method would be well advised to initiate the foreign transfer EARLY in the calendar month, so that in the event of any delays or complications, there's hopefully time to sort things out before that current month period expires and you miss a month in the cycle.

 

[SunsetT]

What you are having problems with is TW's more recently introduced "borderless account".

 

Thaivisa members should not confuse this with the TW normal money transferring system which works very well and with which I have never had a problem. Nor have I read on here of any other TV members having any problems with the normal system.

 

So may I suggest that you use the ordinary TW system to transfer your funds and not their borderless account. Or perhaps changing your Thai receiving bank might help as I know that some Thai banks charge to receive funds and others do not which may suggest differing systems. I know that my Thai bank 'Kasikorn' makes no charge to receive my TW transfers from the UK.

[johnjohn2]

5 hours ago, Jeffrey346 said:

This is not true.. I setup a transfer on Friday. TW said I would receive the money on Monday Feb 4.

On Feb 4 I got a message from TW stating that my receiving bank refused the transfer.

I called Bangkok Bank and they said no such transfer was received by them.

I called TW, they apologized saying the glitch was in their system and not with my receiving bank. They said I would have my transfer today.

I asked them to adjust the conversion rate as it is now higher and in my favor. They said they could not.

 

Exact same thing with a transfer I did on Feb 4. I called support and was told the same thing. They blamed the bank though. Hoping to get my transfer today. Still waiting.

[racyrick]

To all those that have had problems with your transfer the last few days and who have been promised that your money will arrive today, PLEASE keep us updated as to when you receive your funds.

I hope everyone has this issue cleared up today!

Thanks.

[jacko45k]

2 hours ago, DrJack54 said:

I don't wish to sidetrack the op, but also don't wish to clog forum with new topic. If I was in australia and bring into Thailand 30k aud (with all the bank statements showing withdrawal of funds from au bank. Then after conversion, say, super rich, deposit funds into Thai bank. How is that viewed? 

As a domestic cash deposit, but what are you trying to achieve? It isn't enough for a retirement extension. It's beer tokens!

[anon354534]

Your money’s taking longer to pay out

Sorry for the wait — we need a bit more time to process your transfer. The rate for your transfer is 1 EUR → 35.8072 THB.

 

Send last night. Haven't got an email saying the send it out. Just the email that they received it.

They said it will arrive today and then so far and i use it weekly always did. First time i have seen this..

This is the ''normal tw'' system by the way.

So they definitely having issues

[SunsetT]

4 hours ago, BritManToo said:

I transfer 500GBP a time to my Transferwise account using online bank transfer.

Then I let it sit in my TW account until the exchange rate is right.

And transfer 1000gbp when I need it.

 

I've not had a problem so far, but all banks make mistakes.

I had 20,000gbp disappear for two weeks a while back with a SWIFT transfer, what a pain that was.

(It was Bangkok banks fault apparently)

I dont know why you need a TW 'account' and let your money 'sit' in it when it could be earning interest, albeit very little at present, elsewhere. I am just 'registered with them with no account and dont make a bank transfer to them until after I have booked a transfer which I can cancel within 24hrs if the rate shoots up (fat chance at the moment).

[DrJack54]

10 minutes ago, jacko45k said:

As a domestic cash deposit, but what are you trying to achieve? It isn't enough for a retirement extension. It's beer tokens!

I did say 30kau. That's almost 700kbaht. Every time I go au (couple on times a year) I always bring $25,000usd (most in can enter los undeclared). I change it at superrich when I choose. I'm aware transferwise etc. Not going to debate that. I have used company OFX. Not many members seem to mention. Interesting article " transferwise vs OFX clash of the titans" Anyway given a choice I bring in green anytime possible.

Oh one word of warning. Last time I did this I returned to bkk spending couple of days in Saigon. Overlooked Vietnam has much lower amount you can bring undeclared. Think 10kusd. Was nervous

[shadowmaster1971]

2 hours ago, Kenegg said:

 

I also transferred money last Friday with Transferwise and did not get as promised yesterday (4th February) I recieved an email saying they had a problem so would receive it today.....still waiting..

I did 2 TW on Friday - from Bank of China (HK) to NAB (Australia) & Bank of China (HK) to Krungsri - no problems both received on Monday 4 as promised.  

Edited February 5, 2019 by shadowmaster1971

[mngmn]

6 hours ago, Jeffrey346 said:

This is not true.. I setup a transfer on Friday. TW said I would receive the money on Monday Feb 4.

On Feb 4 I got a message from TW stating that my receiving bank refused the transfer.

I called Bangkok Bank and they said no such transfer was received by them.

I called TW, they apologized saying the glitch was in their system and not with my receiving bank. They said I would have my transfer today.

I asked them to adjust the conversion rate as it is now higher and in my favor. They said they could not.

 

TransferWise support lying does not surprise me in the least. Also bear in mind this my second problem with them this month.

[Stocky]

6 hours ago, magicroundabout said:

To be fair last year I sent a swift payment from my UK bank to Thailand which meant "missing". It took just over 5 weeks to get the money back. I never manage to find out why... All the banks involved denied responsibility.  

I had an issue with HSBC, before I switched to using Transferwise. I couldn't work out why some additional charges had been incurred with a SWIFT transfer, when questioned HSBC just reported it was an 'intermediary bank' and if I 'wanted them to investigate further' it would cost me $40.

 

I appreciate the transparency you get with Transferwise, there are no mystery charges.

[mngmn]

6 hours ago, magicroundabout said:

Interesting to know. 

 

To be fair last year I sent a swift payment from my UK bank to Thailand which meant "missing". It took just over 5 weeks to get the money back. I never manage to find out why... All the banks involved denied responsibility. 

 

I've used transferwise ever since and never had a problem.

 

Therefore, it would seem whatever method you use their is always a small risk things can go wrong. 

 

 

 

I have had two problems this month and at the moment I don't have a viable alternative so will continue to use them for small amounts. But 800/400K no way!

[jacko45k]

4 minutes ago, Stocky said:

I had an issue with HSBC, before I switched to using Transferwise. I couldn't work out why some additional charges had been incurred with a SWIFT transfer, when questioned HSBC just reported it was an 'intermediary bank' and if I 'wanted them to investigate further' it would cost me $40.

 

I appreciate the transparency you get with Transferwise, there are no mystery charges.

I had a similar issue with HSBC . I complained to a rep next time I was in the UK and got a refund, ages ago. A friend very recently had the same complaint, they use an intermediary bank who help themselves.

Edited February 5, 2019 by jacko45k

[mngmn]

6 hours ago, LucysDad said:

 

So tell me an alternative that requires less Sterling to send 800k to Thailand.

You get what you pay for. I have been waiting for the 600 GBP for nearly a month now. Serious problem if it was 800K for retirement extension.

 

(Queue TV post saying anyone who doesn't have a backup 800K shouldn't be thinking of retiring in Thailand.)

[mngmn]

5 hours ago, sumrit said:

 

I've had the same problem with a transfer I set up on Friday. When I hadn't received the usual 'money sent' email by yesterday I looked on the TW app. It said there was a problem with my Bangkok bank details and to edit them. On doing that I got a message saying 'We cannot send money to this account'. To make sure this was genuine and not some sort of hack, I contacted TW immediately who confirmed it wasn't some sort of scam, the message was genuine and they'd had some technical issues transferring money to Thailand since Friday. They were now resolved and they said they would be processing all outstanding transfers within the next few hours. I didn't ask if that involved transfers to all Thailand Banks or just the Bangkok Bank.

 

I had an apology email from them at 8:27 last night then another confirmation 'money sent' email at 5:14 this morning. Just got to confirm the money has arrived later today. 

Exactly the same as my experience except I had another problem with a GBP deposit into my Borderless Account.

[mngmn]

5 hours ago, LucysDad said:

 

Indeed Jacko...... and EVERY comparison that I have done shows TW to be more cost-effective.

 

I wait to hear if Chivas has a better option.

Not remotely cost effective if your money arrives one month late.

[mngmn]

5 hours ago, hello55060 said:

I use RationalFX for big sums. Granted the rate isn't as good as TW if sending small sums, but they have just a fixed £4 fee per transfer and are regulated by the FCA and are mainly used by businesses needing to send big figures abroad. They send millions a day. £100-10k is one rate  If you sent over £10k they will give you a better rate, if you sent over 100k they will give you an even better one , so as said it's good option for sending a big sums. You can open a personal account there, you don't have to have a business to send money with them. When you consider transfer wise want say £7 per £1k you send, if you're sending a big amount you will gain more overall by the £4 fixed fee rationalfx have over the slight loss of exchange rate over transferwise, you will end up with more baht and they're more trustworthy imo.

 

Another option is Western Union. 2 years ago I would laugh if anyone mentioned them but their bank to bank transfers are good now. fees for bank transfers are £0 if you sent a couple of ks last time I checked and they are pretty fast and their exchange rates have improved massively other the last 2 years.

And for example, right now with WU sending £15k

 

 

Transferwise sending £15k 

 

 

so you gain more from the lower rate on WU and the £0 than the market rate on TW and their high fees. I know it's small money difference we're talking about in this example, but the OP asked for other options. And just suggesting 2 other competitive ones if you're having bad experiences with TW.

 

 

TL'DR

 

Look at RationalFX for sending big money £15k + and WU for less than £15k . I've used them a fair bit over the last few years and have good experiences with both.

I have used HiFx (now XE.com) for many years. Both business and personal transactions. Absolutely zero problems.

[OJAS]

54 minutes ago, dennis1993 said:

Your money’s taking longer to pay out

Sorry for the wait — we need a bit more time to process your transfer. The rate for your transfer is 1 EUR → 35.8072 THB.

 

Send last night. Haven't got an email saying the send it out. Just the email that they received it.

They said it will arrive today and then so far and i use it weekly always did. First time i have seen this..

This is the ''normal tw'' system by the way.

So they definitely having issues

On a couple of occasions I've used TransferWise the money has ended up in my Thai account before I received their email saying that it had been sent out! So it would probably worth checking whether your latest transfer has been safely credited even if you are still awaiting the second email.

[mngmn]

4 hours ago, leither69 said:

I've had similar issues in the last 2 weeks, customer service is a joke.  Always blaming the recipients bank. Told me that my bank had a problem before they even released my funds!!  Pointed this out, now they won't speak with me!!

Be careful they don't deactivate your account. Many reports of this.

[mngmn]

4 hours ago, Bigz said:

They had a technical glitch over the weekend. I had the same problem with the transfer to my Bangkok bank account. Last night they sent me an apology email. The money should be in the account today. Hopefully it was a one off as it never happened before.

Second problem for me this month. Yes i would love them to succeed but also need them to be reliable.

 

'Technical glitches' are software bugs that should rarely be seen in financial software. Imagine the billions of error free transaction processed by banks every day.

[mngmn]

3 hours ago, DrJack54 said:

I don't wish to sidetrack the op, but also don't wish to clog forum with new topic. If I was in australia and bring into Thailand 30k aud (with all the bank statements showing withdrawal of funds from au bank. Then after conversion, say, super rich, deposit funds into Thai bank. How is that viewed? 

Would need to declare on exit from Australia. Limit is 10K. 30K stuffed down shorts risks serious consequences

[DrJack54]

1 minute ago, mngmn said:

Would need to declare on exit from Australia. Limit is 10K. 30K stuffed down shorts risks serious consequences

No risk no stuff down shorts. When leaving Melbourne airport now its electronic. There is a departure card on back asks if your taking out more than 10k. In years gone by when there were imm officers they would direct you to desk, past pp control to fill in form. Which I did. My money comes from my bank and I have paid all my ATO taxes.

In reality now, hardly anyone drops departure card into the perspex box. If pulled up have your card and drop in. If not (and never are). Done. Zero law broken. 

[mngmn]

1 hour ago, SunsetT said:

What you are having problems with is TW's more recently introduced "borderless account".

 

Thaivisa members should not confuse this with the TW normal money transferring system which works very well and with which I have never had a problem. Nor have I read on here of any other TV members having any problems with the normal system.

 

So may I suggest that you use the ordinary TW system to transfer your funds and not their borderless account. Or perhaps changing your Thai receiving bank might help as I know that some Thai banks charge to receive funds and others do not which may suggest differing systems. I know that my Thai bank 'Kasikorn' makes no charge to receive my TW transfers from the UK.

The whole point of the Borderless Account is that my broker can deposit dividend payments in GBP into my Borderless Account which I then convert to THB and transfer to my Bangkok Bank account. The alternative is for the broker to post me a cheque it seems! Also it is pretty much impossible to open a UK bank account if you are non-resident.

 

The whole point of my post is that I no longer trust using my Borderless Account in this way.

 

Other posters have described problems they had with transfers into THB at the same time as me.

Edited February 5, 2019 by mngmn

[johnjohn2]

1 hour ago, racyrick said:

To all those that have had problems with your transfer the last few days and who have been promised that your money will arrive today, PLEASE keep us updated as to when you receive your funds.

I hope everyone has this issue cleared up today!

Thanks.

Finally received my transfer @ 1402. Never had any issues before with transfers so hoping this is a one off type of thing. Still going to check out alternatives though.

[mngmn]

6 minutes ago, johnjohn2 said:

Finally received my transfer @ 1402. Never had any issues before with transfers so hoping this is a one off type of thing. Still going to check out alternatives though.

For me, it was the second problem this month. Admittedly the first problem was with a deposit into my GBP Borderless Account but the net result is I have been waiting for a month to receive my GBP 600 using services offered by Transferwise.

 

(Just to reassure the 'retirement police', I do have access to ample funds elsewhere).

[Chivas]

Some guys need to chill. Transferwise has grown to be the world leader in transfers and on occasions with such huge numbers of transfers occasionally they will go wrong. As long as the issue is rectified no big deal. Nobody should be relying on a sole transfer to avoid being destitute before someone says it as well

I had a transfer in December which was supposed to land on a Monday. It didnt but TW kept updating all the time without being prompted by me. When I woke up 6am local on the Tuesday it was there. (still probably 2 days quicker than a bank transfer as well)

[fondue zoo]

I've used WorldRemit without issue for over a year now, bank transfers and same day cash pickup (usually takes 30 minutes for clearance).

[farangx]

2 hours ago, racyrick said:

To all those that have had problems with your transfer the last few days and who have been promised that your money will arrive today, PLEASE keep us updated as to when you receive your funds.

I hope everyone has this issue cleared up today!

Thanks.

I say too many of you are draining the local bank account of TW with your 65K local transfers here.

 

Edited February 5, 2019 by farangx