Money transfers

[sotonowl]

What's the best way to safely, legally and cost efficiently transfer large sums of money from the UK to Thailand.

[faraday]

TransferWise

[quandow]

I'm currently mucking about with Transferwise. Not impressed. There is absolutely NO way to talk to a human, their help pages are anything BUT helpful, and there is a daily $5,000 US limit - but you have to find that out the hard way. As well, you can't transfer $5k today, then another $5k the next day. I'm not sure what they consider a full day. I imagine if you're transferring just once a month, it is easy and the least expensive. I'm trying to send the ฿800,000 before 17 April, and I don't see that happening. Heavy sigh, I have a friend who knows a friend who can get me sorted this year, then NEXT year my money will be well seasoned.

[sotonowl]

1 minute ago, quandow said:

I'm currently mucking about with Transferwise. Not impressed. There is absolutely NO way to talk to a human, their help pages are anything BUT helpful, and there is a daily $5,000 US limit - but you have to find that out the hard way. As well, you can't transfer $5k today, then another $5k the next day. I'm not sure what they consider a full day. I imagine if you're transferring just once a month, it is easy and the least expensive. I'm trying to send the ฿800,000 before 17 April, and I don't see that happening. Heavy sigh, I have a friend who knows a friend who can get me sorted this year, then NEXT year my money will be well seasoned.

Yes, I took a look and it restricts to 2,000,000 I think it was.

[faraday]

I haven't ever needed to talk to anyone from TransferWise, but always found that emails are responded to quickly & thoroughly.

 

You tried this?

https://gethuman.com/phone-number/TransferWise/customer-service/57B

[quandow]

Update on my Transferwise experience - Here is an email I just received after setting up a transfer of $10,000 US:

 

"Your money's taking a little longer to get to us.

When you set up your transfer, we estimated that it would take 1 working day for your money to get to us. But this time, it’s taking a little longer to arrive.

Your money will now get to us in 3 working days. As soon as it gets here, we’ll convert it. Then we’ll send it out to your recipient.

You can track your transfer from your TransferWise account."

[moontang]

Anyone know if capital one still works with BKK bank NY?

[Just Weird]

 How about a bank transfer, what's the problem with that?

[sotonowl]

1 hour ago, Just Weird said:

 How about a bank transfer, what's the problem with that?

I understood the rates are not very good.

[Moonlover]

On ‎3‎/‎30‎/‎2019 at 5:45 AM, faraday said:

TransferWise

No I disagree. It's not as clear cut as that even though I am a fan and a regular user of T/W, there comes a point where using SWIFT to transfer a large sum via a bank is better value, simply because it is a fixed fee no matter what the sum is.

 

It's up to you O/P. Find out what your bank would charge for a SWIFT transfer and compare it with T/W's rates. It is very easy to establish which is the better value.

 

What you must take into account in your assessment is that with a SWIFT transfer you will get 'buy' rate of exchange as apposed to 'mid market' with T/W and that there may be a receiving fee by your Thai bank. You'll need to do a bit of math to establish which is the better deal.

 

Both are legal and both are reliable.

Edited April 3, 2019 by Moonlover

[moontang]

the wire gives you a much better paper trail, if you ever need to move it out....The bid/ask on GBP got wider since the big crash of 2016..that is part of the problem.  

 

[Moonlover]

19 hours ago, quandow said:

Update on my Transferwise experience - Here is an email I just received after setting up a transfer of $10,000 US:

 

"Your money's taking a little longer to get to us.

When you set up your transfer, we estimated that it would take 1 working day for your money to get to us. But this time, it’s taking a little longer to arrive.

Your money will now get to us in 3 working days. As soon as it gets here, we’ll convert it. Then we’ll send it out to your recipient.

You can track your transfer from your TransferWise account."

So what's the problem? T/W cannot possibly control how long it takes for an inward transfer to make the transition can they?

 

At least they are up front with the information and in my experience they are usually quite conservative with their estimates of transit times.