Question about "paying myself" via TransferWise

[Pib]

9 hours ago, revgreen said:

Hmmmm... When I tried to transfer 90k today it said it'd arrive within 5 days. When I reduced the amount to 40k today it said it'd arrive within 24 hours. I assumed larger amounts like that took longer? I was using ACH as well.

 

Amount being sent and currency pair makes a difference in estimated arrival time.   Like the example I gave in my earlier post when during a USD-THB transfer...."on that particular day" $1950 seemed to be the point where a longer arrival time kicked in.   And of course if transferring when a weekend is almost here would affect things also for some currency pairs.  

 

But to give another example of how transfer times vary based on amount being sent, I'll use a USD-EUR example.  At $1950 the estimated arrival time is within 12 hours; but increase that to $1951 and the estimate arrival time is 3 Jun (3 days).    See snapshot below. 

 

You'll see that $1950 trigger point again I experienced before when checking out arrival time for a USD-THB transfer.   But that $1950 trigger point for a USD-THB transfer is not in play at this particular moment in time (Friday morning around 9:50am Thailand time) as I get a 4 Jun estimated arrival time for any amount of USD-THB....probably due to the upcoming weekend.

 

 

Below USD-EUR transfer examples....see how arrival time changes based on a $1 dollar sending amount change from $1950 to $1951.   

 

 

 

 

[stephenterry]

4 hours ago, SheungWan said:

Actually no. You make a payment to TW UK bank and the TW Thai bank pays out. There is no international transfer of your funds as per the Swift system. However it appears to be a transfer and so some banks may dress it up and some may not.

Actually yes. Do you not think I know what happens?

 

However TW's system works, there has to be an electronic confirmation of funds received and required to be paid out. It's exactly the same as using Internet banking. In the past I transferred money from Lloyds to BKK bank London in sterling, and they informed BKK Bangkok, who paid it into my account. The actual international transfer process is undisputable as to the source and the destination of the funds. It's just that the passage requires acceptance. Which BKK bank does. 

 

I doubt BKK bank would not code it FTT if there was any doubt as to the foreign source of funds. That other banks find it 'difficult' is possibly because their systems are not set up to deal with mid-passage other banks than the source bank.

 

Anyway, I couldn't give a toss about it as long as it's recorded FTT. Which it is. When BKK start charging for the transaction, that could be a different story, though. 

Edited May 31, 2019 by stephenterry
addition to text.

[SheungWan]

5 hours ago, stephenterry said:

Actually yes. Do you not think I know what happens?

 

However TW's system works, there has to be an electronic confirmation of funds received and required to be paid out. It's exactly the same as using Internet banking. In the past I transferred money from Lloyds to BKK bank London in sterling, and they informed BKK Bangkok, who paid it into my account. The actual international transfer process is undisputable as to the source and the destination of the funds. It's just that the passage requires acceptance. Which BKK bank does. 

 

I doubt BKK bank would not code it FTT if there was any doubt as to the foreign source of funds. That other banks find it 'difficult' is possibly because their systems are not set up to deal with mid-passage other banks than the source bank.

 

Anyway, I couldn't give a toss about it as long as it's recorded FTT. Which it is. When BKK start charging for the transaction, that could be a different story, though. 

Its not exactly the same as internet banking which uses the Swift transaction system. Even Transferwise in their animated examples point out that in their system no money actually crosses any borders. That the process used by Transferwise is able to get an appropriate label on the transfer by one or two Thai banks is good fortune. Hopefully for those who use Transferwise and need that label the facility continues but it is vulnerable.

[revgreen]

8 hours ago, lopburi3 said:

5 days would seem normal as you have both a weekend and holiday Monday so Tuesday into account.  One day would have to be deposited today (which seems unlikely for an ACH transfer (which may not arrive to them for a day).

Ah that explains it. Didn't realize it was a holiday

[stephenterry]

40 minutes ago, SheungWan said:

Its not exactly the same as internet banking which uses the Swift transaction system. Even Transferwise in their animated examples point out that in their system no money actually crosses any borders. That the process used by Transferwise is able to get an appropriate label on the transfer by one or two Thai banks is good fortune. Hopefully for those who use Transferwise and need that label the facility continues but it is vulnerable.

I'll make it simple for you. I transfer money from my UK account and it gets credited to my Thai bank account. The process is neither here nor there. As far as I'm concerned, that's a FTT. When Thai banks catch on, they would probably charge us. As they should, as it is a foreign transfer.

[SheungWan]

2 hours ago, stephenterry said:

I'll make it simple for you. I transfer money from my UK account and it gets credited to my Thai bank account. The process is neither here nor there. As far as I'm concerned, that's a FTT. When Thai banks catch on, they would probably charge us. As they should, as it is a foreign transfer.

We will have to agree to disagree on this one as I consider the process very much 'here and there'. The process very much underpins the Transferwise business model and the charges which make them an economically attractive alternative to the standard method of internationally transferring funds. No reason however, not to use them while the label can be obtained from one or more Thai banks receiving those funds. Needs to be kept an eye on though.