Transferwise increasing fees.

[phetphet]

Just a heads up.

 

I had a message on my Transferwise account that they will be increasing their fees from 18th June. Not a great deal, but an increase nonetheless.  

More information here:  https://transferwise.com/price-change

 

 

[KhunBENQ]

Again.

Competition not strong enough?

 

[johnson36]

But still cheaper than bank transfers

 

[Pib]

Heck...only a few months ago they lowered their fees...at least for USD-THB. Now they are raising fees for multiple currency pairs.

 

 

 

 

[baansgr]

Believe it not WU is very good on rates and even better than TW but can take 5 days to arrive....

[JamJar]

37 minutes ago, baansgr said:

Believe it not WU is very good on rates and even better than TW but can take 5 days to arrive....

 

They've certainly risen to the challenge.

 

£1000

 

Western Union: 39610.74THB

Transferwise: 39,573.91

Xendpay: 39710.52 (choosing the no fee option)

[JamJar]

It's worth noting that the new fees are already being applied. So my calculations above include the new fee. Which results in them being the lowest on the list, for now.

 

Mastercard gets you 39,715.63

 

The winner ????

[TallGuyJohninBKK]

14 minutes ago, JamJar said:

 

Mastercard gets you 39,715.63

 

 

MasterCard being used in what manner?

[TallGuyJohninBKK]

30 minutes ago, JamJar said:

 

They've certainly risen to the challenge.

 

£1000

 

Western Union: 39610.74THB

 

 

Can you send a WU international xfer direct into a Thai bank account as a deposit?  Or you're locked into taking the cash as a payout at pickup?

 

Obviously for Thai Immigration purposes, the funds would need to be directly deposited into one's Thai bank account, not just paid out over the counter.

 

For most of my life, WU has been right down there with PayPal as being lousy options for international fund transfers due to their historically poor exchange rates... So I've never bothered with them...before...

 

 

Edited June 7, 2019 by TallGuyJohninBKK

[Pib]

1 hour ago, TallGuyJohninBKK said:

 

Can you send a WU international xfer direct into a Thai bank account as a deposit?  Or you're locked into taking the cash as a payout at pickup?

 

Obviously for Thai Immigration purposes, the funds would need to be directly deposited into one's Thai bank account, not just paid out over the counter.

 

For most of my life, WU has been right down there with PayPal as being lousy options for international fund transfers due to their historically poor exchange rates... So I've never bothered with them...before...

 

 

Looks like WU gives a good rate for GBP-THB, but a low rate for USD-THB.  Maybe Transferwise gives WU greater competition in the UK as compared to the US.

 

 

 

 

Edited June 7, 2019 by Pib

[TallGuyJohninBKK]

1 minute ago, Pib said:

Looks like WU gives a kinda OK rate for GBP-THB, but a low rate for USD-THB. 

 

29.87 baht to the US $ isn't just a low rate. It's a TERRIBLE rate -- the kind of rate that's had me ignoring WU for my entire adult life.

 

I think that's an even worse rate than you'd get right now with a DCC transaction.

 

[Pib]

7 minutes ago, TallGuyJohninBKK said:

 

29.87 baht to the US $ isn't just a low rate. It's a TERRIBLE rate -- the kind of rate that's had me ignoring WU for my entire adult life.

 

I think that's an even worse rate than you'd get right now with a DCC transaction.

 

Different currencies pairs....different rates in different countries probably due varying levels of competition and different regulatory requirements which drive costs.

 

The WU example is a good example of how folks from one country might talk highly of a certain money transfer service due to good exchange rates but in another country folks avoid the service due to low exchange rates.

Edited June 7, 2019 by Pib

[Pattaya46]

2 hours ago, Pib said:

Heck...only a few months ago they lowered their fees...at least for USD-THB. Now they are raising fees for multiple currency pairs.

They already increase their EUR->THB fee about 0.20% earlier this year. 

Now a second increase about 0.15%  

Probably worth to look what fees competition now offer...

[TallGuyJohninBKK]

34 minutes ago, Pib said:

 

 

Hey Pib, why is your snapshot and the one I'm posting below showing

--different exchange rate, mine's even lower.

--different transfer limit, $5K vs $20K

 

And, to answer my own question above, it appears that WU does not support direct transfers into a Thai bank account, only pickup of funds.

 

 

 

https://www.westernunion.com/us/en/web/send-money/start

Edited June 7, 2019 by TallGuyJohninBKK

[Pib]

Heck, for me, I'm now better off by around Bt75 when transferring $2,100 by using OFX over Transferwise.  I picked $2,100 since that gets at least Bt65K into your Thai bank account for those doing the monthly income thing for extension of stay purposes.  And please note, I get preferential rates with OFX for some unknown reason....originally I got sucky rates up until around Jan 2019.   Additionally OFX takes 4 business days to get the money into my Thai bank account due the 3 day holding period they apply for ACH bank debits to fund the transfer.  Transferwise gets the money to me in 1 or 2 business days.

 

Transferwise....final amount 65,207.29

 

 

OFX...subtract Bt100 BahtNet Receiving fee from the amount below for final amount of 65,282.24 posting to my Thai bank account.

[JamJar]

2 hours ago, TallGuyJohninBKK said:

 

MasterCard being used in what manner?

 

Cash advance over the counter and purchases.

[Pib]

39 minutes ago, TallGuyJohninBKK said:

 

Hey Pib, why is your snapshot and the one I'm posting below showing

--different exchange rate, mine's even lower.

--different transfer limit, $5K vs $20K

 

And, to answer my own question above, it appears that WU does not support direct transfers into a Thai bank account, only pickup of funds.

 

 

 

https://www.westernunion.com/us/en/web/send-money/start

 

TG,

    Although we are both using the US WU website I see we are using different pages.  On the page I went to (below) the rate is higher and you can send to a bank account.

 

https://www.westernunion.com/us/en/send-money/app/start

[JamJar]

[TallGuyJohninBKK]

14 minutes ago, JamJar said:

 

Cash advance over the counter

 

Assuming the Thai bank involved isn't charging a cash advance fee, as some are these days....

 

And, assuming the person's bank card being used doesn't have any foreign currency conversion fee, or in the case of credit cards, cash advance flat and/or percentage fees.

 

[TallGuyJohninBKK]

23 minutes ago, Pib said:

 

TG,

    Although we are both using the US WU website I see we are using different pages.  On the page I went to (below) the rate is higher and you can send to a bank account.

 

https://www.westernunion.com/us/en/send-money/app/start

 

Pib, I get the same/different/worse details as I posted above, when I click and use the link you posted... same as the details I got originally....  When you do your quote, are you doing it via a TH or US IP address....  For mine, both before and now, it was with a U.S. IP address.  Wonder if that makes some difference...

 

 

 

https://www.westernunion.com/us/en/send-money/app/start

 

Edited June 7, 2019 by TallGuyJohninBKK

[Pib]

I'm using a Thai IP address.

 

Edit: And I just tried it with a US IP address and got the same result.

 

TG, trying turning your web camera off/putting a piece of black tape over your computers's camera and maybe you'll get a better rate.....maybe WU don't like what they see.????  Seriously though....strange the different results we are getting at the same webpage. 

 

 

 

Edited June 7, 2019 by Pib

[TallGuyJohninBKK]

1 minute ago, Pib said:

I'm using a Thai IP address.

 

 

The WU system doesn't ASK you what country you're sending FROM... It only asks you what country you're sending to...

 

But apparently, the WU system makes some decisions / rates / details based on the IP country the sender is geolocated to....   That's strange.... I can't recall encountering anything exactly like that... especially since in either case, we'd both be sending the funds from a U.S. card or account.  Certainly wouldn't be using WU to send from one Thai account/card to another.

 

 

[JamJar]

10 minutes ago, TallGuyJohninBKK said:

 

Assuming the Thai bank involved isn't charging a cash advance fee, as some are these days....

 

And, assuming the person's bank card being used doesn't have any foreign currency conversion fee, or in the case of credit cards, cash advance flat and/or percentage fees.

 

 

You use a fee free credit card(of which there are many in the UK) and avoid the bank(SCB) that tries to charge an Admin Fee.

 

 

[JamJar]

Mistake

Edited June 7, 2019 by JamJar

[TallGuyJohninBKK]

Just now, JamJar said:

 

You use a fee free credit card(of which there are many in the UK) and avoid the bank(SCB) that tries to charge an Admin Fee.

 

Yes agreed... But not everyone reading here is necessarily aware that one has to avoid those kind of pitfalls... It's not quite so simple as just go use any MasterCard at a Thai bank for counter withdrawal and you'll get a good deal.

 

BTW, I think SCB these days isn't the only Thai bank charging counter withdrawal fees. I believe one or two others are as well now.

 

[JamJar]

3 minutes ago, TallGuyJohninBKK said:

 

Yes agreed... But not everyone reading here is necessarily aware that one has to avoid those kind of pitfalls... It's not quite so simple as just go use any MasterCard at a Thai bank for counter withdrawal and you'll get a good deal.

 

BTW, I think SCB these days isn't the only Thai bank charging counter withdrawal fees. I believe one or two others are as well now.

 

 

It was a simple comparison of the Mastercard rate against the other methods. I don't think anyone reading assumes that it is anything other than that. You are overcomplicating it.

 

You asked me how I would get the rate and I told you. That is the rate that I get when I use my fee free card and use a bank that doesn't attempt an underhand money grab.

 

Other can decide if that method will work for them or look to one of the other methods. It's not a one size fits all solution.

 

Edited June 7, 2019 by JamJar

[TallGuyJohninBKK]

5 minutes ago, JamJar said:

 

It was a simple comparison of the Mastercard rates against the other methods. I don't think anyone reading assumes that anything other than that. You are overcomplicating it.

 

 

Exchange rates alone don't mean anything, unless you also take into account any potential fees either on the card/account end or on the paying bank's end. That gives you the total value of the transaction for better or worse.

 

That's not a comment directed at your particular transactions, where you seem to have taken those issues into consideration. That's a comment directed at others who might consider following your general advice.

 

 

Edited June 7, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

20 minutes ago, Pib said:

I'm using a Thai IP address.

 

Edit: And I just tried it with a US IP address and got the same result.

 

I'm mystified!!!  What could account for those whole series of differences, even when you switch to a U.S. IP???

Edited June 7, 2019 by TallGuyJohninBKK

[JamJar]

3 minutes ago, TallGuyJohninBKK said:

 

Exchange rates alone don't mean anything, unless you also take into account any potential fees either on the card/account end or on the paying bank's end. That gives you the total value of the transaction for better or worse.

 

That's not a comment directed at your particular transactions, where you seem to have taken those issues into consideration. That's a comment directed at others who might consider following your general advice.

 

 

 

 

You think that people don't know if their card may add it's own fees or not?

What general advice? I simply posted the rate that Mastercard gives. I didn't mention any particular advice as to a provider nor the bank from which you can take a cash advance.

It is simply the Mastercard rate. No need for you to make assumptions about what other people might think. Speak for yourself.

[JamJar]

US East Coast and West Coast respectively;