Transferwise

[nickstav]

Hello to all, I just started my monthly retirement income transfers from my US bank to my Bangkok Bank account and doing the bank to bank wire transfer was quite an ordeal (mostly on the US side). There must be an easier way. I'd be interested to hear from anyone using the TransferWise service or another transfer service. Is it easy? How long does the process take before the money is available? And, most importantly, does it satisfy the requirements to prove the transfer of funds from an outside source into Thailand. Any input would be greatly appreciated. 

[lopburi3]

It is easy and should satisfy requirements - to Bangkok Bank almost all transfers are listed as foreign (FTT) so not an issue if that is the case.  There are reports of some being listed as domestic (they used a different Thai bank to provide funds to account) but documentation of transfer can be obtained - no reports yet as to acceptance.  Might be good to have 65k in reserve to transfer if it happens as chance of happening twice in same month is slim to none.  But believe transferwise or corresponding bank paperwork will be accepted once in full operation.  As even direct pension transfers may be listed as domestic transfers so do not believe immigration can to too picky.  But as normal we are looking down a black hole until actual reports start to appear.  Money transfer could be available next day or take 4 or 5 days if weekend/holiday involved.   

[wgdanson]

My UK pension is paid into my personal account, and in the first three or four days of each month I manually do a Transferwise transfer to my Bangkok Bank, which arrives usually withing 24 hours as an FTT. Doing it this way there is no way two can be done in one month.

[MikeN]

I used to use Transferwise to send money from Australia to my Bangkok Bank account, and every transaction was recorded as an international transfer as Bangkok Bank is one of their “partner” banks here which they usually go through.

 Sending from Australia I had a number of options ...if the money was already in a Transferwise virtual account it got to my bank account here the next day usually, if I chose the option to debit it from my main account it took 2 days. If charging it to a credit card it apparently takes another day but never used that option.

 I have gone back to just doing an international transfer direct from my bank as despite Transferwise’s better exchange rates their higher fees mean I end up with less baht here. And my bank’s online process is quicker and easier too.

[mfd101]

I've just (Thursday) initiated my monthly transfer of funds from Oz to Thailand via TW:

(1) I initiate before 0700 Thai time & money arrives in my BKK Bank account afternoon of the next day. This was signalled on their messages this time but then the signal changed to delivery next Monday. Don't know why. Not a holiday in Oz ...

(2) Having had one occasion over the last 6 months when the intermediate bank was NOT the BKK Bank & so the transaction does not show in my bank book as FTT, TW advice by phone in Oz is that EVERY time I organize a transfer, I should ring them to ask for it to be done via BKK Bank. Works fine now. Phonecall is local cost (00500 on AIS - other service providers here have similar arrangement).

[JohnOFphon]

Did you notice that TW raised their rates...one or two weeks ago.

Right before we can no longer use Bangkok Bank NY. to do ACH transfers.....or whatever they were called.

Thank you very much..

[stephenterry]

Once you have set an 'account' up on Transferwise - you need to be 100% accurate with bank details and amounts - it's a simple tick-box process and you can track your transfer throughout. First time you could try sending a small amount - not sure of the minimum amount -, say £100 to see the process in action.

 

Usually next day credit (apart from bank holidays in either country) into BKK bank at around 2pm Thai time. I get a BKK SMS message to confirm amount with NO BKK deductions from TW amount and will be coded FTT (Foreign telegraphic transaction). The exchange rate used by TW is mid-market rate and fees are low.

 

 

[ThaiBunny]

14 minutes ago, JohnOFphon said:

Did you notice that TW raised their rates...one or two weeks ago. Right before we can no longer use Bangkok Bank NY. to do ACH transfers.....or whatever they were called.

Thank you very much..

I love a good conspiracy theory

[Pib]

Did you notice that TW raised their rates...one or two weeks ago.
Right before we can no longer use Bangkok Bank NY. to do ACH transfers.....or whatever they were called.
Thank you very much..

TW didn't single out just USD-THB in that price increase...quite a few currency pairs were included such as GBP, EUR, and AUD to THB. I guess TW feel their current market share, reputation, and competition allows them to raise their transfer fees.

https://transferwise.com/price-change

[Brer]

1 hour ago, MikeN said:

I used to use Transferwise to send money from Australia to my Bangkok Bank account, and every transaction was recorded as an international transfer as Bangkok Bank is one of their “partner” banks here which they usually go through.

 Sending from Australia I had a number of options ...if the money was already in a Transferwise virtual account it got to my bank account here the next day usually, if I chose the option to debit it from my main account it took 2 days. If charging it to a credit card it apparently takes another day but never used that option.

 I have gone back to just doing an international transfer direct from my bank as despite Transferwise’s better exchange rates their higher fees mean I end up with less baht here. And my bank’s online process is quicker and easier too.

I have given up on banks there are non bank international transfer providers with far better rates some with nominal fees and some with heavier fees. I find what arrives in my bank in Thailand has always been more when using a non bank provider.

Using ANZ and St George I get hit with fees at both ends and a lousy ex rate.

Transferwise is pretty quick, a decent rate and the fee is in front you, there are plenty of other non bank providers also. 

There is an Aussie website “thecurrencyshop.com.au” which provides comparisons on different providers you might give it look

[WalkingOrders]

The easiest most inexpensive way is as follows: via bangkok bank nyc routing number. If from US gov agency, you set up a direct deposit account. If your branch is confused go to main bangkok office they know all details. A direct deposit account comes with no debit card, and you must withdraw funds in person at any bangkok bank branch. This is to satisfy U.S law. You can open a second account that will have a debit card, and xfr all your funds at the counter to second account. Easy. Cheap.

Edited June 22, 2019 by WalkingOrders

[lopburi3]

7 minutes ago, WalkingOrders said:

The easiest most inexpensive way is as follows: via bangkok bank nyc routing number. If from US gov agency, you set up a direct deposit account. If your branch is confused go to main bangkok office they know all details. A direct deposit account comes with no debit card, and you must withdraw funds in person at any bangkok bank branch. This is to satisfy U.S law. You can open a second account that will have a debit card, and xfr all your funds at the counter to second account. Easy. Cheap.

That system is not available unless done with international format exchange (not normal ACH transfer to New York anymore) and there are fees involved, as well as in person visit to local bank to obtain use of funds (which can be problematic as we age).

[mfd101]

monito.com is always good to make comparisons between transfer providers including relevant banks. For me (AUD) TW always comes out 2nd best (after Singapore-based Instarem - who are impossible to join, however, if you don't still have a home-country address).

 

The important thing is that the comparison is between baht-in-your-account end results, while showing the process details too (xrate + fees). So no stupidities about 'X doesn't charge fees so they're the best' or 'X has the best xrate so they're the best'.

[stephenterry]

2 hours ago, MikeN said:

I used to use Transferwise to send money from Australia to my Bangkok Bank account, and every transaction was recorded as an international transfer as Bangkok Bank is one of their “partner” banks here which they usually go through.

 Sending from Australia I had a number of options ...if the money was already in a Transferwise virtual account it got to my bank account here the next day usually, if I chose the option to debit it from my main account it took 2 days. If charging it to a credit card it apparently takes another day but never used that option.

 I have gone back to just doing an international transfer direct from my bank as despite Transferwise’s better exchange rates their higher fees mean I end up with less baht here. And my bank’s online process is quicker and easier too.

Mike, BKK charge on receipt of monies from a home bank. Usually 200 baht a time before it hits your account. Perhaps you could compare exactly, as I'd be surprised if TW transfers at mid-market rates plus their costs wouldn't be more favourable, all in all. 

[MikeN]

1 hour ago, stephenterry said:

Mike, BKK charge on receipt of monies from a home bank. Usually 200 baht a time before it hits your account. Perhaps you could compare exactly, as I'd be surprised if TW transfers at mid-market rates plus their costs wouldn't be more favourable, all in all. 

Yes, they charge 0.25% or a minimum of 200 baht, max of 500 baht.

 And yes I did a direct comparison transferring AU$1500 via Transferwise and my bank (Westpac) within minutes of each other, after all costs I ended up with 394 baht extra with the bank transfer. (And it was entered into my passbook first so I assume it arrived first too). Of course it depends on the bank, Westpac have a fixed fee of $5 if you send up to $10,000 while Transferwise have a sliding fee scale, so the difference would have been even greater with a larger amount. If I had used my CBA account they would have charged me $30 so TW would have been better then. When I first used Transferwise Westpac were charging $20 ....funny how a bit of competition changes things !

Edited June 22, 2019 by MikeN

[stephenterry]

24 minutes ago, MikeN said:

Yes, they charge 0.25% or a minimum of 200 baht, max of 500 baht.

 And yes I did a direct comparison transferring AU$1500 via Transferwise and my bank (Westpac) within minutes of each other, after all costs I ended up with 394 baht extra with the bank transfer. (And it was entered into my passbook first so I assume it arrived first too). Of course it depends on the bank, Westpac have a fixed fee of $5 if you send up to $10,000 while Transferwise have a sliding fee scale, so the difference would have been even greater with a larger amount. If I had used my CBA account they would have charged me $30 so TW would have been better then. When I first used Transferwise Westpac were charging $20 ....funny how a bit of competition changes things !

Good on you. Seems like Westpac is extremely competitive. My UK bank would charge me £20 (800 baht) for any transaction plus BKK lousy exchange rates and costs, so for me TW works out best.. 

[Brer]

29 minutes ago, MikeN said:

Yes, they charge 0.25% or a minimum of 200 baht, max of 500 baht.

 And yes I did a direct comparison transferring AU$1500 via Transferwise and my bank (Westpac) within minutes of each other, after all costs I ended up with 394 baht extra with the bank transfer. (And it was entered into my passbook first so I assume it arrived first too). Of course it depends on the bank, Westpac have a fixed fee of $5 if you send up to $10,000 while Transferwise have a sliding fee scale, so the difference would have been even greater with a larger amount. If I had used my CBA account they would have charged me $30 so TW would have been better then. When I first used Transferwise Westpac were charging $20 ....funny how a bit of competition changes things !

Hi Mike, I recently sent some money through, a substantial amount and I ended up with just over 5k baht more using a non bank provider. The difference in ex rates was nearly 1 baht in cases and plus there were no fees from Kbank, I normally get hammered an extra 1k baht if going from ANZ to Kbank at the Thai end.

There is no way I will bank to bank it’s a rip off, I have not got a degree in Maths, however I have spent hours researching the best way of getting money here using small amounts and large amounts.

Banks just don’t  work for me.

[SEtonal]

I did an ACH debit transfer from the US this week and it took two days.  I initiated the transfer on Monday at 6:30pm Thai time and received the funds in my Bangkok Bank account on Wednesday at 2pm Thai time.  The transfer was labeled international.  

 

Transfers to a Bangkok Bank account will show as international only if Bangkok Bank is the transferring bank, which it usually is but not always.  Funds occasionally sent via TMB or Kasikorn will show up as domestic transfers into a Bangkok Bank account. 

 

It is easy, but since I have TransferWise pull the money from my US account, I had to give TW my credit union username and password one time. (TW swears it does not see or save the username and password).  TW then deposited two small amounts less than $1 in my US account.  TW told me to log into my US account and verify how much money they had sent.  Once I was verified (I had also uploaded my passport photo page), I could do transfers.

 

I only needed two international transfers to show that 800k came from abroad.  I will not be doing the 65k monthly method.