TransferWise...fastest yet

[edwinchester]

Hi, always liked using TransferWise for sending my money between UK and Thailand.

Made a transfer this morning and the money was in my Thai Bank Account 59 minutes later...very good service imho.

[SidJames]

What are their rates like?

[edwinchester]

2 hours ago, SidJames said:

What are their rates like?

Better than the banks, on a par with Super Rich.

 

https://transferwise.com/gb/currency-converter/gbp-to-thb-rate?amount=1

Edited September 4, 2019 by edwinchester

[edwinchester]

Just made another transfer using TransferWise.

Paid at 08.55 from my UK account and the money was in my Thai account at 08.58......took all of 3 minutes!

 

[Peter Denis]

On 9/4/2019 at 10:59 AM, SidJames said:

What are their rates like?

TransferWise uses the current mid-exchange rate and charge a relatively small fee for their service.  No hidden costs or bank fees.  Completely transparent and indeed very very quick (usually the transfered sum is in your thai bank account next day).

Check out their website which explains how they work and also features price-comparisons with other money-transfer companies and banks.  

I always use them and can wholeheartedly recommend them.

Note: Be aware that if you use their service for transfering your monthly income/pension when you opted for the +65.000 THB/month requirement for extension of stay, that the transfer-transaction should be marked TT on your bank-book. 

Transferwise does not physically send your money from a UK bank-account to Thailand, but transfers from the funds from their Thai partner-banks, and if that process has an intermediary step the TT-mark might not appear on your bank-book. 

Without that TT which indicates that the money came from a bank-account abroad, the IO might refuse your application.  But if the above is not applicable for you, by all means I would check out TransferWise when needing to transfer funds overseas.

 

[Nyezhov]

Another happy Transferwise user, except for the Deposit Marking issue. I use their borderless debit card too which makes my life a lot easier.

[Lupusthai]

If you want to transfer smaller amounts of € into THB (max. 30K) and (happily) own a german Visa-card from the DKB-bank (no fees on ATM cash-transactions), you get your money even faster & cheaper: (example-> 30,000THB + 200 THB at an Krungsri-ATM)

Visa exchange rate: 1 Euro = 33.899540 Thai Baht. Your Visacard will be charged by 890.87 € and get 30K THB immediately.

 

For the same €-amount by Transferwise you get 2 days later 255 THB less:
  

 

Edited September 17, 2019 by Lupusthai

[Peter Denis]

54 minutes ago, Lupusthai said:

If you want to transfer smaller amounts of € into THB (max. 30K) and (happily) own a german Visa-card from the DKB-bank (no fees on ATM cash-transactions), you get your money even faster & cheaper: (example-> 30,000THB + 200 THB at an Krungsri-ATM)

Visa exchange rate: 1 Euro = 33.899540 Thai Baht. Your Visacard will be charged by 890.87 € and get 30K THB immediately.

 

For the same €-amount by Transferwise you get 2 days later 255 THB less:
  

 

 

I agree that this german DKB visa creditcard deal, looks and probably is a very good deal.

But to make a fair comparison, you would have to compare on the same date (actually at the same moment as the currency mid-exchange rate fluctuates continually).

The advantage of TransferWise is that they tell you exactly what the mid exchange-rate is at the moment of your transaction, and that's what they apply (so waiting 10 minutes before doing the actual transaction, can already give a small exchange-rate difference).  They only add their relatively small service-fee.  So, totally transparent.

If DKB does same, but does not charge a service-fee, that's obviously a better deal.

If that's the case with DKB, you are only charged the 200 THB ATM-withdrawal fee for 30.000 THB, and with the obvious advantage that you have the money immediately.

The TransferWise fee is 7,01 Euro, which is approximately the same (220 THB), but of course to withdraw your money from an ATM you might be charged additional withdrawal fees.

 

 

 

 

 

 

Edited September 17, 2019 by Peter Denis

[Mike Teavee]

2 hours ago, Nyezhov said:

Another happy Transferwise user, except for the Deposit Marking issue. I use their borderless debit card too which makes my life a lot easier.

I learnt from another thread... 

... that you can ask Transferwise to use your Thai bank Account to receive the monies directly into & use the tag "Funds for long term stay in Thailand" so it shows up as FTT 

 

Not sure it will work for all banks (I believe TW have 2 or 3 different banks they use) but worth a try

 

 

 

[john terry1001]

18 hours ago, Mike Teavee said:

I learnt from another thread... 

... that you can ask Transferwise to use your Thai bank Account to receive the monies directly into & use the tag "Funds for long term stay in Thailand" so it shows up as FTT 

 

Not sure it will work for all banks (I believe TW have 2 or 3 different banks they use) but worth a try

 

The transfer WILL show up in your Thai bank account as an International Transfer PROVIDING:

 

1. your account is one of the three partner banks TW use (Bangkok bank, Kasikorn bank and TMB)

2. you have (previously) requested that TW tag that bank as your preferred direct transfer route (you only have to do this once, NOT for every transfer)

3. you designate that account as the receiving Thai account on your transfer applications and

4. you choose the "long term stay in Thailand" option in the reason for transfer in your transfer applications.

 

If your Thai account is NOT with one of the three partner banks TW WILL still route your transfer via one of those three banks, to be forwarded (immediately) to your own account. But, because the final leg of the transfer is between two Thai banks the code shown in your own bank account will be a "local transfer" code and NOT an International Transfer.

 

If you need the international code, open and use an account with either the BKKB, Kasikorn or TMB.

 

 

 

[SooKee]

I've always been happy with TW. I've generally waited no more than 2 working days and sometimes it's been just a few hours. More times than not though I've found their app can't be relied on for accuracy as to when your funds will arrive.

Just this morning I did a transfer and was surprised when the app updated after I immediately funded the transfer to say "We'll pay out your money in 19 minutes". I did think wow, this'll be interesting. After about 30 minutes it changed to "Your funds are taking longer to pay out than expected, sorry for the delay". Stuck like that all day so I imagine it'll be tomorrow after all.

So yes they can be very fast at times but I'd look at that as more of a bonus than something to plan for that can be relied on.