Transfering 800k bhat via Transferwise--not a good experience

[john terry1001]

15 minutes ago, Sheryl said:

I don't think Transferwise and similar services saves much, if anything, over normal bank  transfer for transfers of amounts in the 800K baht range. It is small transfers where there is notable savings, especially for those who do monthly transfers.

 

If just bringing in 800K or so once a year, may as well just do a direct bank transfer in my opinion.

There are a lot of us who use monthly transfers as proof of income for extensions. With TW, apart from being quicker if you're NOT American, they guarantee the exchange rate at the start of the transfer so you can be sure you are sending sufficient funds. With 'normal bank systems' you don't know the exchange rate until the transfer arrives (sometimes several days later) so a sudden dip in the exchange rate could put the transfer below the minimum level needed.

 

PS. I transferred this month's pensions this morning at 7:46am. I had an email confirming it had arrived at my Thai bank at 8:44am. I think Fifty-eight minutes in total for the transfer is pretty good going, and I knew the exchange rate immediately ????. That was from the UK though.

 

 

Edited November 1, 2019 by john terry1001

[Jip99]

3 minutes ago, Sheryl said:

I don't think Transferwise and similar services saves much, if anything, over normal bank  transfer for transfers of amounts in the 800K baht range. It is small transfers where there is notable savings, especially for those who do monthly transfers.

 

If just bringing in 800K or so once a year, may as well just do a direct bank transfer in my opinion.

 

Actually TW DOES make a saving on larger transfers. 2m Baht is the maximum I believe.

 

Because the EXCHANGE RATE is always significantly better, it will always outweigh increased transfer FEES on any transfer via a bank. I speak from experience of UK transfers and presume this will apply elsewhere.

 

I have just done a comparison of TW vs bank transfer UK to Kasikorn. Even with no bank fees at either end TW is still 10,000 Baht better, even with transfer fees of £298.

[Max69xl]

5 hours ago, sikishrory said:

In my offshore line of work I know a lot of people that use and speak very highly of TransferWise and revolut. More so revolut it seems. 

So anyway I signed up with transferwise and attempted to transfer some cash over to an investment. There was an issue. So I contacted customer service.

I asked a simple question and don't think I got a reply. 

Also I may be wrong but I don't think they had a phone number.

Unable to resolve the simplest issue it made me wonder what would happen if there was an issue with a transfer. That turned me off.

Also there were a lot of stories of transfer problems when I checked...

But lots of people swear by it so there is some good also.

I have been using TW monthly since 2017 without any problem what so ever. Of course they have a phone number and email and even a message board. People with problems using TW are not doing it correctly or comes from the US where banking regulations are tough. Just because you failed and don't know why, doesn't mean TW is a bad idea. There are complete instructions on TW's website how to transfer money, and if people can read and understand what they are reading,sending money is so easy. 

[lopburi3]

1 minute ago, Max69xl said:

and if people can read and understand what they are reading,sending money is so easy. 

Actually, perhaps UK usage, but the notice that transfer has started having a "got it" click response to end screen (meaning understand - you actually do not have it at that point) is rather hard to understand for some of us.   

[Max69xl]

1 hour ago, Sheryl said:

I don't think Transferwise and similar services saves much, if anything, over normal bank  transfer for transfers of amounts in the 800K baht range. It is small transfers where there is notable savings, especially for those who do monthly transfers.

 

If just bringing in 800K or so once a year, may as well just do a direct bank transfer in my opinion.

Most of the people who uses TW transfers money monthly. It seems you don't understand the difference between a mid-market rate and the phony rate banks are offering. A rate you don't see until the transfer is done. In Europe you pay a fee to the bank for each transfer and then again to the receiving bank in Thailand. I know exactly how much I will receive, and when the money arrives. I have been using TW monthly since 2017 and I have saved a lot in fees. If you're from the US, I understand you're complaining, but that's because of a paranoid banking system, and have nothing to do with TW. When I read the posts here about TW the complaints comes mostly from US citizens. Go figure!

Edited November 1, 2019 by Max69xl

[Pib]

For US folks a comparison of using Transferwise vs SWIFT for various amounts up to $15K.   Rates as of 1 Nov 2019 from Transferwise and Bangkok Bank.  A $25 US bank SWIFT fee used.  Somewhere in the $10K to $15K range it becomes more economical to use SWIFT vs Transferwise...exactly where will depend on what your US bank charges for an international wire....US banks tend to be in the $20 to $50 ballpark. 

 

 

 

[Max69xl]

21 minutes ago, lopburi3 said:

Actually, perhaps UK usage, but the notice that transfer has started having a "got it" click response to end screen (meaning understand - you actually do not have it at that point) is rather hard to understand for some of us.   

There's no "Got it" in the TW mobile app,just "continue" between every stage. If you have one, maybe you need it.

[Pib]

And I will just add, in the chart above where the "ACH Debit Fee" is listed, although Transferwise tries to make that fee sound like it's not their fee, it is indeed a fee they generate to pull (debit) the funds from your bank acct via the ACH system. 

 

The Transferwise ACH Debit Fee use to be a flat $2 for any amount (and before that $1.50 I think) but over the last year Transferwise has been rejiggering their fees....somewhat of a smoke and mirrors game.   

 

And as you know, the great majority of US banks do not charge any ACH Debit Fee when you debit (pull) money from one of your bank accts to another...like if you would use your Bank ABC to debit/pull money from your Bank XYZ.  But a few banks do charge a low fee of like around $3 regardless of amount. 

 

Since the great majority US banks do not need to charge anything to debit (pull) money from one of your other bank accts then Transferwise should not either "unless" it's just another way for Transferwise to add-on a fee while trying to give the impression it's not their fee.  Yes, yes, while that ACH Debit Fee may all be going to their banking partners in the US which allows Transferwise to interface with the ACH system, it's still a Transferwise generated fee which you pay to them.

 

But regardless of the fee amount and who is really getting the fee, from a pure cost viewpoint it all comes down to fully pricing-out "total fees and exchange rate" from beginning to end to determine which method puts the most baht into your Thai bank acct for the least amount of home country currency.  Now that a person knows the cost they can then crank-in various non-cost factors like convenience, transfer coding, etc., to decide if a money transfer service like Transferwise is something they want to use.  

 

 

[Max69xl]

17 minutes ago, Pib said:

For US folks a comparison of using Transferwise vs SWIFT for various amounts up to $15K.   Rates as of 1 Nov 2019 from Transferwise and Bangkok Bank.  A $25 US bank SWIFT fee used.  Somewhere in the $10K to $15K range it becomes more economical to use SWIFT vs Transferwise...exactly where will depend on what your US bank charges for an international wire....US banks tend to be in the $20 to $50 ballpark. 

 

 

 

Why do you think people using TW transfers large amounts all the time? They don't, I guess more than 90% transfers money monthly with lower fees and higher rates + faster transfers. That's why I've been using TW monthly since 2017. 

[lopburi3]

5 minutes ago, Max69xl said:

There's no "Got it" in the TW mobile app,just "continue" between every stage. If you have one, maybe you need it.

I use computer and that is the screen that appears when you fund the transfer withdraw from bank account.  Have no desire to use mobile

[Pib]

2 minutes ago, Max69xl said:

Why do you think people using TW transfers large amounts all the time? They don't, I guess more than 90% transfers money monthly with lower fees and higher rates + faster transfers. That's why I've been using TW monthly since 2017. 

Never said they did transfer large amounts all the time.  Just giving a comparison of various amounts since sometimes people do try to send large amounts....like the title of this thread.

[PatchinExPat]

I have been moving my money from my USA bank to KBank using a 

SWIFT transfers. No problems. I usually make one per yr of a million

baht. 

The only thing is you need someone in the USA to go to the bank and make the transfer.

I have 2 nieces who have a power of attorney to do that .

It cost about $35 USD each time.

Very quick , in my HBank  bank account in 3 days.

Edited November 1, 2019 by PatchinExPat

[Max69xl]

5 minutes ago, Pib said:

And I will just add, in the chart above where the "ACH Debit Fee" is listed, although Transferwise tries to make that fee sound like it's not their fee, it is indeed a fee they generate to pull (debit) the funds from your bank acct via the ACH system. 

 

The Transferwise ACH Debit Fee use to be a flat $2 for any amount (and before that $1.50 I think) but over the last year Transferwise has been rejiggering their fees....somewhat of a smoke and mirrors game.   

 

And as you know, the great majority of US banks do not charge any ACH Debit Fee when you debit (pull) money from one of your bank accts to another...like if you would use your Bank ABC to debit/pull money from your Bank XYZ.  But a few banks do charge a low fee of like around $3 regardless of amount. 

 

Since the great majority US banks do not need to charge anything to debit (pull) money from one of your other bank accts then Transferwise should not either "unless" it's just another way for Transferwise to add-on a fee while trying to give the impression it's not their fee.  Yes, yes, while that ACH Debit Fee may all be going to their banking partners in the US which allows Transferwise to interface with the ACH system, it's still a Transferwise generated fee which you pay to them.

 

But regardless of the fee amount and who is really getting the fee, from a pure cost viewpoint it all comes down to fully pricing-out "total fees and exchange rate" from beginning to end to determine which method puts the most baht into your Thai bank acct for the least amount of home country currency.  Now that a person knows the cost they can then crank-in various non-cost factors like convenience, transfer coding, etc., to decide if a money transfer service like Transferwise is something they want to use.  

 

 

A transfer initiated in a couple of minutes, no coding needed (but my transfers are foreign every month). Mid-market rate and fast with a fee lower than the fees I normally would have to pay to 2 banks.

This is a no-brainer for me. But keep on complaining if it makes you feel good. 

[Max69xl]

7 minutes ago, lopburi3 said:

I use computer and that is the screen that appears when you fund the transfer withdraw from bank account.  Have no desire to use mobile

Maybe that's why you need a "got it ?" click. It's so hard to operate a mobile phone. 

[Max69xl]

6 minutes ago, PatchinExPat said:

I have been moving my money from my USA bank to KBank using a 

SWIFT transfers. No problems. I usually make one per yr of a million

baht. 

That's another story and kind of irrelevant because larger sums are not cheaper using TW. But most of the people using TW sends money monthly,and THAT'S cheaper.

[lopburi3]

Just now, Max69xl said:

Maybe that's why you need a "got it ?" click. It's so hard to operate a mobile phone. 

It is much easier to lose a mobile phone than a home computer.  My comment was that it is not always obvious what a website wants, even TW.  

[nycjoe]

They have list on what reason you want to transfer your money, recently they added a category that says long term stay in thailand, since using this option I have had no trouble seeing it with the international transfer symbol.

[Mike Teavee]

3 minutes ago, nycjoe said:

They have list on what reason you want to transfer your money, recently they added a category that says long term stay in thailand, since using this option I have had no trouble seeing it with the international transfer symbol.

Yes, I used that reason when I transferred s$10,000 SGD on Tuesday and it shows as "International Transfer" on my Bangkok Bank account, all of my previous (4-5) transactions since June/July where I didn't use that reason have showed up as "Interbank Transfer via SMART"

[Max69xl]

5 minutes ago, nycjoe said:

They have list on what reason you want to transfer your money, recently they added a category that says long term stay in thailand, since using this option I have had no trouble seeing it with the international transfer symbol.

"Funds for long term stay in Thailand", and you're correct, it makes the transfer code correct. Especially if you're banking with one of the 3 TW partner banks in Thailand: Bangkok Bank, Kasikorn Bank or Thai Military Bank.

[Max69xl]

24 minutes ago, lopburi3 said:

It is much easier to lose a mobile phone than a home computer.  My comment was that it is not always obvious what a website wants, even TW.  

I just logged in to the TW website and there's no "Got it?" anywhere. You start the transfer by clicking the green "Get started" button,and then it's just continue until you have to confirm the transfer. Same as in the app. 

[lopburi3]

5 minutes ago, Max69xl said:

I just logged in to the TW website and there's no "Got it?" anywhere. You start the transfer by clicking the green "Get started" button,and then it's just continue until you have to confirm the transfer. Same as in the app. 

Did you actually make a transfer?  When you do and fund from Bank account there is a transfer started page with "got it" - one minute ago

[john terry1001]

1 hour ago, lopburi3 said:

1 hour ago, Max69xl said:

There's no "Got it" in the TW mobile app,just "continue" between every stage. If you have one, maybe you need it.

I use computer and that is the screen that appears when you fund the transfer withdraw from bank account.  Have no desire to use mobile

There's no "GOT IT" on the Transferwise web page or mobile app either, at least not from the UK system. That must be something peculiar to the American system.

 

We simply transfer the money to TW then, within about two minutes, receive an email to say they've received it.

 

This is the email message from the transfer I did at 7:46 this morning:

 

We’ve just received your money. Now we can start your transfer of x,xxx GBP to THB.

We’ll pay out your money shortly. And it should be there today, November 1.

 

About an hour later I received a second email to confirm the transfer had arrived in my Thai bank and a link to the confirmation PDF showing the transfer details. It's that quick and easy.

 

 

1. Do you see that message on the Transferwise web page or your own bank's webpage? and

2. Do you push the money you are transferring to the TW account or are you asking TW to pull it from your own bank account? 

 

From the UK we tend to push the transfer from our bank account because we have control over the transfer, when it leaves.

 

If you ask TW to pull the money from your account you have no direct control over when the transfer is actually initiated. 

From what I understand of the US system ACH tends to want you to pull the funds which causes delays.

 

 

 

 

[lopburi3]

2 minutes ago, john terry1001 said:

There's no "GOT IT" on the Transferwise web page or mobile app either, at least not from the UK system. That must be something peculiar to the American system.

 

We simply transfer the money to TW then, within about two minutes, receive an email to say they've received it.

 

This is the email message from the transfer I did at 7:46 this morning:

 

We’ve just received your money. Now we can start your transfer of x,xxx GBP to THB.

We’ll pay out your money shortly. And it should be there today, November 1.

 

About an hour later I received a second email to confirm the transfer had arrived in my Thai bank and a link to the confirmation PDF showing the transfer details. It's that quick and easy.

 

 

1. Do you see that message on the Transferwise web page or your own bank's webpage? and

2. Do you push the money you are transferring to the TW account or are you asking TW to pull it from your own bank account? 

 

From the UK we tend to push the transfer from our bank account because we have control over the transfer, when it leaves.

 

If you ask TW to pull the money from your account you have no direct control over when the transfer is actually initiated. 

From what I understand of the US system ACH tends to want you to pull the funds which causes delays.

 

 

 

 

Take a look at my screenshot in post above - do not believe the offer of 50 pounds would be designed for USA specific customers.  I do understand the US procedure is much longer - above was done now and due on 5th because of weekend.  

[john terry1001]

Just now, lopburi3 said:

Take a look at my screenshot in post above - do not believe the offer of 50 pounds would be designed for USA specific customers.  I do understand the US procedure is much longer - above was done now and due on 5th because of weekend.  

We also, permanently, have the £50 offer for introducing new clients, but not the page you've shown as a screenshot. The offer shown on both the webpage and the app. 

 

Do you push the transfer yourself or request TW to pull it from your bank account? That could explain the "got it" difference page.

[lopburi3]

1 minute ago, john terry1001 said:

Do you push the transfer yourself or request TW to pull it from your bank account? That could explain the "got it" difference page.

It is the normal pull by TW which understand means they do not know when they will receive the funds and likely accounts for the longer delays.

[LivinLOS]

7 hours ago, sikishrory said:

In my offshore line of work I know a lot of people that use and speak very highly of TransferWise and revolut. More so revolut it seems. 

So anyway I signed up with transferwise and attempted to transfer some cash over to an investment. There was an issue. So I contacted customer service.

I asked a simple question and don't think I got a reply. 

Also I may be wrong but I don't think they had a phone number.

Unable to resolve the simplest issue it made me wonder what would happen if there was an issue with a transfer. That turned me off.

Also there were a lot of stories of transfer problems when I checked...

But lots of people swear by it so there is some good also.

I am paying over 100 contractors each week I would say about 80% of them use one or both of those 2 services to send the money I pay them home afterwards. As such I use, and get frequent reports, on both.. 

Transferwise appears more professional and efficient in its customer service and problem handling. They have a tiny bit higher fees, but also the (cheap) transfers are usually same or next day. 

 

Revolut, more of a hassle in unknowns, they refuse to tell you how much you can load via a debit card to the account daily and you have to guess and guess (loading 250 per day for a few days then 500 and after that it seems multi 1000 is ok). They also take days to reply to questions, dont answer those questions effectively, and the transfers can take 3 or 4 days instead of TWs same or next working day. Revolut use a weekend pricing model with worse Fx so be aware of dont exchange fx then. 

 

While that sounds like a win for TW revolut does many small things free that TW charge for, Debit card loading (I pay all my contractors to payroll debit cards), bank Tx out etc are all free there.  

 

TL:DR TW seems more professional and efficient, Revolut seems to incur less fees and has more gamification (crypto, insurance, metal cards, lounge access, etc). 

 

I would be using TW for any larger transfers of multi 1000 usd or anything I need efficiently timed, I use revolut for pocket money exchange things and its spending card. 

 

 

[john terry1001]

9 minutes ago, lopburi3 said:

It is the normal pull by TW which understand means they do not know when they will receive the funds and likely accounts for the longer delays.

Then does that "got it" refer to when the money actually arrived in the TW account after going through the ACH process?

 

Ithimk there is a "get around" option so you could use the push system if preferred,

Edited November 1, 2019 by john terry1001

[Max69xl]

11 minutes ago, lopburi3 said:

Did you actually make a transfer?  When you do and fund from Bank account there is a transfer started page with "got it" - one minute ago

The transfer has already started and you don't even need to click on it. Understand?  

 

[LivinLOS]

3 hours ago, Sheryl said:

I don't think Transferwise and similar services saves much, if anything, over normal bank  transfer for transfers of amounts in the 800K baht range. It is small transfers where there is notable savings, especially for those who do monthly transfers.

 

If just bringing in 800K or so once a year, may as well just do a direct bank transfer in my opinion.

For USD I agree.. For EUR and GBP they do significantly beat the Fx rate and theres no hiddens (tracking my inbound bank transfers they always get a suspiciously low Fx rate, near the lows of the day,and you can never 'prove' the time it was converted). 

 

Right now as I type this the TT buying rate from Kasikorn and TW are 

 

EUR......33.28708.......33.6874

GBP.......38.67563.......39.1053

AUD......20.27825........20.8298

However..

USD.......30.02..............30.17

 

So for non USD currencies, theres quite a bit of additional fx left on the table from Kasikorn at least. If you were sending 25k EUR for your 800k retirement money, its over 10k THB different in TW favor. Plus I am suspicious that you would get the lows of the day rate on top being even worse. 

 

[lopburi3]

7 minutes ago, Max69xl said:

The transfer has already started and you don't even need to click on it. Understand?  

 

You have to do something to sign off as that page will just stay there and there is no option to do anything else but click on one of the selections.