20 minutes ago, Chelseafan said:

It used to take me anywhere between a few hours and a few days but my last 5 or so transactions have arrived in minutes. Don't know if I have been lucky or if they have enhanced their systems.

 

I've been transferring monthly for over a year now and all but one have been same day, like you say, a few hours. My next one is due on the 15th. I'll be interested see what happens. It might depend on which bank the receiver is using. If it's the same one as used by T/W then an instantaneous transfer is feasible.

 

50 minutes ago, Peter Denis said:

A very good exchange-rate is an understatement > it is the ACTUAL exchange-rate that is used, so impossible to get a better rate.  TW only charges a modest fee for their service.

Note: When I transfer funds from my European bank-account to a thai bank-account I am notified in minutes that the money has arrived (when I transfer late afternoon, during European and thai business-hours).

 

The best possible exchange rate is the inter-bank rate, that's the midpoint before any margins are added. But in order to get the inter-bank rate you have to be a bank and Transferwise isn't a bank, even though they do claim to give customers this rate. So does TW offer the service for free or indeed, at a loss? Of course not, they charge a fee which compensates for their exchange rate loss....smoke and mirrors, smoke and mirrors.

34 minutes ago, saengd said:

The best possible exchange rate is the inter-bank rate, that's the midpoint before any margins are added. But in order to get the inter-bank rate you have to be a bank and Transferwise isn't a bank, even though they do claim to give customers this rate. So does TW offer the service for free or indeed, at a loss? Of course not, they charge a fee which compensates for their exchange rate loss....smoke and mirrors, smoke and mirrors.

 

TransferWise uses the mid-market rate, which I believe is another term for the inter-bank rate.

They do not need to be a bank to make use of that inter-bank rate as they are just a 'clearance house' between 2 banks, and charge a modest fee for their 'middle man' service.

Check out their website how they do it.

Anyway, that doesn't matter.  The important thing is that we - their customers - benefit from the actual mid-market rate that is current at the moment we click 'transfer' (waiting 5 minutes will give you a different rate), and that is the best available exchange-rate at that moment.

Edited March 2, 20206 yr by Peter Denis

15 minutes ago, Peter Denis said:

 

TransferWise uses the mid-market rate, which I believe is another term for the inter-bank rate.

They do not need to be a bank to make use of that inter-bank rate as they are just a 'clearance house' between 2 banks, and charge a modest fee for their 'middle man' service.

Check out their website how they do it.

Anyway, that doesn't matter.  The important thing is that we - their customers - benefit from the actual mid-market rate that is current at the moment we click 'transfer' (waiting 5 minutes will give you a different rate), and that is the best available exchange-rate at that moment.

With all due respect, you must factor in the effect of their fee on your exchange rate, they give with one hand and take away with the other, a common practice in exchange rate settings. You said it yourself, they (TW) is just a clearing house that is unable to obtain the inter-bank rate for themselves hence they clear funds that are supplied to them, presumably by banks who can obtain the inter-bank rate. But then the question becomes, do their banking clients, the ones for whom they clear, give them the inter-bank rate at cost or even below cost, of course not, the banks must be paid a fee also.

 

I agree that what is important is that customers are given the best possible exchange rate, the best possible would be the inter-bank rate, that can't be made better. If that's all their was to the picture we'd all say great, but there is more, there's the TW fee which offsets.

3 hours ago, saengd said:

With all due respect, you must factor in the effect of their fee on your exchange rate, they give with one hand and take away with the other, a common practice in exchange rate settings. You said it yourself, they (TW) is just a clearing house that is unable to obtain the inter-bank rate for themselves hence they clear funds that are supplied to them, presumably by banks who can obtain the inter-bank rate. But then the question becomes, do their banking clients, the ones for whom they clear, give them the inter-bank rate at cost or even below cost, of course not, the banks must be paid a fee also.

 

I agree that what is important is that customers are given the best possible exchange rate, the best possible would be the inter-bank rate, that can't be made better. If that's all their was to the picture we'd all say great, but there is more, there's the TW fee which offsets.

The difference is that UK banks typically give lower exchange rates rather than the mid-market rate so you are getting stung twice. Once on exchange rate and then again on the transfer charge

 

Halifax are charging £9.50 @ ex rate of 38.73. If I sent £1000 I would get 38,362 baht.

Transferwise are charging £7.00 at ex of 40.184. If I sent £1000. I would get 39,902 baht

A difference of 1540 baht.

 

The other thing to remember is that Transferwise fee is a % of what you send where as the bank is usually a flat fee so on lower transfer amounts TW easily comes out on top however, If you are sending seriously large amounts of money then the bank may be the better option

 

 

 

Edited March 2, 20206 yr by Chelseafan

6 minutes ago, Chelseafan said:

The difference is that UK banks typically give lower exchange rates rather than the mid-market rate so you are getting stung twice. Once on exchange rate and then again on the transfer charge

 

Halifax are charging £9.50 @ ex rate of 38.73. If I sent £1000 I would get 38,362 baht.

Transferwise are charging £7.00 at ex of 40.184. If I sent £1000. I would get 39,902 baht

A difference of 1540 baht.

 

The other thing to remember is that Transferwise fee is a % of what you send where as the bank is usually a flat fee so on lower transfer amounts TW easily comes out on top however, If you are sending seriously large amounts of money then the bank may be the better option

 

 

 

Yes agreed, except, it's always better to send Pounds from the UK, that way there is no UK based exchange rate issue, the rates at Thai banks are far superior.

20 minutes ago, saengd said:

Yes agreed, except, it's always better to send Pounds from the UK, that way there is no UK based exchange rate issue, the rates at Thai banks are far superior.

You mean send Baht from a UK bank account ?  I don't think Halifax has that option, it only allows me to send pounds.

 

 

13 minutes ago, Chelseafan said:

You mean send Baht from a UK bank account ?  I don't think Halifax has that option, it only allows me to send pounds.

 

 

I use Halifax and yes they do, you can stipulate what you want, by default they will send Thai baht, I always send GBP and convert here, I find it a better rate.

21 minutes ago, Chelseafan said:

You mean send Baht from a UK bank account ?  I don't think Halifax has that option, it only allows me to send pounds.

 

 

Certainly HSBC UK lets you send Baht if you wish, an expensive option.

13 hours ago, Worldplus said:

I use transfer wise...comes in 2 mins...amazing..excellent exchange rates.. Your bank will rip you off if you transfer thru them.. Been using transferwise for months..amazing system.

 

https://transferwise.com/

+1. They are very good and very quick to Kasikorn. What I tend to do is lock in an exchange rate on a Saturday morning (Thai time) which is good for 48 hours I think and then re-look on Monday morning. Not weekly though, I don't get the pensions weekly.

12 hours ago, Worldplus said:

Well...I did a transfer 3 days ago...came in 2 mins... Do I care if you do not believe me?  NO....lol..

 

He was asking how to transfer money..  TW is 10 times better than ya bank...I use Kasikorn..  The full amount comes..  In UK I have HSBC..  Fckn rip off doing it thru them..  Upto you mate..

I agree mate. Barely closed Transferwise down on the laptop when my phone tells me it's in my Kasikorn account. Prior to using Kasikorn I transferred into the g/f's account at some bank for farmers. That wasn't so quick but always same day.

12 hours ago, Moonlover said:

You obviously don't care or you wouldn't tell such a blatant lie. Sorry buddy, I know what your game is. It's all in the website address you provided. 50 quid is it that you get?

It's not a blatant lie. The person is telling the truth. First Direct in the UK, £'s to Transferwise, baht to kasikorn in Thailand...2 minutes. Honest guv.

Edited March 2, 20206 yr by BRUFC
additional content, £ and baht

13 minutes ago, BRUFC said:

It's not a blatant lie. The person is telling the truth. First Direct in the UK, £'s to Transferwise, baht to kasikorn in Thailand...2 minutes. Honest guv.

The O/P's inquiry was about moving money from the Nationwide Building Society.

 

The poster to whom you are referring also posted a promotional website address in the hope of snaring an introduction fee, which I do believe contravenes TVF rules. Don't bother going back to look for it, the mods have now removed it.

 

Enjoy the rest of your day.

13 hours ago, Moonlover said:

You obviously don't care or you wouldn't tell such a blatant lie. Sorry buddy, I know what your game is. It's all in the website address you provided. 50 quid is it that you get?

I need one more for my £50 ...any takers...please????

2 hours ago, Chelseafan said:

The other thing to remember is that Transferwise fee is a % of what you send where as the bank is usually a flat fee so on lower transfer amounts TW easily comes out on top however, If you are sending seriously large amounts of money then the bank may be the better option

 

I did run a spread sheet on that once in connection with the Nationwide, who charge 20 GBP. It needs to be a seriously large sum. So much so that it exceeded T/W's transfer limit!

4 hours ago, CharlieH said:

I use Halifax and yes they do, you can stipulate what you want, by default they will send Thai baht, I always send GBP and convert here, I find it a better rate.

Yes that's what I thought.

4 hours ago, CharlieH said:

I use Halifax and yes they do, you can stipulate what you want, by default they will send Thai baht, I always send GBP and convert here, I find it a better rate.

I see what you mean. I've never thought about it that way but I suppose if I send £1000 to Thailand, it's the bank at this end that is doing the exchange and then forwarding the baht to Thailand

Edited March 2, 20206 yr by Chelseafan

As others have mentioned, transferwise has low fees,being using them for some time now. Here's a link to free £500 transfer

<link removed contact by PM for it if you don't mind him getting something for the reference>

Edited March 3, 20206 yr by ubonjoe