Money transfer and the falling baht

[Brunolem]

Early this year, Transferwise opened a new account for me and asked me to inform the concerned parties about this change. 

 

Since then... unbelievable! 

 

My retirement pension is transfered around 8 or 8.30 am (Europe time) to my Transferwise account. 

 

Minutes later I am informed by email, and I transfer the balance to my account in Thailand, using the app.

 

This (ultra cheap) transfer is instantaneous! 

 

Not 10 minutes, not 5 minutes... the time I close the app and I already have a message of confirmation from my Thai bank. 

 

Much faster and much cheaper than Western Union (not to mention the traditional banks), without all the paperwork and without moving from home! 

 

Having said that, the exchange rate I got today was 36.13 baht per euro... almost 3 baht higher than it was just a few weeks ago. 

 

It seems that we, retirees, may get some respite from the high baht, thanks in part to the incredibly shrinking number of tourists visiting Thailand... 

[tonray]

7 minutes ago, Brunolem said:

It seems that we, retirees, may get some respite from the high baht, thanks in part to the incredibly shrinking number of tourists visiting Thailand... 

When Western Central Banks are all racing to make interest rates close to zero...don't expect it to last too long

[EricTh]

Do you have any link to Transferwise and how to apply.

[tonray]

1 minute ago, EricTh said:

Do you have any link to Transferwise and how to apply.

https://transferwise.com/

[Brunolem]

9 minutes ago, tonray said:

When Western Central Banks are all racing to make interest rates close to zero...don't expect it to last too long

But save for the US Fed, they are all already... below zero! 

 

They are stucked... to be polite... 

[MJCM]

How do you do instant transfers from Europe with Transferwise? Mine take approx 1 day

 

I Initiate the Transfer on Day 1 at around 9am (Thai Time) pay them instantly from my European account (EUR) and I receive moments later an email (from Transferwise) that the money has been received by them and then the money arrives the following (working) day at approx 1-2pm in my Thai Bank account.

 

I would love to use instant transfers with them, that would be great

Edited March 9, 2020 by MJCM

[KhunBENQ]

2 minutes ago, MJCM said:

Mine take approx 1 day

Same for me sending from Transferwise account (some Euro account in Belgium).

As the rate is guaranteed for long enough it doesn't bother me too much.

I avoid more expensive payment by credit card (which might be faster?).

[leeneeds]

What fee's are charged sending and receiving,

nothing is Free,

[MJCM]

1 minute ago, KhunBENQ said:

Same for me sending from Transferwise account (some Euro account in Belgium).

As the rate is guaranteed for long enough it doesn't bother me too much.

I avoid more expensive payment by credit card (which might be faster?).

 

I am doing an payment option between banks and the money received is INSTANT, you also can use this system to pay for goods over the internet (but it's only a local (read: country wide) system)

 

After doing the payment I receive an email from Transferwise almost immediately that the money has been received but it still takes till the following day for the money to arrive here in LOS ????

 

I can do instant transfers via my Euro Bank, but the costs of doing that is high

 

a- Costs of Transfer is 9 Euro sending bank (not so bad)

b- Cost of incoming transfer (Thai Bank) is around 1-2kTHB on an amount of 50k THB (so HIGH)

c- Currency exchange rate is very very bad, approx 1 THB lower then TW ????

[MJCM]

7 minutes ago, leeneeds said:

What fee's are charged sending and receiving,

nothing is Free,

Have a look for yourself

 

https://transferwise.com/gb/pricing/

 

Their fees are IMHO not that cheap, but you get a WAY WAY WAY better Exchange Rate so in the END you will be receiving more money then sending it via your local BANK

[Brunolem]

26 minutes ago, MJCM said:

How do you do instant transfers from Europe with Transferwise? Mine take approx 1 day

 

I Initiate the Transfer on Day 1 at around 9am (Thai Time) pay them instantly from my European account (EUR) and I receive moments later an email (from Transferwise) that the money has been received by them and then the money arrives the following (working) day at approx 1-2pm in my Thai Bank account.

 

I would love to use instant transfers with them, that would be great

Last year, my Transferwise account was based in Germany and it took one day to get the money to Thailand.

 

Then, without me asking, they moved my account to Belgium and since then I get instant transfers...for the same cost!

 

As for the commissions, they are five times cheaper than with a regular bank, while the exchange rate is much better.

 

Win, win, win...

[Thongkorn]

Mrs has been using this  for years

[MJCM]

36 minutes ago, Brunolem said:

Last year, my Transferwise account was based in Germany and it took one day to get the money to Thailand.

 

Then, without me asking, they moved my account to Belgium and since then I get instant transfers...for the same cost!

 

As for the commissions, they are five times cheaper than with a regular bank, while the exchange rate is much better.

 

Win, win, win...

Exchange Rate, yes absolutely, but not sure about the commissions though

 

I pay 9 Euro's flat fee for my Euro Bank, and I believe the max fee the Thai Bank charges you is (not sure) 500-800 THB (NO express Fee's). And this is for any amount of money, so sending 10 EURO or 10000 EURO's

 

So Sending 5000 Euro's costs me 9 EURO from my Bank and 500-800 THB for receiving it

 

So break it down 9 Euro = 306 THB (9 x 34 THB) receiving bank is 500 THB = 14 EUR or or 800 THB = 23 EUR (exchange rate 34 THB)

 

So 9 Euro and 14 Euro = 23 Euro or 9 + 23 = 32 Euro (again not sure about the max fee from Thai Bank)

 

Currently sending 5000 Euro with Transferwise (even beater exchange rate at 35,9) costs 32,33 EUR and that is LOW cost transfer and only for 5000 Euros sending 8000 Euros costs 50 Euros.

 

 

 

Link: https://transferwise.com/gb/pricing/

 

So yes I fully agree Exchange Rate is way way better, but 5 times cheaper then a regular bank, nope sorry

 

Edit: Found it, maximum fee for receiving money is 500 THB

 

Quote

The fee is 0.25% of the total amount (minimum fee of 200 baht and a maximum fee of 500 baht). However, an intermediary bank (between the sending bank and Bangkok Bank) may also deduct an additional handling fee before sending funds to us.

Link: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs

 

and then click on What fees are payable to receive funds from abroad?

 

(Never had to use an intermediary bank)

 

 

 

 

Edited March 9, 2020 by MJCM

[Brunolem]

5 minutes ago, MJCM said:

Exchange Rate, yes absolutely, but not sure about the commissions though

 

I pay 9 Euro's flat fee for my Euro Bank, and I believe the max fee the Thai Bank charges you is (not sure) 500-800 THB (NO express Fee's). And this is for any amount of money, so sending 10 EURO or 10000 EURO's

 

So Sending 5000 Euro's costs me 9 EURO from my Bank and 500-800 THB for receiving it

 

So break it down 9 Euro = 306 THB (9 x 34 THB) receiving bank is 500 THB = 14 EUR or or 800 THB = 23 EUR (exchange rate 34 THB)

 

So 9 Euro and 14 Euro = 23 Euro or 9 + 23 = 32 Euro (again not sure about the max fee from Thai Bank)

 

Currently sending 5000 Euro with Transferwise (even beater exchange rate at 35,9) costs 32,33 EUR and that is LOW cost transfer

 

 

Link: https://transferwise.com/gb/pricing/

 

So yes I fully agree Exchange Rate is way way better, but 5 times cheaper then a regular bank, nope sorry

 

Edit: Found it, maximum fee for receiving money is 500 THB

 

Link: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs

 

and then click on What fees are payable to receive funds from abroad?

 

 

 

 

As far as I am concerned, my Thai bank (BKK) doesn't charge anything.

 

For example, today's transfer was a small amount, just above 10,000 baht, and I was charged, by Transferwise 3.48 euros, or roughly 110 baht...that's all...no extra charge on my bank's side.

 

[MJCM]

4 minutes ago, Brunolem said:

As far as I am concerned, my Thai bank (BKK) doesn't charge anything.

 

For example, today's transfer was a small amount, just above 10,000 baht, and I was charged, by Transferwise 3.48 euros, or roughly 110 baht...that's all...no extra charge on my bank's side.

 

Correct, but I am just arguing what you said in post #11 about the commisions

 

Quote

As for the commissions, they are five times cheaper than with a regular bank, while the exchange rate is much better

 

Commissions five times cheaper than with a regular bank is not always the case! Exchange Rate better 100% agree.

Edited March 9, 2020 by MJCM

[MikeN]

Transferwise do not "send" money, they use their own money which is already here. Your money stays in Transferwise's account in your home country. That's why there is no exchange fee here, and probably why it was almost instantaneous. But as somebody said earlier, their fees are on a sliding scale, my bank is a fixed fee so in my case it is slightly cheaper by bank transfer....probably not for most people though.

Edited March 9, 2020 by MikeN

[MJCM]

4 minutes ago, MikeN said:

Transferwise do not "send" money, they use their own money which is already here. Your money stays in Transferwise's account in your home country. That's why there is no exchange fee here. But as somebody said earlier, their fees are on a sliding scale, my bank is a fixed fee so in my case it is slightly cheaper by bank transfer....probably not for most people though.

 

That is why I don't understand why for some it's instant transfer (like the OP) and for others it isn't.

 

I already asked them via their Support and I couldn't get a definite answer on this

[soalbundy]

2 hours ago, Brunolem said:

But save for the US Fed, they are all already... below zero! 

 

They are stucked... to be polite... 

and yet the Euro/Dollar exchange rate is up up up Bloomberg Euro-Dollar +1.18%   Dollar index spot -.77% Thank you corona ????

[Brunolem]

24 minutes ago, soalbundy said:

and yet the Euro/Dollar exchange rate is up up up Bloomberg Euro-Dollar +1.18%   Dollar index spot -.77% Thank you corona ????

The USD probably doesn't react well to the oil price crash...

 

[Brunolem]

28 minutes ago, MJCM said:

 

That is why I don't understand why for some it's instant transfer (like the OP) and for others it isn't.

 

I already asked them via their Support and I couldn't get a definite answer on this

I don't know either, but maybe it has to do with the Thai bank, and not Transferwise.

 

 

[chicowoodduck]

I just wire my money with my Chase Bank Account.....cost $5 USD no matter the amount, get a good rate and the money is in my SCB account in a day.....end of story...????

[Lee4Life]

15 hours ago, soalbundy said:

and yet the Euro/Dollar exchange rate is up up up Bloomberg Euro-Dollar +1.18%   Dollar index spot -.77% Thank you corona ????

Unbelievable! Are you thankful for a disease that is killing people because you get a better exchange rate? You need your head examined.

[paddyfield7]

18 hours ago, EricTh said:

Do you have any link to Transferwise and how to apply.

https://transferwise.com/login#/

[cdavid10]

Do that with a USA bank and you will wait 4-6 days. That is now. Wasn't that long in the past. Not sure what has happened, but it is sucking now!.

[Peter Denis]

16 hours ago, MJCM said:

That is why I don't understand why for some it's instant transfer (like the OP) and for others it isn't.

If your bank is one of TransferWise's partner-banks (BangkokBank, Kasikorn Bank or TMB) the transfer can be almost instant.

If you have a different bank the transfer can be held up by that domestic transaction. 

Even if your bank is a TW partner-bank there can be some delay because of Headquarter to branche-bank transfer. 

 

[Bangkok Barry]

I've usually had the same experience as the OP, transferring money from my UK bank. By the time I get the email saying the money is on its way it's already in my Thai account. The entire transaction takes minutes, from paying the money to Transferwise to receiving it in my bank. Astonishing, really.

[emptypockets]

Falling baht? Not for the Aussie dollar unfortunately.

[Max69xl]

21 hours ago, leeneeds said:

What fee's are charged sending and receiving,

nothing is Free,

When using the "Low cost transfer" the fee is £7 when transferring £1000. No receiving fee. 

[Max69xl]

1 hour ago, emptypockets said:

Falling baht? Not for the Aussie dollar unfortunately.

Every currency fell against the baht today,Tuesday. 

[NoshowJones]

21 hours ago, MJCM said:

Have a look for yourself

 

https://transferwise.com/gb/pricing/

 

Their fees are IMHO not that cheap, but you get a WAY WAY WAY better Exchange Rate so in the END you will be receiving more money then sending it via your local BANK

Be careful. Transferwise took a full week to get money from my UK bank, I did not do anything different from my previous transfers, and have not used them since.