Money transfer and the falling baht

[NoshowJones]

20 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.

 

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

Their support was not much help to me either.

[Tropposurfer]

Transferwise is cheaper hands down as you posted.

I'm a complete idiot and I use it seamlessly and pay b.gger all to move thousands from my country to a thai bank account and it's a day to do so and no more. 

It is literally child's play to set up and use. The days of old banking systems and paying ridiculous fees for nothing is dead. Long live Transferwise LOL.

Covers all the bases if needing to show funds in banks to IO too.

All the naysayers and usual diversion/difflecting posters here stop looking for ways to discount its efficiency, economy of charges and simplicity of usage of this online system.

It's as it is; upfront simply and way cheaper than banks and the many years of exorbitant stranglehold Western Union has on fast international transfers!!

[Peter Denis]

27 minutes ago, possum1931 said:

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.

The service that TransferWise provides in the steps of the transfer process is fully automated.

So the delay is due to your UK bank, any intermediant bank and/or the receiving bank.

If your thai bank-account is not one of TW's partner banks (BKB, KKB or TMB) the transfer will take longer because of more hand-overs of the funds.

[MJCM]

4 hours ago, Peter Denis said:

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. 

 

So what you're saying it's still luck of the draw, that makes sense.

 

Even if my Bank is a TW Partner Bank (BBL so yes it is) it depends on the branch ????

 

I have BBL, SCB and KTB and none of them received "instant" payments from Transferwise, it always next day at around 1-2pm that it's credited to mine or my wife's account.

[Max69xl]

1 hour ago, possum1931 said:

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.

I have been using TW since 2017 without any problems what so ever. When using the "Low cost transfer" option my money arrives next day 2pm (except during weekends). It seems you're a bit paranoid. You had a problem once and because of that you stopped using TW. 

[NoshowJones]

28 minutes ago, Peter Denis said:

The service that TransferWise provides in the steps of the transfer process is fully automated.

So the delay is due to your UK bank, any intermediant bank and/or the receiving bank.

If your thai bank-account is not one of TW's partner banks (BKB, KKB or TMB) the transfer will take longer because of more hand-overs of the funds.

No, the money came out of my UK bank right away, I take your point about TW's partner banks, but my Thai bank is BKB. TW's were fully to blame here as my previous transactions went off with no problem. They cannot be trusted.

[NoshowJones]

2 minutes ago, Max69xl said:

I have been using TW since 2017 without any problems what so ever. When using the "Low cost transfer" option my money arrives next day 2pm (except during weekends). It seems you're a bit paranoid. You had a problem once and because of that you stopped using TW. 

That's right, it is good enough reason not to trust them again, when I complained to them, they never made any excuses, and could at least have apologised.

[Max69xl]

36 minutes ago, Peter Denis said:

The service that TransferWise provides in the steps of the transfer process is fully automated.

So the delay is due to your UK bank, any intermediant bank and/or the receiving bank.

If your thai bank-account is not one of TW's partner banks (BKB, KKB or TMB) the transfer will take longer because of more hand-overs of the funds.

You have to chose between Low cost transfer and Fast transfer. When using the Low cost transfer option and banking with one of TW's partner banks, the money normally arrives next day unless it's a weekend or you transfer money from the US.

[Max69xl]

1 minute ago, possum1931 said:

That's right, it is good enough reason not to trust them again, when I complained to them, they never made any excuses, and could at least have apologised.

You seem a bit paranoid. You had a delay once and because of that you got upset. How many people do you think uses TW monthly without problems? 

[NoshowJones]

11 minutes ago, Max69xl said:

You seem a bit paranoid. You had a delay once and because of that you got upset. How many people do you think uses TW monthly without problems? 

Transferwise were 100% wrong here and should at least have apologised, if they had admitted to their incompetence and apologised, I would probably have given them another go.

[Peter Denis]

1 hour ago, MJCM said:

...

Even if my Bank is a TW Partner Bank (BBL so yes it is) it depends on the branch ????

I have BBL, SCB and KTB and none of them received "instant" payments from Transferwise, it always next day at around 1-2pm that it's credited to mine or my wife's account.

If you need to prove that the funds transfered are from 'foreign origin' your bank-book nor a 12-month bank-statement will provide that evidence, when you use TransferWise and your receiving bank is not one of their partner-banks (BBK, KKB or TMB).  And even when using one of these partner-banks, it is possible that the transfer has been routed via a different bank and hence will not show up as an international transfer on your bank-book or 12-month bank-statement.

But luckily TransferWise allows you to generate a 'transfer receipt' for each transfer you have done using their service, which will show all steps of the transfer-process from your foreign bank-account to your thai bank-account.  And these transfer receipts in combination with your bank-book and 12-month bank-statement, are being accepted by most IOs as evidence of foreign origin.

 

[Pravda]

23 hours 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 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

 

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)

 

 

 

 

 

 

Why are you even arguing this?

 

I only care how much money ends up in my account. Transferwise wins. 

[Nyezhov]

4 minutes ago, Pravda said:

I only care how much money ends up in my account. Transferwise wins. 

I just had to use WU to get money into my bank in Cambo. I wish I could have used transferwise.(not available for Cambodia).

 

I will Never use WU again, Ill take the ATM rape until I get back to the states and set somethingn up.

[CharlieH]

Troll comment removed.

[Tongjaw]

Can Transferwise be used to send money from Thailand to overseas? 

[Peter Denis]

12 hours ago, Tongjaw said:

Can Transferwise be used to send money from Thailand to overseas? 

No, TW can only be used to send money to your thai bank-account.  But using DEEmoney you can send money from Thailand overseas.

[Max69xl]

19 minutes ago, Peter Denis said:

No, TW can only be used to send money to your thai bank-account.  But using DEEmoney you can send money from Thailand overseas.

You can send money overseas from Thailand using your bank branch. Some paperwork is involved,though. If banking with Kasikorn Bank and using their bank app K+ you can transfer money to 24 countries (at the moment). 

[Europeanguy]

If I may give you my personal experience and tell you what my research has found on transferring money from the UK to Thailand over the years. I think it is valid for other countries than UK too.

 

I would never use a UK bank. Their rates and costs are the highest of them all.

And true, Transferwise is cheaper than banks.

 

But ...

 

I use something else, Moneycorp or Torfx which can work out cheaper (I check every time between the 3 before a transfer - it just takes a few minutes).

Especially, when you pitch one against the other and their rates suddenly improve radically through competition forces - it goes to show how much they make from unsuspecting clients.

 

I note that the Transferwise "comparison" option on their website only includes banks and not these 2 competitors. Something to wonder about...

 

Moneycorp

• No fee, you get an exchange rate and that is what is send to BKK bank exactly
• You get an MT103 form wich proves that the money comes from the UK. It is essential if you wanted to take money out of Thailand back to the UK (for example selling your house in Thailand to go back in Europe or my Thai assets sent back to my children in the UK in case of my death).
• Timing, 1 week or so - not as good as Transferwise
• Good website
• Personal adviser while I cannot get a personal contact on Transferwise.

Torxfx

• No fee, you get an exchange rate and that is what is send to BKK bank.
• You have to ask for an MT103 form if you need one.
• But BKK bank charges 1.025% capped to 500 Baht - that is due to the different banks used by Torfx for the transfer.
• Timing, 1 week or so so not as good as Transferwise. Slightly faster than Moneycorp though because they take immediate cards payments.
• Good website
• Personal adviser while I cannot get a personal contact on Transferwise.

 

Here is a comparison snapshot today:

 

Much of a muchness you will say but it is worth checking as it can vary a lot, especially with large sums.

 

Kind regards

Bernard

 

 

 

 

 

 

 

 

 

[Max69xl]

25 minutes ago, Europeanguy said:

If I may give you my personal experience and tell you what my research has found on transferring money from the UK to Thailand over the years. I think it is valid for other countries than UK too.

 

I would never use a UK bank. Their rates and costs are the highest of them all.

And true, Transferwise is cheaper than banks.

 

But ...

 

I use something else, Moneycorp or Torfx which can work out cheaper (I check every time between the 3 before a transfer - it just takes a few minutes).

Especially, when you pitch one against the other and their rates suddenly improve radically through competition forces - it goes to show how much they make from unsuspecting clients.

 

I note that the Transferwise "comparison" option on their website only includes banks and not these 2 competitors. Something to wonder about...

 

Moneycorp

• No fee, you get an exchange rate and that is what is send to BKK bank exactly
• You get an MT103 form wich proves that the money comes from the UK. It is essential if you wanted to take money out of Thailand back to the UK (for example selling your house in Thailand to go back in Europe or my Thai assets sent back to my children in the UK in case of my death).
• Timing, 1 week or so - not as good as Transferwise
• Good website
• Personal adviser while I cannot get a personal contact on Transferwise.

Torxfx

• No fee, you get an exchange rate and that is what is send to BKK bank.
• You have to ask for an MT103 form if you need one.
• But BKK bank charges 1.025% capped to 500 Baht - that is due to the different banks used by Torfx for the transfer.
• Timing, 1 week or so so not as good as Transferwise. Slightly faster than Moneycorp though because they take immediate cards payments.
• Good website
• Personal adviser while I cannot get a personal contact on Transferwise.

 

Here is a comparison snapshot today:

 

Much of a muchness you will say but it is worth checking as it can vary a lot, especially with large sums.

 

Kind regards

Bernard

 

 

 

 

 

 

 

 

 

You can't avoid the receiving fee of 0.25% with a minimum of 200 baht when using TorFX. In most countries you also have to pay a fee to the sending bank back home. TransferWise uses the mid-market rate and it's guaranteed. 

Edited March 11, 2020 by Max69xl

[Europeanguy]

1 hour ago, Max69xl said:

You can't avoid the receiving fee of 0.25% with a minimum of 200 baht when using TorFX. In most countries you also have to pay a fee to the sending bank back home. TransferWise uses the mid-market rate and it's guaranteed. 

Yes, apologies to you all. You are right and I got it wrong . It is 0.25% minimum 200 Bahts, maximum 500 Bahts not 1.025% as I said. I don't know why I came up with that figure when writing. Alzheimer might be round the corner I think.

 

My point remains that it is 0% from the BKK bank if you use Moneycorp.

 

3 points are interesting from your post (thank you) but need unwrapping a little if you could though.

 

1. Countries back home who charge a fee: my UK bank (RBS) doesn't. It is seen as a routine transfer from a UK account to another UK account (be it Moneycorp or Torfx or whichever UK company transfer I would transfer to).

2. What is a "mid market" value and how do you know under which "market" a company is operating?

3. The "guaranteed rate" : do you mean the 24 Hours guarantee that Transferwise offers while the others only guarantee at the time of booking/ committing the transaction?

 

Sometimes we might be talking of pennies here I admit, but sometimes it might be quite a difference. Some readers here can perhaps benefit of a better understanding from people's practical experience. 

 

I am looking forward to your answer.

 

Kind regards

Bernard

[Europeanguy]

Just to be clear for all (if I can), it is not the Thai bank who takes off 0.25% of their own whim.

It is the way it receives money from the UK.

That is why I was talking of the MT103 form which accompanies every international transfer.

Here is one from Torfx (with all my personal details removed of course):

 

See the clause 71A is "OUR". It means that the Thai bank will take 0.25%. That is why there is no escape from Torfx deduction - that is how the banks they work with operate.

I will not attach but the MT103 from Moneycorp have a clause 71A as "SHA" (for "Share") which means that nothing will be deducted.

 

Pennies I know (not always though) but it is good to understand how to follow how it works.

 

Kind regards

Bernard

 

 

 

[KaputtAlreadyNa]

On 3/9/2020 at 7:42 PM, leeneeds said:

What fee's are charged sending and receiving,

nothing is Free,

If you are using TransferWise

You only needs to pay the sending fees no receiving fees

Warmest

[phetphet]

On 3/10/2020 at 10:04 AM, Peter Denis said:

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. 

 

Also, I have found that what time of day one does the transfer, can make a difference. Early GMT seems to be quicker than afternoon.

[Europeanguy]

23 minutes ago, KaputtAlreadyNa said:

If you are using TransferWise

You only needs to pay the sending fees no receiving fees

Warmest

Thank you for comments.

It doesn't address the important comparison though.

How much you put in and how much you get on the Thai bank account at the end, taking into account all these financial companies helping themselves on the way.

It cannot be avoided. How to minimise it is the question.

"you only pay this etc." It is vague and no match to my numbers (very slightly wrong I have admitted) but what I am saying is still true.

I note your "warmest" ending. We are not for fight here indeed, just not letting financial institutions taking us for a ride.

Kind regards

[Europeanguy]

33 minutes ago, phetphet said:

Also, I have found that what time of day one does the transfer, can make a difference. Early GMT seems to be quicker than afternoon.

Yes, good comment and very true. Thank you.

 

Rates change in front of me on websites though. 

 

I think that speed of transfer is less important than quality/quantity of transfers. If somebody is so tight by speed, he might be desperate and unorganized, for which I am sorry for him/her.

.

I will never be on the starting block waiting for the pistol to go off as the officials/ responsible tell me. 

 

My view is that if it takes 1 day, 2 days , a week, a month, I will always be guessing or no clue, another way to put it.

 

Kind regards

Bernard

[Max69xl]

19 hours ago, Europeanguy said:

Just to be clear for all (if I can), it is not the Thai bank who takes off 0.25% of their own whim.

It is the way it receives money from the UK.

That is why I was talking of the MT103 form which accompanies every international transfer.

Here is one from Torfx (with all my personal details removed of course):

 

See the clause 71A is "OUR". It means that the Thai bank will take 0.25%. That is why there is no escape from Torfx deduction - that is how the banks they work with operate.

I will not attach but the MT103 from Moneycorp have a clause 71A as "SHA" (for "Share") which means that nothing will be deducted.

 

Pennies I know (not always though) but it is good to understand how to follow how it works.

 

Kind regards

Bernard

 

 

 

It's a 0.25% fee with a minimum of ฿200. 

[MJCM]

On 3/9/2020 at 5:10 PM, 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

Update:

 

This morning (10:26 Thai Time) I transferred 100k THB to my Thai Account @SCB via Transferwise and I just received an SMS from SCB (13:14 Thai Time) that my account was credited with 100.000 THB via ATS.

 

So it's not instant, but I am happy because previously it would be deposited in the account the next Working day.

 

Edit: The EUR to THB rate was 36.1998. The fee was 18.66 EUR.

Edited April 2, 2020 by MJCM

[Peter Denis]

8 minutes ago, MJCM said:

...

So it's not instant, but I am happy because previously it would be deposited in the account the next Working day.

It cannot be an 'instant' transfer, as SCB is not a TransferWise partner-bank, and it will therefore show up as a 'domestic transfer' on your SCB bank-book / bank-statement.

In case you need to provide evidence that the funds originated from abroad, you can print out the PDF transfer-receipt generated by TransferWise which will show the routing of the transfer (and is accepted by most IOs).  To do so click on the ? and 'Need some help' next to your transfer on the overview of your transfers on your TW-website account.

Edited April 2, 2020 by Peter Denis

[OneeyedJohn]

When I first started with TW some 3 years ago, I was always surprised at how quickly ( instant ) the money would depart my UK HSBC A/C  and be with TW almost instantaneously, in fact before I could logout from HSBC.

If I did that transfer around 8 am Thai time the baht would be in my bank SCB a/c before 13:30.

If u can call that a delay then it was in all likelihood the Main branch in Bangkok poncing about.

[MJCM]

3 hours ago, Peter Denis said:

It cannot be an 'instant' transfer, as SCB is not a TransferWise partner-bank, and it will therefore show up as a 'domestic transfer' on your SCB bank-book / bank-statement.

In case you need to provide evidence that the funds originated from abroad, you can print out the PDF transfer-receipt generated by TransferWise which will show the routing of the transfer (and is accepted by most IOs).  To do so click on the ? and 'Need some help' next to your transfer on the overview of your transfers on your TW-website account.

 

Thx for that, I am using money in the bank (Fixed Deposit account (never touched)) for Immigration.

 

I was just happy that the transfer only took +/- 3 hours instead of 24hours+ ????

Edited April 2, 2020 by MJCM