Transfer wise how it works

[superatoz]

hi,

 

can anyone who has used  Transfer wise  advise how it works

 

and the TAT for the money to get transferred into thai bank account ?

 

I need to transfer from my local country bank into transfer wise and then the monies will be transferred to the thaii bank account ? 

 

are there any fees involved ?  thanks alot

[lopburi3]

Have you even read the Transferwise web site?  Or course there are fees involved.  It is all explained very clearly and you see the amounts in home currency/Thai baht/exchange rate and fees.  What is listed on website is exactly what will be deposited into the Thai account.

 

If TAT really means time rather than Tourist Authority of Thailand it depends on country sending money and weekends/holidays - website will provide the estimated arrival time.

Edited May 12, 2020 by lopburi3

[soi3eddie]

Open an account online, pay in money, transfer to Thailand. Simples... 

[superatoz]

3 minutes ago, lopburi3 said:

Have you even read the Transferwise web site?  Or course there are fees involved.  It is all explained very clearly and you see the amounts in home currency/Thai baht/exchange rate and fees.  What is listed on website is exactly what will be deposited into the Thai account.

 

If TAT really means time rather than Tourist Authority of Thailand it depends on country sending money and weekends/holidays - website will provide the estimated arrival time.

sorry TAT , = turn around time 

[eyup]

Very easy! Best/quickest  way is to fund via debit card. Follow this link for money off your first transfer. https://transferwise.com/invite/u/6f09

[superatoz]

my bank has a direct transfer to thailand , next day no fees but i wonder if its better then transfer wise  

 

what u guys think  ?

[stouricks]

2 minutes ago, superatoz said:

my bank has a direct transfer to thailand , next day no fees but i wonder if its better then transfer wise  

 

what u guys think  ?

What's the exchange rate then? The fees will be covered by an inferior rate. For me, Transferwise every month, no problems, arrives within 24 hours, shown as Foreign Transfer in my bangkok bank.

[lopburi3]

Just now, superatoz said:

my bank has a direct transfer to thailand , next day no fees but i wonder if its better then transfer wise  

 

what u guys think  ?

If the currency exchange is made by your home bank check that out (likely to be very poor).  Also there will be a charge between 200-500 baht deducted from total by Thai for international exchange.  

 

If you provide no example information, not even country involved, how can we answer?

[stouricks]

6 minutes ago, eyup said:

Very easy! Best/quickest  way is to fund via debit card. Follow this link for money off your first transfer. https://transferwise.com/invite/u/6f09

A good idea is to have a Transferwise Borderless Account into which you can 'save' THB when the rate is good, and then, assuming you are sending for Immigration purposes so has to be roughly the same day of the month, you send what you have 'saved up' when you need to. 

[eyup]

7 minutes ago, superatoz said:

so what u getting if i sign up via yr link lol 

555 All transferwise users get a bonus if they get 3 other people to sign up, but it does not affect the new users promotional discount 

[sidgy]

9 minutes ago, stouricks said:

What's the exchange rate then? The fees will be covered by an inferior rate. For me, Transferwise every month, no problems, arrives within 24 hours, shown as Foreign Transfer in my bangkok bank.

are you charged anything to transfer from your bank to your transferwise account?

i have accounts in the UK with Natwest and Halifax get shocking exchange rates, thanks

[scotsdude]

Transferwise far better than bank to bank transfer... I used to send sterling but I was losing 1-2 baht in the exchange rate in the Thai bank plus it took 2 days... Transferwise don't rip you off with the exchange rate and money in the account within the hour if sent early in the day....

[Dunc]

10 minutes ago, sidgy said:

are you charged anything to transfer from your bank to your transferwise account?

i have accounts in the UK with Natwest and Halifax get shocking exchange rates, thanks

No. Transferwise take money from your account, including their fee in GBP , and then transfer the agreed amount to your Thai bank. It's quick, easy, painless and very cheap. Highly recommended by me and many others who use it all the time.

[Bob A Kneale]

52 minutes ago, superatoz said:

hi,

 

can anyone who has used  Transfer wise  advise how it works

 

and the TAT for the money to get transferred into thai bank account ?

 

I need to transfer from my local country bank into transfer wise and then the monies will be transferred to the thaii bank account ? 

 

are there any fees involved ?  thanks alot

Could Transferwise not tell you if you asked them?

Edited May 12, 2020 by Bob A Kneale

[stouricks]

23 minutes ago, sidgy said:

are you charged anything to transfer from your bank to your transferwise account?

i have accounts in the UK with Natwest and Halifax get shocking exchange rates, thanks

£1000 into my THB Borderless account costs £7 if done bank transfer or £9 if Debit Card.

To then transfer THB 40,000 to my Bkk Bank costs THB 58. 

There is a comparison chart on T'wise's site showing what the other banks charge.

[Rimmer]

A post and reply with a commercial link has been removed

[Mops59]

Set up transferwise.

Conncet both Bank accounts. 

Put home country money in TW account. Sent money to Thai account. You will see the exchange rate and fee before you approve to send.  It will take 2 to 3 days.

Fair rate. Low fee. Lower than normal international bank account transfer. Good luck.

[soi3eddie]

8 hours ago, scotsdude said:

Transferwise far better than bank to bank transfer... I used to send sterling but I was losing 1-2 baht in the exchange rate in the Thai bank plus it took 2 days... Transferwise don't rip you off with the exchange rate and money in the account within the hour if sent early in the day....

I use Transferwise for smaller transfers of less than 2,000 GBP. For large amounts, Transferwise fees escalate and my UK Bank (Lloyds) to my KBank offers better value. I made a transfer of about 3,000,000 THB (in GBP) to Kbank a few years ago and the only fee was 9.50 GBP from Lloyds. Kbank gave their telex buying rate on exchange.

[hotandsticky]

6 minutes ago, soi3eddie said:

I use Transferwise for smaller transfers of less than 2,000 GBP. For large amounts, Transferwise fees escalate and my UK Bank (Lloyds) to my KBank offers better value. I made a transfer of about 3,000,000 THB (in GBP) to Kbank a few years ago and the only fee was 9.50 GBP from Lloyds. Kbank gave their telex buying rate on exchange.

 

 

I did the same calculation on larger amounts (GBP 5,000) and TW came out on top............. they came out on top on every amount up to their transfer limit of 2m Baht because the exchange rate difference was ALWAYS so favourable so as to more than cover the increased transfer charge.

[bert bloggs]

actually if you want advice go onto youtube there are step by step instructions .

[sead]

I've tried them all. Very quick transfer.  Easy and for sure the best of them

[MikeN]

9 hours ago, superatoz said:

my bank has a direct transfer to thailand , next day no fees but i wonder if its better then transfer wise  

 

what u guys think  ?

It will depend on your bank and it's fees. I used to believe all this "transferwise is cheaper" until i did a real life comparison, transferring AU$1500 from my Australian bank account directly and via T.W.

The $1495 ($1500 less a fixed $5 fee) direct from my bank gave me a few hundred baht more than Transferwise debiting my bank account $1500. Tw's sliding scale of fees would make it even more expensive with a higher amount, so I would guess that in my case around AU$1300 is the point where Transferwise becomes more expensive than my bank.

Whatever you do, send the money in your home currency and let them change it here (unless it is some obscure currency !)

[soi3eddie]

1 hour ago, hotandsticky said:

 

 

I did the same calculation on larger amounts (GBP 5,000) and TW came out on top............. they came out on top on every amount up to their transfer limit of 2m Baht because the exchange rate difference was ALWAYS so favourable so as to more than cover the increased transfer charge.

I sit corrected. Clearly things have changed and Transferwise does indeed now offer a better rate and total payment despite the high fees. Their exchange rate appears much better.