Are ATMs not ripping people off anymore like long time ago?

[SunsetT]

4 minutes ago, Pib said:

When a bank uses it's own rate that is a DCC transaction.

But the DCC rate is much worse than the exchange rate offered by the bank over the counter; i.e., those rates displayed and offered to customers.

 

[Pib]

14 minutes ago, SunsetT said:

But the DCC rate is much worse than the exchange rate offered by the bank over the counter; i.e., those rates displayed and offered to customers.

 

Yes, the DCC rate is worst than over the counter rates like the Note and Cheque/Sight Bill rates.  You will not see DCC rates displayed anywhere with the exception of SCB who has a note at the bottom of the currency exchange rate page regarding their DCC rate.

[DJ54]

I use my USA debit card Thai bank charges 220 baht my USA no fee

well charged and reversed in minutes. I’ve never used conversion

option hear in Thailand 

[Eindhoven]

On 7/4/2020 at 6:43 PM, SunsetT said:

But what exchange rate are you getting over the counter? Is it the Mastercard rate or the Thai bank's rate? I have never been able to get that info. from friends who have used over the counter withdrawals.

Mastercard rate for me. Though VISA rate if I use a VISA CC.

[Eindhoven]

On 7/5/2020 at 6:24 AM, Surasak said:

So, I was making a point of fact. If that upsets you, tuff, just carry on using the same bank.

 

I don't have any idea of what you are going on about. Either way, with that tone, I have no interest in finding out.

[Pib]

On 7/4/2020 at 5:35 PM, DFPhuket said:

I created the account a couple of months ago and I don't actually remember the exact details about the account verification. First, I know I created a Western Union account/login.

 

Then, for the US bank linkage, I selected my bank (Capital One) from a long dropdown of banks and added my account details. I don't remember the exact process, but connecting WU and my bank was similar to how you set up a transfer of funds from one bank to another. I probably was directed to Capital One to complete the process, perhaps with an OTP or by logging in to my Capital One account. It seemed normal and routine at the time.  

 

For Bangkok Bank I did the Western Union setup via the Bangkok Bank website: here is information. 

 

When I make the transfer request it's pretty straight forward. The funds leave my US bank immediately and within a few days arrive in my Bangkok Bank account. I can monitor the status via WU's site. 

I decided to open a WU US online acct and do a test transfer.  Here's how it went. 

 

Registering was easy...no ID/address doc required (at least for now).  However, I had a problem during the registration/email verification process where they send a 4 digit verification code to your email address and then you enter that code on the WU screen to complete the registration/email verification but the WU screen where you enter the code kept responding wrong code.  Did a code resend several times...get new code...enter code but each time WU kept saying bad code.  After several tries at this I gave up and decided to see if I could even logon....and I could. 

 

I go into my profile...and there is my correct email address...no where does it say it's unverified or allow you to do a verification.  So maybe my email had verified.   I then complete my profile by adding my US address which went OK. 

 

Under the Payment area to fund transfers it allows entry of your debit/credit card or US bank acct.  To add a bank acct ACH link you basically find your bank in the WU menu, enter the acct number, and then WU uses third party API to allow you to logon to your US bank acct thru the WU/third party API to complete the transfer link....basically the same way Transferwise handles it.  Nowhere did I see an option to setup a payment link via trial deposits.   

 

Setting up my first transfer link took 4 tries as at the very last step where WU is doing it's verification it just couldn't complete the process for some reason.  Seems WU was having issues at the very last stage in completing the verification.  But adding my second/different bank transfer link setup was successful on the first try.   I did not want to setup a payment link to my debit/credit card (at least for right now) as I was going to do a test transfer and wanted to see how it worked with/how long it would take via bank payment vs card payment.   For bank via bank payment the WU screen gave a estimate of 0 to 6 business days. 

 

OK, with a payment link setup I initiate a 1000 baht transfer to my Thai bank acct.  During that process WU asks what payment method to use, I select the bank transfer link, and then it requires you to logon to that bank acct again thru the WU 3rd party service...I think it took two tries to get that to work.  But I finally got it to work. 

 

However, when checking the status it says the transfers is under review and I can still cancel within 30 minutes.  I also immediately get an email saying the same.   Then about 1.5 hours later I get an email saying I need to call WU within 12 hours and provide the 4 digit code included in the WU email to complete the transfer.  I call the WU U.S. number which took about 15 minutes of hold time and listening to a lot interactive instructions/selections.  A rep came online...who relays to to another dept....a rep from that dept comes online and had a deep Indian ascent (figured WU had its call center outsourced to an India company) and was hard for me to understand.   Read him the WU email....he went through verification process with me was basically required me to tell him the reason for the transfer, amount being sent, to who/what address it was being sent, etc.  At the very end of that he said he will now complete the transaction verification and a few seconds later said it was declined.   I ask why?  Declined by WU, my bank, who?  He said he can not tell me due to Quality Control reasons....simply will not say whey....continues to say it due to WU Quality Control.  I then also immediately get an email saying the transaction was declined...so sorry if it caused any inconvenience. 

 

About an hour later I decide to try a second transfer...used the same bank link to fund.   Once again I get the same email to call WU within 12 hours on the transfer will be cancelled.  I call the US number....once again after being on hold for around 15 minutes, I get a rep who once again relays to another dept....and once again get a rep with an Indian ascent but I can understand this time.  Once again, we go thru the same verification process talked above but this time Hooray the transaction is approved.  Gives an estimated delivery/completion date of 5 days later.  

 

Over the coming days I watch my US bank acct for the funding withdrawal to occur...it takes 2 days.  At the 4 day point the WU status tracking changes to funding delivered....and then 1 day later I get an SMS from my Thai bank of the WU deposit and the SMS says it was an international transfer.  When I look at my Thai bank ibanking the Description does not say International Transfer like I get with a SWIFT/ACH transfer but Western Union.  I haven't had a chance yet to update my passbook to see if it's an international transfer code or domestic transfer code....but it should be a international code since the bank SMS said it was an international transfer.  

 

So, total transfer time was 5 days using the bank funding method.  No sending fee or Thai bank receiving fee...the full 1000 baht posting to my acct.    If I had sent the money via Transferwise the USD-THB amount received would have only been around 920 baht.  Although the Transferwise exchange rate was  little higher their sending fee of several dollars resulted in significantly less baht arriving.   

 

While waiting for the WU transfer to post to my Thai bank acct I did quite bit of googling and Youtube video review of people experience with WU....and I found LOTS of people who experienced the exact same things as me....that is completing the email verification, adding bank acct payment link, having to call WU to complete the transfer, WU reps that could not be understood, and just a bunch of problems.  Not just new customers, but long time customers. 

 

LOT of hate out there towards WU but at the same time WU has a huge customer base of all types of good and some bad people trying to send money to about every point on Earth.  And I found out WU has had to pay hundreds of millions of dollars in fines/settlement over the last few years from two different US govt law suits against WU because of weak money laundering controls and prevention of scams.  Maybe those US govt law suits/fines caused WU to tighten-up transaction verification.  In a strange way, seeing so many people having had the same experience as me made me feel a little better that it just wasn't me.

 

Over the coming near term I'm probably going to try one or two more WU low amount transfers....another one using the bank payment method and one using the card payment method.  Primarily to see if I have to call them again to finalize/verify the transfer, how fast a card funded payment arrives, etc.  But one thing for sure I know already from my review of WU and my experience/review so far I would not be using them as my primary or only way to move money to Thailand.  

 

A little later I'll probably make another post which compares WU and Transferwise online transfer costs in terms of exchange rate and fees....but I will tell you right now that WU wins that comparison in terms of the most baht hitting your acct as I did that comparison on paper already....just need to type it into a post.   Remember, I'm talking "online transfer costs" and not visiting a WU agent to initiate and/or pickup a transfer which is indeed costly.

 

And I can confirm what you see on the WU public website for exchange rate, fees, etc., is the same as when you have a WU acct.   Just like how the Transferwise public website shows you their real exchange rate/fees.  However,  that comparison will not show any pitfalls about the possible problems in WU approving/sending the transfer, any receiving restrictions like amounts that can be received, etc.

 

 

Edited July 11, 2020 by Pib

[Pib]

Here's that WU and Transferwise comparison.  See notes.  WU wins.

 

Remember this is using the WU "online" transfer direct to a Thai bank

acct; not using a WU agent for sending/receiving where exchange rate and

fee is different (worst).