Transferwise - 4 seconds !!

[The Cobra]

Unbelievable but what a great service ! I continue to be impressed with Transferwise.

Great rate just now at 40,02 and done in just 4 seconds from UK to Kasikorn account.

 

Well pleased and highly recommended.

Edited July 20, 2020 by The Cobra

[BritManToo]

Read your post, thought good enough and got 40.066.

 

Edited July 20, 2020 by BritManToo
typo

[stouricks]

Every time for the past two years I have done a Transferwise to my Bkk Bank before 8am, it says that the money will be transferred at 10am, and will be in my Bkk Bank at 14.05pm. If I initiate the transfer after 8am, then the money arrives the next day. Transferwise need time to access the THB, which are already in Thailand, send it to the Thai bank, either Kasikorn or Bkk Bank who then need time to send it to your personal account. 

I cannot see how it can take 4 seconds, but if you say so....................

[Pilotman]

me too.  Unless its a weekend or Thai /UK holiday, the money is transferred almost instantly.  Excellent service and good rates too. Transferred 15,000 Baht this morning to catch the new better rate;  4 seconds to my SCB account. 

[Digitalbanana]

26 minutes ago, stouricks said:

Every time for the past two years I have done a Transferwise to my Bkk Bank before 8am, it says that the money will be transferred at 10am, and will be in my Bkk Bank at 14.05pm. If I initiate the transfer after 8am, then the money arrives the next day. Transferwise need time to access the THB, which are already in Thailand, send it to the Thai bank, either Kasikorn or Bkk Bank who then need time to send it to your personal account. 

I cannot see how it can take 4 seconds, but if you say so....................

My previous transfer to Kbank said  will be in account by 14:05 like you, and it arrived 12.30 after I sent it 8:00 same day. The next transfer I did using same accounts took about 5 seconds. Both during normal weekday.

[stouricks]

32 minutes ago, Pilotman said:

me too.  Unless its a weekend or Thai /UK holiday, the money is transferred almost instantly.  Excellent service and good rates too. Transferred 15,000 Baht this morning to catch the new better rate;  4 seconds to my SCB account. 

As I have posted previously, you can 'build up' a THB balance in your account when the rate is good, but then send those THB whenever you need to, monthly. Costs work out the same.

[Pilotman]

1 minute ago, stouricks said:

As I have posted previously, you can 'build up' a THB balance in your account when the rate is good, but then send those THB whenever you need to, monthly. Costs work out the same.

I didn't know that, I will check it out, thanks. 

[Stocky]

Moving money from UK to Singapore with TransferWise has managed 5 seconds as a record. But money from Singapore to Thailand so far the best has been 1hr 45min. 

[Laza 45]

23 hours ago, stouricks said:

Every time for the past two years I have done a Transferwise to my Bkk Bank before 8am, it says that the money will be transferred at 10am, and will be in my Bkk Bank at 14.05pm. If I initiate the transfer after 8am, then the money arrives the next day. Transferwise need time to access the THB, which are already in Thailand, send it to the Thai bank, either Kasikorn or Bkk Bank who then need time to send it to your personal account. 

I cannot see how it can take 4 seconds, but if you say so....................

..if I do transfers during business hours during the week the transfers are almost instantaneous.. I get and email from TW to say the money is on its way and my phone pings to let me know it has arrived in my account at almost the same time.. occasionally it has taken a few hours but not often.. The exception is transfers started on a weekend or public holiday. It looks to me like TW sends the money but the receiving bank needs to be open.. 

Edited July 23, 2020 by Laza 45
spelling..

[stouricks]

2 hours ago, Laza 45 said:

..if I do transfers during business hours during the week the transfers are almost instantaneous.. I get and email from TW to say the money is on its way and my phone pings to let me know it has arrived in my account at almost the same time.. occasionally it has taken a few hours but not often.. The exception is transfers started on a weekend or public holiday. It looks to me like TW sends the money but the receiving bank needs to be open.. 

You must be getting priority treatment then. Yesterday, initiated at 6.27, paid out 8.44, complete 14.13.

Hey, to me it doesn't matter if it takes 4 seconds or 4 days, I can plan ahead.

[Laza 45]

17 minutes ago, stouricks said:

You must be getting priority treatment then. Yesterday, initiated at 6.27, paid out 8.44, complete 14.13.

Hey, to me it doesn't matter if it takes 4 seconds or 4 days, I can plan ahead.

Quick is nice but it doesn't matter to me either.. I never let my balance get so low that it needs to be quick..  I should have mentioned that I use a Visa Debit card for my transfers.. there are other options.. they may not be as fast. 

[trucking]

Is it possible to use TransferWise to move a large amount from my Bangkok Bank account to my UK account or is this not possible ?

[stouricks]

27 minutes ago, Laza 45 said:

Quick is nice but it doesn't matter to me either.. I never let my balance get so low that it needs to be quick..  I should have mentioned that I use a Visa Debit card for my transfers.. there are other options.. they may not be as fast. 

I have been 'building up' a THB balance in my Borderless Account, Bht 20,000 here and there whenever the rate seems good so that on 20-22nd when I do my monthly transfer, I already have the THB ready. I would have expected that to be quickest, but obviously not. But as we say, plan ahead and no worries. Cheers Laza.

 

[Laza 45]

23 minutes ago, stouricks said:

I have been 'building up' a THB balance in my Borderless Account, Bht 20,000 here and there whenever the rate seems good so that on 20-22nd when I do my monthly transfer, I already have the THB ready. I would have expected that to be quickest, but obviously not. But as we say, plan ahead and no worries. Cheers Laza.

 

I have been thinking about a borderless account and doing the same thing.. It sounds  like the best way to go to get the best rate.. I'll check out and see what I have to do to get the borderless acct.. Thanks..

[stouricks]

3 minutes ago, Laza 45 said:

I have been thinking about a borderless account and doing the same thing.. It sounds  like the best way to go to get the best rate.. I'll check out and see what I have to do to get the borderless acct.. Thanks..

I have used the THB in my Borderless Card to pay for things here, and get cash from ATM.

Edited July 23, 2020 by stouricks

[Pib]

55 minutes ago, trucking said:

Is it possible to use TransferWise to move a large amount from my Bangkok Bank account to my UK account or is this not possible ?

Not possible.  With Transferwise you can transfer funds "into" Thailand but not out.

[david555]

On 7/22/2020 at 10:06 AM, stouricks said:

Every time for the past two years I have done a Transferwise to my Bkk Bank before 8am, it says that the money will be transferred at 10am, and will be in my Bkk Bank at 14.05pm. If I initiate the transfer after 8am, then the money arrives the next day. Transferwise need time to access the THB, which are already in Thailand, send it to the Thai bank, either Kasikorn or Bkk Bank who then need time to send it to your personal account. 

I cannot see how it can take 4 seconds, but if you say so....................

Message it is transfered !!....but to see on your account depends of bank is open...bank website account  updated...difference day or night ...

Same as use Kbank mobile app. I use .Quick transfer message ....and message from "arrived on your E.U. bank" ..., but i must wait to see it on my E.U. account a few hours later as they open in the morning and update the  accounts .????

[Henryford]

Damn i did mine last night and only got 39.93. Doesn't come to my bank till 14.00 today though. How do you get it in 4 seconds?

[stouricks]

4 minutes ago, david555 said:

Message it is transfered !!....but to see on your account depends of bank is open...bank website account  updated...difference day or night ...

Same as use Kbank mobile app. I use .Quick transfer message ....and message from "arrived on your E.U. bank" ..., but i must wait to see it on my E.U. account a few hours later as they open in the morning and update the  accounts .????

I was going to say that Bank's computers do not go to sleep, but you say it depends if the Bank is open. However the Transfer must be done electronically, with no human or Thai intervention if the OP got his done in 4 seconds. Hey, as long as it gets here as an FTT, who cares.

[stouricks]

2 minutes ago, Henryford said:

Damn i did mine last night and only got 39.93. Doesn't come to my bank till 14.00 today though. How do you get it in 4 seconds?

The difference on Thb 65000 at 39.97 and 40.2 is about a tenner. Don't worry, be happy.

[david555]

11 minutes ago, stouricks said:

I was going to say that Bank's computers do not go to sleep, but you say it depends if the Bank is open. However the Transfer must be done electronically, with no human or Thai intervention if the OP got his done in 4 seconds. Hey, as long as it gets here as an FTT, who cares.

Internal it could be... but dont think we can see in real ...real time .

Valuta dating of course can be correct 4 seconds later ...however banks take mostly the day after as valuta day.

I just point out when you see on your bank account the transaction ( depends whenever the bank man/woman edit it .

Or pressed the button who load the disk with the latest transactions maybe ..????

I doubt that OP could see it already on his bank website account as arrived ...4 seconds after transfering .But like you say    "who cares "....important is that it arrived in a quick way and not by day's..????

Edited July 23, 2020 by david555

[trucking]

15 hours ago, Pib said:

Not possible.  With Transferwise you can transfer funds "into" Thailand but not out.

Thanks. I thought not. Too easy.

[Don Mega]

I moved a handful of sheckles from Aus to Thailand last night... Transaction done at 10pm and the money in my KBank account 4am next morning... not too shabby at all and I got 22.35 !!

[Stese]

2 hours ago, stouricks said:

I have been 'building up' a THB balance in my Borderless Account, Bht 20,000 here and there whenever the rate seems good so that on 20-22nd when I do my monthly transfer, I already have the THB ready. I would have expected that to be quickest, but obviously not. But as we say, plan ahead and no worries. Cheers Laza.

 

I'm looking how to do this but am struggling.

 

I currently have one recipient - my scb account here

 

On my transferwise account, shows green card and last 4 digits when inthe app, when i click bank details to get the needed sort code and account number to add a new account. Thailand isn't list as an available currency. I only have

 

GBP

Singapore

Romanian

Euro

AUD

USA

New Zealand

 

Did you use one of these or do you have to ask to get Thai style account details?

[stouricks]

5 minutes ago, Stese said:

I'm looking how to do this but am struggling.

 

I currently have one recipient - my scb account here

 

On my transferwise account, shows green card and last 4 digits when inthe app, when i click bank details to get the needed sort code and account number to add a new account. Thailand isn't list as an available currency. I only have

 

GBP

Singapore

Romanian

Euro

AUD

USA

New Zealand

 

Did you use one of these or do you have to ask to get Thai style account details?

The Thai Baht 'account' is there with Transferwise, it does not have code & account number. Go onto T'wise and try CONVERT and tell it which currency, THB, and it should do it OK. You are not TRANSFERRING any THB at that point, jusy buying at whatever the rate is, and keeping with T'wise. It works for me.

[dsf9]

Yep got a few TW multi-second transfers, refresh bangkok bank in the next tab and its there within 5 seconds. It's the future.

 

However dont count on it 100%, sometimes it delayed a day and sometimes they say you will be paid out by 1am the next day - and sure enough exact to the second your paid out. A bit annoying if you've misplanned and sat in a patpong cheap beer bar waiting till 1am 555.

 

Also don't understand why using my balance is the most expensive funding option too. It's cheaper to withdraw back to your back and pay that way, but alas too much effort 

 

 

[Stese]

Yes i just used the website and not my phone and have managed to do it. 

 

There will be two fees to pay, the initial fee to convert from original currency and then when you want to forward it from transferwise to your thai account they make another (smaller) fee. 

 

You can get around this i presume if you use the transferwise bank card and thus don't need to forward it to a thai bank account? I'm not sure.

 

I think still best to convert and sent straight to Thai bank. Not sure what advantage in keeping it in Transferwise??

[dsf9]

1 minute ago, Stese said:

Yes i just used the website and not my phone and have managed to do it. 

 

There will be two fees to pay, the initial fee to convert from original currency and then when you want to forward it from transferwise to your thai account they make another (smaller) fee. 

 

You can get around this i presume if you use the transferwise bank card and thus don't need to forward it to a thai bank account? I'm not sure.

 

I think still best to convert and sent straight to Thai bank. Not sure what advantage in keeping it in Transferwise??

I think the idea is to lock in a favourable rate if you believe the baht is undervalued. Keeping it in TW gives you FCA protection upto 80k if I remember correctly (yeah i cant see anything happening that would jeaopardise your thai savings but the greeks thought the same until everyone took a haircut over 50k), also you not faced with regulatory restrictions with withdrawing money (i.e do you still need a work permit to move money out of thailand?)

[Pib]

52 minutes ago, dsf9 said:

I think the idea is to lock in a favourable rate if you believe the baht is undervalued. Keeping it in TW gives you FCA protection upto 80k if I remember correctly (yeah i cant see anything happening that would jeaopardise your thai savings but the greeks thought the same until everyone took a haircut over 50k), also you not faced with regulatory restrictions with withdrawing money (i.e do you still need a work permit to move money out of thailand?)

 

 

https://transferwise.com/help/11/getting-started/2949821/is-my-money-covered-by-a-financial-protection-scheme

Quote

 

Is my money covered by a financial protection scheme?

TransferWise doesn’t protect your money in financial protection schemes like the Financial Services Compensation Scheme (FSCS) and the Federal Deposit Insurance Corporation (FDIC).

Traditional banks are required to put customers' money in a financial protection scheme. This is because they make profit by lending and risking customers' money, and need to insure it up to a certain amount in case something goes wrong.

 

TransferWise isn't a bank. We don't lend your money or make high-risk investments with it. So, we don't insure it in a financial protection scheme.

 

 

[WorriedNoodle]

On 7/22/2020 at 10:18 AM, Pilotman said:

the money is transferred almost instantly.

I initiated a transfer today at 9.10am and Transferwise said it would take seconds and offered the latest forex rate. I did this last month it took 6 seconds so I thought it was OK. Then this time each time I check there is a message from Transferwise saying  - Your money's taking longer to pay out, Sorry for the wait — we need a bit more time to process your transfer. So seconds has changed to hours. In that time the real forex rates have moved above and below what Transferwise has promised but the wait goes on.

 

** I wonder if there is any benefit cancelling and trying again or that just adds to the wait?