Transferwise - 4 seconds !!

[Pilotman]

6 minutes ago, WorriedNoodle said:

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?

because it was a Thai  Bank holiday, that's why it takes longer, same for a normal weekend.  Mine did the same, it will get there, don't worry. 

Edited July 29, 2020 by Pilotman

[stouricks]

7 minutes ago, Pilotman said:

because it was a Thai  Bank holiday, that's why it takes longer, same for a normal weekend.  Mine did the same, it will get there, don't worry. 

If some transfers can be 4 - 6 seconds, it means that no humans are involved (or Thais! ) so why should a bank holiday matter, do computers take holidays?   PML

[Peter Denis]

10 minutes ago, WorriedNoodle said:

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?

I don't understand your post.

When using TransferWise (did it yesterday afternoon when the rate for 1 Euro was 36,95) and clicking OK for the transfer, the rate on which you said GO is 'frozen' and that's what you will receive on your thai bank-account, even if it takes them longer than the couple hours it usually takes to transfer the money.

[Pilotman]

Just now, stouricks said:

If some transfers can be 4 - 6 seconds, it means that no humans are involved (or Thais! ) so why should a bank holiday matter, do computers take holidays?   PML

i don't know, but it does.  

[Peter Denis]

On 7/23/2020 at 9:52 AM, trucking said:

Thanks. I thought not. Too easy.

To transfer money from your thai bank-account to your foreign account you cannot use TransferWise, but DeeMoney offers that service.

[Peter Denis]

On 7/23/2020 at 10:15 AM, 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??

The advantage would be that you can buy THB when you consider the rate OK, and only transfer them to your personal thai bank-account when required.

For those using the monthly foreign income-transfer method and thus need to provide evidence of +65K or +40K transferred each and every month, that could obviously be a good deal.

Some IOs want these monthly income-transfers done at approx same time of the month, and when using the above method you are not stuck with the rate at the moment you transfer.

 

[Chivas]

On 7/22/2020 at 4:06 AM, stouricks said:

 

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

I can further vouch for the OP's comments.

Last 3 transfers were instant. From hitting send from my Halifax Account to Transferwise and then immediately logging into SCB the money was already there. Literally seconds so yes not only does the OP say so, but so do I fella.

[Peter Denis]

6 minutes ago, Chivas said:

I can further vouch for the OP's comments.

Last 3 transfers were instant. From hitting send from my Halifax Account to Transferwise and then immediately logging into SCB the money was already there. Literally seconds so yes not only does the OP say so, but so do I fella.

Do these TransferWise transfers show up as 'international transfer' on your SCB bank-book?

Normally that will not be the case and if you need evidence that the funds originated from abroad, you would have to contact the TransferWise partner-bank through which the funds have been routed to your personal thai bank account, and ask them for the ‘Foreign Exchange Transfer form’ which will confirm that the funds have been routed via their HQ to your personal SCB thai bank-account. 

[Chivas]

22 minutes ago, Peter Denis said:

Do these TransferWise transfers show up as 'international transfer' on your SCB bank-book?

Normally that will not be the case and if you need evidence that the funds originated from abroad, you would have to contact the TransferWise partner-bank through which the funds have been routed to your personal thai bank account, and ask them for the ‘Foreign Exchange Transfer form’ which will confirm that the funds have been routed via their HQ to your personal SCB thai bank-account. 

No definately not. Just shows deposit with corresponding code but no "obvious" international transfer to show immigration. I know your query has come up many times previously

Personally it wasn't for immigration, in my case it was just advance funding of trips obviously currently curtailed for the forseeable

[uli65]

when this is not an international transfer, I do not need to pay the 200 Baht fee when the money arrives on my Bangkok bank account?  right??

[WorriedNoodle]

2 hours ago, Peter Denis said:

I don't understand your post.

When using TransferWise (did it yesterday afternoon when the rate for 1 Euro was 36,95) and clicking OK for the transfer, the rate on which you said GO is 'frozen' and that's what you will receive on your thai bank-account, even if it takes them longer than the couple hours it usually takes to transfer the money.

Yes, Transferwise guaranteed the rate, and I got what was due. What confused me was Transferwise said it would take a few seconds to transfer, then when I confirmed transfer and I checked site it said to wait 10 more minutes and kept giving these 10 minutes wait updates until 1pm when it eventually went thro, so a few seconds became 4 hours, but otherwise perfect service.

[treetops]

10 minutes ago, uli65 said:

when this is not an international transfer, I do not need to pay the 200 Baht fee when the money arrives on my Bangkok bank account?  right??

Even when it is an international transfer, because TW do the conversion to baht, you don't have this fee which is for receiving other currencies.

[lamyai3]

3 hours ago, WorriedNoodle said:

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

It probably won't speed things up, however there's certainly a benefit to doing this if the rates increase. You get a 23 hour rate guarantee to pay TW the money - so if rates goes up in that time, very easy to make a new transfer and cancel the one that's pending. Very straightforward if you haven't yet transferred the money from your overseas bank to TW.

 

With a large sum this can be significant. In the past 24 hours the pound/ baht exchange has had a low of 40.48 and a high of 40.75 so it's worth setting up a rate alert on xe.com or similar and keeping track. If the pound continued to rise over several days, it'd be possible to keep doing this until it topped out.