Abit confused abt transfer wise money transfer

[superatoz]

hey guys , 

 

hope u all are doing well and keeping safe .

 

i'd like to ask , im gonna make a money transfer , during the transfer its showing this 

 

i dont see any place where the bank asks for my name or initials during the transfer .

 

abit nervous as it has to do with money so i cancelled the transaction and like to clarify where should i include this reference number ?

 

I do see a "Note / Comments for Recipient "

 

is this where is should enter this reference number ?

 

thanks:)

 

 

Edited July 22, 2020 by superatoz

[Delight]

 You cannot use Transferwise until you are registered.

This process involves you submitting a photo of yourself holding your passport.

The main page of your passport must be visible.

It took me 2 attempts to achieve this.

 

You will also have to submit details of your receiving bank in Thailand

 

At the end of the process you will be given an account reference number.

 

So when you want to transfer you -after logging in-simply follow the process.

Assuming that  you agree to proceed then the  first  stage process ends when you send monies to the Transferwise UK account . You must quote your reference number.

That is it.

The money will end in your Thai bank account shortly after. Now it is about 24 hours-very quick.

After this initial transaction -future transaction are very simple and quick

 

[superatoz]

Just now, Delight said:

 You cannot use Transferwise until you are registered.

This process involves you submitting a photo of yourself holding your passport.

The main page of your passport must be visible.

It took me 2 attempts to achieve this.

 

You will also have to submit details of your receiving bank in Thailand

 

At the end of the process you will be given an account reference number.

 

So when you want to transfer you -after logging in-simply follow the process.

Assuming that  you agree to proceed then the  first  stage process ends when you send monies to the Transferwise UK account . You must quote your reference number.

That is it.

The money will end in your Thai bank account shortly after. Now it is about 24 hours-very quick.

After this initial transaction -future transaction are very simple and quick

 

thanks for the reply Delight , 

 

my account is already registered and activated .

 

quote the reference number under where?  after the transfer on transfer wise website or or during the transfer under notes ? thanks 

Edited July 22, 2020 by superatoz

[Henryford]

5 minutes ago, superatoz said:

thanks for the reply Delight , 

 

my account is already registered and activated .

 

quote the reference number under where?  after the transfer on transfer wise website or or during the transfer under notes ? thanks 

When i do my bank transfer to Transferwise i quote my reference number there so TW knows it is from me.

[4MyEgo]

13 minutes ago, superatoz said:

quote the reference number under where?

I'm pretty sure the reference number has to be put in at your banks end, i.e. the bank you are transferring the money from, that way when Transferwise get the deposit, they can match the reference number to you.

Edited July 22, 2020 by 4MyEgo

[superatoz]

Just now, Henryford said:

When i do my bank transfer to Transferwise i quote my reference number there so TW knows it is from me.

i have already transferred to TW , however i dont see any place to quote or enter my ref no ?

[superatoz]

Just now, 4MyEgo said:

I'm pretty sure the reference number has to be put in at your banks end, i.e. the bank you are transferring the money from, that way when Transferwise get the deposit, they can match the reference number to you.

aH yes i did that , thanks a lot guys for the responses ????

[superatoz]

wow first time using TW , i got the money all in within less then an hour ^^

[4evermaat]

actually, your screenshot is very lacking.   I don't know which page of the payment process that is.

 

You have not explained how you are paying for the transfer (debit card, ach, local bank transfer, swift transfer).

 

You did not disclose the origin country + currency.   I assume Thai bank + THB is destination country.

 

You are likely paying via bank transfer or swift transfer, which TW would have given you some sort of reference # to put in the "for further credit", "reference", or "memo" section of the transfer (the one that you send from your origin bank to transferwise).

 

-----

 

There are a lot of factors depending on origin country, origin currency, method of payment, and reason for transfer.    So the more info you can provide about the full sequence, the better other people can help.

[4MyEgo]

2 minutes ago, superatoz said:

wow first time using TW , i got the money all in within less then an hour ^^

I have found that as I live here, if the rate is good, like now, I will transfer a years of my budget over as it saves me a fair bit when the dollar drops, e.g. last time I transfered AUS almost a year ago it was 21.68 and then dropped for a long time, now its come back up to around 22.50 so I am due to transfer the 400,000 baht for my extension around October, but might do it early as the US $ has come off a bit.

[superatoz]

Just now, 4evermaat said:

actually, your screenshot is very lacking.   I don't know which page of the payment process that is.

 

You have not explained how you are paying for the transfer (debit card, ach, local bank transfer, swift transfer).

 

You did not disclose the origin country + currency.   I assume Thai bank + THB is destination country.

 

You are likely paying via bank transfer or swift transfer, which TW would have given you some sort of reference # to put in the "for further credit", "reference", or "memo" section of the transfer (the one that you send from your origin bank to transferwise).

 

-----

 

There are a lot of factors depending on origin country, origin currency, method of payment, and reason for transfer.    So the more info you can provide about the full sequence, the better other people can help.

thanks for the reply 4evermat , i managed to figure it out , not that hard but abit confusing due to the usage of English on their instructions 

[superatoz]

Just now, 4MyEgo said:

I have found that as I live here, if the rate is good, like now, I will transfer a years of my budget over as it saves me a fair bit when the dollar drops, e.g. last time I transfered AUS almost a year ago it was 21.68 and then dropped for a long time, now its come back up to around 22.50 so I am due to transfer the 400,000 baht for my extension around October, but might do it early as the US $ has come off a bit.

 

does TW give the best rate amongst other competitors , paypal etc  for transferring money abroad ?

Edited July 22, 2020 by superatoz

[Farma]

I started using Transferwise this past week and am very impressed with their service. I've made 2 transfers, the first being a low amount test transfer. I also regularly use another transfer service Currencies Direct for other transfers but find Transferwise a lot easier and more transparent. I compared their rate yesterday against Bangkok Banks Ex rate and TW offered a better rate.

 

My only initial concern was my Oz bank transfer to TW listed Cuscal instead of Transferwise as the receiving bank but TW help quickly confirmed Cuscal was their payment partner.

 

To register my account I sent a photo on my passport information page only and that was quickly accepted.

[eyup]

A lot of us here in phuket use transferwise. Best rate, low charges and theres even a card you can load up

 

Link here to join up you get free transfer first time 

 

I also get a bit if a bonus for inviting you

 

https://transferwise.com/invite/u/robertk160

[dwagner]

I transferred Baht 400K in the beginning of July to start the seasoning time required for my Non-O ME visa I got at the Thai Embassy in Los Angeles in March - right before they shut down. Transferwise wanted ~122 USD for the transaction fees. My brokerage firm only wanted $25 USD - obvious which choice I used.

 

I do use Transferwise for monthly monies and get the FOREX rate I see posted on money websites. Just did $1000 USD today ER = 31.525, FOREX = 51.52 - fee was $12.25 USD using the ACH transfer. 

[4MyEgo]

1 hour ago, superatoz said:

 

does TW give the best rate amongst other competitors , paypal etc  for transferring money abroad ?

YES and they are QUICK

[4evermaat]

On 7/22/2020 at 9:51 AM, dwagner said:

I transferred Baht 400K in the beginning of July to start the seasoning time required for my Non-O ME visa I got at the Thai Embassy in Los Angeles in March - right before they shut down. Transferwise wanted ~122 USD for the transaction fees. My brokerage firm only wanted $25 USD - obvious which choice I used.

 

TW also puts the final THB amount you would receive.  And can give you a date-certain receipt.

 

The brokerage option....what was the final THB amount you received and how long did it take?   and how did that compare with what TW has quoted (final THB amount + deposit date)?

 

 

[sometimewoodworker]

On 7/22/2020 at 9:51 AM, dwagner said:

I transferred Baht 400K in the beginning of July to start the seasoning time required for my Non-O ME visa I got at the Thai Embassy in Los Angeles in March - right before they shut down. Transferwise wanted ~122 USD for the transaction fees. My brokerage firm only wanted $25 USD - obvious which choice I used.

And what was the difference in the exchange rates that they both offered?

[lamyai3]

A related question - when adding my Thai bank account as a beneficiary in the TW app it requires the bank name and account number and my address.

 

I've added two accounts this way and in both cases I gave my UK address, but should it be my Thai address? Maybe it's not important, as the transfers went through smoothly.

[Pib]

11 hours ago, lamyai3 said:

A related question - when adding my Thai bank account as a beneficiary in the TW app it requires the bank name and account number and my address.

 

I've added two accounts this way and in both cases I gave my UK address, but should it be my Thai address? Maybe it's not important, as the transfers went through smoothly.

What it "should" be is the address you have on file for the Thai bank acct which is normally your Thai address.  I expect your Thai bank accts have your Thai address on file.  Ideally it's suppose to be the actual physical address of the person receiving the money.   

 

Although I have my US mailing address on file with Transferwise when I send money to my Thai bank accts I use my Thai address which is on file with my Thai banks.

 

But hey, since a person can have more than one address....live in different countries part of the year....seems either address satisfies the money transfer regulation gods.