Transferwise

[jwest10]

Hi All
Sorry if there is a topic on this and can anyone advise me their experiences regarding using Transferwise and have looked in to it and claim they use actual exchange rates and a low bank fee and understand one has to transfer via on line banking to Transferwise account.
Is it as easy as they suggest and do people now know and SCB charge for putting money INTO  your own bank account.
Thanks ever so much

[Cdzydec0]

I use Transferwise to transfer money from my account in U.S. directly into my SCB account in Thailand.  SCB has no charges on this type of transfer.  I have been using Transferwise for almost a year and have been very satisfied.  I hope this helps you.

[2 is 1]

Am i correct? It take longer time to move from bank account than use credit card? I have read that they give you reference number and you pay like bill? I have never use before also coz not so popular in Finland! But what i have watch its little more cheap to use than normal bank transfer.

 

Edited September 10, 2020 by 2 is 1

[Peter Denis]

@ OP > I did PM you a Guideline document on using TransferWise and how to ensure you can get hold of the evidence that the funds originated from abroad.

[Peter Denis]

4 minutes ago, 2 is 1 said:

Am i correct? It take longer time to move from bank account than use credit card? I have read that they give you reference number and you pay like bill? I have never use before also coz not so popular in Finland! But what i have watch its little more cheap to use than normal bank transfer.

 

Take a look on their website > www.transferwise.com

 

[Andrew Dwyer]

I did a direct comparison recently on sending £10,000 from the U.K. ( NatWest ) to Thailand ( Bangkok Bank ).

Via TransferWise gave me 12,500 baht (£300) more .

I also find that using TransferWise is actually quicker than my U.K. bank .

I set up the transfer in my TransferWise account and then make a transfer ( instantaneous ) from NatWest to TransferWise account, the money then is sent automatically.

 

Wish I had found TransferWise years ago !!

[jwest10]

26 minutes ago, Peter Denis said:

@ OP > I did PM you a Guideline document on using TransferWise and how to ensure you can get hold of the evidence that the funds originated from abroad.

Thanks again Peter and very much appreciated and yes  in the past used internet banking via Lloyds Bank and yes a standard charge of 9 pounds 50 pence and SCB then charge(yes amazing) charge even more equiv to credit your own bank account.
I did set my particulars up and not yet done a transfer and yes looked up the website.
Still not sure how it works but they send you their account and assume this would always be the samd assume they would then give the bank code in order for it to be transferred from LLoyds.
Thanks also cdzydec0 wow what a name.
Will try it but a little puzzling how I would instruct LLoyds to credit Transfer wise and do have an account and would probably have to set a new reciprociant and with details of account and bank codes
Thanks again

[Barnabe]

I have been using Transferwise since the very beginning and they are fantastic. I do regular transfers between Euro / GBP and THB and it saves me a ton of money. Note that I have never tried, but some members here say that you cannot send money from Thailand to the outside using Transferwise.

 

I also have their debit card, which I use on a daily basis in Thailand and everywhere else. You can fund your transferwise account with GBP, Euro or any other currency, and then use that to pay in other currency (such as THB) automatically with the debit card. You will be charged their normal conversion fee, which varies from 0.1 to 1%, depending on the currency being converted.

 

There's another competitor using Revolut which is supposedly even cheaper, but I have been using Transferwise for so long and it works so well I can't be bothered to change.

 

Edited September 10, 2020 by Barnabe

[mike111]

Hi,

 

Does TW also support THB->foreign currency transfers, e.g. THB->AUD?

 

Thanks

[Oxx]

4 hours ago, mike111 said:

Does TW also support THB->foreign currency transfers, e.g. THB->AUD?

No.

[Peter Denis]

5 hours ago, mike111 said:

Does TW also support THB->foreign currency transfers, e.g. THB->AUD?

No, you cannot use TransferWise to transfer money from Thailand to another country.  But you could use the DeeMoney service when wanting to do that.

[Old Croc]

23 hours ago, jwest10 said:

Hi All
Sorry if there is a topic on this and can anyone advise me their experiences regarding using Transferwise and have looked in to it and claim they use actual exchange rates and a low bank fee and understand one has to transfer via on line banking to Transferwise account.
Is it as easy as they suggest and do people now know and SCB charge for putting money INTO  your own bank account.

There's been several topics on TransferWise since it's inception as a viable money mover into Thailand,

They do use actual exchange rates and you can get a quote at any time. They lock it in at that quoted rate for several days and will tell you exactly how much you will receive into your account after taking out their quoted fee. In my experience this has never varied.

The banks at both ends have no grounds to charge extra fees as the money is moved as simple local transfers. Firstly in your home country, where you move it into a local TW account, and then when TW transfers money from their local account in Thailand into yours. This can happen in very quick time as it doesn't involve international transfers. The system is explained on their website.

Others here have advised how you can get this recognized as an import for Immigration purposes.

TW has saved me 10,000s of baht since I started using it. They are more transparent and much faster than the banks with the added advantage that I can use exchange rates to my advantage, rather than having the banks charging inflated fees and diddling the rates. 

[Pib]

Transferwise is not authorized to use Thai baht to fund a transfer (i.e., send from Thailand)....like use THB to fund/send USD, GBP, EUR, etc.   See below Transferwise link regarding what countries/currencies they can send and/or receive from.  

https://transferwise.com/help/articles/2571907/what-currencies-can-i-send-to-and-from 

 

A quick way to determine what currencies can be used to fund a transfer is just go to their main webpage where they have their Send/Receive calculator.  Then in the "You Send" field look for the currency you want to use to fund a transfer.  If the currency you want to use to fund a transfer is listed there then you can use it to fund a transfer.  You will not find THB as one of the currency choices in the "You Send" entry area.

 

Transferwise is a great way to send money "to" Thailand; but no can use Transferwise to send money "from" Thailand.

 

You can use DeeMoney to send out of Thailand using THB to various countries and banks within those countries.  Cheaper and less hassle than using a Thai bank.  DeeMoney has a Bank of Thailand THB/money transfer license which allows them to send THB....or should I say use THB to fund the transfer of another currency like USD, EUR, GBP, etc.

https://www.deemoney.com/  

 

[treetops]

On 9/10/2020 at 5:27 AM, jwest10 said:

Still not sure how it works but they send you their account and assume this would always be the samd assume they would then give the bank code in order for it to be transferred from LLoyds.
Thanks also cdzydec0 wow what a name.
Will try it but a little puzzling how I would instruct LLoyds to credit Transfer wise and do have an account and would probably have to set a new reciprociant and with details of account and bank codes

You've pretty much got it there.  The  first time you use Transferwise you'll be asked to send to their Sort Code, Account No, and a Reference No.  You'll enter these as a new recipient in your Lloyds banking once and the info is saved there so it's easier next time round.