Transferwise reduces charges.

[phetphet]

Should be of interest to those of you that use Transferwise.

 

I was just doing doing a transfer and noticed a message saying that they are reducing charges for some ten asian countries.

 

My cost on sending £1000 from UK to Thailand was reduced by £1.88. Not a lot, but every little helps.

 

 

 

Lower fees for 76% of customers 

Good news! We are dropping fees to send money from the US and the UK, and to 10 Asian countries. This means you, along with millions other people, can send more for less.

The more people who send money with us, the faste

Edited October 1, 2020 by phetphet

[damascase]

I recently switched to Azimo.com - they charge only 0,99€ for a transfer. But of course you have to include the offered exchange rate in the equation,

[Susco]

7 minutes ago, damascase said:

 But of course you have to include the offered exchange rate in the equation,

And that it is owned by PayPal, probably the last company in the world you should trust with your money

Edited October 1, 2020 by Susco

[Kildonan]

I have started using Transferwise, now 3 months, and yes noticed the reduced fee,, good news. Used to use the HSBC, and just accepted their <deleted> exchange rate, UK sterling to Baht. Wish I had known about Transferwise ages ago, would have saved me a fortune. Good spot on mid market rate, and fast transfer to my BKK act. 

[damascase]

56 minutes ago, Susco said:

And that it is owned by PayPal, probably the last company in the world you should trust with your money

I have no issues with Azimo. Very fast transfers, often within 30 minutes into my Thai bank account. No experience with PayPal, never used them.

Some background info: https://azimo.com/en/about-us

Edited October 1, 2020 by damascase

[Susco]

12 minutes ago, damascase said:

I have no issues with Azimo. Very fast transfers, often within 30 minutes into my Thai bank account. No experience with PayPal, never used them.

Some background info: https://azimo.com/en/about-us

 

Just wait until they suspend your account without giving any reason or communicating, which PayPal is infamous for, and block all funds for 180 days. Azimo is owned by PayPal, so same flea dogs

 

https://www.google.com/search?client=firefox-b-d&q=payapal+blocks+funds+180+days

Edited October 1, 2020 by Susco

[stament]

Do you need a Thai current bank account as opposed to a savings account which most people in Thailand open, in order to receive funds from overseas?

[phetphet]

2 minutes ago, stament said:

Do you need a Thai current bank account as opposed to a savings account which most people in Thailand open, in order to receive funds from overseas?

I don't have a current account. Only a savings account and I transfer my pension monthly without issue.

 

 

[stament]

Just now, phetphet said:

I don't have a current account. Only a savings account and I transfer my pension monthly without issue.

 

 

Cool, presumably you use the IBAN and BIC code?

[phetphet]

9 minutes ago, stament said:

Cool, presumably you use the IBAN and BIC code?

I can't remember what details were required. I just filled in the forms on Transferwise's website with whatever they asked for. All worked smoothly now for a couple of years. You can search here on ThaiVisa or better still, Transferwise website. Lots of people use the service and most seem pretty happy with it.

Edited October 1, 2020 by phetphet

[Susco]

6 minutes ago, phetphet said:

I can't remember what details were required. I just filled in the forms on Transferwise's website with whatever they asked for. All worked smoothly now for a couple of years. You can search here on ThaiVisa or better still, Transferwise website. Lots of people use the service and most seem pretty happy with it.

Yes Transferwise works very well, takes minutes to arrive in Thailand.

 

All you need is select bank from drop down menu, enter name of account holder and account number, and it is on the way.

[steve187]

2 hours ago, damascase said:

I recently switched to Azimo.com - they charge only 0,99€ for a transfer. But of course you have to include the offered exchange rate in the equation,

today with azimo not including fees for 1000gbp = 40.148hb with transferwise inc fees = 40,354thb

for 5000gbp azimo = 200,742thb transferwise = 201,871thb

[damascase]

1 hour ago, stament said:

Do you need a Thai current bank account as opposed to a savings account which most people in Thailand open, in order to receive funds from overseas?

I have only a Thai savings account, to which I transfer funds from my home country.

[scubascuba3]

TransferWise should quote a net rate rather than gross rate, it hides the effect of the fee

[Dart12]

58 minutes ago, steve187 said:

today with azimo not including fees for 1000gbp = 40.148hb with transferwise inc fees = 40,354thb

for 5000gbp azimo = 200,742thb transferwise = 201,871thb

why not compare them both WITH or without fees?  this info doesn't tell much since they are different standards.

Either way, I guess it looks like you got more money using transferwise

 

Edited October 1, 2020 by Dart12

[Dart12]

6 minutes ago, scubascuba3 said:

TransferWise should quote a net rate rather than gross rate, it hides the effect of the fee

I prefer it separate as they do it already.

 

  It's very intuitive and understandable what you are paying as a fee, the amount taken from your bank, and thethe amount being received at teh bank it's sent to.

 

[scubascuba3]

9 minutes ago, Dart12 said:

I prefer it separate as they do it already.

 

  It's very intuitive and understandable what you are paying as a fee, the amount taken from your bank, and thethe amount being received at teh bank it's sent to.

 

It's misleading, the amount of people who quote the rate but that's not what you get after the fee so when doing comparisons you need to compare like with like, for example changing cash in Thailand has no fees or for me using the Clarity card has no fees

[Dart12]

3 minutes ago, scubascuba3 said:

It's misleading, the amount of people who quote the rate but that's not what you get after the fee so when doing comparisons you need to compare like with like, for example changing cash in Thailand has no fees or for me using the Clarity card has no fees

I use it to pay my landlord from my American bank.

I put in for example 9,000 bht to them.  it auto configures how much it is taking from my bank to cover that 9,000.  Then it tells me the fee in addition to the amount to take 9,000. Usually like $4.00.

From my viewpoint and how I use it. It's very clear.  I have no Thai account to transfer money to at this time though to understand what you are talking about.

 

[steve187]

1 hour ago, scubascuba3 said:

TransferWise should quote a net rate rather than gross rate, it hides the effect of the fee

they do they show the amount what you get in the bank in Thailand and the exchange rate used

ie today it is 40.9093 less the fees that are not changed so for £1,000 they send £994.09 which will give you 40,667.53 bht in your Thai account

1 hour ago, Dart12 said:

why not compare them both WITH or without fees?  this info doesn't tell much since they are different standards.

Either way, I guess it looks like you got more money using transferwise

 

there is no fee for the first transaction, my post clearly shows you that transferwise for £1,000 is 206bht more and even increases if you pay a fee to azimo, which is showing at 99p so the 206 will increase to 246bht better off

[scubascuba3]

14 minutes ago, steve187 said:

they do they show the amount what you get in the bank in Thailand and the exchange rate used

ie today it is 40.9093 less the fees that are not changed so for £1,000 they send £994.09 which will give you 40,667.53 bht in your Thai account

 

Yes they show the figures but not the net rate, in your example would be 40.67, I realise some people don't care but for me that's the real rate you got using £1,000

[damascase]

4 hours ago, Susco said:

 

Just wait until they suspend your account without giving any reason or communicating, which PayPal is infamous for, and block all funds for 180 days. Azimo is owned by PayPal, so same flea dogs

 

https://www.google.com/search?client=firefox-b-d&q=payapal+blocks+funds+180+days

You are not convincing as far as Azimo is concerned. 

[OneeyedJohn]

14 hours ago, scubascuba3 said:

Yes they show the figures but not the net rate, in your example would be 40.67, I realise some people don't care but for me that's the real rate you got using £1,000

Why are you being so pedantic about nett rate, the rate is the rate as steve quoted, what you get in your account is that rate less the charges.

Same with any institution, and Transferwise as far as I can see is the best of the lot.

[Pib]

4 hours ago, stament said:

Cool, presumably you use the IBAN and BIC code?

Thai banks do not use IBANs.   IBANs usage is pretty much a European, Middle East and a few other countries things.  Thai banks use SWIFT codes (a.k.a., BIC) and account number. 

[2 is 1]

Transferwise move money also in weekends ?

[Pib]

6 minutes ago, 2 is 1 said:

Transferwise move money also in weekends ?

You can initiate the transfer on any day....weekends or weekdays....but if the receiving bank does not process/post incoming transfers on a weekend/non business days then you must wait until the weekdays for the funds to post to your acct.

[Susco]

1 hour ago, damascase said:

You are not convincing as far as Azimo is concerned. 

 

Not trying to convince anyone, just posting some facts about what has happened to thousands of people with PayPal, which is the mother company.

 

Anyway, Azimo is pretty useless, unless you live in Europe since the Euro and other European currencies is the only that are supported.

[EricTh]

5 hours ago, Kildonan said:

I have started using Transferwise, now 3 months, and yes noticed the reduced fee,, good news. Used to use the HSBC, and just accepted their <deleted> exchange rate, UK sterling to Baht. Wish I had known about Transferwise ages ago, would have saved me a fortune. Good spot on mid market rate, and fast transfer to my BKK act. 

Have you used Instarem before? If yes, how does it compare with Transferwise?

[Susco]

3 hours ago, scubascuba3 said:

TransferWise should quote a net rate rather than gross rate, it hides the effect of the fee

It does not hide anything.

 

Below the amount you will have to pay, it shows the transfer fee and their own fee.

 

You can then click on details and select the method you want to use, eg. debit card - CC - Bank account, because each of them have a different fee and transfer time, but again that is clearly shown.

 

The total I have to pay and what the recipient receives, are the only important factors to me

[Moonlover]

4 hours ago, Susco said:

Yes Transferwise works very well, takes minutes to arrive in Thailand.

 

This one statement, which I've read a number of times, always intrigues me. I've been using TransferWise for 2 years now and I am very pleased with their service. But I have never, ever received a payment in minutes!

 

From initiating the transfer, which I do from my borderless account at around 7:30am Thailand time, to receiving the money in my Krungrsi account is usually around 6 hours.

 

How do you manage to get it here in minutes? I'm curious to know what it is that I'm doing differently.

[Susco]

1 minute ago, Moonlover said:

This one statement, which I've read a number of times, always intrigues me. I've been using TransferWise for 2 years now and I am very pleased with their service. But I have never, ever received a payment in minutes!

 

From initiating the transfer, which I do from my borderless account at around 7:30am Thailand time, to receiving the money in my Krungrsi account is usually around 6 hours.

 

How do you manage to get it here in minutes? I'm curious to know what it is that I'm doing differently.

It depends what transfer method they select, as they have different transfer times.

 

Also the arrival in minutes ( I think ) only applies to Thai bank business hours. During weekends, the money from the same customers will only arrive on Monday morning

 

I receive mainly from Australia, and I get notification from Kasikorn while I'm on the chat with the person sending.

 

I have sent money from my European CC to US and that also arrived in minutes