Transferwise reduces charges.

[Susco]

15 minutes 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.

 I notice you mention borderless account, which I guess should be the fastest possible, so I think the problem is with Krungsri.

 

Bangkok bank and Kasikorn are Transferwise banks

[phetphet]

1 hour 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.

The time of day one commences the transaction, and the method of payment of your money to Transferwise both seem to make a difference.

E.g. doing a bank transfer earlier in the morning in Thailand seems to make it faster than doing it in the evening.

 

At the moment I can't use my UK internet banking,  so am having to use the slightly more expensive method of using my debit card.  One upside of this is the payment is almost instant and T'wise seem to move things along quickly. My last few  transactions have arrived within a couple of minutes

 

In saying that, I did a transfer around lunchtime today,  and they told me it should be in my account in four hours. 

[Barnabe]

2 hours 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.

Made two transfers today which arrived in minutes, but it was the first time this happened to me for Thai baht (between Euro / GBP it’s literally seconds).
 

Maybe it’s faster when receiving in certain banks, today I transferred to Kasikorn and usually I transfer to UOB and SCB, which sometimes takes two days...

Edited October 1, 2020 by Barnabe

[jackdd]

8 hours ago, damascase said:

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

CEO as well as COO from Paypal, so i agree with the other poster, it should not be used.

[Chris.B]

7 hours ago, stament said:

Cool, presumably you use the IBAN and BIC code?

No, you need the Swift code and the bank account number.

 

[scubascuba3]

8 hours ago, OneeyedJohn said:

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.

I use TransferWise sometimes but I'm not a fan boy, it would be better if they showed the net rate as well but I appreciate it's better marketing to show the gross rate only

[Jack Mountain]

14 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,

I tried Azimo too and when you send 5000 euro the arrived amount is 1000 Baht better then TW. But ONLY the 1st 2 times because they do not charge fee AND give you a special better rate. 

 

After that it's the otherway around TW gives 1000 Baht more.

 

Stopped with Azimo.

[zoza]

All i can say is if paypal are involved i would steer clear. booked a long haul flight a few years ago with paypal involvement, i booked six months in advance, six weeks before my date the airline changed the details of the flight, i contacted paypal with regard to a refund , they informed me i had to apply within six weeks of purchase ? ? ?     

Edited October 2, 2020 by zoza
sticky key

[Pib]

9 hours 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 on the country being sent "from," currency pair involved, funding method/system, time sent, and receiving bank.   

 

Probably the biggest factors is the country being sent from and payment method/system used for funding the transfer because the "funds settlement systems" in different countries varies from almost instantaneous like the Faster Payment System used in the UK to slower/batch systems like the Automated Payment System (ACH) used in the U.S. 

[owl sees all]

I think it is also what is 'x'd' for the reason for transfer.

 

If the 'funds for long term stay' box is ticked, the bank used in Thailand is different to show the funds came from abroad. If the others are ticked the funds arrive into the Thai bank in under 10 seconds.

Edited October 2, 2020 by owl sees all

[uli65]

I use TW but I am not very satisfied. they never confirm my payment on the same day. always waiting for the next day afternoon!!!!  I transfer about 8am.

I have many deposits between Swiss to Austria in about 4-5 hours. no problem

What is the way to get the fastest option??

[billd766]

19 hours ago, scubascuba3 said:

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

Really? Every transfer I have made with TW I have chosen the amount I want to transfer. They then tell me the transfer fee (GBP in my case), They also tell me the forex rate that they are using and the amount in Thai baht. All this without any transaction taking place. They also guarantee that Forex rate will remain until the transfer has been completed.

 

When I am happy with that I click on the confirm button and the transfer begins.

[luckyluke]

9 minutes ago, billd766 said:

When I am happy with that I click on the confirm button and the transfer begins.

In fact before clicking the confirm button, one can easily calculate the net rate :

amount you will receive divided by amount you will transfer.

[Susco]

4 hours ago, uli65 said:

I use TW but I am not very satisfied. they never confirm my payment on the same day. always waiting for the next day afternoon!!!!  I transfer about 8am.

I have many deposits between Swiss to Austria in about 4-5 hours. no problem

What is the way to get the fastest option??

 

Seems fastest way is paying the transfer with your credit card, and for Thailand sending to Kasikorn or Bangkok bank accounts, as that are the banks Transferwise use for theit transfers.

 

Selecting payment from your bank account, of course delays the process, because your bank has to release the money to Transferwise

[scubascuba3]

1 hour ago, billd766 said:

Really? Every transfer I have made with TW I have chosen the amount I want to transfer. They then tell me the transfer fee (GBP in my case), They also tell me the forex rate that they are using and the amount in Thai baht. All this without any transaction taking place. They also guarantee that Forex rate will remain until the transfer has been completed.

 

When I am happy with that I click on the confirm button and the transfer begins.

yeah but what's that got to do with showing a net rate? I bet when you get a good rate you just quote the gross rate, no adjustment, even if its a very big transaction with big charges

[steve187]

2 hours ago, scubascuba3 said:

yeah but what's that got to do with showing a net rate? I bet when you get a good rate you just quote the gross rate, no adjustment, even if its a very big transaction with big charges

 

 

now what rate are they not showing

Edited October 2, 2020 by steve187

[scubascuba3]

1 minute ago, steve187 said:

Again that doesn't show the net rate, missing the point 

[billd766]

4 hours ago, scubascuba3 said:

yeah but what's that got to do with showing a net rate? I bet when you get a good rate you just quote the gross rate, no adjustment, even if its a very big transaction with big charges

The rate that TW quote me is a much better rate than KBank offers plus it is cheaper and quicker. Before I went to TW my pensions were sent to my KBank account and took up to 5 days to arrive. I had no idea what rate I was getting or how much the charges were.

 

Using TW it is quicker and I know what forex rate I am getting and how much I will recieve in THB.

 

So please tell me what IS the difference between the gross and net rate for GBP 1,000.

[scubascuba3]

6 minutes ago, billd766 said:

The rate that TW quote me is a much better rate than KBank offers plus it is cheaper and quicker. Before I went to TW my pensions were sent to my KBank account and took up to 5 days to arrive. I had no idea what rate I was getting or how much the charges were.

 

Using TW it is quicker and I know what forex rate I am getting and how much I will recieve in THB.

 

So please tell me what IS the difference between the gross and net rate for GBP 1,000.

In the example above it's 40.8018 vs 40.56 which is the net rate after charges. As I've said a few times if I'm comparing to the TT exchange booth or using my Clarity card the net rate is relevant as no charges for those two

[Susco]

8 minutes ago, scubascuba3 said:

In the example above it's 40.8018 vs 40.56 which is the net rate after charges. As I've said a few times if I'm comparing to the TT exchange booth or using my Clarity card the net rate is relevant as no charges for those two

It shows me a rate

 

[Jack Mountain]

2 hours ago, scubascuba3 said:

Again that doesn't show the net rate, missing the point 

I really don't undersatnd the question but maybe you can find the answer here:

https://currencylive.com/exchange-rate/

 

That link is somewhere on the TW and they use to explain to their customers how they determine the rate.

 

 

Edited October 2, 2020 by Jack Mountain

[billd766]

2 hours ago, scubascuba3 said:

In the example above it's 40.8018 vs 40.56 which is the net rate after charges. As I've said a few times if I'm comparing to the TT exchange booth or using my Clarity card the net rate is relevant as no charges for those two

I compare the KBank TT rate to the TW rate on a daily basis for years.

 

At the weekends I compare TW and XE currency converter and their rates are similar though XE AFAIK cannot be used to transfer funds anywhere.

[JimGant]

On 10/2/2020 at 5:10 PM, scubascuba3 said:

Again that doesn't show the net rate, missing the point 

Gross, net -- who cares. What you want is effective rate, which is a simple division of money received by money sent. Fees and exchange rate are automatically dealt with in this simple division. Now you can compare against, say, a Swift wire transfer -- but, unlike with TW's provided numbers, you will have to net out money sent with money received to get the end Swift numbers. And, of course, TW gives you the different fee structure costs, with credit cards appearing to be the most expensive, and a borderless account the cheapest. Yeah, the effective rate for each TW fee structure is not presented (although it certainly could be.....), so you'll need to retrain yourself on calculator usage, i.e., big number, divide symbol, small number -- remember how that works?

[treetops]

21 hours ago, JimGant said:

Yeah, the effective rate for each TW fee structure is not presented (although it certainly could be.....), so you'll need to retrain yourself on calculator usage, i.e., big number, divide symbol, small number -- remember how that works?

Or if one were to only use the cheapest funding method, the scroll key on the mouse would reveal the effective, or net, exchange rate, as shown in the examples above.

[JAS21]

The market rate they use is always close to 'mid market rate' and is shown in the example above is 40.8128 ....what rate you finally receive, you call it the net rate is 40571.60/1000 ...

[Jack Mountain]

Mid market Rate, Euro to Baht

https://www.valuta.nl/thailand_baht 

[JAS21]

13 minutes ago, Jack Mountain said:

Mid market Rate, Euro to Baht

https://www.valuta.nl/thailand_baht 

Mid Market rate changes every few seconds. To see how close TW are the MMR you need to compare what xe.com are showing against what TW are showing at the same time. I have used TW for a few years now, I have found it to be close, same, or on the odd time beating the rate that xe.com were showing. XE.com rates are live.

 

 

[Jack Mountain]

11 minutes ago, JAS21 said:

Mid Market rate changes every few seconds. To see how close TW are the MMR you need to compare what xe.com are showing against what TW are showing at the same time. I have used TW for a few years now, I have found it to be close, same, or on the odd time beating the rate that xe.com were showing. XE.com rates are live.

 

 

You're right, just now I checked it with 5000 euro. TW gives 70! Baht more at the end. ????

[JAS21]

16 minutes ago, Jack Mountain said:

You're right, just now I checked it with 5000 euro. TW gives 70! Baht more at the end. ????

You're right ... I don't hear that very often!!!!! but not much is it on 5K Euro ... I paid 70thb today for khao soi gai in a Mall...

[Susco]

Since someone here promoted Azimo, of which I said nobody should trust them with their money, I decided to do the proof on the sum.

 

I had to transfer 800 Gbp to a UK account, and since Azimo claims the first 2 transfers are fee free, I thought let's see if they put their money where their mouth is.

 

I planned to use my European Maestro Debit card, which Azimo claims to support, and also confirmed by email

 

 

Errr, Maestro cards never have a CVV number and they have 17 digits instead of 16.

 

Maestro cards operate differently from regular Visa and MasterCard credit cards. Indeed, they have 17 digits instead of 16. Moreover, they don't have any CVV number (security code at the back of the card). However, this type of card can be used with PayPlug.

 

Anyway I chat them up and they insist that Maestro has 16 digits and a CVV, the first sign that they don't know what they are talking about.

 

Anyway, I start a transfer with my Maestro card with 17 digits and WITHOUT a CVV.

 

When all details are entered I get automatically redirected to my bank, which gives me instructions to insert the card in my Digipass and enter some codes. I then get the on screen message that my payment is accepted, and get redirected to the merchants ( Azimo ) website.

 

They reject the payment.

 

I chat them up and they have no idea why it was rejected and advise to redo the transaction.

 

I redo, get the same procedure, payment again get accepted by my bank, I get again redirected to Azimo, which this time accepts the transfer, but put it on pause as they want ID verification by passport.

 

I send them picture of passport and receive email back within a few minutes that they received the ID and it has been verified and accepted.

 

 

I click on the status which now shows TWO rejected transfers. Support chat's nose is bleeding again.

 

I try a third time, and this time everything is positive. I get the message from Azimo that my transfer is on the way and my bank account shows the amount reserved.

 

Another 5 minutes later I get a new email that the transaction could not be completed, and the transfer is cancelled again.

 

I give it a fourth try, and this time the website has disabled card payments for security reasons, and only bank transfer to Azimo is possible.

 

That's enough for me for that day, actually forever.

 

I do the same transfer, same amount - same recipient account and same Maestro card (without a CVV ) with TransferWise.

 

SIX seconds later I get message from TransferWise that the money has been delivered in the UK account, and the recipient confirms me this about 10 seconds later.

 

Goodbye Azimo, you are a fraud