Best FX option for Small/Large transfers

[stament]

A colleague said to me that he transferred some funds from TH to India using WU online.  I was surprised as it seemed quite competitive on the rate and had a charge of approx 120b (not sure if this increases with the value of the transfer).  He himself was very pleased with it and the rate was competitive vs Bangkok Bank and their charges (not surprisingly).  As a basis of comparison, I just looked at the rate of changing USD to THB and WU online rate today was 30.12 and BB was 29.88 and Superrich are offering 30.10 (however that will be presumably higher if you change USD100 bills in person as I know the rate differs for varying denominations.

 

I know a lot of people use transferwise and I wondered if there is a preferred service depending on the size of the transfer.  I doubt any one provider is the best in every scenario.

 

Interested to hear the experts view....

[topt]

31 minutes ago, stament said:

I know a lot of people use transferwise

Only to transfer into Thailand. Your colleague could not have used them to transfer out from Thailand as they have no licence to do so.

For transfers in you need to do the maths as the charges and rate varies from currency to currency and amount. You then need to compare that to other methods - Swift bank to bank or another exchange co. Generally TW seems to be very competitive at least up to 20k USD/GBP or possibly more. As every home bank charges potentially different amounts it is not accurate to generalise.

 

For transfers out some posters have said Dee money is worth looking at.

[stament]

18 hours ago, topt said:

Only to transfer into Thailand. Your colleague could not have used them to transfer out from Thailand as they have no licence to do so.

For transfers in you need to do the maths as the charges and rate varies from currency to currency and amount. You then need to compare that to other methods - Swift bank to bank or another exchange co. Generally TW seems to be very competitive at least up to 20k USD/GBP or possibly more. As every home bank charges potentially different amounts it is not accurate to generalise.

 

For transfers out some posters have said Dee money is worth looking at.

Ah ok, yes sorry to not be clear.  I was speaking about a colleague who used WU to transfer out of Thailand but I know friends who have used TW to transfer into Thailand.  I wasn't aware that it wasn't possible to transfer out of Thailand using TW.

 

Agree need to calculate each one as different charges, rates and commissions but I wasn't sure if there was a preferred option say for a value up to X and then a preferred one for X+ if that makes sense.  Obviously such generic options wouldn't always be the best but I'm thinking most of the time, that would be the preferred method.

 

I guess also WU would need a license in the transferring country to transfer into Thailand using WU online in much the same way as you stated that TW don't have a license in Thailand to transfer outside of Thailand.