question about transferwise

[Thomas J]

1 hour ago, Pib said:

BAHTNET is a Thailand specific domestic transfer system although it does interface with the SWIFT system. 

Thank You. 

I was aware of Bahtnet if you don't advise Transferwise that it is for a long term stay it goes through that domestic ACH system.  Last year I used my Transferwise receipts to show the immigration officer but they were somewhat more liberal last year because of the change in rules.  Asking the bank for anything like a transfer advise sounds onerous.  I have found the typical bank personnel has difficulty telling you what time it is let alone anything that is not a simple bank task like accepting a deposit. I will periodically check the rates and if it looks attractive I may give it a try.  Always good to have more than one alternative.  Thanks Again. 

[Pib]

12 minutes ago, Thomas J said:

Thank You. 

I was aware of Bahtnet if you don't advise Transferwise that it is for a long term stay it goes through that domestic ACH system. 

It's not BAHTNET that is sometimes used to complete the final leg of a Transferwise transfer, but the SMART system which is another Thailand unique funds transfers/payment system.

[Dante99]

On 1/27/2021 at 12:11 PM, Dante99 said:

I checked the Transferwise delivered Baht amount for a USD 2,000 transfer last week then immediately requested a Swift transfer for that amount from a US financial institution.  The Swift money was received today and was 320 Baht or 0.5% less than the amount Transferwise quoted.

 

That was with a sending institution Swift fee of $10 but there are institutions that charge zero or $5 and others in the 30-45 range.

Last Sunday I checked Transferwise for the amount of Baht I would receive for a USD 3,000 transfer and wrote it down then I made a USD3,000 Swift wire transfer as above.  The wire funds arrived this morning and were about Baht 400 more than what Transferwise offered for the same amount sent.  So take out 300 Baht for the USD 10 wire fee and I got 100 baht more that Transferwise would have given me.  Larger amounts favor Swift.

 

 

[Stocky]

6 hours ago, Dante99 said:

Larger amounts favor Swift.

Depends on the currency. Transferring SGD to THB then Transferwise works out better, regardless the size of the transfer, because the x-rate given is significantly better than that offered by the banks.