Transferwise operating ok? Any insight in US dollar rise / fall short term?

[Kenny202]

A couple of questions. Firstly is Transferwise still operating normally? Haven't used them for a year and need to send money from Australia to Thailand

(I have no requirement for visa as far as showing foreign deposit for visa etc, just want to make sure they are still safe)

 

Can I select a deal / ex rate and transfer money to them tomorrow or next day, ie lock the rate in or is it an instantaneous thing?

 

I see this morning the Australian dollar 80c against US which in turn has made the AUS / THB ex rate very favorable, or better at least.

Does anyone have any insight if this is likely to continue and I should hold off a bit or pull the trigger now?

I did read somewhere a big stimulus package was signed in the States today thought maybe it may strengthen the US again 

[metisdead]

Moving to the Banking forum.

[lopburi3]

TransferWISE is in process of name change to WISE but other than that operating normally and still a good system.  AFAIK you transfer money and rate is based on that date/time - but no experience from Oz.  

[KhunBENQ]

15 minutes ago, Kenny202 said:

 

Can I select a deal / ex rate and transfer money to them tomorrow or next day, ie lock the rate in or is it an instantaneous thing?

Can only report for EUR to THB transfer (from TW account).

All normal/usual.

It's an instant thing. The exchange rate is frozen when you confirm the deal.

But/and the rate is guaranteed for a certain time span (like 48 hours, often more).

That is only relevant if transferring your money to Transferwise takes a certain time.

(not for me as I have an account with them and buffer some money there)

It is possible to cancel a deal within a varying time frame.

I once was successful to cancel a deal in the morning and redo it for a better rate.

But don't rely on that. Consider it an instant deal/exchange.

 

As written: from my experience. Methods from other currencies seem to vary.

 

Edited February 25, 2021 by KhunBENQ

[Kenny202]

I used them last year and found them amazing. I locked in a very good rate this morning with them, 84 hours it was, and I am waiting for money to be released in Australia, probably tomorrow. I will be transferring money to them manually from my bank.  

 

Only thing I was wondering is say I transfer AUS$ to Transferwise from my bank tomorrow or Saturday, they may not get it in the 84 hour window, by Sunday....being the weekend and all. I know after I transfer I have to log back on again and confirm that I have transferred.

 

Does the window of time they give you to make the transfer go right up until the time you confirm on their system or does the transfer have to be complete and transferred in their account by this time?

 

Its a substantial sum, near million baht. When I did the initial transaction there was a warning came up to say many banks wont allow a lump sum deposit like this in one go. We checked with our Bangkok Bank branch and they said yes no restrictions but you know how much you can trust advice like that here. Anyone brought a large sum like that into their Bangkok Bank account? I guess coming from Transferwise the deposit will be local anyway in Thai baht? they already have the funds in country right?

[J Town]

This link will give you the current rate for USD.

 

US Dollar to Thai Baht Exchange Rate. Convert USD/THB - TransferWise

 

Once you start the transfer, it's locked in.

[Kenny202]

Just now, J Town said:

This link will give you the current rate for USD.

 

US Dollar to Thai Baht Exchange Rate. Convert USD/THB - TransferWise

 

Once you start the transfer, it's locked in.

I got a rate, it is in AUS$/Baht and it is locked in for 84 hours

 

[J Town]

15 minutes ago, Kenny202 said:

I got a rate, it is in AUS$/Baht and it is locked in for 84 hours

 

Once you commit to a transfer, it stays at that rate. The link I provided refreshes every couple of hours. I watch the USD go up and down, but if you look at the history, the USD is for all intent and purposes staying at 30. Unless you're transferring a bazillion dollars it won't make much difference.

[Kenny202]

12 minutes ago, J Town said:

Once you commit to a transfer, it stays at that rate. The link I provided refreshes every couple of hours. I watch the USD go up and down, but if you look at the history, the USD is for all intent and purposes staying at 30. Unless you're transferring a bazillion dollars it won't make much difference.

Buddy, appreciate your help but you are making some pretty ill informed comments or haven't read my post clearly. I am only worried someone else will see it.

 

If you have a look at the US to AUD graph there has been a recent steep climb, about 2-3 cents which will make a huge difference to me. I am not talking about US to Baht ex rate. I am interested in the AUS to Thai baht rate which is affected by the US. US falls against the AUS$ so does the baht which seems to be pegged to the US. I am not transferring Bazillions but it is a substantial sum, to me anyway where I will receive about 200k extra THB this year as opposed to transferring the same amount last year. 

[J Town]

1 minute ago, Kenny202 said:

Buddy, appreciate your help but you are making some pretty ill informed comments or haven't read my post clearly. I am only worried someone else will see it.

<snip>

Oops - I don't know how I confused your post. I honestly thought it was USD to Thai baht.  My apologies.

[Mops59]

Their name is changing into Wise.

[dodgybros]

4 hours ago, Kenny202 said:

A couple of questions. Firstly is Transferwise still operating normally? Haven't used them for a year and need to send money from Australia to Thailand

(I have no requirement for visa as far as showing foreign deposit for visa etc, just want to make sure they are still safe)

 

Can I select a deal / ex rate and transfer money to them tomorrow or next day, ie lock the rate in or is it an instantaneous thing?

 

I see this morning the Australian dollar 80c against US which in turn has made the AUS / THB ex rate very favorable, or better at least.

Does anyone have any insight if this is likely to continue and I should hold off a bit or pull the trigger now?

I did read somewhere a big stimulus package was signed in the States today thought maybe it may strengthen the US again 

Yes they are operating normally.

 

You can lock in the current rate if you wish.

 

There is no link between USD and AUS/THB rate, the AUS rate vs THB has been climbing steadily for a few days, when will it end nobody knows.

[Kenny202]

7 minutes ago, dodgybros said:

Yes they are operating normally.

 

You can lock in the current rate if you wish.

 

There is no link between USD and AUS/THB rate, the AUS rate vs THB has been climbing steadily for a few days, when will it end nobody knows.

There does seem to be a link between the US$ and THB though. If US goes up or down THB generally follows in relation to AUS$ anyway. Like you said ex rate THB/AUS has been climbing but you'll see the US$/AUS$ also climbing. Peaked at 80c today 

[Old Croc]

I've been using them for years to transfer aud. Never a problem. I moved large amounts last year, but in $10k lots because of restrictions by my Aus bank.

I did once change a locked in rate without a problem, when it improved before I transferred the money to them .

They seem stronger and safer than ever, the name change seems to reflect their expansion from just a money transfer group. They also issue their own Master cards now.

[Kenny202]

Completed two transfers today and so far not a hitch, Have confirmations from TW they have received my funds which was very quick. I wont see the money in my account until Monday as there is a holiday here tomorrow then the weekend but I expected that. Thanks all for the assistance 

[Digitalbanana]

10 hours ago, Kenny202 said:

I wont see the money in my account until Monday as there is a holiday here tomorrow then the weekend but I expected that.

 

OK, so today is a Thai bank holiday is reason Transferwise is saying my transfer this morning will take 3 days, whereas normally it goes in 5 seconds?

[Chivas]

21 hours ago, dodgybros said:

 

 

There is no link between USD and AUS/THB rate, the AUS rate vs THB has been climbing steadily for a few days, when will it end nobody knows.

 

Course there is a link lol

To crunch the numbers Dollar/Baht is on one side of the 2 currency pairings...

[Excel]

Here is a warning.  Within the last hour I tried to transfer my pension from the UK to Thailand. In order to ensure that the transfer is listed as an international transfer ( necessary for those of us who use the income method in order to gain an extension of stay ) I always use to chose the reason as "living expenses for long term stay in Thailand".   That option has of today been removed !! In fact the list of options has totally been revised. I have sent an email to TW seeking an explanation. As the UK contact center was currently closed I also rang Singapore whom in my opinion where next to useless in either understanding the issue or even bothering to listen to me.   So as of this point in time there is zero guarantee that TW will list your remittances to your Thai bank as an international transfer. So it appears it is back to SWIFT unfortunately, unless of course TW changes things back again.

[lopburi3]

12 minutes ago, Excel said:

Here is a warning.  Within the last hour I tried to transfer my pension from the UK to Thailand. In order to ensure that the transfer is listed as an international transfer ( necessary for those of us who use the income method in order to gain an extension of stay ) I always use to chose the reason as "living expenses for long term stay in Thailand".   That option has of today been removed !! In fact the list of options has totally been revised. I have sent an email to TW seeking an explanation. As the UK contact center was currently closed I also rang Singapore whom in my opinion where next to useless in either understanding the issue or even bothering to listen to me.   So as of this point in time there is zero guarantee that TW will list your remittances to your Thai bank as an international transfer. So it appears it is back to SWIFT unfortunately, unless of course TW changes things back again.

This is not totally required as there are alternative means to show source.  TW itself can provide PDF transfer document which is often accepted by immigration.  Receiving bank can can also provide proof of external origin.  Many people not using Bangkok Bank already use these methods as not all destination banks have a code for international transfer.

Edited February 26, 2021 by lopburi3

[Excel]

14 minutes ago, lopburi3 said:

This is not totally required as there are alternative means to show source.  TW itself can provide PDF transfer document which is often accepted by immigration.  Receiving bank can can also provide proof of external origin.  Many people not using Bangkok Bank already use these methods as not all destination banks have a code for international transfer.

Sorry but that information is misleading as past experience confirms. My local immigration will NOT accept any other ancillary documentation to indicate it was an interantional transfer. It must be shown as such (FTT) on my bank statements Yes local offices may well have their own criteria but we have to live with it.

[lopburi3]

37 minutes ago, Excel said:

Sorry but that information is misleading as past experience confirms. My local immigration will NOT accept any other ancillary documentation to indicate it was an interantional transfer. It must be shown as such (FTT) on my bank statements Yes local offices may well have their own criteria but we have to live with it.

AFAIK only one bank uses "FTT" and am sure not all extensions are people using that bank.

[Nout]

TW has been renamed and is operating normally AFAIAC.

[Excel]

2 hours ago, lopburi3 said:

AFAIK only one bank uses "FTT" and am sure not all extensions are people using that bank.

Actually I know of two banks that use FTT. However that is irrelevant because if that is what my immigration office states that they must see then we have no choice.    However by way of an update TW have acted quickly upon my query and within the last few minutes "Funds for long term stay" have been returned to the list of transfer options. Anyway on Monday I will post again if my transfer is not defined FTT as previously, but hopefully normal service has resumed.

[lopburi3]

42 minutes ago, Excel said:

Actually I know of two banks that use FTT. However that is irrelevant because if that is what my immigration office states that they must see then we have no choice.    However by way of an update TW have acted quickly upon my query and within the last few minutes "Funds for long term stay" have been returned to the list of transfer options. Anyway on Monday I will post again if my transfer is not defined FTT as previously, but hopefully normal service has resumed.

Thanks much for the update - must have been just a glitch doing the upgrades for the new name of "WISE". 

[Digitalbanana]

On 2/25/2021 at 10:47 PM, Kenny202 said:

Completed two transfers today and so far not a hitch, Have confirmations from TW they have received my funds which was very quick. I wont see the money in my account until Monday as there is a holiday here tomorrow then the weekend but I expected that. Thanks all for the assistance 

 I transferred on Friday morning from Transferwise and it won't arrive to Monday morning. So I cancelled the transfer today and resent it immediately to arrive also Monday morning to take advantage of the better THB exchange rates since Friday morning.

[Kenny202]

36 minutes ago, Digitalbanana said:

 I transferred on Friday morning from Transferwise and it won't arrive to Monday morning. So I cancelled the transfer today and resent it immediately to arrive also Monday morning to take advantage of the better THB exchange rates since Friday morning.

I did a double take when I read that because for me the rate actually went down substantially, but I am converting AUS$. You must be converting US. The US fell against our AU dollar late last week where I was receiving 80c AUS / 1US$. Now AUS$ 76.6c this morning. And consequently I got a great rate on the Thai baht as it seems to follow the US$

 

That seems a huge fall in a couple of days? Anyway, I think first time since I arrived here 6 years ago I have had a win with the currency. Was getting so bad I was having friends ask me to tell them when I sent money so they would wait. Mind you early days, I am predicting the AUS will climb to 85 next week 

 

I clearly know nothing about financial markets. But it would seem even the professionals don't either. I read two stories from last week one bank saying the AUS$ would reach 80c but not until the later part of the year, another financial oracle said will peak at 78 this year. It exceeded both of those the same week those stories were published.

 

Do TW have any problem with you cancelling a deal and doing another one? I have heard others say they will let you do it once or twice but after that will pull you up.

Edited February 28, 2021 by Kenny202

[Digitalbanana]

On 2/28/2021 at 8:16 AM, Kenny202 said:

You must be converting US.

Yes, US$. I cancelled that as well since the Wise said it wouldn't arrive to 10am or later Monday. In past it took 5 seconds. I resent this morning and Wise still need 3 or more hours to send the money on current rates. Don't expect to see any money this morning at least. What happened to the 5 second transfers?

[Pumpuynarak]

On 2/28/2021 at 8:16 AM, Kenny202 said:

Do TW have any problem with you cancelling a deal and doing another one? I have heard others say they will let you do it once or twice but after that will pull you up.

 

Good question, i regularly cancel transfers when you have a good amount of time before you have to pay if there has been a reasonable uplift in the rate.

[BritManToo]

On 2/26/2021 at 2:27 PM, Excel said:

 That option has of today been removed !! In fact the list of options has totally been revised.

That's odd, as I did a transfer this morning and used the "long term say in Thailand" option.

[lopburi3]

20 minutes ago, BritManToo said:

That's odd, as I did a transfer this morning and used the "long term say in Thailand" option.

 

On 2/26/2021 at 5:52 PM, Excel said:

However by way of an update TW have acted quickly upon my query and within the last few minutes "Funds for long term stay" have been returned to the list of transfer options.