15 minutes ago, Liverpool Lou said:

You started the poor exchange rates discussion on this thread, not me, why don't you give an example to back up what you claim?!   If you could, I'd bet you'd have done so already.

Your home bank sets the exchange rate with Swift if sending local currency (normally very bad choice) and if sending foreign currency the receiving bank sets the rate.  As there may be more than two banks involved the costs can also be higher for fees using Swift than what is indicated. 

 

As said Swift has its place and often more useful for large transfers (as basic fee is set).   

30 minutes ago, Liverpool Lou said:

You started the poor exchange rates discussion on this thread, not me, why don't you give an example to back up what you claim?!   If you could, I'd bet you'd have done so already.

i can't be bothered for you, it's well known, prove me wrong, Wise vs a thai bank, start a thread or move on

52 minutes ago, Liverpool Lou said:

You started the poor exchange rates discussion on this thread, not me, why don't you give an example to back up what you claim?!   If you could, I'd bet you'd have done so already.

I just compared WISE with my UK bank (Barclays) for a transfer of 1,500 GBP (for immi compliance).

 

Right now Barclays would deposit 65,715 baht into my Thai account here. , ,

 

WISE would deposit 67,149 baht.

 

That is 1,434 baht more - a couple of decent bottles of wine or a very nice restaurant dinner for me and Mrs C.

 

4 minutes ago, chickenslegs said:

I just compared WISE with my UK bank (Barclays) for a transfer of 1,500 GBP (for immi compliance).

 

Right now Barclays would deposit 65,715 baht into my Thai account here. , ,

 

WISE would deposit 67,149 baht.

 

That is 1,434 baht more - a couple of decent bottles of wine or a very nice restaurant dinner for me and Mrs C.

 

This is because Wise use the mid market rate which is significantly better than the rate you get with any bank SWIFT transfer.Perhaps much larger transfers could be cheaper with SWIFT as you only pay one set of fees and this could offset the inferior rate but for most of us transferring smallish sums Wise is cheaper.

4 minutes ago, chang50 said:

This is because Wise use the mid market rate which is significantly better than the rate you get with any bank SWIFT transfer.Perhaps much larger transfers could be cheaper with SWIFT as you only pay one set of fees and this could offset the inferior rate but for most of us transferring smallish sums Wise is cheaper.

Yes, larger amounts are cheaper with SWIFT, for the reason you stated.

 

A couple of years ago I transferred about 1.2M baht to buy a car, using SWIFT. It would have been around 200 GBP more expensive to use WISE in that case.

28 minutes ago, chickenslegs said:

I just compared WISE with my UK bank (Barclays) for a transfer of 1,500 GBP (for immi compliance).

 

Right now Barclays would deposit 65,715 baht into my Thai account here. , ,

 

WISE would deposit 67,149 baht.

 

That is 1,434 baht more - a couple of decent bottles of wine or a very nice restaurant dinner for me and Mrs C.

 

Barclays exchange rate today: 41.1605 THB

Wise exchange rate today: 44.95660

 

https://www.barclays.co.uk/travel/foreign-currency-exchange/

 

https://wise.com/gb/currency-converter/currencies/thb-thai-baht

 

 

1 minute ago, Chris.B said:

Barclays exchange rate today: 41.1605 THB

Wise exchange rate today: 44.95660

 

https://www.barclays.co.uk/travel/foreign-currency-exchange/

 

https://wise.com/gb/currency-converter/currencies/thb-thai-baht

 

 

Did you read my post properly before giving it the sad face?

 

I illustrated that WISE give a better rate for smaller amounts.

8 minutes ago, Chris.B said:

Barclays exchange rate today: 41.1605 THB

Wise exchange rate today: 44.95660

 

https://www.barclays.co.uk/travel/foreign-currency-exchange/

 

https://wise.com/gb/currency-converter/currencies/thb-thai-baht

 

 

Barclays travel/foreign currency rate is not the same as their Swift transfer rate.

 

Swift rate right now is 43.77 baht/GBP

 

But, as I have already said, Wise is better value for smaller amounts.

3 hours ago, scubascuba3 said:

maybe start a thread about it "the myth of poor exchange rates with swift" give an example and people can comment

Poor exchange rates possibly occur, if the sender allows their local bank to do the conversion. Always send in the home country money, and then the thai banks do the conversion. It's invariably the best rate then.

1 hour ago, chickenslegs said:

I just compared WISE with my UK bank (Barclays) for a transfer of 1,500 GBP (for immi compliance).

 

Right now Barclays would deposit 65,715 baht into my Thai account here. , ,

 

WISE would deposit 67,149 baht.

 

That is 1,434 baht more - a couple of decent bottles of wine or a very nice restaurant dinner for me and Mrs C.

 

Cheers so big party time tonight? ????

 

 Anyway i prefer banks for transfer as for low ... Wise & collegues are are  fine , but from a certain amount  banks give better and .....are safer

 

( My transferring by K+ OUT of Thailand to € for  250 baht Kasikorn fee is not to beat for 400 000 Thb , to put sleeping in Euroland again ???? )

but i don't have experience Anymore transferring in to Thailand anymore  .....as now "reversed" transferring operations only 

3 hours ago, Khabib said:

Poor exchange rates possibly occur, if the sender allows their local bank to do the conversion. Always send in the home country money, and then the thai banks do the conversion. It's invariably the best rate then.

Not the best rate vs Wise and similar companies. Why do you think Wise has captured the market lately

7 hours ago, Pumpuynarak said:

I've never had it before and i do 2/3 transfers per month and have done for getting on 2 years.

Maybe the Wise servers are getting busier.

7 hours ago, ramrod711 said:

I use OFX to transfer money for my OA visa. Last 3 or 4 months it has been 5 days from time of transfer to delivery. I haven't bothered to ask why, but it's nice to know, thanks.

I have an OFX acct also...only use it about once or twice a year.  Assuming you authorize funding of a transfer by allowing OFX to "pull" money from your bank acct they use a 3 business 

days funds clearing period before they send the funds/finalize the transfer.  Then you throw in another day or two of processing time and that's why their transfers take 4 to 5 business days.   I've done around a half dozen OFX transfers to Thailand over the last few years...funded via ACH Pull from my U.S. bank acct and each transfer took 4 to 5 business days...usually 4 business days.

Fr DBS: From 24 Nov 2021, transfers to non-KBank recipients will be limited to 49,999 baht per transaction due to regulatory changes. There will be no <1/2>

<2/2> changes to the limits for KBank recipients. Read more here http://go.dbs.com/sg-thb-remit-info before you make your next overseas fund transfer.

Just now, GregBow said:

Fr DBS: From 24 Nov 2021, transfers to non-KBank recipients will be limited to 49,999 baht per transaction due to regulatory changes. There will be no <1/2>

<2/2> changes to the limits for KBank recipients. Read more here http://go.dbs.com/sg-thb-remit-info before you make your next overseas fund transfer.

From DBS by SMS to my Thai phone

1 hour ago, GregBow said:

From DBS by SMS to my Thai phone

I wonder is this because of regulatory changes in Thailand or DBS?

If the former Wise seemed unaware of any changes when I emailed them 2 days ago.

I send 2000 Pound regularly with Wise never a problem, perhaps because I have been doing it regularly for many years. 

On 12/1/2021 at 7:14 AM, pagallim said:

One week ago, I transferred 2K sterling from my UK account (HSBC) via Wise to my Thai (SCB) account.   I always use the debit card method.   Only difference this time was I needed to log onto my HSBC account to verify the transaction.   That done, transfer took the usual seconds before SCB receipt confirmation.   

Exactly the same for me.

On Thursday 2nd Dec 21 sent 75,000 Baht from the UK via Wise.

No issues on this transfer, arrived 6 minutes before predicted time and marked as FTT in the passbook.

On 12/1/2021 at 3:02 PM, scubascuba3 said:

[regarding SWIFT]: ... back to square one with fees and poor exchange rate

My US bank charges $40. Then I call them and whine a bit and they refund it. Every time.

My Thai bank (Kasikorn) charges no fee to receive. In fact, for amounts greater than US$20,000, they go "off tariff") and add an additional 6 satang to the published TT rate of the moment. For me, at $50,000, that's an exchange rate bump that amounts to 3,000 baht. Using Wise for $20,000 or more is un-wise.  

13 minutes ago, mahjongguy said:

My US bank charges $40. Then I call them and whine a bit and they refund it. Every time.

My Thai bank (Kasikorn) charges no fee to receive. In fact, for amounts greater than US$20,000, they go "off tariff") and add an additional 6 satang to the published TT rate of the moment. For me, at $50,000, that's an exchange rate bump that amounts to 3,000 baht. Using Wise for $20,000 or more is un-wise.  

K-bank "does" charge an international receiving fee of 0.25% (Bt200 min, Bt500 max) and this fee is applied "before" posting to your acct and the fee is not reflected anywhere on your statement/passbook which fools a lot of people into thinking no fee was applied but indeed it was.   Other Thai banks operate the same way although the fee may vary a little from above mentioned fee.

 

2 minutes ago, Pib said:

K-bank "does" charge an international receiving fee of 0.25%

When they go off tariff, which involves them calling you for permission, they can give you better than the published rate and they can waive their fee if they choose.

 

But your statement is correct and looking at my transfer last week, I see they left the 500 baht fee in place. I guess they felt that the 3,000 baht exchange rate bonus was sufficient.