What exchange rate should I get transferring $AUD?

[Bruno123]

7 minutes ago, giddyup said:

I have always done my transfers online with ANZ, limited to $10K at a time, which is all I needed to top up living expenses. That was the most convenient way for me as I only had to do it a few times a year. The exchange rate I got was whatever SCB gave me on the day, I didn't worry too much about it. This time I'm transferring a lot more than $10K, so the rate became a lot more important.

That's still AU$450+ you chucked in the bin each time.

Edited September 14, 2022 by Bruno123

[Lacessit]

3 minutes ago, Bruno123 said:

No. That's you being terrible at maths. 

 

That is why I quoted both after all fees. The actual exchange rate for WISE is something like 24.64.

Whereas SCB rate is around 24.19. 

So transfer AU$1000 and that's 450 baht(AU$18.27) more than going via the bank.....But wait. The bank(ANZ) charges you another AU$32 to send the money, so that now a AU$50.27 loss. WISE fee is AU$7.47. 

So you would get AU$39.80 more via WISE. But wait.... SCB has another fee; 0.25% up to 500 baht. So that's another AU$2.50.

 

So with WISE, you are AU$42.30 better off on a AU$1000 transfer today.

You may be right, it was quite some time ago I looked at WISE's fees. Perhaps they dropped them in the interim.

[giddyup]

3 minutes ago, Bruno123 said:

That's still AU$400+ you chucked in the bin each time.

???? Oh well, easy come, easy go.

[Bruno123]

2 minutes ago, Lacessit said:

You may be right, it was quite some time ago I looked at WISE's fees. Perhaps they dropped them in the interim.

No...you just didn't understand at the time. I remember explaining it all before. But to older heads who were used to certain ways of doing things, it's sometimes difficult to grasp.

 

The bank offers you a lower rate and says "look, no commission". Not transparent, as their commission is hidden in the poorer rate.

Whereas the new services give you the full mid-market rate and take a transparent commission.

[Bruno123]

7 minutes ago, giddyup said:

???? Oh well, easy come, easy go.

I take the savings and share them with those who might need it. 

[giddyup]

9 minutes ago, Bruno123 said:

I take the savings and share them with those who might need it. 

I agree, but I can't change the past. I will open an account with Wise and try transferring some smaller amounts first, just to see how it works.

[Sparktrader]

50 minutes ago, KannikaP said:

Glad you told the OP that. Hes only been a member for 11 years.

How old is Wise?

12 years just looked

 

 

Edited September 14, 2022 by Sparktrader

[Sparktrader]

26 minutes ago, Bruno123 said:

That's still AU$450+ you chucked in the bin each time.

Smokers in Oz chuck 10 grand a year in the bin.

[Bruno123]

Just now, giddyup said:

I agree, but I can't change the past. I will open an account with Wise and try transferring some smaller amounts first, just to see how it works.

It's worth knowing that the WISE web interface limits you to 2,000,000 baht per transfer. 

You can enquire as to whether it's something you can bypass or whether you'll have to make multiple transfers.

 

As an aside, ANZ might also use a correspondent bank which can add to the charges when you do ANZ - SCB.

[Bruno123]

1 minute ago, Sparktrader said:

Smokers in Oz chuck 10 grand a year in the bin.

Do people still smoke cigarettes? 

[Sparktrader]

4 minutes ago, giddyup said:

I agree, but I can't change the past. I will open an account with Wise and try transferring some smaller amounts first, just to see how it works.

Give me $100 to start

[Sparktrader]

Just now, Bruno123 said:

Do people still smoke cigarettes? 

Heaps do. $50/60 a packet

[Bruno123]

5 minutes ago, Sparktrader said:

How old is Wise?

Founded: January 2011; 11 years ago...

 

https://en.wikipedia.org/wiki/Wise_(company)

[Bruno123]

Just now, Sparktrader said:

Heaps do. $50/60 a packet

????

[Photoguy21]

If you are making the transfer from overseas which you are you should be getting the TT rate

Edited September 14, 2022 by Photoguy21

[giddyup]

9 minutes ago, Bruno123 said:

Do people still smoke cigarettes? 

I quit 8 years ago, so I've probably saved around 300,000 baht in Thailand.

[sanuk711]

1 hour ago, giddyup said:

50,000 Baht cap? I transferred 1.5 million baht only a couple of weeks back with no problems.

$ I transferred 3 million $A120K  2 months ago---I guess you have to read the full letter--or someone will point it out....

[Lacessit]

1 minute ago, giddyup said:

I quit 8 years ago, so I've probably saved around 300,000 baht in Thailand.

1983 was when I quit. I guess it's why I'm still here.

[KannikaP]

Just now, Lacessit said:

1983 was when I quit. I guess it's why I'm still here.

1972 for me, age 24 after 10 years on the ciggies. yep, still here

[giddyup]

18 minutes ago, Bruno123 said:

It's worth knowing that the WISE web interface limits you to 2,000,000 baht per transfer. 

You can enquire as to whether it's something you can bypass or whether you'll have to make multiple transfers.

 

As an aside, ANZ might also use a correspondent bank which can add to the charges when you do ANZ - SCB.

2Mil. Baht is around $A80K, so it wouldn't involve too many transfers.

[Bruno123]

6 minutes ago, giddyup said:

I quit 8 years ago, so I've probably saved around 300,000 baht in Thailand.

????

[giddyup]

5 minutes ago, sanuk711 said:

$ I transferred 3 million $A120K  2 months ago---I guess you have to read the full letter--or someone will point it out....

Did you transfer through your bank or use Wise?

[sanuk711]

12 minutes ago, giddyup said:

Did you transfer through your bank or use Wise?

Because I use a Debit card for extra safety-- Wise will only take $A18K at any one transfer--(do as many as you want)

So for the large transfer I contacted ANZ  direct-they offered me a better then usual rate, I then contacted my local BKK bank--the manager who phoned through to BKK told them that I said-this will be one of many as I am moving all my funds over (which it wont be--and I'm not) and secured a even better rate--- 1 bottle of JW.

 

Its always a gamble what day to do it--- no one knows but this group have been fairly near the mark on predictions.

https://audtoday.com/aud-to-thb-forecast

 

[giddyup]

33 minutes ago, sanuk711 said:

Because I use a Debit card for extra safety-- Wise will only take $A18K at any one transfer--(do as many as you want)

So for the large transfer I contacted ANZ  direct-they offered me a better then usual rate, I then contacted my local BKK bank--the manager who phoned through to BKK told them that I said-this will be one of many as I am moving all my funds over (which it wont be--and I'm not) and secured a even better rate--- 1 bottle of JW.

 

Its always a gamble what day to do it--- no one knows but this group have been fairly near the mark on predictions.

https://audtoday.com/aud-to-thb-forecast

 

What do you mean by ANZ offered you a better than usual rate? The exchange rate is determined by the Thai bank isn't it?

[sanuk711]

7 minutes ago, giddyup said:

What do you mean by ANZ offered you a better than usual rate? The exchange rate is determined by the Thai bank isn't it?

Yes --they said that they would make the exchange there into baht -at a higher rate then normal or what I would even get from BKK bank.

It was a better rate then normal rate--but BKK bank came in even better after the manager spoke to them. But they are negotiable.

I was on the phone with him, for quite some time (thank god for Skype) talking with the guy, security checks etc & he pointed out some things

about any future transferring I might do--

 

You should never transfer $50K--$100K --$150K  etc  you must go past their cut off points to get better rates.  $50,001--$100,001--etc etc.

He said that all banks (Wise isn't a bank) run like that $1--$100 gets X rate--$101 gets the $500 X + 0.01 cents rate, it might be  fine margins

but they run on fine margins.

[giddyup]

57 minutes ago, sanuk711 said:

Yes --they said that they would make the exchange there into baht -at a higher rate then normal or what I would even get from BKK bank.

It was a better rate then normal rate--but BKK bank came in even better after the manager spoke to them. But they are negotiable.

I was on the phone with him, for quite some time (thank god for Skype) talking with the guy, security checks etc & he pointed out some things

about any future transferring I might do--

 

You should never transfer $50K--$100K --$150K  etc  you must go past their cut off points to get better rates.  $50,001--$100,001--etc etc.

He said that all banks (Wise isn't a bank) run like that $1--$100 gets X rate--$101 gets the $500 X + 0.01 cents rate, it might be  fine margins

but they run on fine margins.

I just had a huge problem transferring $40K to Thailand with ANZ. I asked for the operator to send the money in $A but they sent it in Thai Baht. I lost $1200 with that mistake, but after jumping up and down they eventually refunded me. So I don't know what the possible advantage would be in transferring in Baht as the ANZ gives a sh*t rate on exchange.

[Bruno123]

7 hours ago, giddyup said:

I agree, but I can't change the past. I will open an account with Wise and try transferring some smaller amounts first, just to see how it works.

Appreciate your good humour.

Searching out the lowest fee may have seemed a geeky Internet thing and price is not the only deciding factor. 

Edited September 14, 2022 by Bruno123

[Lacessit]

8 hours ago, giddyup said:

I just had a huge problem transferring $40K to Thailand with ANZ. I asked for the operator to send the money in $A but they sent it in Thai Baht. I lost $1200 with that mistake, but after jumping up and down they eventually refunded me. So I don't know what the possible advantage would be in transferring in Baht as the ANZ gives a sh*t rate on exchange.

Tell me a major bank in Australia that doesn't screw customers on a range of services. It's why I have banked with a credit union for more than 30 years.

[giddyup]

14 hours ago, sanuk711 said:

Yes --they said that they would make the exchange there into baht -at a higher rate then normal or what I would even get from BKK bank.

It was a better rate then normal rate--but BKK bank came in even better after the manager spoke to them. But they are negotiable.

I was on the phone with him, for quite some time (thank god for Skype) talking with the guy, security checks etc & he pointed out some things

about any future transferring I might do--

 

You should never transfer $50K--$100K --$150K  etc  you must go past their cut off points to get better rates.  $50,001--$100,001--etc etc.

He said that all banks (Wise isn't a bank) run like that $1--$100 gets X rate--$101 gets the $500 X + 0.01 cents rate, it might be  fine margins

but they run on fine margins.

Are you doing all this negotiation with the bank by phone? I've found trying to contact the ANZ is an absolute nightmare, and when you finally speak to an operator they are from India or the Philippines and not very competent.