Wise or swift

[sandyf]

23 hours ago, hotandsticky said:

 

The 'cost' is less with Wise.

 

As I have said before, I don't pay fees with HSBC but I receive more Baht every month by going HSBC to Wise to KBank. The gap has narrowed in recent times though.

 

@sandyf ...... you may be interested in the new HSBC Global Money Debit Card ....sounds similar to the Wise card.

The "cost" is not less with Wise,  it may be or it may not, too close to call.

From HSBC to Thailand you pay a fixed fee of £5 and you get the forex rate when the funds are converted by the BOT, forex is better than the Wise rate. There is a small handling fee by the Thai bank, altogether very little in it and the overall cost using Wise is related to the amount you send. I have only ever cross checked the amounts I send, other amounts may give a different result. At the end of the day it is whatever you think suits best.

 

I have seen the HSBC card but will stick with Wise, know that suits.

[lopburi3]

36 minutes ago, sandyf said:

From HSBC to Thailand you pay a fixed fee of £5 and you get the forex rate when the funds are converted by the BOT, forex is better than the Wise rate

Don't know for UK pound but that is not true for USD - Wise is always the better exchange rate - what can make Wise less desirable is large transfers as fees are based on amount.

Current BBL TT exchange rate:  34.04  -  Wise 34.12

[hotandsticky]

1 hour ago, sandyf said:

The "cost" is not less with Wise,  it may be or it may not, too close to call.

From HSBC to Thailand you pay a fixed fee of £5 and you get the forex rate when the funds are converted by the BOT, forex is better than the Wise rate. There is a small handling fee by the Thai bank, altogether very little in it and the overall cost using Wise is related to the amount you send. I have only ever cross checked the amounts I send, other amounts may give a different result. At the end of the day it is whatever you think suits best.

 

I have seen the HSBC card but will stick with Wise, know that suits.

 

 

You are wrong Sandy.

 

It doesn't matter to you that you are wrong because you are comfortable with what you do. I only point out that you are wrong because you are misleading others with your post.

 

WISE is always better than using HSBC.

 

On a transfer of £1,000 via HSBC £995 is sent after the £5 charge; that equates to 40,929.32 using BKB's TT rate of 41.135. Less the 200 Baht minimum @0.25% charge = 40,729.32.

 

Same £1,000 with WISE gives a net transfer of £993.62 after their charge of £6.38. With their (always) superior exchange rate of 41.5684 yields 41,303.19.

 

583.87 Baht difference  is not "too close to call". For me it is closer because as a former HSBC employee I don't pay the £5 charge......I am only 378 Baht better off......but my money arrives in 6 seconds normally.

 

On larger transfers the saving is even greater:-

 

On a transfer of £10,000 via HSBC £9,995 is sent after the £5 charge; that equates to 411,144.32 using BKB's TT rate of 41.135. Less the 500 Baht maximum @0.25% charge = 410,644.32.

 

Same £10,000 with WISE gives a net transfer of £9.942.61 after their charge of £57.39. With their (always) superior exchange rate of 41.5684 yields 413,298.39.

 

2,654.07 Baht is certainly not "too close to call"

[sandyf]

On 3/18/2023 at 10:28 AM, lopburi3 said:

Don't know for UK pound but that is not true for USD - Wise is always the better exchange rate - what can make Wise less desirable is large transfers as fees are based on amount.

Current BBL TT exchange rate:  34.04  -  Wise 34.12

TT exchange is not the same as the BOT would get on Forex.

[sandyf]

On 3/18/2023 at 12:03 PM, hotandsticky said:

On a transfer of £1,000 via HSBC £995 is sent after the £5 charge; that equates to 40,929.32 using BKB's TT rate of 41.135. Less the 200 Baht minimum @0.25% charge = 40,729.32.

You are wrong on 2 counts, the £5 is not deducted from the transfer, it is a separate charge that can be paid by either payer or payee.

TT rates are not the same as BOT buying on Forex.

[lopburi3]

50 minutes ago, sandyf said:

TT exchange is not the same as the BOT would get on Forex.

The buying TT rate is what the Thai bank will exchange at.  

[hotandsticky]

48 minutes ago, sandyf said:

You are wrong on 2 counts, the £5 is not deducted from the transfer, it is a separate charge that can be paid by either payer or payee.

TT rates are not the same as BOT buying on Forex.

Keep digging Sandy???????? 

 

TT rates are used by Thai banks when they receive your Sterling. The £5 is £5 whether you pay it at the UK end or Thai end.

 

Just to be absolutely clear are you saying that I am wrong by stating WISE is always cheaper/better value/cost-effective than HSBC for transfers to Thailand?

[sandyf]

On 3/20/2023 at 4:28 PM, lopburi3 said:

The buying TT rate is what the Thai bank will exchange at.  

Foreign remittances are converted by BOT and THB is credited to your Thai bank.

[sandyf]

On 3/20/2023 at 4:31 PM, hotandsticky said:

Just to be absolutely clear are you saying that I am wrong by stating WISE is always cheaper/better value/cost-effective than HSBC for transfers to Thailand?

As already said.

"The "cost" is not less with Wise,  it may be or it may not, too close to call."

[hotandsticky]

39 minutes ago, sandyf said:

As already said.

"The "cost" is not less with Wise,  it may be or it may not, too close to call."

It is. Period 

 

Keep it simple for you...it is more advantageous to transfer funds to Thailand with WISE than via HSBC .

 

Now, contradict that statement if you will ....and be sure to re-read my calculations above before doing so.

[treetops]

On 3/20/2023 at 8:35 AM, sandyf said:

TT exchange is not the same as the BOT would get on Forex.

TT Exchange Booths' rates are not the Telegraphic Transfer rates being referred to here.  The latter are the rate that banks convert your "foreign remittance" at.  You appear to be mixing the two.

[still kicking]

On 3/11/2023 at 12:23 PM, Moonlover said:

  @Harveyboy Which is this bank that is telling you that all 'foreign accounts' are to be closed and how do they define what a 'foreign account' actually is?

 

@MJCMabove is correct by the way. SWIFT is a money transaction method, not a bank.

 

Nothing wrong with Wise BTW. I've been using them for many years without a hitch.

I never used Swift so I can't compare I only transfer small amounts into Thailand I only pay a couple of $ per transaction I use Ria 

[sandyf]

22 hours ago, hotandsticky said:

It is. Period 

 

Keep it simple for you...it is more advantageous to transfer funds to Thailand with WISE than via HSBC .

 

Now, contradict that statement if you will ....and be sure to re-read my calculations above before doing so.

I am not interested in your calculations, only my own.

As far as I am concerned it is more advantageous for me to use HSBC than Wise and you can dispute that as much as you want, makes no difference.

I said before, each to their own, and you even disputed that.

[hotandsticky]

26 minutes ago, sandyf said:

I am not interested in your calculations, only my own.

As far as I am concerned it is more advantageous for me to use HSBC than Wise and you can dispute that as much as you want, makes no difference.

I said before, each to their own, and you even disputed that.

 

You are losing out.

 

Your prerogative.

 

But when a former HSBC senior manager tells you that WISE is more cost effective than HSBC, you should take note 

[sandyf]

11 hours ago, treetops said:

TT Exchange Booths' rates are not the Telegraphic Transfer rates being referred to here.  The latter are the rate that banks convert your "foreign remittance" at.  You appear to be mixing the two.

No, I know the difference.

Some years ago, pre brexit vote, I used to get my pension direct from the DWP and there was some debate on the topic. I saw at the time something on the bahnet website about all inward remittances being processed by the BOT at beneficial rates and distributed to banks via bahtnet. I can no longer find that page and would accept that things may have changed and Thai banks themselves may be doing the conversion which would as you say be the telegraphic transfer rate.