Is Wise App A Higher Commission?

[Neeranam]

I'm trying to send Euro to my Thai bank. 

For 1300 Euro, the cost is 9 Euro. 

This seems very high to me, is it normal? 

Wouldnt mind if it was only one transaction but I've got to do multiple times as can't send more than 50k baht. 

[bignok]

8 minutes ago, Neeranam said:

I'm trying to send Euro to my Thai bank. 

For 1300 Euro, the cost is 9 Euro. 

This seems very high to me, is it normal? 

Wouldnt mind if it was only one transaction but I've got to do multiple times as can't send more than 50k baht. 

Normal. Other charge more probably.

[observer90210]

Western Union charges aroung 4,5 euros for the transfer online..I looked it up yesterday. Guess it depends from where you are sending out the cash. I would check with Western Union as they do have a reputation to charge heavy, but one can be surprised...then again, all depends from which country you are sending out the money...I think.

[NoDisplayName]

It's not just the transfer fee.  The difference is negligible.

 

Compare the euro-baht conversion rate.  Odds are you'll save thousands having wise convert, rather than western union or the receiving bank.

 

The wise website will tell you exactly how much you'll receive to compare to the western union or bank websites.

[NoDisplayName]

currently

 

xe.com  dollar-baht exchange is 35.324468

wise guarantees an exchange rate of 35.3200

[CharlieKo]

10 minutes ago, bignok said:

Normal. Other charge more probably.

Change banks. Bangkok Bank or Kasikorn Bank, or SCB. Then you can send from 1.5 to 2 million baht in one go. 

 

As already mentioned the exchange rate you get from Wise is far better than what you will get from Other banks or exchanges. So the 9 Euro fee is fair when all is done and considered. Just compare the rate from who ever you think is cheaper!

[Neeranam]

13 minutes ago, CharlieKo said:

Change banks. Bangkok Bank or Kasikorn Bank, or SCB. Then you can send from 1.5 to 2 million baht in one go. 

 

As already mentioned the exchange rate you get from Wise is far better than what you will get from Other banks or exchanges. So the 9 Euro fee is fair when all is done and considered. Just compare the rate from who ever you think is cheaper!

I have accounts in those other 2 banks, I might use them, thanks.

I'm sure I only spent about $3 making a transaction of a similar amount before.

 

 

 

[fgmr]

22 minutes ago, NoDisplayName said:

currently

 

xe.com  dollar-baht exchange is 35.324468

wise guarantees an exchange rate of 35.3200

i have been using XE on a regular basis to transfer GBP to THB. I have no complaints. it is the Thai Banks` fees that vary. enquire  before deciding!

 

[CharlieKo]

2 minutes ago, fgmr said:

i have been using XE on a regular basis to transfer GBP to THB. I have no complaints. it is the Thai Banks` fees that vary. enquire  before deciding!

 

There aren't any Thai bank fees when using Wise. 

[CharlieKo]

16 minutes ago, Neeranam said:

I have accounts in those other 2 banks, I might use them, thanks.

I'm sure I only spent about $3 making a transaction of a similar amount before.

 

 

 

You might be able to reduce that fee a bit. You just send Euros to wise first. Then make your transfer once the funds reach Wise. I do that GBP and save on the transfer fee. Doing it that way it counts as funds in/on account. So you should get a cheaper fee for funds in/on account.

[Neeranam]

Just now, CharlieKo said:

You might be able to reduce that fee a bit. You just send Euros to wise first. Then make your transfer once the funds reach Wise. I do that GBP and save on the transfer fee. Doing it that way it counts as funds in/on account. So you should get a cheaper fee for funds in/on account.

I don't understand. 

I got the EUROS sent to the account a couple of hours ago and just took some out. 

Maybe you mean move from my EURO account to my Thai Baht account on Wise?

[NoDisplayName]

30 minutes ago, fgmr said:

i have been using XE on a regular basis to transfer GBP to THB. I have no complaints. it is the Thai Banks` fees that vary. enquire  before deciding!

 

the xe.com number i quoted was the mid-market rate, not the conversion rate if sending by xe.com.  wise quote seems to match the live quotes.

 

for information only, to compare to the actual wise conversion rate.  i checked bangkok bank, but they haven't updated the forex rates on their website since friday.

[Sigmund]

But how does one send in the money from abroad without a bank account in Thailand ? Besides Western Union or Money Gram etc....no other means

[CharlieKo]

30 minutes ago, Neeranam said:

I don't understand. 

I got the EUROS sent to the account a couple of hours ago and just took some out. 

Maybe you mean move from my EURO account to my Thai Baht account on Wise?

Sorry, I mean, send funds to Wise. When it gets there make your transfer. For some reason doing it that way saves on the fees compared to initiating a transfer on Wise then sending funds to Wise. 

[KhunBENQ]

Basically all said.

Don't be fooled by fees.

Some will offer "no fee" transfer.

It's always fees AND rates to compare.

What counts?

Money arriving in your Thai account. And WISE is hard to beat for typical private transfers.

[KhunBENQ]

12 hours ago, CharlieKo said:

There aren't any Thai bank fees when using Wise. 

Correct

[KhunBENQ]

12 hours ago, Neeranam said:

have accounts in those other 2 banks, I might use them, thanks

Absolutely recommended.

Bangkok Bank, Kasikorn and SCB don't have this strange limitation.

Overall fee goes down to about 0.69% for higher amounts and slightly better if sending from WISE account.

 

Edited August 15, 2023 by KhunBENQ

[Neeranam]

2 hours ago, KhunBENQ said:

Absolutely recommended.

Bangkok Bank, Kasikorn and SCB don't have this strange limitation.

Overall fee goes down to about 0.69% for higher amounts and slightly better if sending from WISE account.

 

OK, thanks.

 

Edit -  figured it out

 

Edited August 15, 2023 by Neeranam

[CharlieKo]

17 hours ago, Sigmund said:

But how does one send in the money from abroad without a bank account in Thailand ? Besides Western Union or Money Gram etc....no other means

Open a Thai Bank account. Preferably Bangkok Bank, Kasikorn or SCB.

[Sigmund]

5 hours ago, KhunBENQ said:

Basically all said.

Don't be fooled by fees.

Some will offer "no fee" transfer.

It's always fees AND rates to compare.

What counts?

Money arriving in your Thai account. And WISE is hard to beat for typical private transfers.

what do you think about Currency Fair ?

[NoDisplayName]

Just for funsies, assume on 65K baht method, sending $2000/month.

 

ACH domestic wire from bank to wise is free, send $2000

Wise charges $13.75 and converts to baht at 35.37 (Aug 15 4:30pm)

No Thai bank fees.

You get....................70,250

 

SWIFT from your bank to Thai bank $25, fee deducted from total, send $1975

Thai bank converts at 35.20 (Aug 15 4:15pm Bangkok Bank) for 69,520

Bangkok Bank incoming wire fee of 0.25% is 175 baht.

You get....................69,345

 

So........income method guy pays an extra 10,850 baht per year.

[KhunBENQ]

3 hours ago, Sigmund said:

what do you think about Currency Fair ?

Interesting. If there is no hidden trap they beat WISE by a small margin.

You are using it?

 

Just checked

1000 EUR: 38385.70 vs 38381.66.

2000 EUR: 76896.40 vs 76786.48.

 

They have a different approach: lower exchange rate but very low fee.

I will watch but not sure whether I will take the effort to open an account.

Questions related:

unlimited amount to all banks or same 50k Baht limit for many Thai banks?

Does it appear as a foreign transfer on the bank book?

Edited August 15, 2023 by KhunBENQ

[Finlaco]

@Sigmund  @Neeranam Currency Fair is very slow to answer emails.  I usually use Wise but CF rate (total cost) was better on Sunday.  I had a few questions and their reply via email and FB is painfully slow, especially with a follow-up question.  I'd be concerned if there was an issue after funds transferred.

 

They said no issue with transfers about THB50k to Kasikorn but on their app it advises it will arrive as a FCT and local bank charges may apply.  For Kasikorn that's circa THB500.   No reply to a follow-up email sent twice.

 

Never had an issue with Wise.  I will try to send money first to Wise and then see if I get a better rate as advised/suggested by a poster above.

 

This is a good site for comparison https://www.monito.com/

Edited August 16, 2023 by Finlaco

[keeffy48]

If you look up the "Monito"  website they will automatically do conversions for you comparing 12 different transfer companies including Western Union disclosing all the fees and exchange rates for each of the companies including the time it takes for the transfer to complete.

[RocketDog]

On 8/14/2023 at 9:41 PM, CharlieKo said:

You might be able to reduce that fee a bit. You just send Euros to wise first. Then make your transfer once the funds reach Wise. I do that GBP and save on the transfer fee. Doing it that way it counts as funds in/on account. So you should get a cheaper fee for funds in/on account.

Indeed. I fund my wise account and currently get over 4% interest while it sits there. Then I transfer some to BBL (no BBL fee) whenever the thb weakens, like now.

[wwest5829]

On 8/14/2023 at 9:03 PM, NoDisplayName said:

currently

 

xe.com  dollar-baht exchange is 35.324468

wise guarantees an exchange rate of 35.3200

Ordered Wise transfer this morning 35.42

[KhunBENQ]

@Finlaco

 

Very good contribution.
Doesn't sound like I would try Currency Fair.

XE is interesting to me as they seem to give the same result even for paying from credit card which is very convenient.

WISE has a hefty extra fee for credit card.

[DFPhuket]

This post prompted me to look at the THB I’d get if I were to send 2,500 USD from my US bank today using the ACH transfer method. The following is how much (after fees, etc.) would be deposited into my SCB account.

• Wise - THB 87,650.30
• US Western Union - THB 87,366
• XE - THB 87,284.50

Western Union used to have a reputation for having poor rates/fees. Competition has certainly changed that. 

[Alixqay]

Hi, Wise is to exspensive. Download and Use Remitly. It only charges you about 250 bath and a minimum Exchange rate. You Can use any Viss/Mastercard. And you Can choose to exchange from your accounts currency to THB in one go. Good luck. 
P.  S. I have tried 5 different methods. Also Western Union is very expensive. 

[Red Forever]

A friend was gonna send £1k to me here in Thailand. He went to Western Union and was quoted £28 fee. Hmm...3 x Wise charge but hey ho. What rate? My friend enquired: 39.7 baht to £1. On that day the middle rate was 44.8 baht.

So WU would cop a massive £79 .

That's 7.9%!

No thanks WU. You've had your day there are other players in the field now.