Is Wise App A Higher Commission?

[KannikaP]

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.

The exchange rate and the fees are about the same whether you send GBP to Thai bank, or convert inside your Wise THB account and then transfer that, THB 31.20 fee.

At the end of the day, it is how many THB you get in your Thai bank which matters, and how quickly it arrives, and whether you need an FTT or not.

[SmokeandIce]

On 8/14/2023 at 8:52 AM, observer90210 said:

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.

When comparing transfer costs of different companies, the fees AND the exchange rate mudt be considered.

  Some companies give 3 to 6 % less in exchange...including Western union

[bradiston]

13 hours ago, Alixqay said:

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. 

Signing up with Remitly unavailable in Thailand.

[hioctane]

21 hours ago, SmokeandIce said:

When comparing transfer costs of different companies, the fees AND the exchange rate mudt be considered.

  Some companies give 3 to 6 % less in exchange...including Western union

As previous poster just said, Western Union is much more competitive now. I just compared it myself. I am not sure when they changed but it was common knowledge that they have horrible exchange rates. Also, I am not sure if the physical booth is the same rates as online.

[hioctane]

On 8/15/2023 at 4:44 PM, NoDisplayName said:

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.

How do you get free ACH transfers? My ACH transfer is $2.60 for $2000.

[NoDisplayName]

Just now, hioctane said:

How do you get free ACH transfers? My ACH transfer is $2.60 for $2000.

If you initiate the transfer from the Wise website/app, there is a fee to transfer from your bank.

 

If you send from your bank or credit union from their website, there should be no charge.  Most banks should be offering free ACH transfers nowadays, and Wise does not charge for incoming ACH transfers initiated elsewhere.

[hioctane]

1 hour ago, NoDisplayName said:

If you initiate the transfer from the Wise website/app, there is a fee to transfer from your bank.

 

If you send from your bank or credit union from their website, there should be no charge.  Most banks should be offering free ACH transfers nowadays, and Wise does not charge for incoming ACH transfers initiated elsewhere.

I never knew you could that, but it takes 2-3 days correct?

[NoDisplayName]

45 minutes ago, hioctane said:

I never knew you could that, but it takes 2-3 days correct?

It can be almost instantaneous, depending on how your bank processes ACH transfers, but usually same day.

 

I authorize an ACH from my credit union, they process at end of the day (USA time).  I get notification of fund received from Wise next morning (USA time).

[Sigma6]

13 hours ago, hioctane said:

As previous poster just said, Western Union is much more competitive now. I just compared it myself. I am not sure when they changed but it was common knowledge that they have horrible exchange rates. Also, I am not sure if the physical booth is the same rates as online.

Are you USD based? Last I checked WU was still terrible for GBP based transfers

[Finlaco]

@CharlieKo - 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.

 

Thanks, wasn't aware of this.  Followed your suggestion and my Euro to THB was deposited in 7seconds.

[Chivas]

Mind boggling it really is.

 

If you sent £10.000 to Thailand via Swift for £10 landing at normal telegtaphic rates

 

If you sent £10.000 to Thailand using Wise who charged you £1000 but applied a much higher exchange rate that gave you a better bottom line as oposed to Swift which then would you use

 

Thats rhetorical....you'd use the provider that gave the best bottom line £1000 fee or otherwise

 

Its basic it really is guys I find it astonishing many cant grasp that here at times

 

(I've exaggerated the £1000 to make the point because I can already see someone jumping in lol)

Edited August 21, 2023 by Chivas

[KannikaP]

Right now, if I SEND Bht  40,000  from my GBP balance, which I just transferred from my other UK bank, it would cost me £890.57 plus £5.61 fee = £896.18, with no fee at this end.

If I CONVERT Bht 40,000 from my GBP to my THB account, and then send it to Bkk Bank, it would cost me £890.47 plus £4.90 conversion fee, plus Bht 31.60 at this end. Exchange rate is the same at Bht 44.91.

Not really worth worrying about.

Edited August 21, 2023 by KannikaP

[hioctane]

On 8/17/2023 at 5:20 PM, Sigma6 said:

Are you USD based? Last I checked WU was still terrible for GBP based transfers

Yes, USD.

 

Edit: I just checked on the Western Union website.

250 GBP

XE: 11142.68

Wise: 11047.52

Western Union: 11111.85

Edited August 30, 2023 by hioctane

[Finlaco]

@hioctane   have you recently done a transfer with Western Union?  If not,  could you give some feedback here, when you have done?  

 

Western Union always had a history of additional charges.  Maybe they have massively changed.

[hioctane]

22 hours ago, Finlaco said:

@hioctane   have you recently done a transfer with Western Union?  If not,  could you give some feedback here, when you have done?  

 

Western Union always had a history of additional charges.  Maybe they have massively changed.

I just sent some money via Western Union to Colombia. No additional fees and better rates surprisingly.

Edited September 1, 2023 by hioctane

[Finlaco]

@hioctane  I'd appreciate if you could give feedback when you sending money into Thailand. 

[hioctane]

16 hours ago, Finlaco said:

@hioctane  I'd appreciate if you could give feedback when you sending money into Thailand. 

Same same but different!