Best app to transfer large amount of Euro to Thailand

[stupidfarang]

Hi,

Wondering which app out there is good for bringing in Euro to buy land, 

[KannikaP]

WISE.

[maximillian]

My advice: wise, formerly transferwise. 

wise.com

[KannikaP]

19 minutes ago, maximillian said:

My advice: wise, formerly transferwise. 

wise.com

Does the 'formerly transferwise' get added automatically or do you put it there?

Same as 'X, formerly twitter' but you still send tweets and not X's.

[maximillian]

No, it doesn't. Now only wise. I think they changed their name a few month ago from transferwise to wise,

Any more questions ?

[NoDisplayName]

28 minutes ago, KannikaP said:

WISE.

 

Maybe.

 

Best to check the total fees and actual conversion rates to see which is the better option.

 

Buying "land" sounds like a rather large amount.

 

Also want to be sure to have the proper coding on the deposit to ensure it can be used to purchase a condo, unless your wife is buying land in her name.

[Upnotover]

6 minutes ago, maximillian said:

No, it doesn't. Now only wise. I think they changed their name a few month ago from transferwise to wise,

Any more questions ?

22 February 2021, I reckon we could drop the 'formerly......' now.  

[Chivas]

11 minutes ago, NoDisplayName said:

 

Maybe.

 

Best to check the total fees and actual conversion rates to see which is the better option.

 

 

 

Not quite

 

The only thing that matters is the absolute "bottom line" that lands in your account

 

So many people fixate solely on the "fees" without realising as you correctly say the conversion rates involved as well

 

Wise use full interbank and as such are very hard to beat

 

 

[KannikaP]

22 minutes ago, maximillian said:

No, it doesn't. Now only wise. I think they changed their name a few month ago from transferwise to wise,

Any more questions ?

Changed to WISE three years ago 22nd Feb 2001.

 

Sorry upnotover, you got there before me.

[NoDisplayName]

6 minutes ago, Chivas said:

 

Not quite

 

The only thing that matters is the absolute "bottom line" that lands in your account

 

So many people fixate solely on the "fees" without realising as you correctly say the conversion rates involved as well

 

Wise use full interbank and as such are very hard to beat

 

 

 

That's the thing.  A SWIFT should be max $35, sometimes free from your broker. Thai bank deposit fee max 500 baht, potential $15-20 fee for a correspondent bank, and slightly less attractive conversion rate.

 

WISE has the better conversion rate, but their fee increases with the amount transferred.  Does it ever increase to the point that a SWIFT is a better value?  I dunno.........

[Chivas]

2 minutes ago, NoDisplayName said:

 

That's the thing.  A SWIFT should be max $35, sometimes free from your broker. Thai bank deposit fee max 500 baht, potential $15-20 fee for a correspondent bank, and slightly less attractive conversion rate.

 

WISE has the better conversion rate, but their fee increases with the amount transferred.  Does it ever increase to the point that a SWIFT is a better value?  I dunno.........

 

I used to (havent done it for a while) do sample dummy transfers using Wise against my own Royal Bank of Scotland using their swift method

 

At £20.000 Wise was always still ahead

[lopburi3]

1.  Wise is not cost effective for large transfers of money.

2.  Money used to purchase condo must have special paperwork which Wise does not qualify for AFAIK if you ever want to sell and return money to home country.

3.  SWIFT transfer believe is what you want to use (although have never done myself).

4.  How exactly do you intend to buy land?  Are you Thai?

 

[lopburi3]

1 hour ago, Chivas said:

 

I used to (havent done it for a while) do sample dummy transfers using Wise against my own Royal Bank of Scotland using their swift method

 

At £20.000 Wise was always still ahead

Was Royal Bank of Scotland sending baht (at a low exchange rate perhaps)?  Banks like to do that if not instructed to send foreign currency.

[Chivas]

2 minutes ago, lopburi3 said:

Was Royal Bank of Scotland sending baht (at a low exchange rate perhaps)?  Banks like to do that if not instructed to send foreign currency.

 

No

 

They send via Telegrahic Transfer in Sterling letting the receiving bank apply the TT rate the minute it lands

[SAFETY FIRST]

1 hour ago, Upnotover said:

22 February 2021, I reckon we could drop the 'formerly......' now.  

Would that be wise?  🤔

[Stocky]

1 hour ago, NoDisplayName said:

WISE has the better conversion rate, but their fee increases with the amount transferred.  Does it ever increase to the point that a SWIFT is a better value?  I dunno.........

Depends on the currency and the margin between buy and sell. For all the currency I've looked at changing to THB, with the exception of USD, Wise remains the better option, regardless the amount, because the margin is wide. The USD trades on a narrow margin because its so widely traded, and above about USD10,000 then Wise is no longer the better option. Certainly for GBP, EUR, AUD and SGD then Wise is best.

 

But with anything to do with finance, always best to do your own homework.

[stupidfarang]

14 hours ago, lopburi3 said:

1.  Wise is not cost effective for large transfers of money.

2.  Money used to purchase condo must have special paperwork which Wise does not qualify for AFAIK if you ever want to sell and return money to home country.

3.  SWIFT transfer believe is what you want to use (although have never done myself).

4.  How exactly do you intend to buy land?  Are you Thai?

 

Not Thai, in daughters name

 

[lopburi3]

5 minutes ago, stupidfarang said:

Not Thai, in daughters name

 

So she will declare money as hers.  Seems I was wrong on cost of Wise (as only use USD) and that from Euro should be fine and guess no money trail required (unless Thai authorities question your daughters source of funds.

[stupidfarang]

34 minutes ago, lopburi3 said:

So she will declare money as hers.  Seems I was wrong on cost of Wise (as only use USD) and that from Euro should be fine and guess no money trail required (unless Thai authorities question your daughters source of funds.

I use wise all the time, but for very large sums (6million baht) it is not so good that is why I am looking for an app that gives a better rate than the bank, looking at currency solutions.  

[Digitalbanana]

51 minutes ago, lopburi3 said:

Seems I was wrong on cost of Wise (as only use USD)

Can you explain further please? You mean sending EUR to THB is cheaper fees than USD to THB using Wise? I have not tried that myself so reason for asking.

[freeworld]

16 hours ago, maximillian said:

No, it doesn't. Now only wise. I think they changed their name a few month ago from transferwise to wise,

Any more questions ?

They changed their name to wise in March 2021. That is a few years ago.

[lopburi3]

Just now, Digitalbanana said:

Can you explain further please? You mean sending EUR to THB is cheaper fees than USD to THB using Wise? I have not tried that myself so reason for asking.

Read Stocky above post - it seems USD is the odd man out where fee increase becomes more than the higher exchange rate quickly for larger transfers. 

[Phulublub]

16 hours ago, NoDisplayName said:

 

That's the thing.  A SWIFT should be max $35, sometimes free from your broker. Thai bank deposit fee max 500 baht, potential $15-20 fee for a correspondent bank, and slightly less attractive conversion rate.

 

WISE has the better conversion rate, but their fee increases with the amount transferred.  Does it ever increase to the point that a SWIFT is a better value?  I dunno.........

It does, eventually.
 

The ONLY thing that matters is the total THB you receive into your account for the USD you send.  The calcualtion can change (ever so slightly!) day to day.

 

WISE gives pretty much the best exchange rate, but charges a %age fee on the amount transferred, so this contiues to increase as the amount transferred increases.  I believe Remitly uses a similar formual

SWIFT will give a lower exchange rate, but charges (at both ends) will be capped.

Western Union can often be the best

 

Just done a compaison on WISE website and WU is showing the best return right now for a £1K transfer:

 

 

But for £10K, WISE is best:

 

 

 

Do you own sums - FWIW I transferred near 3m THB here two years ago for a condo pruchase and WISE was still the best option.

 

PH

[NoDisplayName]

2 hours ago, Phulublub said:

Do you own sums - FWIW I transferred near 3m THB here two years ago for a condo pruchase and WISE was still the best option.

 

PH

 

This seems to be the more important info for the OP.

 

You sent funds via WISE, and the transfer coding and documentation was acceptable for a foreigner purchasing a condo.

[rexpotter]

Recently I did one with Remitly, they give a 20usd credit for first timers plus mid market rate. Honest and exactly what they promised, but after I got my first transfer completed, it was nearly impossible to get the neanderthals in a cave somewhere in norther India to provide halfway decent customer service. The good service was all over. When I eventually got the rate I would get next time around it was 2.3 % loss, not very good.

 

Does anyone know what Ayudya does for exchange rate at ATM’s? They will allow 30k thb, a pull. Might be cheaper to get some cash and use the debit card for other transactions.

[lopburi3]

3 minutes ago, rexpotter said:

Recently I did one with Remitly, they give a 20usd credit for first timers plus mid market rate. Honest and exactly what they promised, but after I got my first transfer completed, it was nearly impossible to get the neanderthals in a cave somewhere in norther India to provide halfway decent customer service. The good service was all over. When I eventually got the rate I would get next time around it was 2.3 % loss, not very good.

 

 

 

Does anyone know what Ayudya does for exchange rate at ATM’s? They will allow 30k thb, a pull. Might be cheaper to get some cash and use the debit card for other transactions.

 

The exchange rate would be the card (Visa/MasterCard) set rate unless you opt to use DCC (payment shown in foreign currency - which will be very low exchange rate).  Also there will be a local ATM usage fee.  Then your card may charge an overseas fee of 1-3 percent to home bank (check that you have a no fee card).

[rexpotter]

Thanks, strange I checked Western

Union and they are very good.