Wise fees are going up again.

[Yellowtail]

When the Thai bank receives Baht, there is no fee. The fee is when they do the conversion.  

[lopburi3]

3 minutes ago, organicman said:

 

The amount I sent from XE is the same amount that went into my Thai Bank account. For the record, I only sent $10 to test it. I'll send a larger amount tomorrow and let you guys know if I received any fees from my Thai bank. 

You sent Thai baht or USD?  Or do you have a USD Thai bank account it was deposited into?  Normally there will also be an exchange rate variable involved (where Wise is normally a better deal).

[organicman]

15 hours ago, lopburi3 said:

You sent Thai baht or USD?  Or do you have a USD Thai bank account it was deposited into?  Normally there will also be an exchange rate variable involved (where Wise is normally a better deal).

Thai baht where XE is a better deal than Wise in 2024 due to Wise's price increase for me. 

 

If you send currency from your home country, the bank will use their conversion rate which is the worst. When you buy stuff online from a different currency, always pay with their currency, not your home country currency. 

 

When i stay at a hotel, I use Agoda where you can change the currency to the local currency for that country you are visiting. The other Hotel apps don't have this option even after I called them all so you end up paying a lot more. The home bank usually takes a big cut from the currency exchange. 

 

Always take money out at an ATM via credit card (VISA/Master has the best exchange rates) overseas so you get the best rate too! If you choose savings or cheque, your bank will do the conversion hence you end up paying more. Airport money exchanges usually take a $30US cut if you exchange money at the airport in most countries. Super Rich is the best money exchange I have found in Thailand with the best conversion rates. 

Edited May 29 by organicman

[treetops]

On 5/28/2024 at 10:57 AM, organicman said:

I just signed up with XE. The amount I receive with XE in baht is higher than Wise because there are no fees.

 

How are you accessing XE to get no fees, or is it an introductory offer or something?  Using the app, I see a fixed fee of 1.99 GBP, 2.99 USD or 3.99 AUD.

[CallumWK]

17 minutes ago, treetops said:

 

How are you accessing XE to get no fees, or is it an introductory offer or something?  Using the app, I see a fixed fee of 1.99 GBP, 2.99 USD or 3.99 AUD.

 

Of course there are fees, and actually twice, since recipient also pays a fee with XE.

Poster gonna be in for a surprise when he use XE instead of Wise. Been there got the T-shirt already

[organicman]

On 5/29/2024 at 8:16 PM, CallumWK said:

 

Of course there are fees, and actually twice, since recipient also pays a fee with XE.

Poster gonna be in for a surprise when he use XE instead of Wise. Been there got the T-shirt already

 

There are no fees where I've done many transfers this month with XE which gave me more Baht than Wise now.

 

XE makes it's money cause it's has a lower exchange rate than Wise but it still works out that you get more baht in the end.

Wise has a higher exchange rate but it it chargers you more fees 

 

Seriously, I log into both now cause I noticed for last Sunday, Wise was better but for the rest of the week, XE gave me more baht in the end. 

Edited June 12 by organicman

[CallumWK]

36 minutes ago, organicman said:

 

There are no fees where I've done many transfers this month with XE which gave me more Baht than Wise now.

 

XE makes it's money cause it's has a lower exchange rate than Wise but it still works out that you get more baht in the end.

Wise has a higher exchange rate but it it chargers you more fees 

 

Seriously, I log into both now cause I noticed for last Sunday, Wise was better but for the rest of the week, XE gave me more baht in the end. 

 

May I know which bank you use in Thailand.

 

My experience with XE was a transfer from Australia to my Kasikorn bank account.

 

The money arrived in a Bank bank account (I don't have a BKB account) and a small fee was deducted. BKB then transferred to my Kasikorn account using a service from which the name slips me, and that added a service fee of about 350 baht.

 

Edit: just found the transaction in my history.

 

Today your transfer arrived in my account, and it was only 1040 Baht,.

 

I have called my bank already and they have investigated

 

XE has transferred to Bangkok bank, who charge 350 Baht fee. Bangkok bank then transfers to Kasikorn, but since this is a Bahtnet transfer, Kasikorn charges another 110 Baht, so total fee 460 Baht.

 

Kasikorn has suggested that you take it up with XE, since you haven't asked to transfer to Bangkok bank, but i think there is little chance they will take up their responsibility.

 

I include screenshots from the transfer.

 

Edited June 12 by CallumWK

[Yellowtail]

21 minutes ago, CallumWK said:

 

May I know which bank you use in Thailand.

 

My experience with XE was a transfer from Australia to my Kasikorn bank account.

 

The money arrived in a Bank bank account (I don't have a BKB account) and a small fee was deducted. BKB then transferred to my Kasikorn account using a service from which the name slips me, and that added a service fee of about 350 baht.

 

Edit: just found the transaction in my history.

 

Today your transfer arrived in my account, and it was only 1040 Baht,.

 

I have called my bank already and they have investigated

 

XE has transferred to Bangkok bank, who charge 350 Baht fee. Bangkok bank then transfers to Kasikorn, but since this is a Bahtnet transfer, Kasikorn charges another 110 Baht, so total fee 460 Baht.

 

Kasikorn has suggested that you take it up with XE, since you haven't asked to transfer to Bangkok bank, but i think there is little chance they will take up their responsibility.

 

I include screenshots from the transfer.

 

I think when I transfer from my US bank (Chase) to my Thai banks (Kasikorn and Krungsri) a fee is charged when the bank receives dollars, but no fee is charged when the bank receives baht.  

[CallumWK]

1 hour ago, Yellowtail said:

I think when I transfer from my US bank (Chase) to my Thai banks (Kasikorn and Krungsri) a fee is charged when the bank receives dollars, but no fee is charged when the bank receives baht.  

 

If you look at the screenshots it is very clear that 1500 baht was sent.

 

Edited June 12 by CallumWK

[Yellowtail]

11 minutes ago, CallumWK said:

 

If you look at the screenshots it is very clear that 1500 baht was sent.

 

I transfer via Swift, not with XE, but everyone needs to make money. 

 

If you do not mind me asking, why transfer such a small amount?

[KhunHeineken]

17 minutes ago, Yellowtail said:

If you do not mind me asking, why transfer such a small amount?

Because that's the price he paid for a "short time."     

 

Edited June 12 by KhunHeineken

[CallumWK]

2 hours ago, Yellowtail said:

I transfer via Swift, not with XE, but everyone needs to make money. 

 

If you do not mind me asking, why transfer such a small amount?

 I DO mind.

 

This is a payment I received from someone in Australia, and this discussion is not about Swift transfers.

 

The tread is about Wise, and another member said that he used XE, and they were cheaper and no fees.

 

I showed him the evidence that there are fees at recipient end.

[organicman]

On 6/12/2024 at 3:20 PM, CallumWK said:

 

May I know which bank you use in Thailand.

 

My experience with XE was a transfer from Australia to my Kasikorn bank account.

 

The money arrived in a Bank bank account (I don't have a BKB account) and a small fee was deducted. BKB then transferred to my Kasikorn account using a service from which the name slips me, and that added a service fee of about 350 baht.

 

Edit: just found the transaction in my history.

 

Today your transfer arrived in my account, and it was only 1040 Baht,.

 

I have called my bank already and they have investigated

 

XE has transferred to Bangkok bank, who charge 350 Baht fee. Bangkok bank then transfers to Kasikorn, but since this is a Bahtnet transfer, Kasikorn charges another 110 Baht, so total fee 460 Baht.

 

Kasikorn has suggested that you take it up with XE, since you haven't asked to transfer to Bangkok bank, but i think there is little chance they will take up their responsibility.

 

I include screenshots from the transfer.

 

 

I'm sorry to hear Bangkok Bank charged you fees.

 

I'm with Krungsri, and I'm not getting charged any fees. I just double-checked my statement. The amount sent from XE is the same as what my bank account received. 

 

I have a Krungsri Debit all ATMs card and Krungsri Boarding Card. The money was sent to my Savings account from XE, not my Boarding Card account. 

 

Can you advise me what XE said after you have spoken to them please!  

Edited June 13 by organicman

[organicman]

Krungsri: "0.25% of deposit amount with a minimum of Baht 200 and a  maximum of Baht 500"

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposits-withdrawals-fcd/en/fee-deposit-withdrawals-fcd-01012024-en.pdf

 

I've made 3 transactions with XE this month, and the total amount has been sent to my bank account. No Krungsri bank fees were taken.

 

I'm going to have to speak to Krungsri because it says there are fees, but I haven't been charged any unless they don't show up on the statement? I think I'll stick with Wise to be safe!

 

Bangkok Bank international fees:

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_20sep2023_en.pdf

Edited June 13 by organicman

[organicman]

This is a very good article I found today. It looks like Bangkok bank and Kasikorn charge a fee.

https://www.thethailandlife.com/how-to-send-money-to-thailand-no-bank-fees

 

I'm still waiting to hear back from Krungsri why I wasn't charged any fees.