CurrencyFair have told me THB will be available by the end of the month.

[Mr Happynesss]

CurencyFair exchange rate looks to be about the same as Bangkok Bank TT

[sustento]

I've just compared them to Caxton. Sending £100 by Caxton will give you 5375.65Bt after all charges. Sending £100 with Currencyfair will give you 5331.12Bt after all charges. So they're better than the banks but slightly worse than Caxton.

[SirMuttley]

I need to send money the other way (THB to GBP) so I can keep adding to my pension. I looked at UK Forex and Currency Fair, but they don't do that conversion. Any chance anyone has found a good way to do this avoiding the bank fee rip off?

[padeakin]

I need to send money the other way (THB to GBP) so I can keep adding to my pension. I looked at UK Forex and Currency Fair, but they don't do that conversion. Any chance anyone has found a good way to do this avoiding the bank fee rip off?

If you know and trust someone who is moving GBP to THB arrange for them to pay GBP to your UK account, and you pay your THB to their Thai account at mid rate, you both get a better rate and no fees

[padeakin]

I just used CurrencyFair to transfer GBP to Thai Baht.

They gave me rate of 54.75 and fee of 7 GBP

If I had done it my usual way, by sending GBP via HSBC to KTB bank I would have got KTB rate of 54.78 and the HSBC fee of 4 GBP

[Mr Happynesss]

Visa-Europe 54.76

Bangkok Bank TT 54.58

[JacChang]

I just used CurrencyFair to transfer GBP to Thai Baht.

They gave me rate of 54.75 and fee of 7 GBP

If I had done it my usual way, by sending GBP via HSBC to KTB bank I would have got KTB rate of 54.78 and the HSBC fee of 4 GBP

Thank you for the information.

I have yet to use an international transfer company yet. That doesn't mean I'm a newbie. I have researched a lot into these conversions, but the reason I haven't used them is because they show no valid proof that they are cheaper as of yet.

Very sad. It's either low fees, or no fees scam, or hidden costs, and lousy exchange rates.

The best I've got so far is personal cheques, total fee less than 0.5%, including all the fees/costs, and deviation from "best exchange rate". But it takes 40 days. I'm still opened to new suggestions and online transfer companies who can beat that cost and time.

[JacChang]

Visa-Europe 54.76

Bangkok Bank TT 54.58

But I think visa will have a surcharge. I forgot the exact percentage. 2.5%?

International currency conversion fee or something on those lines.

Bank's TT still best.

[Pib]

Appears CurrencyFair gives basically the same rate, give or take a few stang, as a Thai bank TT Buying Rate used for incoming transfers.

I just checked the CurrencyFair exchange calculator this morning/16 July and compared them to this morning's Bangkok Bank TT Buying Rate used for incoming wire transfers. Now below is the exchange rate comparison only...it does not address associated sending, correspondent, and receiving fees (although receiving fee at Thai bank would be same)...how long each method takes...other pros and cons.

CurrencyFair Rate Bangkok Bank TT Buying Rtae

GBP-THB: 54.81 54.79

EUR-THB 43.38 43.36

USD-THB 31.93 32.04

[JacChang]

Another rip off by paypal.

22-Jul-14

I received 43 EURO from Singapore. Instantly got deducted 2.24 euro as fees.

43EURO - 2.24 EURO = 40.76 EURO

To withdraw to local currency. They won't allow withdrawal of any other currency except local and USD to a US bank. Of course, they want to rip people off again by forcing their own lousy exchange rates.

Best exchange rate for local currency.

40.54

Local Bank spreads for TT

40.34 40.74 (0.5% each way)

Paypal's rate

39.4259 (2.32% worse than local banks)

Total cost through paypal.

2.24 EURO ( 5.21%) + foreign exchange charge (2.32%) =

7.53%

You have been warned.

[Goodmind]

I didn't read all of the posts, still it appears that most of these are about sending money into Thailand. Do you think these type of services will be available (or are currently) available for sending money out?

Edited September 17, 2014 by Goodmind

[Susco]

@RedCardinal @Pib

 

I know this is an old thread but I just stumbled on it searching for CurrencyFair.

 

I'm considering using them to send a small amount from abroad to my Thai account, since transferwise has blocked transfers to my account.

 

What IU can't figure out is if there is a fee at receiver end, and however I have had a lengthy email conversation with them already, they can't or don't want to answer that question.

 

I know with transferwise I would receive the exact amount the sender want me to receive.

 

With XE someone sent me 1500 Baht, paid fees at his end, and I received 1040 Baht.

 

350 Baht fee from BB for the incoming transfer, and another 110 Baht fee from Bahtnet to send it from BB to my Kasikorn account.

 

I would like to avoid a similar debacle, so do you know if with CurrencyFair there are any fees at my end?

 

 

[RedCardinal]

On 7/8/2020 at 10:50 PM, Susco said:

What IU can't figure out is if there is a fee at receiver end, and however I have had a lengthy email conversation with them already, they can't or don't want to answer that question.

I cant speak of CurrecyFair, but when you create a Transferwise transfer they tell you how much will be deposited to the recipients account. That's how much will land. There wont be any other charges.

 

You could also take a look at InstRem - sometimes you might get a better rate from them than TransferWise. Depends on the currency pair. 

[Susco]

8 minutes ago, RedCardinal said:

I cant speak of CurrecyFair, but when you create a Transferwise transfer they tell you how much will be deposited to the recipients account. That's how much will land. There wont be any other charges.

 

You could also take a look at InstRem - sometimes you might get a better rate from them than TransferWise. Depends on the currency pair. 

 

Thanks for the reply, the reason that I looked at currencyfair is because Transferwise blocks transfers to my account.

 

To me it is important to know the exact amount that I will receive in Thailand, as not have surprise fees

 

Is that possible with InstRem?

[Pib]

Quote

 

Can't speak to currencyfair....don't have an acct with them.  But since you want to send a small amount and want an exact amount to arrive then Western Union "online" might meet your needs.  See my below post and the one following I made very recently after I opened a WU U.S. online acct and did a 1000 baht test transfer.  Keep in mind I'm talking a WU U.S online acct....I expect a WU U.K., WU Oz, etc., online acct will be a little different in terms of signup, fees, rules/policies, etc. 

 

 

Edited July 11, 2020 by Pib

[dabhand]

On 7/15/2014 at 3:08 PM, padeakin said:

I just used CurrencyFair to transfer GBP to Thai Baht.

They gave me rate of 54.75 and fee of 7 GBP

If I had done it my usual way, by sending GBP via HSBC to KTB bank I would have got KTB rate of 54.78 and the HSBC fee of 4 GBP

Looking at earlier posts on this topic is so depressing.????