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[draftvader]

I have just had this website bought to my attention.

https://transferwise.com

From the people that bought you Skype & Paypal!! At the moment they do not offer transfers into THB but they do have a "alert me when" service. I have subscribed requesting GBP -> THB. If we all subscribe for our home currency -> THB then they will probably try to establish a method to convert into THB for us.

If what they are saying is true, and I have no reason to doubt it, then this could mean a substantial difference to a lot of people living in Thailand.

[draftvader]

Almost forgot....if it is good enough for Richard Branson then it is good enough for me!

[AyG]

The system is dependent upon there being people wanted to convert cash in equal amounts in both directions. For the Thai Baht, I very much doubt that's the case. Far more people bring money into the country to finance their lives here than send it abroad (at least legally and above board). I doubt this will ever be offered for GBP/THB, USD/THB, though might work for CNY/THB.

[draftvader]

The system is dependent upon there being people wanted to convert cash in equal amounts in both directions. For the Thai Baht, I very much doubt that's the case. Far more people bring money into the country to finance their lives here than send it abroad (at least legally and above board). I doubt this will ever be offered for GBP/THB, USD/THB, though might work for CNY/THB.

Fair point. We've got to try....if they opened up to businesses then it might become more applicable.

[meatboy]

offshore co's will not better the rate in Thailand by the onshore banks.

[55Jay]

The system is dependent upon there being people wanted to convert cash in equal amounts in both directions. For the Thai Baht, I very much doubt that's the case. Far more people bring money into the country to finance their lives here than send it abroad (at least legally and above board). I doubt this will ever be offered for GBP/THB, USD/THB, though might work for CNY/THB.

I don't understand what you mean, how this works and apart from offering better FOREX and lower fees, how it's different from any other money transfer company? Your comment about being dependent on people wanting to convert equal amounts in both directions is what confuses me. Are they just a middle man between 2 banks using ACH?

[AhFarangJa]

Draftvader, thanks for the info, I will be keeping an eye on this and hope it works. I started a thread last week ref double charging by the banks which elicited a huge response and many tips etc. I do not mind paying for a service, but I do mind being ripped off, lets hope this pans out!!

[AyG]

The system is dependent upon there being people wanted to convert cash in equal amounts in both directions. For the Thai Baht, I very much doubt that's the case. Far more people bring money into the country to finance their lives here than send it abroad (at least legally and above board). I doubt this will ever be offered for GBP/THB, USD/THB, though might work for CNY/THB.

I don't understand what you mean, how this works and apart from offering better FOREX and lower fees, how it's different from any other money transfer company? Your comment about being dependent on people wanting to convert equal amounts in both directions is what confuses me. Are they just a middle man between 2 banks using ACH?

Have a look at the website, in particular https://transferwise.com/en/about - it's explained there.

[PattayaPhom]

Paypal....forget it, just had to cancel my cards due to these idiots.

[CMSteve]

Its already being done in Thailand. Albeit, it hasn't really taken off. check out www.IntExpatFX.com Guess it just needs some people willing to start using it. Great idea if it gets going....

[ldnguy]

The system is dependent upon there being people wanted to convert cash in equal amounts in both directions. For the Thai Baht, I very much doubt that's the case. Far more people bring money into the country to finance their lives here than send it abroad (at least legally and above board). I doubt this will ever be offered for GBP/THB, USD/THB, though might work for CNY/THB.

Not sure that's true. There are some very big money property purchases abroad, including in London, by Thai people. A Thai person just bought Reading FC. I don't know how it balances out, but many expats only bring in small amounts, while rich Thais send massive amounts the other way. It's not all one way traffic.

Edited June 14, 2014 by ldnguy

[AyG]

The system is dependent upon there being people wanted to convert cash in equal amounts in both directions. For the Thai Baht, I very much doubt that's the case. Far more people bring money into the country to finance their lives here than send it abroad (at least legally and above board). I doubt this will ever be offered for GBP/THB, USD/THB, though might work for CNY/THB.

Not sure that's true. There are some very big money property purchases abroad, including in London, by Thai people. A Thai person just bought Reading FC. I don't know how it balances out, but many expats only bring in small amounts, while rich Thais send massive amounts the other way. It's not all one way traffic.

I rather suspect that the rich Thais who send massive amounts out of the country don't do it through regular channels.

[ldnguy]

The system is dependent upon there being people wanted to convert cash in equal amounts in both directions. For the Thai Baht, I very much doubt that's the case. Far more people bring money into the country to finance their lives here than send it abroad (at least legally and above board). I doubt this will ever be offered for GBP/THB, USD/THB, though might work for CNY/THB.

Not sure that's true. There are some very big money property purchases abroad, including in London, by Thai people. A Thai person just bought Reading FC. I don't know how it balances out, but many expats only bring in small amounts, while rich Thais send massive amounts the other way. It's not all one way traffic.

I rather suspect that the rich Thais who send massive amounts out of the country don't do it through regular channels.

Yes, very true. But so do people sending the other way. We need both to use this new transfer system. No reason they wouldn't if it's legit and saves them money.

[CMSteve]

Couple of points brought up:

The big boy's/rich don't pay fees on bank accounts, transfers, etc

Many more people are bringing in funds, but a large amount of money is going out too. After sales or property/business. Teachers and other employees, funding USD accounts that make automated payments to thing like insurance, credit cards, etc.

Companies like banks and money transfer co's are for profit, they have no incentive to do it for free

For those of us in Thailand, we can effectively cut out all fees if there is enough people/interest.

sign up for www.IntExpatFX.com for free and read the "How it works" at the bottom.

put an ad for a small transfer and let it snowball....

Its actually a really simple idea.

Edited June 14, 2014 by CMSteve

[Pib]

Couple of points brought up:

The big boy's/rich don't pay fees on bank accounts, transfers, etc

Many more people are bringing in funds, but a large amount of money is going out too. After sales or property/business. Teachers and other employees, funding USD accounts that make automated payments to thing like insurance, credit cards, etc.

Companies like banks and money transfer co's are for profit, they have no incentive to do it for free

For those of us in Thailand, we can effectively cut out all fees if there is enough people/interest.

sign up for www.IntExpatFX.com for free and read the "How it works" at the bottom.

put an ad for a small transfer and let it snowball....

Its actually a really simple idea.

Seems you have to register for an account "before" you can find out any thing about how the InttExpattFx account works, details, etc. When you select the "How It Works or Contact links" in the lower right hand corner of the website it just loops you back to the same registration page. Any site that will not give you any info until you register with them turns me off...makes me think it's nothing more than a data/email address mining site.

[CMSteve]

I agree that the "how its works" should be public. But I am happy that the actual adds are not in the public record for obvious reasons. I've already signed up. fairly simple site with listings for people who are either need or want THB. There is no functionality for transfers on the site, just the ability to find another person on the other side of the equation.

Couple of points brought up:

The big boy's/rich don't pay fees on bank accounts, transfers, etc

Many more people are bringing in funds, but a large amount of money is going out too. After sales or property/business. Teachers and other employees, funding USD accounts that make automated payments to thing like insurance, credit cards, etc.

Companies like banks and money transfer co's are for profit, they have no incentive to do it for free

For those of us in Thailand, we can effectively cut out all fees if there is enough people/interest.

sign up for www.IntExpatFX.com for free and read the "How it works" at the bottom.

put an ad for a small transfer and let it snowball....

Its actually a really simple idea.

Seems you have to register for an account "before" you can find out any thing about how the InttExpattFx account works, details, etc. When you select the "How It Works or Contact links" in the lower right hand corner of the website it just loops you back to the same registration page. Any site that will not give you any info until you register with them turns me off...makes me think it's nothing more than a data/email address mining site.

[draftvader]

Interesting to see 2 of these now. Paypal is a massive business so it will have some disgruntled customers, it's just in the numbers. On the whole (not suggesting this is true for the poster on here) I have found that when I hear a complaint about Paypal, in the 1st person, a little digging about the concerned individual's business model tends to show enough reason for suspicion. Paypal have risen to the ranks of global banking in a very short period of time and have managed that growth in a very controlled and stable manner. Skype, Paypal and Richard Branson are good names to have behind a new scheme like this! They have all battled and beaten the antiquated establishments' strongholds (BT, Banks, EMI, etc).

[AyG]

Skype, Paypal and Richard Branson are good names to have behind a new scheme like this!

Except, as far as I can see, Skype and Paypal are not behind this. The only connection is that two founders of the company once worked for them.

[CMSteve]

To me it doesn't matter who is behind it. The idea of "P2P" trasnfer method is great (and cheap). My main concern is that this creates yet another repository of financial information. I prefer the "introduction only" method of the intexpatfx.com site, but would like to see it "matured" a bit.

and to draftvader's point, I agree. I've never had an issue withe Paypal. In my book, its tried and true.

Skype, Paypal and Richard Branson are good names to have behind a new scheme like this!

Except, as far as I can see, Skype and Paypal are not behind this. The only connection is that two founders of the company once worked for them.

[Chao Lao Beach]

InterbankFX just goes to a unmaintain wordpress blog for me.

Transferwise does infact use the correct ticker FX rate form as far as what I can see.

I disagree about money will not be aviable to go Thailand outbound, it is incredibly hard to wire money from Thai account to an account in my own name abroad. Money is one way in Thailand.

[Chao Lao Beach]

I do not understand what guarntees are in place to ensure that the other side actually proccess their side of the bargain ?

Edited June 15, 2014 by Chao Lao Beach

[draftvader]

Skype, Paypal and Richard Branson are good names to have behind a new scheme like this!

Except, as far as I can see, Skype and Paypal are not behind this. The only connection is that two founders of the company once worked for them.

Good "names" to have behind it. There is an association. RB is actually invested.

Sent from my ASUS_T00I using Thaivisa Connect Thailand mobile app

[Thai at Heart]

Chinese traders worked like this for centuries.