USForex Money Transfer

[Foozool]

Hello everyone,

Is there anyone who ever tried this company ( USForex ) for money transfer ? Is it reliable ?

Edited December 27, 2014 by Foozool

[thrilled]

I'd like to know that myself.I always use bank to bank thru swift.It cost nearly 2000 baht each time.

[elgordo38]

I'd like to know that myself.I always use bank to bank thru swift.It cost nearly 2000 baht each time.

Depends on how much your transferring. I use Forex its a world wide company. 2,000 baht on how large of a money transfer is the question?

[Pib]

Always consider the fees and exchange rate in any transfer. Some banks/companies may have low or even zero direct/upfront Sending fees but burn you on the exchange...their low exchange rate is basically a hidden/indirect fee. Many money transfers services like USForex entice you with low sending fees (the juicy worm) to get you to bite into their hook (the lower exchange rate). Western Union and PayPal use this method to great effect.

Be sure to use the USForex "Customer Exchange Rate" link to determine the exchange rate; don't get fooled into thinking you will get the Forex SpotRate which many times appeals on the home page of such companies...the SpotRate reflect exchange rates at BIG money forex trading at the bank level...not at the retail customer level. I just looked at USForex's USD/THB Customer Rate for sending $2,000 and it's 32.38 compared to Bangkok Bank's 32.80 TT Buying Rate used for incoming wire transfers. So, USForex's customer's rate is approx 1.25% lower than the Thai bank TT Buying Rate. The USD/TBH SpotRate for $2,000 was 32.86, but as mentioned the USForex Customer Rate was 32.38.

And then you have sending fees to consider. Based on this USForex page there is a $5 Sending Fee unless sending over $5,000 then its free. It also lists the Thai banks it can send to. I'm going to guess you are also going to have the typical Thai bank currency receipt/conversion fee in the 0.25% (Bt200 min, Bt500 max) just like you have for incoming wire transfers. Another fee to consider is the funding of your USForex...to do this you must "wire" funds to their account which will probably cost around $10 compared to being able to use a free/low ACH transfer....then they convert/wire the funds to your Thai bank account.

Yeap, be sure to price out the fees and exchange....don't be hooked by low fees because there may be a big hook called a low exchange rate. But depending on the fees/exchange rate of your current available method, it still may be a good deal. But for anyone who is with a bank that don't charge high sending fees and you don't let them convert the money when sending (let the Thai bank convert), it's probably going to be hard for many funds transfer companies to beat the combined fee structure and exchange rate resulting in the most money arriving in your account on the Thai bank end.

[Foozool]

Thanks Pib ,

I guess I need to keep my eyes more open otherwise I lose more on exchange rate.