Transferwise Now Available For Baht Transactions

[joealx]

Looks good to me. $US to Baht fee is 1% of dollar amount. Exchange rate looks like the same as the physical dollar rate. So, it looks a bit better than the Bangkok Bank international transfer service. I just tried it and now I'm waiting to see if I will get any incoming bank fees. Looks good for UK people.

I complained and was told that they woulld transfer the money by "SWIFT". I looked at my account and it shows $156.00-$3(fee)=$153.00 x 32.879=5030.54 Baht. This is supposed to arrive Tuesday 10AM (GMT).

I hope so!

[mikebell]

Money arrived 3 hours ago. Out on the town tonight.

[Dario]

Meanwhile

Silver

Jan 15 4:37pm

Hey Mike!

I'm terribly sorry about the situation you're in. I can confirm that the payment was sent out from our account and it's on the way to you. The delivery estimator offered the arrival time to be today, but it looks like the money has not arrived yet. Our delivery estimator predicts the time of arrival based on past transfers and it is not 100% accurate, as different banks have different transfer speeds.

I do hope that the fund will arrive on your account very soon now.

Please accept my apologies again for the confusion and again, I sincerely hope the money will arrive to your account soon.

All the best,

Silver Jaanus ⁞ TransferWise Customer Support

Mike, at least they should know on which way exactly your money is, eg to your THB or GBP account. Ask them!

[joealx]

Looks good to me. $US to Baht fee is 1% of dollar amount. Exchange rate looks like the same as the physical dollar rate. So, it looks a bit better than the Bangkok Bank international transfer service. I just tried it and now I'm waiting to see if I will get any incoming bank fees. Looks good for UK people.

I complained and was told that they woulld transfer the money by "SWIFT". I looked at my account and it shows $156.00-$3(fee)=$153.00 x 32.879=5030.54 Baht. This is supposed to arrive Tuesday 10AM (GMT).

I hope so! If I receive this with no more fees, this would be 300 baht better than Bangkok Bank's international transfer service; todays BB TT rate is 32.50

[mikebell]

The money was paid direct to my Bangkok bank. I've not checked if there were any bank charges yet.

[Millenial]

I personally lost 6,000 GBP in various transfers to India - I would suggest that you make sure it is a personal transfer and not a purchase or company purchase, as there is no recall on the money when the purchase goes south.

[Dario]

Hi everyone,

I had asked Transferwise to inform me when transfers to Thailand would be available again. Waking just up in the middle of the night, Transferwise came to my mind and I opened their website. Holy Camoly! Transferwise is back with transferring currencies to THB, just check it out at www.transferwise.com. Has anyone used their services recently?

I have just received the following message from Transferwise:

Edited June 24, 2015 by Dario

[Expattaff1308]

I recently received a further charge of 15GBP on top of the 20 GBP for transferring by Nationwide. This I should add is the first time it's happened in almost 7 years tho when I enquired I was told NW use an intermediate bank (HSBC) and the additional charge was levied by them, on enquiring further I was informed this maybe a one off or not but it is out of our control. I hasten to add the charge was made 2 months after the transfer and when I pointed out that I needed to know the charges beforehand not afterwards it all came back to it's nothing to do with us!!

Since then I have searched out other options and found TransferWise, favourable rates with no intermediate bank and the exchange rate is also comparable with the TT rate at the Thai Banks.

May be worth a look, transfer can take between 3-5 days, you can also set a % default so if the rate dropped beyond your default they wouldn't transfer until it got back within the default %

By using the link below you may get your first transfer free subject to amount.

https://transferwise.com/u/322106

[Dario]

I think Transferwise is now up to their promises. I made a transfer with them of EUR from Germany. It was slow, 7 days but their exchange rate is remarkably better than what you would get otherwise. Another TV member got his GBP within 2 or 3 days which is Ok. I will use them again.

[Dario]

Transferwise is now charging a fee of 1.5% against 0.5% normally of the amount you transfer to Thailand. That is exorbitant. Taking into consideration that a transfer with them can easily take 7 days vs, 24 hours maximum via Swift from bank to bank, Transferwise is not anymore attractive. Be informed.

[z42]

Made a transaction between Barclays UK and SCB in Thailand. Absolutely flawless service and fantastic rates. The company have given me some promo codes too so if anybody fancies trying the service then PM me and will help you out.

All in all, wonderful company

[Pib]

Transferwise is now charging a fee of 1.5% against 0.5% normally of the amount you transfer to Thailand. That is exorbitant. Taking into consideration that a transfer with them can easily take 7 days vs, 24 hours maximum via Swift from bank to bank, Transferwise is not anymore attractive. Be informed.

Yeap...1.5%. Healthy fee indeed.

https://transferwise.com/support/customer/portal/articles/2017493-thb-transfers

[Expattaff1308]

Take a look at this, used them once wasnt too happy but received an apology and told the initial problems have all been sorted, will give them a go when the free transfer with transferwise is used up.

http://www.thaivisa.com/forum/topic/850615-xendpay-free-money-transfers-to-th-anyone-used-it-yet/

https://secure.xendp...gnup/ur/E368103

[Dmaxdan]

Has anyone used Transferwise to a Thai bank account (from the UK) recently?

If so, any problems?

I am looking a different options due to the fact that I am now incurring additional charges from somewhere when I do a SWIFT transfer from mu UK bank.

Many thanks.

[siam2007]

Have not used them yet, but just curious to know if it works with a SAVINGS ACCOUNT in Thailand, or only a CURRENT ACCOUNT ? Bangkok Bank, if that is important

[CrankyCarrot]

Has anyone used Transferwise recently?

I want to move Aussie dollars to a Bangkok Bank savings/deposit account but I'm wary of surprise fees. Does Bangkok Bank impose any fees when receiving the money and if so what are they? Can they be reduced or avoided by using any of the other Thai banks (Kasikorn, Krungsri etc)?

Nobody replied to the last post in November and I don't know the dif between a current account and a savings account.

Thanks for any info.

[CrankyCarrot]

I asked Transferwise what Bangkok Bank would charge to receive the funds and they said they had no way of knowing (despite presumably having made such transactions many times).

Here they say the funds are shifted to Thai banks via domestic transfer though, which presumably does not incur a fee.

Edited December 7, 2015 by CrankyCarrot

[Dmaxdan]

Has anyone used Transferwise recently?

I want to move Aussie dollars to a Bangkok Bank savings/deposit account but I'm wary of surprise fees. Does Bangkok Bank impose any fees when receiving the money and if so what are they? Can they be reduced or avoided by using any of the other Thai banks (Kasikorn, Krungsri etc)?

Nobody replied to the last post in November and I don't know the dif between a current account and a savings account.

Thanks for any info.

I recently transferred a small amount from the UK as a trial run using Transferwise, and Bangkok Bank did not charge me any fees...so far.

It has been about one month.

[CrankyCarrot]

Thanks Dmaxdan.

I also bit the bullet and transferred a relatively low amount last night, but the estimated day of completion is Friday so I guess I'll have to wait and see. Sounds promising so far. I got the "first time transfer fee free" option, so as long as they don't swallow my cash it shouldn't be any big loss even if I cop a B200 fee from Bangkok Bank as part of their min charge for receiving foreign funds (unlikely since the whole point is that TW does a local transfer and you also said you received no fees.)

Earlier in the thread people were complaining about the commission hike from 0.5% to 1.5%, which is understandable. In my situation though it's still preferable to withdrawing from my Aussie account (Westpac), as they purloin a fat 3% and whack on a $5 overseas transaction fee (worth currently about B125). They also use the Mastercard rate, which was about 0.4 baht lower than what TW quoted. The only thing that would cause me to break even against the usual in branch OS debit card withdrawal is if Bangkok Bank charged the foreign funds receiving fee of 2.5%, putting the total fee paid to 4%.

I'll be curious to see whether I get the exchange rate quoted by TW as well (which seems to be updated about every 9 minutes, as the aud is fluctuating a bit at the moment (well, it's on a downward slide).

If I broke even on fees vs going into a branch and withdrawing, then there'd be no point as waiting 4-5 days is a PITA.

CC

[sas_cars]

One question to the gurus here, doing swift transfer from a US bank to a thai bank, do they deduct intermediary bank fee as well in addition of swift fee?

Edited December 8, 2015 by sas_cars

[CrankyCarrot]

I don't know the answer to sas_cars question but I got my money today. It was about B70 short of what I was quoted. I think I read somewhere that Bangkok Bank takes B60 out of domestic transfers before they hit the account, so it was either that, a slightly lower exchange rate or a combination of both.

[CrankyCarrot]

Checking the Transferwise history, the amount they say they paid is identical to the amount received in the BB account. It just so happens to be 1% less than the estimated rate they gave me. Not huge, but worth noting IMO.

[kennypowers]

Really happy with this service and very happy to bypass having to give the bank my money! No problems so far. Saved a lot compared with the fees I used to pay through Halifax bank. There's a good explanation of how it works on this site, and a code for a free first transfer. Here's to bringing down the banks!

[steve2112]

has anyone tried to use transferwise to send money OUT of thailand, i.e. from Thai bank to US bank?

 

thanks

[Pib]

2 hours ago, steve2112 said:

has anyone tried to use transferwise to send money OUT of thailand, i.e. from Thai bank to US bank?

 

thanks

No-can-do per Transferwise website.  See below weblink/snapshot.

 

Plus if you use the Transferwise currency exchange/fee calculator you will see THB is not available for selection in the "You Send" currency field which means you can not use THB to fund a transfer....like THB to USD, THB to GBP, THB to EUR, THB to AUD, etc.

 

https://transferwise.com/help/article/1570071/basic-information/supported-countries#/Thailand