peer to peer fx transfer

[EC225LP]

Hi guys, anyone using p2p fx platforms such as currency wise etc, to transfer money? Just wondering if it works well for you and if anyone has any specific recommendations? I sick of the inter banks rates.... They are criminal!!

[Hornyskunk]

Hmmm... I haven't yet it but I'll give it a try today.

A while ago I signed up for transferwise, but never used it. I got an email from them recently offering a free transfer of up to $4500. I just checked their website and with the free transfer, 4500USD = 157,223.43THB, which is an exchange rate of nearly 35 baht per dollar. Apparently they will accept USD funds from my US bank using an ACH transfer, which for me is free, and deposit THB into the bank of my choosing.

Will let you know what happens.

[EC225LP]

Thanks... Please do let us know how it goes. .. hopefully these platforms are a real alternative to the banks robbery

[Hornyskunk]

I placed an order to exchange $4000 via transferwise on the 29th. Since I used a promotion, there was no fee. I funded the order using a free ACH transfer from my US bank and gave transferwise the account information for my Thai bank.

Yesterday, the 30th, I got an email in the afternoon saying my funds had been cleared and the exchanged currency had been deposited in my Thai bank. However, I have yet to see a deduction of $4000 from my US bank and a deposit of ฿139753.19 in my Thai bank. The exchange rate used by transferwise was 34.938 baht per dollar, while the official exchange rate for that day (checked on Bloomberg) was 34.959 baht per dollar. As I mentioned, there were no fees; the transfer was completely free.

I'll update again once I see the transfers in both of my bank accounts. I don't doubt that the transfer has already taken place, as transferwise is apparently a very respectable company.

P.S. Now that I'm a transferwise customer, I can invite people and give them a free first transfer of up to 3000 (it says pounds, but I imagine dollars as well). If you want an invite and a free transfer, PM me. If you want to exchange more than 3000, fees are waived on the first 3000.

Edited July 31, 2015 by Hornyskunk

[Hornyskunk]

I'm happy to report that my currency exchange has gone through on both ends. Using transferwise, I was able to exchange 4000 USD for 139753.19 THB at basically the official exchange rate and without any fees whatsoever.

In total, it took 7 days from placing the order (July 29) to seeing the funds available in my Bangkok Bank account (Aug 5).