Anyone use TransferWise app to send money to Thailand?

[Old Fool]

It appears to be a great price for wiring money. I see $2.80 USD as the total cost to send $100 USD (currently $100 sends 3444 bht). The exchange rate appears to be the standard rate as well. I'm wondering if there are any issues that I might need to be aware of such as whether the money can be received easily and whether my account is at risk. The time frame is not a big deal as long as it gets there in a week or so.

[Old Fool]

Update: The bank I am trying to send to is SCB. I looked up some old TV information and saw something about receiver fees. I'm also wondering if Chase Bank will charge me a fee for the transfer. I received some fee changes notice recently but wasn't sure what it was actually for.

[manfredtillmann]

i use transferwise (not the app but the website) for all my transfers from oz.

good rate, although you don't really know until the day they receive your money ( that has so far worked in my favour).

i transfer before lunch thai time by internet banking from my account to theirs, i get confirmation of receipt around 03:00am the next day (turn your phone to silent!), confirmation of transfer some 60 minutes later.

if i transfer on monday the money is in my ktb account on friday. no intermediate bank fees, no ktb fees, it arrives as a thai internal transfer.

that is probably the only hidden draw back as, unless you keep all your foreign bank records, you might find it difficult to prove your living funds came from overseas.

love them and very happy with their punctual and efficient service.

[zoza]

I have used them several times and it does what it says,fee's seem ok no charge from kasikorn .and if you like the exchange rate you get that locked in for

24 hours while you are completing the transfer.

[Old Fool]

That info is nice to hear. Hopefully somebody can confirm SCB won't charge the receiver of the funds to pull the money out. I looked up the info, and I believe the transfer is ACH and Chase bank doesn't charge fees on this like a wire transfer.

[manfredtillmann]

That info is nice to hear. Hopefully somebody can confirm SCB won't charge the receiver of the funds to pull the money out. I looked up the info, and I believe the transfer is ACH and Chase bank doesn't charge fees on this like a wire transfer.

just try it out. given you pay nothing for advice on this forum this might be your reciprocal gift to all of us.

[Eclipse]

I send from UK to SCB with Transferwise.

I get what it says on the website before sending it.

[thai3]

Used them last year from UK, they told me exactly how much I would get and when it would arrive, it was spot on. After being cheated on transfer charges before by a Thai bank (charged twice) and them holding onto a lot of money until the rate fell costing me 40k I thought this was great.

Edited May 17, 2016 by thai3

[dhream]

I tested them with Ozforex (via ING bank) and surprise! Transferwise cost MORE.

I called them out on it on their twitter feed, they offered to match my bank, but then, why would I bother to switch just for a 'price match'?

Don't always believe the hype.

They should spend less time dancing around Threadneedle street with their tits out, and more time doing what they say on the tin.

[manfredtillmann]

I tested them with Ozforex (via ING bank) and surprise! Transferwise cost MORE.

I called them out on it on their twitter feed, they offered to match my bank, but then, why would I bother to switch just for a 'price match'?

Don't always believe the hype.

They should spend less time dancing around Threadneedle street with their tits out, and more time doing what they say on the tin.

this surprises me. i have transferred with 'oz' (and tor and hi and others...) before and i do not share your experience. mind you, i also missed the 'tits out' thing...

'oz' - and the others - disappointed me with charging / deducting undisclosed fees. a 'interbank' fee that was not even accounted for and a substantial fee charged by my own bank.

their exchange rate is also lower than tww's every time i compare (about 365 times a year).

can you give us some more detail, please?

[alphason]

I've just used xendpay for the first time this week to give it a try, just a smallish amount to try it from UK bank to Thai bank

I made the transaction at what would have been around 5AM UK time on 17 May buts its not arrived in my kasikorn bank as yet. I made a GBP transfer from my uk bank to theirs and I got confirmation it had arrived at 8.56AM UK time, then another confimation at 11.20AM that the money transfer had been sent.

So far its going ok, just waiting on the money but they did say 2-3 working days and tomorrow is a public holiday here.

Yes it says you can pay what you want so I paid a 1.00GBP transfer fee, but I did also get a free 10GBP discount from a promotion when I signed up which was taken off the amount I needed to transfer to them in GBP, if you recommend someone you both get 10GBP (so if anyone wants to try send me a pm for the discount code), I waited for the exchange rate to be over 51 and I got 51.006 its a bit better now.

[thai3]

How could you only pay a quid, seems a bit insulting. I think i'd pay 20-25 if transferring 3k seems about fair

[manfredtillmann]

I've just used xendpay for the first time this week to give it a try, just a smallish amount to try it from UK bank to Thai bank

I made the transaction at what would have been around 5AM UK time on 17 May buts its not arrived in my kasikorn bank as yet. I made a GBP transfer from my uk bank to theirs and I got confirmation it had arrived at 8.56AM UK time, then another confimation at 11.20AM that the money transfer had been sent.

So far its going ok, just waiting on the money but they did say 2-3 working days and tomorrow is a public holiday here.

Yes it says you can pay what you want so I paid a 1.00GBP transfer fee, but I did also get a free 10GBP discount from a promotion when I signed up which was taken off the amount I needed to transfer to them in GBP, if you recommend someone you both get 10GBP (so if anyone wants to try send me a pm for the discount code), I waited for the exchange rate to be over 51 and I got 51.006 its a bit better now.

thank you for keeping us posted. i am worried about a financial services business model that incorporates 'pay - what - you - want'. i do know that even volunteer soup kitchens struggle with that.

what come - back would you have if your $30000 transfer just won't arrive in your nominated account?

[alphason]

How could you only pay a quid, seems a bit insulting. I think i'd pay 20-25 if transferring 3k seems about fair

I'm not transferring 3k, I said it was a smallish amount to try it out (15,000THB). I chose to pay 1GBP because thats the same fee that Azimo would have charged me who I have used before. Actually you can opt to pay no fee at all if you want (but there is an annual limit of 2,000GBP, after that I guess you pay the amount they suggest which is 1%).

[alphason]

I've just used xendpay for the first time this week to give it a try, just a smallish amount to try it from UK bank to Thai bank

I made the transaction at what would have been around 5AM UK time on 17 May buts its not arrived in my kasikorn bank as yet. I made a GBP transfer from my uk bank to theirs and I got confirmation it had arrived at 8.56AM UK time, then another confimation at 11.20AM that the money transfer had been sent.

So far its going ok, just waiting on the money but they did say 2-3 working days and tomorrow is a public holiday here.

Yes it says you can pay what you want so I paid a 1.00GBP transfer fee, but I did also get a free 10GBP discount from a promotion when I signed up which was taken off the amount I needed to transfer to them in GBP, if you recommend someone you both get 10GBP (so if anyone wants to try send me a pm for the discount code), I waited for the exchange rate to be over 51 and I got 51.006 its a bit better now.

thank you for keeping us posted. i am worried about a financial services business model that incorporates 'pay - what - you - want'. i do know that even volunteer soup kitchens struggle with that.

what come - back would you have if your $30000 transfer just won't arrive in your nominated account?

Its not arrived into my K bank as of yet but xendpay say they have received the funds (i checked with them as they said 2-3 working days but I did think that to be a bit quick as using my UK banks service its normally about 5 days and I think Azimo who I 've used before was about the same. I hope it will be credited on next working days as its a holiday today.

The pay what you want is limited to 2,000GBP per year then it 1% I think. Xendpay is registered with the FCA and HMRC, not sure what help that is if the money does go missing? so I just did a smallish transfer this first time to try it out and with the 10GBP discount link I thought it worth a go.

[orientalist]

i use transferwise (not the app but the website) for all my transfers from oz.

good rate, although you don't really know until the day they receive your money ( that has so far worked in my favour).

i transfer before lunch thai time by internet banking from my account to theirs, i get confirmation of receipt around 03:00am the next day (turn your phone to silent!), confirmation of transfer some 60 minutes later.

if i transfer on monday the money is in my ktb account on friday. no intermediate bank fees, no ktb fees, it arrives as a thai internal transfer.

that is probably the only hidden draw back as, unless you keep all your foreign bank records, you might find it difficult to prove your living funds came from overseas.

This is also a concern of mine. Anyone know if Xendpay also shows up as a Thai transfer?

[manfredtillmann]

i use transferwise (not the app but the website) for all my transfers from oz.

good rate, although you don't really know until the day they receive your money ( that has so far worked in my favour).

i transfer before lunch thai time by internet banking from my account to theirs, i get confirmation of receipt around 03:00am the next day (turn your phone to silent!), confirmation of transfer some 60 minutes later.

if i transfer on monday the money is in my ktb account on friday. no intermediate bank fees, no ktb fees, it arrives as a thai internal transfer.

that is probably the only hidden draw back as, unless you keep all your foreign bank records, you might find it difficult to prove your living funds came from overseas.

This is also a concern of mine. Anyone know if Xendpay also shows up as a Thai transfer?

i would imagine so as this - the two pot method - appears to be the only way to avoid interbank fees as there are no actual transfers from country to country.

lets hope alphason receives his money on monday and enlightens us.

[Expattaff1308]

i use transferwise (not the app but the website) for all my transfers from oz.

good rate, although you don't really know until the day they receive your money ( that has so far worked in my favour).

i transfer before lunch thai time by internet banking from my account to theirs, i get confirmation of receipt around 03:00am the next day (turn your phone to silent!), confirmation of transfer some 60 minutes later.

if i transfer on monday the money is in my ktb account on friday. no intermediate bank fees, no ktb fees, it arrives as a thai internal transfer.

that is probably the only hidden draw back as, unless you keep all your foreign bank records, you might find it difficult to prove your living funds came from overseas.

This is also a concern of mine. Anyone know if Xendpay also shows up as a Thai transfer?

like transferwise they take 3-5 business days (dont include weekends or bank holidays) they use the mid market rate better than the banks and what they say u will receive is what you get, no hidden fees. No fees at the Thai end! https://secure.xendpay.com/signup/

Edited May 27, 2016 by cdnvic
affiliate link removed.

[Expattaff1308]

I've just used xendpay for the first time this week to give it a try, just a smallish amount to try it from UK bank to Thai bank

I made the transaction at what would have been around 5AM UK time on 17 May buts its not arrived in my kasikorn bank as yet. I made a GBP transfer from my uk bank to theirs and I got confirmation it had arrived at 8.56AM UK time, then another confimation at 11.20AM that the money transfer had been sent.

So far its going ok, just waiting on the money but they did say 2-3 working days and tomorrow is a public holiday here.

Yes it says you can pay what you want so I paid a 1.00GBP transfer fee, but I did also get a free 10GBP discount from a promotion when I signed up which was taken off the amount I needed to transfer to them in GBP, if you recommend someone you both get 10GBP (so if anyone wants to try send me a pm for the discount code), I waited for the exchange rate to be over 51 and I got 51.006 its a bit better now.

thank you for keeping us posted. i am worried about a financial services business model that incorporates 'pay - what - you - want'. i do know that even volunteer soup kitchens struggle with that.

what come - back would you have if your $30000 transfer just won't arrive in your nominated account?

Its not arrived into my K bank as of yet but xendpay say they have received the funds (i checked with them as they said 2-3 working days but I did think that to be a bit quick as using my UK banks service its normally about 5 days and I think Azimo who I 've used before was about the same. I hope it will be credited on next working days as its a holiday today.

The pay what you want is limited to 2,000GBP per year then it 1% I think. Xendpay is registered with the FCA and HMRC, not sure what help that is if the money does go missing? so I just did a smallish transfer this first time to try it out and with the 10GBP discount link I thought it worth a go.

be aware of weekends and bank holidays I got caught like this before, they say 3-5 business days i always think 5 and they are usually pretty good. they charge 1GBP per 100 GBp so a tenner per 1000. With a number of Bnk Hols either end it can lengthen the process but to be fair they havent let me down to date

[alphason]

Xenday said "that our local banking partner expected funds to be credited on 19th" so the local partner must be BKK Bank, but even so for the funds to arrive on the 6th day when 3 were either holidays or weekends was pretty good for me

[Expattaff1308]

Xenday said "that our local banking partner expected funds to be credited on 19th" so the local partner must be BKK Bank, but even so for the funds to arrive on the 6th day when 3 were either holidays or weekends was pretty good for me

I agree, I have found them to be pretty reliable and with the better rates and no added fees well worth a day or two wait.

[JAS21]

If this is any use to any you guys

Today is the third time that I have used Xendpay ...twice for GBP to THB (sent to Thailand) and today for GBP to Euro sent to Germany.

The first GBP>THB deal they gave me mid market rate as shown on xe.com and I gave them what they suggested ie 0.6% fee ... I though that was really good

The second GBP>THB deal they nicked 0.17baht off the mid market rate ... I still gave them what they suggested ie 1% fee. ... deal got more expensive

Today GBP>Euro they gave me exactly Mid Market Rate but I got charged 34.34GBP for a trade of 7630.25GBP which I think is 0.45%. Unfortunately I did the trade about the lowest point in the day which was at 1.29026 ... just unlucky. I transferred the money within half an hour and have just received a message that the Euros are on their way to Germany.

When I previously sent money to Thailand, both times a week end was involved, it took 5-6 days. I now notice that they are 'nicking' approx. 0.22baht off the Mid Market Rate and still charging a 1% Transfer Fee.

I normally use Moneycorp, got a quote for the Euro transfer from them but the xendpay deal was better, even though Moneycorp don't charge me a transfer fee.

Late Extra ... forgot to mention with the GBP>THB transfers ... both were to my CIMB account. The first time CIMB charged me 100thb ... the second time nothing.

Edited May 23, 2016 by JAS21

[JAS21]

I have just registered with Transferwise ...I see that they appear to offer a better financial deal than Xendpay from GBP to THB ...

After discussion with them I sent my sending bank account details ...as it is a joint account with my wife ...there is a note on their website regarding joint bank accounts saying that it could cause a delay ... so I have already jumped that hurdle.

Edited May 25, 2016 by JAS21

[JAS21]

OK for those who are interested in the last baht, as I am ... whilst I had a few minutes I compared GBP to THB using Transferwise and Xendpay.

The mid market rate at that time was 52.398 and I looked at how many THB I would get for a TOTAL spend of GBP 5000. You have to be quick and remember that Transferwise includes the fee when it shows how many THB you get and Xendpay adds the fee on after. So you input 4950.5 GBP into the Xendpay screen and 5000 GBP into the Transferwise screen. Previously I worked it out wrong I think. Hopefully I did it correct this time.

Xendpay gave ........................... 258430 THB

Transferwise gave ..................... 258088 THB

Both these are better than I would get from Moneycorp

Maybe someone else might try this on another day and see if they get the same result. Think I might hang on a few days before I move half of what I want to move ... I'll win or loose

Edited May 25, 2016 by JAS21

[Expattaff1308]

OK for those who are interested in the last baht, as I am ... whilst I had a few minutes I compared GBP to THB using Transferwise and Xendpay.

The mid market rate at that time was 52.398 and I looked at how many THB I would get for a TOTAL spend of GBP 5000. You have to be quick and remember that Transferwise includes the fee when it shows how many THB you get and Xendpay adds the fee on after. So you input 4950.5 GBP into the Xendpay screen and 5000 GBP into the Transferwise screen. Previously I worked it out wrong I think. Hopefully I did it correct this time.

Xendpay gave ........................... 258430 THB

Transferwise gave ..................... 258088 THB

Both these are better than I would get from Moneycorp

Maybe someone else might try this on another day and see if they get the same result. Think I might hang on a few days before I move half of what I want to move ... I'll win or loose

Remember Xendpay you can pay what you want.

[JAS21]

OK for those who are interested in the last baht, as I am ... whilst I had a few minutes I compared GBP to THB using Transferwise and Xendpay.

The mid market rate at that time was 52.398 and I looked at how many THB I would get for a TOTAL spend of GBP 5000. You have to be quick and remember that Transferwise includes the fee when it shows how many THB you get and Xendpay adds the fee on after. So you input 4950.5 GBP into the Xendpay screen and 5000 GBP into the Transferwise screen. Previously I worked it out wrong I think. Hopefully I did it correct this time.

Xendpay gave ........................... 258430 THB

Transferwise gave ..................... 258088 THB

Both these are better than I would get from Moneycorp

Maybe someone else might try this on another day and see if they get the same result. Think I might hang on a few days before I move half of what I want to move ... I'll win or loose

Remember Xendpay you can pay what you want.

That has been the case in the past when I have dealt ...I can't see how to change it now ...it was a really good deal when they gave mm rate for gbp to thb

[Expattaff1308]

OK for those who are interested in the last baht, as I am ... whilst I had a few minutes I compared GBP to THB using Transferwise and Xendpay.

The mid market rate at that time was 52.398 and I looked at how many THB I would get for a TOTAL spend of GBP 5000. You have to be quick and remember that Transferwise includes the fee when it shows how many THB you get and Xendpay adds the fee on after. So you input 4950.5 GBP into the Xendpay screen and 5000 GBP into the Transferwise screen. Previously I worked it out wrong I think. Hopefully I did it correct this time.

Xendpay gave ........................... 258430 THB

Transferwise gave ..................... 258088 THB

Both these are better than I would get from Moneycorp

Maybe someone else might try this on another day and see if they get the same result. Think I might hang on a few days before I move half of what I want to move ... I'll win or loose

Remember Xendpay you can pay what you want.

That has been the case in the past when I have dealt ...I can't see how to change it now ...it was a really good deal when they gave mm rate for gbp to thb

They are quoting over 52 today best its been for some time

[cdnvic]

Do not put affiliate links in your posts!

Be wary of recommendations from people who do.

[wimpy]

I just did a test transfer of $200 USD to a Bangkok Bank account. Received the exact amount TransferWise said I would receive. It shows up on the BB statement as an incoming international transfer. That should satisfy immigration, were it to come up.

[wimpy]

Looks to me like Bangkok Bank's ACH transfer would still be a better deal for US persons on larger transfers. Depending on exchange rate fluctuations, I calculate I would get 457 baht more by using BB's ACH transfer today on a $3000 transfer.