Intl bank transfers from Europe to Thailand

[Dario]

Hi everyone,

I have good news for pensioners and others who need to transfer money from overseas to Thailand.

I have made now 5 or 6 times international bank transfers from my bank account in Germany to Thailand via Xendpay. When I started out I was scared I might lose my money, but that is not the case. In the beginning the transfers were a bit slow but then I found out that the agent of Xendpay in London who transfers the money on behalf of Xendpay uses Bangkok Bank as their corresponding bank and I c an tell you that things now go very fast after I transfer to my Bangkok Bank accoun:. I made a transfer this week Monday (Sep 19) at around 14:00 local Thai time, I was informed that my transfer had arrived in their account yesterday evening and today at 14:09 I received the transfer in my Bangkok Bank account. That is ultra fast, considering that I get about 0.30 Euros more than the Thai banks pay and there are no banking fees whatsoever, Xendpay only deducts me 1% of the amount I transfer.

Edited September 21, 2016 by Dario

[Pib]

Good info.

 

I notice you paid 1%.  Xendpay's website basically says up to 2000 pounds per year is free and after that their transfer fee is discretionary.   Just to quote from one of their Q&As.   

 

Quote

 

Pay What You Want* – we suggest a fee to cover costs, but ultimately you can pay us whatever you like!

PWYW applies to transfers up to £2000 per annum or equivalent in your sending currency.

*PWYW applies to transfers up to £4000 per annum or equivalent in the sending currency for business clients.

 

 

 

 

So, here's my question let's say you have exceeded your 2,000 pounds freebie of fee amount per year, just how do their suggest and get their discretionary fee amount.  Maybe suggesting a minimum fee you must pay...like the 1% you paid....or maybe if you don't pay a certain recommended fee you are given a lower exchange rate which is basically an indirect fee?

 

 

[Dario]

Well, for the first three transfers I didn't pay anything at all as fee, since they stated you can pay what you want, But the last three transfers I was automatically deducted 1%. I did not exceed the 2'000 pounds, though. In my meaning, it's still cheap. Cheaper than the 1.5 or 2.0% (Europe and UK is not the same for them when it comes to fees) from Transferwise.

The exchange rate is calculated at the moment you initiate your transfer and doesn't change when it comes into your account. That's not the same with Transferwise. This is how Xendpay does it now with my account:

 

 

Edited September 21, 2016 by Dario
add file

[Pib]

Thanks for that fee clarification.  So many times people who make posts about funds transfer service XYZ gloss over the fees charged and focus on the exchange rate.....and yours is the first post "I've read" about Xendpay that didn't gloss over the fee details.   Maybe there have been others that gave Xendpay fee details but I just didn't see them.  

 

And yeap, bank transfers can get pricey depending on the bank's fee structure, especially if they have to use a correspondent bank that also charges a fee as the funds flow through them on the way to the receiving bank.

 

A person just needs to find the best/cheapest way when taking in account Sending fee, any Correspondent bank fee, Receiving bank fee, and Exchange rate.

 

Edit: and where you say you did not exceed the 2,000 pound transfer, the way I read the Xendpay note is that's a cumulative amount per year versus per transfer.

Edited September 21, 2016 by Pib

[DUS]

Wouldn´t it be cheaper/better to transfer Euros directly from German bank account to your Thai account and have the conversion done by the Thai bank rather than Xendpay or Transferwise?

[PattayaBoy]

Azimo app is cheapest

Direct to bank

https://azimo.com/en/

Sent from my SM-G935F using Tapatalk

[meatboy]

i only trans.once a yr.from the ukso 1% of my trans. 200gbp..

[Pib]

4 hours ago, PattayaBoy said:

Azimo app is cheapest

Direct to bank

https://azimo.com/en/

Sent from my SM-G935F using Tapatalk
 

Yea, they only charge a 1 pound transfer fee, however, but, their exchange rate sucks (that's an indirect fee that more than makes up for the low direct/upfront fee).

 

At this moment in time looking at the Azimo exchange rate for pounds to baht it was 44.378 compared to Xendpay's that was 45.104 and the average Thai bank TT Buying Rate of 44.801.  Looks like Azimo exchange rate is around 1.5% lower which means they are basically charging you a 1.5% indirect fee.  

[PattayaBoy]

Yea, they only charge a 1 pound transfer fee, however, but, their exchange rate sucks (that's an indirect fee that more than makes up for the low direct/upfront fee).

 

At this moment in time looking at the Azimo exchange rate for pounds to baht it was 44.378 compared to Xendpay's that was 45.104 and the average Thai bank TT Buying Rate of 44.801.  Looks like Azimo exchange rate is around 1.5% lower which means they are basically charging you a 1.5% indirect fee.  

Never knew Xendpay.

Any good?

Sent from my SM-G935F using Tapatalk

[DUS]

7 hours ago, Pib said:

Yea, they only charge a 1 pound transfer fee, however, but, their exchange rate sucks (that's an indirect fee that more than makes up for the low direct/upfront fee).

 

At this moment in time looking at the Azimo exchange rate for pounds to baht it was 44.378 compared to Xendpay's that was 45.104 and the average Thai bank TT Buying Rate of 44.801.  Looks like Azimo exchange rate is around 1.5% lower which means they are basically charging you a 1.5% indirect fee.  

 

Well, based on your figures, I guess I am better off avoiding Xendpay and use my UK bank instead. 

 

If I am not mistaken (but I might well be) here´s what a transfer of GBP 20,000 would look like:

 

a/ Xendpay: 20.000 - 1% = 19.800 x 45.104 = TBH 893,059

b/ Halifax sending GBP: 20.000 - 9.50 = 19,990,50 x T/T of 44.801 = TBH 895,594 

 

Ok, deduct TBH 500 fees for the receiving bank and maybe for an intermediary but you would still be better of paying directly from your bank account and not using Xendpay (or Transferwise etc).

 

I admit, we are talking minimal discrepancies between Xendpay and direct bank transfers. Mind you, my point is that people repeatedly talk of rip-off charges, fees and exchange rates when in the end using your bank might not be such an awful idea after all.

 

Now, as I´ve said above, I might go wrong somewhere with my calculation so please feel free to let me know.

 

Enjoy LoS!

DUS

 

 

Edited September 22, 2016 by DUS

[Jiu-Jitsu]

5 minutes ago, DUS said:

 

Well, based on your figures, I guess I am better off avoiding Xendpay and use my UK bank instead. 

 

If I am not mistaken (but I might well be) here´s what a transfer of GBP 20,000 would look like:

 

a/ Xendpay: 20.000 - 1% = 19.800 x 45.104 = TBH 893,059

b/ Halifax sending GBP: 20.000 - 9.50 = 19,990,50 x T/T of 44.801 = TBH 895,594 

 

Ok, deduct TBH 500 fees for the receiving bank and maybe for an intermediary but you would still be better of paying directly from your bank account and not using Xendpay (or Transferwise etc).

 

I admit, we are talking minimal discrepancies between Xendpay and direct bank transfers. Mind you, my point is that people repeatedly talk of rip-off charges, fees and exchange rates when in the end using your bank might not be such an awful idea after all.

 

Now, as I´ve said above, I might go wrong somewhere with my calculation so please feel free to let me know.

 

Enjoy LoS!

DUS

 

 

 

 

Be realistic. Most people will not be transferring £20,000 at a time. Which is why something like the Clarity will be more useful to most.

[DUS]

3 minutes ago, Jiu-Jitsu said:

 

 

Be realistic. Most people will not be transferring £20,000 at a time. Which is why something like the Clarity will be more useful to most.

 

The 20k was just a random number but it doesn´t matter if we take 20k, 2k or 200k. The calc and the general statement is still valid. Bank transfers are not automatically more expensive than using transferwise & co

Edited September 22, 2016 by DUS

[Jiu-Jitsu]

Just now, DUS said:

 

The 20k was just a random number but it doesn´t matter if we take 20k, 2k or 200k. The calc and the general statement is still valid. Bank transfers do not have to be more expensive than using transferwise & co

 

 

HSBC can be even cheaper than the Halifax. £4 instead of £9.50.

[DUS]

Just now, Jiu-Jitsu said:

 

 

HSBC can be even cheaper than the Halifax. £4 instead of £9.50.

 

Exactly....

[Jiu-Jitsu]

2 minutes ago, DUS said:

 

Exactly....

 

But Dario is not likely from the UK.

[DUS]

8 minutes ago, Jiu-Jitsu said:

 

But Dario is not likely from the UK.

 

 

5555..... Given his User-Icon I very much doubt he is, mind you, the thread´s headline is "Int. bank transfers from Europe to Thailand" so even with Brexit and all that EU palaver I still count the UK as a European "country". ;-)))

Edited September 22, 2016 by DUS

[Jiu-Jitsu]

Just now, DUS said:

 

 

5555..... Given his User-Icon I very much doubt he is, mind you, the thread´s headline is "Int. bank transfers from Europe to Thailand" so even with Brexit and all that EU palaver I still count the UK as a European country. ;-)))

 

But he has no access to Halifax and HSBC. His local banks may levy higher charges.

[DUS]

Jeez, I didn´t say HE should use Halifax or HSBC......... 

[Jiu-Jitsu]

3 hours ago, DUS said:

Jeez, I didn´t say HE should use Halifax or HSBC......... 

 

 

So to whom were you referring? It looks that way, from your post #5. 

 

He wrote in post #3; "Europe and UK is not the same for them when it comes to fees"

 

So clearly the fees involved in sending directly from his bank are somewhat higher. It's also clear that he transfers amounts somewhat smaller than 20,000 units, as three earlier transfers did not exceed a total of £2000.

 

Though it would be informative to know the costs involved in sending Euros, not Thai baht, directly from his account.

[Pib]

Glad so see people becoming more aware of how they must consider all/total fees and exchange rate when costing-out which bank/service is the best funds transfer deal.    Sending bank, correspondent bank, receiving bank, and exchange rate (all four factors) must be used in determining which bank/service puts the most money into your receiving account with the least amount of fees and best exchange incurred from beginning to end.  

 

For many, preaching to choir when I say so many posts on ThaiVisa over the years show many people make the mistake of:

 

- letting the Sending bank convert to baht while sending which ends up in a several percent lower exchange rate than the Thai bank TT Buying Rate.

 

- being lured in by a free or low upfront fee but then raped by a low exchange rate like when using PayPal, Western Union, some money transfer services.

 

- some Sending banks that just flat out charge a HIGH sending fee but they will say their fees are competitive....competitive with who?...maybe other banksters that charge HIGH fees.   Some banks are just more fee-evil than others....and they know they are more fee-evil but also know most of their customers continue to pay the fees although they bitch about the fees...ultimately few will just change banks.

 

- the Sending bank needs to use a Correspondent/intermediary bank to get the funds to the Receiving bank and then that Correspondent bank slices off a fee as the funds flow through them...and the Sending bank made no firm mention of this when initiating the transfer...or the Sending bank trys to blame the fee on the Receiving bank when in fact the fee was from the Correspondent bank.

 

- not taking in account the Thai bank's receiving fee which is generally 0.25% (Bt200 min, Bt500 max) for an incoming international transfer....now if say a Sending bank/money transfer service sent the money to a correspondent bank/peer within Thailand who then just relays the funds over to the Receiving bank then that 0.25% fee probably will not be applied as it's seen as a domestic transfer by the Receiving bank.

 

- and a person may even need to consider the money/fee he may had paid just to fund the particular Sending bank/transfer service account in order to initiate the transfer.   And then also, how long does that process take....hours or days before you can even get the money moving towards Thailand.

 

Yeap, glad so see people becoming more aware of how they must consider all/total fees and exchange rate when costing-out which bank/service is the best funds transfer deal.   Many people are fully aware and get the best deal, but many are just easy victims for banksters.

 

 

 

 

[meatboy]

i have never seen a better rate than TT when doing a transfer from my bank in the uk.

my bank charge's 30gbp.for an express transfer that takes in total 2hrs.

then there is the recieving banks fee on top 200-500bht.

i can send it by enconomy but over 3days the rate can change.

it could be up or down but i am always happy with the rate i expect at the time of trans,although i did get tucked up by the thai end the day the bank rate went down,and they held my money for over 18hrs. i should have made a complaint but where does that get you.

i normally only transfer once a yr.unless the wife wants more

[PattayaBoy]

I looked HSBC travel money so 1000GBP gives u  41,900.00  THB

 

and 1000GBP on that xendpay 44735.39

[DUS]

1 hour ago, PattayaBoy said:

I looked HSBC travel money so 1000GBP gives u  41,900.00  THB

 

and 1000GBP on that xendpay 44735.39

 

555

 

why would anyone let hsbc do the currency conversion? HSBC is much better than xendpay as long as you transfer GBP!!! @xendpayfanboy

[Chivas]

On 23/09/2016 at 0:29 PM, PattayaBoy said:

I looked HSBC travel money so 1000GBP gives u  41,900.00  THB

 

and 1000GBP on that xendpay 44735.39

 

I'm speechless.....!

[Chivas]

...........and am still waiting to donate my £500 to Father Rays Foundation to anyone who gets a bigger bottom line figure in their Thai account by using ANY of the transfer services as opposed to HSBC or Halifax (Appreciate OP specified Europe challenge still stands )

 

When are some going to wake up over these "transfer crews"  !!

 

[PattayaBoy]

20 hours ago, Chivas said:

...........and am still waiting to donate my £500 to Father Rays Foundation to anyone who gets a bigger bottom line figure in their Thai account by using ANY of the transfer services as opposed to HSBC or Halifax (Appreciate OP specified Europe challenge still stands )

 

When are some going to wake up over these "transfer crews"  !!

 

 

Here you go https://www.theguardian.com/money/2015/aug/23/hsbc-life-savings

 

In April I sent two electronic payments – my life savings – totalling £95,000 from my HSBC current account in the UK, direct into my ANZ bank personal account in New Zealand. I used the HSBC online banking service and understood each payment would incur a £4 bank charge. I was intending to send the payments in pounds sterling direct to my pounds sterling ANZ account. The money did not arrive and, after several days of worry, it emerged that HSBC had made two payments back into my UK account, but rather than £95,000 there was only £91,000.

 

HSBC took £4,000 out of mylife savings

[Chivas]

2 hours ago, PattayaBoy said:

 

Here you go https://www.theguardian.com/money/2015/aug/23/hsbc-life-savings

 

In April I sent two electronic payments – my life savings – totalling £95,000 from my HSBC current account in the UK, direct into my ANZ bank personal account in New Zealand. I used the HSBC online banking service and understood each payment would incur a £4 bank charge. I was intending to send the payments in pounds sterling direct to my pounds sterling ANZ account. The money did not arrive and, after several days of worry, it emerged that HSBC had made two payments back into my UK account, but rather than £95,000 there was only £91,000.

 

HSBC took £4,000 out of mylife savings

 

What are you trying to say. Monies have gone missing.....??  I'm not talking about some guy incapable of understanding how Bank Transfers work. HSBC haven't lifted £4000 from him rest assured. There's an error somewhere clearly.

[PattayaBoy]

22 hours ago, Chivas said:

...........and am still waiting to donate my £500 to Father Rays Foundation to anyone who gets a bigger bottom line figure in their Thai account by using ANY of the transfer services as opposed to HSBC or Halifax (Appreciate OP specified Europe challenge still stands )

 

When are some going to wake up over these "transfer crews"  !!

 

the other part, photos shows u  exchange rates

 

the photos

 

rates from today, simulated exchange

 

 

22 hours ago, Chivas said:

 

[Pib]

I think Chivas challenge was for someone sending funds "without" allowing the Sending bank to convert the funds to baht (or whatever other currency) when sending, at the sending's bank's lower exchange rate which is significantly lower than the Thai bank TT Buying Rate.  

In the HSBC snapshot above showing an exchange rate it obvious that is HSBC's exchange rate if a person was not-smart-enough to "not" allow HSBC to convert while sending.   Been said over and over, when using a bank to send funds do not let them convert to baht; let the receiving Thai bank do the conversion.

 

 

[PattayaBoy]

2 minutes ago, Pib said:

I think Chivas challenge was for someone sending funds "without" allowing the Sending bank to convert the funds to baht (or whatever other currency) when sending, at the sending's bank's lower exchange rate which is significantly lower than the Thai bank TT Buying Rate.  

In the HSBC snapshot above showing an exchange rate it obvious that is HSBC's exchange rate if a person was not-smart-enough to "not" allow HSBC to convert while sending.   Been said over and over, when using a bank to send funds do not let them convert to baht; let the receiving Thai bank do the conversion.

 

 

 

they got rip off rates too u can see them online example http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx