Transferwise

[DUS]

THIS could come in very handy ...

 

TransferWise Steps Toward Banking With Multicurrency Account

 

https://www.bloomberg.com/news/articles/2017-05-23/transferwise-steps-toward-banking-with-multicurrency-account

 

 

[orientalist]

Transferwise just reduced its GBP to THB fee to £1.50 + 0.55%.

[Chivas]

I cant praise Transferwise highly enough. If you back trawl my post over how many years i have been totally sceptical of they and other "senders"

Precis their systems are excellent, monies are at full international interbank rates, (and they were). Acknowledged my bank transfer within 2 minutes to them and money was in my thai account the following day.

One caveat is that their fees are sliding up depending on amount sent. There comes a point where the fixed fee from your own bank and the monies landing at TT rates plus thai banks fee becomes better on bottom line. On my bank its around £3000 give or take. Anything less and you're quids in with TW

Highly recommended and yes they just reduced their fee marginally as well.

Edited October 25, 2017 by Chivas

[robin33]

Just applied for a borderless acount as an non business owner(personal). Acknowleged in 20 minutes


Verzonden vanaf mijn iPhone met Thaivisa Connect

[Chivas]

On 5/23/2017 at 6:14 AM, DUS said:

Jeez, you're completely missing the point AGAIN! 

 

I've been transfering 6 digit sums from both my EUR and my GBP accounts. So I am indeed a (happy) customer of them. The only discussion that you completely have missed the point about was about guaranteed vs non guaranteed exchange rates of which there are both when using transferwise (depending on the currency pair).

 

But I rest my case since as per my signature you clearly beat me with your experience. But I still wish you a nice day in LOS.

 

 

Dus clarify that. You have been sending 6 digit GBP (£100,000 +) from Transferwise to a Thai bank....??

Edited cant be I have read that wrong ??  Most TW will do landing at the other end is 2 million baht

Edited October 25, 2017 by Chivas

[Jack Mountain]

 

I want to send 10000 EUR to Thailand (Baht, Siam commercial bank). TW will charge me 71,5 Euro's. Do i have it right that you not have to pay a fee at the receiving side?

I hope not because it's now already twice as much in fee's then when I send it directly from my Euro bank to SCB in Euro's.

TIA

 

[DUS]

12 minutes ago, Jack Mountain said:

 

I want to send 10000 EUR to Thailand (Baht, Siam commercial bank). TW will charge me 71,5 Euro's. Do i have it right that you not have to pay a fee at the receiving side?

I hope not because it's now already twice as much in fee's then when I send it directly from my Euro bank to SCB in Euro's.

TIA

 

Don’t know about Siam CB but I was never charged by KTB. Would be surprised if SCB handled it differently. 

[orientalist]

The money comes into your Thai bank as a local transfer, so there should not be any fee. I never had any fees applied by K-Bank.

[Chivas]

30 minutes ago, Jack Mountain said:

 

I want to send 10000 EUR to Thailand (Baht, Siam commercial bank). TW will charge me 71,5 Euro's. Do i have it right that you not have to pay a fee at the receiving side?

I hope not because it's now already twice as much in fee's then when I send it directly from my Euro bank to SCB in Euro's.

TIA

 

Twice as much in fees but you'll be receiving Interbank rate not the Telegraphic transfer rate which is lower. No fee from landing bank

Edited October 25, 2017 by Chivas

[Jack Mountain]

8 minutes ago, Chivas said:

Twice as much in fees but you'll be receiving Interbank rate not the Telegraphic transfer rate which is higher. No fee from landing bank

Didn't knew that so the  rate for euro's as they show now, 39,03 could be correct then? SCB TT gives 38.65 at the moment. 

WOW, with these numbers i will win 2500 Baht then ... Interesting.

Edited October 25, 2017 by Jack Mountain
WOW+ added

[Chivas]

39 minutes ago, Jack Mountain said:

Didn't knew that so the  rate for euro's as they show now, 39,03 could be correct then? SCB TT gives 38.65 at the moment. 

WOW, with these numbers i will win 2500 Baht then ... Interesting.

I can only tell how it worked for me re Sterling. You get quoted a rate good for 24 hours (interbank rate)... They MUST receive the bank transfer within that time. I had already programmed in transferwise details ready to go into Halifax online banking.

Pressed submit to Transferwise re their page. Went to Halifax online and pressed submit re the £2000.

Now not knowing exactly what notifications were coming I went into email to find (this is less than 2 minutes) that acknowledgment already there and monies on their way. It was a wednesday I think and they said by the friday.

Logged into SCB about 6am (uk time) the THURSDAY just out of curiosity and the monies already sat there

Likewise I gave the link to a friend. He did his transfer in the evening uk time and the money was in his wifes account the following morning as well

Edited October 25, 2017 by Chivas

[janclaes47]

59 minutes ago, DUS said:

Don’t know about Siam CB but I was never charged by KTB. Would be surprised if SCB handled it differently. 

Every Thai bank charges for incoming international transfers, but it is limited to 500 Baht maximum

[Chivas]

I have got a link somewhere which gives new customers free £500 transfer full international rate what you see on xe.com etc is what you get.

If you send more than £500 first part is free.  I did delete from email but can certainly retrieve it if you PM me

[Jack Mountain]

2 minutes ago, janclaes47 said:

Every Thai bank charges for incoming international transfers, but it is limited to 500 Baht maximum

Actually it's 0,25% over the full amount with a minimum of 300 Baht.

But with Transferwise it's a local transfer because they transfer it between there offices and the latest leg is between their destination office and the receiving bank. 

[OJAS]

On 10/25/2017 at 9:58 AM, orientalist said:

Transferwise just reduced its GBP to THB fee to £1.50 + 0.55%.

But what is not clear (to me at any rate) is whether this reduction only applies to transfers paid for through bank transfers. In other words, does it also apply to transfers paid for through a debit card, which is my chosen method?  In this connection I received the following email out of the blue from TransferWise a few days ago:-

 

Last year, card providers increased their interchange fee. It went from 50p, to 0.2% on debit cards, and 0.3% on credit cards, and it’s made cards an expensive way to pay.

We don’t think this is fair. So to help you get around it, we’ve done two things:
 

·  Firstly, we’ve given you the option to pay by bank transfer. It means you won’t be giving an extra fee to your bank, just for the privilege of paying by card.

 

·  Secondly, we’ve dropped the fee for transfers from GBP to THB. It’s changed from 1.50 GBP + 0.6%, to 1.50 GBP + 0.55%.

So for most amounts, as long as you pay by bank transfer, your transfers will be cheaper — in fact, you could pay up to 8% less.

 

As will be evident from clicking on the "interchange fee" link, this particular fee does not impact financially on those of us who use TransferWise's services - although it does on TransferWise themselves. Little wonder, therefore, that they may be trying to encourage those of us who pay by debit card to switch to the bank transfer method instead.

 

For my last transfer of £2,000 (the maximum possible by debit card as I found out by trial and error), I was charged a fee of £13.42. However, according to a quote which I have just obtained, the fee should now be £12.43. But, assuming the worst and that I would still be charged £13.42 for my next debit card transfer, I would have saved the princely sum of 99p had I paid by bank transfer instead! In the whole scheme of things this amount is a drop in the ocean when compared to £2,000, I think!!

Edited October 27, 2017 by OJAS

[DUS]

One more question:

 

With Thai banks "recognising" inflows via Transferwise as "payments received from within Thailand (--> no fees by the receiving bank), that surely must mean that if needed by the account holder, the Thai bank would not be able to issue a FET, or would they?

Edited October 27, 2017 by DUS

[orientalist]

I think this was discussed in another topic and the consensus was that an FET could not be issued. 

[DUS]

Just now, orientalist said:

I think this was discussed in another topic and the consensus was that an FET could not be issued. 

Thank you! Thought so ... Well, you can´t have your cake and eat it.... ;-)

 

 

[JAS21]

If anyone is interested I wrote an article about  TransferWise for ... thailandstarterkit ... just look under Latest Articles. If anyone wants the initial free transfer link just PM me ...

[Jack Mountain]

26 minutes ago, JAS21 said:

If anyone is interested I wrote an article about  TransferWise for ... thailandstarterkit ... just look under Latest Articles. If anyone wants the initial free transfer link just PM me ...

Thx. Good article.

[orientalist]

I see Transferwise now offers their "borderless account" for us folks in Thailand. We can have local account details in 4 main currencies, meaning we can have a UK current account without being resident there, and the state pension can be paid into it. Funds can be stored in 18 currencies with just one account.

 

See Transferwise borderless account for more info.

[JAS21]

  On 29/10/2017 at 3:29 PM, JAS21 said:

If anyone is interested I wrote an article about  TransferWise for ... thailandstarterkit ... just look under Latest Articles. If anyone wants the initial free transfer link just PM me ...

Thx. Good article.

...............................................

 

Wow ...Transferwise are getting really quick ... so are my UK Bank .......  my funds have got a little low, very recently, so decided to buy some thb about 5:40am Thai Time this morning,  exchange rate received was the same as XE.com showed. 

 

Did a BACS straightaway to them from my UK Bank (RBS) and received an e-mail at 5:51am that they had received my money ...  at 9:26am another e-mail to say that they had converted my money and that I would receive it tomorrow.

 

At 13:20 this afternoon CIMB (my Thai Bank) sms to say that money had been deposited ..........that is impressive!!

 

I didn't have to pay any charges as have credit from people using my free transfer link

[orientalist]

I switched receiving accounts from my small K-bank branch to a big CIMB branch recently and the time from start to finish was reduced from 2.5 days to 18 hours, with the actual transfer of baht taking only 4 hours. Impressive.

 

But now TW asks the reason for the transfer with a menu of 8 options. I wonder why, and whether one or another option will have some unforeseen consequence in the future, perhaps with the Thai Revenue Dept?

 

[JAS21]

4 hours ago, orientalist said:

I switched receiving accounts from my small K-bank branch to a big CIMB branch recently and the time from start to finish was reduced from 2.5 days to 18 hours, with the actual transfer of baht taking only 4 hours. Impressive.

 

But now TW asks the reason for the transfer with a menu of 8 options. I wonder why, and whether one or another option will have some unforeseen consequence in the future, perhaps with the Thai Revenue Dept?

 

I thought that TW had always asked for  a reason ... have done so for as long as I can remember ...I usually put General monthly living expenses unless a car or similar and then put the bottom one ...TBH I don't foresee a problem. Must admit not sure which heading your Bar Girl Fine or similar would go under ... maybe also the last option

 

And yes I use CIMB and normally if I buy in 'afternoon or evening' the money is in my account just after 1pm next day.

[orientalist]

TransferWise is now rolling out its debit card, initially to Borderless Account owners in the UK and EU. You can register your interest on the form at this link: https://transferwise.com/help/article/2914242/borderless-account/when-can-i-get-a-debit-card

[homeseeker]

I am using transferwise , and last year I transferred the equivalent (in sterling) of over 800,000 baht (from sterling) for the purposes of renewal of my extension for retirement due this February.

When the money arrived in my BB account the entry in my savings account says TFA and in my on line account transfer says "International Transfer", so surely for all intents and purposes even if there was a rule the money must come from abroad the bank entries suggest it did....right..or not?

Edited January 20, 2018 by homeseeker

[Jip99]

On 05/01/2018 at 4:43 PM, JAS21 said:

I thought that TW had always asked for  a reason ... have done so for as long as I can remember ...I usually put General monthly living expenses unless a car or similar and then put the bottom one ...TBH I don't foresee a problem. Must admit not sure which heading your Bar Girl Fine or similar would go under ... maybe also the last option

 

And yes I use CIMB and normally if I buy in 'afternoon or evening' the money is in my account just after 1pm next day.

 

 

They do.

 

It is also a requirement for all UK banks for transfers to Thailand.

[faraday]

I registered with TW earlier this week, & had the devil's own job of uploading my ID. Used the app, different browser, nothing worked.

I recently bought a Huawei Media Pad, & just could not get it to work.

Several emails from Customer Services later I did the id check using my S5. All done now.

 

[SooKee]

 
 
They do.
 
It is also a requirement for all UK banks for transfers to Thailand.

Not if you use their app they don't. I was quite surprised the requirement didn't pop up and half expected a problem, or at least a delay, with a transfer I'd set up using the app versus their website using a laptop. No problem though. Funds arrived just as fast as normal. I even message TW about it and they suggested either setting up the transfer on the website or doing a repeat of a transfer set up that way using the app (which will use all the same info) if concerned about it. Doesn't seem to make any difference though.

Sent using Tapatalk

[Jip99]

2 hours ago, SooKee said:

Not if you use their app they don't. I was quite surprised the requirement didn't pop up and half expected a problem, or at least a delay, with a transfer I'd set up using the app versus their website using a laptop. No problem though. Funds arrived just as fast as normal. I even message TW about it and they suggested either setting up the transfer on the website or doing a repeat of a transfer set up that way using the app (which will use all the same info) if concerned about it. Doesn't seem to make any difference though.

Sent using Tapatalk
 

 

Duly noted. I havant used the app, I use a saved link for their website.