Transferwise.

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Old Grumpy
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Transferwise.

Post by Old Grumpy » May 13, 2019, 1:34 pm

Just opened an account with them, attracted by the savings they display as opposed to normal bank transfers . Haven't tried it yet anyone use them? How do you find it.Most on line reviews are quite positive but there are a few negative ones as well.


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Re: Transferwise.

Post by eagle » May 13, 2019, 1:57 pm

I have had an account long time. Good that inside Europe money goes to that without any cost -SEPA transfer. Then I have euros in other side and other side baht.

Most positive is that I can have extra money in TW account and exchange to THB only when currency rate is ok/good. Then send whenever.

If you just replace bank transfer, you do not get everything out from account. Using a possibility to exchange makes a big difference.

I am on marriage visa and make a copy of transfer from my bank to TW account. Then exchange and transfer to my Thai account. That is important, because that copy also tells that money comes through other Thai Bank. Bangkok Bank is most often used, but also TMB. Kasikorn shows that money comes from source inside Thailand. Just in case that Immigration want to trace money.

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Re: Transferwise.

Post by glalt » May 13, 2019, 4:26 pm

Transferwise is good for small amounts but that doesn't work for me. My income is direct deposited into my US bank. I wire transfer money to my Thai bank whenever it is needed, maybe once or twice a year. If you check the rates for large amounts you will see it is quite high making regular wire transfers quite a bit cheaper..

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Re: Transferwise.

Post by minimiglia » May 13, 2019, 4:28 pm

Agree Gary not viable for larger sums, ok for small amounts

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ajsp9
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Re: Transferwise.

Post by ajsp9 » May 14, 2019, 2:33 am

Use transferwise and xendpay both ok bit I only transfer small amounts.

Better than my HSBC to Kasikorn rate

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Laan Yaa Mo
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Re: Transferwise.

Post by Laan Yaa Mo » May 14, 2019, 2:43 am

When you speak about small amounts what is the range of the money that you mean? For example, between $1000-5,000 or a different amount?
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Re: Transferwise.

Post by minimiglia » May 14, 2019, 7:28 am

1000 pounds sterling

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Re: Transferwise.

Post by NongKhaiLee » May 14, 2019, 10:04 am

Just started using them last month, works well for me because of the time difference between us here and my bank in the States, I have found that the higher exchange rate they give me more than pays for the fee they charge for the transfer. I have "remote transfer" set up with my home bank but Transferwise is easier and I get more of my money. So far so good. I am interested in hearing from anyone who is using the "wire money" function...does it come through as a foreign funds transfer? (in other words does it meet the visa requirements?)

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Re: Transferwise.

Post by eagle » May 14, 2019, 10:49 am

Laan Yaa Mo wrote:
May 14, 2019, 2:43 am
When you speak about small amounts what is the range of the money that you mean? For example, between $1000-5,000 or a different amount?
I use TW borderless account and fee is 0.5173% from exchanged amount. So 1000 euro means 5,17 euro. 100 000 euro means 517.30 euro fee. Send it to Thailand costs always 80 thb. So exchanging 100 times 1000 euro costs exactly same as exchanging 1 time 100 000 euro. Sending one time costs 80 thb, but 100 times costs 8 000 thb. So, the more I exchange and send in one time, the better price I get to my account here.

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tamada
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Re: Transferwise.

Post by tamada » May 14, 2019, 10:57 am

According to many unhappy campers on the big forum, if using evidence of income from overseas to your Thai bank account for renewing your annual extension, only Bangkok Bank will correctly code a TransferWise inbound transaction as an international inbound payment. Other Thai banks are not direct correspondents with TransferWise and receive international inbound payments via Bangkok Bank. Thus they will appear in non- Bangkok Bank statements as domestic transfers.

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sometimewoodworker
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Re: Transferwise.

Post by sometimewoodworker » May 14, 2019, 11:24 am

tamada wrote:
May 14, 2019, 10:57 am
According to many unhappy campers on the big forum, if using evidence of income from overseas to your Thai bank account for renewing your annual extension, only Bangkok Bank will correctly code a TransferWise inbound transaction as an international inbound payment. Other Thai banks are not direct correspondents with TransferWise and receive international inbound payments via Bangkok Bank. Thus they will appear in non- Bangkok Bank statements as domestic transfers.
While Bangkok Bank usually does code a TransferWise inbound transaction as an international inbound payment,

TransferWise itself states that the payment is a domestic transfer within Thailand, they have specifically said that they have no method of coding the transfers as international.

FWIW international inbound transfers have a receiving fee TW transfers do not, this supports the TW domestic transfer information.
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Re: Transferwise.

Post by Stantheman » May 15, 2019, 8:25 am

glalt wrote:
May 13, 2019, 4:26 pm
Transferwise is good for small amounts but that doesn't work for me. My income is direct deposited into my US bank. I wire transfer money to my Thai bank whenever it is needed, maybe once or twice a year. If you check the rates for large amounts you will see it is quite high making regular wire transfers quite a bit cheaper..
Glalt, do you run into any problems or have to do something special to get around the $10k reporting requirement

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Re: Transferwise.

Post by glalt » May 15, 2019, 9:23 am

You can transfer any amount that you want into a Thai bank, no limit that I know of. If you are a US citizen, you do have to declare your Thai bank account when you file your federal tax return.

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Re: Transferwise.

Post by glalt » May 15, 2019, 9:25 am

glalt wrote:
May 15, 2019, 9:23 am
You can transfer any amount that you want into a Thai bank, no limit that I know of. If you are a US citizen, you do have to declare your Thai bank account when you file your federal tax return. I have transfered as much as $35,000 dollars with no questions asked by anyone.

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Re: Transferwise.

Post by pal52 » May 15, 2019, 10:20 am

glalt wrote:
May 15, 2019, 9:23 am
You can transfer any amount that you want into a Thai bank, no limit that I know of. If you are a US citizen, you do have to declare your Thai bank account when you file your federal tax return.
You can transfer any amount but if you transfer more than 50,000 US Dollar in one go you have to fill in a special form from the main bank in Bangkok.

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Re: Transferwise.

Post by Charlieb » May 15, 2019, 10:25 am

You can transfer any amount but if you transfer more than 50,000 US Dollar in one go you have to fill in a special form from the main bank in Bangkok.
Unless there is a recent change in rules this is not true, I have transferred $100,000 twice, for car and house purchases, and never a question or a form. This is with Bangkok Bank.

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Re: Transferwise.

Post by pal52 » May 15, 2019, 10:47 am

Charlieb wrote:
May 15, 2019, 10:25 am
You can transfer any amount but if you transfer more than 50,000 US Dollar in one go you have to fill in a special form from the main bank in Bangkok.
Unless there is a recent change in rules this is not true, I have transferred $100,000 twice, for car and house purchases, and never a question or a form. This is with Bangkok Bank.
This was 5 years ago with the Kasikorn bank.
I transferred 70.000 US and had to go to the bank & fill in a form stating what the money was for.

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Re: Transferwise.

Post by glalt » May 15, 2019, 2:41 pm

I have no love for Citibank but I keep using them because I can do the wire transfers totally on-line. They used to charge a flat $30 regardless of the amount of the transfer. Then they got greedy and added another $15 for an intermediary bank which is of course also Citibank. Once or twice a year won't break me.

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Re: Transferwise.

Post by tamada » May 15, 2019, 5:16 pm

^ That's a really steep surcharge but as you say, once or twice a year isn't too painful. My bank charges £15 and then there's whatever the receiving bank pulls out of their arses for a processing fee, overseas transaction fee or whatever. Regarding the latter, when they started being applied, not everyone had access to online banking and it was a fee that ostensibly went towards the development and support of a nascent, comparatively low-use service. Now with smartphones, apps and plastic that works in (nearly) every ATM in the world, it's a huge cash cow that helps pay for irrelevant, mostly empty main branch offices and clueless staff.

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Re: Transferwise.

Post by SJP17 » May 15, 2019, 9:33 pm

So how would you advise doing tweny five thousand pounds from UK to Thailand ?

Is this a bad idea with Transferwise ?

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