Transferwise

[the-monk]

Few months ago i looked into the possibility of using Transferwise for a $30 000.xx transfer to my Kasikorn bank account here in Udon.At the log-in they offered a quite good exchange rate, then during the application process, their new rate was much less interesting. I checked with my bank back home and compared the total amount I would get from both of them. Transferwise would have saved me about 20 000 Baht. However I decided that keeping contact with my bank - they call you to review the transfer before executing it -  was worth the 20 000 Baht. I appreciate the personal touch.

[sometimewoodworker]

I’ve been using them for years

Transferwise uses a clever, but risky way of keeping fees low

The description of it being risky come from the banks who loose out.

There are many, many of their customers who have had the same experience.

The data is from where?

Some international banks have warned their customers publically about the risks

Of course they don’t want the competition.

From what is published on Wikipedia, I think their review is accurate.

Anyone can post anything to Wikipedia, it is not fact checked, it is not peer reviewed, it could be true, it could be totally fake.

Wikipedia can never be authoritative.

[tamada]

How can any member verify Whistler's unique, one-off experience with Transferwise as fact?

[sometimewoodworker]

,

At what point in my explanation did I state I relied 100% on Wiki? I did my own research that aligned with Wiki's description, I used multiple sources. I simply endorsed Wiki's description as being in line with what I had already researched. Here is but one

https://www.consumeraffairs.com/finance ... rwise.html

Kettle

If you are going to cite your “Research” you should at least pick one that isn’t a “paid for good report” site.

That has demonstrated that your ability to actually research is questionable, yes you can find sources to support your ideas, anybody can do that for any idea, that doesn’t mean that the idea you believe is true

Now please explain one single fact that I outlined as being anything other than 100% accurate.

Your explanation of the way that the transfer is arranged.

When rates fluctuate a fair bit, Transferwise may lose money, so they suspend the problem transactions, then delete that clients account

Your assumption, you can have no proof. It could be true, it could be completely bogus.

You seem to think I support TW I don’t
I have had a totally different experience over years.
Your experience is different.

[Whistler]

My goodness these guys cannot control their habits of just being armchair critics, they have no first hand knowledge of what happened, but still act like ignorant know-it-alls

https://dictionary.cambridge.org/dictio ... sh/sophist

[Whistler]

Poor old Tam and woody, no real need for me to say anything else, I am sure other forum members see them for what they are.

But just for grins

https://www.bbb.org/us/ny/new-york/prof ... complaints

or google 'consumer complaints transferwise' a very clear pattern emerges

[noosard]

I used transferwise recently (May and July) both with the Oz dollar on the increase to the baht at the time
No trouble
OFX and XE I have used in the past have changd their rules and have become difficult in the last year or so

[kopkei]

i am sure transferwise has as all things his pros and cons ...
i have used them 2 times recently always on a friday to send money (better ratings end of week ) and yes i did have to wait until monday 01H to receive the money (weekend) ,what is no problem as what i have the most is ...time (although also getting shorter and shorter ) ,will let know when my send from yesterday arrives...
some other reviews
https://transumo.com/transferwise-review/
https://www.monito.com/en/send-money-with/transferwise
and it is more in human nature to complain than giving credit ,maybe that is why more bad reviews than good ones ?
but it is an interesting point whistler brought up , when sending money with normal bank transfer and something goes wrong it mostly is corrected effortlessly, so what if this happens with transferwise? , in whistlers case he did retrieve the money ,but i did read other stories too?....as of the costs with transferwise are way more high than my usual bank transfers, fe if i would send a bigger amount fe 20.000 euros ,the costs at my bank would be 22 euro and in los 20 euro together 42 euro , transferwise is charging 124,76 euros but they would make it up using the mid range ratings @37.36 what would make 742.539 baht received , to normal send 19.958 euros received @my fcd account , what would be 736.250baht @ 36.89 TT rate today..
so i would profit 6.289 baht sending with transferwise, not really mind blowing but still effortless extra if nothing goes wrong?, on smaller amounts there is less difference , fe 2500 euro would make a profit of 956 baht send with transferwise , so surely not mind blowing but still effortless extra (again if nothing goes wrong)
so it is up to you if sending with transferwise is really worth it compared to the eventually possible risks ?
interested to know some other users opinion/experience with transferwise
as info ...

[jackspratt]

I use TransferWise for my monthly remittances from Oz to Thailand - about 10 times.

So far there have been no issues, and I am happy with their service and rates.

[GT93]

I used transferwise recently (May and July) both with the Oz dollar on the increase to the baht at the time
No trouble
OFX and XE I have used in the past have changd their rules and have become difficult in the last year or so

Noosard, nice to get a constructive response instead of drivel.

I have also tried StGeorge bank, awful rates, long processing times and huge fees as they use an intermediary bank (HSBC) who heavily clip the ticket, minimum fees were 1300 bhat. Bangkok Bank said that if transfers were done with Westpac, fees would have been 100 bhat.

I looked at OFX, not good rates and long processing times from what I could observe. I was planning on trying XE this week, what problems did you have with them?

I use NZFX. I think it's a subsidiary of OFX. Yes, sometimes it takes a while. Usually if I do the transaction on a Monday, it arrives on Wednesday. But not always. I once compared the exchange rate with Transferwise and they were so close it wasn't worth switching. I might keep a closer eye on this.

[tamada]

So the now vacant member for NBLP's failure rate as a percentage of overall TW transactions is actually nearer two fifths of bugger all.

Flouncing drama queen.

[kopkei]

as promised small update about my former sending ....
send 2500 euro 21.08 , received the money the same day ,so can not be better ....

[johanthomsen]

I have been using transferwise now for more then 1 year, and never had any issue with them whatsoever.. It has even got better lately as now transfers are instant.. It used to take 5-6 hours before, and even that is considered fast compared to the banks, and it is ALOT cheaper then the banks

[Laan Yaa Mo]

I have been using Transferwise for a few years, and have yet to experience any problems. It is easy to use, and provides fast and efficient service.

[ezrider]

Does the bankbook show FTT code? Required by imm.

[mak]

Yes, as long as you click reason for transfer: long term residency in Thailand. This method works for transfers into BBL.