Transferwise.

This section is for general money matters, finance and investing.
RLTrader
udonmap.com
Posts: 1867
Joined: June 3, 2007, 8:49 am

Re: Transferwise.

Post by RLTrader » March 6, 2020, 9:01 am

jackspratt wrote:
December 18, 2019, 11:04 am
Used Transferwise for the first time yesterday, and was pleasantly surprised with both the rate, and the ease of setting up and transacting.
Tried to set up account last night, found it to be a Bear. Today got email informing me that they had closed my account. But that they could not tell me why, but gave me a list of possible reasons. Oh well :?



User avatar
747man
udonmap.com
Posts: 10607
Joined: March 25, 2007, 2:22 pm

Re: Transferwise.

Post by 747man » March 6, 2020, 10:54 am

RLTrader wrote:
March 6, 2020, 9:01 am
jackspratt wrote:
December 18, 2019, 11:04 am
Used Transferwise for the first time yesterday, and was pleasantly surprised with both the rate, and the ease of setting up and transacting.
Tried to set up account last night, found it to be a Bear. Today got email informing me that they had closed my account. But that they could not tell me why, but gave me a list of possible reasons. Oh well :?
Trader.........Remember what Yer Teacher wrote on yer report at School....." Must Try HARDER " :lol: :lol:

RLTrader
udonmap.com
Posts: 1867
Joined: June 3, 2007, 8:49 am

Re: Transferwise.

Post by RLTrader » March 6, 2020, 7:15 pm

double post
Last edited by RLTrader on March 6, 2020, 7:32 pm, edited 1 time in total.

RLTrader
udonmap.com
Posts: 1867
Joined: June 3, 2007, 8:49 am

Re: Transferwise.

Post by RLTrader » March 6, 2020, 7:28 pm

[
jackspratt wrote:
December 18, 2019, 11:04 am
Used Transferwise for the first time yesterday, and was pleasantly surprised with both the rate, and the ease of setting up and transacting.
RLTrader wrote:
March 6, 2020, 9:01 am
Tried to set up account last night, found it to be a Bear. Today got email informing me that they had closed my account. But that they could not tell me why, but gave me a list of possible reasons. Oh well :?
747man wrote:
March 6, 2020, 10:54 am

Trader.........Remember what Yer Teacher wrote on yer report at School....." Must Try HARDER " :lol: :lol:
If I remember correctly I was teacher's star student and she always said "When someone shows you a Lemon and calls it a Apple, you should know it's time to move on for you will never learn anything here!"

Just used my ATM card today, might have gotten 1 baht below rate, but no headache was involved. In fact cost me less than the time I spent trying to setup an account, just to transfer money from point A to point B. Thank You very Much.

User avatar
sometimewoodworker
udonmap.com
Posts: 2074
Joined: October 7, 2008, 11:19 am

Re: Transferwise.

Post by sometimewoodworker » March 7, 2020, 6:48 am

RLTrader wrote:
March 6, 2020, 7:28 pm
[
jackspratt wrote:
December 18, 2019, 11:04 am
Used Transferwise for the first time yesterday, and was pleasantly surprised with both the rate, and the ease of setting up and transacting.
RLTrader wrote:
March 6, 2020, 9:01 am
Tried to set up account last night, found it to be a Bear. Today got email informing me that they had closed my account. But that they could not tell me why, but gave me a list of possible reasons. Oh well :?
747man wrote:
March 6, 2020, 10:54 am

Trader.........Remember what Yer Teacher wrote on yer report at School....." Must Try HARDER " :lol: :lol:
If I remember correctly I was teacher's star student and she always said "When someone shows you a Lemon and calls it a Apple, you should know it's time to move on for you will never learn anything here!"

Just used my ATM card today, might have gotten 1 baht below rate, but no headache was involved. In fact cost me less than the time I spent trying to setup an account, just to transfer money from point A to point B. Thank You very Much.
400 Baht less on a on a 12,000 Baht transaction if it was 1 baht below rate, a couple of beers.
Do it enough and for most people it’s very worth while taking the time to setup TW.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

glalt
udonmap.com
Posts: 1893
Joined: January 14, 2007, 10:35 am
Location: Nong Hin, Loei

Re: Transferwise.

Post by glalt » March 7, 2020, 8:52 am

Transferwise may be good for smaller amount transfers, BUT, I normally make one or two transfers a year. Usually $20,000 at a time. That makes a bank wire transfer cheaper. I can make a bank transfer today and the money is in my Thai bank tomorrow. Every wire transfer has the same fees regardless of the amount.

User avatar
Stantheman
udonmap.com
Posts: 1149
Joined: February 9, 2009, 3:33 am
Location: USA (For Now)

Re: Transferwise.

Post by Stantheman » March 7, 2020, 9:26 am

glalt wrote:
March 7, 2020, 8:52 am
Transferwise may be good for smaller amount transfers, BUT, I normally make one or two transfers a year. Usually $20,000 at a time. That makes a bank wire transfer cheaper. I can make a bank transfer today and the money is in my Thai bank tomorrow. Every wire transfer has the same fees regardless of the amount.
Agree, the only fee I pay is the 200 to 500 baht charged by Bangkok Bank. No other fee involved and get the current TT rate.

User avatar
sometimewoodworker
udonmap.com
Posts: 2074
Joined: October 7, 2008, 11:19 am

Re: Transferwise.

Post by sometimewoodworker » March 7, 2020, 10:42 am

Stantheman wrote:
March 7, 2020, 9:26 am
glalt wrote:
March 7, 2020, 8:52 am
Transferwise may be good for smaller amount transfers, BUT, I normally make one or two transfers a year. Usually $20,000 at a time. That makes a bank wire transfer cheaper. I can make a bank transfer today and the money is in my Thai bank tomorrow. Every wire transfer has the same fees regardless of the amount.
Agree, the only fee I pay is the 200 to 500 baht charged by Bangkok Bank. No other fee involved and get the current TT rate.
Yes absolutely you get the TT rate with a wire transfer but with TransferWise you get the mid rate so for a transfer from the U.K. (I don’t have a U.S. account) you are likely to gain over ฿10,000 on the transaction depending on the bank you use. Physical cash it still better but it may not be enough to warrant the extra difficulty even if you are traveling anyway.

So yes the The total fees are lower but so is the exchange rate.
Attachments
3DA5AC22-9C58-4CD9-891C-98C48FFD8FFF.jpeg
Jerome and Nui's new househttp://bit.ly/NJnewHouse

RLTrader
udonmap.com
Posts: 1867
Joined: June 3, 2007, 8:49 am

Re: Transferwise.

Post by RLTrader » March 7, 2020, 11:50 am

sometimewoodworker wrote:
March 7, 2020, 6:48 am

400 Baht less on a on a 12,000 Baht transaction if it was 1 baht below rate, a couple of beers.
Do it enough and for most people it’s very worth while taking the time to setup TW.
Agree that it would work out to 400฿, but I would think one would then have to subtract the cost of TW, to get the real lost, unless free. So what is the cost of TW for 12K?

User avatar
sometimewoodworker
udonmap.com
Posts: 2074
Joined: October 7, 2008, 11:19 am

Re: Transferwise.

Post by sometimewoodworker » March 7, 2020, 1:09 pm

RLTrader wrote:
March 7, 2020, 11:50 am
sometimewoodworker wrote:
March 7, 2020, 6:48 am

400 Baht less on a on a 12,000 Baht transaction if it was 1 baht below rate, a couple of beers.
Do it enough and for most people it’s very worth while taking the time to setup TW.
Agree that it would work out to 400฿, but I would think one would then have to subtract the cost of TW, to get the real lost, unless free. So what is the cost of TW for 12K?
As I mentioned I don’t have a U.S. borderless TW account and if I did I wouldn’t be using it for small transfers as the TW withdrawal fee to a Thai bank for any amount is ฿82 and the % fee inside TW is a higher the less you send and US bank transfer fees don’t change much with the amount you send, there are no bank charges in Thailand

The other point is that you really need to do a real-time comparison to check how much better TW is. They only have 2 US companies on the comparison section, probably because other institutions do not make their fees and exchange rates public

Here is a current example.
BE7BF5BE-0FC8-42A4-AC06-9784CB8A9862.jpeg
YMMV U.S. transfers may not be as good a rate as U.K. ones but they could be better.

You can play around with transfer methods and amounts at.
https://transferwise.com/
Jerome and Nui's new househttp://bit.ly/NJnewHouse

RLTrader
udonmap.com
Posts: 1867
Joined: June 3, 2007, 8:49 am

Re: Transferwise.

Post by RLTrader » March 7, 2020, 4:41 pm

https://transferwise.com/

So with that link says fees of $9.60 for 12K which comes to a little over 300฿, so a savings for 100฿ plus a wait to have cash.

When transfer using BBNY when it arrive Udon BB charged me 200฿, can't see a reason would not apply to TW also, so bye 100฿ savings

User avatar
sometimewoodworker
udonmap.com
Posts: 2074
Joined: October 7, 2008, 11:19 am

Re: Transferwise.

Post by sometimewoodworker » March 7, 2020, 8:12 pm

RLTrader wrote:
March 7, 2020, 4:41 pm
https://transferwise.com/

So with that link says fees of $9.60 for 12K which comes to a little over 300฿, so a savings for 100฿ plus a wait to have cash.

When transfer using BBNY when it arrive Udon BB charged me 200฿, can't see a reason would not apply to TW also, so bye 100฿ savings
No it does not apply to TW as TW do a domestic transfer so no fees from your bank.

Did you note the wording “recipient gets” not “ recipient gets less bank fees”

However as I said due to the fixed costs of transferring $ in the US and the fixed transfer cost in Thailand (they are already in the quote not additions) small transfers are not the best.

Also you chose an expensive US transfer as you can get it down to $6.24 so under 200 Baht
69A38C3F-D500-449E-B41D-5D0A76BDC875.jpeg
Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
sometimewoodworker
udonmap.com
Posts: 2074
Joined: October 7, 2008, 11:19 am

Re: Transferwise.

Post by sometimewoodworker » March 8, 2020, 11:52 pm

Just a FWIW last year About the same time the difference between TransferWise and a cash exchange at Green SuperRich HQ for an example £25k was about ฿12,000 extra at SR.

With today’s exact figures the difference is ฿1,500 extra at SR this means that cash is no longer the best way to bring sterling into Thailand
Jerome and Nui's new househttp://bit.ly/NJnewHouse

Post Reply

Return to “Money, Finance & Investing”