Transfer Wise

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glalt
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Re: Transfer Wise

Post by glalt » September 12, 2021, 7:50 pm

Citibank US offered me a new deal. There is no charge if I transfer Baht. Using their exchange rate, a $15,000 transfer would have cost me about $500 dollars. SCB exchange rate is very close to Posted XE exchange rate. I pay Citibank a flat $45 to transfer dollars regardless of the amount transferred. I should add that I have NO love for Citibank.



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jackspratt
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Re: Transfer Wise

Post by jackspratt » September 13, 2021, 5:28 pm

jackspratt wrote:
September 10, 2021, 4:38 pm
^ My experience is that the transfer through Wise can take anywhere from 2 hours to 4 days to hit your Thai bank account.

It can be affected by weekends and public holidays at both ends.
Just did a transfer from my Oz bank to Kasikorn - transaction completed in 7 minutes.

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Niggly
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Re: Transfer Wise

Post by Niggly » September 13, 2021, 7:16 pm

jackspratt wrote:
September 13, 2021, 5:28 pm

Just did a transfer from my Oz bank to Kasikorn - transaction completed in 7 minutes.
I can beat that although the quick time wasn’t absolutely necessary for me.
Had to transfer some money today as well & the time of payment on my UK bank statement was 09:56 (Thai Time -6) & the fund receipt time at Bangkok Bank is 15:56 so it took less than a minute 😳

Also interestingly (or maybe not) I’ve never downloaded a receipt from Wise (if the money is there it’s okay, right?) but I’ve just looked for this transaction & it says “In Country Partner - Deemoney”. Aren’t they another money transfer service ?
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ajsp9
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Re: Transfer Wise

Post by ajsp9 » September 13, 2021, 7:24 pm

Niggly wrote:
September 13, 2021, 7:16 pm
jackspratt wrote:
September 13, 2021, 5:28 pm

Just did a transfer from my Oz bank to Kasikorn - transaction completed in 7 minutes.
I can beat that although the quick time wasn’t absolutely necessary for me.
Had to transfer some money today as well & the time of payment on my UK bank statement was 09:56 (Thai Time -6) & the fund receipt time at Bangkok Bank is 15:56 so it took less than a minute 😳

Also interestingly (or maybe not) I’ve never downloaded a receipt from Wise (if the money is there it’s okay, right?) but I’ve just looked for this transaction & it says “In Country Partner - Deemoney”. Aren’t they another money transfer service ?
I think the reason for these transfers being so quick is that the money that lands in your Bangkok Bank account is funds that are already in Thailand so perhaps Deemoney merely facilitate this for a fee. They pay out your in coming funds prior to it landing in their account and take a % of the fees

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Niggly
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Re: Transfer Wise

Post by Niggly » September 13, 2021, 7:31 pm

ajsp9 wrote:
September 13, 2021, 7:24 pm

I think the reason for these transfers being so quick is that the money that lands in your Bangkok Bank account is funds that are already in Thailand so perhaps Deemoney merely facilitate this for a fee. They pay out your in coming funds prior to it landing in their account and take a % of the fees
Yeah, I got that, if you select long term stay in Thailand the funds actually come from the originating country so take longer.
The (very reasonable) fees aren’t any more for this speed so must be just absorbed by Wise. I wouldn’t have even known about it if not for having a dig about for this transaction
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sometimewoodworker
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Re: Transfer Wise

Post by sometimewoodworker » September 13, 2021, 7:59 pm

ajsp9 wrote:
September 13, 2021, 7:24 pm
I think the reason for these transfers being so quick is that the money that lands in your Bangkok Bank account is funds that are already in Thailand
Of course they are. There is no need for guessing. It has been in their information from the start. That is the reason why the transfers, until very recently have virtually always been a local fund transfer so there are no expensive international transfer fees the source of baht is unknown.
ajsp9 wrote:
September 13, 2021, 7:24 pm
so perhaps Deemoney merely facilitate this for a fee. They pay out your in coming funds prior to it landing in their account and take a % of the fees
That is extremely unlikely since transferwise was in operation (2011) long before deemoney started (2018) and what % of 82 Baht would be reasonable?
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ajsp9
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Re: Transfer Wise

Post by ajsp9 » September 13, 2021, 8:13 pm

sometimewoodworker wrote:
September 13, 2021, 7:59 pm
ajsp9 wrote:
September 13, 2021, 7:24 pm
I think the reason for these transfers being so quick is that the money that lands in your Bangkok Bank account is funds that are already in Thailand
Of course they are. There is no need for guessing. It has been in their information from the start. That is the reason why the transfers, until very recently have virtually always been a local fund transfer so there are no expensive international transfer fees the source of baht is unknown.
ajsp9 wrote:
September 13, 2021, 7:24 pm
so perhaps Deemoney merely facilitate this for a fee. They pay out your in coming funds prior to it landing in their account and take a % of the fees
That is extremely unlikely since transferwise was in operation (2011) long before deemoney started (2018) and what % of 82 Baht would be reasonable?
I didn’t see a figure of 82thb mentioned ?

If you are transferring/ facilitation millions and millions even a small % would make it worth doing

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Giggle
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Re: Transfer Wise

Post by Giggle » September 13, 2021, 8:16 pm

ajsp9 wrote:
September 13, 2021, 8:13 pm

If you are transferring/ facilitation millions and millions even a small % would make it worth doing
And an even stronger case for a flat fee -- unless you like throwing money away due to blind, laughable jingoism.
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sometimewoodworker
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Re: Transfer Wise

Post by sometimewoodworker » September 13, 2021, 9:48 pm

ajsp9 wrote:
September 13, 2021, 8:13 pm

I didn’t see a figure of 82thb mentioned ?

If you are transferring/ facilitation millions and millions even a small % would make it worth doing
You are correct the transfer fee has jumped to a whole 32.89 Baht, I wasn’t paying careful attention. So what percentage of that, It is exactly the same independent of the amount received, would make sense?
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