Transferwise.

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sometimewoodworker
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Re: Transferwise.

Post by sometimewoodworker » May 16, 2019, 7:06 am

SJP17 wrote:
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 ?
While the fee for that amount is higher than a SWIFT transfer in my experience the exchange rate for TransferWise is enough to cover the difference.

I have found the absolute best rate to be cash exchanged at green SuperRich HQ for £25k you get ฿12,370 more this morning.

With both cash and TransferWise you can find out exactly how much you will get, with a SWIFT transfer you have do the transfer first then you find out if it was a good deal.

If I were not traveling between the UK and Thailand I would do a transfer of that amount through TransferWise as I can do everything from home, convince and certainty wins for me.

So I think it is a good idea not a bad one.
IMG_7369-2.jpeg
IMG_7370-2.jpeg
IMG_7373-2.jpeg


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the-monk
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Re: Transferwise.

Post by the-monk » May 16, 2019, 10:56 am

http://www.nationmultimedia.com/detail/ ... s/30369490

KBank launches K PLUS overseas funds transfer feature

May 16 2019

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747man
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Re: Transferwise.

Post by 747man » May 16, 2019, 4:37 pm

I have found the absolute best rate to be cash exchanged at green SuperRich HQ for £25k you get ฿12,370 more this morning........

Oh !! Ain't THAT Great ?? All I Need to do now is FIND The 25k GBP.......

SJP17
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Re: Transferwise.

Post by SJP17 » May 16, 2019, 8:29 pm

sometimewoodworker wrote:
May 16, 2019, 7:06 am
SJP17 wrote:
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 ?
While the fee for that amount is higher than a SWIFT transfer in my experience the exchange rate for TransferWise is enough to cover the difference.

I have found the absolute best rate to be cash exchanged at green SuperRich HQ for £25k you get ฿12,370 more this morning.

With both cash and TransferWise you can find out exactly how much you will get, with a SWIFT transfer you have do the transfer first then you find out if it was a good deal.

If I were not traveling between the UK and Thailand I would do a transfer of that amount through TransferWise as I can do everything from home, convince and certainty wins for me.

So I think it is a good idea not a bad one.
IMG_7369-2.jpeg

IMG_7370-2.jpeg

IMG_7373-2.jpeg
Thanks for the info, at the moment i am just sitting on the money to see if we get any resolution with this brexit fiasco even a few baht increase could be a major boost to present rates.

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Old Grumpy
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Re: Transferwise.

Post by Old Grumpy » May 17, 2019, 6:24 am

It is possibly worth noting that Transferwise Have a 2 million baht maximum per transaction anyway .
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Stantheman
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Re: Transferwise.

Post by Stantheman » June 15, 2019, 7:08 pm

JohnBkk6789 wrote:
June 15, 2019, 12:02 pm
i do transfer money to all asia countries
u can pay me cash there and receive the local currency you want to transfer or receive AUD at this country
Fee charge applied and i apply you the XE rate minus 0,1
For example: Xe rate today from AUD-THB is 21.4 on XE rate. you will applied 21.3
and You transfer 10.000 AUD, you will receive 9400 AUD in Thailand , about 200,220 THB
dont feel free to contact me if needed
Personally I would be very hesitant to use an individual off a forum post to transfer funds.

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sometimewoodworker
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Re: Transferwise.

Post by sometimewoodworker » June 15, 2019, 7:27 pm

Stantheman wrote:
June 15, 2019, 7:08 pm
JohnBkk6789 wrote:
June 15, 2019, 12:02 pm
i do transfer money to all asia countries
u can pay me cash there and receive the local currency you want to transfer or receive AUD at this country
Fee charge applied and i apply you the XE rate minus 0,1
For example: Xe rate today from AUD-THB is 21.4 on XE rate. you will applied 21.3
and You transfer 10.000 AUD, you will receive 9400 AUD in Thailand , about 200,220 THB
dont feel free to contact me if needed
Personally I would be very hesitant to use an individual off a forum post to transfer funds.
There is also the ridiculously high fee of 6%, in the example above AU $600

With TransferWise the fee in the example is 63.05 and you get about 13,000 Baht more or 213,141
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semperfiguy
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Re: Transferwise Update (Good News)

Post by semperfiguy » September 20, 2019, 6:12 pm

sometimewoodworker wrote:
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.
On my last two monthly transfers-in from my US bank to my Bangkok Bank account, TransferWise used Kasikorn Bank as it's local partnering bank, and the transactions were recorded in my passbook as an Interbank Transfer vis SMART. If they use Bangkok Bank as their partnering bank, then the transfers-in are coded as FTT (Foreign Telegraphic Transfer) or International Transfer which is what Udon Immigration requires.

The good news is that I contacted TransferWise customer support and they sent me the following email emphasizing that from now on they will flag my account to use Bangkok Bank as their partnering bank on all of my future transfers.
I will attach that email below, and some of you may want to contact them and arrange the same kind of flagging on your account.

Thanks for reaching out to us.

We have received this issue among a lot of our customers.

I have added a tag to your THB account that will route most of your payments through Bangkok Bank.

I say most because it is possible that if Bangkok Bank has any down time or technical issues the payment will automatically be routed through a different provider.

This should work for most of your transfers as these issues do not happen often.
If the payment is sent out through Kasikorn bank you will need to reach out to your nearest Kbank trade center and provide them the following:

1) Recipient Bank Savings Passbook or Statement showing the specific transaction
2) Passport of Recipient
3) Visa of Recipient

They should be able to issue your FET (Foreign Exchange Transaction) form or Payment Notification Letter on transfers of less than $50,000.

I hope this helps - if you have any questions please let me know.

"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf". - George Orwell

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sometimewoodworker
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Re: Transferwise Update (Good News)

Post by sometimewoodworker » September 21, 2019, 6:48 am

semperfiguy wrote:
September 20, 2019, 6:12 pm
sometimewoodworker wrote:
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.
On my last two monthly transfers-in from my US bank to my Bangkok Bank account, TransferWise used Kasikorn Bank as it's local partnering bank, and the transactions were recorded in my passbook as an Interbank Transfer vis SMART. If they use Bangkok Bank as their partnering bank, then the transfers-in are coded as FTT (Foreign Telegraphic Transfer) or International Transfer which is what Udon Immigration requires.

The good news is that I contacted TransferWise customer support and they sent me the following email emphasizing that from now on they will flag my account to use Bangkok Bank as their partnering bank on all of my future transfers.
I will attach that email below, and some of you may want to contact them and arrange the same kind of flagging on your account.

Thanks for reaching out to us.

We have received this issue among a lot of our customers.

I have added a tag to your THB account that will route most of your payments through Bangkok Bank.

I say most because it is possible that if Bangkok Bank has any down time or technical issues the payment will automatically be routed through a different provider.

This should work for most of your transfers as these issues do not happen often.
If the payment is sent out through Kasikorn bank you will need to reach out to your nearest Kbank trade center and provide them the following:

1) Recipient Bank Savings Passbook or Statement showing the specific transaction
2) Passport of Recipient
3) Visa of Recipient

They should be able to issue your FET (Foreign Exchange Transaction) form or Payment Notification Letter on transfers of less than $50,000.

I hope this helps - if you have any questions please let me know.

I assume that you will be contacting the Kbank trade center with regard to those transfers.

An update on the outcome of that contract will be helpful to anyone else who has a similar problem.

Thanks
Jerome and Nui's new househttp://bit.ly/NJnewHouse

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Re: Transferwise.

Post by marcsarge » September 21, 2019, 7:14 pm

semperfiguy,
This happened to me also and I got the same e-mail from Transfer-wise. I started with them the 1st of year and 10 days before I had to do yearly in July the transfer went thru K-bank first and then Smart transfer to BB. This of course made me go nuts because I needed it for yearly renewal at Udon Immigration and they did ask for it. I went to the K-bank trade center its past East side BigC maybe 900 meters right on corner past big market on left. You need to go to second floor. It takes about 3 to 4 working days and cost 200Bt. My thought is this, I will continue TW because it works best for me but I will wait until the last of my monthly for that year renewal at Udon Immigration because they only say they will try to always send to BB but you never know it could happen 3 or 4 times and you don't want to pay 200Bt each time just pay once for how many times it happens if it happens at all. The guy at K-bank says this is not a problem. Also make sure you printout the transaction from TW. Good luck

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semperfiguy
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Re: Transferwise.

Post by semperfiguy » September 21, 2019, 8:12 pm

marcsarge wrote:
September 21, 2019, 7:14 pm
semperfiguy,
This happened to me also and I got the same e-mail from Transfer-wise. I started with them the 1st of year and 10 days before I had to do yearly in July the transfer went thru K-bank first and then Smart transfer to BB. This of course made me go nuts because I needed it for yearly renewal at Udon Immigration and they did ask for it. I went to the K-bank trade center its past East side BigC maybe 900 meters right on corner past big market on left. You need to go to second floor. It takes about 3 to 4 working days and cost 200Bt. My thought is this, I will continue TW because it works best for me but I will wait until the last of my monthly for that year renewal at Udon Immigration because they only say they will try to always send to BB but you never know it could happen 3 or 4 times and you don't want to pay 200Bt each time just pay once for how many times it happens if it happens at all. The guy at K-bank says this is not a problem. Also make sure you printout the transaction from TW. Good luck
Thanks for the feeback Marcsarge! My only concern would be that if one waited too many months to go to Kasikorn to ask for the Payment Notification, they just might not be able to produce one that far back. What do you think?
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf". - George Orwell

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Giggle
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Re: Transferwise.

Post by Giggle » September 21, 2019, 8:52 pm

At some point you'll transfer 800k baht and stop feeding the banks. Leave it, forget it. It's what they (Thai Imm) want. It's what makes them stop being institutive idiots. It makes your life easier.

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semperfiguy
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Re: Transferwise.

Post by semperfiguy » September 22, 2019, 11:33 am

Giggle wrote:
September 21, 2019, 8:52 pm
At some point you'll transfer 800k baht and stop feeding the banks. Leave it, forget it. It's what they (Thai Imm) want. It's what makes them stop being institutive idiots. It makes your life easier.

I transferred my money here when the exchange rate was 36.60 Baht to $1.00 and it's sitting in a USD Foreign Currency Deposit Fixed Savings account waiting for the exchange rate to improve before exchanging for Baht. If I exchanged that money now just to make life easier for Udon Immigration I would lose $4960. or 150,784 Baht, so not a smart move. The opportunity to make that money back would be lost forever. My money is staying in USD until the Baht weakens big time!
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf". - George Orwell

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Giggle
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Re: Transferwise.

Post by Giggle » September 22, 2019, 11:52 am

I make one transfer a year ensuring it'll be enough to cover my expenses for the upcoming year (plus a cushion). After about five years or so, the cushion was more than 800k. Bingo. No more hassle. No more paperwork. No monthly transfers, No monthly bank fees. No more fretting about exchange rates. Start over rebuilding the cushion. After a few years buy a new car. Repeat. You're protected from fluctuations by dollar-cost averaging. Over time you won't get rich, but you won't get stung either. It'll average out, the longer you stay.

If you're waiting for the exchange rate to go over 36.60, I hope you're prepared for the long haul. ชาติหน้าตอนบ่ายๆ

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Re: Transferwise.

Post by marcsarge » September 22, 2019, 8:32 pm

by semperfiguy » September 21, 2019, 8:12 pm

marcsarge wrote: ↑
September 21, 2019, 7:14 pm
semperfiguy,
This happened to me also and I got the same e-mail from Transfer-wise. I started with them the 1st of year and 10 days before I had to do yearly in July the transfer went thru K-bank first and then Smart transfer to BB. This of course made me go nuts because I needed it for yearly renewal at Udon Immigration and they did ask for it. I went to the K-bank trade center its past East side BigC maybe 900 meters right on corner past big market on left. You need to go to second floor. It takes about 3 to 4 working days and cost 200Bt. My thought is this, I will continue TW because it works best for me but I will wait until the last of my monthly for that year renewal at Udon Immigration because they only say they will try to always send to BB but you never know it could happen 3 or 4 times and you don't want to pay 200Bt each time just pay once for how many times it happens if it happens at all. The guy at K-bank says this is not a problem. Also make sure you printout the transaction from TW. Good luck

Thanks for the feeback Marcsarge! My only concern would be that if one waited too many months to go to Kasikorn to ask for the Payment Notification, they just might not be able to produce one that far back. What do you think?

Semperfiguy,
They have to go to main office in Bangkok for this letter and I'm sure they keep records for years but you never know. The guy at the K-Bank center said it would be no problem for a year no different getting BB to give you one year statement I would think. But we all know just because they say no problem doesn't mean there wont be one. I guess you could do it every 6 months and I sure no problem that way. Who knows TW may be good for now on. Will have to wait and see. I was thinking that the weekend was July 4th so maybe a lot of transfers during that weekend on US side of transaction. Banks close or shorter hours but not sure that would have any affect on Thai side. I think it TW and maybe most transfer are people here with accounts at BB then all others so because they give you a date it will be there they push it thru other Banks to make sure everyone gets it on their due date.

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