chang50 Posted July 26, 2018 Share Posted July 26, 2018 Hi,Please move if this is the wrong forum for this.Has anyone any advice for a first time user of Transferwise.I registered a while back and am planning a trial run of a small sum.Is it best to give your card details or go into internet banking and make a payment from there? Link to comment Share on other sites More sharing options...
jackdd Posted July 26, 2018 Share Posted July 26, 2018 Depends on if you want to pay an extra fee for using your credit card or not. Link to comment Share on other sites More sharing options...
chang50 Posted July 26, 2018 Author Share Posted July 26, 2018 1 minute ago, jackdd said: Depends on if you want to pay an extra fee for using your credit card or not. Thanks I only have a debit card..so Nationwide charge a fee,probably best to use the second option. Link to comment Share on other sites More sharing options...
edwinchester Posted July 26, 2018 Share Posted July 26, 2018 I make a transfer direct to TransferWise from my UK bank using internet banking. It's instantaneous and free. Been using TransferWise for some time now and very happy with their service. Always there next working day. Link to comment Share on other sites More sharing options...
chang50 Posted July 26, 2018 Author Share Posted July 26, 2018 1 minute ago, edwinchester said: I make a transfer direct to TransferWise from my UK bank using internet banking. It's instantaneous and free. Been using TransferWise for some time now and very happy with their service. Always there next working day. Thanks I've never heard about any problems to be honest. Link to comment Share on other sites More sharing options...
Jip99 Posted July 26, 2018 Share Posted July 26, 2018 4 minutes ago, edwinchester said: I make a transfer direct to TransferWise from my UK bank using internet banking. It's instantaneous and free. Been using TransferWise for some time now and very happy with their service. Always there next working day. + 1 just do it. I make about 10 transfers a month, transferring money from HSBC to TW's account at Barclays.........................piece of cake. Link to comment Share on other sites More sharing options...
Chivas Posted July 26, 2018 Share Posted July 26, 2018 transferwise are excellent for smaller amounts and pretty quick normally next day in thai account they are not competative once you start wanting to transfer larger amounts because the fee scale slides upwards whereas your bank will charge a flat fee just need to work when your bank will give a better bottom line and on my bank its around £4100 upwards under that amount and TW gives better bottom line Link to comment Share on other sites More sharing options...
Nick ZepTepi Posted July 26, 2018 Share Posted July 26, 2018 I've used xendpay for 3 years with no problems.They have a zero fee offer for the 2 days either side of month end. Plus exchange rate is fractionally better than TransferWiseSent from my BND-L21 using Tapatalk Link to comment Share on other sites More sharing options...
chang50 Posted July 26, 2018 Author Share Posted July 26, 2018 6 hours ago, Chivas said: transferwise are excellent for smaller amounts and pretty quick normally next day in thai account they are not competative once you start wanting to transfer larger amounts because the fee scale slides upwards whereas your bank will charge a flat fee just need to work when your bank will give a better bottom line and on my bank its around £4100 upwards under that amount and TW gives better bottom line Thanks..maybe I'm missing something obvious but isn't the problem the exchange rate you receive in Thailand rather than the flat fee your bank charges ie 20 pounds in my case which is 0.5% of 4000 pounds which is close to your example? Link to comment Share on other sites More sharing options...
Jip99 Posted July 26, 2018 Share Posted July 26, 2018 2 minutes ago, chang50 said: Thanks..maybe I'm missing something obvious but isn't the problem the exchange rate you receive in Thailand rather than the flat fee your bank charges ie 20 pounds in my case which is 0.5% of 4000 pounds which is close to your example? As a former bank employee I don’t pay charges on international transfers. Despite that TW is the most cost effective way for me to transfer. I probably transfer close to 1m Baht per month with the largest single amount being £10,000. The difference in exchange rates counters any fee charged by TW. The rate offered is invariably the same, or better, than the international rates quoted by, say, XE Currency. Link to comment Share on other sites More sharing options...
chang50 Posted July 26, 2018 Author Share Posted July 26, 2018 4 minutes ago, Jip99 said: As a former bank employee I don’t pay charges on international transfers. Despite that TW is the most cost effective way for me to transfer. I probably transfer close to 1m Baht per month with the largest single amount being £10,000. The difference in exchange rates counters any fee charged by TW. The rate offered is invariably the same, or better, than the international rates quoted by, say, XE Currency. Thanks again.. that is what I thought to be the case. Link to comment Share on other sites More sharing options...
Jip99 Posted July 26, 2018 Share Posted July 26, 2018 7 minutes ago, chang50 said: Thanks again.. that is what I thought to be the case. On a £4,000 transfer, based on current rates, TW would be almost 2,000 Baht better than using your bank....circa 174,250 Baht vs 172,400 Baht. Link to comment Share on other sites More sharing options...
Chivas Posted July 27, 2018 Share Posted July 27, 2018 9 hours ago, Jip99 said: On a £4,000 transfer, based on current rates, TW would be almost 2,000 Baht better than using your bank....circa 174,250 Baht vs 172,400 Baht. Yes you got to establish at what point your bank with flat fee but using TT rates is better than TW who use full interbank rate but have a rising level of fees As I said on mine TW bottom line becomes less advantageous around £4100 Link to comment Share on other sites More sharing options...
wgdanson Posted July 27, 2018 Share Posted July 27, 2018 16 hours ago, chang50 said: .so Nationwide charge a fee,probably best to use the second option. Nationwide DO NOT charge for a debit card payment to anyone. Link to comment Share on other sites More sharing options...
alfieconn Posted July 27, 2018 Share Posted July 27, 2018 Does anyone know what TW rate is for 4,000 GBP at this moment in time ? Link to comment Share on other sites More sharing options...
Jip99 Posted July 27, 2018 Share Posted July 27, 2018 3 minutes ago, Chivas said: Yes you got to establish at what point your bank with flat fee but using TT rates is better than TW who use full interbank rate but have a rising level of fees As I said on mine TW bottom line becomes less advantageous around £4100 Chivas.....I don't see how at £4100 (unless you have a very high UK bank charge). My example at £4000 used TW rates at that time yesterday, with quoted costs, versus £20k UK bank charge and Kasikorn rates less 500 Baht for fees. The difference favoured TW by about 1,800 Baht. ... I have just done the calculation now, based on £10,000 and TW is still better by 2,500 Baht. Link to comment Share on other sites More sharing options...
Henryford Posted July 27, 2018 Share Posted July 27, 2018 6 minutes ago, Chivas said: Yes you got to establish at what point your bank with flat fee but using TT rates is better than TW who use full interbank rate but have a rising level of fees As I said on mine TW bottom line becomes less advantageous around £4100 I would have thought that TW was always better. Despite their rising fee their exchange rate always gives you a net benefit compared to a Bank. So even if you transferred 100,000 GBP their fee is @ 550 GBP but the extra 0.5 on the exchange rate saves you over 1000 GBP. Link to comment Share on other sites More sharing options...
Jip99 Posted July 27, 2018 Share Posted July 27, 2018 3 minutes ago, alfieconn said: Does anyone know what TW rate is for 4,000 GBP at this moment in time ? Same as for £10,000 .... 43.80398 Charges £23.37 Net Baht... 174,192.22 Link to comment Share on other sites More sharing options...
Chivas Posted July 27, 2018 Share Posted July 27, 2018 2 minutes ago, Jip99 said: Chivas.....I don't see how at £4100 (unless you have a very high UK bank charge). My example at £4000 used TW rates at that time yesterday, with quoted costs, versus £20k UK bank charge and Kasikorn rates less 500 Baht for fees. The difference favoured TW by about 1,800 Baht. ... I have just done the calculation now, based on £10,000 and TW is still better by 2,500 Baht. yes have not crunched the numbers for some time I acknowledge. As the odd transfers I do are around the £2500 mark I know TW will give better bottom line If I get time later will run a dummy transfer and report it here Link to comment Share on other sites More sharing options...
alfieconn Posted July 27, 2018 Share Posted July 27, 2018 1 minute ago, Jip99 said: Same as for £10,000 .... 43.80398 Charges £23.37 Net Baht... 174,192.22 Are them charges just TW or TW and Thai bank ? thanks Link to comment Share on other sites More sharing options...
Jip99 Posted July 27, 2018 Share Posted July 27, 2018 2 minutes ago, Henryford said: I would have thought that TW was always better. Despite their rising fee their exchange rate always gives you a net benefit compared to a Bank. So even if you transferred 100,000 GBP their fee is @ 550 GBP but the extra 0.5 on the exchange rate saves you over 1000 GBP. Yes. The exchange rate benefit always outweighs the rising fee structure. Additionally, the maximum you can send is 2m Baht at any one time:- TW to send 2m Baht = £45,912.20 Send by bank to get 2,000,500 Baht to Kasikorn (fee 500 Baht) it would cost £46,070.70 TW benefit is over £150 - even with transaction charges of £252.63 Link to comment Share on other sites More sharing options...
Jip99 Posted July 27, 2018 Share Posted July 27, 2018 2 minutes ago, alfieconn said: Are them charges just TW or TW and Thai bank ? thanks There are no Thai bank charges when you use TW Link to comment Share on other sites More sharing options...
alfieconn Posted July 27, 2018 Share Posted July 27, 2018 1 minute ago, Jip99 said: There are no Thai bank charges when you use TW So i wonder how the Thai sending and receiving bank make any money out of the service they provide ? Link to comment Share on other sites More sharing options...
Henryford Posted July 27, 2018 Share Posted July 27, 2018 2 minutes ago, alfieconn said: So i wonder how the Thai sending and receiving bank make any money out of the service they provide ? To the thai bank it's just a normal pay in which they don't charge for. Link to comment Share on other sites More sharing options...
theoldgit Posted July 27, 2018 Share Posted July 27, 2018 23 minutes ago, alfieconn said: Does anyone know what TW rate is for 4,000 GBP at this moment in time ? Link to comment Share on other sites More sharing options...
jonwilly Posted July 27, 2018 Share Posted July 27, 2018 I have a friend in Business and he swears by Transferwise. Says he receives more in Baht with them then anyother method he has used. john Link to comment Share on other sites More sharing options...
Jip99 Posted July 27, 2018 Share Posted July 27, 2018 2 minutes ago, alfieconn said: So i wonder how the Thai sending and receiving bank make any money out of the service they provide ? Think about bank profit margins........................... Transferwise match buyers and sellers. The website is worth a look and there is a video explaining the 'matching'. https://www.forbes.com/sites/bishopjordan/2017/11/29/transferwise-review/#63a83cc319f0 https://www.trustpilot.com/review/transferwise.co https://www.transferguides.com/transferwise-review/ Link to comment Share on other sites More sharing options...
alfieconn Posted July 27, 2018 Share Posted July 27, 2018 1 minute ago, Jip99 said: Think about bank profit margins........................... Transferwise match buyers and sellers. The website is worth a look and there is a video explaining the 'matching'. https://www.forbes.com/sites/bishopjordan/2017/11/29/transferwise-review/#63a83cc319f0 https://www.trustpilot.com/review/transferwise.co https://www.transferguides.com/transferwise-review/ It's not so much the Thai bank that TW hold their account with that i'm curious of but the service the receiving bank provide which has nothing to do with TW ! Link to comment Share on other sites More sharing options...
Jip99 Posted July 27, 2018 Share Posted July 27, 2018 4 minutes ago, alfieconn said: It's not so much the Thai bank that TW hold their account with that i'm curious of but the service the receiving bank provide which has nothing to do with TW ! The receiving bank does not even know the funds have come in..... I suspect not from a bank but an individual/agent. Link to comment Share on other sites More sharing options...
alfieconn Posted July 27, 2018 Share Posted July 27, 2018 4 minutes ago, Jip99 said: The receiving bank does not even know the funds have come in..... I suspect not from a bank but an individual/agent. So what does it say on the remittance advice or bank book ? and it has to come from a bank ! Link to comment Share on other sites More sharing options...
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