Jump to content
BANGKOK 18 March 2019 20:58
Pib

Transferwise New Fee Structure Effective 1 Mar 19

Recommended Posts

is the transfer showing in your bankbook as money that came from abroad? I ask this because Transferwise is known as in many cases have sent the money using a local thai bank account

Edited by crazygreg44

Share this post


Link to post
Share on other sites
55 minutes ago, Pib said:

But for the way most people probably fund their transfer (i.e., letting Transferwise do a direct withdrawal from your bank account) the fees are down. 

Very surprised to read that. I didn't even remember seeing this option ! :unsure:

I always paid by doing a transfer from my bank towards TW account,

and no way anyway I would have authorised TW to direct-withdraw on my account ! :blink:

 

BTW, +2 EUR fees increase if I wanted to make my last transfer again. (+4%)  :glare:

 

Edited by Pattaya46
  • Like 1

Share this post


Link to post
Share on other sites

I thought it has been cleared up that TW use the same method as the Muslim system of inter-country transfers, not international transfers.

It will be interesting to see if immi. will or has accepted TW and its associated routing stamp in BKK Bank books anyway.

Anyway they are streets ahead of paypal which I loathe for multiple reasons.

  • Like 1

Share this post


Link to post
Share on other sites

A 17% INCREASE transferring from Singapore to Thailand. It says from 8th of March not the 1st.

  • Like 1

Share this post


Link to post
Share on other sites
2 hours ago, Stocky said:

A 17% INCREASE transferring from Singapore to Thailand. It says from 8th of March not the 1st.

For me the notice I got with my US registered TW account it said 1 March.  Guess the kick-off date may depend on which country your acct was registered in and/or what currency-pair is being used.

image.png.63bd1a0c6adbb0f3ebd6434bdd4ef137.png

Share this post


Link to post
Share on other sites
3 hours ago, crazygreg44 said:

is the transfer showing in your bankbook as money that came from abroad? I ask this because Transferwise is known as in many cases have sent the money using a local thai bank account

Long discussion on this here:

 

See post #184

Per @Monomial this information will be given in the "Credit Advice" which you can obtain from the bank (ask via HQ Call center, not your branch).  I cannot confirm how it looks as I am only now doing my first TW transaction.

 

It might also appear in the detailed statements supposedly available from bank HQ which, if you read the above thread, seems to be what TI wants. I'm not sure on this though as I have never seen HQ bank statements, only ones from my local branch which don't identify much of anything for transfers.

 

It will also of course be avalable in documentation from TW but TI wants to see Thai bank letter or statement.

 

Share this post


Link to post
Share on other sites

Thanks for posting this, PiB.

 

I am in the process of doing my first TW transaction. A few bits of info for new users:

 

1. When you set it up, you will need to upload jpg (not pdf) file of the face page of your passport and also of a pix of a bank statement or utility bill or the like showing your address, can't be more than 3 months old.  So have these already on the device you are using to set up your account. I didn't and was caught by surprise when they required these and it delayed things. (Very annoying: what don't they tell people ahead of time what to have ready?). I don't know what they will accept for proof of address if you don't get bank statements or utility bills in your name to your Thai address as I do.  You only have to do this once, you get an email that they have verified your documents and then it is saved.

 

2.  There are limits to the amount that can be transferred via ACH debit from your account, at least there is for US banks. This too they do not tell you in advance, you find out only when you go to pay....the ACH option ios not activated and there is faint text below it saying what the limit is. And there is no way you can then go back and edit the amount to be below the limit. Apparently (from email exchange with them) these amount limits vary by state in the US. I have no idea how it works in UK or other countries. In any case, if transferring a large amount best to contact them first and ask re limit, when you do tell them the location (state/province and country) of the bank involved.  Probably won't be an issue for those transferring monthly income I was trying to do a USD 30k transfer (I use 800k method) and ended up having to cancel the transaction and do another one.

 

Also worth knowing is that the savings vs Swift transfer are largest for comparatively small amounts and much less if you are transferring large amount, this is because SWIFT is a flat fee regardless of amount and TW is a percentage of the amount.  I did still come out ahead with TW on my transfer but not by a big amount.

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites
5 hours ago, crazygreg44 said:

is the transfer showing in your bankbook as money that came from abroad? I ask this because Transferwise is known as in many cases have sent the money using a local thai bank account

In every case they pay into your Thai account from a local account.

They don't send any money.

They have local accounts in Thailand with BKK, Kasikorn and TMB.

 

In my case I transfer funds from my UK account into TransferWise's UK account.

They send a wire transfer (FTT) to one of their local account branches in Thailand, to pay it into my local Thai account.

Share this post


Link to post
Share on other sites
6 hours ago, crazygreg44 said:

is the transfer showing in your bankbook as money that came from abroad? I ask this because Transferwise is known as in many cases have sent the money using a local thai bank account

    I use transferwise, no  problems  as to the source of the funds being from abroad . 

       Today  1gbp = 40.12 thb , the end is nigh , sob sob .

 

 

Edited by elliss

Share this post


Link to post
Share on other sites

Not to hijack the thread but has anyone tried OFX.com to do transfers... They seem to be similar to TransferWise... I ask because with the demise of the BK Bank NY ACH ending I would like to have a secondary backup to TransferWise... 

 

Screen Shot 2019-02-12 at 2.45.28 AM.jpg

 

Screen Shot 2019-02-12 at 2.51.12 AM.jpg

Screen Shot 2019-02-12 at 2.49.55 AM.jpg

Edited by sfokevin

Share this post


Link to post
Share on other sites

If something were to go wrong with a transferwise transfer and your money somehow vanished, who guarantees it or at least pushes them to sort it out quickly?

 

Like Bitcoin, it's a greater risk by a small amount but as the unluckiest person on the planet, if one day something goes wrong, I'm guessing your money gone or a massive headache to get back.

 

I'll pay bank fees until I'm explained it's covered by something substantial.

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites
6 hours ago, Pib said:

I see Transferwise will have a new fee structure 1 March 19..

 

Hey Pib, in all your posts on TFW, have you ever addressed / look at the issue of their customer / consumer protection status?

 

I've read some posts here lately with people complaining about their TFW transactions getting delayed and seemingly going missing for varying periods of time.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...