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BANGKOK 27 March 2019 03:10
Pib

Transferwise New Fee Structure Effective 1 Mar 19

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10 minutes ago, stud858 said:

 

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 was thinking more about the kind of example Pib referred to in his main post above:

 

Quote

I remember one recent post where a ThaiVisa member said he had done 52 transfers to his Bangkok Bank account and all but two end-up with international coding.

 

The problem with that, of course, is if the person is relying on TFW to handle their Immigration required 12 monthly foreign bank transfers into Thailand for retirement extension purposes, having one of your regular monthly xfers suddenly show up as domestic is really going to throw a wrench in the works.

 

If that were to happen, what could the person do? Have to send a 2nd xfer of 65,000 in the same month and hope that the second one doesn't get coded as domestic?  That would bust one's budget for the month. Or, take the TH received funds, send them back out to your home country account paying all the fees to accomplish that, and then resend those same funds a 2nd time thru TFW hoping for a better result...

 

Edited by TallGuyJohninBKK

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42 minutes ago, TallGuyJohninBKK said:

 

I was thinking more about the kind of example Pib referred to in his main post above:

 

 

The problem with that, of course, is if the person is relying on TFW to handle their Immigration required 12 monthly foreign bank transfers into Thailand for retirement extension purposes, having one of your regular monthly xfers suddenly show up as domestic is really going to throw a wrench in the works.

 

If that were to happen, what could the person do? Have to send a 2nd xfer of 65,000 in the same month and hope that the second one doesn't get coded as domestic?  That would bust one's budget for the month. Or, take the TH received funds, send them back out to your home country account paying all the fees to accomplish that, and then resend those same funds a 2nd time thru TFW hoping for a better result...

 

You make sure that you keep the T/W transaction slip that you can download from your activities page.

 

Irrefutable proof that the deposit has a foreign origin.

 

I am keeping all of mine, just in case.

Edited by Moonlover
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49 minutes ago, TallGuyJohninBKK said:

 

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.

Heck, you can find complaints on any service/product.  People like to complaint a lot about how PayPal froze or closed their account.   

 

Anyway, below is how Transferwise is licensed/regulated in the U.S.

 

https://transferwise.com/help/article/1840868/security/how-are-we-regulated-in-the-us

How are we regulated in the US?

Quote

TransferWise Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) with money service business registration number 31000065314305. It is licensed as a money transmitter in the states listed here and supervised by regulatory authorities in each of those states.

In other U.S. states and/or territories, money transmission services are offered by our partner financial institution Community Federal Savings Bank, which is supervised by the Office of the Comptroller of Currency.

In the United States, we bank with Community and Federal Savings Bank (CFSB), Cross River Bank (CRB) and Wells Fargo. All of these banks are insured under the Federal Deposit Insurance Corporation (FDIC). You can find more information about the FDIC here.

You can see more information about security and our communication with you on our dedicated page here.

 

And for the UK.

 

https://transferwise.com/help/article/2897714/borderless-account/is-my-money-covered-by-a-financial-protection-scheme

Is my money covered by a financial protection scheme?

TransferWise is an authorised Electronic Money Institution regulated by the Financial Conduct Authority (FCA) in the UK. 

We're required by law to protect your money by storing it in a low-risk financial institution (in Europe this is in our UK Barclays bank accounts). 

That means that, in the unlikely event that TransferWise became insolvent, your money would be unaffected and should be refunded to you in full. 

If our official Banking Institution (in Europe this would mean Barclays), became insolvent, your return of funds would not be guaranteed as the account is not guaranteed by the Financial Services Compensation Scheme (FSCS).

We take the safety and security of your money very seriously. We fulfil rigorous regulatory standards in UK, Europe, US, and every country we operate in. As such, millions of customers trust TransferWise with their money, we currently move over £1 billion around the world every single month.

 

 

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8 hours ago, Stocky said:

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

You must be using a debit or credit card to fund the transfer as those funding methods increased.  Using a debit/credit card is generally a more expensive way for most currency pairs.   But funding via your bank the price has went down  a little over 4%

 

image.png.5ea253cba7ff5655d719123f13263b52.png

 

 

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6 hours ago, Pib said:

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

 

Then again from looking the image I included in my opening post the example shows 8 March.  Ah heck, sometime in "early" March.

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1 hour ago, Moonlover said:

You make sure that you keep the T/W transaction slip that you can download from your activities page.

 

Irrefutable proof that the deposit has a foreign origin.

 

I am keeping all of mine, just in case.

 

Except, there's zero indication thus far that any Immigration officer/office is going to accept TFW paperwork as a valid proof of a foreign transfer, in the absence of a Thai bank book and/or statement confirming that fact (the latter two being what their latest version of rules calls for).

 

Maybe they might. Maybe they wouldn't. I don't think anyone really has any basis for knowing right now.

 

Edited by TallGuyJohninBKK

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14 minutes ago, TallGuyJohninBKK said:

Maybe they might.

Officers like simple things :

 

A letter from an Embassy/Consulate for proof of  income in homeland. 

 

A Letter from a Thai bank confirming 400 or 800000 on a Thai bankbook. 

 

Pretty sure they will only expect a letter from a Thai bank confirming the monthly funds coming from abroad.

 

 

Edited by luckyluke
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I want to hear that Immigration are accepting Transferwise payments before i start using them. Any reports yet? I haven't seen any

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2 hours ago, stud858 said:

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.

I used tw a couple of weeks ago to transfer 10,000 Baht to my wife, and while the rate was good (better than my bank by 200 Baht) I presume that they are a secondary financial institution and there’s probably no restitution if my money disappears in transit... at this point in time I guess I’ll take my chances.

 

i wasn’t aware of the tw option to deduct from my account ?

i too transferred into my borderless acc and then to my wife.

how do I set up this deduction option ? 

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1 hour ago, Pib said:

You must be using a debit or credit card to fund the transfer as those funding methods increased.  Using a debit/credit card is generally a more expensive way for most currency pairs.   But funding via your bank the price has went down  a little over 4%

 

image.png.5ea253cba7ff5655d719123f13263b52.png

 

 

Certainly not. That's a money transferring to their Singapore account. There was a 17% increase on the transfer of SGD10,000 to THB.

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12 minutes ago, Stocky said:

Certainly not. That's a money transferring to their Singapore account. There was a 17% increase on the transfer of SGD10,000 to THB.

My above example was a SGD to THB transfer....but for only 1000 SGD which had a 4% fee decrease. 

 

However, when doing a SGD to THB transfer for 10,000 SGD there is a big fee jump like you said...see below. 

 

So, we were both right.  In a SGD to THB transfer situation, it also depends on the amount your are sending.   A fee decrease for smaller transfers....a fee increase for larger transfers

 

I went back and checked on a 10,000 USD to THB and 10,000 GBP to THB transfer and the healthy fee decreases still applied.

 

SGD to THB

 

image.png.f80c2fd6dd232a95362ea993e8709d2f.png

 

Edited by Pib

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7 minutes ago, Pib said:

The above example was a SGD to THB transfer.

As maybe but you're not using Transferwise Singapore!

 

Screenshot_2019-02-12 Price checker - TransferWise.png

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Ours posts are passing in the night.  We were both right.  A SGD to THB fee decrease for lower amounts and a SGD to THB fee increase for larger amounts.   Price out 1,000 and 10,000 SGD to THB transfers and you'll see.

Edited by Pib

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1 hour ago, TallGuyJohninBKK said:
2 hours ago, Moonlover said:

You make sure that you keep the T/W transaction slip that you can download from your activities page.

 

Irrefutable proof that the deposit has a foreign origin.

 

I am keeping all of mine, just in case.

 

1 hour ago, TallGuyJohninBKK said:

 

Except, there's zero indication thus far that any Immigration officer/office is going to accept TFW paperwork as a valid proof of a foreign transfer, in the absence of a Thai bank book and/or statement confirming that fact (the latter two being what their latest version of rules calls for).

 

Maybe they might. Maybe they wouldn't. I don't think anyone really has any basis for knowing right now.

 

But, that is not what you do with it. It's up to the bank to confirm that deposits come from abroad. So you stick it on the desk of your branch manager and say 'confirm'. (politely of course!)

Edited by Moonlover

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