Transferwise New Fee Structure Effective 1 Mar 19

[Stocky]

Thought I'd check out the rates with OFX, having registered, which was far more fuss than with TransferWise as you need to talk to them to complete the registration process, I checked their rates against TransferWise.

 

Transfer of SGD 10,000 with OFX, no fee and a rate of 22.7084 = 227,084 in my Thai Bank

Transfer of SGD 10,000 with TransferWise, fee of 54.23 and a rate of 23.0527 = 229,277 in my Thai Bank

 

I opted to go with TransferWise, money left my account yesterday evening and arrived in my account this afternoon 13:40.

 

For comparison going via SWIFT a transfer of SGD 10,000, bank charges 30 and a rate of 22.72 = 226,518 in my Thai Bank

 

So TransferWise win, even with the revised fee structure, which would only have incurred an additional Bht200.

[Pib]

Yeap, OFX "customer" rates are not as good as Transferwise rate.   And the only way to find out what OFX "customer" rates are is to register for an account because the only rates OFX how on their public webpage is the mid market rate (like Transferwise's rate) with fine print saying their public webpage rates are "indicative" only; not actual customer rates.  When a money transfer service talks "indicative" rates that's like a worm-on-a-hook type advertising. 

 

 

[Stocky]

49 minutes ago, Pib said:

When a money transfer service talks "indicative" rates that's like a worm-on-a-hook type advertising. 

Yes they hooked me, but I swam away from the offer.

 

Actually during the phone call final verification, when I said I'd signed up to make comparison with TransferWise, to check the market, they asked for feedback if I found they weren't competitive.

 

They'll certainly be getting that.

 

But it's always good to get more than one quote, and checking out the alternatives is the only way to get best value for money.

[Pib]

13 minutes ago, Stocky said:

Yes they hooked me, but I swam away from the offer.

 

Actually during the phone call final verification, when I said I'd signed up to make comparison with TransferWise, to check the market, they asked for feedback if I found they weren't competitive.

 

They'll certainly be getting that.

 

But it's always good to get more than one quote, and checking out the alternatives is the only way to get best value for money.

Don't feel bad...I was hooked to mid last year when I was in the "signup to some money transfer services" mood driven by a Bangkok Bank policy change in using the U.S. ACH system to transfer money thru the Bangkok Bank New York branch....a cheap way for US folks to transfer money to their Bangkok Bank accounts in Thailand.   I too swam away from using OFX....never did a transfer...I just log onto occasionally to see their "real" rates versus their "indicative" rates shown on their public webpage. 

[sfokevin]

I just logged into both my OFX & TransferWise accounts to compare... OFX gave me a slightly better rate.... 

 

I have set up both in case one stops working for some reason...

 

[Stocky]

27 minutes ago, Pib said:

Don't feel bad...

No, I'd only have felt bad if I'd accepted the offer.

 

16 minutes ago, sfokevin said:

I just logged into both my OFX & TransferWise accounts to compare...

It heavily depends on the risk involved with your particular currency pair, the size of the daily trade in those currencies, and the amount of money you're moving.

 

There's no one size fits all.

[Pib]

Well, I will have to admit OFX has become competitive on the USD-THB currency pair.  Last year when I was in the mood I was doing a lot of comparisons.  Below is a partial snapshot for Transferwise and OFX USD-THB comparison using the 3 Aug 18 rates.  Now, I think OFX will have the Thai bank 0.25% (Bt200 min, Bt500 max) receiving fee since they use SWIFT....I did not include that fee below for OFX.  OFX rates below are their customer rates for 3 Aug.

 

[Pib]

43 minutes ago, sfokevin said:

I just logged into both my OFX & TransferWise accounts to compare... OFX gave me a slightly better rate.... 

 

I have set up both in case one stops working for some reason...

 

 

But my favorite method to get money....has been for over a year now is to use my no foreign transaction fee Mastercard debit card from Capital One that allows $5000 counter withdrawal per day.   What I've been doing is doing counter withdrawals at a Krungsri branch (no fee for Mastercard, but a Bt200 fee for Visa) and withdrawing Bt150,000 which is well under the daily $5K limit of the card.  I have that withdrawal directly deposited into my Krungsri bank account in the same counter setting....it's like a combo transaction...money never touches my hands.   This method beats both Transferwise and OFX...and I have the money "immediately in-hand."  And I do it at branch in a Lotus mall I visit numerous time per week....total time to do the counter withdrawal is less than 10 minutes....then I continue on to do my grocery shopping.  The reverse rate shown below is the same as 31.153618....better than the OFX rate but less than the Transferwise rate....but with no fees incurred it provides the most baht for the least dollars when considering both exchange rate and fees.

 

[AAArdvark]

On 2/12/2019 at 3:06 AM, Sheryl said:

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.

I was able to pre-verify but I was also told that they may ask for verification again later.  My bank operates in FL and the limits I was given were $15K for the 1st transfer and $20K for the 2nd.  They then started to tell me about million dollar transfers and I tuned out.  So you are ok for ฿65K but for ฿850K you do need more than one transfer.

The customer support rep I spoke to also claimed to be familiar with the Thai foreign money deposit verification issue.  He was "sure" that the several PDF files that are generated with each transfer would be acceptable proof.  So maybe for ฿65Kers, check your Thai bank statements for proper FTT coding and for any missing that code, use the TW PDF files. 

[VBF]

10 hours ago, AAArdvark said:

I was able to pre-verify but I was also told that they may ask for verification again later.  My bank operates in FL and the limits I was given were $15K for the 1st transfer and $20K for the 2nd.  They then started to tell me about million dollar transfers and I tuned out.  So you are ok for ฿65K but for ฿850K you do need more than one transfer.

The customer support rep I spoke to also claimed to be familiar with the Thai foreign money deposit verification issue.  He was "sure" that the several PDF files that are generated with each transfer would be acceptable proof.  So maybe for ฿65Kers, check your Thai bank statements for proper FTT coding and for any missing that code, use the TW PDF files. 

As I've mentioned on another thread running on TW, this verification is not always required. If like me, you happen to be UK resident and are on the Electoral (voters) Register, at signup TW warn you that they might require verification. What happened for me in December 2018 was that I signed up to TW, giving them my UK address which is the same address that my sending bank holds for me. Having done that, in less than 10 seconds I got a message that my Identity was confirmed.

 

Since then, my transfers to my SCB account in Thailand have gone through without slowdowns.

 

In recent years, UK financial organisations have adopted this methodology which can also be affected by the length of time one has been resident at one's address. Clearly, and this is a positive IMO, TW has to abide by the rules in whatever country one is signing up and it would appear from various comments on TVF that there is a big difference between how the ID checking is handled in the UK and the US.

 

Therefore my comment is really to help other UK residents signing up to TW - I really have little knowledge of other countries' rules but would suggest that in the case of the US, the FATCA laws might be delaying matters (?)

[sfokevin]

42 minutes ago, VBF said:

What happened for me in December 2018 was that I signed up to TW, giving them my UK address which is the same address that my sending bank holds for me.

I’m a US resident and had a similar experience with both TW & OFX signups... TW asked me to upload my passport photo page and OFX my US Drivers License... which has the same address as my bank/brokerage account in the US... Neither required me to make a call to them... All my linked bank accounts are in my name... 

 

My first transfer with TW was held up for 4 days but subsequent transfers arrived next day and coded as foreign at BK Bank.... I have not tried a OFX transfer yet... I plan on using them for next months transfer...

 

Basically with the demise of the BK Bank ACH method I am transitioning to TW & OFX... I will use each every other month to keep two methods of transfering active in case one method goes down as a few people have reported...

 

I would guess anyone without a current government linked ID or identification method and address in their home country is going to have difficulty setting up these accounts online...

[Sheryl]

I’m a US resident and had a similar experience with both TW & OFX signups... TW asked me to upload my passport photo page and OFX my US Drivers License... which has the same address as my bank/brokerage account in the US... Neither required me to make a call to them... All my linked bank accounts are in my name... 
 
My first transfer with TW was held up for 4 days but subsequent transfers arrived next day and coded as foreign at BK Bank.... I have not tried a OFX transfer yet... I plan on using them for next months transfer...
 
Basically with the demise of the BK Bank ACH method I am transitioning to TW & OFX... I will use each every other month to keep two methods of transfering active in case one method goes down as a few people have reported...
 
I would guess anyone without a current government linked ID or identification method and address in their home country is going to have difficulty setting up these accounts online...

I used my Thai address which is also the address my bank has for me. They asked for additional verification and accepted it saying my account was verified but then still deactivated the account mid-transfer.

I do have a US drivers license with a US address, nothing else in my name at that address so it never occurred to me to use it. No idea if things would have gone differently if I had.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[Stocky]

On 2/22/2019 at 7:47 PM, Stocky said:

Actually during the phone call final verification, when I said I'd signed up to make comparison with TransferWise, to check the market, they asked for feedback if I found they weren't competitive.

 

They'll certainly be getting that.

I received an email response to my feedback on the OFX rate comparison with TransferWise:

 

"Thanks for your email.

For your future transfers, please feel free to give us a call on 1300 300 424 and let us know what our competitors are offering, and we’ll definitely be able to match/beat the rates given the point in time."

 

Will give that a go next time.

 

.

[yamadajr]

On 2/22/2019 at 9:12 PM, Pib said:

But my favorite method to get money....has been for over a year now is to use my no foreign transaction fee Mastercard debit card from Capital One that allows $5000 counter withdrawal per day.   What I've been doing is doing counter withdrawals at a Krungsri branch (no fee for Mastercard, but a Bt200 fee for Visa) and withdrawing Bt150,000 which is well under the daily $5K limit of the card.  I have that withdrawal directly deposited into my Krungsri bank account in the same counter setting....it's like a combo transaction...money never touches my hands.   This method beats both Transferwise and OFX...and I have the money "immediately in-hand."  And I do it at branch in a Lotus mall I visit numerous time per week....total time to do the counter withdrawal is less than 10 minutes....then I continue on to do my grocery shopping.  The reverse rate shown below is the same as 31.153618....better than the OFX rate but less than the Transferwise rate....but with no fees incurred it provides the most baht for the least dollars when considering both exchange rate and fees.

 

Hi Pib - Thanks for this information.  Does the Capital One counter withdrawal "combo transaction" show up in your Krungsri bank account coded as a foreign transfer?  I am looking at doing the same approach using a counter withdrawal directly into my Bangkok Bank account.  Thanks.

[Pib]

42 minutes ago, yamadajr said:

Hi Pib - Thanks for this information.  Does the Capital One counter withdrawal "combo transaction" show up in your Krungsri bank account coded as a foreign transfer?  I am looking at doing the same approach using a counter withdrawal directly into my Bangkok Bank account.  Thanks.

No, because its a local Thailand transaction....both parts of the combo transaction are local.   But even if a person wanted to consider the first part of getting the funds pulled from your foreign bank account  as international, the second part of the combo transaction of posting to your Thai bank account is simply an internal bank domestic transfer from their holding account the funds set in for a few minutes until they could complete the deposit paper work to put it in your bank account.  The second part is the only part that appears on your Thai bank ibanking/statement/passbook.

 

Great way to get money....but it's not coded as an international transaction on the Thai bank end.

[yamadajr]

6 minutes ago, Pib said:

No, because its a local Thailand transaction....both parts of the combo transaction are local.   But even if a person wanted to consider the first part of getting the funds pulled from your foreign bank account  as international, the second part of the combo transaction of posting to your Thai bank account is simply an internal bank domestic transfer from their holding account the funds set in for a few minutes until they could complete the deposit paper work to put it in your bank account.  The second part is the only part that appears on your Thai bank ibanking/statement/passbook.

 

Great way to get money....but it's not coded as an international transaction on the Thai bank end.

Thanks for the quick response!! That is what I was afraid of, but like you said, still a good way to get funds if you don't need the international coding.

[yamadajr]

On 2/14/2019 at 9:11 PM, Pib said:

Personally and based on my "1st transfer" experience with TW, when initially registering right after you have finished setting up your logon credentials and then TW rolls right into setting up/sending your 1st transfer (kinda like a combo action) I would cancel at that point. I mean cancel doing the actual first transfer part.  

 

Now that you have your logon credential log back onto your need account and under your name/profile in the upper right hand corner click on the Verification selection. Within that area you can see what verification docs TW may need from you.   For me I only had to upload an image of my US passport main page....I actually updated the main page with all the info and the eagle page with my John Hancock.  Within 30 seconds I was verified.....good to go....I registered with my US address.  I could have uploaded a US drivers license or other type of ID like a Military ID I think....I went with the passport as mentioned.

 

Now when I first registered and continued on in initiating/launching my first transfer, right after that I started surfing around my new TW account, saw that Verification selection, and then I uploaded my passport mainpage and got verified.  But that was done "after" my first transfer had been launched....TW had not asked for verification during my registration process....maybe it should have but just didn't in my case for some reason.

 

That first transfer just didn't go anywhere even through I had funded it with the Bank Debit (ACH) method.  At the four day point I started an online chat with TW, asked why my 1st transfer seemed stuck....said TW showed me as verified...said no money had been pulled from my US bank yet.....etc....what's the problem?  The rep looked at my verification and 1st transfer status....couldn't figure out what was wrong in the 1st transfer just not going anywhere....also said my verification status was good to go.  The TW rep then recommended the 1st transfer be cancelled and I initiate a new one.  So I asked the rep to cancel it although I could have on my end.  The rep cancelled it...I initiated a new transfer a few minutes later....a few days later it posted to my Thai bank account no problem....and since then all additional transfers have went smooth and fast.

 

I think my problem was caused by me not completing the "verification" until after I had launched my first transfer.   Somehow the TW system got confused as to whether I was verified or not and didn't follow thru in pulling the money from my US bank to fund the transfer....so the transfer was just stuck. 

 

A few months later the wife opened a TW account, but she did I like I recommended above.  Right after completing the basic registration she did not follow thru with the first transfer at the same time.  She then went to the Verification area, uploaded her US passport mainpage....got verified in about 30 seconds.  Then the next day she logged back on and initiated her first transfer using Bank Debit (ACH) as the funding method....the transfer posted to her Thai bank account a few days later as additional transfers have.

 

Our transfers now arrive in approx 20 hours....or at least our transfers in January arrived that fast. 

 

Yeap, personally I would register and get verified "before doing your first transfer" to avoid the TW possibly getting confused in accomplishing the verification and initiating the first transfer within minutes of each other.  

 

Regarding the initial setup of the TW account, may I ask if you used a US or Thai mobile phone number in the profile section? I plan to use a US residential address for my profile but not sure if using a Thai mobile number for SMS alerts will cause any problems? Thanks in advance.

[Pib]

15 minutes ago, yamadajr said:

Regarding the initial setup of the TW account, may I ask if you used a US or Thai mobile phone number in the profile section? I plan to use a US residential address for my profile but not sure if using a Thai mobile number for SMS alerts will cause any problems? Thanks in advance.

I registered with a US address and my Magic Jack number.  Transferwise does not use your phone number to send any codes....like to log on.

[yamadajr]

6 minutes ago, Pib said:

I registered with a US address and my Magic Jack number.  Transferwise does not use your phone number to send any codes....like to log on.

Ok, thanks.  Probably best to stick with some sort of US based number for the time being if using a US address.

[Pib]

52 minutes ago, yamadajr said:

Ok, thanks.  Probably best to stick with some sort of US based number for the time being if using a US address.

As far as I know you can register with a Thailand address and phone number also....I've seen several ThaiVisa posters saying they have done such.  And this does not prevent you from funding your transfers from your foreign bank accounts....like if a US person want to use the ACH funds transfer system to fund a transfer with Transferwise.

[Pravda]

I had a slight payment delay, so I freaked out as I sometimes transfer large amounts of money. It is concerning considering how many reviews are on "consumeraffairs" having their accounts blocked and money held. The money came and meanwhile I noticed Sheryl left them a 1 star review, haha

[scubascuba3]

I can't find the other thread about Kasikorn and Transferwise, anyway, it was concluded that by setting up a transfer and emailing Transferwise to use local partner Kasikorn, it meant it would be Kasikorn to Kasikorn and appear as Intl transfer. Anyway, Transferwise now say no, they cannot set up.



"I already have double checked it with our operational team and we can’t guarantee your request. 
Kbank has not been removed but they are not used as our main partner bank by default. 
It means it would mean complication for us to promise a customer using them for sure and as far as we can work with 2 other local banks, we do not take the responsibility for such complication"

[VBF]

54 minutes ago, scubascuba3 said:

I can't find the other thread about Kasikorn and Transferwise, anyway, it was concluded that by setting up a transfer and emailing Transferwise to use local partner Kasikorn, it meant it would be Kasikorn to Kasikorn and appear as Intl transfer. Anyway, Transferwise now say no, they cannot set up.



"I already have double checked it with our operational team and we can’t guarantee your request. 
Kbank has not been removed but they are not used as our main partner bank by default. 
It means it would mean complication for us to promise a customer using them for sure and as far as we can work with 2 other local banks, we do not take the responsibility for such complication"

Well at least they gave you an honest answer. Better that than you finding out too late.

Reading between the lines, it appears they're saying "We've got a working system and, sorry we cannot please everybody because it would be too much work and not cost effective."

 

Doesn't help you but its a reasonable commercial decision IMO

[scubascuba3]

Well at least they gave you an honest answer. Better that than you finding out too late.
Reading between the lines, it appears they're saying "We've got a working system and, sorry we cannot please everybody because it would be too much work and not cost effective."
 
Doesn't help you but its a reasonable commercial decision IMO

Yes, reading between the lines, they've had a meeting about it and having a manual process of emails for each transaction is too much work. I don't blame them, I just won't use them for the monthly transfers

[Stocky]

On 4/11/2019 at 3:42 PM, Pib said:

As far as I know you can register with a Thailand address and phone number also....I've seen several ThaiVisa posters saying they have done such.  And this does not prevent you from funding your transfers from your foreign bank accounts....like if a US person want to use the ACH funds transfer system to fund a transfer with Transferwise.

I'm registered with both TransferWise and OFX using my Thai details but transferring money in from an account in Singapore.

[steve73]

19 hours ago, scubascuba3 said:

I can't find the other thread about Kasikorn and Transferwise, anyway, it was concluded that by setting up a transfer and emailing Transferwise to use local partner Kasikorn, it meant it would be Kasikorn to Kasikorn and appear as Intl transfer. Anyway, Transferwise now say no, they cannot set up.



"I already have double checked it with our operational team and we can’t guarantee your request. 
Kbank has not been removed but they are not used as our main partner bank by default. 
It means it would mean complication for us to promise a customer using them for sure and as far as we can work with 2 other local banks, we do not take the responsibility for such complication"

Hummm... pity.. It worked for me just last week, although it took a few days longer than normal to conclude.

There was also a report on here from someone who tried sending to his TMB bank.. it seems it was automatically routed that way, but still didn't get coded as international.

Sorry but I can't find it again now..

[Pib]

22 hours ago, scubascuba3 said:

I can't find the other thread about Kasikorn and Transferwise, anyway, it was concluded that by setting up a transfer and emailing Transferwise to use local partner Kasikorn, it meant it would be Kasikorn to Kasikorn and appear as Intl transfer. Anyway, Transferwise now say no, they cannot set up.

"I already have double checked it with our operational team and we can’t guarantee your request. 
Kbank has not been removed but they are not used as our main partner bank by default. 
It means it would mean complication for us to promise a customer using them for sure and as far as we can work with 2 other local banks, we do not take the responsibility for such complication"

 

This response does not surprise me.  While I'm sure Transferwise wants to please its customers it also still must deal with it's current three partner banks in Thailand (Bangkok Bank, K-bank, and TMB) who all want a share (i.e., fees they earn) from Transferwise transfers being routed through them and maybe Transferwise previously guaranteed them X-amount of business in their partnering agreement/contract.     

If K-bank or TMB feels they too many people are preferring their transfers be routed through Bangkok Bank then K-bank and TMB may tell Transferwise the terms of their partnering agreement are being violated. 

 

Plus, I expect Transferwise would prefer not have to deal with customers always requesting special routing/handling of their transfers as it requires extra customer service manhours.

 

Trying to find a transfer method that makes proving a transfer was an international transfer for purposes of using the "monthly transfer method for visa/extension of stays purposes" is just going to be a challenge/problematic since there are so many ways (and increasing) to transfer money,  a sending bank/company can change routing method/intermediary/partner bank which may cause a change in transfer coding, etc.   

 

It's getting easier and cheaper to do international transfers, but "getting certain coding/description to appear on your Thai bank statement/passbook" may not be getting any easier or assured.   Before just getting the money was all most cared about; but now it also specific transfer coding/description can be very important.

 

 

 

 

[scubascuba3]

 
This response does not surprise me.  While I'm sure Transferwise wants to please its customers it also still must deal with it's current three partner banks in Thailand (Bangkok Bank, K-bank, and TMB) who all want a share (i.e., fees they earn) from Transferwise transfers being routed through them and maybe Transferwise previously guaranteed them X-amount of business in their partnering agreement/contract.     
If K-bank or TMB feels they too many people are preferring their transfers be routed through Bangkok Bank then K-bank and TMB may tell Transferwise the terms of their partnering agreement are being violated. 
 
Plus, I expect Transferwise would prefer not have to deal with customers always requesting special routing/handling of their transfers as it requires extra customer service manhours.
 
Trying to find a transfer method that makes proving a transfer was an international transfer for purposes of using the "monthly transfer method for visa/extension of stays purposes" is just going to be a challenge/problematic since there are so many ways (and increasing) to transfer money,  a sending bank/company can change routing method/intermediary/partner bank which may cause a change in transfer coding, etc.   
 
It's getting easier and cheaper to do international transfers, but "getting certain coding/description to appear on your Thai bank statement/passbook" may not be getting any easier or assured.   Before just getting the money was all most cared about; but now it also specific transfer coding/description can be very important.
 
 
 
 

I've given up on the monthly income Intl transfers, I'm just going for the 800k method. Today back to using my clarity card cash withdrawals which always give a better rate than Transferwise anyway

[Pib]

8 minutes ago, scubascuba3 said:

I've given up on the monthly income Intl transfers, I'm just going for the 800k method. Today back to using my clarity card cash withdrawals which always give a better rate than Transferwise anyway

It's definitely simpler that way if a person can manage the Bt800K deposit method.  Fortunately I can and it's the method I've been using for many years....and usually I don't even touch any of the Bt800K...it just grows interest. 

 

I use other money for my day-to-day "cash" living needs like using my no foreign transaction fee/free reimbursing debit cards to do counter/ATM withdrawals and an occasional international transfer.  But the majority of my day-to-day living costs are covered by use of my no foreign transaction fee credit cards that I pay in full monthly.  These credit cards greatly reduce the need to bring money into Thailand. I simply do not need anything close to Bt65K "in cash" spending per month due to credit card usage and my life style like I do not pay any rent as I already own my home.

 

But I sure wish they had not changed the rule to require the Bt800K for 5 months and Bt400K for the remaining 7 months of the extension year.   Basically the deposit requirement has turned into annual bond which oscillates from Bt400K to Bt800K throughout the year. 

 

 

[steve73]

10 minutes ago, Pib said:

 

But I sure wish they had not changed the rule to require the Bt800K for 5 months and Bt400K for the remaining 7 months of the extension year.   Basically the deposit requirement has turned into annual bond which oscillates from Bt400K to Bt800K throughout the year. 

Over the 9 years I've been here on retirement extensions, I've always kept my 800k largely untouched except for 2 occasions.  Once when I was in hospital for a slipped disc operation, when the (BUPA) insurance welched after initially agreeing that I was covered, and the second time when I bought a 2ndhand car, at such a great price that I didn't want to wait an extra week or 2 to bring in additional funds.

 

If either were to occur again I would now have to dip into my 800k buffer, and if it were within the critical 5 (or 6) month period, my future extension could be jeopardized (or even my current one could potentially be cancelled).  

 

It's bad enough having to keep 800k (effectively) all year round, but I really don't want to have to keep an additional 3-400k for any future such emergencies.