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BANGKOK 25 March 2019 13:34
sfokevin

OFX.com Wire Transfer - Any Reviews?

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I have just set up an account with OFX.com as a secondary means of transfering funds in addition to my TransferWise account and plan to do my next months 65k transfer with them as a test... I was wondering if anyone else uses or has tried them - Specifically I would like to know if they are coded by your Thai bank as a foreign transfer - please include your country of origin & Thai bank when posting your experiences...

 

OFX.com seems pretty much identical to TW (see screen shots of identical transactions) TW seems a little cheaper and it is my understanding that TW will further reduce their rates after March 9th...

 

Again please post any experiences you have had with OFX.com...

 

 

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I have used OFX (formally UKForex) for about 7 years. Never had a problem and very easy to contact / use, 

You can do a printout to show all your transfers from the OFX site,

Sorry need to look at bankbook to see how it is logged there (never took notice before). Will advise if it shows as a foreign transfer in due course

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Posted (edited)

I'm reviewing the OFX.com site as a secondary option to transferwise, and am also wondering about it showing as foreign transfer from overseas.

Edited by tiz435

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I just completed my first transfer with OFX.com (From US bank to BK Bank account)...

 

The setup was similar to my TW account - I have a long standing US address & current US DL so no issues or glitches setting it up... I added my US bank via a standard .01 confirming deposit check and gave them my Thai bank account and swiftcode... They did ask me to call in and confirm setup which was just a couple security questions and what my transfer usage would be for in general (Make sure you do not say you live abroad full time - I started with that and saw it was not going well and backtracked and stated I just lived here in the winter and would be retuning to the US)... Setup complete I booked a $2200 transfer and was give a transfer amount confirmation and was sent a detailed confirmation email - This included the amount to be deposited in my account and a 4 day estimate of arrival - It also stated my Thai bank and the swiftcode to be used and stated that the receiving bank (BK Bank) may deduct an additional receiving fee (This was not included in the website initial quote)... 4 days later they sent me an email stating the funds had been deposited in my account... The next day in the afternoon my BK Bank had the funds booked in as foreign transfers (less a 200 baht fee)... The fee is BK Banks standard .25% fee (200 baht min/500max) they charge on all incoming foreign transfers... So the silver lining of the 200 baht fee is that it means it must be a standard foreign transfer and is coded as such (Same fee as BK Bank NY ACH)... Overall it works fine with the exception of the total transfer time was 5 business days... I did email them and asked if this long time lag was due to this being my 1st transfer and was told no - they 4 days to transfer my funds from the US to the UK and then via Barclays in London to Thailand and BK Bank needs another day it to hit my account... A UK citizen may experience much shorter times as OFX.com is a UK firm... The rep also told me that it would always be a foreign transaction to BK Bank (Not sure about other Thai banks) as all transfers were out of their Barclays in London account.. The cost is not much different than the TW fees so until TW can guarantee a foreign coding I will use OFX.com

 

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 i  found it shows the interbank rate of exchange and they want you to join and furnish them with all your details name/ phone/email/Dob/ adress /how much you intend to send a year (i know they say all part of how

much you send = what rate.... ect.... ect )

and until you join you cannot see the rate that you as a customer gets

i'm not saying they are up to anything but if its such a good deal why

not be up front... just saying   ….. i hear TW is altering their methods?

only on another post but if so, might save us the bother 

 

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Called OFX around 8pm Thailand time due to a minor issue....was talking to a human in about 3 minutes....got my minor issue fixed in about 1 minute.  I then asked how do they send funds to Thailand?....does OFX use SWIFT or do a local transfer for the final leg of the transfer like Transferwise does?  The rep said for Thailand they always use SWIFT.   

 

So, this means although that will most likely incur the Thai bank international receiving fee of 0.25% (Bt200 min, Bt500 max) it also means it should show-up on your Thai bank account as an international transfer regardless of who your Thai bank is such as Bangkok Bank, K-bank, Krungsri Bank, SCB, etc.

 

 

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The few times I've opened their app, having registered and verified my account, when looking to try a transfer I keep getting 'We can't give you a rate right now'. Just tried it and same again. Being unable to get being that screen means you can't even add a recipient. Good job!!

Sent an email to their customer support to try and see what the problem is. Tried re-installing the app. No joy. Maybe I've just been unlucky to catch a systems problem each time. Or maybe someone forgot to flick a switch their end once the account was verified. Doesn't really inspire confidence though!!

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25 minutes ago, SooKee said:

The few times I've opened their app, having registered and verified my account, when looking to try a transfer I keep getting 'We can't give you a rate right now'. Just tried it and same again. Being unable to get being that screen means you can't even add a recipient. Good job!!

Sent an email to their customer support to try and see what the problem is. Tried re-installing the app. No joy. Maybe I've just been unlucky to catch a systems problem each time. Or maybe someone forgot to flick a switch their end once the account was verified. Doesn't really inspire confidence though!!

Try logging in on their website with a computer and see if it works...

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Posted (edited)
1 hour ago, sfokevin said:

Try logging in on their website with a computer and see if it works...

Yeah, not near one at the moment sadly.  Just mentioned it to a chum who uses it though and he said apparently it's normal.  OFX can only give rates for THB when the exchanges here in Thailand are open, so Monday to Friday 9-5 approx.  He said if you use a computer it will have a banner saying that when you log on, the app just says "Can't give you a rate".

 

Be interesting to see how it compares with GBP/THB.  Last time I checked, just after I set up OFX (and that was with the laptop) OFX were slightly more expensive than TW, by about 5-600 baht on around £2,300.  BKK Bank London (they are currently registering my application which I sent from Thailand) would charge £20 for the sending GBP to LOS, can't recall BKK Bank's local inward fee for foreign currency coming in that they then exchange to baht.

 

Never done a transfer with OFX so Im not sure if, like when using a bank, you can specify to transfer in GBP and have the Thai Bank convert it or if you have to specify GBP > baht.  If they pay out the same rate as the bank, probably no pint in sending GBP (if indeed you can).

Edited by SooKee

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It's not the OFX app...you will get the same thing if logging onto your account via browser. The problem is Thai baht (THB) is being traded/transferred.  I know FX markets are supposedly open 24/7 but that's only true for certain currency trades/accounts/currency pairs/depends on which FX market a company uses. 

 

When THB is part of the currency pair since it's a minor/exotic currency pretty much only used in Thailand versus a currency like USD/EUR/GBP that are major currencies used in many countries the THB trade volume is very low and can be erratic or the best pricing not be available.  Guess OFX don't want to deal with that.

 

Anyway, the THB FX trade is such low volume apparently OFX only trades/transfers it on business days...Monday thru Friday when the FX markets are open...high volumes in play. 

 

Below snapshots are from their website one showing USD-THB (only Mon-Fri due to the THB being involved) and then USD-GBP (7 days a weeks since both are major, high trade volume currencies).

 

I know with Transferwise you can get exchange rates on THB 24/7...send 24/7, but that is probably due to their peer-to-peer setup where they have their own bank accounts at Bangkok Bank, Kaiskorn Bank, and Thai Military Bank full of baht they have already deposited to fulfill transfers.  Transferwise is not doing an actual currency trade on the market nor sending the money via SWIFT. Now OFX supposedly has this same setup in "some countries but not for Thailand;" instead, OFX does an actually currency trade during normal FX market hours Mon-Friday and sends via SWIFT.

 

Now for me, I don't have a problem with this...that is, initiating a USD-THB transfer only Mon-Fri because I use the ACH Debit (i.e., ACH system pull of funds from my US bank acct) to fund the transfer and since the US ACH system is a Mon-Fri system even if I could initiate a USD-THB transfers on Sat or Sun, the funding process (getting the money to OFX) would be at a standstill until Monday....then the transfer could start moving forward.

 

For those US folks who use Transferwise a lot and use ACH Debit to fund the transfer you have probably noticed if you initiate the transfer on a Fri-Sun that Transferwise expected transfer completion time is longer because of the Sat and Sun dead time for the ACH system.   Although you initiated the transfer like on a Sat or Sun (or maybe even Friday) and if using ACH Debit to fund the transfer which I expect most US folks use,  it's not really going anywhere until the Mon-Fri ACH system is open so the Transferwise can get the money via ACH to fund the transfer.

 

 

USD-THB

image.png.d2702928bb42e27a16a38fa8d45f8bc4.png

 

USD-GBP

image.png.60b0b6fe220679c70a3153c49dbf02a0.png

 

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Posted (edited)

One more USD-THB transfer cost comparison...purely between using Transferwsie, OFX and SWIFT.   Exchange rates as of 18 Mar 19 at 10am.   

 

Didn't include using Bangkok Bank ACH via their NY branch since it effectively goes away 1 Apr 19 unless your US bank/CU can send in ACH "IAT" format...however, no known banks/CUs "send" in IAT format...instead they use SWIFT/Int'l Wire...but they can "receive" in IAT format no problem.   

 

There has been crossfeed that Bangkok Bank NY is requesting the US Treasury give Bangkok Bank an extension of time beyond 1 Apr 19 to continue the flow-thru to Thailand of "non-IAT" format ACH payments for X-more months.  But this extension may be focused toward U.S. ACH government payments only such as SSA pension, military retirement pension, etc., where many (supposedly around 20%) are currently not sent in IAT format.  If such an extension is in the works, it may not apply to transfers a person would send from their bank/CU.  1 Apr 19 is less than two weeks away...so we should find out soon by Bangkok Bank publishing an update and/or transfers continuing to arrive--or start being rejected.  Time will tell.

 

Regarding the Transferwise and OFX comparison it's a good example of how a person must price out both exchange rate "and" fees to see which one puts the most baht into your account at the least cost to you.  While OFX exchange rates as approx 0.5% lower than Transferwise's, OFX does not have any Sending fees but Transferwise does have Sending fees which can get healthy for larger transfers.   Yeap, always remember to evaluate both exchange rate and fee(s).  And yes, there are the non-cost related factors such as speed, ease of use, funding options, receiving bank coding, customer service, etc. Below is purely a cost comparison.   

 

Also included a $2,100 transfer amount since at current exchange rates that about the lowest amount a person could send to barely put Bt65K into your Thai bank account if using the new immigration monthly income rule for your retirement extension of stay renewal.  But personally I wouldn't cut it that close if able and unless able to lock-in the rate when sending....go with Bt2,200 or higher amount to add a safety margin due to exchange rate fluctuation 

 

image.png.2b98422268f77f04524779e891ca7f3d.png

Edited by Pib

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Very helpful, thanks for this.

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Posted (edited)
1 hour ago, Pib said:

But personally I wouldn't cut it that close if able and unless able to lock-in the rate when sending....

And remember that the rate and amount OFX initially quotes you will be lowered by the .25% (Min 200/Max 500) that Bangkok Bank will deduct... Other receiving banks may vary...

Edited by sfokevin

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