Unbelievable! Intl bank transfer arrives here after just 5½ hours

[Dario]

Many people ask themselves what the fastest and cheapest way is to transfer money from abroad to Thailand. Read this:

Yesterday Wednesday March 17, 2019 at 12:09 (9 minutes after noon) I initiated a bank transfer from Germany (just across the Swiss border) and sent it to Xendpay in London. I was expecting the money to come in today maybe in the late afternoon.

 

Guess what? The money was booked into my Bangkok Bank account yesterday Wednesday March 17 at 17:33 local Thai time, within less than 5½ hours.

 

At that time SCB showed a TTF transfer rate of 35.5675 Baht for the Euro. I was given 35.87733 Baht for the Euro by Xendpay. No fee deducted by my German bank and no fee deducted by Bangkok Bank.

This represents not only the fastest and cheapest way to transfer money from abroad to Thailand, I was also given a much better exchange rate. And to top it all up: The transfer was completely free of charge, no fee deducted by Xendpay.

[trd]

I can beat that. Transferwise in 2 hours!

[steve73]

My current TW was initiated last Thursday (although I didn't send the funds until the following day whilst awaiting them to confirm they had "tagged" the transfer to use their local Kasikorn banking partner, to ensure the funds would be credited to my Kasikorn account as an International deposit).  As yet, it has still not arrived (now over one week later).  OK, I accept that there would be delays over the Thai holiday period, and that "tagging" the transfer can cause an extra delay.

 

FWIW, Xendpay have recently contacted me asking why I no longer use them, saying they have significantly improved their FX rates and reduced their fees, and they appear to now be very competitive with TW.  Good to hear that they are also very quick. (When I used them previously they would take 5 days or so.)

 

But I'm interested to hear how the OP's deposit was coded - Intl or domestic?  If they can ensure transfers are coded as Intl then it may well be worth going back to them.

[AAArdvark]

Comparison, 1st is TW and 2nd is Xendpay:

 

 

[AAArdvark]

4 minutes ago, steve73 said:

But I'm interested to hear how the OP's deposit was coded - Intl or domestic?

Important question!

[neeray]

17 minutes ago, trd said:

I can beat that. Transferwise in 2 hours!

Mine arrives from Canada in 1 hour and 59 minutes.

Cheap fee in my opinion at $13 Cdn.

But I think I'm getting beat pretty bad on the exchange rate.

[Dario]

2 minutes ago, AAArdvark said:

Important question!

Domestic, if you can call that so. I made a SEPA transfer to London.

[steve73]

4 minutes ago, AAArdvark said:

Comparison, 1st is TW and 2nd is Xendpay:

 

 

???

In this example. XP appears to give you almost 200bt MORE than TW.

[trd]

Mine arrives from Canada in 1 hour and 59 minutes.
Cheap fee in my opinion at $13 Cdn.
But I think I'm getting beat pretty bad on the exchange rate.

I doubt that because TW gives the mid market rate which is always better than a bank.

[AAArdvark]

Also, their "no transfer fee" isn't free if you transfer anything large and gets very confusing.

[Dario]

2 minutes ago, neeray said:

Mine arrives from Canada in 1 hour and 59 minutes.

Cheap fee in my opinion at $13 Cdn.

But I think I'm getting beat pretty bad on the exchange rate.

So, you beat me in time. I rather get it in 5½ hours and pay nothing. I used to be a a Transferwise customer years ago.

[wotsdermatter]

35 minutes ago, trd said:

I can beat that. Transferwise in 2 hours!

Better yet, Western Union less than 15 minutes.  Used them many times but do not like it because they give low rates, but it is fast in an emergency that is what counts.

'nuf sed.

[Dario]

Just now, wotsdermatter said:

Better yet, Western Union less than 15 minutes.  Used them many times but do not like it because they give low rates, but it is fast in an emergency that is what counts.

'nuf sed.

Yeah, but at a price. For me it's just pensions. I get to transfer two every month.

[steven100]

I can beat all those times. I can transfer $10,000 from Australia to Thailand ..

and I can have it in 5 minutes.  True .....

[donim]

What do you use as 'local' bank account to keep your own currency in?

 

I am using the borderless account on TW which act as an bankaccount and company can

send money to it and when I need I transfer from that account,  but am looking for another options too.

 

I could not keep my own country bank account as it was by policy only for residents of my country, and I 'left' after the card expired.

[neeray]

12 minutes ago, Dario said:

So, you beat me in time. I rather get it in 5½ hours and pay nothing. I used to be a a Transferwise customer years ago.

Just joking (but it really is very quick. No need for that quick). On a rate comparison, on $700 transfer, Xend is 16,610 converted to baht whereas my current way through a bank is 16,010. I also pay $13.50 to the Canadian bank (whatever the amount transferred). Current method is quick, easy and efficient from my mobile phone.

So far Xend looks a little complicated to get started.

But thanks to OP for the information posted.

[Dario]

6 minutes ago, donim said:

What do you use as 'local' bank account to keep your own currency in?

 

I am using the borderless account on TW which act as an bankaccount and company can

send money to it and when I need I transfer from that account,  but am looking for another options too.

 

I could not keep my own country bank account as it was by policy only for residents of my country, and I 'left' after the card expired.

Do you want me to give you the name of my bank?

[AAArdvark]

28 minutes ago, steve73 said:

???

In this example. XP appears to give you almost 200bt MORE than TW.

Yes but this is using the no fee scenario.  Once you reach £2000 that will go away and the fees will be about the same.

[neeray]

10 minutes ago, wotsdermatter said:

Better yet, Western Union less than 15 minutes.  Used them many times but do not like it because they give low rates, but it is fast in an emergency that is what counts.

'nuf sed.

Agreed, Western Union is immediate but partner had to go to Western Union office to receive. Now, from my bank to her bank, it goes direct to her account and she gets a text.

Story: I sent money one day by Western Union. Then, had to send again same day because daughter dropped her phone and had to replace for school use (legit). So I returned to Western Union and sent more. Their computer flagged me as "illegitimate" and suspended my account.

What a frik around to straighten this out and get my money back. That is when I switched to bank to bank transfers. Good bye Western Union.

[Aforek]

OP, I use both  Xendpay and Transferwise: I don't speak of delay , but of rate

Xendpay, so far ( at least a few months ago ), didn't ask any fee for the first transfer of the year, below 2000 pounds ; was is your first transfer and less than 2000 pounds ? 

 

after that, they ask a fee and then they are more expensive than Transferwise

but you say that they don't ask you any fee, that's why I ask you more precisions

 

 just now, I made a simulation for 6000 euros, ( second transfer this year for me ) and they seem not to ask any fee , it means that they have changed their methods, in such case, they are more interesting than Transferwise 

[justin case]

this smells like one big free advertisement

[steve73]

Just now, Aforek said:

OP, I use both  Xendpay and Transferwise: I don't speak of delay , but of rate

Xendpay, so far ( at least a few months ago ), didn't ask any fee for the first transfer of the year, below 2000 pounds ; was is your first transfer and less than 2000 pounds ? 

 

after that, they ask a fee and then they are more expensive than Transferwise

but you say that they don't ask you any fee, that's why I ask you more precisions

 

 just now, I made a simulation for 6000 euros, ( second transfer this year for me ) and they seem not to ask any fee , it means that they have changed their methods, in such case, they are more interesting than Transferwise 

If you don't offer a fee, the FX rate drops a little once you get above a certain amount.. IIRC, they suggest a 0.4% fee (or 4GBP on a 1k transfer - previously it was 10GBP or 1%), but the 0.4% is simply taken off the Fx rate. 

It's now very close to the cost of using TW; just a little more expensive when used for GBP.

[Pattaya46]

1 hour ago, trd said:

I can beat that. Transferwise in 2 hours!

1 hour ago, neeray said:

Mine arrives from Canada in 1 hour and 59 minutes.

I am surprised that TW is so fast for you. 

From France I think that TransferWise never made better that 12 hours 

 

It takes about 6-7 hours to send the money by European Transfer (SEPA) from my French bank to the German TW bank;

and then about 5-6 hours again to get it in my KasikornBank account from the moment TW says "We received your EUR; We paid out your THB"

 

So for me TW takes about the same time as a SWIFT transfer... but is cheaper 

[trd]

I am surprised that TW is so fast for you. 
From France I think that TransferWise never made better that 12 hours 
 
It takes about 6-7 hours to send the money by European Transfer (SEPA) from my French bank to the German TW bank;
and then about 5-6 hours again to get it in my KasikornBank account from the moment TW says "We received your EUR; We paid out your THB"
 

To be honest it happened that fast only a couple of times. It normally arrives the next day.

[Mavideol]

yesterday was APRIL 17th, was it a typo or misleading information?

[Mavideol]

1 hour ago, Dario said:

At that time SCB showed a TTF transfer rate of 35.5675 Baht for the Euro. I was given 35.87733 Baht for the Euro by Xendpay. No fee deducted by my German bank and no fee deducted by Bangkok Bank.

quite confused your presentation !!!! you refer to BKB as your bank but also refer to SCB rates and never mention BkB rates, are you advertising for specific company.... better proof read post before pushing send button

[Dario]

8 minutes ago, Mavideol said:

yesterday was APRIL 17th, was it a typo or misleading information?

I had noticed that and rectified the date on my post.

[Dario]

4 minutes ago, Mavideol said:

quite confused your presentation !!!! you refer to BKB as your bank but also refer to SCB rates and never mention BkB rates, are you advertising for specific company.... better proof read post before pushing send button

No, no advertising here. I use the the SCB exchange rates, because my main accounts are at SCB, but I use a Bkk Bank account for Xendpay. Let's look then what the rate was yesterday on BKK Bank: it was 35.59500, which was 3 Satang more. Satisfied?

[Chivas]

I love the fact OP thinks the transfer was completely free lol

When the money lands at  Interbank rates (tw) than you can claim the transfer was free if no additional charge is levied

 

No one but no one gets Interbank and no fees

[Mavideol]

1 minute ago, Chivas said:

I love the fact OP thinks the transfer was completely free lol

When the money lands at  Interbank rates (tw) than you can claim the transfer was free if no additional charge is levied

 

No one but no one gets Interbank and no fees

my father (rest in peace papa) always told me ...there is NOTHING for free