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BANGKOK 19 June 2019 13:49
Benroon

Transferring 6m - still Transferwise ?

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Still TransferWise to transfer 6m baht UK to Thai

 

Have to do it over 3 days as they have a 2m per day limit - but is there a cheaper way ? They want £700 fee (rising to £870 if I don't do it before June 18th) - also annoyingly if you send it in  separate tranches the fee total is about 10% more than one lump!

 

I tried using the search facility on here as it must have been done to death before but it's virtually unusable.

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Appreciate the reply but doesn't really help as each response in a thread gets a separate listing and the average life span is too short.

 

Ta anyway 

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A normal bank to bank SWIFT transfer(s) would likely be much cheaper.  Transferwise is much higher cost as amount increases but bank transfers are not so much better for large amounts unless the exchange rate is really bad (you want to send foreign currency and have converted in Thailand).

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Posted (edited)

Yeap...you will be better off just SWIFTing the money over from your bank....just be sure you send pounds...DO NOT let your home country bank convert on their end as you'll get a rate several percent below the Thai bank TT Buying Rate.   That would be one HUGE indirect fee on a 6M baht transfer.   Transferwise is not the best deal for large amounts.

Edited by Pib
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Posted (edited)

This is the comparison at 1245 12/6/19

 

TW Including fees, will cost you £151626.45 for 6 million baht (Rate 39.778. Fees for the required 3 transactions £789.3), not sure is any receiving bank fee though

 

Sending one SWIFT of the same amount to Krung Thai Bank (TT Rate 39.4383) gets you 5,979,889 - 500 (bank fee) = 5,979,389

 

That does not include any SWIFT fee !

 

So, TW still wins because of their better rate, despite their fees.

 

The only issue that could make a difference is how you transfer your money from your UK account to TW. 

 

Debit Card fees will be higher with TW than bank transfer.

 

If you need to make a CHAPS transfer because of low Faster Payment limits that will also cost you.

 

PS. I was surprised by this result too !

Edited by The Fat Controller
Added PS

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On 6/10/2019 at 2:13 PM, lopburi3 said:

A normal bank to bank SWIFT transfer(s) would likely be much cheaper.  Transferwise is much higher cost as amount increases but bank transfers are not so much better for large amounts unless the exchange rate is really bad (you want to send foreign currency and have converted in Thailand).

No, because the bad exchange rate of the Thai bank at reception of your SWIFT transfer is already far more than the TransferWise fee.

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Just done a little more digging.

 

The Debit Card limit appears to be £10,000, so for the 2 million THB you would have to use bank transfers to TW.

 

My bank limits me to £10,000 per faster payment but I can make multiple payments at a time ( I did 25 once )

 

I called TW and they confirmed multiple payments are acceptable, so no need to revert to CHAPS and pay a fee.

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consider that perhaps this is doing you a favor by not allowing you to send the money and making a costly mistake, i.e. house for your true love.

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1 hour ago, The Fat Controller said:

This is the comparison at 1245 12/6/19

 

TW Including fees, will cost you £151626.45 for 6 million baht (Rate 39.778. Fees for the required 3 transactions £789.3), not sure is any receiving bank fee though

 

Sending one SWIFT of the same amount to Krung Thai Bank (TT Rate 39.4383) gets you 5,979,889 - 500 (bank fee) = 5,979,389

 

That does not include any SWIFT fee !

 

So, TW still wins because of their better rate, despite their fees.

 

The only issue that could make a difference is how you transfer your money from your UK account to TW. 

 

Debit Card fees will be higher with TW than bank transfer.

 

If you need to make a CHAPS transfer because of low Faster Payment limits that will also cost you.

 

PS. I was surprised by this result too !

I stand corrected on this GBP-THB currency pair and amount....he would be better off using Transferwise. I was more use to pricing-out the USD-THB currency pair.   Different currency pairs, different exchange rates and associated fees.

 

For example doing a quick calculation using the Tranferwise pricing of the moment and Bangkok Bank TT Buying Rate as close of business today, here is what I got if the OP had been using USD instead of GBP.

 

- Sending Bt6M worth of USD the Transferwise transfer would cost $193,312 plus three approx $20 domestic wires for $60 to fund the transfers bringing the total cost to $193,372.  Three transfers required since the Transferwise limit per transfer is Bt2M.

 

- Sending same Bt6M worth of USD via SWIFT (can do in one transfer) using the Bangkok Bank TT Buying Rate of 31.09 to include a $25 international sending bank fee (that's what Schwab charges) and the Bangkok Bank $16 (Bt500) receiving fee works out to $193,029.   Approx a $372 savings over Transferwise along with ability of sending the entire amount in one transfer and not having a middleman money exchanger/sender involved (i.e., Transferwise).

 

Yeap, I stand corrected on the GBP-THB transfer the OP is wanting to do.

 

 

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Suggest that you get a quote from Smartcurrency.com.

There is no receiving bank cost with Transferwise.

There will be with Smartcurrency.

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Just obtained an online quote from Smartcurrency .

As I said earlier you will get the 6M less a charge from your Thai bank.

I attach

6M smartcurrency.jpg

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Bloody Hell !

 

Smartcurrency only give you a rate of 39.325 or so and would cost you £948 more than Transferwise, think I'll pass on that !

 

PS. TW rate now (1640) is 39.7894

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