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Hal65

Is Western Union a good deal in Thailand?

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As you can see below they seem to charge $10 total, including forex, on a $1,000 transfer to the US. I was really surprised by that as I remember the service to be about convenience, with high fees:

 

Screenshot_2019-08-19_18.26.02.jpg

 

Has anyone used Western Union in Thailand? Were they good or did they hit you or the receiver with extra fees somewhere unexpected?

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You got a great deal since the exchange rate has not been at

 $1=31 TB for for a long time. When was this transaction actually done?

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13 minutes ago, asiaexpat said:

You got a great deal since the exchange rate has not been at

 $1=31 TB for for a long time. When was this transaction actually done?

in the case of sending money "out of Thailand" a higher exchange rate is bad as you must fork out more baht to buy each dollar to send out.  Say the rate had been even higher at 33 baht to the dollar...then that means you must fork out 33 baht to buy 1 USD to send out.

 

Now for receiving money into Thailand then a higher exchange rate is better....you get more baht for each dollar.

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And the "direct debit" from a Thai bank account works easily, no formalities?

 

Have you noticed that highly advertised DeeMoney offers no more transfers to UK or USA, not to speak of Euro countries?

 

26 minutes ago, asiaexpat said:

When was this transaction actually done?

From the screenshot: yesterday, Aug 19, 2019.

And as written above: not a superb rate for this direction (THB->EUR).

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@KhunBENQ What would you say is a good rate? It matched the Google rate so I thought it was good.

 

I didn't finalize that transaction. Just testing the waters as Deemoney lost their ability to do USA transfers. So it's either Western Union or Bank Wires from what I can tell now.

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Posted (edited)
24 minutes ago, Hal65 said:

@KhunBENQ What would you say is a good rate?

Yesterdays " Bill - DD - TT Selling Rates" at Bangkok Bank was 30.99 Baht/Dollar.

Or 1000 USD = 30990 THB.

WU overall wants 31271 THB for 1000 USD (incl. fees).

 

Well, I must admit not bad :whistling:

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

Question: did anyone actually do such a transfer with debit from Thai bank account?

 

Edited by KhunBENQ
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Actually, if the WU exchange rate and fees are truly as being reflected on the Thailand public website then using WU would be a better deal than using SWIFT at Thai bank or using DeeMoney if they were still able to send USD.

 

For example, for those of you who have Krungsri ibanking you probably have SWIFT transfer authorization in your ibanking.  I know I do and I only have a retirement extension of stay....no work permit.  And I have used it once to send money to the US and it works.  Money posted to my US bank acct in around 6 hours. 

 

If I was to say send $1000 today from my Krungsri acct the exchange rate they use is the TT "Selling" Rate which is 31.08 baht/USD at this moment in time.   TT "Selling" Rate is what Thai banks use when sending money "out" of Thailand; money coming into Thailand gets the TT "Buying" Rate. There is a Krungsri Bt350 direct sending fee plus another "optional" fee of Bt800 if you want to Krungsri to cover any intermediary bank fees along the way.  Mentioned fees are pretty similar at other Thai banks. When I did my one transfer I did not select the optional Bt800 fee but there was an intermediary fee along way of exactly $20 USD which worked out to Bt650 at the time.   So, I incurred Bt1,000 in total direct/indirect fees.   So, using that Bt1,000 as my total fees to send $1,000 USD to someone in the U.S. using the current Krungsri TT Selling Rate I would need to expend Bt32,080

 

But if using WU their Thai website says I would expend Bt31,292 to send $1000 to some one's bank acct in the US.    While their exchange rate was around 0.32% worst their total fees would only be Bt115 compared to the Bt1,000 in fees if using SWIFT at Krungsri Bank.   Lower sending fees overcame the lower exchange rate given.

 

So, with WU I would save Bt788 over Krungsri Bank to send $1000 but this assumes there will be no other WU fees/intermediary fees along the way to the US bank acct....and the money would take 1 to 3 business days to post to the person bank acct versus 1 day or less for the Krungsri SWIFT transfer. 

 

IF, repeat, if the exchange rate and fees showing on the WU Thailand public website are what you would see after registering with WU then it seems it's a good deal in comparison to a Thai bank.  And since DeeMoney's transfer rate was plus or minus a hair of Thai bank TT Selling Rates but their sending fee being Bt150 plus 7% VAT which totals Bt160.5 then WU sending fees are even lower than DeeMoney's sending fees.

 

 

image.png.f62532af77f62a01cf785106c00101df.png

 

 

 

 

 

 

 

 

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Western Union is never a good deal. With that said I noticed the fees are lower to send from some country to other. For example Thailand to Laos, Philippines, etc. 

 

Fiat money is so 2011.

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Posted (edited)
5 minutes ago, Tayaout said:

Western Union is never a good deal. With that said I noticed the fees are lower to send from some country to other. For example Thailand to Laos, Philippines, etc. 

 

Fiat money is so 2011.

Can you please price out/detail an example vs making the generic statement which may not be true.  I priced out an example from Thailand to the US which showed it was a good deal (this assumes the WU website was showing all costs).  Maybe you could price out another country?

 

By the way, since you are implying cryptocurrency is the way to go with transfers, could you price a transfer from Thailand to the USD (or some other western nation) to include the crytocurrency "exchange" costs on both ends where fiat money is used  to buy the crytocurrency and then withdraw it to the final destination bank. 

 

Edited by Pib

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4 minutes ago, WalkingOrders said:

Not a good deal anywhere.

Can you price out an example from Thailand to the US/EU/UK to support that generic statement? 

 

From looking at the Thailand WU website your statement is not supported/appears invalid assuming the WU Thailand website is not leaving out any cost details along the way.

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Posted (edited)

Even for sending from Europe/USA to Thailand WU is not that bad.

Coming only slightly after transferwise.

Surprised me too, but:

don't mix up fees for purely electronic transfers with that cash to cash handling where you can send cash money to the most remote parts of the world to people without a bank account.

Edited by KhunBENQ
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I had the same assumption as the 2 "never a good deal" posters which is why it took me so long to do the check myself.

 

But unless there's some hidden gotcha... it appears it is a good deal.

 

Maybe they just don't get any business from the Thais unless they outprice the banks? Or their costs are less along this path for some reason. Who knows.

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Posted (edited)

I do bank to bank with WU  (uk to thai bank) and there are no fees and the difference compared to the actual forex rate is about 0.1 baht ie 37.35 and they will give 37.25.

That's on a 2000 quid transaction

Only takes 2-3 business days too 

 

Been using it for 4/5 years now.

There used to be a fee until recently .............. if only the exchange rates were better life would be bliss!!

Edited by Sticky Wicket
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3 hours ago, Pib said:

in the case of sending money "out of Thailand" a higher exchange rate is bad as you must fork out more baht to buy each dollar to send out.  Say the rate had been even higher at 33 baht to the dollar...then that means you must fork out 33 baht to buy 1 USD to send out.

 

Now for receiving money into Thailand then a higher exchange rate is better....you get more baht for each dollar.

Failed to read photo carefully. Thanks Pib.

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