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Did a transfer via Transferwise GBP to THB about ten minutes ago. Money was sent 32 seconds after they received my online bank transfer.

Money is already in my BKKBK account when I checked.  Never had that fast before. Must be some kind of record!

Edited by phetphet
corrected typo.
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I usually transfer money in GBP through the Halifax online £9.50 for any amount takes 3 days.....checked with transferwise earlier and they want £58 to transfer £10,000........<deleted>?

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Just now, petermik said:

I usually transfer money in GBP through the Halifax online £9.50 for any amount takes 3 days.....checked with transferwise earlier and they want £58 to transfer £10,000........<deleted>?

Did Halifax  a few days ago, took a little under 18 hrs from action to receipt in a Thai bank. (just for comparison purposes 😀)

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swift transfer nationwide > bangkok bank london branch - up to £10K - cost FREE in my account within 1 hour (on work days)

 

send in pounds and get the local exchange rate (thats the good one)

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50 minutes ago, GeorgeCross said:

swift transfer nationwide > bangkok bank london branch - up to £10K - cost FREE in my account within 1 hour (on work days)

 

send in pounds and get the local exchange rate (thats the good one)

 

No

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7 minutes ago, LivinLOS said:

What folks dont seem to understand is the Fx rate is better... So the bank version with 'low fees' has a hidden higher fee.. 

 

Thats less applicable to usd, but eur and GBP its very evident. 

 

check what the bank's TT rate is and factor that into your calculation, it's normally not that attractive.

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All money transfer services are feeling the crypto pressure, so they have been magically able to speed things up considerably. You may not like crypto, but at least it has had this effect.

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Transferwise transfer is pretty fast.   I sent some money from US bank to Indian associate and it got there in 4 hours (fully posted to his receiving account in that time)

 

To Thailand it depends on the time of day.   But it is in the Thai bank early in the morning (05:00-06:30ish GMT+7).   One time it took 36 hours.   But it was sent too late Friday and had to go through the weekend.

 

And you get an email/app alert when it is there.   

 

And they are very clear about the exact cost you pay and what you receive.  

 

Now their Borderless account is a bit sluggish to post incoming wires.  Will have to test that a bit more.   And also, they say there are no incoming wire fees, but some "intermediary" [bank] snatched $18 from the final credit amount.   It always seems to be a huge mystery as to who/why these fees are charged.

 

Perhaps it is best to use local currencies to get funds into borderless account (from other people) when possible.   For example, it might have been cheaper/faster to convert to EUR, deposit into EUR borderless acct, then do additional conversion and/or send onwards to final destination.

Edited by 4evermaat

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When transfering from the US to Bkk Bank it happens overnight. With Commonwealth in Australia it's same day, provided the Aust transfer is done in the morning. The UK takes days for some reason.

 

Bangkok bank charges B200 for receiving.

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2 hours ago, samsensam said:

 

check what the bank's TT rate is and factor that into your calculation, it's normally not that attractive.

That is exactly my point.. 

 

TW has a better fx rate than the TT buying rate of Thai banks, for sure on GBP and EUR, less so on USD. 

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5 hours ago, phetphet said:

Did a transfer via Transferwise GBP to THB about ten minutes ago. Money was sent 32 seconds after they received my online bank transfer.

Money is already in my BKKBK account when I checked.  Never had that fast before. Must be some kind of record!

what rate did you get

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14 minutes ago, steve187 said:

what rate did you get

Check out this TransferWise-link, it gives you the present mid-rate exchange rate which they apply and on top of which they add their relatively small service charge.

https://transferwise.com/gb/currency-converter/eur-to-thb-rate?amount=1

You can change easily from Euro to GBP to US$ ....

On the site you can also see the evolution of the exchange rate you selected over 1 or 3 months.

Attached below the 3-month evolution of the Euro-Bath mid-rate exchange (today close to best rate of last 3 months)

 

image.png.891667566d23cdf8c319a8ef9a20b345.png

 

Edited by Peter Denis

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