Transferwise. WOW!!

[petermik 17,009]

11 hours ago, Eindhoven said:

 

The difference between Transferwise and say, Bangkok Bank receiving rate is approx 0.4 baht. For £10,000 that would be a loss of 4000 baht(£98.51). 

 

Transferwise charge of £58.90 not looking that bad now eh?

But wait, that's not it. Bangkok Bank will charge another 500 baht to receive the money, so now that is 4500 baht in fees and commissions. So a total of £110.90

 

This is why it paid to pay attention whilst at school.   £52 cheaper to send via Transferwise.

 

But no! That's still not it, because you paid £9.50 to send the money, so now you are up to £121.40 with your Halifax/Bangkok Bank transfer.

 

So Transferwise £61.50 cheaper. Less than half the cost.

 

Transferwise charge of 0.589%, Halifax/Bangkok Bank charge of 1.214%.

But I aint transfering to Bangkok Bank....why assume that

[Stocky 2,761]

44 minutes ago, petermik said:

But I aint transfering to Bangkok Bank....why assume that

If not Bangkok Bank then where?

Bangkok Bank usually offer the best TT rates of all the Thai Banks, so chances are you're even worse off.

 

For example this evening's TT rates.

 

Edited December 13, 2019 by Stocky

[phetphet 1,530]

1 hour ago, steve187 said:

what rate did you get

£1,000 @40.6548 minus fee £7.00. Received THB40,370.22.

 

The pound continued to rise further for a little while, then dropped back. 

I received THB39,651.38 for the same £1,000 last Monday.

[The Fat Controller 453]

For GBP to THB, TransferWise will always beat a SWIFT transfer due to the differing exchange rates, this negates the apparent saving in fees.

 

Also, with TW, you know exactly what you are getting when you make the transfer, a SWIFT transfer is converted on arrival at the Thai bank so you could win or lose 

 

Do your sums folks.

 

 

[LivinLOS 5,763]

1 hour ago, The Fat Controller said:

Also, with TW, you know exactly what you are getting when you make the transfer, a SWIFT transfer is converted on arrival at the Thai bank so you could win or lose 

I have also kept a very close eye on this and mysteriously always seem to receive a rate that was at the lows of the day, statistically that seems unlikely so expect the banks are gaming the system as you cannot actually prove the moment the Fx sum arrives to them. 

 

So had that little margin into the hidden fees they can load you with.. TW may have fees but they are very clear and you get, to the satang, what your told you will get. 

[Chivas 2,785]

On 12/13/2019 at 5:58 AM, 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>?

Yes but why dont you do a bottom line comparison (dummy transfer) with a Halifax account (which I have) and TW

Halifax amount with land at Telegraphic Transfer rates whilst TW lands at Interbank rates (somewhat higher)

 

You can do the dummy by going to receiving banks website and see the current TT rate and doing the bottom line math

If you use TW Monday through Thursday the money now lands virtually instantly (seconds)