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Hi,

 

I'm looking into using Transferwise for the first time.  Sending from a US account to Thailand.

 

They have many options but the two I'm considering are Debit Transfer (ACH) & Wire Transfer.

 

ACH requires connecting your online bank acct through their website and it seems a little annoying.

 

Question:

What fees are charged by the Thai bank when receiving money through ACH vs Wire?

 

Hope I'm making at least a little sense.

 

Thanks,

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I use from the UK and there are no fees at the receiving end.  As far as I can tell from the US it's the same as the receiving bank is getting THB as a domestic transfer.

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48 minutes ago, ouagadougou said:

Thanks Upnotover.

 

Any idea if there are additional fees on the receiving end for a Wire Transfer compared to an ACH Debit Transfer?

As far as I can tell no, there will be no additional fees.  

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HI, 

 

Just an FYI, I have used transferwise and it is the most reasonable for transfers IMO.  However,  On my last trip I had opened a charles schwab account and they do not charge for Any ATM Withdrawals.  Both transferwise and Charles Schwab make money on the exchange rate they charge you.   No I did not make a comparison.   

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There is a small charge for receiving overseas transfers which goes up to a % for transfers over 1.5 million baht. Transferwise is a local bank to bank transaction so is free.

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Believe you are talking apples and oranges with the ACH and Wire.  ACH requires your bank send or Transferwise pull from your account.  Pull is very easy and no contact with your home bank required once set up through the 3rd party sign on method.  So once you long into your home back account you will not have to do again and only have to ask TransferWise to send the money using ACH bank transfer.  The only fee will be what they indicate for the amount of money transferred.  Wire would be another way to fund the transfer (not to send to Thailand by wire - that would not involve Transferwise and be SWIFT from your bank).  You can also fund with cards.  But believe most of us use the ACH pull from Transferwise and have no issues and one minute sign on to Transferwise takes care of everything.

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OP,

  As lopburi3 explained above you may be misunderstanding the Transferwise "funding" process....that is, how you get money to Transferwise so they can they exchange your dollars to baht and transfer the baht to Thailand.

 

   Allow Transferwise to accomplish a "Bank Debit (ACH)"....that is, "pull" the funds from your US bank to fund the Transferwise transfer is the cheapest over the other methods of bank wire or debit/credit cards.

 

   If you prefer to go with bank wire to fund your transfer then you must get with your US bank and send a "domestic wire" to Transferwise to fund the Transferwise transfer.   And you probably incur a $20 and up domestic wire fee from your US bank to send that wire to Transferwise along with the Transferwise fees for receiving that wire/transfering the money.  Now that is not cheap and is annoying.  

 

   Why do you consider allowing Transferwise to accomplish a Bank Debit (ACH) as annoying?   Yes, it does require you to possibly logon onto your US bank acct "through" a Transferwise portal "OR" setting up an ACH transfer link via the trial deposit method.  Which method Transferwise will use will depend on your US bank.   DO NOT worry about logging onto your US bank through the Transferwise portal as it's perfectly safe....you logon credentials are not seen/save during that process...such methods are now widely being used.  Heck, if you ever paid for an Ebay buy using PayPal you are basically doing the same thing...or if using paying via PayPal, Amazon Pay, etc., when buying stuff at may other online shopping sites.

 

   Now there is another way to "push" money to Transferwise using "ACH"....that is, you push money from your US bank to Transferwise by free/low cost ACH transfer from your US bank.  Same-same as ACH pushing money from your US bank to another one of your US banks.   It also lowers the overall cost of the Transferwise transfer.  Just study-up on "multi-currency acct" (a.k.a., borderless acct) on the Transferwise website.  But a borderless acct (a.k.a, multi-currency acct" is not required to do a Transferwise transfer. Nor is signing up for the Transferwise Debit card required.  

 

Edited by Pib
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1 hour ago, Peter Denis said:

Contrary to many banks who use their own exchange rate when transferring your funds, on top of the service fee they charge for this, and the possible handling fee from the receiving bank, TransferWise uses the mid-exchange rate which is the ACTUAL exchange-rate and only charges a service fee (% of the transaction on a gliding scale for larger amounts).

As they do not actually send the money, but have arrangements with 3 Thai banks to transfer the money to your Thai bank-account, there is also no domestic transfer fee.

In most cases - and surely for smaller transfers, say 1.000 to 3.000 Euro, you will get more THB for your Euro than any other transfer method, and on top of that the process is fully transparent (you will know beforehand EXACTLY how much THB you will get on your Thai bank-account) and very fast (between minutes and max 1-2 working days).

typo

Edited by singasong
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Thank you everyone.  I'm now waiting for the funds to appear in my Thai bank acct.

 

Pib:

 

The slightly annoying part to the Bank Debit (ACH) process was my US bank required a pin code to be sent to my primary telephone number to complete the transaction.  Unfortunately they only allow a contact phone number to have max 10 digits so I can't use my Thai mobile.  I had to have someone back home answer the phone and pass the pin to me... even then the pin was time sensitive and had to do it a couple times to complete the process.  Anyway, it's all good and I thought TransferWise was great compared to my dealings with regular banks.

 

 

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35 minutes ago, ouagadougou said:

Thank you everyone.  I'm now waiting for the funds to appear in my Thai bank acct.

 

Pib:

 

The slightly annoying part to the Bank Debit (ACH) process was my US bank required a pin code to be sent to my primary telephone number to complete the transaction.  Unfortunately they only allow a contact phone number to have max 10 digits so I can't use my Thai mobile.  I had to have someone back home answer the phone and pass the pin to me... even then the pin was time sensitive and had to do it a couple times to complete the process.  Anyway, it's all good and I thought TransferWise was great compared to my dealings with regular banks.

 

 

Yeap...the ol' two factor authorization (2FA) issue for certain banking transactions/logons...that can be annoying and is quite common now days...and becoming more common.  

 

Now if you activate the Transaferwise multi-currency acct (borderless acct) option on your Transferwise acct you can then "push" funds to your borderless acct via ACH from your US bank.   The funds arrive your Transferwise borderless acct in a day or two or three (depends how fast your US bank is)....then you can fund your Transferwise transfer from the balance of funds in your borderless acct.  This also does away with the Bank Debt (ACH) part of the Transferwise upfront fee making the transfer cheaper.   Will make your transfer faster also as Transferwise already has your funds. 

 

Now to activate the borderless acct Transferwise will require you do a Bank Debit (ACH) of $20 during that process....just something Transferwise does to activate the borderless acct....it's a one time thing.  For you this will mean another 2FA logon with your bank. 

 

Once the funds arrive the borderless acct is activated and you get Transferwise routing and acct number info so you can setup an ACH transfer link at your US bank to push funds to Transferwise via ACH.  Most banks allow a person to also setup an "automatic" ACH transfer....like you want to push out say $1000 every month, two weeks, etc.  With this automatic push now occurring to your Transferwise borderless acct there is always money setting in it to fund your Transferwise transfer....no need to contact your bank....no 2FA authorization process. 

 

If you need to transfer funds on a regular basis...like monthly....this is something you might want to consider doing.  BUT KEEP IN MIND, Transferwise is "not" a bank....your borderless acct with them is NOT a bank acct with any FDIC deposit protection like your US bank...so, you shouldn't keep any large amount of funds in your Transferwise borderless acct for any length of time.....maybe just a few days to a week in order to fund your next Transferwise transfer.

 

 

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