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Money transfer - any experience with XE or currencytransfer, USD to THB?

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At the web site, https://www.finder.com/xe-trade-money-transfers , near the bottom is a sample transaction.


I tried USD to THB.


Results were that the highest amounts were through:  XE and currencytransfer.  And, supposedly no fee.


The sample transaction showed the two sites were better than Transferwise and Remitly. 


Comparing their rates to the Telex rate (not sure if telex rate is the rate used for USD received by wire?) at Bangkok Bank and Kasikorn Bank, amounts were similar.  Not much difference.  Exception 1 - wire transfer fee paid to US bank?  Exception 2 - thai bank receiving fee of "up to 500 baht"?


Any experience with XE or currencytransfer?


Thanks in advance for knowledgeable answers.


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I don't have an xe or currencyfair acct, but please note that many times these type sites will only show an "indicative" exchange rate on their public website.  Or said another way, the rate they show on their public webpage is for info only and based on the mid market rate but it's "not" the exchange rate you will get once becoming a customer.    It's kinda like a tasty worn on a hook.   The rate you get as a customer will most likely be something less especially if they do not change any or a very low direct sending fee....the lower exchange rate is where they make their profit versus from an upfront direct fee.  Note the Xe.com note below.



Edited by Pib
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For my purpose (EUR -> THB) I will not change from Transferwise.

72052 is better than 71964. And the 72052 is simply real.

(today I received 72139 initiated on Saturday)

Transferwise has more expensive option for faster EUR transfer, but for me that's not an important point (can wait a day or two over the weekend).



Edited by KhunBENQ
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KhunBENQ   "... Transferwise ... "


Do your transfers go to your Thai bank account?

If yes, is your Thai bank -- Bangkok Bank or Kasikorn Bank?

If yes, did your Thai bank charge a fee of up to 500 baht per transfer?

If not to your Thai bank account, how did you receive the bahts?


Answers to the above questions, will help me to decide if a third-party transfer (that is, not using my US bank to do a wire transfer) might be worthwhile.


I am still hoping for someone to comment on actual experience with XE and currencytransfer.


Thanks in advance.

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3 hours ago, Grin Grasser said:

If yes, is your Thai bank -- Bangkok Bank or Kasikorn Bank?

If yes, did your Thai bank charge a fee of up to 500 baht per transfer?

Bangkok Bank.


No fee (but still shown as international transfer FTT).

What you see is what you get.

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Big Thanks, for your reply.


No Thai bank fee on a money transfer through a 3rd party is better than a Thai bank fee of up to 500 baht on a wire transfer.  


I guess a Bangkok Bank account number contains a code to indicate which bank branch has the account and presumably the same for Kasikorn Bank account number.  However, I wonder why some bank forms ask for the branch address?  Maybe a double check?


Thanks again.


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17 minutes ago, Grin Grasser said:

I guess a Bangkok Bank account number contains a code to indicate which bank branch has the account and presumably the same for Kasikorn Bank account number. 

First three digits indicate it.

And for Transferwise there is only bank name and account number needed (at least from my case).

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I tried to sign up at xe.com .  Unsuccessful.


After registering an account with ID and password, it asked for: full name, street address, cell phone number, passport or driver's license number, and SSN or TIN number.  The next page was for requirements.  But, did not get there.


Page reply was that an account could not be set up.  No explanation.


The next day I called an Ontario, Canada phone for XE and explained.  The agent said that an XE account could not be setup outside the USA.  She could see that I was calling from Thailand.  She spoke to her supervisor and the explanation was that there was no way around the legal requirements.


I guess that the agent was correct.  A year ago, a fellow American expat in Pattaya said, his bank told him that it had to close his account because he gave an address outside the USA as his residence.  Americans expats have to pay federal income tax annually, and thus are advised to establish residency in one of five states that do not have a state income tax.  Later, the cited expat said that he found a US bank that would open an account online, so that he could get money from the USA.


I tried to get more info on XE and did an internet search.  Ran across a site called trustpilot.com .  It collects reviews on different money transfer online sites.  Bad reviews of XE were around 2-4 percent (I forgot the exact percentage because I checked on a bunch including Transferwise).  All had a small percentage of bad reviews.  The scariest review was money sent and not received, even after 3 weeks, and the company could not find any record of the transfer.


I decided to go with an international wire transfer from my USA bank account to my Thai bank account.  The bank said that it would take a day or two to complete.  When I got a bank confirmation notice, it said that my bank had completed the transfer, but my money would be available in 10 days or sooner.  I guess it was my bank's way of saying that it did not know how long it would take for the transfer to occur and how long it would take the Thai bank to process.  This transfer will cost $25 fee by my USA bank and up to 500 baht by my Thai bank.


Maybe the next time I am the USA, I could setup a XE account.


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International Wire Transfer, from USA bank to Thai bank.


I submitted my request for an international wire transfer in USD to my USA bank through my online bank account.  Submission on Dec 8, 2020. Up to two days I received a bank confirmation.


My Thai bank account passbook showed that I received a deposit in THB.  Dated Dec 14.  That was a Monday, after the newly-established four-day weekend. 


So, actual transfer time was at least two days and maximum of seven calendar days.


My passbook did NOT show how much fee the Thai bank charged for its part of the transfer.  Transparency is preferred.


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