TransferWise - Wise (Threads Merged)

[Proffesor]

To reply to ToyBoy ( post #96 ) :-

 

I have a personal bank account in Scotland, and 2 here in Thailand, as well as a Business Account ( I have a Work Permit ).

I keep only a nominal balance in my Scottish Account. One of my Thai accounts is for my annual Visa renewal bond, the second I use for day to day expenses.

Both my  U.K. Government ( monthly ) Pension and my ( bi-annual ) Personal Pension are paid direct into my Transferwise account ( in GBP ). As and when I think the GBP / THB exchange rate is beneficial, I convert GBP to THB within TransferWise. As the year progresses, my balance within TransferWise builds. As I am working in Thailand, any remittances received in the current year, which are imported to Thailand may be subject to tax by the Thai authorities, so in early January, I dump the THB residing in TransferWise ( remitted in the previous year ) into my personal Thai account.

In the event of a cash-flow emergency, I have the option, at any time, of moving THB from TransferWise to my personal account, but the amount that I move may be subject to Thai tax. In case you don't know, the Thai Tax year is 1st January > 31st December.

I started to do this when I realized how much I was being robbed by CitiBank when I tried to have my UK government Pension paid direct to Thailand. I'm given to understand that when the U.K. government were seeking tenders from a banking institution, to handle the distribution of government funds to their citizens, CitiBank ( U.S. ) offered an "inverse bid" i.e. they said that they would pay the UK government for the privilege ( opportunity ) of distributing the funds. For British Expats, this means that the government provide CitiBank with a truckload of GBP and a DataBase of recipients. CitiBank convert the GBP to USD ( at a rate that they decide ) they then apportion it in accord with the DataBase and convert it to the recipients local currency ( in my case THB ) ( at a rate that they decide ) and sent it out to the Expats as a Commercial Transfer - which leaves the recipients liable for the local Importation fees etc. Suffice to say, the UK government accepted this "inverse bid".

The financial difference to me, of allowing CitiBank to "handle" my monthly pension payment worth about THB 28k, was just under THB 6.5k ( I received a smidgen over THB 21,500 ), as opposed to using TransferWise where I have never received less than THB 27.5k.

 

I need emphasize, I am an Engineer not a Financial Genius, so I may have got the details wrong, it is stated as I understand it to be.

Needless to say, I'm a firm advocate of TransferWise.

[KWA]

4 hours ago, Esco said:

Yes to both. 

For example, I currently hold €500 in my TW account and to transfer from my account to Thailand costs ~€5 versus ~€7 if I transfer using my CC card. 

Doesn't make a huge difference but the higher the amount and/or the more you send it adds up of course, and indeed the local to local transaction in the Netherlands or in your case the UK costs nothing. 

I see your figures when I do a trial on the site, however it looks like if you do a bank transfer as opposed to a CC payment the cost comes down again, although it says it might take longer.

Another question.  Does it show as a cash advance type transaction on our credit card or a regular purchase?

[Esco]

2 hours ago, KWA said:

I see your figures when I do a trial on the site, however it looks like if you do a bank transfer as opposed to a CC payment the cost comes down again, although it says it might take longer.

Another question.  Does it show as a cash advance type transaction on our credit card or a regular purchase?

Mine says money transfer on my CC overview so I'd say cash (advance) transaction. 

Indeed there's a slow transfer option which is cheapest but takes the longest. 

[AJSP]

1 hour ago, Esco said:

Mine says money transfer on my CC overview so I'd say cash (advance) transaction. 

Indeed there's a slow transfer option which is cheapest but takes the longest. 

I think your talking about a quid difference ? €1.14 ?

[nampla69]

26 minutes ago, AJSP said:

I think your talking about a quid difference ? €1.14 ?

Yes but at times can be slow. Depends on individual needs I guess.

[AJSP]

1 hour ago, nampla69 said:

Yes but at times can be slow. Depends on individual needs I guess.

I used it yesterday the fast service - arrived in around an hour. Previously had it take a matter of minutes 

[Toy Boy]

22 hours ago, Esco said:

Its certainly an option and you could even decide to hold in multiple currencies to spread your risk. 

Yes, I was thinking along those lines. When FB announced its Libra digital currency I though that sounded like just the thing, after years of being buffeted by the crappy pound I'd be able to spread my currency risk over multiple currencies. Libra seems to have lost most of its backing, though, and TW sounds like its more flexible even if it's not covering as many different currencies. Of course, opening an online Fx trading account would achieve much the same thing, though fees would probably be higher than TW.

[dcfc2007]

I just opened a transferwise 'borderless' account today.

I've been using transferwise for about 2 or 3 years. Never had a problem with them.

[dcfc2007]

On 4/14/2020 at 11:12 AM, Esco said:

 

Yes to both. 

For example, I currently hold €500 in my TW account and to transfer from my account to Thailand costs ~€5 versus ~€7 if I transfer using my CC card. 

Doesn't make a huge difference but the higher the amount and/or the more you send it adds up of course, and indeed the local to local transaction in the Netherlands or in your case the UK costs nothing. 

I just opened an account with them today.

I didn't know that you got a better rate if you transfer money using your TW card as opposed to your bank card. That's handy to know.

Now here's a question.

TW cards are mastercards aren't they? So if I use my TW card in Thailand at a vendor that accepts mastercard, can I pay in Baht that I have saved on my card?

[nampla69]

1 hour ago, dcfc2007 said:

I just opened an account with them today.

I didn't know that you got a better rate if you transfer money using your TW card as opposed to your bank card. That's handy to know.

Now here's a question.

TW cards are mastercards aren't they? So if I use my TW card in Thailand at a vendor that accepts mastercard, can I pay in Baht that I have saved on my card?

Think so .......... BM Esco to the board please. 

PS Transferwise has had glitches the last 3/4 hours..... can't use the Debit Card function ?????? 

[KWA]

8 hours ago, dcfc2007 said:

I didn't know that you got a better rate if you transfer money using your TW card as opposed to your bank card. That's handy to know.

I thought it was only a difference in fees, from my own knowledge and from Esco's posts above.  However, I've just done some examples and now I'm not sure, and if anything funding from my bank account looks to get a better exchange rate too.  First pic below is what I get from my UK bank account to my Bangkok  Bank account right now.

 

Next one is if I transfer from my TW GBP account to my Bangkok Bank account I get slightly less and the fee is slightly more, but if you do the arithmetic the exchange rate is worse too. 40520.92/(1000-7.21) = 40.8152

 

For spending on the card (ie TW GBP balance to TW THB balance), it would be

Lower fee and higher THB, but exchange rate is 40555.93/(1000-5.77) = 40.7913.  Still the best end result (highest baht) but needs to be spent using the card or withdrawn as cash, with all that entails.

Esco (or anyone else) - maybe you can vouch for my figures or point me out where I'm going wrong.  I don't have the account so may be missing something in my understanding.

Edited April 16, 2020 by KWA

[Esco]

9 hours ago, dcfc2007 said:

Now here's a question.

TW cards are mastercards aren't they? So if I use my TW card in Thailand at a vendor that accepts mastercard, can I pay in Baht that I have saved on my card?

 

7 hours ago, nampla69 said:

Think so .......... BM Esco to the board please. 

PS Transferwise has had glitches the last 3/4 hours..... can't use the Debit Card function ?????? 

The card doesn't hold baht yet fellas. 

Only Euro, GBP, USD, AUD and Polish Zloty right now. 

[Esco]

24 minutes ago, KWA said:

I thought it was only a difference in fees, from my own knowledge and from Esco's posts above.  However, I've just done some examples and now I'm not sure, and if anything funding from my bank account looks to get a better exchange rate too.  First pic below is what I get from my UK bank account to my Bangkok  Bank account right now.

 

Next one is if I transfer from my TW GBP account to my Bangkok Bank account I get slightly less and the fee is slightly more, but if you do the arithmetic the exchange rate is worse too. 40520.92/(1000-7.21) = 40.8152

 

For spending on the card (ie TW GBP balance to TW THB balance), it would be

Lower fee and higher THB, but exchange rate is 40555.93/(1000-5.77) = 40.7913.  Still the best end result (highest baht) but needs to be spent using the card or withdrawn as cash, with all that entails.

Esco (or anyone else) - maybe you can vouch for my figures or point me out where I'm going wrong.  I don't have the account so may be missing something in my understanding.

The guaranteed rate I get for the Euro is the same 38,58 for all transfer options, the only difference is the fee from TW as far as I can see. I'm using the mobile app by the way.

[Toy Boy]

5 hours ago, Esco said:

Polish Zloty

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5555555555555555555555

[Esco]

1 hour ago, Toy Boy said:

??????????????????????????

5555555555555555555555

Dead serious. 

I can imagine it's very popular amongst poles working in Europe and having to send money home. 

[Horizondave]

9 minutes ago, Esco said:

Dead serious. 

I can imagine it's very popular amongst poles working in Europe and having to send money home. 

Yes most of the people I work with are Poles.......

[nampla69]

7 hours ago, Esco said:

 

The card doesn't hold baht yet fellas. 

Only Euro, GBP, USD, AUD and Polish Zloty right now. 

I just tried and put 500 Baht on my balance worked in seconds....

[AJSP]

Just seen the card feature on my account so will apply looks good. Thanks gents 

[Pumpuynarak]

I've set up a transfer yesterday at 40.82 but have yet to pay cos i'm hedging my bets on whether the rate will increase on Monday 4th, does anyone know how long you get to pay before they cancel, thanks ?

[KWA]

4 minutes ago, Pumpuynarak said:

I've set up a transfer yesterday at 40.82 but have yet to pay cos i'm hedging my bets on whether the rate will increase on Monday 4th, does anyone know how long you get to pay before they cancel, thanks ?

It usually tells you during the process.  Can you go back and look at the transaction status now?

Monday is a holiday so rates might not get adjusted then anyway, or the time you get to pay might be a bit longer than usual.

[Pumpuynarak]

10 minutes ago, KWA said:

It usually tells you during the process.  Can you go back and look at the transaction status now?

Monday is a holiday so rates might not get adjusted then anyway, or the time you get to pay might be a bit longer than usual.

Thanks for your reply, yeah i missed it and i can't go back as their system does'nt allow, it will allow you to view your transfer but the info i'm after is missing.

Good point regarding Monday being a holiday in the UK, maybe i'll just go with the 40.82 anyway as i can't see much happening to the rate on Monday, probaly downwards if any !!!

[Stillearly]

14 minutes ago, Pumpuynarak said:

Thanks for your reply, yeah i missed it and i can't go back as their system does'nt allow, it will allow you to view your transfer but the info i'm after is missing.

Good point regarding Monday being a holiday in the UK, maybe i'll just go with the 40.82 anyway as i can't see much happening to the rate on Monday, probaly downwards if any !!!

Thailand holiday, not UK 

[Pumpuynarak]

2 hours ago, Stillearly said:

Thailand holiday, not UK 

UK also,  on my British calendar hanging in the kitchen it says Monday 4th May is a holiday in the UK and ROI but i could be wrong lol 

[thegrogmonster]

1 minute ago, Pumpuynarak said:

UK also,  on my British calendar hanging in the kitchen it says Monday 4th May is a holiday in the UK and ROI but i could be wrong lol 

I thought the UK was the same as Australia with the labour day holiday always being on the first Monday in May.

[KWA]

Just now, Pumpuynarak said:

UK also,  on my British calendar hanging in the kitchen it says Monday 4th May is a holiday in the UK and ROI but i could be wrong lol 

It was originally scheduled to be a holiday when most calendars etc were being printed, but got changed to Friday 8th to celebrate the 75th anniversary of VE Day.