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Stillearly

Using TransferWise

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Just set up an account with TransferWise app , when setting up the payment, I take it you just remove the "-" from the account number, so 123-4-56789-4 , would become 1234567894 , do you need to put in the address of the branch anywhere ... 

tia

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It's been so long since I sent the wife money through TW for the first time I honestly can't remember.

Looking at her details on the app there's an account number with no dashes, the name of her bank, her name and her address.

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7 minutes ago, Stillearly said:

Ok thanks , that's what I've got , didn't seem enough.. 

I think that it's less info than you'd imagine as it isn't an international transfer that occurs. The money deposited comes from a Thai bank and so there's no international transfer fee to pay to the recipient's bank.

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Yep correct no landing fee with Transferwise with full interbank rates (I got 42.02 this morning) but there is a rising level of sending fees as amount sent increases. For smaller sums its simply unbeatable

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17 hours ago, Thinkingallowed said:

I think that it's less info than you'd imagine as it isn't an international transfer that occurs. The money deposited comes from a Thai bank and so there's no international transfer fee to pay to the recipient's bank.

It shows up in my Bangkok Bank account as an International Transfer, although Transferwise change it to baht which is why there's no Bangkok Bank Fees.

I know it shows differently in some banks as it was discussed recently when the visa changes were hot news.  Maybe something to do with Bangkok Bank being a gateway bank for Transferwise in to Thailand, but if you used Kasikorn for example it would look as if it was a transfer from Bangkok Bank even though it had started in the UK.

This gives a potential issue if using Transferwise for income you might rely on for a visa.

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20 minutes ago, KWA said:

This gives a potential issue if using Transferwise for income you might rely on for a visa.

But surely TW are crediting your Thai bank account with the dosh every month, all that is needed is a Thai bank statement/letter showing 12 monthly credit transfers for the minimum amount 40/65K and thats exactly what my IO here in Korat have told me to supply for next years extension, they also state that the transfer dates should be the same each month give or take a few days.

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1 hour ago, Pumpuynarak said:

But surely TW are crediting your Thai bank account with the dosh every month, all that is needed is a Thai bank statement/letter showing 12 monthly credit transfers for the minimum amount 40/65K and thats exactly what my IO here in Korat have told me to supply for next years extension, they also state that the transfer dates should be the same each month give or take a few days.

If your bank shows it up like mine (Bangkok Bank) it's easily identifiable as an International Transfer.  The potential problem exists when it shows up as a Thai bank to Thai bank transfer, which it sounds like what happens with Thinkingallowed and RR007.  The visa requirements are that the money must come from overseas and that could be difficult to prove in the case where your Thai bank isn't Transferwise's gateway bank.

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1 hour ago, KWA said:

The potential problem exists when it shows up as a Thai bank to Thai bank transfer, which it sounds like what happens with Thinkingallowed and RR007.  The visa requirements are that the money must come from overseas and that could be difficult to prove in the case where your Thai bank isn't Transferwise's gateway bank.

Yes TW partners with Bangkok Bank Kbank and TMB Bank. There was a post on Thaivisa and the poster posted a copy of the email reply he got from TW. It stated that they could not guarantee which of the 3 banks the money would come from. Many posted when coming from BK Bank it was listed as a international transfer. When coming from KBank or TMB it was not. 

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Sent a bacs payment to TransferWise on Monday , they had to wait to confirm the  selfie holding the passport .. confirmed this morning money was on its way at just over 42.01 , Bangkok Bank confirmed by text monies received this afternoon... very happy with service 

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10 minutes ago, Stillearly said:

Sent a bacs payment to TransferWise on Monday , they had to wait to confirm the  selfie holding the passport .. confirmed this morning money was on its way at just over 42.01 , Bangkok Bank confirmed by text monies received this afternoon... very happy with service 

What were the fees to do this and for what amount mate, PM me if private.

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1 minute ago, boydeste said:

What were the fees to do this and for what amount mate, PM me if private.

You can go to the site, select your currencies (to and from) and an amount and it'll tell you the fees.  It'll show for paying via bank transfer.  It's a little bit more for other methods.

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Just now, KWA said:

You can go to the site, select your currencies (to and from) and an amount and it'll tell you the fees.  It'll show for paying via bank transfer.  It's a little bit more for other methods.

Looking at it now thanks.

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17 minutes ago, boydeste said:

What were the fees to do this and for what amount mate, PM me if private.

I just did £1k as a test , fees £6.81 , not sure what the optimum amount to send is regarding fees hopefully someone will know 

if it's a small amount I might do a regular monthly payment to spread the exchange risk and build up my holiday funds 

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An easy way of looking at transfer wise is to pretend there are no fees as that is what puts some people off.

£1000 = 41410.21 exchange rate 41.41021

£2000 = 82888.86 exchange rate 41.44443

£5000 = 207297.42 exchange rate 41.45948

£10000 = 414562.31 exchange rate 41.456231

It would appear that the rate for £10000 is worse than £5000 but checking back they are virtually the same as they are live rates and move with the market so I'd need a bank of devices asking for a quote at exactly the same time to get perfect figures. 

The interbank rate was 41.719 when I started typing this and is 41.712 now.

So the figures above are what you get in your Thai bank account with no fees to pay as they have been included in the calculations.

Do the same calculations for your bank and see what works best for you.

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A quick glance at Bangkok bank shows their exchange rate to be 41.552 so on a £1000 you need the total charges to be  below 140 baht.

As far as I'm aware the lowest British bank charge is higher than that. Plus you have the charge at the Thai end. Last time I looked at this it was 0.5% minimum 200/300 max 500.

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Used it today to send £100 takes 24 hours usually and really easy got around 42 .....  like it.

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One of the best things about TW for me is the ability to specify the amount in baht you want to arrive in the Thai bank. No guessing or over estimating.

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Very happy with Transfarewise been using it a couple of years now after being introduced to it  by Thinkingallowed.

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6 minutes ago, Al McReady said:

Very happy with Transfarewise been using it a couple of years now after being introduced to it  by Thinkingallowed.

As are Nok, Mai, Bee, Noi, Wee, Nam, their 'brothers' and lets not forget the sick buffalos. 

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