john luke Posted December 14, 2019 Share Posted December 14, 2019 I recieved this e mail, recently. As yet I do not know whether or not it will allow overseas transfers to be conducted where one sends UK Pounds overseas and allow the overseas bank to do the conversion. If the conversion has to be done in UK, a lot would depend upon the rate. Does anyone have any knowledge or information? Link to comment Share on other sites More sharing options...
Bazle Posted December 14, 2019 Share Posted December 14, 2019 Being a cynic, I suspect that this will probably not apply to transfers made in GBP. They will then make their profit on the conversion. Have you been able to ask them? 1 Link to comment Share on other sites More sharing options...
Toy Boy Posted December 14, 2019 Share Posted December 14, 2019 Barclays have had this for years. I can transfer GBP to my SCB account in Thailand to let SCB do the conversion to THB and as long as I do it myself online there's no charge at the UK end. I wish I could say the same thing about the Thai end, grrr! Link to comment Share on other sites More sharing options...
Aqualung Posted December 14, 2019 Share Posted December 14, 2019 Received the same email. Can't be a bad thing unless you transact in branch. Stick with transferwise though. 1 Link to comment Share on other sites More sharing options...
Bazle Posted December 14, 2019 Share Posted December 14, 2019 1 hour ago, Toy Boy said: Barclays have had this for years. I can transfer GBP to my SCB account in Thailand to let SCB do the conversion to THB and as long as I do it myself online there's no charge at the UK end. I wish I could say the same thing about the Thai end, grrr! I transfer from HSBC in the UK to Krungsri in Thailand in GBP. A GBP4 charge by HSBC, but no charge by Krungsri, and I don't think their XR is too bad for a bank. Link to comment Share on other sites More sharing options...
RR007 Posted December 14, 2019 Share Posted December 14, 2019 (edited) 2 hours ago, Bazle said: I transfer from HSBC in the UK to Krungsri in Thailand in GBP. A GBP4 charge by HSBC, but no charge by Krungsri, and I don't think their XR is too bad for a bank. It will land at telegraphic transfer rates. I've done comparisons with all major British Banks up to £10,000 to Thailand and none of them will beat the bottom line of Transferwise. Simply because they use Interbank rates. There will come a point though that your own banks "fixed fee" will beat bottom line of TW which obviously has sliding upward scale. Combined with virtually instant transfers from TW these days, for small amounts up to at least 10k I see no point in using anyone else Edited December 14, 2019 by RR007 1 Link to comment Share on other sites More sharing options...
Toy Boy Posted December 16, 2019 Share Posted December 16, 2019 On 12/14/2019 at 3:21 PM, RR007 said: It will land at telegraphic transfer rates. I've done comparisons with all major British Banks up to £10,000 to Thailand and none of them will beat the bottom line of Transferwise. Simply because they use Interbank rates. There will come a point though that your own banks "fixed fee" will beat bottom line of TW which obviously has sliding upward scale. Combined with virtually instant transfers from TW these days, for small amounts up to at least 10k I see no point in using anyone else Have you looked at K-Bank's Fx rates recently? My mate banks with them and says they're just about the same as TT. After TW deducts their fee from your transfer, your effective exchange rate is quite a bit lower than the headline interbank rate they quote, and lower than TT's. Now if your UK bank is giving you a free overseas transfer, and K-Bank are offering the same rates as TT, then if their fees at the Thai end for the transfer are small, say 300 to 500 Baht, then they should be cheaper again than TW for transferring more than a couple of grand here. I'd try it, but I don't bank with K-Bank. Link to comment Share on other sites More sharing options...
RR007 Posted December 16, 2019 Share Posted December 16, 2019 (edited) 3 hours ago, Toy Boy said: Have you looked at K-Bank's Fx rates recently? My mate banks with them and says they're just about the same as TT. After TW deducts their fee from your transfer, your effective exchange rate is quite a bit lower than the headline interbank rate they quote, and lower than TT's. Now if your UK bank is giving you a free overseas transfer, and K-Bank are offering the same rates as TT, then if their fees at the Thai end for the transfer are small, say 300 to 500 Baht, then they should be cheaper again than TW for transferring more than a couple of grand here. I'd try it, but I don't bank with K-Bank. Just had a look at Live Telegraphic Transfer rates for Kasikorn and 39.85 which is some 36 Satang lower than Yellow TT exchanges at time of post and 58 Satang lower than Interbank rates 40.43 (Transferwise) No way will bottom line on TW be lower than Kasikorn you even have a landing fee with Kasikorn to boot Edited December 16, 2019 by RR007 Link to comment Share on other sites More sharing options...
Toy Boy Posted December 16, 2019 Share Posted December 16, 2019 1 hour ago, RR007 said: Just had a look at Live Telegraphic Transfer rates for Kasikorn and 39.85 which is some 36 Satang lower than Yellow TT exchanges at time of post and 58 Satang lower than Interbank rates 40.43 (Transferwise) No way will bottom line on TW be lower than Kasikorn you even have a landing fee with Kasikorn to boot They must be giving different rates in the exchange booths from wire transfers. I've checked a few times myself on the street and the rates and as far as I could tell, the rates were similar to TT. I wonder why they can offer better rates on the ground here than they do with wire transfers, surely the cost of running a manned exchange booth must be a lot higher than dealing with an electronic transfer? Link to comment Share on other sites More sharing options...
KWA Posted December 16, 2019 Share Posted December 16, 2019 12 minutes ago, Toy Boy said: They must be giving different rates in the exchange booths from wire transfers. I've checked a few times myself on the street and the rates and as far as I could tell, the rates were similar to TT. I wonder why they can offer better rates on the ground here than they do with wire transfers, surely the cost of running a manned exchange booth must be a lot higher than dealing with an electronic transfer? They have to offer the bettter rates to be competitive with the other exchanges, even if there's less margin in the business. 1 Link to comment Share on other sites More sharing options...
RR007 Posted December 16, 2019 Share Posted December 16, 2019 (edited) £10,000 via Transferwise including fees would land at 401,955 Baht real time £10,000 via Kasiskon excluding fees would land at 398,500 real time If we take off say 500 Baht landing fee for Kasikorn but say its a free transfer than it drops to 398,000 dead Just shy of a £100 better with TW Edited December 16, 2019 by RR007 Link to comment Share on other sites More sharing options...
Fredx58 Posted December 16, 2019 Share Posted December 16, 2019 I’ve just transferred £700 using transfer wise from uk account to thai account Hello We’ve just received your money. That was 16.00 hours today Hello 27,972.74 THB is on its way to you. The GBP to THB rate was 40.3851. The fee was 7.35 GBP. that was 16.50 hours today that it landed in my thai account 50 minutes transfer time 😁 ive used them a few times so far excellent 1 1 Link to comment Share on other sites More sharing options...
KWA Posted December 17, 2019 Share Posted December 17, 2019 18 hours ago, Fredx58 said: I’ve just transferred £700 using transfer wise from uk account to thai account Hello We’ve just received your money. That was 16.00 hours today Hello 27,972.74 THB is on its way to you. The GBP to THB rate was 40.3851. The fee was 7.35 GBP. That caught my eye as the fee seemed too high. I get the same if I do it on line, but go up to £800 GBP and the fee drops to £5.85. Even at £1,000 it's only £7.00. Not sure how they work it out but £800 seeems to be a breakpoint. Link to comment Share on other sites More sharing options...
Recommended Posts