Transferwise info

[Scuba+]

Ah ok fair enough. The difference is the fee then. Thats not bad for £1000. I'll try it with £5,000 see what fee then

 

Nope you get stuffed completely fee is now £74. Stick to the good ole Halifax and HSBC flat rate £9 and £4 irrespective of amount.

Why aren't you using Revolut? interbank rate and i think the only fee is the receiving banks fee

[davidge]

Ah ok fair enough. The difference is the fee then. Thats not bad for £1000.  I'll try it with £5,000 see what fee then

 

Nope you get stuffed completely fee is now £74. Stick to the good ole Halifax and HSBC flat rate £9 and £4 irrespective of amount.

Unless I'm missing something - and that's perfectly possible as my brain is increasingly addled - the best way for me to get 50000 baht into my Thai account would be to wait until I'm there, top-up my Revolut, then withdraw the cash and pay it in. As long as I use an ATM that allows 25000+ in each withdrawal then I end up paying about £7-8 in fees and get the interbank rate??

 

Of course, I'd have to be in Pattaya and not want to pay in too much.

I'll have to see what happens when I use my Lloyds account in terms of rates. The fee this end is £9 but have no idea what rate or fees would be at Thai end if I send in £

[Lloydies]

My last UK Forex was in my Thai bank within 48 hours (including the time difference so quicker really)

 

Revolut has no app for Windows Phone

[davidge]

Why aren't you using Revolut? interbank rate and i think the only fee is the receiving banks fee

Only just feeling my way with Revolut.

I guess I can change my £ top-up to Baht, enter my Thai bank details then use the App to put the money in the account??

Would there be any fee by the bank for accepting funds?

 

Edit: just played with the App and Revolut showed a rate of 50.3743 to send baht to my Thai account. That doesn't seem very good?

[Scuba+]

Only just feeling my way with Revolut.

I guess I can change my £ top-up to Baht, enter my Thai bank details then use the App to put the money in the account??

Would there be any fee by the bank for accepting funds?

 

Edit: just played with the App and Revolut showed a rate of 50.3743 to send baht to my Thai account. That doesn't seem very good?

Don't use Revolut at the weekend, they apply a spread of approx 1+%. i had a discussion with someone on Revolut how to transfer money. They don't charge (yet), from memory, its using the Send option, then selecting the person, then add bank account details, you'll need to find out how much the receiving bank charges.

 

But i agree that if in Thailand you might as well withdraw at ATM or ideally at counter to avoid ATM fee

[oldtrees]

For those that have used Transferwise or came across this issue on other money transfer systems

On the bit where it asks for the destination account details:

Does the receiver's home address have to be exactly the same address they have logged with their bank or will the bank allow variations?

Can the receiver's home address be in English or does it have to be in Thai script?

The reason I ask, most Thais seem unsure about their exact postal address because unlike the west there is not a lot of snail mail flying around Thailand, nearly everyone in the west can roll off their full postal address at the drop of hat. Thais might know there address for a motorbike taxi but official/postal address is different.

If the address is not exactly the same as the bank account address will it cause a problem with the payment?
 

[davidge]

For those that have used Transferwise or came across this issue on other money transfer systems

On the bit where it asks for the destination account details:

Does the receiver's home address have to be exactly the same address they have logged with their bank or will the bank allow variations?

Can the receiver's home address be in English or does it have to be in Thai script?

The reason I ask, most Thais seem unsure about their exact postal address because unlike the west there is not a lot of snail mail flying around Thailand, nearly everyone in the west can roll off their full postal address at the drop of hat. Thais might know there address for a motorbike taxi but official/postal address is different.

If the address is not exactly the same as the bank account address will it cause a problem with the payment?

 

The address is required by UK regulations. It is not needed by the Thai bank.

 

I simply planned to leave it as the default - which is my UK address.

If you're sending to someone else's account any address would be OK, even if it isn't completely accurate.

As long as the SWIFT code is correct (I was also going to put the branch routing number in the 'reference' section) then the money will get there.

[oldtrees]

Sorry to press you davidge but have you already tried this or is it what you're planning to do on transferwise? 

 

I've been emailing a few different payment system including transferwise but its like cs don't know or don't want to answer.

[davidge]

I was actually looking at the Revolut App rather than Transferwise, though the principle is the same.

 

I sent money to my Thai account via Barclays and just put a rough version of the Condo address I used when opening the Thai account.

I was renting in VT7 at the time.

 

As I said, it's only for UK use. I don't even think the address is sent to the Thai bank at all.

 

I may try tomorrow with smaller amounts just to see how they compare.

[okdirl]

So basically from what I have read here, you get stiffed no matter what way u send money?

Use the bank you get shit rate use Transferwise you get great rate but high charges?

God damnit

:(

I just need to get 1000000 baht to Thailand and not pay a fortune to do it. How hard can it be [emoji24][emoji24][emoji24]

[davidge]

So basically from what I have read here, you get stiffed no matter what way u send money?

Use the bank you get shit rate use Transferwise you get great rate but high charges?

God damnit

:(

I just need to get 1000000 baht to Thailand and not pay a fortune to do it. How hard can it be [emoji24][emoji24][emoji24]

Just send it to me and I'll take care of everything for you. ;-)

[Lloydies]

So basically from what I have read here, you get stiffed no matter what way u send money?

Use the bank you get shit rate use Transferwise you get great rate but high charges?

God damnit

:(

I just need to get 1000000 baht to Thailand and not pay a fortune to do it. How hard can it be [emoji24][emoji24][emoji24]

Get a quote from your bank, get a quote from UK Forex, search the internet for more options.

[westie1]

Ah ok fair enough. The difference is the fee then. Thats not bad for £1000. I'll try it with £5,000 see what fee then

 

Nope you get stuffed completely fee is now £74. Stick to the good ole Halifax and HSBC flat rate £9 and £4 irrespective of amount.

I am working in England at the moment and I have an HSBC account.

I am looking to transfer money back the my account in Ireland. While they have a flat fee, the euro rate they are offering is lower than uk forex, or other places.

 

I would lose out big time on large transactions.

 

Edit. . Just checked. It would lose out 170 euro on 3.5 k pound transaction..

[okdirl]

Just send it to me and I'll take care of everything for you. ;-)

Too late,

I already sent it to a Nigerian prince to help him get his Palace out of pawn. 555

[okdirl]

Get a quote from your bank, get a quote from UK Forex, search the internet for more options.

Searched till my brain hurts. The good thing about the net is it provides lots of info.

The bad thing about the net is it provides lots of info.

The problem is most of the info is either wrong, vague or an outright lie.

[emoji23][emoji23]

[okdirl]

I am working in England at the moment and I have an HSBC account.

I am looking to transfer money back the my account in Ireland. While they have a flat fee, the euro rate they are offering is lower than uk forex, or other places.

 

I would lose out big time on large transactions.

 

Edit. . Just checked. It would lose out 170 euro on 3.5 k pound transaction..

So you are going to use forex?

[westie1]

So you are going to use forex?

I just signed up last Thursday and I got a call back from their office Friday.

I have to provide I'd and proof of Address ,where I'm staying in U.K.

 

If I do proceed, They have a lot of information on me. I don't like that part

[Lloydies]

I just signed up last Thursday and I got a call back from their office Friday.

I have to provide I'd and proof of Address ,where I'm staying in U.K.

 

If I do proceed, They have a lot of information on me. I don't like that part

Probably the same info your bank has

[westie1]

Probably the same info your bank has

 

A bank I understand, it's using a third party to transfer money.

Anyways, I suppose it's meant to stop illegal activities

[Lloydies]

A bank I understand, it's using a third party to transfer money.

Anyways, I suppose it's meant to stop illegal activities

But if you have a bank account the bank knows a lot of information about you.

 

That was my point.

[okdirl]

But if you have a bank account the bank knows a lot of information about you.

 

That was my point.

My wife knows a lot of information about me but I wouldn't be letting her handle my money either [emoji13][emoji13]

[Harvey707]

Why aren't you using Revolut? interbank rate and i think the only fee is the receiving banks fee

 

I do use Revolut in Pattaya when want to withdraw funds that I have earned back home in my absence. I will check out Revoluts service if they are doing wire transfers now

 

Unless I'm missing something - and that's perfectly possible as my brain is increasingly addled - the best way for me to get 50000 baht into my Thai account would be to wait until I'm there, top-up my Revolut, then withdraw the cash and pay it in. As long as I use an ATM that allows 25000+ in each withdrawal then I end up paying about £7-8 in fees and get the interbank rate??

 

Of course, I'd have to be in Pattaya and not want to pay in too much.

I'll have to see what happens when I use my Lloyds account in terms of rates. The fee this end is £9 but have no idea what rate or fees would be at Thai end if I send in £

 

Correct......

Go on your Thai Banks Website and look for the TT rate (not to be confused with the TT yellow exchangers in Pattaya)......That rate will float as Interbank moves.

When the wire arrives from UK that rate that minute is applied.

 

My bank SCB take minimum of 300 Baht fee and maximum of 500 Baht depending on size of transfer. On £5,000 transfer its 300 Baht

 

So if you check TT rate multiply that by net amount wired (I always add the Halifax £9 to gross amount) and knock off 300 Baht you'll be pretty much on the mark

[davidge]

Ok.

Thinking out loud again.....

 

I just checked 3 methods.

 

Using my UK bank, £9 fee. Today's TT rate at my Thai bank is 51.24.

 

Transferwise & Revolut show a rate of 51.65 today.

Transferwise charge a fee, Revolut don't.

 

Whichever method I use I assume the receiving fee charged by my Thai bank must be the same??

 

So, Revolut must be the best way to send the money. Surely??

 

 

Edit: just tried sending via Revolut and kept getting an error message. No idea why.

Support always shows as unavailable in the App. Does it show as available to anyone else?

 

FURTHER EDIT: By choosing 'send to another person' then entering a Thai address (you must know the Thai postcode) I did just send 10000 baht to my Thai account using Revolut. It cost me £193.95.

 

I'll check my Thai account in a few days.

 

It must require a Thai address in order to send money. I'm assuming it would work with 'Send to myself' as well but only with a Thai address entered. I just used the Condo address I gave the bank when opening the account.

 

As long as you have a postcode, it doesn't really matter if the rest of the address is completely accurate.

[oldtrees]

Whichever method I use I assume the receiving fee charged by my Thai bank must be the same??

Dunno about the others but afaik there shouldn't be any receiving fee with Transferwise.

[Scuba+]

Ok.

Thinking out loud again.....

 

I just checked 3 methods.

 

Using my UK bank, £9 fee. Today's TT rate at my Thai bank is 51.24.

 

Transferwise & Revolut show a rate of 51.65 today.

Transferwise charge a fee, Revolut don't.

 

Whichever method I use I assume the receiving fee charged by my Thai bank must be the same??

 

So, Revolut must be the best way to send the money. Surely??

 

 

Edit: just tried sending via Revolut and kept getting an error message. No idea why.

Support always shows as unavailable in the App. Does it show as available to anyone else?

Revolut customer service should be available UK time. I'd be tempted to try Revolut and see if receiving bank makes a charge. i wouldnt expect much as no FX