Transferwise info

[davidge]

I've edited my previous post.

[davidge]

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

I did get through to Revolut support. The Support page was 'hanging' in the app and I had to send a message to 'push' it again,

 

It isn't very obvious to me in how the support works but I'm not that tech savvie anymore. It just isn't clear where I'm meant to type my message.

 

Edit: the rate shown on Revolut is obviously a 'live' rate as it changed during the time I was playing with the App. The actual rate I got was 51.56 not 51.65 in the end.

 

If you're using Revolut to send a lot of money, remember there are limits:

 

 

Once you have verified your Revolut account to spend over £750 or equivalent, there are no limits to topping up and transferring money with Revolut. However we require proof of funds to process large transactions over £10,000 or equivalent.

 

An example of proof of funds would be a bank statement which shows your name, address, the bank logo and shows a month of transactions. Please note this can be a printed/pdf. statement only - we can't accept a photo of your online/mobile banking. It could also be a contract for a house purchase or a payslip, we simply need to determine the origin of the funds. Please contact the in-app support for more information.

 

Card spending is limited to £30,000 or equivalent per year with a sublimit of £5,000 or equivalent per 96 hours meaning that you cannot exceed £5,000 or equivalent in card spending in a 96 hour period. Cash withdrawals from ATMs are limited to £2,000 or equivalent per day.

[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?

 

As you'll have noticed from my previous post, I was wrong about address - at least as far as Revolut is concerned.

UK regulations must state that you need the overseas address of the recipient.

In the Revolut app, you can't enter a Thai address unless you first enter a postcode.

It then gives an address (which was nothing like the official address I had for VT7!).

The address won't affect where the money goes as that is determined by the SWIFT Code.

I put the branch routing number in the Optional Reference section just to be safe.

 

Hopefully, by Friday I'll see the cash in my account.

[davidge]

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

If that is correct, then I would have ended up with 9862.78 baht in my Thai account for the same cost in Sterling as I just sent with Revolut. I'll see how much ends up in my account with them.

 

Of course, as the Thai bank receiving fee is fixed and the Transferwise is a % there must be a crossover point where one becomes better than the other. Assuming no receiving fee for Transferwise.

I only sent 10000 baht this time as a test.

 

My brain is starting to hurt.

[oldtrees]

The TW received estimate should be what you get in your hand.

 

I'm still not convinced you can put any address for the receivers home address.

 

Has anyone in this thread actually used TW?

[Scuba+]

I did get through to Revolut support. The Support page was 'hanging' in the app and I had to send a message to 'push' it again,

 

It isn't very obvious to me in how the support works but I'm not that tech savvie anymore. It just isn't clear where I'm meant to type my message.

 

Edit: the rate shown on Revolut is obviously a 'live' rate as it changed during the time I was playing with the App. The actual rate I got was 51.56 not 51.65 in the end.

 

If you're using Revolut to send a lot of money, remember there are limits:

 

 

Once you have verified your Revolut account to spend over £750 or equivalent, there are no limits to topping up and transferring money with Revolut. However we require proof of funds to process large transactions over £10,000 or equivalent.

 

An example of proof of funds would be a bank statement which shows your name, address, the bank logo and shows a month of transactions. Please note this can be a printed/pdf. statement only - we can't accept a photo of your online/mobile banking. It could also be a contract for a house purchase or a payslip, we simply need to determine the origin of the funds. Please contact the in-app support for more information.

 

Card spending is limited to £30,000 or equivalent per year with a sublimit of £5,000 or equivalent per 96 hours meaning that you cannot exceed £5,000 or equivalent in card spending in a 96 hour period. Cash withdrawals from ATMs are limited to £2,000 or equivalent per day.

Rates can be checked here, should be live.

https://revolut.com/savings

 

It will be good to hear what your receiving bank charges if anything

[okdirl]

I did get through to Revolut support. The Support page was 'hanging' in the app and I had to send a message to 'push' it again,

 

It isn't very obvious to me in how the support works but I'm not that tech savvie anymore. It just isn't clear where I'm meant to type my message.

 

Edit: the rate shown on Revolut is obviously a 'live' rate as it changed during the time I was playing with the App. The actual rate I got was 51.56 not 51.65 in the end.

 

If you're using Revolut to send a lot of money, remember there are limits:

 

 

Once you have verified your Revolut account to spend over £750 or equivalent, there are no limits to topping up and transferring money with Revolut. However we require proof of funds to process large transactions over £10,000 or equivalent.

 

An example of proof of funds would be a bank statement which shows your name, address, the bank logo and shows a month of transactions. Please note this can be a printed/pdf. statement only - we can't accept a photo of your online/mobile banking. It could also be a contract for a house purchase or a payslip, we simply need to determine the origin of the funds. Please contact the in-app support for more information.

 

Card spending is limited to £30,000 or equivalent per year with a sublimit of £5,000 or equivalent per 96 hours meaning that you cannot exceed £5,000 or equivalent in card spending in a 96 hour period. Cash withdrawals from ATMs are limited to £2,000 or equivalent per day.

No good for me then.

I need my full amount in one day.

:(

[davidge]

Rates can be checked here, should be live.https://revolut.com/savings

It will be good to hear what your receiving bank charges if anything

Revolut support are very slow replying. Wouldn't want to depend on them in an emergency.

 

I'll check my Thai Bank App in a few days and see how much ends up in the account.

[davidge]

The TW received estimate should be what you get in your hand.

 

I'm still not convinced you can put any address for the receivers home address.

 

Has anyone in this thread actually used TW?

I've sent messages to both TW and Revolut about the address. Neither have replied yet.

Not impressed that Revolut in-App support haven't responded in about 4 hours. Doesn't augur well for getting help in emergencies!

[Lloydies]

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

If it is going to a Thai bank account there will be a receiving fee.

[oldtrees]

Have you gone through TW process on the site? they seem to be saying otherwise unless they have buried in marketing.

[davidge]

I guess it could be included in their fees?

You have the option when sending via a bank of paying all fees yourself or having the other end's fees come out of the remittance.

 

They may work on the principle of a fixed amount going in the other end and taking care of all the fees out if what they've charged.

 

I did ask them that in my message as well.

 

Neither have replied yet.....still!

[oldtrees]

I've been waiting over a week now for a reply from TW.

 

I don't think we'll ever know for sure until someone tries.

[taylor1975]

I've been waiting over a week now for a reply from TW.

 

I don't think we'll ever know for sure until someone tries.

 

I used it today! 

 

- ID verification was easy and took 2 days

- I sent the payment to TW from my debit card and they quote the rate used. I think it was 51.65

- the only fee was £1.95 as a transfer charge (it was a small total amount)

- I had no idea what the swift or iban numbers were, so I opted to send an email link. The recipient then opens the email and fills in the bank details.

- takes maximum 7 days to be received

- they give you progress reports if you want them

 

Seemed pretty easy. I bank with halifax and i'm sure they wanted £15 to do it.

[davidge]

I hadn't thought of the verification bit!

 

It was easy with Revolut. Put passport page in front of iPad camera - App does the rest. Put my ugly mug in front of camera - App does the rest. Confirmed in seconds.

 

Reading the Transferwise FAQ, looks like I'd have to scan passport & address proof, email them in and wait 2 days. OK, only need to do it once but much easier with Revolut.

[oldtrees]

I used it today! 

 

- ID verification was easy and took 2 days

- I sent the payment to TW from my debit card and they quote the rate used. I think it was 51.65

- the only fee was £1.95 as a transfer charge (it was a small total amount)

- I had no idea what the swift or iban numbers were, so I opted to send an email link. The recipient then opens the email and fills in the bank details.

- takes maximum 7 days to be received

- they give you progress reports if you want them

 

Seemed pretty easy. I bank with halifax and i'm sure they wanted £15 to do it.

At last...Thanks!

 

Is the £1.95 deducted from receivers account by the bank or?

 

What exactly did you put in and what did they get at the other end in their hand? ...you can divide by 10 or 100 if want to hide true amount!

[Scuba+]

I've sent messages to both TW and Revolut about the address. Neither have replied yet.

Not impressed that Revolut in-App support haven't responded in about 4 hours. Doesn't augur well for getting help in emergencies!

They were very quick when i contacted them but i guess they are getting busier. They did get funding for more staff recently.

 

[soi16]

Of topic, but ScubaScuba how you take a screenshot with your telefon.

Mine is android SS.

[Harvey707]

Davidge let us know how you get on with that Revolut transfer please

[Epimetheus]

Used tw to send money to my uob thai account. There is no receiving fee charged by uob.

 

Sent from my SM-G7102 using Tapatalk

[Scuba+]

Of topic, but ScubaScuba how you take a screenshot with your telefon.

Mine is android SS.

it depends what phone you have. Best thing to do is Google such as "LG G3 android screenshot" or something like that. My G3 is different to my previous 2 phones.

[soi16]

Working already, thanks a lot!

[Harvey707]

Used tw to send money to my uob thai account. There is no receiving fee charged by uob.

 

Sent from my SM-G7102 using Tapatalk

 

That would indicate then that they have the facility to wire the money into our Thai accounts from within Thailand same as anyone depositing money would do

[thinkingallowed]

The TW received estimate should be what you get in your hand.

 

I'm still not convinced you can put any address for the receivers home address.

 

Has anyone in this thread actually used TW?

Yes, see post #3 and #25

[davidge]

TW replied to my message. No reply from Revolut.

 

For TW, the address must be the Thai address with postcode but doesn't have to be a completely accurate street address.

No receiving fee taken off according to them. The rate quoted is fixed for 24 hours so as long as they get your money by then the amount shown will be the amount received. If it takes longer, they'll apply the market rate them.

It is possible to send a fixed amount in baht, but they then take an extra 3% to cover the rate spread.

I think I've explained it properly. I'll paste the reply below.

 

I'll report back when Revolut reply and when the funds show in my Thai bank.

 

As I understand how they work, TW would be better for small amounts but once their fee gets higher than the Thai bank receiving fee for the Revolut payment then Revolut will be better. As I usually send at least £1000 at a time, I think I'll stick with Revolut.

 

If you need to send a large amount of money (eg Condo purchase) then it's above the Revolut limit so you're probably best sticking with bank as TW fee would get very high.

 

TW email:

 

Yes, you’re absolutely right. When sending money to THB, we kindly ask you to fill in the recipient’s address as well.

We would need to know your recipient’s country, city, address, postcode. Please do enter these details and if they are “more or less” correct, there won’t be any delays with your transfers.

 

However, please do double check the recipient bank details (bank code and account number), as there would have to be 100% correct.

Otherwise the payment might end up in someone else’s bank account or bounce back to us.

 

Here in TransferWise we use the live mid-market rate to convert our customers money. The rate is updated in every 11 minutes on our website,

 

However, when you’re sending money from GBP (GBP to THB), please note that the rate you see in our website, will be locked for you for 24 hours.

It means that if we do receive your deposit within 24 hours (after setting up the order), you will get the same rate for your transfer. In this case the rate is locked for you and the amount your recipient is going to receive is fixed.

 

Note that when we do receive your GBP deposit after 24 hours has passed, we will apply the live mid-market rate just before the conversion and therefore the amount you receive is only estimated.

 

You can also set up a specific amount payment if you’re sending money to someone and you would like to make sure that they receive a certain amount of money on their THB bank account.