Transferwise info

[okdirl]

Ok so work this out, my mate sent €25000 from Irish bank to kasitorn in Thailand. He asked for them to send euro the rate in his Irish bank was 38.3 the Thai bank rate was 39.3 and they would take 800 baht fee. Turns out that the money went to a middle bank and he only ended up with the Irish rate hitting his Thai bank and still lost the 800 baht fee.

Now looking at TF if he was to send that money they say he will receive 980538 into Thai bank account with a 1.5% fee taken off the €25000 before it hits his Thai account. So which is better.

[Harvey707]

Reading this thread reminds me of the KISS principle

I've never found one single transfer "firm" which has been better on bottom line than just letting the Halifax/HSBC (£9/£4) send in Sterling and letting it hit the Thai Bank at Telegraphic Transfer rates (TT)

Takes me 1 minute from start to finish with my account details saved to either Bank

[okdirl]

Reading this thread reminds me of the KISS principle

I've never found one single transfer "firm" which has been better on bottom line than just letting the Halifax/HSBC (£9/£4) send in Sterling and letting it hit the Thai Bank at Telegraphic Transfer rates (TT)

Takes me 1 minute from start to finishwith my account details saved to either Bank

Yea but does your bank cost u €600 to send €25000?

I don't think so and there is no Halifax in Ireland.

If you read my posts u will see that he already went down the bank route and lost big by sending Euro.

[Scuba+]

Yea but does your bank cost u €600 to send €25000?

I don't think so and there is no Halifax in Ireland.

If you read my posts u will see that he already went down the bank route and lost big by sending Euro.

That sounds very dodgy and not transparent at all. Its unclear who is taking all the money. I like what Davidge is doing, experimenting with smallish amounts until he has the best option. There is no way i would transfer larger amounts until i know exactly the charges and FX rates I'd get.

Plus even more important, you've used the correct account number and sort code and its settled in the correct account.

[Harvey707]

Yea but does your bank cost u €600 to send €25000?

I don't think so and there is no Halifax in Ireland.

If you read my posts u will see that he already went down the bank route and lost big by sending Euro.

 

No it costs £9 with Halifax and £4 with HSBC

[Harvey707]

No time at the moment as just going Soi 7 but tomorrow will do dummy transfers using TW and Halifax using SCB's website and report back on a nominal £5,000

[oldtrees]

Seems unlikely the bank will be the cheapest Harvey but post your results and lets see.

[oldtrees]

Yes, see post #3 and #25

 

Great, see post #31 and #66

[okdirl]

No it costs £9 with Halifax and £4 with HSBC

Neither of which I have an account with in Ireland.

You seem to be missing that very simple point I keep making.

[davidge]

No time at the moment as just going Soi 7 but tomorrow will do dummy transfers using TW and Halifax using SCB's website and report back on a nominal £5,000

I just looked at sending £1000

 

The best I can work out:

 

Using Lloyds Bank gives me 50429 baht in my account;

Transferwise gives 50288 baht;

Revolut gives 50700 baht.

 

Of course, the bank transfer would actually be calculated at the rate when the money gets to Thailand, which could be higher or lower, but the only way I can compare is to use today's rate. Today's Krung Thai's TT rate is higher than TW or Revolut current rate.

 

For £5000:

L - 255189

TW - 251401

R - 254700

[Epimetheus]

So if you use revolut will you be charged a fee by the receiving bank

 

Sent from my SM-G7102 using Tapatalk

[davidge]

So if you use revolut will you be charged a fee by the receiving bank

Sent from my SM-G7102 using Tapatalk

I have assumed yes in my calculations.

 

I'll confirm when my money gets there.

[taylor1975]

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!

 

The £1.95 fee was deducted from my £xxx ....then the residual fund was transferred

 

I don't yet know the final outcome, as it said it can take up to 5 working days to get there.

 

The amount in baht was quoted and the exchange rate was quoted and it seemed to imply that the quoted amount would be received at the other end.

 

I will find out if there is a receiving fee, at the other end, in a few days time .....then my lovely friend in bangkok can buy herself a fridge! 55

[Harvey707]

Seems unlikely the bank will be the cheapest Harvey but post your results and lets see.

 

Ok £5000 transfer using Transferwise against the Halifax. Have had to assume one point. Transferwise give an immediate quote and hold it for 24 hours. In Halifax we are reliant on the Telegraphic transfer rate to remain the same for the 48 hours it takes to get there. ( If I send by 3.30pm on a Monday its in the account Wednesday morning)  In practice it wont it may rise slightly or drop likewise.

 

Transferwise as of 10.10am (Thai time)  Wednesday 17th

 

You'll receive bottom line in your account 251,233 Baht for exactly £5000

 

Halifax sending to the SCB live Telegraphic Transfer rate as time of post is 252,850 but we have to take off 450 Baht (the sending fee of £9) and 300 charge for SCB the receiving bank so bottom line Halifax is 252,100

 

Close I agree but Halifax just shades it. If you were sending via HSBC you'd be another 250 Baht better off

[Harvey707]

I'd certainly be interested in people experience of sending via Revolut. I like most I'd imagine have just used it for ATM Withdrawal

Neither of which I have an account with in Ireland.
You seem to be missing that very simple point I keep making.

 

I'm not taking the piss I assure you but open one....

[okdirl]

I'm not taking the piss I assure you but open one....

THERE IS NONE IN IRELAND.

[Harvey707]

THERE IS NONE IN IRELAND.

 

Whats your beef anyway ??  I take it it was you that got stung on charges rather than a friend

No Barclays Lloyds TSB....??

[thinkingallowed]

 

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

 

 

 

Can be in English definitely no idea if it can be in Thai script. As for variations on address who knows?

[Scuba+]

Ok £5000 transfer using Transferwise against the Halifax. Have had to assume one point. Transferwise give an immediate quote and hold it for 24 hours. In Halifax we are reliant on the Telegraphic transfer rate to remain the same for the 48 hours it takes to get there. ( If I send by 3.30pm on a Monday its in the account Wednesday morning) In practice it wont it may rise slightly or drop likewise.

 

Transferwise as of 10.10am (Thai time) Wednesday 17th

 

You'll receive bottom line in your account 251,233 Baht for exactly £5000

 

Halifax sending to the SCB live Telegraphic Transfer rate as time of post is 252,850 but we have to take off 450 Baht (the sending fee of £9) and 300 charge for SCB the receiving bank so bottom line Halifax is 252,100

 

Close I agree but Halifax just shades it. If you were sending via HSBC you'd be another 250 Baht better off

Harvey, looks like you've investigated this thoroughly, how does the TT rate compare to the interbank spot rate?

[Harvey707]

Harvey, looks like you've investigated this thoroughly, how does the TT rate compare to the interbank spot rate?

 

Its difficult to say and the reason why is the TT rate on the website is updated 3-4 times a day but in real time second by second as Interbank moves. The website is a guide only

 

Right this moment Website is showing 50.53 and Interbank at time of post is 51.01 (I suspect the 50.53 is much higher now as Sterling has moved up in last couple hours)

 

I'd be interested to find out how the Revolut will stack up on a transfer. Like most I've only used for ATM withdrawal

[okdirl]

Whats your beef anyway ?? I take it it was you that got stung on charges rather than a friend

No Barclays Lloyds TSB....??

No beef

But also no Barclays, no Lloyds, no Halifax

and no TSB. The only TSB in Ireland is a savings bank and they are few and far between.

He got stung and I don't want to be next.

I started this topic about Irish transfers not UK and while I have no problem with everyone using it for info about everywhere in the world I do have issue with you constantly referring to English only options which I have told you on numerous occasions are not available in Ireland.

 

Now are we clear?

Can we move on now?

[oldtrees]

You forgot to mention no liquids in the mail.

[okdirl]

You forgot to mention no liquids in the mail.

Huh

And HUH ??

[Harvey707]

No beef

But also no Barclays, no Lloyds, no Halifax

and no TSB. The only TSB in Ireland is a savings bank and they are few and far between.

He got stung and I don't want to be next.

I started this topic about Irish transfers not UK and while I have no problem with everyone using it for info about everywhere in the world I do have issue with you constantly referring to English only options which I have told you on numerous occasions are not available in Ireland.

 

Now are we clear?

Can we move on now?

 

So you have absolutely zero access to any bank online. Remind me not to bother visiting.

[thinkingallowed]

Great, see post #31 and #66

See post #93