Transferwise info

[davidge]

The transfer I made via Revolut on Monday reached my Thai bank account today.

The Thai bank fee was 110 baht.

 

However, only 9650 was deposited not the 10000 I sent.

I have contacted Revolut to ask why - though they still haven't responded to a query I sent 2 days ago!

 

My best guess is that there is another bank fee somewhere along the way or that Revolut actually give the rate when the transfer is processed and not when it is ordered on the App.

 

I'll see what they say.

[Epimetheus]

Will be interesting to see what Revolut have to say. I will be sticking with tw for now. But always looking to save a few baht if I can.

 

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[Scuba+]

The transfer I made via Revolut on Monday reached my Thai bank account today.

The Thai bank fee was 110 baht.

 

However, only 9650 was deposited not the 10000 I sent.

I have contacted Revolut to ask why - though they still haven't responded to a query I sent 2 days ago!

 

My best guess is that there is another bank fee somewhere along the way or that Revolut actually give the rate when the transfer is processed and not when it is ordered on the App.

 

I'll see what they say.

Yes will be interesting. The 350 difference sounds like someones cut rather than FX difference

[davidge]

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

If the deduction is a fee then I'd need to take 160 baht off my Revolut figures. I'd estimated 300 fee but it looks like being 460.

For my usual £1000 transfer, it still makes R slightly better than my bank - though it would be the equivalent of a small variation in FX rate.

For larger amounts, the bank would be better. For my needs, I can't see TW being of use - though looks like being good value for sending small amounts to your TG.

[Harvey707]

If the deduction is a fee then I'd need to take 160 baht off my Revolut figures. I'd estimated 300 fee but it looks like being 460.

For my usual £1000 transfer, it still makes R slightly better than my bank - though it would be the equivalent of a small variation in FX rate.

For larger amounts, the bank would be better. For my needs, I can't see TW being of use - though looks like being good value for sending small amounts to your TG.

 

Let us know about Revolut when they respond. For now the old Halifax/HSBC routes are the best. I did another dummy transaction using Halifax and TW for £5,000 today and Halifax came out at 1,840 better off all fees included

[davidge]

I gave up on Revolut ever replying to the in-App support. They still haven't replied to a question I sent 2 days ago.

 

I contacted them directly and they replied within about 30 minutes asking for more details.

2 hours since I sent them but no further reply.

 

TBH, it really doesn't inspire confidence.

 

I'll probably stick to my bank for transfers and Travelex Supercard for other use.

[Scuba+]

I gave up on Revolut ever replying to the in-App support. They still haven't replied to a question I sent 2 days ago.

 

I contacted them directly and they replied within about 30 minutes asking for more details.

2 hours since I sent them but no further reply.

 

TBH, it really doesn't inspire confidence.

 

I'll probably stick to my bank for transfers and Travelex Supercard for other use.

Travelex Supercard is no good in Thailand for non ATM use. Everything needs a pin with that card. Pity about Revolut. They seem to be a victim of their own success.

[davidge]

I use cash for everything in TLOS anyway.

I can use the Travelex to withdraw from ATM's. Just a shame their per-withdrawal limit isn't higher. It's still a lot better than using my UK bank debit card.

 

I can transfer funds over to my Thai bank account using my UK bank then use the Supercard to withdraw any extra cash I may need.

It's also useful for buying gifts in Australia over the Internet to send to my sister's family and importing Belgian beer :-)

[davidge]

Revolut have now replied (4hours).

They just sent a copy of some of the small print of their conditions and told me to ask the Thai bank.

 

So, basically, it's going to cost me 460 baht per transaction to send via R to Krung Thai.

It looks like the 350 baht simply disappears on arrival in Bangkok and then my statement shows a 110 baht charge for sending it to my account.

 

It must be the same when I send from my bank - I just didn't take enough notice. Also, I don't actually know the exchange rate when I send £ to Thailand so would not actually have seen the 350 baht hidden charge.

I'm sure it's somewhere in Krung Thai's conditions but reading them is like wading through treacle.

 

I don't see how TW can possibly avoid the same charges?

 

So my previous conclusion holds. Slight benefit in using Revolut for £1000 or so. Bank better for £5000 or so.

Can't see me using TW.

[Scuba+]

Revolut have now replied (4hours).

They just sent a copy of some of the small print of their conditions and told me to ask the Thai bank.

 

So, basically, it's going to cost me 460 baht per transaction to send via R to Krung Thai.

It looks like the 350 baht simply disappears on arrival in Bangkok and then my statement shows a 110 baht charge for sending it to my account.

 

It must be the same when I send from my bank - I just didn't take enough notice. Also, I don't actually know the exchange rate when I send £ to Thailand so would not actually have seen the 350 baht hidden charge.

I'm sure it's somewhere in Krung Thai's conditions but reading them is like wading through treacle.

 

I don't see how TW can possibly avoid the same charges?

 

So my previous conclusion holds. Slight benefit in using Revolut for £1000 or so. Bank better for £5000 or so.

Can't see me using TW.

why is the bank better for £5000 or so? if the 350 baht is a fixed fee Revolut will be better for larger amounts. Is the 110 baht a Revolut charge?

[Epimetheus]

So what was the difference between revolut and tw.

 

Sent from my SM-G7102 using Tapatalk

[davidge]

why is the bank better for £5000 or so? if the 350 baht is a fixed fee Revolut will be better for larger amounts. Is the 110 baht a Revolut charge?

 

When I've checked, the TT exchange rate from Krung Thai has been above the rate given by Revolut BUT there's a £9 charge from my UK bank when I send via SWIFT. Somewhere between £1000 and £5000 the better rate makes up for the £9 charge.

Of course, the rate I actually get is the live rate when the money gets to Thailand so there's no way of really knowing.

 

Edit: at the moment the TT rate is actually lower than TW/R rates! TW & Revolut rates are updated almost constantly while the TT rates far less often.

 

So what was the difference between revolut and tw.

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My figures in my previous posts show the difference using the live rates when I did my calculations - though, as I've said I need to take 160 baht off the Revolut figures as the charges are 460 not the 300 I'd estimated.

 

The TW figures are worse even assuming there are no fees charged by the Thai banks.

For smaller amounts their 1-2% charge would be lower than the bank's £9.

IF there is no receiving charge, then they are also better than Revolut for smaller amounts. However, I still can't really see how the TW charges can include both the 350 and 160 baht Krung Thai fees??????

[taylor1975]

I checked with my friend who received her TW money today (it took 3 days) ...she received the full amount what TW quoted, with no deducted fee.

 

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[davidge]

I checked with my friend who received her TW money today (it took 3 days) ...she received the full amount what TW quoted, with no deducted fee.

Sent from my Vodafone Smart ultra 6 using Tapatalk

Thanks.

 

That confirms TW are good for smaller amounts.

At least with your friend's bank :-)

[okdirl]

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

You weren't invited so it's all good.

 

Your not to bright are u?

I have access to many banks online none of which are the ones you keep yakkin on about.

Also a bank needs a visit in person to open an account.

So I repeat none of those banks are in my vicinity.

[Harvey707]

You weren't invited so it's all good.

 

Your not to bright are u?

I have access to many banks online none of which are the ones you keep yakkin on about.

Also a bank needs a visit in person to open an account.

So I repeat none of those banks are in my vicinity.

 

Bright enough to work in the Dealing room at Barclays for 9 years and in Finance since 1985

 

As for the bright bit what you should have written was You're not too bright are you. Glass houses come to mind

 

[okdirl]

Bright enough to work in the Dealing room at Barclays for 9 years and in Finance since 1985

 

As for the bright bit what you should have written was You're not too bright are you. Glass houses come to mind

 

No wonder the world is in financial ruin.

[LASportsNut]

I used them and it worked out pretty good. However, it may have been due to the "introductory" price.

 

I normally bring crisp $100 bills.  Go to the exchange in Terminal 21 if in BKK or TT in Pattaya.

 

I have a Kasikorn Bank account and always insure I bring enough baht home to cover transportation for the return trip.

[Harvey707]

No wonder the world is in financial ruin.

 

Do you want me to help you or not......??

[okdirl]

Do you want me to help you or not......??

If what's being offered so far is your idea of help them I will pass thanks.

 

If you genuinely have some helpful advice or knowledge to pass on then of course I would appreciate it as that's why I started the thread.

[thinkingallowed]

Transferwise is excellent an amount under £2000 if you get an invite from an existing customer and pay no fees for the first transfer.

 

I'm guessing if you have a few cards and registered them with different email addresses with transferwise you could do this a few times?

 

Plus anyone thinking of using it should ask for an invite from a PA member as he'll get a bonus if three invites make a transfer.

[Harvey707]

If what's being offered so far is your idea of help them I will pass thanks.

 

 

 

Out the window now. Sorry.

[okdirl]

Out the window now. Sorry.

Funny how you didn't post my full quote.

Like I said already...

Useless unhelpful info is worse than no info.

So no loss, don't be sorry I expected nothing of interest from you anyway.

You got less interesting information than an instruction booklet for tea bags.

[Scuba+]

Funny how you didn't post my full quote.

Like I said already...

Useless unhelpful info is worse than no info.

So no loss, don't be sorry I expected nothing of interest from you anyway.

You got less interesting information than an instruction booklet for tea bags.

What Harvey and others posted was very helpful.

 

Alan maybe start a thread about transfers from Ireland or something so get people with specific experience of that.

[Harvey707]

Funny how you didn't post my full quote.

Like I said already...

Useless unhelpful info is worse than no info.

So no loss, don't be sorry I expected nothing of interest from you anyway.

You got less interesting information than an instruction booklet for tea bags.

 

I'll be polite again. It took me 45 seconds the other day to verify what I already knew on who you could access in Ireland but then I would know as I worked in Banking....... You claimed I'm not too bright my Bank accounts say otherwise but nonetheless I came on the thread to day to help you.

Again you're impolite so quite simply work it out yourself in future.