Any experiences with transferwise money services?

**TizMe** · 21-02-2018, 03:43 PM

I just received this email from TransferWise:

Hello, we have some news.

On February 28th, our fees on transfers from AUD to SGD are changing.

The new fee will be $2.00 + 0.45% of the amount you send. Here’s how this will affect your transfers:

Amount	Old fee	New fee	Difference
$100.00	$2.00	$2.45	$0.45
$250.00	$2.00	$3.13	$1.13
$500.00	$3.50	$4.25	$0.75
$750.00	$5.25	$5.38	$0.13
$1,000.00	$7.00	$6.50	-$0.50
$2,500.00	$17.50	$13.25	-$4.25
$5,000.00	$35.00	$24.50	-$10.50
$10,000.00	$70.00	$47.00	-$23.00
$25,000.00	$175.00	$114.50	-$60.50
$50,000.00	$350.00	$227.00	-$123.00
$100,000.00	$700.00	$452.00	-$248.00

It’s still free to pay for your transfer with POLi or by bank transfer. If you want to use a card, there’s a small charge that varies by the type of card you use:

Card type Fee
MasterCard Debit 0.15%
Visa Debit 0.30%
MasterCard Credit 0.55%
Visa Credit 0.75%
Business Debit or Credit 1.00%

Why are we changing our fees?

We’ve lowered fees on many transfer amounts where costs have gone down. Despite our best efforts, some transfers still cost us a little more than we originally estimated. We'll bring those fees back down as soon as we can.

To read more on why we’re changing our fees, read our blog post.

Thanks,
The TransferWise Team

I guess there isn't many other members that send AUD to SGD, but its probably a network wide adjustment.

**AntRobertson** · 21-02-2018, 03:46 PM

Reminds me... still not found a satisfactory way (TransferWise, XE etc.) to transfer THB out. Just stick with SWIFT I suppose.

**TizMe** · 21-02-2018, 03:55 PM

Yeah. I haven't found a good way to send PHP out either.

**Takeovers** · 20-04-2018, 01:47 PM

In the meantime I have used transferwise several times. Very fast, good conversion rate. Fee when using transfer from my bank account instead of a credit card is below 3€, very reasonable. It could be sped up by another day by maintaining a positive balance on a transferwise account but presently I am not going that way.

Thanks for all the advice given.

**DJ Pat** · 20-04-2018, 07:55 PM

Me too^

Tried a few, but Transferwise always most reasonable.

Often arriving several hours, even a day earlier than they tell you

**david44** · 20-04-2018, 09:55 PM

i'm with citi does the thai end charge a fee or and % to receive from transferwise?

**DJ Pat** · 20-04-2018, 10:40 PM

^No

What you send is what you will get

**Pragmatic** · 21-04-2018, 06:34 AM

Originally Posted by DJ Pat

^No

What you send is what you will get

I agree with that being as when I used 'Transferwise' I didn't get charged the usual 500 Baht 'handling fee' by Bangkok Bank. Whereas when I've used 'Hifx' I did. I no understand.

**Hugh Cow** · 21-04-2018, 06:51 AM

My Australian bank charges 20 AUD (490 baht) for transfers to a Thai bank. The Thai bank charges 200 baht. So each transfer costs 690 baht regardless of amount. More expensive but very quickThe transfer time is same day and often is done in a few hours. I never convert currency before sending as the Oz bank conversion rate is a rip off.
It's quick and easy on line and I'm kikiet. I looked at transferwise and although it was cheaper for small amounts it was more expensive for larger amounts and also looked like too much assing around to do the transaction. X E. maybe better.

**parryhandy** · 05-05-2018, 06:50 AM

anybody tried the borderless account yet and applied for a card ?

https://transferwise.com/gb/borderless/

Wondering if it works out cheaper/more convenient in some situations than now i.e. sending from uk to thai account then using Thai card.

Looks like a easy way to hedge against potential currency swings regardless.

**jabir** · 05-06-2019, 11:04 AM

Any developments in the transfer industry?

Asking for a friend wanting to transfer a chunk from UK to Thailand; transferwise max per transaction is 2m bt which would require several transactions though with safety in mind that's probably a good idea, didn't check though XE is probably similar, while Superrich is best but only for cash.

**jabir** · 05-06-2019, 11:06 AM

Should go without saying bottom line is best net in bin.

**AntRobertson** · 05-06-2019, 11:11 AM

I gave up on Transferwise: I doubt they'll ever implement the THB - NZD pairing I need.

I've just been going with Swift transfers for regularly monthly transfers and anything substantial I just call the bank and negotiate and book in a rate. Not ideal but it works.

**Switch** · 05-06-2019, 11:46 AM

I have used TransferWise in Thailand and Indonesia. Exchange rates are excellent and charges very low. Usually very quick too, transferred in 5 or 10 minutes usually.

Not sure but I think they are a US company, but as my transfer is from a UK bank I use their UK branch to do my sterling transfers for free.

Only delay experienced can be up to 24 hours for a public holiday at either end.

**jabir** · 05-06-2019, 04:02 PM

Transferwise offers a better rate but their fee for 2m baht limit is £262, which starts getting a bit dear with multiple transactions. UK bank fee is around £30, though the crooks at this end shave 1-2% off the street rate which starts almost 2% less than online exchanges.

**OhOh** · 06-06-2019, 12:50 PM

Originally Posted by pseudolus

call a few up and compare RATES and fees combined.

Exactly.

Instant transfer from my UK bank to the "Money Changers" UK account, 2 working days from then the money is in my Thai bank. It is also logged in the Thai account as a FTT, Foreign Telegraphic Transfer, for those requiring visa extensions.

They will quote a "best" rate automatically but if you telephone your account manager it is usually improved.

Compared to my UK bank and my Thai bank, who both charge a fee and have their own TT FX rate, the Thai baht received is better.

**jabir** · 08-06-2019, 09:48 AM

2 days ago Transferwise was charging a £262 fee on £50k; same deal yesterday and their fee rose to £320 ffs! Someone's taking the piss, and bottom line even before this hike was a no-brainer with XE ahead by 0.5%.

**buriramboy** · 09-06-2019, 02:17 PM

I just transferred £2500 from Barclays bank to Bangkok bank, fee £8.

**jabir** · 09-06-2019, 03:05 PM

Originally Posted by buriramboy

I just transferred £2500 from Barclays bank to Bangkok bank, fee £8.

What net rate did you get, to compensate for the low transfer fee?

**OhOh** · 09-06-2019, 04:11 PM

^^ Do the (GBP amount - fee) x rate = sum received, calculation. How long did it take?

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