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  1. #1
    Thailand Expat
    Takeovers's Avatar
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    Any experiences with transferwise money services?

    Up to now I have sent money to Asia using my own bank. Compared to others they had quite reasonable rates and I did not bother to look for alternatives. Now in 2018 their fees have jumped way up. Looking around I found transferwise which offer very low fees. They are based in GB.

    Anyone already using them? Experiences would be appreciated.
    "don't attribute to malice what can be adequately explained by incompetence"

  2. #2
    Thailand Expat
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    check the small prints, there is always something they try to catch you on

    what are your current fees for your bank ? maybe not so expensive,

  3. #3
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    I used to send money direct from bank in UK to here via swift, often a problem. For one you never knew for sure what the rate was or how much you would end up with. Then there were the intermediary bank charges, the buggers here charging again for the transfer fee at times (Tanachart) when it was already paid for. Worst was the bank holding on to 2 mil while the rate went down, it was exchanged when they received it. No amount of complaints got anywhere, Bank here would not even reply to my bank in the UK.
    Since using transfer wise never a problem, they tell you the rate, usually very good, how much you will get and when it will arrive. I would use them even if they were a bit more expensive. For smaller amounts they are far cheaper, larger amounts the fee is about the same as I was paying the headache method. Highly recommended.

  4. #4
    Thailand Expat Pragmatic's Avatar
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    I first used my UK bank for transfers but they screwed me in charges. Then I found HiFx who never charged a fee on international transfer over 3,000 Pounds, and gave a good exchange rate. Then they started charging a fee and giving shit exchange rates post March '17. I recently changed to Transferwise being as they gave a better exchange rate than HiFx and cheaper transfer charges. I have no problems with them.

  5. #5
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    www.ofx.com i have used a few times. Call them up and get a price all in usually at a discount. But a few days ago I needed to send quite a lot into Thailand from the UK, and went back to my bank with the rate and all in price OFX were offering and Barclays beat it. Money got there in less than 24 hours as well to my Bangkok Bank account.

    Don't be afraid to haggle with them.
    Originally Posted by bsnub "No wonder I drive a tesla"

  6. #6
    Thailand Expat
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    Thanks for all replies. Since Pragmatic uses transferwise and has no problems I will go with them. Seems one has to keep observing fees. My bank used to charge ~7Euro minimum, appliccable to all amounts I ever transfer. That was stable for many years. Then they jumped to ~15Euro this year. That's way high for small amounts.

  7. #7
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    Xendpay has better rates than transferwise.

  8. #8
    Thailand Expat
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    call a few up and compare RATES and fees combined. All of these services you can haggle with and you'll get the best if you have comparisons. Then go back to your bank and get them to match it.

  9. #9
    Ex TD Fat Club VP Dillinger's Avatar
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    If anyone needs to know which of those companies dont flag when sending large amounts you can test it on my Bangkok Bank account

  10. #10
    Thailand Expat Pragmatic's Avatar
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    Quote Originally Posted by Takeovers View Post
    Since Pragmatic uses transferwise and has no problems I will go with them.
    Please don't go with them just cuz I recommended them. Do a little Google-ing and you may find better. Each to their own at the end of the day.

  11. #11
    Thailand Expat
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    After XE trade went bust (not really, but they changed ownership and are now probing you for endless amount of documents) I switched to Transferwise last year.

    I use them once a week. Absolutely the best, amazing unbeatable rates and delivery is very fast. Admittedly, I only transfer from US to Canada, but the money usually shows up within 48 hours.



  12. #12
    Thailand Expat jabir's Avatar
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    Never had a problem with XE but slowww, up to 3 days, transferwise took a day with similar bottom line rate.

  13. #13
    Thailand Expat
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    Quote Originally Posted by Albert Shagnasty2017 View Post
    Xendpay has better rates than transferwise.
    I looked for them. Instinctively I mistrust a service where they tell me I chose the fee I think fair. I may be wrong.

  14. #14
    or TizYou?
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    I've used TransferWise a few times. I'm very happy with their service and rates.

  15. #15
    Being chased by sloths DJ Pat's Avatar
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    I use them at least twice a week. Fast, cheap and often ahead of schedule.

  16. #16
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    While we're on the subject, what's the best way to regularly send cash from Thailand to UK?

  17. #17
    Philippine Expat Davis Knowlton's Avatar
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    I don't know if this will work for the OP, as I live in the Philippines, but........I have a US account with Citibank, as the USG will only deposit my pension check into a US account. I also have a Citibank account in the Philippines. To transfer money from one Citibank account to another is free. If I were to transfer money from a US account other than Citibank to my Citibank in the Philippines, it's $35 per transfer (although I never do it).

  18. #18
    or TizYou?
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    Hi Davis, have you compared the Citibank exchange rates against transferwise?
    I've thought of doing it the same way as I have Citi accounts in both SG & PH, was wondering if it was worth opening an account in Aus.

  19. #19
    Philippine Expat Davis Knowlton's Avatar
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    Quote Originally Posted by TizMe View Post
    Hi Davis, have you compared the Citibank exchange rates against transferwise?
    I've thought of doing it the same way as I have Citi accounts in both SG & PH, was wondering if it was worth opening an account in Aus.
    Bit confused, Tiz. Both my accounts are USD accounts. I transfer USD from the US account to the PI account. Then, my wife withdraws $$$$ from the PI account, and trots off to the exchange place and changes the $$$ into Peso. Gets the rate of the day, which right now is great, at 51.4 to $1.

  20. #20
    or TizYou?
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    Ah, OK thanks. My accounts aren't USD.

  21. #21
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by TizMe View Post
    Hi Davis, have you compared the Citibank exchange rates against transferwise?
    I've thought of doing it the same way as I have Citi accounts in both SG & PH, was wondering if it was worth opening an account in Aus.
    Probably worth it. You save transfer fee. I have Citi in US and Thailand. Unlike Davis, Citi Thai is baht so $ sent converted to baht. 31.5 as of today.

  22. #22
    Philippine Expat Davis Knowlton's Avatar
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    Quote Originally Posted by Norton View Post
    Probably worth it. You save transfer fee. I have Citi in US and Thailand. Unlike Davis, Citi Thai is baht so $ sent converted to baht. 31.5 as of today.
    You can't open a dollar account in Citi Thai?

  23. #23
    Days Work Done! Norton's Avatar
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    You can but I haven't done so. Opened the account years back as a business account. All revenue in Thai baht. All expenses now in baht so even if I had a $ account would still have to exchange $ to baht at going rate. Which now sucks.

  24. #24
    Philippine Expat Davis Knowlton's Avatar
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    Quote Originally Posted by Norton View Post
    You can but I haven't done so. Opened the account years back as a business account. All revenue in Thai baht. All expenses now in baht so even if I had a $ account would still have to exchange $ to baht at going rate. Which now sucks.
    So your USG pension is paid into Citi US, and Citi US converts it to TB prior to transferring to your Citi Thai Baht account? And the Citi exchange rate beats what you can get on the street in LOS? If so, I'm surprised, as banks generally offer the worst exchange rate around.

  25. #25
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by Davis Knowlton View Post
    So your USG pension is paid into Citi US, and Citi US converts it to TB prior to transferring to your Citi Thai Baht account?
    No. Conversion is done at Citi Thailand. Citi US sends $.
    There are better rates on the street I'm sure but no streets where I live so just use the Citi ATM card as cash needed.

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