Transfer of monies from overseas to Thailand

nomad97 said:
The mistake that led to a £1.2bn business - Kristo Kaarmann, co-founder and chief executive of money transfer business TransferWise.

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When Kristo Kaarmann was kicking himself for being "incredibly stupid", little did he know that it would spark an idea for a business that is now estimated to be worth more than £1.2bn. Back in 2008, the then 28-year-old Estonian was working in London as a management consultant when he got a very chunky Christmas bonus of £10,000. As interest rates were higher back in Estonia, he decided that he'd transfer the money from his UK current account to his Estonian savings account, so as to earn more from the cash. "So I paid my UK bank a £15 fee, and transferred the £10,000, and then a week later I saw that £500 less than I had expected had arrived in the Estonian account," says Kristo, now 38. "I started digging to find out what had happened, and I realised that I had been incredibly stupid. "I had foolishly expected that my UK bank would have given me the exchange rate I saw when I looked on [news wires] Reuters and Bloomberg. "Instead the bank had used an exchange rate 5% less favourable, which is how it and all the other banks get their cut. It was my mistake." Annoyed with himself, Kristo vowed to come up with a way of transferring money overseas that removed banks from the process.

...........................................................................

"There were lots of unknowns when we started," he says. "Would anyone trust this website set up by two Estonian dudes? Would anyone else have this problem that we wanted to solve?

"And all these people around the world did have the same problem, and they did trust us."



Full story: https://www.bbc.com/news/business-46985443
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Nomad, did you read my previous post asking about the Borderless bank setup?
 
Rice said:
@Wombat here is a hint when you want somebody particular to notice your message an alert will be sent to them.

Like this.

@nomad97 , did you read my previous post asking about the Borderless bank setup?
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Rice... just Google “Transferwise Borderless account” and you will have your answers.
 
CO-CO said:
Rice... just Google “Transferwise Borderless account” and you will have your answers.
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It is not for me. I have just been informing @Wombat on forum shortcuts. I think Womby would know he could Google it, but getting it straight from a friend is sometimes nicer and clearer.
 
Rice said:
It is not for me. I have just been informing @Wombat on forum shortcuts. I think Womby would know he could Google it, but getting it straight from a friend is sometimes nicer and clearer.
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Too bloody right mate, can't understand all that corporate speak.
@nomad97
 
Hello guys - I have been having a fun day fixing the door handle assy on the back door. Spent a couple of hours yesterday on what should have been a 10 minute job. Spent another 3 1/2 hours to day and threw the fcuking thing over the wall in disgust. Took the handle assy off an internal door and fitted it to the back door in under 15 minutes. Can only surmise it was the new handle assy that was NFG! What was your question? Transferwise - borderless account.

As far as I can see it is a bank account without borders. You pay money into your account and you can transfer it out when you need it. There are no maintenance fees and you are only charged for the transfers you make. Easy. So far, I have one of my pension providers sending my monthly pension to Transferwise and it is working very well and much quicker than the previous method. I intend to do the same with my other two sources of income and then dispense with my UK bank account.
 
Yorky said:
I wouldn't do that if it's costing you nowt. No doubt @CO-CO will confirm that it is very difficult to open a new bank account in UK if you don't live there.
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Thanks Yorky, I am aware of that. I only need the account for 2 pensions, one of which the State pension could be paid direct to Thailand. The Lloyds bank account is costing £20 per month unless I keep a minimum of £2,000 in the account. CO-CO and PrakhonchaiNick have already advised the difficulties and cost to get money out of my UK account when I die. I decided I would give the Borderless Account with Transferwise a try out for 6 months or more before closing the Lloyds account. Then I can also set up another Borderless account for my wife. I would pay all three pensions into her Borderless account for subsequent transfer to my Thai bank account. I am trying to develop a seamless way for my wife to receive her widow's pensions and this looks the best option at the moment. The one pension that could be paid direct to Thailand is, of course, the one pension she will never receive - the State pension.
 
nomad97 said:
The Lloyds bank account is costing £20 per month unless I keep a minimum of £2,000 in the account.
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Cheeky money grabbing bastards. Although I do no receive interest from my RBSI (NWI) account they don't charge me anything for keeping the account open. I do have in excess of £2,000.00 in there at the present time (awaiting @CO-CO's predicted rise in the exchange rate) but for years the balance was not much more than £500.00.
.
 
Yorky said:
I wouldn't do that if it's costing you nowt. No doubt @CO-CO will confirm that it is very difficult to open a new bank account in UK if you don't live there.
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Confirmed.....TW might not be there, or things could change, in 5 years..

Don't burn your bridges.
 
Thanks @nomad97 . This may work for me, it all depends on how the cluster with Immigration pans out.
I also would like to setup an easy way for my wife to get my money when I cark it but trying to explain it to her is a waste of time for lots of reasons, Thai superstitions, Thai thinking to name a couple.
 
555! This year is turning out to be the year when Sod's Law rules supreme. The day before yesterday I started fitting a new and expensive Solex lock and handle assy to the back door. I took about 2 hours to fit the assy for a job that should have taken 10 minutes. However, the knob of the handle would not lock in place and I resolved to fix it the following morning. Yesterday I started work at 07.30 and, 3 1/2 hours later at 11.00 I threw in the towel. There was no way this lock assy was going to fit my back door. Besides, by then it had disintegrated into all it's component bits. Some 5 1/2 hours of unmitigated frustration for what should have been a 10 minutes job.

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Thought. Why not remove the lock assy from the internal mancave door and fit that instead? Started removal of assy at 11.00 and finished installation to the back door at 11.15. Doh! So what was wrong with the expensive Solex assy costing more than double the price of my un-named assy from the door to the mancave? Don't know and don't care - can't be bothered to waste more time finding out.

Anyway, back to Sod's Law and TransferWise. I initiated a transfer of money from the UK to Thailand on Friday, 1st February 2019. I knew that the money should be in my Bangkok Bank account a few minutes after 14.00 on Monday afternoon. I was busy and didn't check my bank balance until 15.00. Surprise, surprise - no money from the UK. Check TransferWise only to find the transfer was in limbo having been rejected by Thailand. Apparently, my account details were incorrect. That was the start of a couple of fretful hours to find out where was my money. One phone call and two emails, followed by an online chat with Clara D answered the question. TransferWise had technical issues that affected multiple THB transfer to Thailand. Received the following:

upload_2019-2-5_1-27-4.png

So I guess I will have to wait until 14.02 today to see if that did resolve the issue.
 
Sod's Law continues - even my live feed for the Big Band is all SNAFU'ed. See comments bottom left of picture.

upload_2019-2-5_1-41-24.png
 
Anyway, back to Sod's Law and TransferWise. I initiated a transfer of money from the UK to Thailand on Friday, 1st February 2019. I knew that the money should be in my Bangkok Bank account a few minutes after 14.00 on Monday afternoon. I was busy and didn't check my bank balance until 15.00. Surprise, surprise - no money from the UK. Check TransferWise only to find the transfer was in limbo having been rejected by Thailand. Apparently, my account details were incorrect. That was the start of a couple of fretful hours to find out where was my money. One phone call and two emails, followed by an online chat with Clara D answered the question. TransferWise had technical issues that affected multiple THB transfer to Thailand. Received the following:

View attachment 26447

So I guess I will have to wait until 14.02 today to see if that did resolve the issue.[/QUOTE]


A friend the same problem on Friday; TW cited issues with their Thailand partner.


I did a small transfer on a Friday and that went through normally.
 
This morning at 08.39 I set up a transfer with Transferwise for a few more beer tokens from the UK.
At 09.03 this money was paid out by them.
The money arrived in the Thai bank at 11.50
The bank Thai sent a txt at 15.50 to say the money was in my account.

Now that is what I call service!!!
 
mahdam said:
This morning at 08.39 I set up a transfer with Transferwise for a few more beer tokens from the UK.
At 09.03 this money was paid out by them.
The money arrived in the Thai bank at 11.50
The bank Thai sent a txt at 15.50 to say the money was in my account.

Now that is what I call service!!!
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Are all these times Thai time?
 
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