nomad97
Resident Geek
Ok. No problems.
Wise - UK to Thailand Money Transfers (formerly Transferwise)
- Thread starter nomad97
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Coffee
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How many bhat did you receive today for your £450 less all charges ?
Prakhonchai Nick
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My guess 20,640bt
Coffee
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What percentage does 'Wise' work on...(1.25 - 1.5%) ?
nomad97
Resident Geek
20730.71 THB @ 46.3629 THB/£. Their fee for the transfer was £2.86.
Last edited:
Prakhonchai Nick
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I have just inputted a £450 transfer on Wise (just a test) Rate is 46..3413 but the transfer charge is shown at £3,12 . Peanuts I know, but how come you got a lower fee? Did you transfer the £450 to your account first, then set up the transfer?
Coffee
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20730 ÷ 450 = 46.0666.
So you recd xe 46.0666 per GBP.
Does that include their fee for transfer too ?
(Apparently they grab ~30 satang per £.)
Coffee
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Prakhonchai Nick
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The Thai banks "grab" around 50 satang per £ and alsocharge a commission of between 250bt-500bt
The "grab" from the US$ is and always has been less
Coffee
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Is that on a T.T. exchange from FCA or a cash xe ?
(Nick, please read my revised post hopefully for more clarity above.)
FERRET
WELL WORN MEMBER
Ive been using OFX for 12 months.
$15.00 AUD flat rate fee and usually ฿1-1.5 better than using an ATM, it takes 12- 16 hours to lob in my account here.
nomad97
Resident Geek
Yes, I always have money in my account before I do a transfer.
Prakhonchai Nick
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That always provides a few more baht.....................and I find the transfer is usually quicker too
Prakhonchai Nick
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TT exchange
nomad97
Resident Geek
I have already provided all the relevant information, i.e., "20730.71 THB @ 46.3629 THB/£. Their fee for the transfer was £2.86."
Clearly, further explanation is necessary. I transferred £450 into my Wise account in the UK. Their transfer fee of £2.86 fee was deducted from the £450 and the remaining balance of £447.14 was transferred to my Thai bank account at an XE of 46.3629 THB/£ = 20,730.71 THB.
Bangkok Bank did not level any charges for the transfer and 20,730.71 THB was the sum credited to my bank account.
Your analysis that it cost 30 satangs per £ is not relevant. The cost of the transfer was determined in £ Stirling, i.e., £450/£2.86 = 0.00572 pence per £.
Prakhonchai Nick
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WISE have just informed that if a transaction is confirmed then cancelled, they will likely charge a cancelation fee BEWARE and see below.
If you cancel a transfer over 500 GBP or equivalent in your currency, you may be charged an additional fee on your next transfers. This extra fee remains until you successfully move the same amount as you have cancelled.
We might add an extra fee (25% of the original transfer fee) to the fees of your transfer next time you send money. So, say the normal transfer fee is 0.4%. If you cancel a transfer, we’d charge you 0.5% on future transfers.
We won’t charge you by debiting money from your account or your card — it’ll just be added to your fee next time you send money.
Every time someone sets up a transfer, it costs Wise money. Usually, this cost is covered in the transfer fee we charge. But when you cancel a transfer, those costs still happen yet they’re not covered anymore.
On top of that, Wise’s prices are based on our cost. While we always try to lower our fees, cancellations increase our cost — and our prices.
That’s why you may have to pay an additional fee for your next transfer(s) if you cancel a transfer. This way, we can make sure we give the lowest price to as many customers as possible.
The best way to avoid paying more is to only set up a transfer when you’re ready to pay for it. Make sure you’re happy with all the details — including the exchange rate — before you choose to confirm your transfer on the “Review transfer details” page.
If you’d like to wait for a better exchange rate, try opening a balance and adding the amount you want to send. You can keep an eye on the exchange rate, by setting a rate alert , then start the transfer when you’re happy with it.
We understand that sometimes, things can go wrong. So, we won’t increase your fees for cancelling if you make a mistake, or if there’s a delay or mistake on Wise’s side that means you need to cancel.
What’s the cancellation fee?
If you cancel a transfer over 500 GBP or equivalent in your currency, you may be charged an additional fee on your next transfers. This extra fee remains until you successfully move the same amount as you have cancelled.
We might add an extra fee (25% of the original transfer fee) to the fees of your transfer next time you send money. So, say the normal transfer fee is 0.4%. If you cancel a transfer, we’d charge you 0.5% on future transfers.
We won’t charge you by debiting money from your account or your card — it’ll just be added to your fee next time you send money.
Why is there an additional fee for cancelling a transfer?
Every time someone sets up a transfer, it costs Wise money. Usually, this cost is covered in the transfer fee we charge. But when you cancel a transfer, those costs still happen yet they’re not covered anymore.
On top of that, Wise’s prices are based on our cost. While we always try to lower our fees, cancellations increase our cost — and our prices.
That’s why you may have to pay an additional fee for your next transfer(s) if you cancel a transfer. This way, we can make sure we give the lowest price to as many customers as possible.
How can I avoid paying the fee?
The best way to avoid paying more is to only set up a transfer when you’re ready to pay for it. Make sure you’re happy with all the details — including the exchange rate — before you choose to confirm your transfer on the “Review transfer details” page.
If you’d like to wait for a better exchange rate, try opening a balance and adding the amount you want to send. You can keep an eye on the exchange rate, by setting a rate alert , then start the transfer when you’re happy with it.
Something went wrong with my transfer — can I cancel it without paying extra?
We understand that sometimes, things can go wrong. So, we won’t increase your fees for cancelling if you make a mistake, or if there’s a delay or mistake on Wise’s side that means you need to cancel.
Yorky
Fullritis Member
That doesn't sound unreasonable to me.
Prakhonchai Nick
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During the day Wise allow 2 hours to make the payment once having set up a transfer. Thia can be as much as 72 hours over a weekend. I sometimes lock in on a Saturday morning, and if the rate increases over the weekend or early Monday morning, I cancel and restart a transfer. From what they are saying, as long as the new transfer is for the same amount there will be no charge. However, from earlier rules, if one often cancels and starts again at a higher rate,extra charges can apply. Will have to se how this pans out.
Ivor the Engine
Nowhere man
Anyone know of a service like Transfer/Wise that can transfer funds from AUSTRALIA to THAILAND. My friend seems to be struggling receiving funds anY quicker than about 10 days!!!!! FFS!