Wise - UK to Thailand Money Transfers (formerly Transferwise)

mario299 said:
Gross/Net...whatever
TransferWise says the rate of exchange was: 30.615
See post #57
Click to expand...


It was Mario, no one is disputing that.

Unfortunately, that is not what you received into your bank .......

Consider this hypothesis....Wells Fargo give you a rate of USD/THB 32 and you have $1,000.


You now have 32,000 Baht ....but hold on, the bank charges you 2,000 Baht to send it to Thailand, where your Bangkok Bank receives 30,000 Baht.

Great! You got a rate of 32........ but the net amount you received equated to a lower figure of USD/THB 30.
 
CO-CO: maybe I'm missing something...Lord knows it wouldn't be a first...but it's just math. What I received in my bank was Bt 31,997, and this was from an amount paid to me of $1045.17. These figures are after all fees, they are what is mine...net.

Post #57:
$1054.00 minus $8.83 equals $1045.17
31,997.88 divided by 1045.17 equals 30.6150004

TransferWise states that the rate of exchange was the same as above, 30.615. Is it just semantics that is the question here? What's net, what's gross?

You can all say I only got an exchange rate of 30.36, I don't care, it is what it is, but doing the math such as Coffee did by dividing a gross $1054 into a net 32,000 was not accurate.
 
mario299 said:
CO-CO: maybe I'm missing something...Lord knows it wouldn't be a first...but it's just math. What I received in my bank was Bt 31,997, and this was from an amount paid to me of $1045.17. These figures are after all fees, they are what is mine...net.

Post #57:
$1054.00 minus $8.83 equals $1045.17
31,997.88 divided by 1045.17 equals 30.6150004

TransferWise states that the rate of exchange was the same as above, 30.615. Is it just semantics that is the question here? What's net, what's gross?

You can all say I only got an exchange rate of 30.36, I don't care, it is what it is, but doing the math such as Coffee did by dividing a gross $1054 into a net 32,000 was not accurate.
Click to expand...


Numbers are funny things Mario...magical actually..... I used to ask my daughters (when they were very young).... how is it that 3 x 9 = 27 AND 9 x 3 also = 27 ?


As I see it, you spent $1,054 to get 31,997.88 Baht .........simple as that. That is what you ‘exchanged’.... $1,054 for THB 31,997.88.

As Nick said, that equates to 30.358519924098673.
 
CO-CO said:
Numbers are funny things Mario...magical actually..... I used to ask my daughters (when they were very young).... how is it that 3 x 9 = 27 AND 9 x 3 also = 27 ?
Click to expand...

And then you entered banking and learnt that that wasn't the case?
 
CO-CO said:
Numbers are funny things Mario...magical actually..... I used to ask my daughters (when they were very young).... how is it that 3 x 9 = 27 AND 9 x 3 also = 27 ?


As I see it, you spent $1,054 to get 31,997.88 Baht .........simple as that. That is what you ‘exchanged’.... $1,054 for THB 31,997.88.

As Nick said, that equates to 30.358519924098673.
Click to expand...
Okay, then it is semantics. I didn't "spend" $1054.00 because there was a fee involved for me to get this money. I "spent" $1045.17, which was mine to spend after fees. There was no exchange done for the fees, only an exchange for the money I had...after fees. Therefore, the actual math is 31.997.88 divided by 1045.17, because what we are actually talking about is what I actually got and actually exchanged. Therefore the "Exchange Rate", as accurately stated by TransferWise was 30.615...or 3 x 9...or 9 x 3...or something.:blush::blush:
 
:grinning:


Cheers Mario, I am heartened to learn that you do not have to spend your money on fees......
 
CO-CO: I never said I didn't pay for fees, but the conversation was about exchange rate and what TransferWise uses for their exchange rate. They apparently do not consider fees when they figure the exchange rate, as is clearly explained in my post #57. None of this matters in the least, I'm going to continue trying to do the best I can for my exchanges of US dollars to Thai baht. If you all want to look at the example I posted as wrong, please do so. My method of calculation, as well as Transferwise's method, comes out to what I posted in #57.
Have fun, I'm done...I was only trying to help Coffee to begin with...silly me.
 
mario299 said:
CO-CO: I never said I didn't pay for fees, but the conversation was about exchange rate and what TransferWise uses for their exchange rate. They apparently do not consider fees when they figure the exchange rate, as is clearly explained in my post #57. None of this matters in the least, I'm going to continue trying to do the best I can for my exchanges of US dollars to Thai baht. If you all want to look at the example I posted as wrong, please do so. My method of calculation, as well as Transferwise's method, comes out to what I posted in #57.
Have fun, I'm done...I was only trying to help Coffee to begin with...silly me.
Click to expand...



Ah, there we have the ‘chalk and cheese’ discussion.

At the end of the day the headline rate that you get is only half the story.

If someone were to say I got a rate of 37.65 (as I did today with Transferwise) it would be misleading- my £300 yielded 11,184.57 Baht......an effective rate of 37.28.

(almost) Interestingly, I today also gave £300 to TT Exchange in Jomtien and they gave me 11,244 Baht...... with no charges.......an effective rate of 37.48
 
I am finding this a little to believe, but I made a transfer to my Sis in law with Transferwise at 09.52 and have just had a message from her at 10.50 to say the money is already in her bank!!
Less than 1hr. Well done Transferwise!!
 
mahdam said:
I am finding this a little to believe, but I made a transfer to my Sis in law with Transferwise at 09.52 and have just had a message from her at 10.50 to say the money is already in her bank!!
Less than 1hr. Well done Transferwise!!
Click to expand...
From where to where?


Sent from my iPhone using Tapatalk
 
mahdam said:
In that case perhaps it's her Bank that pulled their finger out with sending her the notification SMS?
Click to expand...
I have had almost instant transfers with Transferwise from UK to Thailand. However, that is with option 3 on the drop-down menu, 'General Monthly Living Expenses'. Further, this shows as an 'Inter-Bank Transfer' on my bank statement. Unfortunately, this is no good for me as I need the transfer to show that it was an 'International Transfer'. To do this I have to select the last option on the drop-down menu, 'Funds for long term stay in Thailand'. When selecting this option funds are usually deposited the following day after 14.00. It can be longer if weekends and public holidays intervene. I bank with Bangkok Bank.
 
mahdam said:
In that case perhaps it's her Bank that pulled their finger out with sending her the notification SMS?
Click to expand...


I doubt it. The sms advice is an automatic service service, triggered by receipt (or withdrawal) of funds.


It happens quickly because they are no international transfers handled by a bank (and sometimes an intermediary) at either end. TW match currencies so when you want Baht, and the counterparty in Thailand, wants Sterling it is a simple 'domestic transfer within Thailand.
 
nomad97 said:
I have had almost instant transfers with Transferwise from UK to Thailand. However, that is with option 3 on the drop-down menu, 'General Monthly Living Expenses'. Further, this shows as an 'Inter-Bank Transfer' on my bank statement. Unfortunately, this is no good for me as I need the transfer to show that it was an 'International Transfer'. To do this I have to select the last option on the drop-down menu, 'Funds for long term stay in Thailand'. When selecting this option funds are usually deposited the following day after 14.00. It can be longer if weekends and public holidays intervene. I bank with Bangkok Bank.
Click to expand...

Have you asked why the timing of the transfer should be different depending on why the monies are required?
 
Yorky said:
Have you asked why the timing of the transfer should be different depending on why the monies are required?
Click to expand...

No. I have just joined their Facebook group a couple of days ago and that would be a good question to ask. Thank you.
 
nomad97 said:
No. I have just joined their Facebook group a couple of days ago and that would be a good question to ask. Thank you.
Click to expand...

I have given up my arguments with the PPF in disputing their contention that the reason it takes 4 to 5 days to transfer my "compensation" to my bank is that I live so far away!
 
nomad97 said:
No. I have just joined their Facebook group a couple of days ago and that would be a good question to ask. Thank you.
Click to expand...

I did ask the question...................

"I live in Thailand and I have enjoyed the services provided by TransferWise for the past year or more. It's quick, efficient and I am kept well informed. I need hard copy proof of these transfers to support my application to remain in Thailand for a further year (based on retirement). When using the last option on the drop-down menu, 'Funds for long term stay in Thailand' the transfer usually arrives the following day after 14.00. The Thai bank statement also shows 'International Transfer'. However, when I use the third option on the drop-down menu, 'General monthly living expenses', the transfer is the same day and almost instantaneous. However, it shows as 'Inter-bank transfer' on my bank statement. Unfortunately, this will not support my application to Immigration as it is not proof of an International transfer. Why is there a difference in the two options to transfer funds between the UK and Thailand? I have my Thai account with Bangkok Bank. "

They answered..................

"TransferWise Hey Nomad, thanks for all the kind words and support, it means a lot. ❤️

That's due to the way that we work. By using two local transfers instead of one international transaction. When you convert your pounds to Thai bath, you send the money in pounds to our UK-based account. So the equivalent amount is then sent from our THB account to yours locally. The money never actually moves across borders.

Have you tried to show them the transfer receipts directly from your account with us? Here's how to download it: http://bit.ly/33A94Rp"

So, there you have it. Use option 3 from the drop-down menu and your money is in your account almost immediately. Download a copy of your transfers from their website to support your application for an extension to your permission to stay. Easy peasy, and great service from TransferWise. Try getting that service from your conventional bank manager.
 
You wouldn’t need that service from a ‘conventional’ manager........ conventional bank transfers show up as international transfers.
 
You must log in or register to reply here.
Back
Top