Wise - UK to Thailand Money Transfers (formerly Transferwise)

CO-CO said:
You wouldn’t need that service from a ‘conventional’ manager........ conventional bank transfers show up as international transfers.
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I will tell you this, you would not get that service from a high street UK Bank Manager today. I remember the good old days when I first joined the RAF. On my return to my home town on the south coast, I would always pop in and say hello to my bank manager. He always welcomed me and offered a cup of tea. Several years later he informed that this would be the last time we would do this. The branch was closing, he was being retired and the new bank structure would not facilitate these friendly chats. Yes, that kind of service disappeared a long, long time ago. If I write to my Lloyds bank today, the one I have been using on the Isle of Man for the past 35 years or so, the bank manager would not know me from Adam. Furthermore, the chance of a nice letter in reply would never happen. It was very refreshing to receive the service I did from TransferWise, even in the new medium of Facebook.
 
"It was very refreshing to receive the service I did from TransferWise, even in the new medium of Facebook."

Much like a lot of new and "up-and-coming" businesses should do, TransferWise is somewhat aggressive about good customer service. Like Nomad I have been using them for about a year, and have no problems or complaints about their services.
 
nomad97 said:
I will tell you this, you would not get that service from a high street UK Bank Manager today. I remember the good old days when I first joined the RAF. On my return to my home town on the south coast, I would always pop in and say hello to my bank manager. He always welcomed me and offered a cup of tea. Several years later he informed that this would be the last time we would do this. The branch was closing, he was being retired and the new bank structure would not facilitate these friendly chats. Yes, that kind of service disappeared a long, long time ago. If I write to my Lloyds bank today, the one I have been using on the Isle of Man for the past 35 years or so, the bank manager would not know me from Adam. Furthermore, the chance of a nice letter in reply would never happen. It was very refreshing to receive the service I did from TransferWise, even in the new medium of Facebook.
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Indeed...there are no High Street bank managers any more.

That is not the point though, the guy at TW is not a bank manager. TW are currency traders and operate on a very specific basis. Low cost delivery so systems have to be spot on.

What TW do they do it well. I was one of the first to use them and I have regularly recommended them to others. Their system is simple, their operating criteria is simple - but don’t try asking for anything off piste.

The answer to your question was efficient and helpful - it did not though, directly answer your question. ..... the reply focused on how they operated - something you didn’t ask. The suggestion re transfer receipts was well intended, but I remain unconvinced that an I/O will want to wade through (and try and understand) reams of paper. Goodwill will be required on the day of an application if an IO cannot readily identify monthly “overseas transfers” on a bank statement.
 
Transferwise currently showing a £/bt rate of 39.2907. This will net just over 39. It is the highest rate for several months and is in anticipation of a favourable vote in the Commons later today.

Transferwise rates do not change over the weekend. Should todays Brexit vote lose, one can anticipate the market opening much lower on Monday morning. Yet on Sunday you will still be able to transfer at the above rate, should you wish to do so.

If the vote wins, then a rate of 40+ is to be anticipated on Monday morning

I am on standby :D
 
CO-CO said:
Indeed...there are no High Street bank managers any more.

That is not the point though, the guy at TW is not a bank manager. TW are currency traders and operate on a very specific basis. Low cost delivery so systems have to be spot on.

What TW do they do it well. I was one of the first to use them and I have regularly recommended them to others. Their system is simple, their operating criteria is simple - but don’t try asking for anything off piste.

The answer to your question was efficient and helpful - it did not though, directly answer your question. ..... the reply focused on how they operated - something you didn’t ask. The suggestion re transfer receipts was well intended, but I remain unconvinced that an I/O will want to wade through (and try and understand) reams of paper. Goodwill will be required on the day of an application if an IO cannot readily identify monthly “overseas transfers” on a bank statement.
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I am using the last option on the drop down menu. It takes 24 hours for delivery to Thailand but it is an International Transfer on the statement.
 
nomad97 said:
I am using the last option on the drop down menu. It takes 24 hours for delivery to Thailand but it is an International Transfer on the statement.
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Correct.

That is not the answer TW gave to your question though.......that was my point.
 
Prakhonchai Nick said:
Transferwise currently showing a £/bt rate of 39.2907. This will net just over 39. It is the highest rate for several months and is in anticipation of a favourable vote in the Commons later today.

Transferwise rates do not change over the weekend. Should todays Brexit vote lose, one can anticipate the market opening much lower on Monday morning. Yet on Sunday you will still be able to transfer at the above rate, should you wish to do so.

If the vote wins, then a rate of 40+ is to be anticipated on Monday morning

I am on standby :D
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I hope you are correct Nick but I suspect Transferwise will change their method of working this weekend.
 
ColinW said:
I hope you are correct Nick but I suspect Transferwise will change their method of working this weekend.
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You may be right Colin. But if the vote is lost (to Brexiteers that is) then maybe by acting quickly you may get the rate. Vote result expected around 4.30am I believe.

You can start the transaction BEFORE the vote, and the guaranteed rate extends until at least Monday as long as you make payment. NOTE however:-

What if the rate drops significantly?

When you create a transfer with a guaranteed rate, you’re subject to a rate limit of 5%. So if the rate drops by 5% or more before we receive your money, we reserve the right to cancel and refund your transfer. If that happens, we'll send the money back to the account it came from.

But with no banks operating on Sunday morning who will fix a new lower rate? Not going to happen until the money markets open on Monday morning in Australia/NZ
 
Prakhonchai Nick said:
You may be right Colin. But if the vote is lost (to Brexiteers that is) then maybe by acting quickly you may get the rate. Vote result expected around 4.30am I believe.

You can start the transaction BEFORE the vote, and the guaranteed rate extends until at least Monday as long as you make payment. NOTE however:-

What if the rate drops significantly?

When you create a transfer with a guaranteed rate, you’re subject to a rate limit of 5%. So if the rate drops by 5% or more before we receive your money, we reserve the right to cancel and refund your transfer. If that happens, we'll send the money back to the account it came from.

But with no banks operating on Sunday morning who will fix a new lower rate? Not going to happen until the money markets open on Monday morning in Australia/NZ
Click to expand...

It is now being suggested that the vote could be as early as 2.30pm UK time 8.30pm Thai time.
 
Prakhonchai Nick said:
You may be right Colin. But if the vote is lost (to Brexiteers that is) then maybe by acting quickly you may get the rate. Vote result expected around 4.30am I believe.

You can start the transaction BEFORE the vote, and the guaranteed rate extends until at least Monday as long as you make payment. NOTE however:-

What if the rate drops significantly?

When you create a transfer with a guaranteed rate, you’re subject to a rate limit of 5%. So if the rate drops by 5% or more before we receive your money, we reserve the right to cancel and refund your transfer. If that happens, we'll send the money back to the account it came from.

But with no banks operating on Sunday morning who will fix a new lower rate? Not going to happen until the money markets open on Monday morning in Australia/NZ
Click to expand...



You could probably do a transfer now and cancel it later if Boris wins...
 
Yorky said:
That is impossible. My "compensation" fund administrator assures me that it takes at least 4 working days because I live so far away!
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Think yourself lucky you do not live in Australia or New Zealand!, or worse still one of the myriad of islands off the coast
 
Quote:

Dear Mr Yorky,

I can advise that the Barnett Waddingham Payment method for all overseas payments is to use Citibank’s International Payment Service, which utilises their foreign exchange service. The payment does leave our accounts on the first day of the month, however on average it will take between 3-5 working days for a payment to reach an overseas bank, dependent on country. Your bank will then credit your account and the time taken can vary depending on each bank's policy but this is usually completed the following working day.

Unquote.
 
Yorky said:
Quote:

Dear Mr Yorky,

I can advise that the Barnett Waddingham Payment method for all overseas payments is to use Citibank’s International Payment Service, which utilises their foreign exchange service. The payment does leave our accounts on the first day of the month, however on average it will take between 3-5 working days for a payment to reach an overseas bank, dependent on country. Your bank will then credit your account and the time taken can vary depending on each bank's policy but this is usually completed the following working day.

Unquote.
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Better to send it to a UK bank in your name, then you can TW it in seconds!


Sent from my iPhone using Tapatalk
 
Note that HMRC tax refunds can only be issued by cheque and Transferwise has no facility for receiving and processing cheques. Most pensions are transferred by BACS payments. Transferwise always send an email to notify the receipt of a payment into an account.
 
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