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Author Topic: TransferWise  (Read 282 times)

Rex (Admin)

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TransferWise
« on: January 16, 2019, 10:33:32 AM »
I was looking at TransferWise and I remember that some of you have discussed it here. I couldn't quite follow the process on their website.


I want to transfer money from my Thai savings account to my U.S. checking account.  Can do?  So, how about if I want to send the funds back to my Thai savings from my U.S. checking.  Can do?  Is it just one account that I need to set up with TransferWise or what?


Thanks, lah!



kowpot

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Re: TransferWise
« Reply #1 on: January 16, 2019, 11:41:09 AM »
With Transferwise, you can send funds from the U.S. to your Thai bank account. But, you cannot transfer funds from Thailand to your U.S. bank account.  To do that you would have to use a company like DeeMoney.

kowpot

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Re: TransferWise
« Reply #2 on: January 16, 2019, 11:42:56 AM »

This might help explain a little bit about Transferwise.

Rex (Admin)

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Re: TransferWise
« Reply #3 on: January 16, 2019, 08:39:54 PM »
Tks, Kowpot!

Kajornsak

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Re: TransferWise
« Reply #4 on: January 18, 2019, 09:48:52 AM »
https://www.revolut.com/


I've heard is the best , especially if you buy cryptocurrencies, the money of the future, and travel a lot.

Rex (Admin)

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Re: TransferWise
« Reply #5 on: January 18, 2019, 10:11:22 AM »
Actually, what I was wondering--and I think I found the answer on ThaiVisa--is the money deposited into a Thai bank coded as a domestic or international transaction?

kowpot

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Re: TransferWise
« Reply #6 on: January 18, 2019, 02:02:34 PM »
It depends. Transferwise works with I think 3 different banks in Thailand. I will use Bangkok Bank as an example, because I know it is one of Transferwise account holders in Thailand. 
 I use two different banks in Thailand. Bangkok Bank and Krung Thai Bank. Krung Thai Bank is not one of the banks that Transferwise uses so any money that I request to go to Krung Thai Bank from my account in the U.S. will go through another bank, ie, Bangkok Bank. Then to Krung Thai Bank. Because it is going from Bangkok Bank in Thailand to Krung Thai Bank in Thailand. It is shown as a domestic transfer.
 If on the other hand, I send funds directly to Bangkok Bank from my U.S. account. There is no middle man "so to speak" and it shows up as a foreign transfer.
 Hope that helps a little bit. I am hoping immigration has some lee way on these foreign transactions or banks like Bangkok Bank will have a monopoly. For me SWIFT transfers are just too costly and too confusing.

fceligoj

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Re: TransferWise
« Reply #7 on: January 18, 2019, 08:37:48 PM »

I am in agreement with Kowpot on Bangkok Bank since I use it exclusively.  What shows up in your BBL bank account when using Transferwise is an "international transfer" ID.  Also, the only transfer cost for you is what TransferWise charges.  Bangkok Bank charges 'zero".


When all is said and done with, wish I would have known about TransferWise earlier.  On the average, I get 200 baht more per $1000 transferred using TransferWise instead of going directly from my US Bank to my Thai Bank.


BBL and its insistence in using the IAT format instead of the Domestic ACH transfers that I was doing from my US Bank to them before (1 April no more Domestic transfers), forced me to look for the alternative, TransferWise.  So BBL gets no convenience fee or deposit fee for any size transfer now.


Having the "
international transfer" was exactly what the supervisor at the KK Immigration Office for which they will be looking told us when we went in to talk to her.

Rex (Admin)

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Re: TransferWise
« Reply #8 on: January 21, 2019, 10:29:13 AM »
With Transferwise, you can send funds from the U.S. to your Thai bank account. But, you cannot transfer funds from Thailand to your U.S. bank account.  To do that you would have to use a company like DeeMoney.


Tks. KowPot.  Anyone use "DeeMoney" ???  http://rebtinfo.com/accentuate-the-rational/
« Last Edit: January 21, 2019, 10:31:06 AM by Rex (Admin) »