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Home » Reader question » Reader question: Is a transfer via Transferwise now faster?
Reader question: Is a transfer via Transferwise now faster?
Dear readers,
This morning (17/10/2019) I made a TransferWise transaction from my Belgian KBC bank to my SCB bank here in Bangkok. Sent at 06.00 and already 5 minutes later a message from SCB that the money was in the account.
I have never experienced this so quickly, normally it takes me between 4 and 8 hours. TransferWise now used Kasikorn Bank as Partner bank.
Anyone else had an experience like this?
Regards,
Chris
No, not yet, but I am considering using TW for transfers now that ING-NL and partners are asking 15 euros extra.
But then my question: how reliable is TW and how safe is my money if TW goes bankrupt? Is there any guarantee like the European guarantee scheme? ING in NL and Kasikorn in TH do have such a system. After all, TW has my money under him for a short time…
I've been using TransferWise for about 2 years now, never had any problem.
The money was always on my Thai SCB account the same day, if the transfer was made on a working day, before 09.00:XNUMX am, otherwise the next day or if during a weekend or holiday, the next working day.
mention of TransferWise:
“Belgium and the European Economic Area (EEA)
TransferWise Europe SA/NV is regulated by the National Bank of Belgium (NBB) as an Authorized Payment Institution, with passporting rights across the EEA.”
Regards,
Chris
Transerwise is supervised by the Financial Conduct Authority, the UK regulator. Transferwise is not covered by the Deposit Guarantee Scheme, as it is an electronic money institution and does not have a banking licence.
They do say that customers' money is in a separate, protected account. According to them, this means that customers will get their money back in the event of a bankruptcy, for example.
And according to my info they have an account with a bank in Germany (Deutsche Handelsbank Münschen).
I also use TW, my last 4 transfers were visible in my Thai bank (Kasikorn) within 5 minutes, even the one from Friday after 5 pm Thai time. TW indicates how much Bath you receive. I settle with IDEAL.
A little question.
Did you also get the course, as they put it on it.
Hans
At Transferwise I always get the rate they quote. You can see in advance exactly what you pay in euros, what the exchange rate is, what the costs are and what Baht is left as a result.
And that amount in Baht also appears on the Thai account at no extra cost to the Thai bank.
Addendum to my previous post.
For example.
1000 euro You will receive 33368 Th.B on your Thai account.
Hans
Today, 70.000 Baht, 2099 € has been paid from my KBC bank, including all bank costs.
The rate was 33.63 baht/1€ and the cost was 16.96€ in total which is 33.35 baht/€.
How did you do the shipment via credit card or on low cost or easy transfer. Given the speed of shipping, I'm curious about this, because I'm going to make a shipment for the first time soon and say goodbye to ING with this.
With Sofort and easy transfer
Today the money was transferred to my account at the Bangkok bank within 15 minutes.
Been so fast for a few weeks now.
However, occasionally it takes another day. So you can't be completely sure.
Yes, with me too recently: a few hours and a good course
Yep, had the same experience, getting faster and faster.
Cheap, fast and reliable, what more could you want?
Even with this link, without transaction costs.
transferwise.com/u/williamv22
Transferwise seems interesting! I had never heard of it. I myself made a transfer this week that I was not satisfied with at all.
30 euros from Deutsche Bank Belgium to my Kasikornbank account, where I am still a decent customer. For example, always a minimum of 000 THB on my saving account for my visa.
Belgian costs: €10 for Deutsche Bank and Swift(?) seemed reasonable to me.
Kasikorn gave me the “special” rate of 33,29 + 500 THB fee, where in the “yellow exchange benches” I then saw a rate of 33,45! Without additional costs, of course.
I really don't like Kasikorn.
Requested a payment via Transferwise on Monday 12 noon. Chosen the cheapest formula: transfer from wife's bank account to Transferwise Frankfurt.
At 10 am on Tuesday, the bank called my wife to ask if this transfer could go ahead because the bank had signals that it could be phishing. So it was unfounded. By the way, it was the very first time my wife made a transfer from her account.
Wednesday 9 am : confirmation from Thailand that the money was in the account.
Course : 33,44
Costs : 3,37€ on an amount of 296€.
If I had used my credit card instead of a bank transfer, the costs would have been € 1 more expensive, but it would have gone 24 hours faster.
I'm curious, I had 10 min 1000 euros transferred from my ABNA to trransferwise.
First time for me.
Received this message.
Today
You have set up your transfer
Today
We have received your EUR
Your money is being processed
We will pay it out within the next 16 minutes.
Today
We will pay your THB 33.7441
Today
Onkanya Phansri will receive your THB 33.7441
Your money is on its way and should arrive within 1 hour. We will keep you informed.
Hans
Mistake on my part.
Should be, exchange rate is 33741.
Onkanya receives, 33.484,95 THB
Hans
I used TransferWise on October 3 and was as always 1 day later after receiving the amount in Germany, but the fee has been saved a few cents.
About 1/2 hour ago, I transferred 1000 euros from my ABNA to transwise with Ideal for the first time.
I got this.
Logo
Hello Ferdinand,
33,484.95 THB is on its way to Onkanya Phansri. The money should be in the bank account by today, October 17.
The EUR to THB rate was 33.7441. The fee was EUR 7.68.
The exchange rate today during the transfer is 33,45 Th.B. at super rich Changmai
Do not have a Thai bank myself, but mine is in the name of my girlfriend.
Hans
14 minutes on Friday morning.
Transferwise paid via my credit card and when I checked my Kasikornbank balance 14 minutes later, the payment had already been received.
If I had paid through my ING or Rabobank via iDEAL, the transfer would only be credited on Monday.
With the credit card the costs are slightly (I think about € 5, -) higher, but you have the certainty that it will be added immediately.
And the credit card is only debited from the Dutch account about a month later.
Curious which credit card you use.
My ICS credit card was canceled by ICS last year because I am no longer registered in NL.
MasterCard. I still have an address in the Netherlands.
I have never worked with Transfere Wise.
Would someone be so kind as to explain step by step how to proceed if the money from the ING has to be transferred by me to the Bangkok Bank?
Step 1, Step 2, etc
This shows that I'm not that handy, but everything can be learned, right?
Thank you kindly
@Chelsea
You must first create an account at Transferwise.com.
If you understand English: search YouTube or Google for “How to Transfer Money Overseas Using Transferwise”. Explained step by step. There are even five videos that explain step by step.
Good luck!
Very simple: go to http://www.transferwise.com
Register (email address, password, name, address. Upload copy of driver's license or passport;
bank name and account number to which you want to transfer the money), Kees is done!
Then click on transfer money. You pay that amount via, for example, iDeal to transferwise.
Or a bank transfer.
Snapped very quickly!
Hi Chelsea,
Just go to the Transferwise site. I did it for the first time last month and it's really easy and a lot cheaper.
On their site everything is explained step by step how to do it.
Good luck!
Erik
is it normal to send a copy of your identity card?
I did it through world remit, but had to collect the money from the Thai national bank omsin.
after the withdrawal I received an email asking me to email my card details.
My preference definitely goes to TW. The costs are low, no dragging
With thousands of euros in your hand luggage. Another advantage, VA gives a higher value than the exchange offices along 's Herenwegen
Just had a look at T&T, the yellow exchange offices: 1 eur cash exchange = 33,50 baht.
3000 euros then gives 100.500 baht
Then almost 3000 euros entered at Transferwise
Costs 20,01 euros, so 2979.99 will be transferred.
1 euro = 33.7062 baht at Transferwise. 2979,99*33,7062 gives 100.444 baht.
Transferwise indeed indicates that 100.444 baht is being transferred.
So only 56 baht less than cash exchange. Not bad !!!
First it was a day, the penultimate time an hour or two and the last time within 5 minutes on the account at Kasikorn. Seems overpowered
2019-10-04 Using TransferWise to transfer money from ING to ABA Bank Cambodia.
Amount paid Transfer Wise EUR 2000,00
Amount Fee Transfer Wise EUR 12,10
Transfer Wise send USD 2178.50
ABA receives 2123,5 Difference USD -55,00
ABA fee 10USD Exchange rate 1EUR= USD 1,05675
Transfer Wise Exchange rate 1EUR= 1,0959
where is that $55,00
same experience money from my ING account via new app
and TransferWise to my cash account
money was in the account within 20 minutes
astonishingly fast
Previously without the bank app with tan code
this took 2 days via TransferWise
Transferred money very quickly today 18-10 with low cost rate within 5 hours to my Thai bank account
5 hours has always been normal at TransferWise, at least on weekdays.
I just wanted to transfer money
But for some reason
Is the bank name incorrect?
Krungthai bank i have tried everything
Krungthai
Krung Thai
KTB
ktb
etc.
Does anyone know what's wrong
eg
Greetings
In the Bank List (dropdown menu) you get on the TransferWise Website, to add a new bank it says — Krung Thai Bank —-
You really can't miss
thanks
I can't get the list on my phone
can be seen on my laptop
hello