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Home » Reader question » Reader question: Speed of Transferwise with money transfer to thailand?
Dear readers,
I transfer money to my girlfriend every month with Transferwise. This usually happens very quickly. Sometimes within 15 minutes. Lately I noticed that larger amounts take longer. Sometimes one day and sometimes two days.
When asked, Transferwise says that the speed has to do with the processing time of the receiving bank. My girlfriend doesn't believe that and says the problem is with Transferwise. According to her, they are holding the money to collect a day's interest.
What is your opinion?
Regards,
Marco
Editors: Do you have a question for the readers of Thailandblog? Use it contact form..
Could be good. Have only experienced 1x that it arrived on my Thai bank the same day. And 2x that it took longer than a day. And that in 4 years.
I also transfer money monthly to my Thai bank account, small amounts go very quickly sometimes within 5 seconds, with large amounts it usually takes a day, also at what time you send it can cause a delay, is there a Thai holiday in between or weekend then it can take 2 days, but normally one day is also indicated when it is on the bill, with me usually in the afternoon (Krungsri)
Also depends on how you transfer the money. Via a regular transfer from your Belgian or Dutch bank is slower than via your credit card. But normally everything is very smooth via Transferwise.
Usually within 12 hours on my couch.
Longer at weekends.
Usually on Monday.
Ben Geurts
Until recently, I transferred a few 100s of euros monthly via Transferwise to a (Krungsri) bank account in Thailand. Transferred before 08:30 in the morning was on the account in Thailand that same day. Payment to Transferwise via iDEAL.
I regularly transfer amounts with Transferwise, but it has never gone faster than in 2 days, usually the money is only on the 3rd day..
It is a medium amount each time
that varies between 2000 and 4000 euros.
The first 2 times I sent directly through my ING bank to the Bangkok bank and that took even longer and a bit more expensive.
I find Transferwise quite easy, and always take a few days into account.
The current interest rate is not exactly a reason for the bank to hold on to the money longer.
Have been using Transferwise for quite some time and there are 3 options for the transfer cfr. speeds.
Here is an example for 1000 €. Always use the cheapest and lasts max. 48 hours during weekdays.
Transfers on Friday to Sunday can take a little longer.
Low cost transfer - 6.76 EUR fee
Send money from your bank account
Fast transfer - 10.82 EUR fee
Send money from your debit or credit card
Easy transfer - 7.95 EUR fee
Send from your bank with an online payment
I was thinking the same thing Tony.
With me it normally takes 3 days before the money is in the bank in Thailand (via bank transfer). I don't think this is bad at all though.
Good that 'the good old days' of the carrier pigeons are a thing of the past 🙂
I simply transfer amounts up to 30.000 euros from Rabo to Krungsri quanta costa 7 euros within 1 day. Always get a call from BKK head office whether it is for personal intentions
Costs are not that important, but the exchange rate is. Do the exercise and you will see that you will be cheaper with TW. But you just do what feels best for you.
I made 3 transfers in 10 minutes on Wednesday. 2 transfers were on the account on Thursday, the 3rd only on Monday. Same bank SCB, same account. I didn't want to overwrite it in 1 amount so as not to get into trouble.
I transfer money to Thailand every month (more than 4 years),
Always via iDEAL, I always choose the cheapest option of transfer (slowest option)
1 x it took 2 days with a weekend and Thai holiday in it.
For the rest always within the hour, a few times even within the minute.
I think it matters a lot whether you use iDEAL or another option
With iDEAL, Transferwise has the money immediately in their account, so that they can continue themselves and do not have to wait until the money has been transferred from another bank to Transferewise
I regularly transfer money via Transferwise.
Transferred 2 weeks ago on Sunday. I expected it to be in my account on Monday, but it was already in my Thai bank account 10 minutes later.
There are a number of options to influence the transfer of money.
Costs a little bit more, but it isn't exactly what you need.
I do not believe that Transferwise is currently holding the money longer due to the current interest rate.
Small amounts, under a thousand euros, are in my Thai account very quickly. From a few minutes to up to an hour. Amounts between 2000 and 4000 euros take a little longer, but always on the same day in my account. Wise does indicate that it may take longer depending on the processing speed of the Thai bank. They take a period of several days, for large amounts. This is certainly not the case with the Bangkok bank. So there has never been any question of withholding shipment from the Netherlands. However, when sending larger amounts abroad, the Dutch banks have to take into account a reporting obligation to certain authorities. This may cause some delays on the line. Sending directly from Dutch to Thai bank took me at least a day and much longer than wise as they want to be called.
sent 10000 bht with transferwise last week, after 1 minute message that it was on her account.
There is a choice in the cost of wire transfer in normal and fast. It is also best to transfer an amount in euros to your TW account in advance. That is absolutely reliable. Soon there will be a name change to WISE.
Glad to see confirmation of the name change. I already thought I was dealing with computer fraud because I had also received that name change, but everyone here still uses the old name.
My experience with TransferWise is quite good – transferring money can be done in the same day and is quite smooth.
The requirement is that you have a TransferWiss account and that you have sufficient funds in that account.
Then enter the necessary information and almost immediately your money will leave for Thailand.
Sounded the same day (if you enter the transfer in the early morning in Belgium)
Transferring money from Belgian bank to TransferWiss takes max 30 minutes from ING/TrWi.
Exchange rate and costs are much better than through banks,
grtn
Guy
I transferred money to my account at Bangkok Bank via Azimo.com late last week. Within five minutes I received an email from Azimo that my money had arrived in Thailand: 'Your transfer has arrived at its destination'. It is indicated that it can take up to 24 hours before the money actually appears on your account, depending on the receiving bank. However, an hour later I was at the Bangkok Bank ATM and the amount turned out to be on my account.
Not ANY problem with (Transfer)wise! Normally the money is in the Thai bank account within minutes!!!
I have been using Transferwise weekly for a year now and Revolut and PayPal before that. I am super enthusiastic about Transferwise and am regularly amazed at the speed with which it is on my girlfriend's account. Sometimes it goes faster than a transfer in the Netherlands (within a minute). I use my own bank account and my girlfriend's Thai bank account. These are small (few 100) and sometimes larger amounts (+€1000). Occasionally it happens that it takes longer, sometimes a day and even a few days. I don't always know the reason, but sometimes there was a weekend or a holiday in between. In addition, the rates and exchange rate of Transferwise are the most favorable in my case. For the purchase of our house in Prachuap I had to transfer a lot of money, but despite the fact that they had all kinds of questions about where the money came from, etc., it went quickly. I recently also got a debit card, but I have no experience with it yet.
Could it be that an extra check is carried out for large amounts, or perhaps there is a reporting obligation to the “departing” and “receiving” country?
This to trace possible suspicious criminal money flows?
I usually receive smaller amounts within a few minutes. but amounts above 5000 euros always take longer, usually a day or 3/4 outside the weekend. Transferred the last time last month on Friday and the week after it only arrived on Thursday. I always pay by Ideal so the money is immediately debited from my Dutch account. I think this is because there are extra checks for larger amounts.
I have now transferred my pension twice and it really takes a few days. And that is really not above 2 euros
Transferwise works differently. They do not send euros to Thailand. With your Euros, other payments are made in Euros, and with Bahts received, your amount is paid to your recipient in Thailand. This way they avoid exchange rates. In other words, the euro will not leave the EU. The same goes for the Baht. The higher the amount, the longer it may take. In addition, they of course need cooperation from the local bank in Thailand in this case…
My experience is also to transfer money from Mon-Wed. On Free you will almost certainly lose it all weekend. It can freeze or thaw on Don.
Do you even read TW's emails? They communicate fine.
I transfer to TW with Ideal and then receive a message when TW has received it. That varies from one to several hours. From that point on I count the hours it takes TW to get it to its destination. And that is usually shorter than the time that TW initially indicates and always within 48 hours but often within a few minutes.
I would imagine that by the end of the month TW's Thai (and other) accounts should be topped up with fresh money. That also takes time!
Last time I opted for “Low cost transfer” (1000 euros via ING/iDeal) and the money was on the Thai account in 2 minutes and that on a Sunday.
Hello, usually with me in 4 to 5 sec and sometimes 2 to 3 hours, depends on which period you deposit, holidays and weekends cause a delay.
Take bank holidays into account, it will take longer. And lately Thailand has added quite a few extra holidays.
It does indeed appear that there can be a large time difference in transferring money.
But I found out for myself that weekends take a long time.
The Thai banks do not work or work very slowly.
But if I make a transfer on Monday, it will be in my account in Thailand in a few seconds. (8 sec)
Monday after 10 am local time. Then my bank TMB will only open.
Holding onto the money to get more exchange rate gains or interest doesn't seem right to me.
Suppose you transfer an amount on Saturday at a good rate
Then you get the same rate offer even though it is a lot lower on Monday!!
I've experienced this several times in the past
I'm not worried about that
And TW is a great company, I have every confidence in that.
You will also receive a message explaining what could be wrong!!
It can of course differ per bank.
Only the TMB is closed on weekends.
But your money always arrives!!
Good luck with your transfer.
Gr rob
I would like to know, why is it so important that money is transferred quickly.
Maybe in a rare emergency or something.
I read here with some responses within 15 minutes even within 2 minutes already on my account.
Where is the fire I wonder again.
I've been doing it for many years as an old fashioned person maybe thinking the slow way and still have my wet and dry here.
I also never had any problems during my time here with my bank in Holland and in Thailand with transfers. And should anything ever go wrong, a phone call or e-mail to the branch in Holland or Thailand will suffice to solve the problem.
And who is Transferwise actually can they be trusted, should problems ever arise there, where can you go.
Looking forward to responses.
So why the rush then, maybe a Thai girlfriend who is keen on your money, buffalo of the family may have suddenly become ill or is it more a matter of prestige who can go the fastest.
Jan Beute.
Dear Jan,
I also wondered what could be so important in the fact whether the money transferred, and that goes here, as always when it comes to money matters, by auction, from 2 seconds to 2 days?
I have been using TW for several years, about three or four times a year. In most cases the money is in my Thai account within two days and I am perfectly informed by TW, by e-mail, of the progress. I've never worried about it if it takes two days, after all there's nothing on fire and, I always have plenty of reserve. Also, no one is complaining that they urgently need their 'sponsor money'.
You don't understand the context. It doesn't matter at all, to most, whether it's done in a minute or a day. It is about the reliability of the transfer and that it also goes smoothly is a nice bonus but not a necessity. It's just a piece of information. Nice word for gallows, by the way
Only the question is not about reliability, but just about speed…
Dear Jan, I only respond to a question that is asked.
The only reason I use TW is that they are much cheaper than transferring it to Thailand through my bank.
And I've been using TW for a number of years, so I think it's good.
If someone wants to do it their way, so be it.
Has nothing to do with outdoing each other or quickly transferring sponsorship money.
I am amazed at how fast they can send the money.
For years, I have been transferring money to Thailand very regularly
That is always extremely fast and cheap.
But sometimes it takes longer and that is almost always on the Thai side.
Include time difference and holidays (of which there are many)
With me it depends on what time and when you transfer.
From Monday to Thursday in minutes.
If you do it on the weekend it will take longer.
Processing time does matter.
But I don't dare say to earn interest.
My personal experiences with TransferWise.
The duration of the transfer certainly also has to do with the reason for the transfer. I have been using TransferWise for many years and funds were sometimes in my Thai account within 1 minute or after 1 day, depending on the chosen reason. Use Ideal to transfer money to TransferWise.
If I choose “General Monthly Living Expenses” then the amount is usually deposited very quickly into my Thai account. Sometimes within a minute. My Thai account statement then shows “Transfer from another bank”.
If I choose “Funds for long term stay in Thailand” then it will usually be in my account the next day. Usually around 14.00 p.m. because TransferWise itself reports that for this reason the bank needs approx. 6 hours to process the transfer. “International transfer” then appears on my Thai account statement.
The reason to choose can be important for extending your stay, depending on Immigration. To date, Visa Support Letter is sufficient.
Dear, have been using this transferwise for a few years now. Fine processing.
Do not transfer amounts on Friday because then it will only be on the account on Monday.
Amount amount; anything above 1,000 euros takes a little longer/may take longer
Choice of transfer; Ideal/Credit card/low cost etc
Your bank in Thailand, Kasikorn is the fastest because TW does banking there
The day of transfer, holidays and weekends delay
Dear Marco, as far as I can see, the central banks are currently charging negative interest to the banks to store money there, it seems to me that holding VA for interest purposes is not up to third here.