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Home » Reader question » Reader question: Question about fees at Transferwise
Reader question: Question about fees at Transferwise
Dear readers,
I use Transferwise to transfer money from ING to ABA Bank in Cambodia. Good luck experiences about their speed, I have those experiences too. But a question about the cost:
Sent on 2019-10-04:
- 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
What is that USD 55,00 for?
Regards,
Carl
If something is unclear, I think the best way to inquire is with transferwise.
All the answers to this are vague. So for clarity; contact transferwise
You have to pay with ideal and not with a transfer from ING.
Cambodia is not on Transferwise's list of countries to which you can transfer money. It is probably possible if you have a so-called 'Borderless account' at TW. TW will then charge costs for the transfer and the receiving bank in Cambodia (ABA) as well, so 12,10 euros and 10 dollars respectively. Since VA will not have used a guaranteed exchange rate for this transaction, there will also be a certain percentage of exchange rate surcharge, which is calculated when converting euros to dollars. Perhaps this explains the $ 55, although it is striking that it is a round amount. The transaction took place more than half a year ago. Why did you not ask TW (via email) for a specification or explanation of the costs?
I think it's down to the way ABA Bank handles incoming SWIFT transfers.
According to their website https://www.ababank.com/international-transfers/ do they do that through correspondent bank.
This correspondent bank will pay that 55 USD. Here is an explanation of the sense and nonsense of these intermediaries https://www.investopedia.com/terms/c/correspondent-bank.asp.
Transferwise normally maintains suspense accounts with banks where you send the money to, in order to save costs by merging the number of SWIFT transfers per day for multiple customers at that bank.
However, it cannot or may not hold an account for ABA Bank because ABA Bank arranges incoming transfers in foreign currency through an extra bank, the correspondent.
This summary does not look good. Even more expensive than an ING bank worldwide shipping via Germany. You send 2000 euros. Then Transferwise charges an amount of 12 euros and 10 cents. Then Transferwise will exchange the euros into USD and Transferwise will arrange 2178,50 USD. Then you would expect it to be on your account, but apparently that is not the case, because you only received USD 2123,50. Apparently that – 55 dollars has to do with the conversion from euros to dollars. This does not seem normal to me and time to inquire there. I do know that ING charges a fixed high amount on top of all other costs for world payments to certain countries. Whether Transferwise also uses this, maybe others know more about this. Very strange I agree with you.
My first shipment to Thailand with transferwise.
Decided to do a test with 100 euros. The transaction with I deal was removed from the ING account and transferred to Transferwise. The total cost was 2 euros and 14 cents and the exchange rate used matched the rate my apps also showed. (33.8134) So significantly higher than the usual banks use. So 97 euros and 86 cents were exchanged (Rabo bank in the Netherlands) into bahts and passed on to the Kasikorn bank which Transferwise uses in Thailand. Kasikornbank sent this money to my Bangkok account. The previously announced amount of bahts 33,308.98 was already visible after more than an hour and a half. The entire process of processing and shipping was visible on the Transferwise site and supported with emails. What a relief from the usual bank settlement. I simply chose the slowest (cheapest) method of shipping and then quickly had it available in Thailand. I am convinced because it is clear that for this small amount (100 euros) a 14,53 euro cost reduction compared to the ING and Bangkok banks is my preferred method.
Error in the amount must of course be 3,308.98 baht that was credited to the Bangkok bank account.
With TW there is another option fast, medium, slow. There are also differences in costs.
slowly it's already there the next day
The additional costs are solely attributable to the system used by Cambodian banks
(read enrich oneself at the expense of citizens).
Not only ABA, also Canaidian Bank Aceleda ect use those extra bills.
TransferWise is aware of the problem for Cambodia - perhaps for commercial reasons, however, nothing is mentioned about it on the site.
Transferwise cannot remedy or change anything in this regard.