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2 hours ago, Rawhide2 said:

ok there is the difference. Amount was for £10,000 transfer......£30 more but for the life of me I cant see why when debit card involved

 

Screenshot_2020-01-09 Transfer Money Online — Send Money Abroad with TransferWise.png

I  know vendor pays the credit card issuer a percentage  when a credit card is used.  Not sure about a debit card used as a debit card.

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Posted (edited)
10 hours ago, Rawhide2 said:

ok there is the difference. Amount was for £10,000 transfer......£30 more but for the life of me I cant see why when debit card involved

 

Screenshot_2020-01-09 Transfer Money Online — Send Money Abroad with TransferWise.png

That was what I saw on a 10k transfer... and I only really noticed it because I was comparing how much I received between my bank using a Swift, and TW. I was initially surprised that the numbers were pretty close...in the past TW made it a no brainer. Now I was reticent to involve a 3rd party for a small benefit. I might add my bank does the SWIFT for free (well they used to....haven't used them for a year). Also someone mentioned TW were due to increase their charges.  I might have been caught also by an old Bangkok Bank rate, it was early here and before they updated. 

Just tried it again... 10,000 GBP will get me 392,919 baht on TW  (58.90 GBP Fee)

NB Not using a debit card!

If I SWIFT  to Bangkok Bank 39.33250baht/GBP = 393325-500 baht= 392825 baht .

I do not see the benefit beyond TW rate being locked in. 

 

Edited by jacko

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9 hours ago, jacko said:

That was what I saw on a 10k transfer... and I only really noticed it because I was comparing how much I received between my bank using a Swift, and TW. I was initially surprised that the numbers were pretty close...in the past TW made it a no brainer. Now I was reticent to involve a 3rd party for a small benefit. I might add my bank does the SWIFT for free (well they used to....haven't used them for a year). Also someone mentioned TW were due to increase their charges.  I might have been caught also by an old Bangkok Bank rate, it was early here and before they updated. 

Just tried it again... 10,000 GBP will get me 392,919 baht on TW  (58.90 GBP Fee)

NB Not using a debit card!

If I SWIFT  to Bangkok Bank 39.33250baht/GBP = 393325-500 baht= 392825 baht .

I do not see the benefit beyond TW rate being locked in. 

 

ok lets have a look real time. We can only go by current Bangkok Bank landing rate for incoming TT monies though course they could go up but also down

If you're sending completely free than £10,000 would land at 39.17 so 391,700 Baht minuus 500 Baht local fee so 391,200

£10,000 from Transferwise would land at 393,464 so 2,264 baht more

Also doesnt take into account that most transfers we send are not free of charge but on BB example above we did.  To me TW still comes out on top as long as you do bank transfer rather than debit credit card.....if your own bank charges to send as well than still a no brainer

 

Screenshot_2020-01-10 Transfer Money Online — Send Money Abroad with TransferWise.png

Screenshot_2020-01-10 Foreign Exchange Rates.png

Edited by Rawhide2

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44 minutes ago, Rawhide2 said:

£10,000 from Transferwise would land at 393,464 so 2,264 baht more

Yes, it is really not the advantage I recall from past use.... when it means I am using an extra '3rd party'....  with no guarantees ??? My previous calculation took advantage of a lagging update downwards (from BB) which for sure I would not have achieved. But 2000 baht in 400,000....  is not worth the extra steps I have to take. I need to move the Sterling between my UK accounts, as one does not allow Transferwise to pull the money in real time and my Debit Card would be my only option, limited amount and more expensive.. Thanks for your input. 

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35 minutes ago, jacko said:

Yes, it is really not the advantage I recall from past use.... when it means I am using an extra '3rd party'....  with no guarantees ??? My previous calculation took advantage of a lagging update downwards (from BB) which for sure I would not have achieved. But 2000 baht in 400,000....  is not worth the extra steps I have to take. I need to move the Sterling between my UK accounts, as one does not allow Transferwise to pull the money in real time and my Debit Card would be my only option, limited amount and more expensive.. Thanks for your input. 

No problem. Lets have a look at say £2000 an amount that I would likely send to fund trips whilst in town

Bangkok Bank would be 78,340 but a reduced landing fee of 300 so 78,040. No sending fee assumed

TW would be 78.614 still better bottom line

If your bank say charged £10 to send (average I guess) than you'd have to knock that BB figure by 400 baht effectively

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46 minutes ago, Rawhide2 said:

TW would be 78.614 still better bottom line

Yeah, 600 baht better. Living here I tend to transfer bigger amounts than £2000.... I would not be overly concerned to lose 600 baht and use  the very straightforward and simple SWIFT option of my UK bank, and I assure you it has been free. (And ALWAYS gets the much loved 'TT' designation immigration require.) 

The TW claim You could save up to 41.39 GBP vs the average bank is not the case for me, about 15 GBP. What has changed?

Edited by jacko

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1 hour ago, jacko said:

 

The TW claim You could save up to 41.39 GBP vs the average bank is not the case for me, about 15 GBP. What has changed?

I've always thought that was a load of bullshit. I saw £220 quoted on one figure when I was playing around with it last month.

I find TW very easy and quick to use. Last time it was less than 60 seconds from pressing send (to TW) and then logging into bank to find it already there. Apparently is the norm now if you send Monday thro Thursday but not the other 3 days

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