Retirement Visa Extension and Wise (Transferwise)

[Big Boy]

Did you use the reason of 'Funds for Long Stay in Thailand''? I thought that was meant to guarantee the correct code.

[Chazz14]

Good question,BB. I'm not absolutely sure I did. I think I'll give TFW another shot for this month's t/f.

BTW, have you got a 100% sucess record with Kasikorn when you quote 'Funds for Long Stay in Thailand''?

[Big Boy]

Yes, no problem.

[Chazz14]

(As previously mentioned), I gave TFW another go and transferred my Dec. pension a few days ago. I paid by UK Nationwide debit card and Kasikorn received the money instantly. This time I made certain to state that the cash was for "long-term stay in Thailand."

With some trepidation I requested a PDF statement via the Kasikorn app. and found that the transfer was, yet again, coded as MCL00001! Kasikorn have already told me that this is NOT an international transfer so no credit advice for me...

So it looks like Swift transfers from now on...

To cap it all, Nationwide initially blocked the above transfer (as potentially suspicious etc.) after have allowed the previously ten almost identical monthly transfers! This was the third occasion that their software had got it wrong...

Anyway, here's wishing you all a happy and Healthy 2020!

[Big Boy]

I've received an e-mail from NatWest today advising they are dropping their charge for standard international money transfers. I guess Transferwise must be hurting them badly. All they need to do now is offer a better exchange rate and increase the speed of the transfer, and they might start to compete with companies like Transferwise.

I've just checked Transferwise, and am wondering if the advantages of Transferwise are disappearing:

Transferwise.png (54.17 KiB) Viewed 830 times

[HHTel]

Barclays have certainly got Transferwise beat at the moment. If other banks match them then Transferwise is gonna lose.

[lomuamart]

I've used Barclays to transfer for the past 10 years.

Up until a while ago, they charged 33 GBP for a quick transfer. That was broken down into 25 GBP for the same day transfer to BKK and then a further 8 GBP for whatever.

These days, the charge is just the 8 GBP but the transfer to BKK happens the next day. Over the past 3 years or so, on a monthly basis, there have only been two occasions when that transfer has actually taken 2 days to leave my UK account. Maybe I just messed up with time differences and end of banking hours? But I don't think so. They were anomalies.

Of course, the transfers from BKK to Kasikorn HH are shown as internal so the need for credit advices still persists.

[sateeb]

I seriously doubt that that Barclays can guarantee funds transferred to Thailand in 1 day on a Saturday, at least TW tells the truth. Meh, for 100 baht or so I,ll stick with TW for now.

[Big Boy]

These days, the charge is just the 8 GBP but the transfer to BKK happens the next day.

My point was that NatWest have stopped charging any Transfer Fee, and it looks as though other banks are doing the same. I guess you will no longer be charged your £8.

[buksida]

am wondering if the advantages of Transferwise are disappearing

Bitcoin - its what it was designed for - to be unbanked!

[benmo]

HSBC only charge £4 and I send in gbp for Thai bank to convert

[Big Boy]

for 100 baht or so I,ll stick with TW for now.

Me too, but the competition is working - every little helps.

[Big Boy]

am wondering if the advantages of Transferwise are disappearing

Bitcoin - its what it was designed for - to be unbanked!

I'd imagine the technology would blow Thai Immigration's brains. Are you thinking logically, or are we talking a reality that Immigration accepts?

[HHTel]

These days, the charge is just the 8 GBP but the transfer to BKK happens the next day.

My point was that NatWest have stopped charging any Transfer Fee, and it looks as though other banks are doing the same. I guess you will no longer be charged your £8.

They do seem to be following suit on the transfer fee. However, apart from Barclays, their exchange rate is well below TW.

Net exchange rates:
Barclays: 39.552
TW: 39.194
Natwest and RBS: 38.62
Nationwide: 37.799
Paypal: 37.622
Ulster : 37.554

[HHTel]

These days, the charge is just the 8 GBP but the transfer to BKK happens the next day.

My point was that NatWest have stopped charging any Transfer Fee, and it looks as though other banks are doing the same. I guess you will no longer be charged your £8.

They do seem to be following suit on the transfer fee. However, apart from Barclays, their exchange rate is well below TW.

Net exchange rates:
Barclays: 39.552
TW: 39.194
Natwest and RBS: 38.62
Nationwide: 37.799
Paypal: 37.622
Ulster : 37.554

Incidentally, until I stopped using Lloyds, they were transferring the same day.
I have found with TW that although the transfer can be done in a matter of an hour, if on a Saturday or public holidays, the Thai account isn't updated until the banks are open. Well with BKK bank anyway.