Anyone using Transferwise

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midareff
Posts: 6600
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Anyone using Transferwise

Post by midareff » Thu Mar 26, 2020 12:39 pm

We want to sent some money to my wife's accounts in Thailand. She has an account at Ally Bank and an account at the NY Branch of the Bangkok Bank. Ally does not offer IAT format ACH Transfers, which is the required format for Bangkok Bank to receive the ACH funds. I've never heard of Transferwise although my wife has seen it in reading about such transfer in Thai language Google pages. Does anyone here have any experience with Transferwise?... and how money would be sent to them to transfer?

BW1985
Posts: 1878
Joined: Tue Mar 23, 2010 6:12 pm

Re: Anyone using Transferwise

Post by BW1985 » Thu Mar 26, 2020 12:43 pm

Yes I use it to send money every quarter, it's a great service. It can take longer than it estimates just be aware of that.
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

kiddoc
Posts: 482
Joined: Mon Aug 24, 2015 10:52 pm

Re: Anyone using Transferwise

Post by kiddoc » Thu Mar 26, 2020 12:45 pm

Used it multiple times. Convenient. Charge about 10-15 bucks and will give you the best Google currency exchange rate. Direct debit from bank account. I use a side checking account (separate from main account) for all direct debits. Worked well over the past 2 years. I have been impressed by their speed.
"The four most dangerous words in investing are: 'this time it's different.'" - Sir John Templeton

nalor511
Posts: 581
Joined: Mon Jul 27, 2015 1:00 am

Re: Anyone using Transferwise

Post by nalor511 » Thu Mar 26, 2020 12:52 pm

I used it, fee was 2nd lowest I could find at the time, quick and convenient. Rather not pay the fee, of course, but not much option about that. Would do it again.

Carl53
Posts: 1897
Joined: Sun Mar 07, 2010 8:26 pm

Re: Anyone using Transferwise

Post by Carl53 » Thu Mar 26, 2020 12:57 pm

midareff wrote:
Thu Mar 26, 2020 12:39 pm
We want to sent some money to my wife's accounts in Thailand. She has an account at Ally Bank and an account at the NY Branch of the Bangkok Bank. Ally does not offer IAT format ACH Transfers, which is the required format for Bangkok Bank to receive the ACH funds. I've never heard of Transferwise although my wife has seen it in reading about such transfer in Thai language Google pages. Does anyone here have any experience with Transferwise?... and how money would be sent to them to transfer?
My daughter is in Australia and uses Transferwise for international transfers. However, she is on an Ally account with me, and reports that with Ally she is stuck with using a wire transfer instead of Transferwise.

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whodidntante
Posts: 7538
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: Anyone using Transferwise

Post by whodidntante » Thu Mar 26, 2020 1:01 pm

I've used it twice. No issues.

TravelGeek
Posts: 3307
Joined: Sat Oct 25, 2014 3:23 pm

Re: Anyone using Transferwise

Post by TravelGeek » Thu Mar 26, 2020 1:11 pm

Carl53 wrote:
Thu Mar 26, 2020 12:57 pm

My daughter is in Australia and uses Transferwise for international transfers. However, she is on an Ally account with me, and reports that with Ally she is stuck with using a wire transfer instead of Transferwise.
I have used Transferwise with Ally checking as the target account. Source was an account with a European bank. No problems. Not sure if your case is the reverse.

spintran
Posts: 5
Joined: Tue Oct 10, 2017 9:04 pm

Re: Anyone using Transferwise

Post by spintran » Thu Mar 26, 2020 1:30 pm

I have used many times, no issues. I usually check Xoom as well before I send to verify exchange rates/fees.

assyadh
Posts: 152
Joined: Tue Sep 18, 2018 12:44 pm

Re: Anyone using Transferwise

Post by assyadh » Thu Mar 26, 2020 1:31 pm

I have sent tens of thousands through the years. no issue.

I recently got impressed by a transfer from my Schwab to my French bank account which credited instantly.

AlexC
Posts: 45
Joined: Mon Aug 03, 2009 3:41 pm

Re: Anyone using Transferwise

Post by AlexC » Thu Mar 26, 2020 1:36 pm

Have used both Schwab and Transferwise. Schwab has excellent exchange rate but charges $25 per wire. Transferwise fees + exchange rate generally very close to Schwab. Have transferred many hundreds of thousands using Schwab and trust them with the big money transfers plus they are faster. I would recommend both.

phisher4
Posts: 64
Joined: Tue Oct 18, 2016 7:05 pm

Re: Anyone using Transferwise

Post by phisher4 » Thu Mar 26, 2020 1:38 pm

Transferwise is great for small amounts of currency.

If you're sending a significant amount of money, speaking with an empowered individual at the currency desk at your bank (at a regional or headquartered location), will usually yield better results.

The definition of "significant amount" varies, but is usually 5-6 figures.

Godot
Posts: 350
Joined: Fri Jun 08, 2018 3:44 pm
Location: Little Beirut

Re: Anyone using Transferwise

Post by Godot » Thu Mar 26, 2020 1:39 pm

midareff wrote:
Thu Mar 26, 2020 12:39 pm
We want to sent some money to my wife's accounts in Thailand. She has an account at Ally Bank and an account at the NY Branch of the Bangkok Bank. Ally does not offer IAT format ACH Transfers, which is the required format for Bangkok Bank to receive the ACH funds. I've never heard of Transferwise although my wife has seen it in reading about such transfer in Thai language Google pages. Does anyone here have any experience with Transferwise?... and how money would be sent to them to transfer?
I use it send transfers to Siam Commercial Bank. Never had a problem with it, and much cheaper than Western Union, for example.
Estragon: I can't go on like this. | Vladimir: That's what you think. | ― Samuel Beckett, Waiting for Godot

sonosoldi3112
Posts: 71
Joined: Fri Sep 17, 2010 8:40 pm

Re: Anyone using Transferwise

Post by sonosoldi3112 » Thu Mar 26, 2020 1:41 pm

Take a look at Revolut

I have been using it for USA to Europe .. free transfers ... exact Xe rate given .. no fees mostly .. they have debit card ... apple pay ..ect ..just recently launched USA fully. Can exchange your balance for various currency within your account ... instant transfers to your recipient. I think it is amazingly good.

Carl53
Posts: 1897
Joined: Sun Mar 07, 2010 8:26 pm

Re: Anyone using Transferwise

Post by Carl53 » Thu Mar 26, 2020 2:15 pm

TravelGeek wrote:
Thu Mar 26, 2020 1:11 pm
Carl53 wrote:
Thu Mar 26, 2020 12:57 pm

My daughter is in Australia and uses Transferwise for international transfers. However, she is on an Ally account with me, and reports that with Ally she is stuck with using a wire transfer instead of Transferwise.
I have used Transferwise with Ally checking as the target account. Source was an account with a European bank. No problems. Not sure if your case is the reverse.
Yes, she was trying to go from Ally to Australia.

fujiters
Posts: 347
Joined: Tue Mar 06, 2018 2:17 pm

Re: Anyone using Transferwise

Post by fujiters » Thu Mar 26, 2020 2:21 pm

I have used it. It's pretty straightforward and fees are relatively low.

Depending on why you want to send money, you may also want to consider direct withdrawals from ATMs from a debit card without foreign transaction fees (like Schwab's), which could then be deposited into a local bank account. This beats beats Transferwise after fees are included.
“The purpose of the margin of safety is to render the forecast unnecessary.” -Benjamin Graham

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