Anyone using Transferwise

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midareff
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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
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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
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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
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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
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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
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Re: Anyone using Transferwise

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

I've used it twice. No issues.

TravelGeek
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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
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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
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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
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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
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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
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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
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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
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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
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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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midareff
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Re: Anyone using Transferwise

Post by midareff » Sat Mar 28, 2020 10:23 am

kiddoc wrote:
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.
Do they add the fee on top of the transfer amount or deduct it from the amount being transferred? Thanks for the help.
Last edited by midareff on Sat Mar 28, 2020 10:31 am, edited 1 time in total.

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midareff
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Re: Anyone using Transferwise

Post by midareff » Sat Mar 28, 2020 10:25 am

Carl53 wrote:
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.
Yes, we tried EFT awhile back and could not do it as a transfer from Ally to The Bank of Bangkok's NY Branch because it was a joint account going to an individual only account. Now can't because Ally doesn't use IAT format so I need an alternative. Thanks for the reply.
Last edited by midareff on Sat Mar 28, 2020 10:31 am, edited 1 time in total.

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midareff
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Re: Anyone using Transferwise

Post by midareff » Sat Mar 28, 2020 10:26 am

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, it would be the reverse. Ally to a Bank in Thailand. Perhaps Siam Commercial. Thanks for your reply.
Last edited by midareff on Sat Mar 28, 2020 10:31 am, edited 1 time in total.

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midareff
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Re: Anyone using Transferwise

Post by midareff » Sat Mar 28, 2020 10:29 am

Godot wrote:
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.
My wife happens to have a passbook account at Siam Commercial Bank that accepts electronic transfers from other Thai money sources. Was the account you were transferring to some kind of passbook account or something different??

Thanks for the advisory.

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midareff
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Re: Anyone using Transferwise

Post by midareff » Sat Mar 28, 2020 10:30 am

fujiters wrote:
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.
Thanks for the reply.. the amounts contemplated exceed anything that might be ATM convenient.

csm
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Re: Anyone using Transferwise

Post by csm » Sat Mar 28, 2020 10:38 am

AlexC wrote:
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.
+1 I've had the same experience. TransferWise is fine for smaller amounts, but did not give me a level of comfort when I reached out to them about a high six-figure transfer, particularly as they are difficult to get a hold of by phone and slow to respond to emails. Schwab was brilliant - no fee, excellent interbank rate, excellent customer service reachable immediately by phone, very fast transfer.

Godot
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Re: Anyone using Transferwise

Post by Godot » Sat Mar 28, 2020 2:11 pm

midareff wrote:
Sat Mar 28, 2020 10:29 am
Godot wrote:
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.
My wife happens to have a passbook account at Siam Commercial Bank that accepts electronic transfers from other Thai money sources. Was the account you were transferring to some kind of passbook account or something different??

Thanks for the advisory.
Yes, passbook account.
Estragon: I can't go on like this. | Vladimir: That's what you think. | ― Samuel Beckett, Waiting for Godot

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midareff
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Re: Anyone using Transferwise

Post by midareff » Sun Mar 29, 2020 7:40 am

Godot wrote:
Sat Mar 28, 2020 2:11 pm
midareff wrote:
Sat Mar 28, 2020 10:29 am
Godot wrote:
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.
My wife happens to have a passbook account at Siam Commercial Bank that accepts electronic transfers from other Thai money sources. Was the account you were transferring to some kind of passbook account or something different??

Thanks for the advisory.
Yes, passbook account.
Many thanks...... will try that in a few days. I am hopeful I can do an Ally to Siam that way.

Spiderv6
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Re: Anyone using Transferwise

Post by Spiderv6 » Sun Mar 29, 2020 9:40 am

phisher4 wrote:
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.
I use them frequently and have used it for a 6 figure transfer last year.

I asked BofA multiple times if they wanted the business, including as I went in to a branch move the money out of my account to TransferWise. Every time I asked they just scoffed that it wasn’t possible as it was all set by computer. If you have contacts somewhere in a bank you might be able to make something happen.....but I seriously doubt it.

Transferwise is excellent.

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sperry8
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Re: Anyone using Transferwise

Post by sperry8 » Sun Mar 29, 2020 9:44 am

BW1985 wrote:
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.
Exactly my experience. They saved me oodles but it took a week to get it all transferred. They asked for myriad documents and proof of where I got the money from. It's hard to prove "savings". But eventually the monies got sent properly. Even with the headache it was worth it for the savings.
BH contest results: 2019: #233 of 645 | 18: #150 of 493 | 17: #516 of 647 | 16: #121 of 610 | 15: #18 of 552 | 14: #225 of 503 | 13: #383 of 433 | 12: #366 of 410 | 11: #113 of 369 | 10: #53 of 282

dubnde
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Re: Anyone using Transferwise

Post by dubnde » Sun Mar 29, 2020 10:15 am

I use it. From the UK. I work for an international US company. RSUs vest with E*TRADE in US. Sell them and direct to TransferWise Borderless US account. And I then transfer to UK account. Normally takes a few hours after E*TRADE settle the RSUs order. Good rates compared to direct HSBC transfer from E*TRADE I used to do before TransferWise showed up a few years back.

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midareff
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Re: Anyone using Transferwise

Post by midareff » Sun Mar 29, 2020 11:17 am

sperry8 wrote:
Sun Mar 29, 2020 9:44 am
BW1985 wrote:
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.
Exactly my experience. They saved me oodles but it took a week to get it all transferred. They asked for myriad documents and proof of where I got the money from. It's hard to prove "savings". But eventually the monies got sent properly. Even with the headache it was worth it for the savings.
Hmmm.... was that a significant 4 or 5 digit (or larger) transfer?

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sperry8
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Re: Anyone using Transferwise

Post by sperry8 » Sun Mar 29, 2020 11:48 am

midareff wrote:
Sun Mar 29, 2020 11:17 am
sperry8 wrote:
Sun Mar 29, 2020 9:44 am
BW1985 wrote:
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.
Exactly my experience. They saved me oodles but it took a week to get it all transferred. They asked for myriad documents and proof of where I got the money from. It's hard to prove "savings". But eventually the monies got sent properly. Even with the headache it was worth it for the savings.
Hmmm.... was that a significant 4 or 5 digit (or larger) transfer?
6 digit
BH contest results: 2019: #233 of 645 | 18: #150 of 493 | 17: #516 of 647 | 16: #121 of 610 | 15: #18 of 552 | 14: #225 of 503 | 13: #383 of 433 | 12: #366 of 410 | 11: #113 of 369 | 10: #53 of 282

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midareff
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Re: Anyone using Transferwise

Post by midareff » Mon Mar 30, 2020 7:57 am

sperry8 wrote:
Sun Mar 29, 2020 11:48 am
midareff wrote:
Sun Mar 29, 2020 11:17 am
sperry8 wrote:
Sun Mar 29, 2020 9:44 am
BW1985 wrote:
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.
Exactly my experience. They saved me oodles but it took a week to get it all transferred. They asked for myriad documents and proof of where I got the money from. It's hard to prove "savings". But eventually the monies got sent properly. Even with the headache it was worth it for the savings.
Hmmm.... was that a significant 4 or 5 digit (or larger) transfer?
6 digit
Thank you for the information...

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