Anyone using Transferwise
Anyone using Transferwise
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?
Re: Anyone using Transferwise
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.
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Re: Anyone using Transferwise
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
Re: Anyone using Transferwise
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.
Re: Anyone using Transferwise
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.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?
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Re: Anyone using Transferwise
I've used it twice. No issues.
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Re: Anyone using 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.
Re: Anyone using Transferwise
I have used many times, no issues. I usually check Xoom as well before I send to verify exchange rates/fees.
Re: Anyone using Transferwise
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.
I recently got impressed by a transfer from my Schwab to my French bank account which credited instantly.
Re: Anyone using Transferwise
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.
Re: Anyone using Transferwise
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.
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.
Re: Anyone using Transferwise
I use it send transfers to Siam Commercial Bank. Never had a problem with it, and much cheaper than Western Union, for example.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?
"The day you die is just like any other, only shorter." |
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Re: Anyone using Transferwise
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.
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.
Re: Anyone using Transferwise
Yes, she was trying to go from Ally to Australia.TravelGeek wrote: ↑Thu Mar 26, 2020 1:11 pmI 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.
Re: Anyone using Transferwise
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.
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
Re: Anyone using Transferwise
Do they add the fee on top of the transfer amount or deduct it from the amount being transferred? Thanks for the help.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.
Last edited by midareff on Sat Mar 28, 2020 10:31 am, edited 1 time in total.
Re: Anyone using 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.Carl53 wrote: ↑Thu Mar 26, 2020 12:57 pmMy 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.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?
Last edited by midareff on Sat Mar 28, 2020 10:31 am, edited 1 time in total.
Re: Anyone using Transferwise
Yes, it would be the reverse. Ally to a Bank in Thailand. Perhaps Siam Commercial. Thanks for your reply.TravelGeek wrote: ↑Thu Mar 26, 2020 1:11 pmI 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.
Last edited by midareff on Sat Mar 28, 2020 10:31 am, edited 1 time in total.
Re: Anyone using Transferwise
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??Godot wrote: ↑Thu Mar 26, 2020 1:39 pmI use it send transfers to Siam Commercial Bank. Never had a problem with it, and much cheaper than Western Union, for example.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?
Thanks for the advisory.
Re: Anyone using Transferwise
Thanks for the reply.. the amounts contemplated exceed anything that might be ATM convenient.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.
Re: Anyone using Transferwise
+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.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.
Re: Anyone using Transferwise
Yes, passbook account.midareff wrote: ↑Sat Mar 28, 2020 10:29 amMy 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??Godot wrote: ↑Thu Mar 26, 2020 1:39 pmI use it send transfers to Siam Commercial Bank. Never had a problem with it, and much cheaper than Western Union, for example.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?
Thanks for the advisory.
"The day you die is just like any other, only shorter." |
― Samuel Beckett
Re: Anyone using Transferwise
Many thanks...... will try that in a few days. I am hopeful I can do an Ally to Siam that way.Godot wrote: ↑Sat Mar 28, 2020 2:11 pmYes, passbook account.midareff wrote: ↑Sat Mar 28, 2020 10:29 amMy 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??Godot wrote: ↑Thu Mar 26, 2020 1:39 pmI use it send transfers to Siam Commercial Bank. Never had a problem with it, and much cheaper than Western Union, for example.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?
Thanks for the advisory.
Re: Anyone using Transferwise
I use them frequently and have used it for a 6 figure transfer last year.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 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.
Re: Anyone using Transferwise
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 Contests: 23 #89 of 607 | 22 #512 of 674 | 21 #66 of 636 |20 #253/664 |19 #233/645 |18 #150/493 |17 #516/647 |16 #121/610 |15 #18/552 |14 #225/503 |13 #383/433 |12 #366/410 |11 #113/369 |10 #53/282
Re: Anyone using Transferwise
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.
Re: Anyone using Transferwise
Hmmm.... was that a significant 4 or 5 digit (or larger) transfer?sperry8 wrote: ↑Sun Mar 29, 2020 9:44 amExactly 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.
Re: Anyone using Transferwise
6 digitmidareff wrote: ↑Sun Mar 29, 2020 11:17 amHmmm.... was that a significant 4 or 5 digit (or larger) transfer?sperry8 wrote: ↑Sun Mar 29, 2020 9:44 amExactly 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 Contests: 23 #89 of 607 | 22 #512 of 674 | 21 #66 of 636 |20 #253/664 |19 #233/645 |18 #150/493 |17 #516/647 |16 #121/610 |15 #18/552 |14 #225/503 |13 #383/433 |12 #366/410 |11 #113/369 |10 #53/282
Re: Anyone using Transferwise
Thank you for the information...sperry8 wrote: ↑Sun Mar 29, 2020 11:48 am6 digitmidareff wrote: ↑Sun Mar 29, 2020 11:17 amHmmm.... was that a significant 4 or 5 digit (or larger) transfer?sperry8 wrote: ↑Sun Mar 29, 2020 9:44 amExactly 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.
Re: Anyone using Transferwise
I am also in Thailand and the FidelityDebit card works great and the 220 baht ATM fee is refunded in a couple days. But I am limited to $500 baht per transaction and am looking for easy ways to send larger amounts with reasonable fees.
Does anyone have Fidelity Billpay linked to Transferwise?
I tried to add Transferwise (rebranded Wise)but it seems now in order to add a new payee a security code is sent to your phone number on record which is an old number of mine where friends live now. I don't want to bother them about the code if for some reason Wise can not be linked To Fidelity Billpay. I don't believe that I can link my Fidelity account to Paypal. I was able to link my Fidelity debit card to Paypal but there appears to be a 2.9% fee before we even get into currency conversion fees.
In this thread ACH transfers via Bangkok Bank New York was also discussed. As of April, 2019 this won't work anymore unless there is special coding. Social Security uses this special coding and I believe that Social Security can be sent to a special Bangkok Bank account where you must pick up the money in person. I am planning to use this method when I collect SS even though the Bangkok Bank TT conversion rate won't be as good as with Wise but will pay the somewhat worse conversion rate for the peace of mind.
Note, if I was in the States I would go to a Fido office and set up a standing order with a Medallion signature but have no plans to be in the USA in the foreseeable future.
Does anyone have Fidelity Billpay linked to Transferwise?
I tried to add Transferwise (rebranded Wise)but it seems now in order to add a new payee a security code is sent to your phone number on record which is an old number of mine where friends live now. I don't want to bother them about the code if for some reason Wise can not be linked To Fidelity Billpay. I don't believe that I can link my Fidelity account to Paypal. I was able to link my Fidelity debit card to Paypal but there appears to be a 2.9% fee before we even get into currency conversion fees.
In this thread ACH transfers via Bangkok Bank New York was also discussed. As of April, 2019 this won't work anymore unless there is special coding. Social Security uses this special coding and I believe that Social Security can be sent to a special Bangkok Bank account where you must pick up the money in person. I am planning to use this method when I collect SS even though the Bangkok Bank TT conversion rate won't be as good as with Wise but will pay the somewhat worse conversion rate for the peace of mind.
Note, if I was in the States I would go to a Fido office and set up a standing order with a Medallion signature but have no plans to be in the USA in the foreseeable future.
Re: Anyone using Transferwise
This thread is now in the Personal Finance (Not Investing) forum (cash transfers).