Wyse

[Whistler]

I amended my last post, please read

[Bandung_Dero]

Has anyone ever calculated what the loose in Transfer Process (all costs, all fees) when using Wise to move an Amount from Australia to Thailand

Just that when transfer I look at the Exchange Rate and its Forecast Amount (Transferring USD into Baht), using as a measure https://www.xe.com/currencyconverter

pipoz4444

Using xe.com as my benchmark Wise has been charging me an average total of 0.619% on the AUD transfer.
Looking back at BahtSmart they started at 1.4% in 2015 and blew out to 2.8% when I gave em the arse in Jan 2022.
I have kept a very accurate Excel SpreadSheet on all my finances since lobbing into Thailand in Dec 2000.

Edit: Just to add, Wise uses a sliding scale so the more you transfer the cheaper the percentage charges get.

[pipoz4444]

Has anyone ever calculated what the loose in Transfer Process (all costs, all fees) when using Wise to move an Amount from Australia to Thailand

Just that when transfer I look at the Exchange Rate and its Forecast Amount (Transferring USD into Baht), using as a measure https://www.xe.com/currencyconverter

pipoz4444

Using xe.com as my benchmark Wise has been charging me an average total of 0.619% on the AUD transfer.
Looking back at BahtSmart they started at 1.4% in 2015 and blew out to 2.8% when I gave em the arse in Jan 2022.
I have kept a very accurate Excel SpreadSheet on all my finances since lobbing into Thailand in Dec 2000.

Edit: Just to add, Wise uses a sliding scale so the more you transfer the cheaper the percentage charges get.

''

Thanks BD, interesting if a only 0.619 %.

But can I ask, is that with having to collect the money at the Wise Branch or is that with the money actually being credited into a Thai Bank account. As you can tell by my questions, I don't use Wise

At present I do a Bank to Bank Transfer. If I exclude the Fees from the Bank that is Transferring, then I loose on average 1.25% that being the difference between Amount Forecast on the XE Exchange web and the Actual Amount that ends up being credited into my Thai Bank account 24 Hours later. It starts as USD and end up as TB

I can only assume that the 1.25% loss/reduction is, a combination of the Fee that the receiving Thai Bank charges on incoming international transfers + the conversation Rate that the Thai Bank applies for USD to TB 24 hours later, which is most likely less that the XE calculation rate at all times. Still its the only way to do it from this end.

pipoz4444

[Bandung_Dero]

Simple explanation:-
When setting up my Wise account I used my KBank acct as the primary recipient (Thai Baht) but one can transfer anywhere in any currency if so desired.

Open the Wise site either on my PC or Phone.
Login
Key in the amount to transfer eg AUD$2850.00 and to where = (Primary Recipient) in my case.
Select method of transfer = My Aus bank acct (CBA) to the Wise Bank (Cuscal Limited).
I MUST have my Wise ID number on the transfer in the comments box.
Trigger the transfer and see the Baht arrive into my KBank almost instantly. (See earlier post)

I picked a receipt at random:-
I wanted to sent $2850
They charged $18.69 which = 0.656% so sent $2831.31 @ 23.3162 Baht to the dollar.
ex.com xrate on that day was 23.317
66015.39 Baht was deposited into my KBank

[Sport]

I have a way for myself as I believe in simplicity. When I venture to Thailand or another country I inform my banking company that I am travelling overseas. I use my Aussie visa card at any atm in the world and only one slight problem since 1998.

When I send money to my Thai wife in LOS using Wise into her Thai banking account for the past 7yrs, never struck a problem ever. The costs are reasonable and happy with the Wise service. No hoops to jump through at all, all to simple for me.

[pipoz4444]

Thanks BD

pipoz4444