Retirement Visa Extension and Wise (Transferwise)
Re: Retirement Visa Extension and Transferwise
I am actually surprised those rates are so high. I've always said to people send £s and exchange here. Those rates look more like Thai bank exchange rates.
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Re: Retirement Visa Extension and Transferwise
As I thought - NatWest are selling Baht at 35.9449 today.
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Re: Retirement Visa Extension and Transferwise
I think I mentioned banking hours in my above post. Didn't think to clarify that to include weekends when banks and their machines notoriously don't work.
Re: Retirement Visa Extension and Transferwise
But if there are no fees at the UK end, why does it differ in Thailand? Surely, a £ should be worth a £, regardless of which bank sent it.
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Re: Retirement Visa Extension and Transferwise
Both the sending and receiving banks take their cut. That's just the way it is. If I see a GBP to THB rate of say 40, I know I'll get maybe 39.5, maybe lower, as the banks take theirs'.
In England, the Financial Ombusman came down pretty hard on the banks a few years ago and the outrageous charges of, for instance 33 GBP from Barclays, had to be cut.
So, I pay 8 GBP now but have to wait another day for the international transfer. (Of course, supposing it's not a weekend, a holiday or any day really). Seriously, it does work.
In England, the Financial Ombusman came down pretty hard on the banks a few years ago and the outrageous charges of, for instance 33 GBP from Barclays, had to be cut.
So, I pay 8 GBP now but have to wait another day for the international transfer. (Of course, supposing it's not a weekend, a holiday or any day really). Seriously, it does work.
Re: Retirement Visa Extension and Transferwise
On my e-mail from NatWest it stated:
If there is no fee, the rate you get should surely be what you get. After all, you are sending £s.
Barclays have followed NatWest's lead or vice-versa.
So are you saying, "their cut" is a stealth fee that we pay, but don't see?No fee - from 15th December we're removing our fee* for standard international payments made digitally
If there is no fee, the rate you get should surely be what you get. After all, you are sending £s.
Barclays have followed NatWest's lead or vice-versa.
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Re: Retirement Visa Extension and Transferwise
But surely this is Similar to the money exchanges - they all offer a 0.? Baht different rate to each other.
Re: Retirement Visa Extension and Transferwise
Quite clearly I'm missing something.
The UK Banks are not offering the exchange rates Transferwise are quoting - a simple Google check will confirm that. That aside, we'd all be sending £s. So if there's no fee at the UK end, my £ would still be a £ when it arrived in Thailand. Any fluctuation in Thailand would be down to which Thai bank received my £.
I find the Transferwise extract I posted earlier more confusing everytime I look at it.
Can somebody please tell me which bit of the puzzle I'm missing?
The UK Banks are not offering the exchange rates Transferwise are quoting - a simple Google check will confirm that. That aside, we'd all be sending £s. So if there's no fee at the UK end, my £ would still be a £ when it arrived in Thailand. Any fluctuation in Thailand would be down to which Thai bank received my £.
I find the Transferwise extract I posted earlier more confusing everytime I look at it.
Can somebody please tell me which bit of the puzzle I'm missing?
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Re: Retirement Visa Extension and Transferwise
I don't understand it either. Just looked at the Barclays site and they're quoting 40.67 as at end of yesterday. They then point out that this is the interbank rate which then has an FX margin applied to it.
It's more confusing the more I think about it so..... I'll not think too much!The foreign exchange rate for a specific transaction amount is calculated by applying an FX margin to the reference exchange rate.If you do not know your FX margin, you can find out by calling us or asking in branch, or for Barclays Bank UK PLC customers the FX Margin will be available to you at the time of completing your payment.
Re: Retirement Visa Extension and Transferwise
I use transferwise to send money from my uk Bank account to my Thai bank account, these are not substantial, I send a little every month to cover my expenses while on holiday.
On December 22nd I sent £500 at the rate that day of 39.28 . I recieved 19,421.7 bht.
The charge was £5.61 or 220 bht. For me this works rather than carry £s and worry about losing it or worse, being robbed. Hotel safes ain't great.
I hope this helps
Sawadee pee mai everyone
On December 22nd I sent £500 at the rate that day of 39.28 . I recieved 19,421.7 bht.
The charge was £5.61 or 220 bht. For me this works rather than carry £s and worry about losing it or worse, being robbed. Hotel safes ain't great.
I hope this helps
Sawadee pee mai everyone
Happy are those who dream dreams that come true.
Re: Retirement Visa Extension and Transferwise
Todays rate 39.47 from Transferwise
Happy are those who dream dreams that come true.
Re: Retirement Visa Extension and Transferwise
Sure, It would - I wasn't referring to immigration, just offering a method of transferring larger sums across borders in a fraction of the time at a fraction of the cost.
Immigration thrives on wads of paper and mindless inefficient processes - not technology and convenience.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Retirement Visa Extension and Transferwise
Did you manage to get the twelve month statement from Bangkok Bank?
I opened an account with them in Bluport for the sole reason of receiving cash via TW, which I then transfer to KK, so far ten credits all with the approriate tag.
I'm intending extending my stay towards the end of March, thirteenth extention where's all that time gone? and I'm assuming I'll just need to ask Bluport to order a statement from Bangkok, how long does that take please?
I'm hoping that they wont insist that the statement is dated the same day as I visit for my extention, but will they also be looking for any kind of covering letter?
Thanks
Re: Retirement Visa Extension and Transferwise
I opted to only get 6 months of Credit Advice Receipts as that covered the entire time I’ve started making monthly foreign transfers. I renewed this year using the 800,000 bt method but plan to switch to the 65,000 baht per month method next year. This year I did not submit my Credit Advice Receipts, next year I will submit 12 months worth of Credit Advice Receipts, the Bank Certification Letter stating account number, balance, owner, etc, Bank Certified Statement covering 12 months and copy of my bank book. Of course I will make a minor deposit or withdrawal immediately prior to having the bank prepare these documents so they all have the current date stamp.
I think I read somewhere on the forum that you can print off current Credit Advice Receipts by logging onto your Bangkok Bank online account, but so far I haven’t found that option when I log in. If anyone has experience with this I would appreciate if they can share it so I can do it myself. Otherwise my plan is to visit the bank every 2 or 3 months to request Credit Advice Receipts so that I am compiling 12 months worth over time and don’t have to request the entire 12 months all at once.