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HSBC vs Transferwise


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#1 Chris100UK

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Posted 16 April 2018 - 11:54 AM

Looking to make a transfer to Kasikorn. Have used HSBC in the past as it's only £4 international transfer fee.

 

I did notice they were giving me an exchange rate of 42.90 baht to the GBP. This notice still appears even when i changed the currency to be sent in GBP (thus, i assume, giving me the exchange rate offered by Kasikorn 43.70).

 

Can i assume that if i send in GBP i will get the Kasikorn rate? Not sure why HSBC is still listing it's own exchange rate?

 

Capture.JPG

 

Anyway, i see Transferwise offers a rate of 44.73 (transfer fee £5.32). Any reason why i shouldn't use them? Are the transfer times just as quick?

I think Kasikorn has a receiving fee of 500 baht either way?

 

I'm only transferring £700 as i already have money in Kasikorn account left from last trip.


Edited by Chris100UK, 16 April 2018 - 11:56 AM.

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#2 Regyai

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Posted 16 April 2018 - 12:58 PM

I'd hazard a guess that those are the HSBC exchange rates HAD YOU have nominated sending in THB.

 

To assure yourself check Kasikorn's rates from themselves (43.7650 as we speak)

 

 

I find Transferwise as quick or better than UK bank transfers. Though admittedly I use their Borderless Account Service and have made transfers from other countries than the UK. In my experience they are wholly transparent what you see quoted on line is exactly what drops into your Thai account (no receive fee as it comes from their Thai Bank account)


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#3 thinkingallowed

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Posted 16 April 2018 - 01:33 PM

Absolutely no reason not to use transferwise been using them regularly with no problems and an unbeatable exchange rate.
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#4 Chris100UK

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Posted 16 April 2018 - 03:38 PM

Must say i don't like the idea of sending a bank transfer to a company i haven't used before. I'd normally avoid this if if wasn't for all the recommendations.

 

Think i'll pay with credit card as it's only £1.50 extra. Just in case i've done something silly and i'm paying on a spoof website


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#5 jacko

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Posted 17 April 2018 - 12:15 AM

 

 

I'm only transferring £700 as i already have money in Kasikorn account left from last trip.

I would be tempted just to bring the cash!

 

Pretty sure HSBC will transfer Pounds, so their rate shown there is irrelevant . Maybe it pops up there automatically when the destination is Thailand.


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#6 Chris100UK

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Posted 17 April 2018 - 01:31 AM

I was forced to bring a wad of cash last trip. Stayed in a small resort with no kasikorn branch and my ATM card had expired.

I've had money skimmed from a hotel safe and money taken from my bag by the maid...so I'm extra cautious now.

I had a friend who'd avoid being pickpocketed by keeping money in his sock on a night out.
I remember one girl wasn't impressed by this for reasons that should be obvious (and it isn't because it made the cash smell!)
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#7 jacko

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Posted 17 April 2018 - 08:01 AM

I was forced to bring a wad of cash last trip. Stayed in a small resort with no kasikorn branch and my ATM card had expired.

I've had money skimmed from a hotel safe and money taken from my bag by the maid...so I'm extra cautious now.

I had a friend who'd avoid being pickpocketed by keeping money in his sock on a night out.
I remember one girl wasn't impressed by this for reasons that should be obvious (and it isn't because it made the cash smell!)

Yes terrible, wearing socks in Thailand!


Edited by jacko, 17 April 2018 - 08:01 AM.

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#8 Regyai

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Posted 17 April 2018 - 10:35 AM

Mmm walking on/ putting your feet on images of the king

 

could well fast track you to Emergency Admissions


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#9 Regyai

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Posted 20 April 2018 - 09:04 AM

Just as a point of interest

 

I did two transfers yesterday

One from USA the other from Germany

In both cases got just ABOVE the published XE rates 

 

Both landed simultaneously into my Thai bank account at 1pm today (Thai time)


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#10 Chris100UK

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Posted 21 April 2018 - 06:24 AM

TransferWise payment went through ok... moment of panic when the ATMs weren't accepting my pin though.
Luckily I landed early afternoon so was able to visit kasikorn branch.
It was here they reminded me the pin is now 6 digits and I changed it last trip.
Doh!
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