I love Transferwise For Transfering Money Abroad
I found Transferwise through a random comment on a Quora post. Not that this is not paid content or anything like that, I just really like the service and this particular service stood out since I create top 10 best of videos on YouTube.
The whole backstory is that I’m currently living in Thailand and I have a few Thai bank accounts from my time when I had a work permit. The benefit of having a Thai bank account are numerous:
- I can use my Thai ATM card to pay for goods and services in Thailand without needing cash or paying fees.
- I don’t need to withdraw large sums of cash in Thailand (thus saving on fees).
- It’s great being able to use my Thai account when traveling to other ASEAN countries (Singapore, Vietnam, Cambodia etc)
- I feel safer using my Thai account than my main US account. This is just pshycological, but I feel safer using my Thai ATM card than my US card since I don’t maintain a large balance with my Thai account.
- Did I mention that I save on fees since I’m using an account in Thailand.
An annoying issue I’ve had for a while now is HOW do I get money from my US bank account into my Thai bank account. That answer is Transferwise.com.
What I liked most about Transferwise BY FAR was that it matched the exchange rate you see on Google instead of having to except whatever exchange rate your bank wants to give you. This is a huge help because the exchange rate between the Thai Baht and the US dollar is normally 33-35 Baht per US dollar but my bank only gave me 28 baht when I withdrew money abroad from an ATM and again when I did a wire transfer.
I needed a better solution as my two options without Transferwire were terrible:
- Withdraw from an ATM abroad (limit is 20,000 Baht). I spend 35,000-40,000 baht a month so my options were to withdraw two times and then deposit that money myself in my Thai Bank account. Paying 5 dollars to my US bank for the service fee and 6 dollars by the Thai bank. Doing that two times is $22 in fees, plus a really low exchange rate of 28-29 Baht.
- The other option, while better but not ideal was to do a wire transfer at my bank itself at a lower exchange rate.
This is why I started looking for alternatives and found Transferwise. Transferwise instead matches the exchange rate you see in Google. You get the actual mid market rate and pay a fee for Transferwise’s service. This means you get the most bang for for your buck. Particularly helpful if you’re someone who is transferring large sums of cash abroad.
The process is very simple.
You simply verify the account you’re transferring from and add the account you want to transfer too. Then you pick an amount you want to transfer. You’re guaranteed a certain exchange rate for that day (which will expire after 24 hours since you get the mid market rate). Once you verify your account your money will be transferred in 1-3 business days.
Once you have everything setup, doing future transfers is as simple as logging into your account and verifying your phone number via a pin and then selecting the amount you want to verify.
So if you’re in the need of transferring money to a foreign bank account check out Transferwise.