Good Alternatives for International Money Transfers

This topic contains 4 replies, has 5 voices, and was last updated by Hoonzilla Hoonzilla 9 months ago.

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  • #1
    Fish Tank
    Fish Tank
    • Posts: 14

    I am currently with Citi Singapore, but am about to change banks because they have written to me to advise that they will significantly increase the minimum deposit requirements on my offshore accounts starting March 2017.

    The fees Citi charge for transfers appear extortionate when compared to other available transfer options.

    I have been looking around and have found the following alternatives.  If anyone has used any of these please let me have your feedback.

    Cheers

    Baht Smart

    Transferwise

    Worldfirst

    XE

    OFX

    HIFX

     

    #2
    Algo Girl
    Algo Girl
    • Posts: 18

    I started out with OFX back when it was Ozforex and haven’t had any problems to date.

    You probably already know this but if you are transferring back into Thailand make sure that you send your money so that the conversion will be done by your receiving Thai bank and not the sending bank.  In the past I made a mistake where I let ANZ transfer AUD to Thailand and they robbed me by doing the conversion into Thai Baht at their end before attending to the transfer.

    #3
    Dead Cat Bounce
    Dead Cat Bounce
    • Posts: 12

    I use Baht Smart to transfer small amounts.  Good rate and no problems so far.  Very small operation from what I can gather from their website…so I assume that helps them to keep costs down.  Flip side, perhaps, is  that their is more risk dealing with a small start up?

    #4
    Stop Loss
    Stop Loss
    • Posts: 19

    I use transferwise.  Good rates and sign up was not too intrusive.  A couple of the Aussie guys in my company have started using Baht Smart to transfer money to their tirraks 🙄

    #5
    Hoonzilla
    Hoonzilla
    • Posts: 99

    Thai Shares published an article a while back about Citibank increasing its minimum deposits.  You can read it here:

    Big Fee Increase From Citibank

    The letters sent out to Citibank customers provided no specific details upon why it was necessary for the bank to increase its monthly fee by more than 65%, and the total relationship balance required to waive that fee by 900%.

    Fish Tank, given the above mentioned increases, it is not surprising that you have decided to change banks.

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