There seems to be several threads re transfers/Transferwise and generally moving cash here. Some have stopped, some are really about specific exchange rates and maybe have gone off topic, so.... I'm not sure which is currently the most relevant thread for this post, so Mods please decide and move at your discretion, thanks
Recently, I was genuinely surprised how competitive Wise(formerly Transferwise) are!
I took over 50000 baht out yesterday via my foreign transaction fee free UK credit card(which I pay off immediately so no interest charges).
Ive always believed this is the most efficient(& cost effective) way to access my UK cash as there are no fees from either my UK bank or my Thai Bank(Bkk Bank, can't speak for others). And the rate they use is pretty competitive too.
At the same time I checked on Wise as to how much they would take to give the same amount of Thai baht and as I expected it was more expensive....... by 4 pence!!
And that included Wise taking a fee of about £6.50 too. So clearly they were offering a better exchange rate than Mastercard. Although the rate used is not the most important thing, it's how much THB you get for your currency that really counts, however they wish to dress it up.
Naturally it's very convenient to sit on your sofa and pick up the Wise app and transfer funds from UK and I see that.
Personally I still need to go to the bank anyway to get cash as that's my default modus operandi. (Mid/late afternoon is a good time to go - no queues!). I feel a bit more in control of spending if I just use cash.
But occasionally the card is very useful in safe places like the Hospitals or the likes of Tesco/Homepro. I won't use the card just any old place, No Siree! These type of cards can offer cashback too(although I'm a bit in the dark on that point).
And I refuse to use ATMs. Big security risk(I've been burned twice before) and 220 baht fee for only 25000 max WD- screw that!
Anyway, it's good to have multiple options. I have two other such cards just in case but can't get as much cash out with those.
I'm very keen to learn of better or even just other ways of doing this so would welcome any feedback, tips and tricks!
TIA
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