Main Almost all of our customers book a scuba diving liveaboard trip from overseas. We do have some guests who are already in Thailand or who live here, and we also sell trips to Thai people. However, the vast majority of our customers are outside of Thailand when they decide to book a scuba diving liveaboard trip with us. Therefore, it’s important for us to be able to offer a method of payment that our customers not only find convenient and easy, but also one that ensures that they get the best exchange rate from the banks involved. Transferwise is our latest option for booking payments. It is a new system that enables anyone to send money to anyone else around the world securely and while getting the best exchange rate.
- How does it work?
- Is it safe?
- When will the money arrive?
- Why is Transferwise better than PayPal?
- What are the fees?
- How quickly & easily can I set up an account?
- So, how do I get started?
- How do I make a payment?
How does it work?
Transferwise is an international company that has bank accounts all over the world. Because of this, they are able to use their local accounts to transfer the money. So for example, you are in Europe or North America sending money to Thailand, your payment stays in the country where you send it from. This means that the transfer fees are free or very small. Then Transferwise make a payment using their bank account in the receiving country. There is always someone sending money the other way, so they’re able to make it work really well. It’s very simple and it works. Especially for Thailand, where there are always people sending money in or out of Thailand to or from countries around the world.
Is it safe?
Absolutely. Like any payment of this kind, the sender is protected by the bank or card issuer in their home country. The money can’t be sent until the bank can verify that the recipient’s details are correct and in the system. For those using a card, it’s even safer because VISA, MasterCard and AMEX protect their customers against fraudulent use.
When will the money arrive?
This is where Transferwise sits directly in between PayPal and international bank transfers. PayPal payments are instant, and international bank transfers usually take 5 working days. Transferwise payments normally take 2 working days to be processed and show in the recipient’s account. Of course, as soon as the money is sent locally by the sender, there is a confirmation of the amount, the recipient’s details, and the expected arrival date. This is very good for the peace of mind of those sending money overseas. We absolutely appreciate that our customers sending money through a new system worry about the system and the recipient because both are unknown to them.
Why is Transferwise better than PayPal?
PayPal are the world leaders in payment gateways and they know it. Their reputation enables them to charge whatever they like in the knowledge that so many people (senders & recipients) trust their system. However, what not many people appreciate is that not only do PayPal charge the recipient a fee, they also give the customer/sender an exchange rate that isn’t very good. Transferwise may charge a small fee, but the actual amount of money to leave your account or card is less when paying through Transferwise than through PayPal.
What are the fees?
1% or less! And you will probably be able to make the payment using Transferwise by spending less of your own money than paying through PayPal. This is because Transferwise always use the mid-market exchange rate, meaning tthat you will get the best rate possible. The fees are calculated on the amount sent and they sometimes vary depending on the more-popular currencies. PayPal charge 3% - 4.5% to the recipient and this is sometimes added on top by retailers. We try our best not to add fees on to PayPal transfers to us.
How quickly & easily can I set up an account?
It’s very quick and easy. Just like making a Facebook, email or PayPal account, there are a few easy steps and then you’re ready to go. We find that most people who open an account to pay us for diving trips continue to use Transferwise for other international payments. It is already very popular and getting bigger every day. Of course it is absolutely free.
So, how do I get started?
A Google search or on any search engine will show Transferwise’s links. And you just follow the steps to open your account.
How do I make a payment?
When you have a Transferwise account we will send you our bank details, including the bank code. Please note that Thai banks do not have IBAN numbers, instead they have SWIFT codes. The process and steps are very simple. Try it! This is the future of international banking and people around the world are using it for all kinds of payments, even between friends and family.