Month: April 2019

Cheap way to withdraw cash from a card in Thailand. Western Union Transfer Discounts

What is the fee for withdrawing cash from a bank card in Thailand?

In Thailand, you can use your bank card to withdraw cash from an ATM. Everything is quite simple there – the main thing is to switch to English (or your native language) at the very beginning.

And one more important note – many banks have three types of ATMs! More precisely, the real ATM among them is only one – the one on which ATM is written. Other ‘ATMs’ can accept cash, issue passwords for online banking, update entries in the passbook.

In general, the cash withdrawal procedure is similar to working with ATMs in your country. Unless, one thing that can be confusing: the ATM asks what account you have. At this stage, you need to select the Saving/Deposit account (like so, I write from memory). It seems that sometimes there is a variant of Default – it also fits.

You enter the amount you want to withdraw in baht and get Thai Baht. But the commission is rather unpleasant. I remember the times when the ATM commission was 150 baht, and my national bank commission was completely absent. These “good old days” are over. Now, commission at ATMs of Kasikorn is 220 baht for any operation, regardless of the amount! And my bank commission for the withdrawal of 15,000 baht + 220 baht of the commission amounted to about 150 baht. That is, for the withdrawal of 15 thousand baht, the commission amounted to approximately 370 baht. Calculate the percentage:

370/15000 * 100% ≈ 2.5%

Not to say that it is already robbery, but quite a lot. Moreover, I considered the most minimal commission: my bank does not allow to withdraw a little more than $500 in a foreign ATM, that is, the commission can not be less. But at the same time, if you withdraw a smaller amount (for example, 7.000 baht), then the commission will be the following:

(220 + 80) / 7500 * 100% ≈ 4%

Even worse, since the ATM fee (220 baht) is always a fixed amount, the smaller the withdrawn amount, the higher the “transaction costs”.

But this opportunity is there and we will be grateful for it.

Western Union Transfers To Yourself

In the article “How to send money to another country cheaply,” I mentioned about PaySend. There is a small commission, but the problem is that: 1) you need a bank account in Thailand, where to send money; 2) Thai banks commission for transfers from abroad is 300 baht regardless of the transfer amount. PaySend currency rates are fairer. So with PaySend we can get benefits compare to Western Union only when we send a big sum.

By the way: maybe you just need the PaySend promotional code (for free transfer), here it is: 0d8425.

But Western Union transfers can be done online, and the commission is only 1%! Additional commissions from banks are missing (but Western Union commission is included in currency rates) – you just need to come to the Western Union service point with your passport.

Western Union Transfer Discounts

But that's not all! This 1% can be reduced! If you regularly make transfers of Western Union, then accumulate points, which include a discount on the transfer.

What is SMS from My WU?

If you have already made a transfer via Western Union, then you might receive something like an SMS message:

You need to accumulate 510 points to get a 10% discount on the transfer fee. Balance points on wu.com/mywu MyWU #xxxxxxxx. See tariffs WU. Stop SMS: wu.com/sms

The site wu.com belongs to the Western Union system – it is used for short links and will immediately redirect you to one of the Western Union sites, for example, on westernunion.ru. If you are already registered, enter your details, or use the MyWU number to sign in – this is the loyalty ID.

In your account you will see the number of points collected.

How to get points Western Union / How many points give for the transfer?

The curtain rules depend on the country you are from. All in all, for any transfer you will get My WU Reward Points. The more money you transfer – the more Points you will get.

Western Union Promo Code

Western Union has an affiliate program and, possibly, codes can be distributed by partners. I managed to find the Western Union promo code only on the Australian site Western Union, this is the FIRSTFREEAU promo code. It allows you to make the first transfer with a zero commission. I do not know if it is suitable for us. You can also try to make a promotional code by analogy: FIRSTFREEUS

Conclusion

Let's quote from the official disclaimer:

Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.

It is probably naive to think that it does not exist when withdrawing money from an ATM – but just in case, remember this too – we were honestly warned, and we ourselves should recount and recheck how it is more profitable for us.

How to send money to another country cheaply

The modern world has changed a lot in recent years – now it is not unusual to have friends in other countries, even on the other side of the world. It is not unusual to fly to them for a weekend or for a week during your vacation. Or just go on a permanent journey with a backpack in which a laptop and a few essential things – to watch new places, meet new people and keep working – for those who work on the Internet, this can become a familiar life. Booking rooms in hotels in other countries has become something commonplace. Communicating with people on other continents for many is just a daily routine.

People from different countries have become closer to each other. Foreign countries themselves have become closer. Not in the physical sense, of course, and not even in the juridical sense – but in practice no one is surprised by a person who decided to just live in another country for a couple of months, or a couple of years…

Monetary relations are an integral part of the life of any of us. If we are going to visit friends in another city, we can ask them to look and book a room for us, for this purpose we send them the necessary money – within one state it is very simple. Inside the country, we can easily send money to a gift, return the debt. In case of an unforeseen situation, we can ask for a loan from parents or friends. Everything is pretty simple and ordinary – but only within one country.

If we want to send money for rent, send a gift or ask for help in case of a difficult situation in another country, then we face with difficulties.

You can remember about bank overseas transfers, as well as about Western Union. Bank transfers have a high commission (a minimum commission for an international transfer can be set, for example, at $100), you need to come to the bank, wait for a queue, fill out papers with a lot of incomprehensible details…

What about Western Union? If you come to the WU service center, then, in fact, such a transfer will differ little from a bank transfer — a queue, a high commission, and so on…

You can make an online transfer of Western Union, it seems to be like, with a lower commission, but if you take a calculator and calculate the currency conversion rate, you will get gray hair on your head. In Western Union for the money the recipient must come to the service center. Come on, Western Union, now the 21st century or what? In Western Union, you can still send money to a bank account, but they will come within 2-3 business days. Why?! Does a postman deliver the money by plane?!

Why do we tolerate it and use these services? Why we overpay a huge commission, look for service points, we crowd in queues? Yes, there is simply no alternative.

More precisely – it was not! That's exactly what I want to tell. An alternative of the 21st century has finally emerged – literally, this service was created quite recently. At the same time, he rises the service level of international money transfers. Against this background, one simply does not want to use such anachronisms as Western Union.

I want to talk about PaySend. Its features are:

  • fixed extremely low fee for transfers between countries, regardless of the amount sent. Only 1 pound from the United Kingdom of Great Britain, 1.50 euros from the European Union, 2 dollars from the USA, 3 dollars from Canada, 49 rubles from Russia. The first transfer via promo code 0d8425 can be done without any commission at all.
  • no hidden fees in currency rates. Currency rate is good for customers, close to the stock exchange rates
  • transfers are made from card to card, no need to go anywhere, wait in line. Payee also do not need to go anywhere and wait for the queue
  • transfers come in real time, that is, almost instantly. There are exceptions for some banks – due to the peculiarities of their policy.

Cheap international money transfers

Money can be sent from dozens of countries to more than 70 countries. There are all major destinations, except the USA and Japan. Earlier, the USA was also present and it was possible to send money from it, or receive money in it – but now it has disappeared from the list, was it afraid of competition for archaic Western Union and the like?

Useful links:

Cheap international transfers with PaySend

PaySend Promo code: 0d8425 (for the first free-of-charge international money transfer)

Link to send international transfers: https://paysend.com

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