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Are you thinking about sending money to Thailand as a one-off or recurring transfer? Then you’re probably looking for a transfer provider who offers competitive exchange rates, quick transfer times, and an easy transfer process. But narrowing down the hundreds of money transfer providers on the Internet could be exhausting.
This time around I’ve done the legwork for you. What follows is an in-depth review of XendPay. In this review I’ll go over the pros and cons of XendPay, the rates and speeds of typical transfers, and how to make the most of their service.
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How XendPay Works
XendPay helps you to transfer money to more than 170 countries with their “Pay What You Want” service. This means you pay as little or as much as you’d like to use their transfer service. And depending on how much money you transfer throughout the year, you can even transfer money for free*. How’s this possible? XendPay doesn’t charge a transfer fee for small transfers, but instead makes commissions on larger individual and business transfers. They also take about 0.5% from each unit of currency transferred—more on this below.
Pros and Cons
There’s a lot to consider when using money transfer services. And XendPay is no different. With convenience, there will be tradeoffs. Here’s a list of major pros and cons of XendPay.
Pros of Using XendPay
- *Free if you transfer no more than $2,627 or equivalent per year
- *Free for businesses who transfer no more than $5,254 or equivalent per year
- Advanced quote rates
- No limit on how much money you can transfer ($1 minimum)
- Multiple payment options
- 24-hour online support
- Rigorous safety and security checks
Cons of Using XendPay
- Can’t disclose your bank’s fees, so you might pay more than what’s shown to you
- Poor customer support
- Doesn’t work in Firefox with certain plugins
- XendPay wants many your personal details
- Lengthy setup and transfer process
Setup and Verification
I signed up for an XendPay account here. I had to register as an Individual or Business before I could start transferring money.
Whether you choose to transfer money as an individual or business, XendPay takes you to their signup page. From here, I had the choice of setting up my account with my email, Facebook account, or Google account.
I was concerned that XendPay doesn’t ask me to verify my email address. But after my immediate account activation, they took me to Step 1 of a detailed verification process.
In Step 2 of the verification process there are some important things to consider, aside from selecting your country of origin and destination country. On this page XendPay asked me important questions, like how often I’ll be sending money, and how much I’ll be sending throughout the year. Remember, in order to get the free transfer service, you need to select the least transfer amount option.
And speaking of how often you’ll be sending money to Thailand, if you plan to transfer money to Thailand on a monthly basis, XendPay’s advanced quote rates can save you time and money.
When Karsten, who runs this website, used XendPay’s service, he was allowed to transfer an unlimited amount of money, but only on two occasions. He would’ve been charged for any transfers after that. So despite what XendPay says on their website, it seems that transfer fees work on a case-by-case basis and depend on transfer conditions.
In Step 3 of the verification process XendPay asked me for my mobile number. Once I confirmed my mobile number, I had to accept XendPay’s Terms and Conditions before I can access my dashboard.
Here’s what my dashboard looks like. From here I could Send Money, Refer a Friend, add Recipients, and keep track of my Transactions. For now, I want to send some money. So let’s look at the transfer process.
When I tried to transfer money to Thailand for the first time, I faced some challenges. Before I could get the transfer process started I had to provide XendPay with additional info.
Here’s a list of documents you can give to XendPay. After you give XendPay the additional info it can take up to three days for them to verify your account. When Karsten submitted his info to transfer money, XendPay verified his documents in less than two hours. You can continue with your transfer after XendPay verifies your account. You might be concerned about giving some of these personal details to XendPay. But if you trust them with your money, there’s no reason you shouldn’t trust them with your data.
Once XendPay verified my account I could continue with my transfer. I selected my country of origin, destination country, and how much I wanted to send. XendPay then gave me an exchange rate, how much money the recipient will receive, and the option to pay a transfer fee. You can Pay What You Want or pay nothing at all. Since, in this case, XendPay takes about 0.5% from each USD you transfer (see below), I left the PWYW box empty. XendPay also showed me how much money I was saving by using their transfer service: almost $59.
Before I continued with the transfer I wanted to be sure XendPay was giving me a fair exchange rate. A currency exchange rate search on XE showed me XendPay is in the ballpark. But despite saying they have free service, XendPay takes about 0.41% to 0.59% off each USD, GBP, or EUR transferred, respectively. But the rate’s still a lot less than the usually hidden charge that any bank will include in the exchange rates of international wire transfers: You can see the difference that the difference in exchange fee surcharge makes in the table.
|Siam Commercial Bank||1.05%||1.70%||2.54%|
For example, if you want to transfer from the US into Thailand the equivalent of 100,000 baht, you’ll lose the following amounts (that’s in addition to the fees charged by each bank separately!):
- Bangkok Bank charges you a 870 baht fee
- Kasikorn Bank charges you a 970 baht fee
- Siam Commercial Bank charges you a 1,050 baht fee.
However, if you use XendPay, they only charge a 410 baht fee and you also save the separate transfer fee charged by your sending bank – depending on your bank often another THB 1,000 to THB 1,500.
The next step in the money transfer process was to fill in the recipient’s information.
XendPay then asked me to confirm my transfer details. I had to select a Payment Purpose and Confirm that my info was correct. Please note: I’ve removed the personal details from this screenshot. But during your transfer process XendPay will show you these details.
I then had to choose a method of payment. If I used my debit or credit card, XendPay would’ve added an additional $25 to my total. Why did they tack on the additional charge? They don’t give any details at this stage. But after some research I found that credit card companies charge between 1.7–2.6% of the transfer amount. But a bank transfer is free. So I chose that option.
In the last part of the transfer process I had to fill in my bank account details and confirm my transfer. Then wait for my confirmation email. If at anytime I wanted to track my transfer, I was able to go to my dashboard and check under my Transactions section.
Karsten used XendPay to transfer money on two separate occasions. The first was a small transfer of EUR 1,000; and the second was a large transfer of EUR 30,000.
The EUR 1,000 transfer took seven days in total—or five business days. And the recipient got their money without an issue.
The EUR 30,000 transfer took eleven days in total—or seven business days. But the larger transfer didn’t go as smooth. Karsten had to send three months worth of personal bank statements to show where the money was coming from. XendPay also told him the funds had been credited to the recipient’s account, when they hadn’t. Karsten reached out to customer service and they found and corrected the error. The money arrived into the recipient’s account three days after he spoke to customer service.
Safety and Security
For what XendPay sometimes lacks in speed they make up for in security. XendPay is authorized to make money transfers under the Financial Conduct Authority. They are registered with the anti-money laundering agency, HM Revenues and Customs. And they employ a full-time money laundering agent. They protect users data under the Data Protection Act of 1998 as well. Finally, all money you transfer is held in a Tier–1 bank, meaning they don’t collect interest on your money.
Tips, Tricks, and Promos
There’s a few ways to make the most out using XendPay. One way is to download the XendPay phone app, available on Apple’s App Store or Google Play. This way you can transfer money on the go or while your away from your desk.
XendPay also has a friend referral program, which lets you earn money from each person you refer to XendPay—if your referral makes a transfer.
Alternatives to XendPay
XendPay isn’t your only option for transferring money to and from Thailand. There is the more well-known (and more expensive) competitor TransferWise, as well as multiple other provides (e.g. WorldRemit). In the end though, they tend to work the same and if the provider is reliable it’s mostly a question about price. And in that category, Xendpay currently seems to be the winner for transfers to Thailand.
XendPay is a great way to make a one-off or recurring money transfer to Thailand. And although their “free” money transfer service isn’t really free—remember the 0.5% they take from each dollar, pound, or Euro—the money you’re saving by not paying a transfer fee or bank charge negates what they take. And since XendPay values safety and security, as shown through their rigorous identity checks, you can rest assure knowing your money is being exchanged in good hands.
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