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How do you transfer money to Thailand?

JestSetter

By JestSetter
in Home Country Forum

How do you transfer money to Thailand?  

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wgdanson Silver Member

wgdanson

Posted
Posted
16 minutes ago, jollyhangmon said:

 

... which rate did you get, respectively how much arrived here in THB?

Thanks.

£1000 arrived as BHt 42445.04, which was the exchange rate quoted, minus £6.95. So really they transferred £993. Great service.

 

 

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Peterw42 Platinum Member

Peterw42

Posted
Posted

Swift from Australia is great nowadays, I do it on my banking app at 10pm and its in my account 8am the next morning, $20au flat rate no matter what the amount.

 

Last transfer a couple of days ago, a quick comparison with transferwise for $10,000 and the fees were swift $20, Transferwise $54. Swift ex rate 23.00 baht (BKKbank TT rate), transferwise ex rate 23.36 baht. no fees this end for bkk bank.

 

Transferwise higher fees and only a marginally better ex rate, on a thousand dollars probably a couple of hundred baht difference, and its slower.

 

 

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jollyhangmon Gold Member

jollyhangmon

Posted
Posted
14 minutes ago, wgdanson said:

£1000 arrived as BHt 42445.04, which was the exchange rate quoted, minus £6.95. So really they transferred £993. Great service.

 

 

 

... couldn't agree more, that's an over all rate of 42.45 (rounded), fees on both ends already included, that's excellent.

That must be close to Superrich's unbeatable cash-rates, BKK bank showed 42.28 (TT)  per yesterday.

 

You where just in time, most currencys down today, Sterling not so much but EUR close to .50 minus, ouch ... was lucky myself, swapped my 'retirement-money' just Tuesday ... 

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LosLobo Platinum Member

LosLobo

Posted
Posted
3 hours ago, Peterw42 said:

Swift from Australia is great nowadays, I do it on my banking app at 10pm and its in my account 8am the next morning, $20au flat rate no matter what the amount.

 

Last transfer a couple of days ago, a quick comparison with transferwise for $10,000 and the fees were swift $20, Transferwise $54. Swift ex rate 23.00 baht (BKKbank TT rate), transferwise ex rate 23.36 baht. no fees this end for bkk bank.

 

Transferwise higher fees and only a marginally better ex rate, on a thousand dollars probably a couple of hundred baht difference, and its slower.

 

 

Strange Bangkok Bank always charges me 0.25% of the transfer value  (minimum 200 Baht, maximum 500 Baht per transaction) on overseas fund transfers.

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KhunBENQ Star Member

KhunBENQ

Posted
Posted
14 hours ago, LosLobo said:

Strange Bangkok Bank always charges me 0.25% of the transfer value  (minimum 200 Baht, maximum 500 Baht per transaction) on overseas fund transfers.

As far as I know it's not only Bangkok Bank.

Got the same info from Kasikorn some years ago.

It's a fee for currency conversion.

 

200 Baht minimum means that amounts of less then 80000 Baht are hit even more.

If you transfer the equiv. of 40000 Baht it is 0.5%.

Combined with the fact that the TT exchange rates of Thai banks are about 0.5% lower than currency market rates (that transferwise uses) this alone adds to a loss of 1%.

 

Last Wednesday I transferred 1002 Euro with transferwise and received 38003 Baht.

The EUR to THB rate was 38.19365. The fee was 6.98 EUR.

 

Bangkok Bank TT rate at the time was 37.77 (more than 1%! worse than tr.)

1002*37.77=37845, minus 200 = 37645 Baht.

And this is without taking into account the additional fees from the sending bank/correspondent bank.

 

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55Jay Gold Member

55Jay

Posted
Posted

Still using DIY ACH on-line each month, Schwab to Bangkok Bank via their New York branch. 

 

Will be looking at Transferwise very soon as the BBL New York Branch path will be coming to an end early next year, unless they figure something out in the interim.  

 

Edit:  Voted "other online options" since you didn't include ACH. 

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Pib Star Member

Pib

Posted
Posted
On 9/29/2018 at 2:31 PM, KhunBENQ said:

As far as I know it's not only Bangkok Bank.

Got the same info from Kasikorn some years ago.

It's a fee for currency conversion.

 

It's actually an international transfer "receiving" fee versus a conversion fee because an international transfer gets charged the 0.25% (Bt200 min, Bt500 max) which most banks charge regardless of whether the funds arrive in foreign currency or already converted to baht by the sending/intermediary bank (no currency exchange involved) 

 

This Thai bank receiving fee doesn't apply to Transferwise transfers as the Thai bank is just receiving a domestic transfer for the final leg of the transfer.  However, your Thai bank ibanking/passbook may still reflect the Transferwise transfer as an international transfer but there is no receiving fee applied because that was just descriptive/underlying coding in the transfer from the in-Thailand financial company/bank that did the final domestic leg of the transfer.

 

 

 

 

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KhunBENQ Star Member

KhunBENQ

Posted
Posted
Just now, Pib said:

However, your Thai bank ibanking/passbook may still reflect the Transferwise transfer as an international transfer

Answered before I ask :biggrin:

My last transfer was indeed labeled as international transfer (but still without deduction).

A previous one was labeled as coming from KTB (Krung Thai bank).

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Pib Star Member

Pib

Posted
Posted

The transfer description appearing on your Thai bank from a Transferwise transfer (or any transfer) can depend on how your Thai bank has its system setup to extract and describe a transaction. It varies from bank to bank.

Transferwise transfers to my Bangkok Bank acct get described as as International Transfer. But Transferwise transfers to my Krungsri Bank acct get described as some control numbers...does not say International Transfer.

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bmanly Silver Member

bmanly

Posted
Posted

From Australia I use a Citibank Plus Transaction Account. There are NO overseas transfer fees when using the SWIFT system. On the receiving end Bangkok Bank only charges 500 baht maximum. I've sent $10,000 AUD like this before with only the 500 baht fee on Thai side payable. It was a good rate too.

 

free international money transfers when using Citibank Global Transfers.

https://www.finder.com.au/citibank-plus-transaction-account

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Pungdo Senior Member

Pungdo

Posted
Posted

For AUD, NZD and GBP a Kiwi company called OrbitRemit is pretty damn good, I use them for AUD and they only charge $4 and nothing this end, that compared to the $22 that Com Bank used to charge me and the 320 that SCB charged this end and a better exchange rate to boot.

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rwill Platinum Member

rwill

Posted
Posted

For a $50k transfer from the US TransferWise takes a $424 fee.  I wouldn't use it.  I have my sister in the US wire me money.  It costs her $50 fee.

 

You can also give your Thai bank a check from your overseas account to deposit.  Downside is it takes 3-8 weeks to clear.

 

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Skeptic7 Platinum Member

Skeptic7

Posted
Posted
2 minutes ago, rwill said:

Bangkok bank is stopping that service pretty soon.

Got a source for that claim? If true, then Transferwise or other next best alternative. Gotta roll with it, as outta my hands...but can't find any supporting evidence to verify that info. 

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