Transfer funds to Thailand.

[DrJack54]

Hoping someone can point out if this is possible or suggest better idea.

So I wish to transfer funds from Au bank to my Thai bank. Done that previously with Transferwise and OFX. Now to my problem. One bank account allows me to transfer max 20k aud per day. I scrambled the access to the online banking trying to transfer data to new phone.

My other bank has max limit 1500aud/day.

So the plan....send a family member in Oz a personal cheque for 150k aud and have them deposit into their personal account. Last step is for them to transfer using say transferwise to my Thai bank.

As for sending personal cheque....have done that before when needing to transfer large sum into my super account in Oz.

Any thoughts/ideas very much appreciated.

Ta

Edited December 11, 2020 by DrJack54

[Peterw42]

Any of the daily limits are variable either via online banking or a quick phone call to your bank. Why not call them and get your online banking working again and go from there. Some banks even have a reverse charges/call back service, or at least a dedicated number to call from OS, no queue etc.

Maybe mention who you bank with. All of the banks operate an app and a website for online banking, the websites usually have recovery options, forgot login or password etc and some have a chat via the website.

 

Edited December 11, 2020 by Peterw42

[DrJack54]

32 minutes ago, Peterw42 said:

. All of the banks operate an app and a website for online banking, the websites usually have recovery options, forgot login or password etc and some have a chat via the website.

Thanks for the suggestions. I have not tried calling the bank but I doubt I will get very far. My banks are Bendigo bank (the one that has cut the online e-banking). The other is Westpac. Both banks recovery and change of daily limits etc requires they send you a one time password. The problem that needs to go to an Australian cell#. I have tried unsuccessfully to have it sent to my sons number and have him on standby to give me the OTP. Didn't work. Perhaps I have some registered # with them. 

[Leaver]

1 hour ago, DrJack54 said:

So the plan....send a family member in Oz a personal cheque for 150k aud and have them deposit into their personal account.

I think you will find this will attract some sort of "gift tax." Not a great idea.

 

Why don't you get a pre paid Australian sim card posted over to you, set it up for global roaming, then contact your bank again?   Or, get someone to set up a pre paid sim card in their name in Australia and have them post it to you.  (sometimes the card has to be on the local country network for set up)  Be sure to go for 365 days validity.     

 

Edited December 11, 2020 by Leaver

[gearbox]

On 12/11/2020 at 9:31 PM, DrJack54 said:

Thanks for the suggestions. I have not tried calling the bank but I doubt I will get very far. My banks are Bendigo bank (the one that has cut the online e-banking). The other is Westpac. Both banks recovery and change of daily limits etc requires they send you a one time password. The problem that needs to go to an Australian cell#. I have tried unsuccessfully to have it sent to my sons number and have him on standby to give me the OTP. Didn't work. Perhaps I have some registered # with them. 

 

Most of the Aussie banks will need an OTP for anything significant, e.g sending funds to a new recipient. Some have hardware tokens (e.g Citibank, Rabobank) which you can use instead of a cell phone, for Citibank you need to call them and specifically request it. I probably have at least 30 online accounts which are tied to cell phone SMS OTP.

I have Aldi mobile cell number with enabled roaming,  worked so far well in a number of countries. It doesn't have monthly fee, and receiving a SMS is free. For a little as $5/year you can have an Aussie roaming number you can carry everywhere.

 

[Susco]

With the AUS$ at record lows against the baht, I'm sure there are quite a few Aussies in Thailand who want to send money back home.

 

Isn't there any Thailand based Aussie forum where you can inquire?

 

They give you Thai baht, and you transfer AUS$ to their Aussie bank account, both parties win

[DrJack54]

First up thanks for the above replies.

However can't see a solution other than my suggestion in my OP of sending personal cheque to family member in Oz and once cleared they can to transfer to my Thai bank in one hit using Transferwise or OFX.

I have just checked my Westpac online banking and looked further into the banks rules. Even if I had an Oz sim and could obtain the OTP via SMS even then the maximum I could raise limit to is 10k aud per day. 

That would mean 14 days of separate transfers using Transferwise or similar to move 140k to my Thai bank.

I wonder how other folk have managed to buy real estate etc.

[Pib]

48 minutes ago, DrJack54 said:

First up thanks for the above replies.

However can't see a solution other than my suggestion in my OP of sending personal cheque to family member in Oz and once cleared they can to transfer to my Thai bank in one hit using Transferwise or OFX.

I have just checked my Westpac online banking and looked further into the banks rules. Even if I had an Oz sim and could obtain the OTP via SMS even then the maximum I could raise limit to is 10k aud per day. 

That would mean 14 days of separate transfers using Transferwise or similar to move 140k to my Thai bank.

I wonder how other folk have managed to buy real estate etc.

 

I can't speak to how Oz banks handle daily transfer limits but I can as to how US banks handle it (and I expect Oz bank are very similar/same as banksters worldwide seem to be pretty much the same).   While daily/monthly limits do exist those limits are not written in stone....much larger amounts can be transferred if you ask for a one time or permanent limit increase...OR, you initiate the transfer in person from a bank branch....OR use another method acceptable to the bank.

 

An example of daily limits flexibility: in the US a typical daily limit for many credit union (and some banks) Automated Clearing House (ACH) which the primarily funds transfer system used in the US is $5000 USD.  However, you can ask for a permanent daily increase usually up to three or four times the $5K standard limit....that is, if approved the credit union/bank would increase you daily limit to $15/$20.   Now if you want to transfer say several hundred thousand dollars, well, you can do that also by physically going to a branch. 

 

When the wife and I was buying our house & dirt here in Bangkok, we were still living in the Hawaii.  Our credit union had that $5K online daily limit, however, I SWIFTed to Bangkok Bank a little over $200K in one transfer by initiating the transfer physically at my credit union branch.   And in another transfer at my credit union branch I SWIFTed around $25K.   These two transfers were a dozen years ago.    By initiating a transfer at the branch they can positively identify you which support the higher transfer limit; but with an online transfer that can be more subject to a fraudulent transfer even when a one time security code is used.

 

Banks/credit unions/investment companies/building societies/etc., all have different daily/weekly/monthly transfer limits that vary depending on whether you are doing it online or at a branch.   And the limit can vary is initiating the transfer via telephone call where the bank rep can do a better job of identifying you through a series of questions which you must answer correctly....it's better identification than a security code but not as good as physically going to the branch.  And although I mentioned $5K online limit per day  in my example since many US bank/credit unions still use that amount, many also have much higher daily limits.

 

[DrJack54]

@Pib

Thanks for your reply. Yes it would be all simple if I could present in person to my bank.

Clearly that is not possible with current travel restrictions. Obviously I'm currently in Thailand and won't be in Australia any time soon. I don't doubt that if I called my Oz bank from Thailand there might be a possibility that the limit could be increased, however they state that even with call or being able to obtain OTP that 10k/day aud would be the limit. They also have other rules such as limit on how many "rolling days" that can be done.

That bank is Westpac. A Major bank in Oz

 

 

 

[KannikaP]

On 12/11/2020 at 4:40 PM, DrJack54 said:

Hoping someone can point out if this is possible or suggest better idea.

So I wish to transfer funds from Au bank to my Thai bank. Done that previously with Transferwise and OFX. Now to my problem. One bank account allows me to transfer max 20k aud per day. I scrambled the access to the online banking trying to transfer data to new phone.

My other bank has max limit 1500aud/day.

So the plan....send a family member in Oz a personal cheque for 150k aud and have them deposit into their personal account. Last step is for them to transfer using say transferwise to my Thai bank.

As for sending personal cheque....have done that before when needing to transfer large sum into my super account in Oz.

Any thoughts/ideas very much appreciated.

Ta

What is this CHEQUE thing you mention?   LOL

[DrJack54]

12 minutes ago, KannikaP said:

What is this CHEQUE thing you mention?   LOL

Sometime ago I wanted to transfer 300kaud  to my super account from my bank both in Au. Easy to do if I was in Oz. At the time I was in Thailand (live here). 

I sent a personal cheque posted from Thailand to my super fund in Oz.

No problems. My bank honored the cheque so all good.

Transfer companies such as Transferwise, OFX etc require money transfer into their account in order to complete transfer deal either by online banking or by attending your bank. Both of which I cannot do. 

My plan is to send personal cheque to family member made payable to them in Oz and have them use Transferwise to send money in one transaction from Oz to Thai bank.

They would need to set up Transferwise a/c, easily done. 

Was looking for other options. Can't see any.

Edited December 13, 2020 by DrJack54

[KannikaP]

40 minutes ago, DrJack54 said:

Sometime ago I wanted to transfer 300kaud  to my super account from my bank both in Au. Easy to do if I was in Oz. At the time I was in Thailand (live here). 

I sent a personal cheque posted from Thailand to my super fund in Oz.

No problems. My bank honored the cheque so all good.

Transfer companies such as Transferwise, OFX etc require money transfer into their account in order to complete transfer deal either by online banking or by attending your bank. Both of which I cannot do. 

My plan is to send personal cheque to family member made payable to them in Oz and have them use Transferwise to send money in one transaction from Oz to Thai bank.

They would need to set up Transferwise a/c, easily done. 

Was looking for other options. Can't see any.

I didn't need explanation thanks. I was making a joke.

[elgenon]

On 12/11/2020 at 1:40 AM, DrJack54 said:

Hoping someone can point out if this is possible or suggest better idea.

So I wish to transfer funds from Au bank to my Thai bank. Done that previously with Transferwise and OFX. Now to my problem. One bank account allows me to transfer max 20k aud per day. I scrambled the access to the online banking trying to transfer data to new phone.

My other bank has max limit 1500aud/day.

So the plan....send a family member in Oz a personal cheque for 150k aud and have them deposit into their personal account. Last step is for them to transfer using say transferwise to my Thai bank.

As for sending personal cheque....have done that before when needing to transfer large sum into my super account in Oz.

Any thoughts/ideas very much appreciated.

Ta

Can't you have the funds deposited in your Oz bank account and make out a check to the name of your Thai bank? Or multiple checks?

[elgenon]

Years ago Bangkok Bank said the funds would clear in a few days.

[DrJack54]

2 minutes ago, elgenon said:

Years ago Bangkok Bank said the funds would clear in a few days.

Even if possible you would be using bank exchange rates and on a 150k aud cheque that would be significant. 

[CrunchWrapSupreme]

Another option is to consider your credit card. I’ve been “transferring” money by paying for things using my American Visa card, then paying it with my US bank acct. Also earns me Amazon points, with which I can buy stuff for my mom. No extra fees to do this, as long as you pay it on time. However, the conversion rate has now been 29 baht to the dollar. Ouch.

[elgenon]

9 minutes ago, DrJack54 said:

Even if possible you would be using bank exchange rates and on a 150k aud cheque that would be significant. 

If it worked he would not have a limit. Any other way is not free. Wonder what the actual difference would be and if the ease would we worth it.

[DrJack54]

9 minutes ago, elgenon said:

If it worked he would not have a limit. Any other way is not free. Wonder what the actual difference would be and if the ease would we worth it.

Transferwise use mid market rate and charge a fee as a % of transfer amount.

I just ran an example on my TW account. The conversation rate was 22.66 thaibaht per aud dollar.

The Westpac bank rate is 21.515

You do the arithmetic on that for 150k aud.

It's a very significant amount. No one would use bank transfer.

 

Edited December 14, 2020 by DrJack54

[MadMuhammad]

On 12/13/2020 at 9:01 AM, DrJack54 said:

First up thanks for the above replies.

However can't see a solution other than my suggestion in my OP of sending personal cheque to family member in Oz and once cleared they can to transfer to my Thai bank in one hit using Transferwise or OFX.

I have just checked my Westpac online banking and looked further into the banks rules. Even if I had an Oz sim and could obtain the OTP via SMS even then the maximum I could raise limit to is 10k aud per day. 

That would mean 14 days of separate transfers using Transferwise or similar to move 140k to my Thai bank.

I wonder how other folk have managed to buy real estate etc.

I purchased a property in Thailand recently. I contacted my local branch then had the branch contact me directly via WhatApp (NAB). 
I first instructed them to transfer cash from my term deposit to my savings account. Forms sent to me and returned via email. 
I then had them temporarily max my transfer limit to facilitate two transfers via TransferWise. 
I haven’t read the whole thread sorry and I see you said you have read the rules regarding max limits online but have you spoken directly to someone at the bank? You may find a solution 
 

FYI the max limit for TransferWise is 2 million baht ($90Kaud give it take) so it will need to be done in two transactions 

[DrJack54]

12 minutes ago, MadMuhammad said:

FYI the max limit for TransferWise is 2 million baht ($90Kaud give it take) so it will need to be done in two transactions 

Yes discovered that just now when I tried a test run with my Transferwise. a/c. Would not accept the 150k aud. Insisted on lower amount.

Thanks for the tip re contacting bank via phone and see if I can change limit. I have online banking already.

I assumed I would need a au sim as they state this in their instructions to change limit.

The money is already in my Westpac savings account so that part is in order.

Edited December 14, 2020 by DrJack54

[FNQ]

On 12/11/2020 at 5:31 PM, DrJack54 said:

Thanks for the suggestions. I have not tried calling the bank but I doubt I will get very far. My banks are Bendigo bank (the one that has cut the online e-banking). The other is Westpac. Both banks recovery and change of daily limits etc requires they send you a one time password. The problem that needs to go to an Australian cell#. I have tried unsuccessfully to have it sent to my sons number and have him on standby to give me the OTP. Didn't work. Perhaps I have some registered # with them. 

I am with Westpac, no issues gave them my Thai cell number to send password # .Then change to my Aust mobile when in Oz. They Also have international number, ring on Skype they will call back if you want.

[DrJack54]

20 minutes ago, FNQ said:

I am with Westpac, no issues gave them my Thai cell number to send password # .Then change to my Aust mobile when in Oz. They Also have international number, ring on Skype they will call back if you want.

Thanks.

However did you provide the Thai # in person at bank in Oz?

[Caldera]

When I moved to Thailand, I gave a family member back home power of attorney, which was required for the sale of real estate there but has also proven useful with banks since.

 

Maybe you could consider the same, then your family member could walk into your bank on your behalf and make the transfer to your Thai account in person. Not sure how this works in Australia though, in my case I went to my country's embassy in Bangkok to get the power of attorney document notarized.

 

[Stevemercer]

I use ANZ, HSBC and OFX for my transfers. My OFX account has BPAY access (e.g. I do the transfer to OFX using BPAY). BPAY has much higher default transfer limits ($50,000, I think) and seems a bit more under the radar for large amounts. My HSBC account uses a hardware token, rather than a phone code, making it usable anywhere.

 

I don't know if this helps. You can probably get you OFX account set up with BPAY online. Obviously, you can probably set up a more 'international friendly' home account (like HSBC) next time you are in Australia.

[MadMuhammad]

38 minutes ago, Caldera said:

When I moved to Thailand, I gave a family member back home power of attorney, which was required for the sale of real estate there but has also proven useful with banks since.

 

Maybe you could consider the same, then your family member could walk into your bank on your behalf and make the transfer to your Thai account in person. Not sure how this works in Australia though, in my case I went to my country's embassy in Bangkok to get the power of attorney document notarized.

 

my mom has  power of attorney and signatory authorisation for my banks accounts. It was done in branch though so again, it’d be contact the bank for more information I’m guessing 

[kuzie57]

I use ANZ and can send any amount IF I RING THEM, otherwise via internet banking it is a max of 10k per transfer, in stating that, I also have a foregin currency account at SCB, so I send AUD and recieve AUD here. 

 

[condohope]

For heavens sake change to a more accomodating bank! I am using ANZ in Australia and never had a problem you are in.

[gearbox]

2 hours ago, Stevemercer said:

I use ANZ, HSBC and OFX for my transfers. My OFX account has BPAY access (e.g. I do the transfer to OFX using BPAY). BPAY has much higher default transfer limits ($50,000, I think) and seems a bit more under the radar for large amounts. My HSBC account uses a hardware token, rather than a phone code, making it usable anywhere.

 

I don't know if this helps. You can probably get you OFX account set up with BPAY online. Obviously, you can probably set up a more 'international friendly' home account (like HSBC) next time you are in Australia.

Different banks seem to have different limits. My CBA account has 20k per day within Australia, and $100K BPAY. The BPAY limit was lifted after I requested it.

Citibank seem to have higher limits achievable:

https://pat.citibank.com.au/aus/banking/making_transfers.htm

 

The OP should call Westpac, they can provide the exact max amount cap on international transactions, most of the time these changes can't be done online.

I'm in sort of similar situation but the funds are significantly less - need to deposit 800K baht for visa requirements, and I can do this with multiple transfer if need to. I never transferred money for living expenses while in Thailand - ATM withdrawals are cheaper than Transferwise etc.

[CM4Me]

If you have a Westpac online bank account simply go online and change your address, mobile number (using your Thailand mobile number) and your daily withdraw limit. For all withdrawals over 1k they send me a OTP. I have been doing this for the last 16 years. Simple

[Nemises]

On 12/13/2020 at 9:01 AM, DrJack54 said:

First up thanks for the above replies.

However can't see a solution other than my suggestion in my OP of sending personal cheque to family member in Oz and once cleared they can to transfer to my Thai bank in one hit using Transferwise or OFX.

I have just checked my Westpac online banking and looked further into the banks rules. Even if I had an Oz sim and could obtain the OTP via SMS even then the maximum I could raise limit to is 10k aud per day. 

That would mean 14 days of separate transfers using Transferwise or similar to move 140k to my Thai bank.

I wonder how other folk have managed to buy real estate etc.

 

On 12/13/2020 at 10:33 AM, DrJack54 said:

I don't doubt that if I called my Oz bank from Thailand there might be a possibility that the limit could be increased, however they state that even with call or being able to obtain OTP that 10k/day aud would be the limit.

 

 

 

10k daily Westpac limit?

 

I was recently able to increase my daily Westpac limit (via a phone call from Thailand) to 200k AUD. 
 

Hope this helps.