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Moving money into Thailand

Started by Roger, December 02, 2015, 07:04:40 AM

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Roger

Just seen an interesting advert in the DT for moving £ etc into Thailand in Baht.
I used UK forex for a long time but now use HIFX, who provide a slick service but of course one would always like a better rate than the effective 51.5 baht I got last week.
'transferwise.com' seem to offer that and I'll have a look at them next time.
Anyone have experience of them ?

Johnnie F.

Transferwise is a UK company claiming to transfer money around the world much cheaper and at better exchange rates than any other service.

The first transfer is free of charges. So I did try it twice, using the free transfer for sending â,¬500 to one of my accounts in Thailand, and using a charged transfer for sending ฿3.500 to another account here.

The first has been exchanged to ฿19,915.13 and announced to be credited to my account on June 8, seven days after I started the transaction. I had to send the â,¬500 to their bank in Estonia, from which I got an email confirming its arrival.

For the second I had to transfer â,¬93.45 to them. The amount consisting of â,¬2,52 transfer fee and an estimated equivalence of â,¬88.17. And an excess deposit of â,¬2.76. Yesterday I got notice of the exchange. They seem to have sold me the ฿3.500 for â,¬87.87, as â,¬3,06 were credited back on my account in Germany as "Excess Refund". But crediting to my account in Thailand also does wait until June 8.

So far I can say that Transferwise is good for transferring small amounts to Thailand. For transferring up to ฿6.500 they do charge about ฿100. Larger transfers go for 1.5% of the transfer value. I for myself determined that SWIFT is faster and cheaper in most cases.

Any other experiences? :)

thaiga

Quote from: Johnnie F. on June 04, 2016, 06:05:40 PM

Any other experiences? :)
The old fashion way

When i transfer money from my uk bank to my thai bank, i simply write a cheque although it takes about 28 days to clear, i make sure i am flush with funds and not in a hurry for the money.

Cost for say 10,000 pounds transfer is just over 300bht. with Bangkokbank
Anyone who goes to a psychiatrist should have his head examined.

Johnnie F.

Never again will I let Bangkok Bank collect a foreign check for me! About two years ago I had a check from the US over $54, which I gave to Bangkok Bank for collection. First they made me pay ฿324 up front, and then my account was credited with ฿1041 only. I got from THB 1.740 only THB 720.

When I wrote a check in DM about 20 years ago and gave it to Thai Farmers Bank for collection, I had to find out later, that some interbanks ate extremely high fees of it. Usually those fees are withdrawn from the amount credited to your account without showing.

Best way is SWIFT. For those transfers my bank in Germany charges a commission of â,¬15 regardless of the transfer amount. The transfer is done within 2 - 3 days, the exchange rate always very good. Bangkok Bank also takes a little, but there are no interbanks taking high fees from it. Transferwise appears quite good to me in respect of fees and exchange rate. They transfer the amount in Baht to my account from an account in Thailand. Disadvantage of that could be, that one might have a hard time proving that the money came as a foreign transfer, in case it needs to be taken out of Thailand again.

thaiga

What can go wrong Sir Richard Branson joins the mission to stamp out hidden charges ;)



Three years ago we launched TransferWise because we were tired of hidden charges when sending our money abroad.
Sir Richard Branson has joined our existing investors in throwing $25 million behind our mission to make the world of money transfers a fairer place.

We couldn’t be more excited.  We’re going to use this money to lead the fight against overcharging and let the world know that, with TransferWise, there’s an easier, fairer way to send money abroad.

To get the ball rolling, we’ve pulled together a lot of eye-opening evidence, and published it all below.

transferwise.com

PS: How do you guys transfer money or is it a big secret  :-X
Anyone who goes to a psychiatrist should have his head examined.

sowhat

Quote from: thaiga on June 04, 2016, 09:11:00 PM

How do you guys transfer money or is it a big secret  :-X
no big secret / you just hold out your hand and your wife takes it,so simple :-[

audi

I've used Transferwise for last 6 months---no problems

Payment is received into Thai bank in 4 days

Jase

I used to use AEON ATM with a No Foreign Transaction Fee card from a US bank.  2 max transactions (30k) over 2 days and that would usually last me the entire month.  No fees, other than the FOREX spread taken by Visa. 

When AEON joined the ATM User Fee club (150 Baht at the time) and although my US bank reimburses ATM fees, I began doing 2 or 3 over-the-counter withdraws each month, using the same No Fee card in my home branch of Bangkok Bank.  Did that for about 2 years.  Again, no fee other than the Visa FOREX spread.

I now just do a single ACH transfer on the internet from my US bank to Bangkok Bank's New York branch each month, exchanging at the TT rate (same as SWIFT).  My US bank doesn't charge.  BB New York takes $5.00 (about 175 Baht) and the local branch takes a maximum of 200 Baht, and then diff with the TT FOREX rate.   Decided the amount in fees is a fair trade for not having to drive to the bank and queue up 2 or 3 times each month. 

Kev

Hi for small amounts from Australia I use bahtsmart and it gives you a quoted price and is pretty good, not sure if they have similar for other countries.

https://www.bahtsmart.com/

koratbob47

I went to their parent company's website and it does not appear I can transfer Canadian dollars to Thai baht. Seems I can transfer Australian dollars to Canadian dollars. Since the company was started by 2 Aussies and a Thai, it makes sense it revolves around the Aussie dollar.
Oh well, the banks on both sides of the ocean get richer using technology raping we expats.

Baby Farts

Check with your home bank in your country what they charge when you make a transaction abroad.  What I do is write a check to myself from my American bank and have the Thai bank deposit it to my Thai account.  Sure, it takes a little longer, but my Thai bank will always call me and make sure I'm okay with the exchange rate, which BTW isn't the same exchange rate you get when you make and ATM withdrawal.  Checks and Money transfers are much higher. You can even tell the bank to hold the check until you see the exchange rate go up.....and there are ZERO service charges or any hidden costs.

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