Getting money into Thailand

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errol brown
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Getting money into Thailand

Post by errol brown » Mon May 09, 2016 5:43 am

I know it seems like a stupid question but really its not because there are so many ways. What seems to be the best way to get money into Thailand from an American bank. Wiring is way to ,western union is may be ok but there are other better ways. Any hints, or recommendations?

Jesse
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Re: Getting money into Thailand

Post by Jesse » Mon May 09, 2016 10:45 am

Here are two very good ways:
1. Open an account at any Bangkok Bank in Thailand. A "savings" account is probably best, it's what I use now, but I d the same thing with a "checking" account. They have a US branch, I think in New York, with a US "routing" or "swift" number. After opening the Bangkok Bank account, do an ETF from your other US bank into Bangkok Bank, using your local Bangkok Bank account number and the "routing" number of their US branch. After the ETF processes, the funds are available to be withdrawn from your local Bangkok Bank account, either visit the counter at a Bangkok Bank or use their ATM and ATM card. The ETF fees are minimal and you get an exchange rate slightly better than normal daily exchange rates.

2. Open a free account at www.fidelity.com, then apply for their VISA debit card, attached to this new Fidelity account. ETF funds from your bank into the Fidelity account, then use the Fidelity VISA debit card to get cash advances at any ATM in Thailand. Each transaction will incur a 200 baht fee, but Fidelity reimburses each 200 baht fee within a couple of days. Again, better exchange rate than the normal daily advertised exchange rate, and zero fees. There is a daily limit on cash advances from an ATM of approximately $500 but you can get an additional $2500 per day simply by processing the cash advance at the counter inside the bank, for a total daily limit of around $3000, then you have to wait until the next day. I say approximately $500 daily limit from an ATM but in actuality it's about $520.

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Re: Getting money into Thailand

Post by Bluesky » Mon May 09, 2016 11:00 am

I cannot advise you specifically for the USA, but for straight forward transfers suggest you consider the following to reduce the corrosive effects of Fx transfers. 1. Fees charges.What the bank or service provider will charge you to perform the transfer from the account of origin to your Thai bank account. 2. Fx spreads. The difference between the buy/sell price of USD/THB. The tighter the spread,(number of pips difference) the better the deal! Spreads will be tighter during currency trading hours as a result of increased liquidity. If you are transferring a larger amount you may be able to negotiate a better deal than the provider advertises. 3.Set your deal with the service provider so funds arrive in your Thai bank account in THB. 4. It is advisable that you transfer funds in under your own name as this may become an issue should you wish to return funds to the States or elsewhere at a later time.
I have attached a link for HIFX which will give you an idea on how fx transfers work and spreads available other than Banks.

https://www.hifx.com

europtimiste
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Re: Getting money into Thailand

Post by europtimiste » Mon May 09, 2016 2:38 pm

I always transfered money from any Europaen bank to my account in Thailand by swift.

benmo
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Re: Getting money into Thailand

Post by benmo » Mon May 09, 2016 2:47 pm

Same as last post but transfer in own currency gets a better exchange rate for me.

HHTel
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Re: Getting money into Thailand

Post by HHTel » Mon May 09, 2016 11:02 pm

Same as above. I transfer from my UK bank account to my BKK account (own account transfer). All done online and never had a problem. Just moved 20K sterling and arrived slightly better than counter exchange rate and my UK bank charges 9.50. I know some banks charge even less.

Thistle
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Re: Getting money into Thailand

Post by Thistle » Tue May 10, 2016 2:07 am

HSBC are still only charging £4.50 for a transfer from the UK to Thailand for up to £50,000.00.Transfer in sterling and you will obtain the days Baht rate when it arrives,usually 48 hours later.Should also be possible from a bank in the US.

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malcolminthemiddle
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Re: Getting money into Thailand

Post by malcolminthemiddle » Tue May 10, 2016 8:09 am

Some local banks (I know SCB do) will hold incoming foreign currency for upto 1 year before converting to THB and depositing into your THB account upon your instruction without the need for a local foreign currency account.

The caveat is that the whole incoming foreign amount must be converted to THB at the same time.

Helpful if you think exchange rates will improve and can wait for the THB.

wpcoe
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Re: Getting money into Thailand

Post by wpcoe » Tue May 10, 2016 2:30 pm

Jesse wrote:Here are two very good ways:
1. Open an account at any Bangkok Bank in Thailand. A "savings" account is probably best, it's what I use now, but I d the same thing with a "checking" account. They have a US branch, I think in New York, with a US "routing" or "swift" number. After opening the Bangkok Bank account, do an ETF from your other US bank into Bangkok Bank, using your local Bangkok Bank account number and the "routing" number of their US branch. After the ETF processes, the funds are available to be withdrawn from your local Bangkok Bank account, either visit the counter at a Bangkok Bank or use their ATM and ATM card. The ETF fees are minimal and you get an exchange rate slightly better than normal daily exchange rates.
I've used this method several times and it has worked flawlessly. Funds usually available from Bangkok Bank ATM in Thailand the next business day.

Bangkok Bank's link explains it further: Transfer money from USA to Thailand, and this is their page with exchange rates Foreign Exchange rates.. The rate used is the TT Buying Rate:

Image

You *might* get a phone call from Bangkok Bank when the funds arrive from the USA. About 50% of the time I get a call, and from what I can deduce, the purpose of the call is (a) to let you know the funds have arrived and (b) ask if you want it exchanged at that moment or if you want to funds to remain in USD until you advise later, i.e. if you think the exchange rates will improve to your favor later. Not sure how that latter option works as I always have them exchange at the current rate.

Another reason I got a call was when the amount was large to advise I needed to submit some form (at my local Bangkok Bank branch) specifying the purpose of the money transfer. IIRC, the trigger amount was >US$50,000? (Not sure that was the trigger amount, just that my transfer was over US$50k.)

PS: Bangkok Bank has arrangements from other countries (currently UK, Switzerland, Japan, Israel, Korea) for bank transfers, as well: Transferring into Thailand

errol brown
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best way to bring in funds

Post by errol brown » Wed May 11, 2016 8:47 pm

I am curious to know the best way to get funds into the country without paying all the high fees of banking and money conversions etc. How do others do it without getting the bank rip off.

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Re: best way to bring in funds

Post by Bluesky » Wed May 11, 2016 9:47 pm

There is a previous post on this that may provide the advice your seeking.

viewtopic.php?f=9&t=32335

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Re: best way to bring in funds

Post by HHTel » Thu May 12, 2016 12:10 am

errol brown wrote:I am curious to know the best way to get funds into the country without paying all the high fees of banking and money conversions etc. How do others do it without getting the bank rip off.
Read the thread. I've already said that I transfer better than the counter exchange rate of 20K pounds (around a million baht) for a cost of 9.50 (less than 500 baht) others have pointed out other banks that charge less.

Where's the rip-off?

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Chazz14
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Re: Getting money into Thailand

Post by Chazz14 » Fri May 13, 2016 10:42 pm

I use torfx.com who provide a free transfer service.

Although their exchange rate is inferior to the Visa Europe rate used by my Nationwide(UK) ATM rate, the torfx rate still works out cheaper when you deduct the Nationwide and SCB bank charges (approx. B450 total per withdrawal in Thailand). Beware that the the rate torfx quote on their website is only available for larger t/fs.

Also, easier to resolve any card problems when you use a Thai bank ATM card...
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terry+carmen
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Re: Getting money into Thailand

Post by terry+carmen » Sat May 14, 2016 5:11 pm

We use this service "TransferWise" better rate than HSBC UK. We have a rate alert at 50 baht to the pound and move money to Thailand whenever its over that predetermined rate.

The mid-market rate over the last 30 days

0.32% vs 1 day ago (it was 1 GBP = 50.908 THB)
0.31% vs 1 week ago (it was 1 GBP = 50.916 THB)
2.16% vs 1 month ago (it was 1 GBP = 49.992 THB)

TransferWise always uses the real exchange rate - the rate shown on the Rate Tracker, Google and XE.com - and only charges a small transparent fee, making it the smarter, fairer way to move your money.

PM me for the link.

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Re: Getting money into Thailand

Post by Bluesky » Sat May 14, 2016 5:33 pm

It may be a consideration for anyone anticipating transferring GBP from the UK in the near future to think about the impact BREXIT may have on fx rate.

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