Most practical and least expensive way to transfer large funds to Thailand?

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Most practical and least expensive way to transfer large funds to Thailand?

Post by Jimbob » Sat Jun 02, 2018 11:20 am

I am assisting my GF’s friend who is dealing with her late husband’s estate to navigate financial issues. His will, of which she is the only benefiary, gives her substantial funds from the reminder of his account based pension fund and their house sale funds. She plans to return to Ubon from Australia after 25 years in Australia. Far too much money to carry on a plane to Thailand.
My question what is the most practical and least expensive way to transfer large funds to Thailand?

I have read horror stories online of bank foreign exchange rip offs and incompetence.
My thoughts were for her to locally open an ANZ bank account as they have a branch in Bangkok then transfer it branch to branch. Or, open an account with HSBC (Money launderers First Choice).
Once she is there it’s up to her to deal with grasping relatives in Ubon.

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Re: ็็้็็็้Most practical and least expensive way to transfer large funds to Thailand?

Post by buksida » Sat Jun 02, 2018 11:36 am

She will get stung either way on tx fees, and forex spreads if she does a bank to bank transfer. HSBC are one of the worst. Additionally large sums will raise laundering flags in the banking system and additional paperwork may be required.

The least expensive way is to find someone you trust that wants to get similar funds out of Thailand.

Mod edit: fixed the title
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Re: ็็้็็็้Most practical and least expensive way to transfer large funds to Thailand?

Post by STEVE G » Sat Jun 02, 2018 11:55 am

Transferwise will now let you open an account with them from US, UK, EU or AUS with a MasterCard. I've just done it recently and you can hold money in those currencies or transfer to Thailand when you want.

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Re: ็็้็็็้Most practical and least expensive way to transfer large funds to Thailand?

Post by RCer » Sat Jun 02, 2018 3:27 pm

I keep my money in my US bank. Can transfer 9,999 US per month before IRS gets interested.

Wire fee $40 US plus whatever the exchange rate is at that time.

I always transfer in USD not baht, that way the exchange is done on this end, which is usually less.

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Re: ็็้็็็้Most practical and least expensive way to transfer large funds to Thailand?

Post by moater » Sat Jun 02, 2018 10:36 pm

RCer wrote:
Sat Jun 02, 2018 3:27 pm
Wire fee $40 US plus whatever the exchange rate is at that time.

I always transfer in USD not baht, that way the exchange is done on this end, which is usually less.
You can save a lot of money by either using ACH transfers to Bangkok bank NYC (will save you at least the $40, as most banks don't charge for ACH) or by switching to transferwise (better exchange rate and appears as a local transfer, so you won't be charged incoming wire fee - 500thb, but will be charged around 1% in fees). Transferwise usually works out to be cheaper up to 25K or so.

If you want the ultimate convenience and savings though - get a debit card with 0% foreign transaction fees and full ATM rebates. You can then simply withdraw from your account in the US directly. You will get the best possible exchange rate (the Visa/Mastercard network rate, much better than any bank will ever give you) and pay no fees. Schwab is a good example.

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Re: ็็้็็็้Most practical and least expensive way to transfer large funds to Thailand?

Post by Dannie Boy » Sun Jun 03, 2018 5:35 am

moater wrote:
Sat Jun 02, 2018 10:36 pm
RCer wrote:
Sat Jun 02, 2018 3:27 pm
Wire fee $40 US plus whatever the exchange rate is at that time.

I always transfer in USD not baht, that way the exchange is done on this end, which is usually less.
You can save a lot of money by either using ACH transfers to Bangkok bank NYC (will save you at least the $40, as most banks don't charge for ACH) or by switching to transferwise (better exchange rate and appears as a local transfer, so you won't be charged incoming wire fee - 500thb, but will be charged around 1% in fees). Transferwise usually works out to be cheaper up to 25K or so.

If you want the ultimate convenience and savings though - get a debit card with 0% foreign transaction fees and full ATM rebates. You can then simply withdraw from your account in the US directly. You will get the best possible exchange rate (the Visa/Mastercard network rate, much better than any bank will ever give you) and pay no fees. Schwab is a good example.
The OP was asking for advice on how best to transfer money from Australia to Thailand, not from the US. :offtopic:

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by brianks » Sun Jun 03, 2018 8:37 am

My experience using Bangkok Bank vs Transferwise is that Transferwise is better and can transfer directly to any bank in Thailand instead of only Bangkok Bank. Transactions are cheaper using Transferwise than Bangkok Banki. What I like best is that Transferwise tells you up front what the fees will be and the actual amount that will arrive in your Thai bank account. I am sure you will find Transferwise just as easy to use transfering from Australia also as an Australian friend gave me the tip on Transferwise originally.

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by pitsch » Sun Jun 03, 2018 9:25 am

I just looked at Transferwise. The fees rise with the amount of money you send. For small amounts it might be cheaper than other transactions, but for larger sums it is more expensive.

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by STEVE G » Sun Jun 03, 2018 12:15 pm

pitsch wrote:
Sun Jun 03, 2018 9:25 am
I just looked at Transferwise. The fees rise with the amount of money you send. For small amounts it might be cheaper than other transactions, but for larger sums it is more expensive.
The fee goes up but the exchange rate will be the mid-point so you're still doing a lot better than a bank exchange. I've funded a land purchase through them and the saving was considerable.

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Sun Jun 03, 2018 12:32 pm

The OP is looking for ways to bring in a "substantial amount", I don't think 10k or 25k, I would imagine Millions of Baht, if it includes a house sale and pension. The max transfer with TransferWise is 2m Baht at a time. When talking about large sums I think you can only do this in one go via a bank.

I would suggest the OP or the lady, first of all talks with a bank in Australia, get quotes, work out if she is going to transfer in one transaction or multiple. The pension could definitely be paid direct by the pension fund to her Thai bank account either monthly or if a final settlement in one go after paying all required taxes.
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by Jimbob » Mon Jun 11, 2018 6:24 am

Yes a substantial amount. Unfortunately it may be me trying to tell her what the banks will do and their charges. Her English is poor and her internet skills are zero. But she does have a nice wooden box of Grange Hermitage that her late husband had hoarded. Worth a bit

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by migrant » Mon Jun 11, 2018 7:01 am

Is there a problem with sending money out? We are selling 2 properties and would like to send the money back to US, it will be fairly substantial. I have read, in the past, varying reports where the transfer is difficult, but can be done if you trace the funds to property. The properties are in my wife's (Thai) name. When we bought one we transferred the money in from US but from an account with her name only to a Thai account with her name only. The other sale she has had for years, a gift from late husband.

Maybe I should have started a new thread, Mods, if so please move - Thanks!
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by Bluesky » Mon Jun 11, 2018 9:02 am

Jimbob wrote:
Sat Jun 02, 2018 11:20 am
I am assisting my GF’s friend who is dealing with her late husband’s estate to navigate financial issues. His will, of which she is the only benefiary, gives her substantial funds from the reminder of his account based pension fund and their house sale funds. She plans to return to Ubon from Australia after 25 years in Australia. Far too much money to carry on a plane to Thailand.
My question what is the most practical and least expensive way to transfer large funds to Thailand?

I have read horror stories online of bank foreign exchange rip offs and incompetence.
My thoughts were for her to locally open an ANZ bank account as they have a branch in Bangkok then transfer it branch to branch. Or, open an account with HSBC (Money launderers First Choice).
Once she is there it’s up to her to deal with grasping relatives in Ubon.
With regards to transfer from Oz to Thailand the spreads/fees offered by the major Banks (CBA,NAB,ANZ and Westpac) are quite high and add up considerably where large sums are concerned. From experience we have two providers that we use, Hi FX and TorFX Your best deal will be the tightest spread (difference between buy and sell spot price). You can also lock in a futures contract with both these providers ( set a price you want to achieve) and if the market moves favourably pick up a better deal. For larger amounts you can negotiate further with Hi FX trading desk on the phone to tighten the spread further. ( better buy rate for thai baht) Unfortunately, the Thai baht is viewed as an exotic currency and does not have the same degree of liquidity as say AUD USD pair. (resulting in bigger spreads) Providing the executor has applied for Probate(Grant of Representation) and it has been granted in Aust by the respective Court with respect to her late husband's Last Will and Testament, there should be no issues. The process may be a little more complicated if dealing with a State Trustee body than rather through a lawyer.
Transfers out of Australia are now quite heavily scrutinised by AUSTRAC (Australian Transactions Reports and Analysis Centre) for transactions over $10,000.00 AUD or any transaction that is suspect.

We tend to use HiFx predominately for ease/speed (generally 1, at most 2 working days) over TorFx.

Need to watch the banks in Thailand as they will sometimes try to hit you twice with fees (Once to Bangkok, Once to destination bank)

Links
https://www.hifx.com.au

https://www.torfx.com.au
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Tue Jun 12, 2018 11:12 am

Bluesky wrote:
Mon Jun 11, 2018 9:02 am
Jimbob wrote:
Sat Jun 02, 2018 11:20 am
I am assisting my GF’s friend who is dealing with her late husband’s estate to navigate financial issues. His will, of which she is the only benefiary, gives her substantial funds from the reminder of his account based pension fund and their house sale funds. She plans to return to Ubon from Australia after 25 years in Australia. Far too much money to carry on a plane to Thailand.
My question what is the most practical and least expensive way to transfer large funds to Thailand?

I have read horror stories online of bank foreign exchange rip offs and incompetence.
My thoughts were for her to locally open an ANZ bank account as they have a branch in Bangkok then transfer it branch to branch. Or, open an account with HSBC (Money launderers First Choice).
Once she is there it’s up to her to deal with grasping relatives in Ubon.
With regards to transfer from Oz to Thailand the spreads/fees offered by the major Banks (CBA,NAB,ANZ and Westpac) are quite high and add up considerably where large sums are concerned. From experience we have two providers that we use, Hi FX and TorFX Your best deal will be the tightest spread (difference between buy and sell spot price). You can also lock in a futures contract with both these providers ( set a price you want to achieve) and if the market moves favourably pick up a better deal. For larger amounts you can negotiate further with Hi FX trading desk on the phone to tighten the spread further. ( better buy rate for thai baht) Unfortunately, the Thai baht is viewed as an exotic currency and does not have the same degree of liquidity as say AUD USD pair. (resulting in bigger spreads) Providing the executor has applied for Probate(Grant of Representation) and it has been granted in Aust by the respective Court with respect to her late husband's Last Will and Testament, there should be no issues. The process may be a little more complicated if dealing with a State Trustee body than rather through a lawyer.
Transfers out of Australia are now quite heavily scrutinised by AUSTRAC (Australian Transactions Reports and Analysis Centre) for transactions over $10,000.00 AUD or any transaction that is suspect.

We tend to use HiFx predominately for ease/speed (generally 1, at most 2 working days) over TorFx.

Need to watch the banks in Thailand as they will sometimes try to hit you twice with fees (Once to Bangkok, Once to destination bank)

Links
https://www.hifx.com.au

https://www.torfx.com.au
So based on this if you are bringing over 3m Baht roughly 300kAUD, which being the proceeds of a house sale and pension is on the low side, you would need to make 30,000 transactions, do you really think the authorities will not be climbing all over you. The only way is through a formal bank and from my experience with Westpac they will give a better rate than the norm when transferring substantial amounts. It will still not be a simple thing to do as it will have to be approved by the authorities who will want proof of where the money has come from. She will also have to go through the formal Probate process.
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Tue Jun 12, 2018 11:15 am

migrant wrote:
Mon Jun 11, 2018 7:01 am
Is there a problem with sending money out? We are selling 2 properties and would like to send the money back to US, it will be fairly substantial. I have read, in the past, varying reports where the transfer is difficult, but can be done if you trace the funds to property. The properties are in my wife's (Thai) name. When we bought one we transferred the money in from US but from an account with her name only to a Thai account with her name only. The other sale she has had for years, a gift from late husband.

Maybe I should have started a new thread, Mods, if so please move - Thanks!
There is no problem sending money out of Thailand, I have done from Bangkok Bank and Ayuthaya. Dependent on the value you may have to spread it over a period. Ayuthaya will send 3m in one go no problem.

Just go into your bank and inquire
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