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Answered3 years ago

Can Americans with a Charles Schwab account transfer money directly to a Thai bank without using a service like Wise?

Brian ********
asked Jun 21, 2023
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This question is for any American with a Charles Schwab checking account. Can you transfer money directly to a Thai bank account without using a "middle man" like Wise? If so, how long does it take? I ask because it seems like it would be easier to just link the banks, log on and transfer. Also, if you have let Schwab know you are permanently in Thailand with a Thai address (I don't want to lie with a virtual address), how did that go? Thanks in advance!
Answer summary
Americans with a Charles Schwab account can transfer money to a Thai bank account directly, though this may incur high fees and depend on the global scrutiny of offshore banking activities. Although direct bank transfers are an option, using a service like Wise is recommended for better transparency in fees and conversion rates. Some users mention that having a Charles Schwab brokerage account can facilitate free international transfers; otherwise, there are associated costs with SWIFT transfers. Additionally, declaring a Thai address may lead to complications.
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Kool *******
Kool *******
If you actually have a Charles Schwab brokerage account, opened with a minimum of US$20,000, then you get 4 free international SWIFT bank to bank transfers a month. If you don't have that type of account then SWIFT transfers are still direct bank to bank, they just have a fee to do it.
Brian ********
Brian ********
OP
@Kool ******
I have one. I will have more than 20 by the time I move. Thanks for the info!
Todd *********
Todd *********
You can easily, but you will pay dearly for it.

With increased scrutiny from USA banks on offshore activity, expect to run into some issues when you declare your Thai address
Brian ********
Brian ********
OP
@Todd ********
what issues?
Todd *********
Todd *********
Brian Dumont the same ones described in the post. As a non resident of USA, they ‘may’ close down your accounts
Brian ********
Brian ********
OP
@Todd ********
according to Schwab, all it does is restrict what you can invest in. Seeing as I'm just using their checking account merely collecting interest in my tiny investment account, it shouldn't be an issue.
Brandon ************
Brandon ************
The benefit of the Schwab account is the refund of the ATM Fees. If you have a Schwab account and you want baht, you should be getting it from the ATM in Thailand. And you should always get the maximum amount possible. Each brand of ATM has a limit on how many bills they will dispense, some are 20, some are 25, some are 30. So that equals to a maximum of 20,000 or 25,000 or 30,000 baht depending on the bank ATM that you choose.

If you were going to transfer money from a bank to a Thai bank account, there's not really any benefit of doing a direct bank transfer because you're never going to be exactly sure how much you are going to receive between possible outgoing fee, conversion rate, and incoming fee which is usually a % of the transfer. Wise is better because you'll know the exact fees and the exact amount of money you're receiving into your Thai bank acccount.
Brian ********
Brian ********
OP
@Brandon ***********
Thanks. Right now, I know Schwab doesn't charge for domestic transfers. Do they charge for international transfers? And do Thai banks charge only between banks, or do they charge with any transfer? Sorry for all the questions, but I'm pretty ignorant on all this.
Dana *******
Dana *******
@Brian *******
I do the same, but in Switzerland : I have my Swiss account and I have a Thai account. Transfers from Switzerland cost about 2$. No fee in Thai bank. Exchange rate normal, official inter-bank exchange rate. Ask your US bank and Thai bank how it works. Make sure you can still keep your US bank despite having your permanent address in Thailand. The bank might not accept. Switzerland accepts only under certain conditions (long time client, reliable, etc.).
Alistair **********
Alistair **********
@Brian *******
most of the time its not the fees that are the issue, it's the exchange rate. Banks often give shit rates, it's why third parties like wise, moneygram, etc. exist.
Brandon ************
Brandon ************
@Brian *******
I think it will depend on the bank and I'm not an expert. But I believe almost all banks will charge a conversion fee and/or a receive fee which is usually a % of the transfer. You can probably Google the bank name and transfers fees

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