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How does currency conversion work when transferring money from a US Bank to a Thai Bank account?

currency conversioninternational bank transferThai bank accountexchange ratesvisa requirementsNON-O visatransfers to Thailand
Dec 26, 2024
2 days ago
Mark ********
ORIGINAL POSTER
When pulling trigger on 800,000 tbt equivalent from your US Bank to Thai Bank account — does the US BANK do the conversion to Thai Baht or is that done once it lands in Thai Bank? Or do both banks equally share in the cost of conversion ?
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TLDR : Answer Summary
When transferring funds equivalent to 800,000 Thai Baht from a US bank to a Thai bank, the handling of currency conversion can vary. Generally, it's suggested to let the Thai bank perform the conversion for a likely better exchange rate. Some users noted that you may have the choice to convert funds either in your home country or upon arrival in Thailand, with many recommending to do the conversion in Thailand. Additionally, using transfer services like Wise (formerly TransferWise) may provide better rates compared to traditional banks.
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Andrew ********
The sending bank converts usualy
8 hours ago
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Paul ********
If U do by bank they. F U with conversion rate..WISE.IS BEST
a day ago
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Holger **************
WISE would Charge around 144 USD for an Transfer of
*****
USD. And the Exchangerate IS Close to the official interbank rate
a day ago
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Holger **************
Probably a better Exchange rate If you sent with WISE to the new Thai Bank account
a day ago
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Paul ***********
Depends on your instruction to the bank
a day ago
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Steve *******
You should get the option to choose whether you convert in your home Country or in Thailand. My UK bank account has that option.

You should choose to convert in Thailand, always seem to be a better rate.
2 days ago
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Peter **********
I'd say send in home currency as thai bank xchange rate likely to be better than home bank
2 days ago
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Alan *******
My impression has been if you use a transfer service like Xe or Wise, when you hit the submit button is when it locks in to an exchange rate that it shows you in advance.
2 days ago
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Kim *********
@Alan ******
 yes but this is a bank transfer
a day ago
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Alan *******
@Kim ********
 this is an international bank transfer
a day ago
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Kim *********
@Alan ******
 yes
a day ago
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Alan *******
@Kim ********
 that is what services like Xe or Wise are used for.
a day ago
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Kim *********
@Alan ******
 and so are bank accounts.
a day ago
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Alan *******
@Kim ********
 i was not able to do an international transfer btwn thai and us banks without using a service. I guess I don't know what banks provide that, especially with the same ease.
a day ago
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Kim *********
@Alan ******
 all banks do that I suppose. I have set that up in Bangkok Bank and in my Danish bank. But I also use Revolut and Wise and Remitly
a day ago
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Alan *******
@Kim ********
 I've used remitly and Wise although now prefer Xe. My US bank can link to accounts and do transfers but not internationally (at least Thailand anyway). Although I confess I just use the mobile and web apps and could maybe use the messaging to ask if they would set up the xfers. I just went the easiest route (I felt) to use the services.
21 hours ago
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Alan *******
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Tony **********
If you're using an international transfer, you can choose what funds to send from your bank. Generally it is better to send native funds and let Thai bank convert. If you are NOT applying for your non-o in-country, the funds do not need to show that they are from a foreign source.
2 days ago
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Joseph *******
@Tony *********
 American banks typically provide lower exchange rates during international transfers than Bangkok Bank does. I tested this once in May of 2022 by transferring $1,000 twice, back-to-back. For the first one I asked USAA to transfer in baht. That yielded 33,367 baht two days later. The second transfer was in dollars. Also two days later, it produced 34,260 baht, roughly 900 baht better.
a day ago
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Tony **********
@Joseph ******
 yes, just like I said, native currency.
a day ago
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Mark ********
ORIGINAL POSTER
@Joseph ******
 - i was advised that for funding my new 800,000bt account (for Extension of Stay money seasoning), I need to send unconverted dollars either from my Canada dollar or US dollar accounts, and let receiving bank (In my case Bangkok Bank), do the conversion. But since I’m in middle of this exact moment, I’m curious to hear whether the source-point of the conversion to baht from dollars matters to final consideration at Thai Immigration.
a day ago
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Tony **********
@Mark *******
 who converts is irrelevant. It doesn't even have to be foreign funds if seasoning. The only time the 800k needs to show from foreign funds is when applying for non-o in-country.
a day ago
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Mark ********
ORIGINAL POSTER
@Tony *********
 - Roger that. Many thanks guys
a day ago
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Mark ********
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Lynnette *******
What is "pulling trigger"? Just curious what that means.
2 days ago
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Tony **********
@Lynnette ******
 American slang. Pointing a gun versus pointing and shooting. One is a threat, the other is taking action.
2 days ago
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Lynnette *******
@Tony *********
 still don't see how this relates to transferring money.
2 days ago
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Tony **********
@Lynnette ******
 intent versus doing
2 days ago
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Lynnette *******
@Tony *********
 maybe saying triggered instead of wanting to transfer, because they are speaking weird American slang, is not the best.
2 days ago
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Craig *******
@Lynnette ******
 As an Australian it was understood.
18 hours ago
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Lynnette *******
@Craig ******
 well done.
17 hours ago
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Kim *********
@Lynnette ******
 not up to you and "triggered" is not an option - unless they were already transferred
a day ago
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Lynnette *******
@Kim ********
 I was replying to someone trying to explain what it meant. I've still no idea what it actually means. 🤷.
a day ago
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Kim *********
@Lynnette ******
 you got the answer in the first reply to you. That was "doing it". In this case "when transferring money from US bank to Thai bank.
a day ago
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Lynnette *******
@Kim ********
 either way, it's the strangest way to ask about transferring money.
a day ago
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Kim *********
@Lynnette ******
 slang is always strange you have it in your country - I have it in mine - all have it. I don't find it strange what he said
a day ago
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Lynnette *******
@Kim ********
 That's up to you. My country is both UK and USA. . 🤷
21 hours ago
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Kim *********
@Lynnette ******
 my country is Denmark and I understood it right away
5 hours ago
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Kim *********
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Kelly ********
@Lynnette ******
 doing it.
2 days ago
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Kelly ********
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Phil *******
If you are doing it for visa, my understanding is that Thai bank needs to do it, so it shoes as overseas funds
2 days ago
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Mathew ********
Depends on the bank. Mine was a fee in the Australian bank.
2 days ago
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Reply to
Mathew ********
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