Answered2 years ago
How does currency conversion work when transferring money from a US Bank to a Thai Bank account?
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 ?
Answer summary
When transferring funds, such as 800,000 THB equivalent, from a US Bank to a Thai Bank account, the currency conversion can take place either at the US Bank before the transfer or at the Thai Bank once the funds arrive. Opinions vary: some suggest that it is often beneficial to let the Thai Bank handle the conversion as they might offer better exchange rates compared to the sending bank. Additionally, using transfer services like Wise or Xe can also provide competitive rates. Ultimately, the decision may depend on individual banking policies, as some banks allow you to choose whether to convert the currency beforehand or upon arrival.
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Bent *************
Up to you - choose no conversion
Andrew ********
The sending bank converts usualy
Paul ********
If U do by bank they. F U with conversion rate..WISE.IS BEST
Holger **************
WISE would Charge around 144 USD for an Transfer of
*****
USD. And the Exchangerate IS Close to the official interbank rateHolger **************
Probably a better Exchange rate If you sent with WISE to the new Thai Bank account
Paul ***********
Depends on your instruction to the bank
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.
You should choose to convert in Thailand, always seem to be a better rate.
Peter **********
I'd say send in home currency as thai bank xchange rate likely to be better than home bank
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.
Kim *********
@Alan ******
yes but this is a bank transferAlan *******
@Kim ********
this is an international bank transferAlan *******
@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.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 RemitlyAlan *******
@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.Kim *********
@Alan ******
and so are bank accounts.Alan *******
@Kim ********
that is what services like Xe or Wise are used for.Kim *********
@Alan ******
yes
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.
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.Tony **********
@Joseph ******
yes, just like I said, native currency.Mark ********
OP@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.Mark ********
OP@Tony *********
- Roger that. Many thanks guysTony **********
@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.Lynnette *******
What is "pulling trigger"? Just curious what that means.
Tony **********
@Lynnette ******
American slang. Pointing a gun versus pointing and shooting. One is a threat, the other is taking action.Lynnette *******
@Tony *********
still don't see how this relates to transferring money.Lynnette *******
@Kim ********
ask myself "why"? 🤷
Wayne ********
@Lynnette ******
it’s just a cliché has no meaningKim *********
@Lynnette ******
ask yourself why since you told which countries you belong toLynnette *******
@Kim ********
how is that relevant? 🤷Kim *********
@Lynnette ******
my country is Denmark and I understood it right awayLynnette *******
@Craig ******
well done.
Craig *******
@Lynnette ******
As an Australian it was understood.Lynnette *******
@Kim ********
That's up to you. My country is both UK and USA. . 🤷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 saidLynnette *******
@Kim ********
either way, it's the strangest way to ask about transferring money.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.Lynnette *******
@Kim ********
I was replying to someone trying to explain what it meant. I've still no idea what it actually means. 🤷.Kim *********
@Lynnette ******
not up to you and "triggered" is not an option - unless they were already transferredLynnette *******
@Tony *********
maybe saying triggered instead of wanting to transfer, because they are speaking weird American slang, is not the best.Tony **********
@Lynnette ******
intent versus doing
Kelly ********
@Lynnette ******
doing it.
Phil *******
If you are doing it for visa, my understanding is that Thai bank needs to do it, so it shows as overseas funds
Mathew ********
Depends on the bank. Mine was a fee in the Australian bank.
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