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Should I use Wise or Bangkok Bank for transferring money to my account in Thailand?
Money TransferWiseBangkok BankInternational TransfersSchwab AccountExchange RatesACH TransfersExpats in Thailand
May 18, 2023
3 years ago
Jack *********
ORIGINAL POSTERSmart friends, I'd like your input. I have some money in a schwab account USA. I want to transfer it into my Bangkok Bank account.
I was going to try to use Wise but then I saw this. Has anyone tried this? The fee looks to me to be 500 baht or maybe a little over.
Do you think I should stick with Wise?
I was going to try to use Wise but then I saw this. Has anyone tried this? The fee looks to me to be 500 baht or maybe a little over.
Do you think I should stick with Wise?
TLDR : Answer Summary
The conversation discusses the best options for transferring money from a Schwab account in the USA to a Bangkok Bank account in Thailand. Users recommend using Wise due to favorable exchange rates and lower fees compared to Bangkok Bank. Some mention using Moneygram with a VISA debit card for better rates. Concerns are raised about the need for the transfer to be coded as an international ACH, which many US banks do not support. Overall, Wise is consistently suggested as the preferred method for smaller amounts, while Bangkok Bank might be better for larger transfers, depending on current rates.
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Jos *********
The actual exchange rate is by far more important then any fee. Stick with Wise.
Join our Wise Thailand group on:
Join our Wise Thailand group on:
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Isaac ********
I used this to transfer money from my Navy Federal to my Bangkok Bank account, no fee as it is going from a US bank to a US bank via ACH. The NYC branch of BKK Bank is a US bank account, not an international account, so there should be either a crazy low fee or no fee.
Ivan ************
Transfers in to Bangkok Bank have to be formatted as international ACH. The vast majority of US banks don't have the capacity to do this with their online banking, it's not necessary for domestic transfers so it's this really niche thing of a domestic transfer to a branch of a foreign bank that is going to send it on abroad... they just aren't set up to give that option.
It's still available for things like Social Security where the SAA is set up to code the transfers, and it will also work if you can actually get your sending bank to code the transfer as international. If not, though, they'll reject it.
There is a 0.25% 200-500 baht incoming fee in Thailand, there is also a fee $10-20 from Bangkok Bank New York, and also the exchange rate spread. It's not cheaper than Wise for smaller amounts, it may work out cheaper for larger amounts, over $5-10k or so, this depends on current rates and you'd need to check.
It's still available for things like Social Security where the SAA is set up to code the transfers, and it will also work if you can actually get your sending bank to code the transfer as international. If not, though, they'll reject it.
There is a 0.25% 200-500 baht incoming fee in Thailand, there is also a fee $10-20 from Bangkok Bank New York, and also the exchange rate spread. It's not cheaper than Wise for smaller amounts, it may work out cheaper for larger amounts, over $5-10k or so, this depends on current rates and you'd need to check.
Jack *********
ORIGINAL POSTER*seems
Ivan ************
@Ja**
every US bank supports ACH. The issue is ACH is primarily for domestic transfers within the US and this requires coding as an international ACH.Reply to
Ivan ************
Reply
Jack *********
ORIGINAL POSTER@Ivan ***********
thanks I was wondering about the fees on both sides. It would be like $12k USD a monthIvan ************
@Ja**
Wise = 409,132Bangkok Bank TT buying rate is 34.25 so 12,000 - $20 - 500B = 409,815
So slightly more with Bangkok Bank, if you can do the international ACH, that will be the problem.
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Reply to
Ivan ************
Reply
Carlo ******************
I did it few times and worked out good...good exchange rate and 10$ commission
Jeff **********
Use Moneygram .com if you have a VISA debit card you will get the best transfer rate. Right now 1$=34.41bahts. Rate is much lower if not use a VISA debit card.
Jack *********
ORIGINAL POSTER@Jeff *********
Do they take a fee?Jeff **********
@Jack ********
there 3 fees to choose the quickest is more expensive there cheapest price was under $1 but takes 2-5 days .lots cheaper than WiseReply to
Jeff **********
Reply
John **********
Been using Schwab for years. Seamless, easy, never a problem and minimal fees.
David ***********
Wise is good I've used them for the last 5 years
Keith *******
Check the actul exchange rate you get too, I find wise to be far superior to bank rates
Jack *********
ORIGINAL POSTER@Keith ******
This is very important. I actually did get a bad exchange rate with BB when transferring money from Kuala Lumpur. I was surprisedKeith *******
@Jack ********
overall it is hard to beat wiseReply to
Keith *******
Reply
Mark *********
I have the same Schwab checking account - if you have the associated debit card, ATM withdrawal fees are waived & reimbursed across the board. Single best account/card for an American in Thailand.
Wise is good. I’d go wise over Bangkok Bank tx.
Binance P2P is better - but requires some crypto know how and some initial setup. More of a long term solution.
Wise is good. I’d go wise over Bangkok Bank tx.
Binance P2P is better - but requires some crypto know how and some initial setup. More of a long term solution.
Michael ********
@Mark ********
, I have the same Schwab checking account debit card. Saved me $500+ US over the last two visits to Thailand (8 months between the 2 stays)Steve *******
@Mark ********
I transfer via BB London. It's always a good deal. Never paid more than 1000bt(fee plus percentage) transferring up to £10k. Top exchange rate too.Mark *********
For anyone reading this thread: I’ve gone down this rabbit hole both personally and for a business.
Without a doubt, setting up a Binance account to do P2P is the cheapest option hands down.
But it’ll require some setup and some learning how to use crypto.
If you don’t want the hassle - use Wise.
Without a doubt, setting up a Binance account to do P2P is the cheapest option hands down.
But it’ll require some setup and some learning how to use crypto.
If you don’t want the hassle - use Wise.
Mark *********
@Steve ******
Those are steep fees.Might want to look into Binance P2P. Less than 100 THB for that amount.
Steve *******
@Mark ********
Hardly steep!Mark *********
@Steve ******
In an absolute sense maybe not. Relative to other options probably.Steve *******
@Mark ********
In all senses!Reply to
Steve *******
Reply
Ruth *******
@Mark ********
I’m curious what is wrong with the Bangkok Bank transfers. When I move (I’m so excited that it’s finally happening), I’ll have Schwab. I still need to learn how to use Wise, although I’ve certainly heard it mentioned numerous times.Keith ************
@Ruth ******
what you need to check is the total fees, including the exchange rate. Look at what Wise charges and look at what Bangkok bank charges and make up your own mind.Ruth *******
@Keith ***********
that’s what I’m asking. Does BB have a bad rate?อ้วน *********
@Ruth ******
wise has always been lowest I've found transferring from the US. Been using them for 4+ years and I still do comparisons every 4-5 months. In the beginning I checked every transfer though.Mark *********
@อ้วน ********
Believe it or not Binance is better than Wise but it requires some learning.อ้วน *********
@Mark ********
I'd believe it but they lost all my faith after backing out of the voyager deal and wasting more of my money locked up. I closed all my accounts with them. I'll never give them another cent.Mark *********
@อ้วน ********
They backed out of the Voyager deal because of US Gov’t SEC overreach. The SEC filed protestations against the merger citing the deal gave ‘exonerations for breaches of tax & securities law’.
100% the fault of US Gov’t, not Binance. I personally couldn’t be more happier with Binance.
อ้วน *********
@Mark ********
cool. Maybe they'll give you a free t-shirt or something for your support. I see it very differently than you do. I'd explain the reasons I disagree but it's a mute point. You like them, I don't. Have a good one.Reply to
อ้วน *********
Reply
Jack *********
ORIGINAL POSTER@Mark ********
Yeah I was hoping to not have to make the trek into the bank. Are there BB ATMs that accept cash deposits? I don't think I've seen one yet. I'm in Bangkok Sukhumvit area.Bob **********
@Jack ********
there at every bank outside but how much are you going to transfer 500 baht is nothing and you get a great rate with wiseMark *********
@Bob *********
The exchange rates are good, the transfer fees leave a bit to be desired.Reply to
Mark *********
Reply
Jack *********
ORIGINAL POSTER@Mark ********
Cool, thank you for the feedback. Yep that's the card. I love Charlie.Mark *********
@Jack ********
Yeah I mean if you have it then just withdraw cash and do a deposit. Can do 30k THB at a time through Krungsri (Yellow) ATM.Reply to
Mark *********
Reply
Carlos *********
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Carlos *********
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