Answered2 years ago
What are the best methods to transfer money to Thailand while avoiding high fees?
I have a couple questions about banking and the 800k deposit thing.
I read on the net that it is best to do the transfer from my USA bank in Thai baht, not dollars. Problem is, my bank does not offer the Thai baht as an option from its list of available currencies.
I contacted them and they said they only send dollars to Thailand.
Anybody have any idea about how much actual money I would lose by sending dollars to my Bangkok Bank instead of baht?
I had checked on sending it using Wise, but the fees for that amount is nuts.
Any info or advice is appreciated!
Thx!
I read on the net that it is best to do the transfer from my USA bank in Thai baht, not dollars. Problem is, my bank does not offer the Thai baht as an option from its list of available currencies.
I contacted them and they said they only send dollars to Thailand.
Anybody have any idea about how much actual money I would lose by sending dollars to my Bangkok Bank instead of baht?
I had checked on sending it using Wise, but the fees for that amount is nuts.
Any info or advice is appreciated!
Thx!
Answer summary
The discussion revolves around the most effective ways to transfer funds to Thailand, specifically addressing the common requirement of maintaining a deposit of 800,000 baht for visa purposes. Users advise against using banks that only transfer US dollars due to poor exchange rates and high fees. Alternatives like Wise are recommended for their competitive rates and transparency. Comments also cover the importance of correctly declaring amounts over $10,000 when traveling and how to ensure transfers appear as international transactions for banking purposes. Connections to US banks that have favorable transfer policies, like NFCU, are also shared.
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Ron ********
OPOK........to update everyone on how it shook out. Today is Monday the 27th.
Due to time constraints, I could not take up on some of the methods of exchange. I thank everyone for all the responses and ideas though! You guys were very helpful and informative!
I just went with doing a wire from my Charles Schwab bank directly to my Bangkok Bank account.
I had done a test wire with only $50 sometime ago just to make sure things work per my needs. It worked and it came in on the 3rd business day.
For this wire of $22,500 the charges came out as such:
Sshwab charged me a $15 wire fee and some other charge of $4.50, for a total of under $20.
I sent in the order Friday afternoon. The money arrived today (Monday) at mid-morning.......so I am very happy with both banks on that score.
Bangkok Bank charged me a 500 baht wire fee. I understand that is the maximum charge possible on wires.
The all-important exchange rate was acceptable to me at 36.45.
So, it ended very well for me.
Now I gotta go get the bank papers and hit Jomtien immigration on Thursday.. I will report back with what happened later this week. Wish me luck!
BIG THANKS!
Due to time constraints, I could not take up on some of the methods of exchange. I thank everyone for all the responses and ideas though! You guys were very helpful and informative!
I just went with doing a wire from my Charles Schwab bank directly to my Bangkok Bank account.
I had done a test wire with only $50 sometime ago just to make sure things work per my needs. It worked and it came in on the 3rd business day.
For this wire of $22,500 the charges came out as such:
Sshwab charged me a $15 wire fee and some other charge of $4.50, for a total of under $20.
I sent in the order Friday afternoon. The money arrived today (Monday) at mid-morning.......so I am very happy with both banks on that score.
Bangkok Bank charged me a 500 baht wire fee. I understand that is the maximum charge possible on wires.
The all-important exchange rate was acceptable to me at 36.45.
So, it ended very well for me.
Now I gotta go get the bank papers and hit Jomtien immigration on Thursday.. I will report back with what happened later this week. Wish me luck!
BIG THANKS!
Geoffrey ******
@Ron *******
Best of luckGeoffrey ******
@Ron *******
Glad you got er done.
Goody ******
If your bank in Thailand is in Baht, the USD will automatically be converted via NY when it's wired in.
You can also wire directly into the Bangkok Bank in NY to avoid international with fees and expect the money in the account same day.
You can also wire directly into the Bangkok Bank in NY to avoid international with fees and expect the money in the account same day.
Chuck *********
While Wise fees seem high, also look at the exchange rate they offer. I compared Wise to Western Union (95 cent fee) and WIse has beat out banks & WU every time.
Mike *******
take cash. Cash is king in Thailand
Steve **********
@Mike ******
make sure you declare at airport. If declared no problem, if detected and not declared, opens a wide door
Jim **********
I use Remity. Fee is 1.99. I just plugged in 800,000 baht, exchange rate was over 36.00 and the fee was 1.99.
Eric ******
@Jim *********
How does that compare to Wise, if you have ever used that app? And it is $1.99 total, or also a percentage? So at 36, $800,000 baht would equate to $22,222? Wise says it would $800,000 to $21,828 USD. Am I figuring that right?Jim **********
@Eric *****
you would have to compare the exchange rate. I know on Remity it changes every day. I have never used Wise. When I did my check at Remity it like 36.75 or close. Remity might give a lower exchange rate to make their money for almost no fee.Ron ********
OPWell, sad to report Remity will not let me send that much money in the time frame I need, most especially being a new member. Thanks for the idea in any case!
Ron ********
OP@Jim *********
Oh heck, thats real good! I will look into that service. I have seen folks talk about it, but never looked into it. I will now. Thanks!Bob **********
@Jim *********
I’m not seeing Thailand on their appJim **********
@Bob *********
I send money to Thailand every month.Bob **********
@Jim *********
got it
Galen *******
Change Cash at "Super-Rich" Exchange box, groundfloor, Bangkok Airport Suvarnabhumi, at TT. Exchange boxes in Pattaya or transfer with "Wise". All have nearly the same exchange rate.
Sharron *******
I just read yesterday that it is better to let Thai bank convert dollars better exchange rate
Robert ********
It doesn't matter how it comes over baht or dollar, just as long as it comes from overseas
Kenny *****
I opened an USD account in Thailand and transfer USD from BOA, the fee is a flat $45. When the exchange rate is good than i transfer the USD in Thai Bank to Baht in another account.
Steve **********
@Kenny ****
did for years long ago. BKK has an affiliation with BoA in NY, dont know why stopped, but most banks can transfer to Bkk converted to TB just insure its marked FTT ( foreign ) in passbook.Phil ******
@Kenny ****
too much
John *********
A Wise card is a great way of doing international transfers in another currency. Load the card with USD and nominate the account to transfer to plus the currency. The exchange rate is the mid market rate for the day and the fees are way lower than any of the banks.
Eric ******
Any chance a bank would accept a cashier's check from the US for $800k baht (or $22k USD)? I was told by a customs agent that I can't take that much cash through in the US even though Thailand allows it.
Brook ********
@Eric *****
You can easily take $10,000 or even $1,000,000 USD or more from USA to Thailand. It can be a cashiers check, cash, gold or negotiable instruments.
The only requirement is that you must declare values over a certain amount to customs agents at both borders.
In your case $10,000 USD to US and $20,000 USD in Thailand.
You will want a paper trail showing the money was legally imported should you want a visa in some provinces, or to buy a condo because you have to prove the origin.
Many people prefer to transfer via Wise or bank wire because there is less risk of robbery, theft or loss.
Larry **********
@Eric *****
If you look well kept and professional , they normally do not bother you or even ask , I just came 3 weeks ago and brought $25K with me..........nobody even bothered me ( I know why .... because it was easier to take care of everything in Thailand ) 3 weeks here , and I have everything.....Visa , Bank Account , and condo paid 6 months in advanceEric ******
@Larry *********
Did u come from the US? Customs agent told me they could confiscate the money if it is over $10,000 in cash. I know banks have to alert the IRS if you deposit more than $10k in cash at one time.
Brandon ************
@Larry *********
to apply for a non-O conversion you must show proof that the money was transferred from overseas, so bringing cash isn't going to work if that's the intention.Robert ********
@Larry *********
Did you declare it with the United States? When you left the 25,000 I mean ???I believe we can only take 10,000 out of the country without having to fill out a form.
Larry **********
@Robert *******
of course , always follow the laws of a country where I am a guest in , having respect and honor for there culture and country.............and the limit without declaring is $20,000
Michael *******
WISE every day of the week, been using them for 5 years now……banks hate them
Ron ********
OP@Michael ******
Yes, I have had excellent service from them for smaller amounts. Seems to me the fee for the 800k is a bit stiffish though. Thanks for your input!Michael *******
All relative I guess - shop around
Geoffrey ******
Ron Cooper. Are you by chance a vet? I use NFCU. Have lived here 9 years. They charge $25 for any amount. Transfer directly to Bangkok Bank. Exchange rate always great. If commercial rate is 36.54 I will get 36.47. Money gets here within 2 business days.
Steve **********
@Geoffrey *****
agree, sameRon ********
OP@Geoffrey *****
WOW! What excellent and useful information there Mr Noel! Yes, I am a Veteran, but was totally unaware of that. I will see if I can get an account there and push it through from that banking establishment. I will let you know how things work out for me in this regard. Appreciate it a lot!RON
Geoffrey ******
@Ron *******
You are welcome. TY for your service.Ron ********
OP@Geoffrey *****
I appreciate that sentiment Sir! Thank you for your Service too!Geoffrey ******
You are welcome Sir. Should be a piece of cake.. Ty for your service.
Thomas *******
@Geoffrey *****
that's what I like to hear. I have been curious what NFCU costs were.Geoffrey ******
@Thomas ******
Ty for your service.Thomas *******
@Geoffrey *****
thank you as well.Geoffrey ******
@Thomas ******
I assume you are a veteran. Highly recommend NFCU. Been with them for 32 years.Thomas *******
@Geoffrey *****
been a member just shy of 20 years
John **********
Bangkok Bank today 36.02 to the dollar
Wise today 36.5
So easy to work out if the fees are worth it by comparison. Remember your bank may also charge to transfer to Thailand
Wise today 36.5
So easy to work out if the fees are worth it by comparison. Remember your bank may also charge to transfer to Thailand
Scott *********
How do you ensure that the transaction appears on your account as a transfer from overseas when using Wise? I have read in previous posts that Wise transfers appear as a ‘within Thailand transfer’ on your account.
Keith ************
@Scott ********
there's a drop down menu in wise that lets you select 'funds for long term stay'. That's the one you want.
Brandon ************
@Scott ********
you have to select the correct reason for the transfer
Rene ********
@Brandon ***********
, what do you recommend one should put as the correct reason the most economical reason? ThanksRene ********
Nigel **************
@Rene *******
in the drop down menu choose 'funds for long term stay' it's usually the last one right at the bottom.Rene ********
I'd love to know
Rene ********
Yes, pls share your knowledge
Phil ******
@Ron *******
setup Wise and send via them it will be cheaper.
Ross **********
@Phil *****
is there any hassle about transferring large amounts using wise? ie reporting to Government a foreign transaction over $10,000
Ronald *********
@Ross *********
The FBAR requirement is based on the bank balance of your foreign account, not the amount of individual transfers.****************************************************************************************************************
Phil ******
@Ronald ********
yep but the Thai government tracks these payments as well. Makes no difference in which method is use in transferring fundsPhil ******
@Ross *********
no more than bank to bank transfer. Its the same processes
Todd *********
The fees are extremely low. If you use your bank, you will lose more money. Up to you. And more every month as long as you live in Thailand. Welcome to the world of international exchange.
Ron ********
OP@Todd ********
Yes, that is what I also seen on Wise. I appreciate your input!
Andy **********
@Ron *******
it's not just the fees, the exchange rate plays a big part also, especially if its a large amount your transferring.Ron ********
OP@Andy *********
Right.....I am trying to consider all the factors in making the transfer. I see the different exchange rates can produce a rather large difference on 800k. Thanks!Todd *********
@Ron *******
the bank will often show you a lower ‘fee’, which sounds great. Until you realize after the fact that you got a much worse exchange rate and lost even more. Best of luckRon ********
OP@Wayne *******
Yes Sir, I was lucky enough to had found some info on the net in regards to them. I appreciate your good info!
Wayne ********
@Ron *******
you open the account in Thailand but once you come back to the United States, you can send money to your account in Thailand through the New York branch of Bangkok Bank. It is not a retail branch where they have walk-up service and things like that. It’s a commercial bank, but all you have to do is call them and get their routing number, you send them the money and they will forward it to your account and Thailand. When I called the New York branch to get the routing number and the instructions for sending money to my account in Thailand they were very helpful so make sure you do that.Ron ********
OP@Wayne *******
Yes Sir, I am from the USA. Could I ask how a person opens an account with the NYC branch, and if my Pattaya branch account would simply be tied to the NYC branch? Thank you!Wayne ********
@Ron *******
I normally send money to my account with Bangkok Bank to the New York branch of Bangkok Bank. That way your transfer is less than the international fee is. Of course that is, if you are from the US.Ron ********
OP@Todd ********
Well, being I would be wiring dollars to the Bangkok Bank, I assume that it is under their control. Looks like I need to go by a branch and see what would happen so as to be fully informed in my decision making. Thanks for your input!Bob **********
Just set up WISE and transfer that way best rate and low fees or a wire transfer for larger amounts but I’d let your Thai bank exchange it
Ron ********
OP@Bob *********
Yes, I have a Wise account. Really just trying to compare their fees verses presumably losing some amount in wiring dollas verses baht. Thanks!Bob **********
@Ron *******
it’s a one time thing just get it done there are costs in living over hereBrandon ************
Not sure you where you read that but converting to baht in a country outside of Thailand is almost always going to be more expensive than converting to baht in the country that uses that currency. How much it will cost is going to be based on any wire transfer fees from your bank, wire receiving fees from your bank in Thailand, and the exchange rate. It's not really easy to calculate and you won't know the exact amount until it's deposited into your Thai account. Wise at least lets you know upfront what the fees are so there aren't any mysteries.
But there's no "cheap" way to transfer and convert that much money.
If I plug in 805,000 baht into Wise I see approximately $170 in fees which doesn't seem that much to me.
But there's no "cheap" way to transfer and convert that much money.
If I plug in 805,000 baht into Wise I see approximately $170 in fees which doesn't seem that much to me.
Ron ********
OP@Brandon ***********
Thanks for the good info! I just entered a question on Google, 'should wires be sent in dollars or Thai baht to Thailand?' Or something to that effect. My banks wire fee is $15 as far as I know. Not really looking for the absolute cheapest way to send the money. Just trying to understand the differences between wiring dollars or baht.
Ken ***********
@Brandon ***********
absolutely correct. Have the conversion to Thai baht done in Thailand; always a more favorable rate.Activity
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