What are the best methods to transfer money to Thailand while avoiding high fees?

banking money transfer Thailand visa requirements international wire transfers Wise exchange rates Bangkok Bank NON-O visa expat finance

May 23, 2024

6 months ago

Ron ********

ORIGINAL POSTER

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!

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TLDR : 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 ********

ORIGINAL POSTER

OK........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!