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What are the best options for transferring money from Bangkok Bank to a US bank like Schwab?

money transferBangkok BankSchwabDeeMoneySWIFT transfercurrency exchangefeesinternational remittanceTT rate
Jul 15, 2023
a year ago
Scot *******
ORIGINAL POSTER
Options and suggestions for moving baht from Bangkok Bank to a US bank (Schwab)?

BB says it will cost 1150 b to do a swift transfer, with exchange to USD. Not too much, rate seems standard, no charge from Schwab.

DeeMoney doesn't seem as good, but the rates may not be up-to-date.

Thanks
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TLDR : Answer Summary
The user is seeking advice on transferring baht from Bangkok Bank to a US bank account, specifically Schwab. They mention a fee of 1150 baht for a SWIFT transfer and note no charges from Schwab but express concern about hidden fees at the exchange rate. Community comments suggest checking total costs, comparing rates between sending and receiving banks, and highlight alternatives like DeeMoney for cost-effectiveness and efficiency.
Leslie *********
Deemoney do this
a year ago
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Kool *******
There is a lot less paperwork involved using DeeMoney than doing a SWIFT transfer.
a year ago
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Clinton ******
I was able to convert some currency with

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a year ago
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Cliff *********
You may be able to make a domestic transfer from the BB New York branch to your Schwab account.

I am able to do the reverse sending money from Chase to BBNY. Fee is about $30.
a year ago
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Scot *******
ORIGINAL POSTER
That's about all I'm looking at being charged by BB now to do a wire.
a year ago
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Scot *******
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Phil ******
Best to use Dee
a year ago
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Scot *******
ORIGINAL POSTER
I assume Dee cannot take directly out of my account.
a year ago
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Keith ************
@Scot ******
 you can compare Deemoney's exchange rates to other services right here.

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a year ago
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Scot *******
ORIGINAL POSTER
@Keith ***********
 - I saw that, it looks bad for Dee.
a year ago
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Keith ************
@Scot ******
 don't use them, then. Dee tends to save money on smaller transactions, with a lower fee but slightly worse exchange rate. Bigger transactions may be better via the method you described.
a year ago
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Scot *******
ORIGINAL POSTER
@Keith ***********
 - understood, it's all a comparison thing. Just looking for my options.
a year ago
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Scot *******
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Phil ******
@Scot ******
 you setup the app and I'd yourself. Then you transfer in as you do any transfer from your bank account. If you are in Bangkok there's a Dee money store and I'm sure they can assist
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - I've only done one transfer, and that was in. Not in Bangkok now. How does money get from BB to Dee?
a year ago
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Brandon ************
@Scot ******
 Deemoney has accounts in Thailand and you do a bank transfer to their account.
a year ago
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Scot *******
ORIGINAL POSTER
@Brandon ***********
 - OK, so I do a wire transfer from BB to a Dee account, I assume in baht. Then they convert and transfer to USA? Fees are building up.
a year ago
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Brandon ************
@Scot ******
 I'm starting to not believe you have a Thai bank account if you don't know what a Thai bank transfer is
a year ago
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Scot *******
ORIGINAL POSTER
@Brandon ***********
 - you didn't answer my question, if you are still there.
a year ago
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Scot *******
ORIGINAL POSTER
@Brandon ***********
 - I have a Bangkok bank account just as I said. No, I have never done any other transfer, why would I? You can leave this conversation at any time.
a year ago
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Phil ******
@Scot ******
 how did you do the transfer b4?
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - I wired money from Schwab to BB. 😉
a year ago
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Phil ******
@Scot ******
 yes thats incoming. Similar process. Here's the read but its pretty easy

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a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - perhaps there is a way to transfer money domestically that does not involve a wire transfer or any fee. If so, no one has said that yet.
a year ago
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Keith ************
@Scot ******
 yes. Domestic transfers, including to DeeMoney are free and easy.
a year ago
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Scot *******
ORIGINAL POSTER
@Keith ***********
 - that's info that I finally received after pulling a few teeth. But at those rates, it's still cheaper to just wire from BB. I will have to check the comparison chart when the banks are actively reporting.
a year ago
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Keith ************
@Scot ******
 everyone may have assumed you knew about domestic transfers, as it's quite common here. I use my bank app to pay for almost everything, from food delivery, to rent.
a year ago
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Scot *******
ORIGINAL POSTER
@Keith ***********
 - I see. I only use cash. Cash is king. 😉
a year ago
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Phil ******
@Scot ******
 domestically? I thought u were transferring to the USA. thats easy. Transfers from Bangkok bank to other thai banks is easy and you just need there bank details
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - I assume that's a domestic transfer.
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - ugh. I am transferring it to the USA. I was talking about getting it from BB to Dee.
a year ago
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Phil ******
@Scot ******
 ok the transfer from bb to Dee involves no free. Read about it and sign up or give them a call. It's similar to what you do already just the other way around
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - Then Dee can send to USA, it seems to indicate a fee of 150b.
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - and that would have to still be in baht.
a year ago
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Phil ******
@Scot ******
 yes of course. The currency is baht just as in Australia is AUD and in the USA its USD
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - so the only question is if the exchange rate is better with Dee with the 150 fee, or BB and the 1150 fee?
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - the 150b fee from Dee includes the conversion and transfer?
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - yes, I do understand other countries use their own currency. We are talking about a conversion here.
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - but we are getting somewhere now. I can install Dee and open an account. Then you say I can transfer directly from BB to Dee at no cost?
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - I don't do any transfers. I have no need for it until right now with my very post.
a year ago
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Phil ******
@Scot ******
 so you have never transferred out of a bank account......to pay a bill transfer to wise etc?
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - nope, I used to write checks, that's a form of transfer. 😉

I wired money to Thai bank a couple of years ago. Otherwise I just use cash from ATM.
a year ago
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Phil ******
@Scot ******
 ok 18th century stuff. Its time your learnt. Really easy honestly. Do you have your banks app on your phone?
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - I'm pretty hip with technology. I'm good using cash.
a year ago
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Scot *******
ORIGINAL POSTER
@Phil *****
 - not really a read at all. Dee is really low on the list to compare. How does the money get from BB to Dee? I assume I have to have it wired or as Brandon alluded to is there another way?
a year ago
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Scot *******
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Scot *******
ORIGINAL POSTER
And how does that work? Obtain a CC from BB and Dee transfers with a flat rate?
a year ago
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Scot *******
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John *********
When transferring abroad, you use the TT rate. So check what they are. If your sending bank is converting to $, what $ will you receive? What would it be if you send baht to your US bank? Usually, the rate is better at the receiving bank.
a year ago
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Scot *******
ORIGINAL POSTER
Schwab does not take baht.
a year ago
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Scot *******
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Brandon ************
Schwab may not charge but make sure you figure out where the actual exchange to USD is taking place because there's usually an inherent fee paid at that point as well.
a year ago
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Scot *******
ORIGINAL POSTER
BB says that's what the 1150 is for, they do the conversion.
a year ago
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Brandon ************
@Scot ******
 usually the rate that is used is less generous than if you use a service and that's where the "fee" comes in. It's not shown as a fee it's just a shitty exchange rate that the bank is skimming off the top
a year ago
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Scot *******
ORIGINAL POSTER
I understand exchange rates.
a year ago
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John ********
@Scot ******
 I don’t think you do. Why would you exchange baht to USD at the current rates?
a year ago
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Scot *******
ORIGINAL POSTER
@John *******
 - not at all the point. I don't think you understand the comment related to variances in exchange rates at the current moment in time.
a year ago
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John ********
@Scot ******
 I think you’ve made a lot of bad life decisions to get to the questions you are asking
a year ago
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Scot *******
ORIGINAL POSTER
@John *******
 - and like I said, you didn't understand that.
a year ago
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Scot *******
ORIGINAL POSTER
@John *******
 - can you tell us why you are so angry? How can we help?
a year ago
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Scot *******
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