Answered4 months ago
What is the best currency to use when transferring 800,000 from the USA to Thailand, USD or Baht?
WHEN DEPOSITING THE 800000 FROM THE USA, IS IT BETTER TO USE BAHT OR USD
Answer summary
When transferring a large sum of money (like 800,000) from the USA to Thailand, many commenters recommend sending it as USD instead of converting to baht beforehand. They argue that using platforms like Wise or a Charles Schwab account typically offers better exchange rates and lower fees compared to traditional banks. Translating the USD to baht in Thailand might result in a more favorable exchange rate than converting it in the USA. However, some commenters also suggest checking specific bank policies and exchange rates to determine the best option.
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Marcel *********
Stay home and help your president to terrorise the world
Ismael ***************
Remitly is good and fairly quick.
Radu-Petruț *******
I bank transferred, but it was UK to TH account
Stuart ********
Don't forget its a minimum of 800,000k so best to put an extra 50k in the account to account for annual bank charges as if you drop 1 baht under 800,000k you will not qualify for the visa
Mike ******
For 800K, Thai banks will take rubber washers.
Justin **********
Technically, baht is cheaper
Mike **********
I transfer in USD, no hassles, no hiccups. Gets converted on arrival. Somewhere somehow, 😜
Rusty ********
Stay home and learn about Google conversion websites
Malcolm *******
Better if it s Muslims 😄
Darryll ****************
Round it up to 1 million dollars ....looks better .
Paul ******************
I believe it has to arrive in Thailand as foreign currency. That is how our Condo payments work
Kevin *********
If you use a transfer service like Wise, register your account in the USA.
Transfer from your USA bank, the transfer service will give you the best trade dollar vs. baht.
Let wise convert your dollar to baht.
Deposit it (Thai baht) directly into your Thai bank account.
No worries. Voila!
Transfer from your USA bank, the transfer service will give you the best trade dollar vs. baht.
Let wise convert your dollar to baht.
Deposit it (Thai baht) directly into your Thai bank account.
No worries. Voila!
Yaoyu ***********
Actually, you have no choices, most banks in Thailand only accept THB. 😎
Sean **********
I took cash and declared it . Very easy. I exchanged at SuperRich before depositing into my Account at BKK
Malcolm **********
It's normally best to transfer in you own currency and do the exchange in your Thai bank but it might be different with your bank or transfer method so check first, not all banks or transfer methods are the same. Most banks will tell you what exchange rate when you transfer and you can check your Thai bank rate as well or you can do what I did the first time, just transfer a small amount using each option and see which gave the best rate then use that.
Michael ***********
You're kidding right? 😆 🤣
Steve *******
Transfer in Dollars, convert to Baht in Thailand
Victor **********
Check a Swift bank transfer for rates and then compare it to Wise.
Alexander ******
you dont use usd in thailand. it is not like cambodia.
Bob ******
send in US$ as the exchange rate will be better in Thailand. Also if you send in US$ you can later make it easy to send out the same value with the banks.
Mark ********
I smuggled USD in a money belt in 2016.😆
Lee ***********
Use Wise and transfer
*****
0 thai baht.Steve *******
Lee Greenwood Transfer the equivalent in Dollars, convert to Baht in Thailand. Fixed that for you! You're welcome.
Martin ********
Is the best way via Money gram or Western Union or the bank ?
Edward ********
For that much, probably save a bit by doing a SWIFT transfer as opposed to Wise.
Jeffrey *********
Brook Powers That not only ignores the $25 wire fee, it also ignores the $223 Wise fee.
Stuart *********
Edward Dunlay BKK Bank gives 1.5 percent less when they convert from a SWIFT Transfer.. Wise works out better in my case.
Glenn ******
Stuart Endsley Bangkok Bank and most others cap the fee for incoming wire transfers at 500 baht, so you can wire the entire amount for ~$15 plus whatever the sending bank charges. I use Fidelity which has fee-free wire transfers, so the whole transaction, regardless of amount, never costs more than ~$15.
Fizul *********
Stuart Endsley Unless you have a history of moving large amount via Wise, they will most likely freeze your transfer for 2 months while they investigate money laundering.
Glenn ******
Brook Powers How much would Wise have charged you for that transfer? Whenever I have compared the *effective* rate, not the Wise marketing rate, Swift transfers always work out better for large amounts.
Brook ********
Glenn John 172.34 with discount
Glenn ******
Brook Powers Wise takes their fee of the top then transfers the remaining amount at their advertised rate. If you do the math your effective rate was 32.61.
Brook ********
Edward Dunlay if you sent $30,000 USD to Kasikorn yesterday, Wise exchange rate was 32.80 and Kasikorn 32.61.
Ignoring the $25 wire fee, you would have paid $175 USD or ฿5,700 THB more for a bank wire than using Wise.
That no savings.
Ignoring the $25 wire fee, you would have paid $175 USD or ฿5,700 THB more for a bank wire than using Wise.
That no savings.
Glenn ******
Brook Powers You need to compare the effective rate, that is the actual amount transferred, not the rate Wise advertises which is just marketing. Look at this $1K transfer using Wise. The effective rate is 32.69, not the advertised 32.94, which is less than Bangkok Bank's 32.79 wire (TT) rate. I grabbed both of these yesterday at exactly the same time.
Rafael *******
Are you in Thailand now
Marcos **********
USD To Binance
To
Binance TH To Thai Bank
To
Binance TH To Thai Bank
Troy *********
Use wise and they will convert it. If you transferb usd the Thai bank takes about 5% off the top
Ant ***********
USD
To
Wise
To
Thai bank
To
Wise
To
Thai bank
Steve *********
I highly recommend opening a Charles Schwab account for all major transfers of money.
Charles ********
Steve Daniels did you convert your Schwab to an international account?
Steve *********
Charles Blount I opened an International account with a a specific International credit card through Charles Schwab. I still have other accounts with them.
Louise *******
Steve Daniels so do you feel using Charles Schwab is better than wise? Could you tell me why I’m trying to decide here
Glenn ******
Louise Kelly Schwab or Fidelity. Fidelity has the same ATM reimbursements as Schwab, but also has no-fee wire transfers, so regardless of how much I transfer my cost is limited to the 500 baht charged by my Thai bank.
Steve *********
Louise Kelly yes, Charles Schwab International credit card/ATM card, allows me to transfer about $3,000 USD (My personal amount) per month into my Thai bank account. There is a transfer fee, but nothing major for the amount of money I'm transferring. All ATM fees are credited back to me at no charge. Reliability using Charles Schwab, has been excellent so far. I have certain auto pay accounts for US bills. For the most part, they have been excellent and reliable.
Wise account is good, but I've had my account frozen or took a long time to transfer money into my Thai bank account. This happened a year ago, for several months on and off. I personally believe, don't keep all you're eggs in 1 basket. Have a back up strategy for everything. To many people's bank accounts in Thailand got frozen for several months and they were unable to pay rent, by food, etc.... Hope that was helpful to you. Everyone has there ways of doing things here in Thailand or surrounded countries.
Wise account is good, but I've had my account frozen or took a long time to transfer money into my Thai bank account. This happened a year ago, for several months on and off. I personally believe, don't keep all you're eggs in 1 basket. Have a back up strategy for everything. To many people's bank accounts in Thailand got frozen for several months and they were unable to pay rent, by food, etc.... Hope that was helpful to you. Everyone has there ways of doing things here in Thailand or surrounded countries.
Jos ***********
I use wise app, it does the change itself
Leo *******
Euro
Tor ******
If you use Wise you can let them do the conversion. Their rates are usually better than, or at least equal to bank rates (be it the sending or receiving bank), at massively lower transaction fees.
Robert ********
My bank charged 0 for THB to Thailand
Mat *********
Robert Lummis check the rate they give you!!
Robert ********
Mat Matulka exchange rate was 32 point something. About the average now
Andrew ********
Robert Lummis “point something” and “about the average now” are two vague terms. The USD/Baht right now is 32.94. 32.25 would be about 2% difference.
I would look up the exact numbers if transferring a large sum of money.
I would look up the exact numbers if transferring a large sum of money.
Bernie *************
Robert Lummis yes but did you get interbank rate? I expect not my friend
Phil ******
@Tom ***************
transfer from your bank In USA to wise and allow wise to transfer to your thai bank. So easy
Jordan *******
$$ dollars always
ScenicWa********
*****
0 USD or *****
0 baht? Anyway I use Wise and I am very satisfied with it.
Mark *********
well, $800,000 would be a bit excessive. I would go $800,000 baht!
Ralph *******
@Mark ********
dollar baht?😂Brook ********
ALWAYS transfer as USDollars.
Otherwise your U.S. bank will give you a terrible exchange rate.
Otherwise your U.S. bank will give you a terrible exchange rate.
Michael **********
All 3 that I deal with do. Chase being the biggest of the three and they would prefer to transfer in Baht. It's selected for you by default. I manually select Baht. I get a much better rate when Bangkok Bank converts it to Baht
Yaoyu ***********
Brook Powers The fact is : most banks in the States even do not transfer into THB ; only GBP and Euro. 🫡
Graham ******
Brook Powers not if using Wise
Jita****
Graham Seal i assume you mean transfer USD to WISE and then have WISE do the conversion
Graham ******
Nigel V Donnison yes and receive Baht in Thailand
Nigel *************
Graham Seal
No, you don't say. He still pays out in dollars even if to Wise
No, you don't say. He still pays out in dollars even if to Wise
Graham ******
Jitae929 yes, Wise tell you exactly how many Baht will be received before you commit
Michael **********
Brook Powers You couldn't be more right. I hope the person posting the question heads your advice!
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