What is the best way to transfer US dollars to a Thai bank account in Baht?

@Jack ********

exactly, I don't think it's worth it purely for the saving, if you wanted to move a large amount, it would be a hassle making multiple withdrawals. But if you just need a bit of cash, and don't need to show (for example to immigration) it is worth knowing that it's a perfectly economical way to get money.

@Tore *****************

with revolut you have a monthly free of charge payment... i did quite many times to my thai bank account and i always paid only SCB fees... but ok, lately i'm using cryptos to transfer money (usdt or LTC from any exchange to bitkub and then to my bank here): cheaper and definitely faster

@Francesco *********

now try make a transactions to a Thai bank account from both 😉

The two companies focus on different things for a reason. Revolut is good for what it does, which isn’t large international bank transfers….

I do have one of those, I get ATM fees refunded, and it has 3 domestic wire transfers, and zero international wire transfers.

@Ivan ***********

Thank you!

@Ivan ***********

Yes, that was my understanding and why I never bothered with a foreign deposit account.

@Kool ******

the incoming fee is 0.25%, not 0.01%. It's EXACTLY the same as transferring directly to a THB account, there are no savings. Just that you have the option of getting the USD into Thailand and deferring the exchange until later. Some people prefer to hold their retirement visa sums in USD and if you plan to transfer it back out again this can make sense (although they take 0.25% with no cap if you transfer back out, plus the usual fixed fees, around 400-1,200B).

@Kool ******

Gotcha. Solid info mate, thank you!

@Bruno *******

okay, how it all works. You must have two accounts, a regular baht account, and the FCD account, which takes a minimum of US$1000 to open. After you get this it is a separate account number. You have full view of it on your phone, along with your regular account, that you have access to. In order to do any transfer dealing with your FCD account, it must be done on a laptop, or desktop computer. You can't exchange dollars to baht on your phone as a safety feature in case you loose your phone. Online banking with your FCD account is only during bank business hours, not 24 hours a day, as another safety feature. There is no extra cost to transfer on your laptop from your FCD account, and exchanging at the current TT exchange rate, into your regular baht account, then just the normal program your bank branch has will debit card withdrawals. Usually the first 4 in a month are free, then if not a Bangkok Bank ATM then a small bt50 fee. The transfer of dollars into the account is charged a 0.01% fee, with a bt200 minimum fee, and a bt500 maximum fee. If you want to withdraw actual dollars as cash there is a 1% fee above the exchange rate. If you transfer dollars and exchange them into your regular account at the bank you need your passport, with a few forms, so it is much more convenient doing it online. One nice thing about SWIFT transfers into Thailand, they are recognized by all government agencies as being from overseas direct transfers.

@Kool ******

ok. Maybe I took it too literal.

So with the FCD account, moving into THB is done how? Can you do from App? Can you use ATM to pull out dollars as Thai Baht? Is it a separate account with 2nd account number?

I’m going to look into this as I didn’t realize Schwab has free swift transfers every month. But that 500thb fee is charged on the incoming transfer, or is it charged to do an exchange from USD to THB?

At $15 bucks a pop, might not make sense unless like you said you’re transferring in bulk to keep for extended periods of time.