This is regarding what is the way to get the lowest cost of transferring from an non-Thai to Thai bank account:

Last night I paid Western Union INR 840,000 which gave me TBH 312,153 (INR 785,101) — that is a difference of INR 54,899 which is a cost of 6.54%.

My question is what method of transferring money into a Thai bank account costs equal to or less than 3%? 6.54% is high, isn’t it? What is the lowest percentage anyone has paid for transferring and what method did you use?

Conversion rate was taken from Google.

Thanks in advance.

Hi, question regarding Thai banks. When I send a Wise transfer to a Thai bank account, does the recipient's bank charge them a fee?

Also, if I open a Thai bank account, what sort of fees are charged? Is there such a thing as a no fee account?

TIA

This post is in regards to one year Extension of Non-Immigrant Visa category O-A and not the original visa. Bangkok Bank NYC will require American banks to utilize the international (IAT) ACH format starting April 1, 2019 to move money to Thailand. This may make it problematic or costly for some Americans to move the money to Thailand here on a monthly basis.

One of the current options to meet financial requirements of the O-A extension in lieu of the income affidavits is a letter from your Thai Bank certifying your account and showing an 800,000 THB balance to meet the financial requirements. For those that have already used this option for their extension, how long do the funds need to have been deposited before applying for the extension of stay (not the original visa)? Once your extension is approved are there people that have used the 800,000 THB for their monthly expenses and they just repeat the process again for their next extension in a year? Or is the money required to stay in a Thai savings account for the entire year earning a fraction over 0% interest?

The other option is to deposit at least 65,000 THB into your Thai bank account each month. Are there some that have just ensured that they deposit 65,000 THB cash (from a business, or an ATM withdrawal from their bank back home, etc) into their Thai bank account instead of directly transferring the money from their home bank to their Thai bank? I am not suggesting that you deposit and withdraw the 65,000 THB each month and recycle the money which may be obvious to Thai immigration.