Transferring money from Canada

[candoman89]

 

 

I need a "tranferring money to Thailand for Dummies" publication.

 

Want to transfer $140,000 in Canadian funds to Thailand to "loan" the  wife (to get a mortgage on the Chanote for  my protection) to buy a house that will cost around 3 M Baht.

 

Not interested in advice regarding losing money to the wife and her "brother" sort of BS.

 

What I want to know is what is the fastest/easiest/cheapest way to transfer the money to Thailand without excessive banking fees.  Where do the banking fees come from?  Is it the transferring bank or is it the receiving bank?

 

Also, although I have been living here for 18 years my status is in transition from Non-imm-B working (with wp) gravitating towards retirement visa but currently on tourist visa (60 days and will extend for an additional 30 days).  Have a lease with my name on it for a Condo we have been renting since 2011.

 

Have an account with Kasikorn and a joint account with wife with BB but would really like to use a new TMB or BB account in my name but  would need to open an account. 

 

SCB is not an option as I wouldn't use  them if they were the only bank in Thailand.

 

Looked at Transferwise (clicked on the dead link at ThaiVisa and then googled them) but the amount I want to transfer is over their limit so would have to do two transfers so really not interrested.

 

Any advice, gems of wisdom etc. would be appreciated.

Cando

 

Edited September 12, 2017 by candoman89

[bkkenglish]

Hello

 

I use CIBC to transfer money to Thailand. You can do it from their website using "Global Transfer" option found on the left column.There is no fee to transfer here. I transfer to Bangkok Bank here and there is no fee here either.

But I never transferred that amount of money. You could transfer smaller amounts over a period of time. 

 

Look into CIBC.

 

 

[candoman89]

41 minutes ago, bkkenglish said:

Hello

 

I use CIBC to transfer money to Thailand. You can do it from their website using "Global Transfer" option found on the left

 

Thanks for the info.  Will look into that.

[timber]

Depends on how much of a hurry you are in.  I transfer by writing a check to myself.  Takes about a month.  With TMB.  Is simple not transfer fees and the exchange rates are acceptable. Not sure how much you can do this for, would have to talk to the bank.  Could write a check to someone in Canada you trust and have them do a SWIFT transfer which is a lot quicker.

 

[recycler]

Even with 2 transfers I guess Transferwise will still be the cheapest option.

Definitely if you look at the exchange rate they use.

[VocalNeal]

Would it make any difference to the process to have a CitiBank account both here and in Canada. Then "in theory" you can transfer the money from here?

 

[lovelomsak]

2 hours ago, timber said:

Depends on how much of a hurry you are in.  I transfer by writing a check to myself.  Takes about a month.  With TMB.  Is simple not transfer fees and the exchange rates are acceptable. Not sure how much you can do this for, would have to talk to the bank.  Could write a check to someone in Canada you trust and have them do a SWIFT transfer which is a lot quicker.

 

I am interested in how this works. 

  Do I simply go into the bank in Thailand where I have my account deposit a check made out to myself from my Canada account and wait a month or so to get my money?

  If it is that easy I will be doing that from now on the ATM fees and rates are terrible.

[mikosan]

I've started using Transferwise, who work out cheaper than my forex account, which I have been using for years.  It would be worth looking into the cost of 2 transfers, as it may still work out cheaper.

[wcoast]

I'd certainly open a foreign currency account and transfer the money in CDN dollars to CDN dollars, then take it to an exchange like superrich to get the best rate on the best day. Banks forex fees are robbery

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[bazza73]

1 hour ago, wcoast said:

I'd certainly open a foreign currency account and transfer the money in CDN dollars to CDN dollars, then take it to an exchange like superrich to get the best rate on the best day. Banks forex fees are robbery

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It's only robbery if it's a Western bank, with Dynamic Currency Conversion.

I transfer Australian dollars to Bangkok Bank via a International Telegraphic Transfer, and I've found their conversion rate quite reasonable.No fees. I get charged $30 in Australia irrespective of the amount transferred.

So you want the OP to withdraw $140,000 Canadian in cash and take it to a money changer. He might need a wheelbarrow. Somehow, I think there are more secure ways to go about it without the hassle of opening a foreign currency account.

Edited September 12, 2017 by bazza73
Addition

[allane]

Refer to the "Home Country Forum", which is right below "General topics".  Presently running on page 2 there is a thread titled "Large TD wire transfer", or something close to that.

[davemos]

Try Ofx not only quick but really good exchange rate close to interbank rates .Takes max 4 days  .No fees from them but bank here may charge 3/400 bath .Use them a lot .

[Maestro]

10 hours ago, candoman89 said:

What I want to know is what is the fastest/easiest/cheapest way to transfer the money to Thailand without excessive banking fees.

 

Fastest: Depends on the banks you are using, but probably a SWIFT transfer from your Canadian bank to your Thai bank.

 

Easiest: A SWIFT transfer from your Canadian bank to your Thai bank.

 

Cheapest: For the amount you are talking about, probably a SWIFT transfer from your Canadian bank to your Thai bank. Seeing that you have the choice of two Thai banks, check with your Canadian bank whether either of your Thai banks is their correspondent bank in Thailand for Canadian dollars, as this would avoid the fee of an intermediate bank.

[candoman89]

Thanks all for your input and advice.

 

Cando