chiangrai Posted September 19, 2017 Share Posted September 19, 2017 I'm trying to work out whether it's cheaper to withdraw money from my bank in Irelandby the ATM or by online money transfer. I guess that it depends on how much you withdraw but I'm having trouble working out what that amount is. It costs 600bht to do an online transfer no matter how much I transfer.The ATM charges 220bht if I remember right. I only transfer 20,000bht per month.I don't know what the limit on what you can withdraw at the ATM or whether the ATM or the online transfer gives a better rate. I stopped doing this a while back because my bank put a ridiculas limit on ATM withdrawals from Thailand and a few other countries,5,000bht I think.they have lifted that because I just got 7500 out without a problem. Does anybody know how to do the maths.How do I find the amount above which it is better to use online transfer instead of the ATM. Link to comment Share on other sites More sharing options...
JamJar Posted September 19, 2017 Share Posted September 19, 2017 Assuming that you have a bank account in Thailand; https://transferwise.com Total fees equal to one ATM withdrawal Link to comment Share on other sites More sharing options...
chiangrai Posted September 20, 2017 Author Share Posted September 20, 2017 Transferwise sounds great. What documents do I need to provide when they ask for proof of identity and proof of address. I presume proof of identity would be my passport but what is proof of address,my Thai address or my Irish address. I don't think I have proof of address in Thailand. Are these guys for real.Is it really better to transfer with them. Link to comment Share on other sites More sharing options...
JamJar Posted September 20, 2017 Share Posted September 20, 2017 (edited) 10 hours ago, chiangrai said: Transferwise sounds great. What documents do I need to provide when they ask for proof of identity and proof of address. I presume proof of identity would be my passport but what is proof of address,my Thai address or my Irish address. I don't think I have proof of address in Thailand. Are these guys for real.Is it really better to transfer with them. Your Ireland details. Transferwise are tried and trusted. I'm sure you'll find positive feedback for them on this forum if you search. Make sure that you have the correct details for the Thailand bank to which you intend to send the money, so that it arrives promptly. Edited September 20, 2017 by JamJar Link to comment Share on other sites More sharing options...
chiangrai Posted September 21, 2017 Author Share Posted September 21, 2017 Thanks Guys, I should be able to sort it out from here. Two things have changed since I last was on this website finding out the best way to transfer money to here from abroad. !.My bank in Ireland has lifted the limit that you can get from the ATM when your in Thailand. 2.This Transferwise service has appeared on the scene. Just goes to show that I have to stay informed when I'm out here in the wilderness of rural Thailand. That was a great help..Thanks again. Link to comment Share on other sites More sharing options...
JamJar Posted September 21, 2017 Share Posted September 21, 2017 (edited) Guys? There are only you and I on this thread. If you withdraw using your Irish card from a Thai ATM, it is not just the Thailand ATM charge of 220 baht(5.6€) per withdrawal. There will also be charges from your bank. Perhaps up to 3.5%. You haven't named your bank. So a withdrawal of 200€ can incur fees of 5.6€ + 7€. 12.6€ in total. 500 baht on an 8000 baht withdrawal. So come up with exact details if you want someone to do the maths for you. Edited September 21, 2017 by JamJar Link to comment Share on other sites More sharing options...
chiangrai Posted September 21, 2017 Author Share Posted September 21, 2017 My Irish bank is AIB,allied Irish bank. I just withdrew 10,000bht from my local ATM. There was 260 euros taken out of my account. Thanks for hanging in there JamJar. Link to comment Share on other sites More sharing options...
JamJar Posted September 21, 2017 Share Posted September 21, 2017 10 hours ago, chiangrai said: My Irish bank is AIB,allied Irish bank. I just withdrew 10,000bht from my local ATM. There was 260 euros taken out of my account. Thanks for hanging in there JamJar. Should have been around 253€. So you lost 7€ there plus another 5.6€ from Thailand's ATM. At least 12.60€ So three separate charges; 220 baht(5.60€) from the Thailand ATM 2.5% currency conversion charge from AIB 1% ATM abroad withdrawal charge from AIB, charging a minimum of 2€ and a maximum of 6€. So a few examples; Withdraw the equivalent of 250€(9883 baht currently) and the total fees would be 5.60€ Thailand ATM fee, 5.25€ as a currency exchange fee and 2.50€ as the ATM withdrawal abroad 'commission'. 7.75€ from AIB plus 5.6€ from Thailand ATM, equalling 13.35€, in order to withdraw 250€ of your money. Very bad. You've been regularly mugged without you even noticing. If you needed just 125€(4939 baht), the corresponding fees would be; 5.60€ Thai ATM 3.75€ AIB conversion 2€ AIB commission A ludicrous 11.35€ to withdraw 125€. Even worse. With Transferwise, sending 20,000 baht(505.91€) to your Thailand bank will cost you around 220 baht(5.6€) in total. Link to comment Share on other sites More sharing options...
JamJar Posted September 21, 2017 Share Posted September 21, 2017 If you do a normal bank to bank transfer from Euros to Baht, they'll get you with the transfer fee, the exchange rate will like be inferior to the rate offered by Transferwise and the Thailand bank will charge you a receiving fee. So a minimum of 15€ to AIB, plus around 1% off the exchange rate that Transferwise offers then add the Thai bank receiving fee of 0.25%, with a minimum of 200 baht(5.06€) In this scenario, transferring 500€ to your Thailand bank will cost you 15€ + 5€ + 5.06€. A total of 20.06€ in fees. Sending the same amount via Transferwise incurs total fees of 5.46€. So that is 14.60€(577 baht) saved against a bank to bank transfer, each time you transfer 500€. Using your AIB debit card you would need to do two withdrawals of 250€ at a time, with fees of 13.35€ each time. So a total of 26.70€ in fees to withdraw the equivalent of 500€. Transferwise leaves an extra 21.24€(840 baht) in your pocket as compared to your debit card Link to comment Share on other sites More sharing options...
chiangrai Posted September 22, 2017 Author Share Posted September 22, 2017 Right, Thanks for that. I haven't been using the ATM for withdrawls from my Irish bank much,only for small amounts when I need money fast and can't wait 3-5 days for the money transfwer. But I have been using the internet bank transfer for years. I will open a transferwise account straight away. Some Questions--How many days does it take to make a transferwise transfer. --I saw on a video on youtube that you maybe asked to show proof of identity.Is that my passport page with my picture onit. --Then it says you may be asked to show proof of address.Is that --my address in Thailand or Ireland.I don't think I have proof of address in THailand. Link to comment Share on other sites More sharing options...
JamJar Posted September 22, 2017 Share Posted September 22, 2017 4 hours ago, chiangrai said: Right, Thanks for that. I haven't been using the ATM for withdrawls from my Irish bank much,only for small amounts when I need money fast and can't wait 3-5 days for the money transfwer. But I have been using the internet bank transfer for years. I will open a transferwise account straight away. Some Questions--How many days does it take to make a transferwise transfer. --I saw on a video on youtube that you maybe asked to show proof of identity.Is that my passport page with my picture onit. --Then it says you may be asked to show proof of address.Is that --my address in Thailand or Ireland.I don't think I have proof of address in THailand. You already asked that and it was answered in post #4. https://transferwise.com/help/article/1654253/basic-information/how-long-does-it-take You can also ask others on this board as their experience. Link to comment Share on other sites More sharing options...
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