Is there a faster way to withdraw money from PayPal to Bangkok Bank or another bank?

[mat999]

Usually, PayPal withdrawals are nearly instant for my UK bank. But for Bangkok bank, it takes a good week. With the current holidays, I have been waiting 12 days for my most recent withdrawal.

 

Is there a different bank which can do it faster or anything else I can do to speed it up?

 

It looks like there may be a PayPal credit or debit card, has anyone tried that here?

 

Thanks.

Edited October 28, 2017 by mat999

[mat999]

I can't see an edit button for the post above anymore, just wanted to update that the PayPal ATM card is not avaialable in Thailand. So that leaves a faster bank or some kind of other service.

[longevity]

I send money from my Paypal account to SCB on a monthly basis and it never takes longer than 5 days. 

[billsmart]

I have a Thai PayPal account, and I use Krungsri (Ayudyha) Bank. It only takes 3 or 4 days to transfer money from the PayPal account to my bank. Twelve days, to me, would indicate something is wrong.

 

I also have a US PayPal account and use PayPal to transfer money from my US bank to my Thai banks. PayPal charges 2.9% for transfer fees, so, for me at least, for amounts under $1,500, PayPal is cheaper for me than using my US bank's international money transfer services which charge a minimum of $40. And for small amounts, up to about $500, PayPal is cheaper even than using a direct withdrawal from my US bank via a Thai ATM.  And, I've found the PayPal exchange rate is usually very generous.

Edited October 30, 2017 by billsmart
Correct spelling

[Mark1066]

I do this with Bangkok bank and it takes anywhere from 3-5 working days. In the UK, it was actually instant, because they use the Faster Payments system, but there's no way to get a similar service in Thailand as far as I am aware.

[Seeall]

Sending from TH ..was exited then let down when saw this:

 

 

Thailand - Thai Baht (THB)

TransferWise can only deliver THB to bank accounts based in Thailand,

We send THB out via domestic transfers within Thailand.

Currently TransferWise cannot send money from Thailand.

[ffg]

I used Transferwise this morning. The money from my UK account arrived in my Thai account in 5 hours.

[newatthis]

^^^

The transfer arrived today (Tuesday)...2 1/2 working days. I'm happy with that and the better exchange rate.

[orientalist]

On 10/30/2017 at 5:08 PM, ffg said:

I used Transferwise this morning. The money from my UK account arrived in my Thai account in 5 hours.

 

That's fast! Which bank?

[fletchsmile]

Perhaps go back to what you are trying to achieve and why Paypal in the first place.

 

You say it takes too long to withdraw from Paypal into BBL.

 

Internet banking transfers within most banks in Thailand are almost instantaneous. i.e. BBL account to BBL account, TMB account to TMB account etc. Between banks it can be instantaneous for a fee or next working day. Hence many businesses have accounts with multiple banks so they can get money in quicker. Similarly for depositing cheques you can get value much quicker if drawn on the same bank.

 

Then there is Promptpay in Thailand. Quick cheap and efficient on small amounts

 

So maybe go back to first principles of why you are sticking money in Paypal in the first place. I only use Skrill or Paypal etc for small money movements, so am never worried about speed with them. Large money use a bank if speed is important.

 

 

Edited November 1, 2017 by fletchsmile

[KhunBENQ]

Post with soliciting links (earn bonus) and reply with quote thereof removed.

 

[speedtripler]

3 hours ago, Mansinthe said:

Last year in thailand i used my creditcard and atms. But the bad exchange rate and fees add up. 

 

Transferwise / azimo / western union are a good options to avoid fees. 

I use all 3. Its a good idea to compare exchange rates they use and if vouchers are out there.

 

Transferwise is in general the fastest way if you use it with your creditcard. 

Most of the time its in a few hours in Thailand. But up to the bank how fast they put it in your account.

Western union charges are extortionate, the future is in CryptoCurrencys like bitcoin and ethereum.... 

Send Money anywhere in the planet for a few cents and it arrives in 10 minutes on bitcoin or 15 seconds on ethereum 

They are evolving and getting faster capabilities all the time.... 

There is a new lightening network that is being built on top of the bitcoin infrastructure that has demonstrated payments arriving in milliseconds after they were sent.... Google a scientist called "Peter wuille"  and you can see the demo or review his whitepaper

 

[fletchsmile]

21 hours ago, Mansinthe said:

Last year in thailand i used my creditcard and atms. But the bad exchange rate and fees add up. 

 

Transferwise / azimo / western union are a good options to avoid fees. 

I use all 3. Its a good idea to compare exchange rates they use and if vouchers are out there.

 

Transferwise is in general the fastest way if you use it with your creditcard. 

Most of the time its in a few hours in Thailand. But up to the bank how fast they put it in your account.

Western Union is terrible in terms of cost. Convenient perhaps, but expensive.

 

Transferwise and the likes can be a better option than banks on smaller amounts. When you are sending large amounts though, SWIFT transfer via bank is usually a better deal.

[mat999]

On 30/10/2017 at 1:10 PM, Mark1066 said:

I do this with Bangkok bank and it takes anywhere from 3-5 working days. In the UK, it was actually instant, because they use the Faster Payments system, but there's no way to get a similar service in Thailand as far as I am aware.

Thanks for sharing. Sounds like I need to go in and see what is wrong. Maybe I have the wrong account type, or it is because both the PayPal and bank accounts are new.