money transfering

[Jackvanberg]

I am planning to move to Thailand. I am wondering how to transfer American dollars in my American bank to a Thai bank? Is it best to transfer or bring a check? Will there be an exchange rate. I am only going to deposit the money in a Thai account and not to cash. I already have that covered. My fear is the fee from the bank . Any help would be appreciated.

[lopburi3]

You should talk with your US bank and make sure you have proper paperwork on file with them to allow wire transfers (without a personal visit).  Checks are not something most of the world uses anymore.  Normal method is SWIFT wire transfer using bank; private transfer service (sending bank funds to them for onward transfer; debit/credit cards (but most have fees and there is ATM fee here); ACH domestic transfer to Bangkok Bank New York for deposit to your account here (normally reasonable cost - especially if your bank allows free ACH transfers).   Whatever method you use make sure it fits the purpose (money to buy foreign condo would require documentation of coming from outside Thailand).

[Jackvanberg]

My bank told me I could transfer with the Swift form. Will the Thai bank charge a flat fee or will it be a percentage. My concern is that I will transfer a fairly large sum.

[lopburi3]

The Thai bank fee will not be more than 500 baht - so very reasonable.  Just make sure you send USD and have it converted here in Thailand or you will lose several percent with a bad exchange rate.  There will also be a fee from your home bank and another fee (probably about the same) from the bank that has actual ties with Thai banks.  But for a large sum this should not be excessive - just make dddm sure they do not convert to baht prior to sending.

 

Just make sure you can do transfer without actual presence in your bank - mine required I sign special transfer agreement paperwork in person to be able to use SWIFT but not all banks are the same.  But not good if you are in Thailand and they change their mind - some people involve trusted family members as a backup plan.

[Jackvanberg]

Thank you so much. My bank said I could fax the SWIFT paperwork from Thailand.  I want to try to exclude Bangkok Bank in NY and go direct from my bank to a Thai bank. I like TMB as far as no fees and but they require a one year visa so I will open an account maybe Krung(spelling) until I get my OA visa. You have been so helpful and this is the last piece of the puzzle. I am hoping to be in Thailand first week of December. Chaing Mai to start my new life.

[Pib]

Don't discount the idea of transferring funds to a Bangkok Bank account as Bangkok Bank is the "only Thai bank" with ACH receiving capability.  As you may know ACH is the primary funds transfer system used within the U.S....like between bank to bank, company to company, US govt pension payments, etc.    Using ACH is a lot cheaper than using SWIFT.   

 

Your US sending bank is probably going to charge you a SWIFT fee in the $20 to $50 range, then they may have to also use a correspondent bank (3rd party/middle man bank) to get the funds to your Thai bank and may also charge a $10 or $20 fee, and then there will be the typical Thai bank receiving fee of 0.25% (Bt200 min, Bt500max).  

 

Assuming your US bank also offers free/low cost ACH transfers if you had a Bangkok Bank account you could transfer funds to your in-Thailand Bangkok Bank account  by using that account number and the Bangkok Bank New York branch "routing number."     It's treated like a US domestic transfer although it really an international transfers. 

 

Thousands of US folks (including myself)  have used these sending method for many years to personal transfers from their US bank account, monthly pension payments from Social Security, Military Retirements, VA benefits, company pension payments, etc.    Only Bangkok Bank can receive US govt monthly pension payments direct from the US govt because as mentioned Bangkok Bank is the only Thai bank with ACH receiving capability which the US govt uses for pension payments.

 

Remember, the only Thai bank with this ACH receiving capability is Bangkok Bank.   More info at this Bangkok Bank webpage.

 

 

 

Edited November 18, 2017 by Pib

[sirineou]

We also use Bangkok bank in NYC, it is simple,  relatively inexpensive and quick.

In the US I bank with Bank Of America , in their transfer option at their website, I set up my wife' as the recipient with her Bangkok bank  account  and   NYC Bangkok routing number. 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringInto

Thailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx 

I have done it several times, from my computer at home,very easy,  never took more than five days. Did it last Thursday  ( we are building in Thailand) the funds will be available in Thailand monday. 

 

PS: make sure to send it in USD  you will get the better conversion rate

Edited November 18, 2017 by sirineou

[Pib]

My last two transfers from my US bank to Bangkok Bank using ACH took less than two days...like around 36 hours.     No sending charge by my US bank, the Bangkok Bank NY fee, plus the in-Thailand Bangkok Bank receiving fee as talked about earlier which is much cheaper than using SWIFT.

 

I use to be with Bank of America also years back and did some ACH transfers to Bangkok Bank and the transfers went fine.  Unless something has changed Bank of America offers around three ACH sending speeds & fees....the lowest fee is $3 for a 3 business day transfer which means they charge $3 for not immediately sending the funds...setting on the transfer for a few days.  Then another higher fee for next business day transfer...and a higher fee for same day transfer if initiated early in the day.   

 

Each bank will be different in what they charge for an ACH transfer....many do not charge anything (like most of my US banks)...some charge a small fee....and a few small regional banks/credit unions (like one credit union I'm still with) might charge up to around $20 almost like a SWIFT fee---all depends on your sending bank.

 

 

 

[Jackvanberg]

OK now everyone has me completely confused. I was under the impression that I could route my Social Security directly to a Thai bank.Lets TMB or Krung by using the routing number and account number. Is that right or wrong? I am taking this one question at a time. I will ask more when I figure this part out. Thanks for trying to help.

[Langsuan Man]

4 hours ago, Jackvanberg said:

I was under the impression that I could route my Social Security directly to a Thai bank.Lets TMB or Krung by using the routing number and account number. Is that right or wrong?

That is wrong, you can only transfer using a US routing number and the only bank in Thailand ,as you have been told,  is Bangkok  Bank's New York branch using their US routing number and your Thai Bangkok Bank account number 

 

TMB or Krung can't offer that service, they will only accept expensive SWIFT wires from your US bank 

[lopburi3]

First of all why send all your money to Thailand (if this is all your money)?  You are likely to have expenses that would be better to pay in USD from a US account.  So direct deposit to that US account makes sense for most - and then pull what you need, when you need it.  I do not have SS but AFAIK Bangkok Bank is the only choice if you want direct deposit and it has to go into a personal access account (you can not have an ATM card or joint account - you must visit bank for any access to funds).  By making a normal ACH transfer to Bangkok Bank here the money can go into a normal account making it much easier.  

Edited November 19, 2017 by lopburi3

[Pib]

6 hours ago, Jackvanberg said:

OK now everyone has me completely confused. I was under the impression that I could route my Social Security directly to a Thai bank.Lets TMB or Krung by using the routing number and account number. Is that right or wrong? I am taking this one question at a time. I will ask more when I figure this part out. Thanks for trying to help.

Your are wrong.   There is only one Thai bank the US govt can send your social security payment to....that bank is Bangkok Bank since Bangkok Bank is the only Thai bank with ACH receiving capability.  

[Pib]

And hopefully not to confuse you there is one other thing you need to know about opening an account at Bangkok Bank "to receive US govt payments" such as social security, military retirement, etc.   It must be a "special Direct Deposit account" which means you will "not" be issued a debit/ATM card nor can you do ibanking transfer-outs from the account, the account can be in your name only (no joint accounts)....and you must show up in person at any Bangkok Bank branch to withdrawal transfer funds. 

 

It's requirements Bangkok Bank has put in-place to help prevent fraudulent transactions related to US govt payments which are only meant for the pensioner like the pensioner passing away, being barbecued at the local temple by the spouse/partner, but your death not being reported (or reported promptly) so the US govt payment continue to flow into your Bangkok Bank Direct Deposit account.  But since the funds cannot be accessed by debit/ATM card, ibanking, or anyone other than you even if it went a year or so with the US govt not finding out about your death all the payments since after you death will still be setting in the Bangkok Bank account available for easy pull back versus having been withdrawn already by say a spouse/friend who happened to use your debit card or your ibanking capability (if the special account offered these which it don't) to continue to withdraw the funds after your death.  Once the funds have been withdrawn it is much, much harder for the US govt to have any chance in trying to recover those funds from someone in a foreign country.   So, to help safeguard this important banking capability for the customer (and fee generator for Bangkok Bank) it has above mentioned limitation on its Direct Deposit account for US govt payments.

 

And yes, in the U.S. you can have your US govt payments direct deposited to a joint account, have unrestricted ibanking, debit card, etc., but that is in the U.S. where it's much easier for the U.S. govt to recover funds from anyone.  Plus your death is automatically reported to the US govt through local govts, police, hospitals, funeral homes, etc., even if the family/friends don't report the death intentionally or unintentionally.   While Thai police are suppose to report any foreign deaths to that person's embassy it's not foolproof/can be slow....a typical problem in many 3d world nations where the social support/reporting network is weak or subject to corruption.

 

Many Americans who have US govt pension payments sent to Bangkok Bank will also open another "regular" Bangkok Bank account(s) which does allow use of a debit card and unrestricted ibanking...and does not require you to personally visit a branch to accomplish many types of transactions.   These folks have the US govt payment arrive their special Direct Deposit account and then periodically drop into any Bangkok Bank branch and transfer X-amount from their Direct Deposit account to their regular account.....or transfer it to an account at another Thai bank.

 

Just refer to the Bangkok Bank webpage given earlier and look at the sublink talking US govt payments.

 

Go ahead and open bank accounts with other Thai banks....nothing wrong in doing that....I have done that also.   But for Americans having a Bangkok Bank account(s) can come in very handy for ACH transfers and/or receipt of US govt payments.   Just helps to reduce banking headaches in Thailand and to get money from the U.S.

 

Up to you...but if  you want the US govt to send your social security payment direct to a Thai bank account you are going to have to have a "special Direct Deposit account."   

 

And no, Thailand banks are not part of the US govt "International Direct Deposit" program where the U.S. govt can send payments that way which includes methods other than ACH.   So that leaves you with using the Bangkok Bank special Direct Deposit account method which is basically a US domestic transfer via the Bangkok Bank New York branch....been in-place for many years....used by many Americans in Thailand.   You DO NOT need an account with the NY branch...only their ACH/ABA "routing number" is being used for flow-thru purposes on to your in-Thailand Bangkok Bank account number.

 

If you don't want to open a Bangkok Bank direct deposit account you will need to have your payment sent to your US bank and then resend from that account to your Thai bank account via the pricey SWIFT method.   Or you could even send to your "regular" Bangkok Bank account via ACH since the funds are being sent from your US bank account are coded as a personal transfer vs a US Govt transfer. 

 

 

 

 

 

 

 

[Jackvanberg]

OK, thanks everyone for the advice. So I will open a Bangkok Bank account at the NY branch and when I get to Thailand I will open an account there and send my direct deposits using the NY routing number and my Thai account number to receive the money in my ThaI account. I am planning on retiring in Thailand and am liquidating my assets in the US except my stocks with dividends which I will direct deposit the same as my SS. Again thank you for all the help. I was just worried about getting to Thailand and having trouble getting my finances in place for my extension and then my O-A visa.

[KittenKong]

23 hours ago, lopburi3 said:

First of all why send all your money to Thailand (if this is all your money)? 

 

That's a good question. It seems to me that the more one has in Thailand the easier it is to lose it. I would certainly never consider bringing all my assets to a country in which I dont have permanent right of abode, and even more so to a country that I dont know well and in which I have not lived before. When I see the words "start my new life in Thailand" I cant help but suspect that it's just one more lamb to the slaughter.

[KittenKong]

On 18/11/2017 at 7:39 AM, lopburi3 said:

The Thai bank fee will not be more than 500 baht - so very reasonable.  Just make sure you send USD and have it converted here in Thailand or you will lose several percent with a bad exchange rate.  There will also be a fee from your home bank and another fee (probably about the same) from the bank that has actual ties with Thai banks. 

 

The incoming Thai bank fee should be capped at 500B as you say. However there will be a hidden fee in the form of the exchange rate spread. Few people seem to know that this is negotiable for larger sums.

So I would recommend negotiation for larger sums, and possibly investigating the likes of Transferwise or other currency transfer services which may save the sender some money.

 

As for the SWIFT fee from the sending bank, not all banks charge the same amount and some (mine for example) make no charge at all. The intermediary bank fee mentioned can also vary from zero to a hell of a lot, and should be investigated before sending anything at all. My bank does not use an intermediary bank to send to my account here, so my costs are limited to the incoming 500B and the exchange rate spread.

 

[lopburi3]

3 hours ago, Jackvanberg said:

OK, thanks everyone for the advice. So I will open a Bangkok Bank account at the NY branch and when I get to Thailand I will open an account there and send my direct deposits using the NY routing number and my Thai account number to receive the money in my ThaI account. I am planning on retiring in Thailand and am liquidating my assets in the US except my stocks with dividends which I will direct deposit the same as my SS. Again thank you for all the help. I was just worried about getting to Thailand and having trouble getting my finances in place for my extension and then my O-A visa.

Back to square one - you can not open an account at Bangkok Bank New York - you just use them for transfer to your account at a Bangkok Bank in Thailand.  Nothing to sign in New York so that can be done after you set up account here.

 

As I said you should keep at least one credit card and bank account in USA for international financial reasons - your plans seem, at the best, a bit sketchy.  You could well change your mind.

 

You are aware that the O-A visa can only be obtained outside Thailand?  If that is what you start with there is no requirement for any funds in Thailand for about 21 months (O-A allows one year stay on any entry for the year it is valid so a new stay just before it expires gets a new year stay.

[Pib]

10 hours ago, Jackvanberg said:

OK, thanks everyone for the advice. So I will open a Bangkok Bank account at the NY branch and when I get to Thailand I will open an account there and send my direct deposits using the NY routing number and my Thai account number to receive the money in my ThaI account. I am planning on retiring in Thailand and am liquidating my assets in the US except my stocks with dividends which I will direct deposit the same as my SS. Again thank you for all the help. I was just worried about getting to Thailand and having trouble getting my finances in place for my extension and then my O-A visa.

No, you do not need to open an account with the NY branch nor could you open an account as a retail/off the street customer with the NY branch.  The NY branch is for corporate/commercial accounts only.

 

Once you have that in-Thailand account open "that account number plus the NY branch routing number" is all you need.   You do "not" have to have an account with the NY branch to use their routing number.  I know it sounds strange as to what you been use to with your US banking, but in this case you do "not" need to have an account with the NY branch to use their routing number.  

 

You only need to open a Direct Deposit account with a Bangkok Bank branch "in-Thailand."  And be durn sure the branch understands the account will be used to receive US govt payments otherwise they may just open a regular account for you which will not work to receive US govt payments.  HQ Bangkok Bank will see the special US Treasury coding in the US govt ACH transfer and block/put on hold the US govt payment....then send you a letter you need to come in an open a Direct Deposit account with approx two weeks or they will send back the payment. 

 

Some Bangkok Bank branches out in the provinces don't have much experience with this special Direct Deposit account.  There was a thread on ThaiVisa just a couple months ago where an American went in to open an account, told them it will be used for US Govt payments (social security) payments also, the branch still just open a regular account for him which comes with debit card, no restrictions, etc. 

 

He posted his story on ThaiVisa got immediate feedback from posters that it needed to be the special Direct Deposit account.   He went back to the branch...found out they had only opened a regular account vs Direct Deposit account...the  branch then had all the apologies to include an apology from branch management, etc.   But what it boiled down to was this branch just didn't have any customers receiving US govt payments, just didn't know about the special account, etc.  But when the dust settled it was all worked out.    

 

What  you should really do is open two accounts in Thailand:  1) the special Direct Deposit account for US govt payments like Social Security, and 2) a regular account which comes with debit card, unrestricted ibanking, just no restrictions like the Direct Deposit account has.   Move money from the Direct Deposit account to top-up your regular account to meet your in-Thailand debit card/ibanking needs.

 

 

 

[rosst]

I am using TransferWise right price, fast and reliable. 

[Pib]

Transferwise if fine as a money transfer service especially if your home country bank is a fee-evil bank for money transfers. 

 

While the Transferwise mid-market exchange rate will probably always be better than the Thai bank TT Buying Rate, for large transfers Transferwise's approx 1% sending fee generally offsets the higher exchange rate.  Then it comes down to other factors such as fees your Sending bank might charge, convenience, speed of delivery, etc., which need to be evaluated by the individual to see how Transferwise may work out for a person.

 

And you can't use Transferwise to receive US govt payments such as social security, military retirement, etc.

 

 

[blazes]

12 minutes ago, rosst said:

I am using TransferWise right price, fast and reliable. 

 

How long have you been using them?  From what currency to what currency?  Typical cost of transfer?

Any problems?

[how241]

15 hours ago, Jackvanberg said:

OK, thanks everyone for the advice. So I will open a Bangkok Bank account at the NY branch and when I get to Thailand I will open an account there and send my direct deposits using the NY routing number and my Thai account number to receive the money in my ThaI account. I am planning on retiring in Thailand and am liquidating my assets in the US except my stocks with dividends which I will direct deposit the same as my SS. Again thank you for all the help. I was just worried about getting to Thailand and having trouble getting my finances in place for my extension and then my O-A visa.

NO...Wrong !!   You will open NOTHING  at the USA Bangkok Bank...They will NOT  open accts  for private  people.    It has been explained several times --  re -read  the posts.

[Jack james]

I signed up for direct deposit into special account, specific for ss. But I was thinking if I could have just have it direct deposit into Bangkok bank ny, into my joint account, which would then transfer to thailand?

[TerryLH]

19 hours ago, Jackvanberg said:

I was just worried about getting to Thailand and having trouble getting my finances in place for my extension and then my O-A visa.

You do know, don't you, that you can only get an O-A Visa in your home country?

[edwardflory]

What works best for me..

I do NOT transfer ALL my money to Th, just living expenses - ONE LARGE transfer monthly - and then playing around money →as needed← is to use my US Master Card →→INSIDE←← MY bank at the service desk where the exchange rate is the MC rate, and my withdraw is treated like a purchase from a merchant.  I do have the monies received transferred straight into my bank account at the same bank so I never touch the transfered money.  Usually takes under 10 minutes to copy my passport and MC and make the "purchase".  Then I use my local bank ATM card ( no bank fee in Th or any other bank LOCAL only ATM, no fee ) when I need monies or make a purchase.

 

My US bank limit is $10,000US per day transfer (9,000USD IS a good withdraw ) at $2.50US per action charged by my US BANK, my local bank limit at ATM is 30,000THB per action, no fees. 

 

MAKE arrangements with you US BANK in advance on your daily limit.  I usually transit 25-30,000THB per MC swipe.

 

My bank did flag as fraud a swipe of 9000THB at a different bank ATM and  NOT from MY local bank, 12.50USD online purchase, 10.50USD online purchase,  because it was " out of my normal pattern" , a call to the US cleared the transaction.  Calls cost about 20 cents US each.  My US bank WAS protecting me!

 

The method you use WILL / SHOULD depend on the AMOUNT of monies you want to transfer from the US ... AT ONE TIME.

 

EDIT: I pay about 90% of my living expenses,..rent..mobile..utilities..TV using my local bank APK, lazy me!

Edited November 21, 2017 by edwardflory
as do info

[lopburi3]

8 hours ago, Jack james said:

I signed up for direct deposit into special account, specific for ss. But I was thinking if I could have just have it direct deposit into Bangkok bank ny, into my joint account, which would then transfer to thailand?

Bangkok Bank New York does not have personal accounts - you can have money sent to a normal US bank account and then easily transfer (automatically or on-line) via Bangkok Bank to your local Thailand BBL joint account (which is exactly what I do using USAA Bank).

[lopburi3]

30 minutes ago, edwardflory said:

What works best for me..

I do NOT transfer ALL my money to Th, just living expenses - ONE LARGE transfer monthly - and then playing around money →as needed← is to use my US Master Card →→INSIDE←← MY bank at the service desk where the exchange rate is the MC rate, and my withdraw is treated like a purchase from a merchant.  I do have the monies received transferred straight into my bank account at the same bank so I never touch the transfered money.  Usually takes under 10 minutes to copy my passport and MC and make the "purchase".  Then I use my local bank ATM card ( no bank fee in Th or any other bank LOCAL only ATM, no fee ) when I need monies or make a purchase.

 

My US bank limit is $10,000US per day transfer (9,000USD IS a good withdraw ) at $2.50US per action charged by my US BANK, my local bank limit at ATM is 30,000THB per action, no fees. 

 

MAKE arrangements with you US BANK in advance on your daily limit.  I usually transit 25-30,000THB per MC swipe.

 

My bank did flag as fraud a swipe of 9000THB at a different bank ATM and  NOT from MY local bank, 12.50USD online purchase, 10.50USD online purchase,  because it was " out of my normal pattern" , a call to the US cleared the transaction.  Calls cost about 20 cents US each.  My US bank WAS protecting me!

 

The method you use WILL / SHOULD depend on the AMOUNT of monies you want to transfer from the US ... AT ONE TIME.

 

EDIT: I pay about 90% of my living expenses,..rent..mobile..utilities..TV using my local bank APK, lazy me!

Actually what you use should be what you are comfortable using - a card will have a set exchange rate for the system used and often a fee for use outside home country so needs to be carefully checked if for more than a small purchase.  For those willing to keep track of the details a card can be viable - but for most, who do not closely check, it probably is not the cheapest.  For me ACH using Bangkok Bank New York allows full control without leaving my home computer and has worked for many years at low cost.  For others there will be other solutions and depending on exact date/time/amount many may all be reasonable alternatives.

[hawker9000]

Something to bear in mind is that transferring money IN to Thailand can be much easier than transferring it BACK out of Thailand again.  RETAIN the paperwork proving that these funds were sourced from your home country and that what will eventually be the funds in your Thai bank account were in fact the result of an international money transfer (and not earned from some source inside Thailand). 

 

I've never transferred very large sums into Thailand - more than a few thousand USD at a time - and so can't speak authoritatively, but I always thought the foreign transfer fees charged on the Thai end were on a percentage basis (something on the order of 1.0 - 1.5%, or maybe more or less at some Thai banks), rather than capped at 500B.   Each Thai bank should have a fee schedule posted somewhere on its website (not always easy to find) that includes mention of this - sometimes easier just to google for it.  (The online transaction record includes no mention of it, but it happens.)

 

My broker charges me no wire transfer or other fees, and does not use a correspondent bank (so there are no intermediary fees either).  (They also manage to have completed the transfer with my money available within about an hour of the opening bell of the next business day in Thailand (so usually an overnight thing due mostly just to the time difference).  If you're going to be making regular transfers, you might want to "shop" the different financial institutions you already use, or perhaps even consider setting up a new one if these fees are of any concern.  The actual "method" used to initiate these transfers (fax, phone call, online account access, authentication methods, etc.,,,) might also be something you care about.

 

 

 

[lopburi3]

The incoming fee is .25% and normally there is a 200 baht minimum and 500 baht maximum per transaction.  Do not believe there is any difference between banks (at least not the fully Thai banks).  If you receive an SMS for foreign transactions it will be clearly listed.

[Pib]

50 minutes ago, hawker9000 said:

I've never transferred very large sums into Thailand - more than a few thousand USD at a time - and so can't speak authoritatively, but I always thought the foreign transfer fees charged on the Thai end were on a percentage basis (something on the order of 1.0 - 1.5%, or maybe more or less at some Thai banks), rather than capped at 500B.   Each Thai bank should have a fee schedule posted somewhere on its website (not always easy to find) that includes mention of this - sometimes easier just to google for it.  (The online transaction record includes no mention of it, but it happens.)

 

The great majority of Thai banks charge 0.25% (Bt200 min, Bt500max) for incoming international transfers.  A few will charge a flat fee within/very close to the Bt200-Bt500 range....like maybe charge a flat fee of Bt300, etc. 

 

A person would need to review a bank's website or contact them direct to see see specifically  what their fee is. 

 

However, the Bank of Thailand collects some fee info from Thai banks on a voluntary basis.  If you go to this Bank of Thailand webpage you will see most banks reporting their receiving fee for incoming international transfers it's the 0.25% (Bt200 min, Bt500 max) like Bangkok Bank, Krung Thai Bank, Krungsri Bank, etc.   The webpage is in Thai language but if you have Google Translated enabled it translates to pretty good English.