What's the less costly way to bring funds to cover monthly expenses?

Cash

ATM

SCHAWB

Credit Cards

Money Transfer thru BKK in NY

...

 

Edited November 19, 20178 yr by bttao

There are some advantages to cash, exchanging it at SuperRich or Vasu. That is the cheapest solution.

 

The trouble is that you may need to demonstrate, at some point, that you have brought in money from abroad. This can be used to assuage suspicion of illegal working. It can also be used, when a minimum amount in a Thai bank account is needed for a conversion of extension of permission to stay, to demonstrate that the money is really yours, and not just the result of a short term loan. Finally, anti money laundering regulations when making a major investment or purchase may mean you need to prove the source of funds which can be difficult with cash.

 

The money transfer through Bangkok Bank in New York is, perhaps, best in terms of a good audit trail for the money, but is relatively expensive.

I use the banks and make one transfer per year, it costs the equivalent of about 1000Baht.


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18 minutes ago, tgeezer said:

I use the banks and make one transfer per year, it costs the equivalent of about 1000Baht.

If you are making a large transfer, the real cost is substantially more. The bank's exchange rates (even for transfers) are worse than those available at SuperRich or Vasu, or using a service like TransferWise. That does not mean bank transfers are necessarily a mistake. They have advantages (for instance, in providing good proof of source of funds).

Edited November 19, 20178 yr by BritTim

I withdraw funds here by using a Aussie citibank atm card only get charged 220 baht from the thai banks and not charged by citi and get .4 more than thai banks exchange rate.

thanks Tim.
I am not concerned with the cost of the transfer itself, but The exchange rate you get at the bank used to do it:
the BBK Bank charges a set amount :

 

.

 

Ideally it would be better if one transfers $50,000 at once because the fees between the 2  ( New York and Thai Branches)  would be $25  ($10 + $15 (500Bt)) the same, whether you transfer $20K or $50K

 

But how about the Exchange Rate at that bank (BBK Bank)... is it one of the lowest?

 

and can you keep half of the  $50K  in USD (to take out of Thailand if you choose?)?

 

and is allowed by the US regulations to transfer over $10K?

According to BBK Bank in NY   it is OK because  it uses the US Routing System... but doesn't say if there is a limit on the amount.

 

Edited November 20, 20178 yr by bttao

10 minutes ago, bttao said:

But how about the Exchange Rate at that bank (BBK Bank)... is it one of the lowest?

There is very little difference between banks when comes to exchange rates for international transfers.

 

10 minutes ago, bttao said:

and can you keep half of the  $50K  in USD (to take out of Thailand if you choose?)?

You could open a foreign currency account and keep all your money in USD,

BKK TT exchange rate is currently $32.71

Superrich $32.75.

12 minutes ago, ubonjoe said:

There is very little difference between banks when comes to exchange rates for international transfers.

 

You could open a foreign currency account and keep all your money in USD,

.

Thanks  ubonjoe... that's good to know.

 

 

I have another question (silly maybe) ...   

If i open a Foreign Currency Account, will they deposit the transferred money directly to it, or will they do a Baht exchange "Buying" (charging fees); and  revert back to USD "Selling" (another fee)?

 

And  is there an interest rate for such accounts? 

 

.

9 minutes ago, Tanoshi said:

BKK TT exchange rate is currently $32.71

Superrich $32.75.

 

I don't think that would be a significant amount, unless we're dealing with hundreds of Millions...

and does SupeRich have any hidden fee

Edited November 20, 20178 yr by bttao

14 minutes ago, bttao said:

.

Thanks  ubonjoe... that's good to know.

 

 

I have another question (silly maybe) ...   

If i open a Foreign Currency Account, will they deposit the transferred money directly to it, or will they do a Baht exchange "Buying" (charging fees); and  revert back to USD "Selling" (another fee)?

 

And  is there an interest rate for such accounts? 

 

.

It's transferred in $ and held in $.

No deposit fee.

You exchange to baht when ready at 0.25% maximum fee 500 baht.

 

Interest rates vary depending on the type of Foreign currency account.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

 

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf

20 minutes ago, bttao said:

I have another question (silly maybe) ...   

If i open a Foreign Currency Account, will they deposit the transferred money directly to it, or will they do a Baht exchange "Buying" (charging fees); and  revert back to USD "Selling" (another fee)?

 

And  is there an interest rate for such accounts? 

It is deposited in your account as USD. 

Yes you can have it in an account that earns interest. See: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

8 minutes ago, Tanoshi said:

It's transferred in $ and held in $.

It's transferred in $ and held in $.

You exchange to baht when ready at 0.25% maximum fee 500 baht.

 

Interest rates vary depending on the type of Foreign currency account.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

 

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf

"It's transferred in $ and held in $." ..... Correct

 

"It's transferred in $ and held in $."  ......  Wrong - when funds are transferred from USA BB HQ in Thailand make a deposited charge of between 200 and 500 Baht depending upon the amount being transferred.

 

"You exchange to baht when ready at 0.25% maximum fee 500 baht."  ..... Wrong - No fee is charge when you exchange to THB.  When you want to transfer from US$ to THB BB uses the TT rate which is better than the standard currency exchange rate.

 

Above info based upon Bangkok Bank details.

7 minutes ago, 007 RED said:

"It's transferred in $ and held in $." ..... Correct

 

"It's transferred in $ and held in $."  ......  Wrong - when funds are transferred from USA BB HQ in Thailand make a deposited charge of between 200 and 500 Baht depending upon the amount being transferred.

 

"You exchange to baht when ready at 0.25% maximum fee 500 baht."  ..... Wrong - No fee is charge when you exchange to THB.  When you want to transfer from US$ to THB BB uses the TT rate which is better than the standard currency exchange rate.

 

Above info based upon Bangkok Bank details.

That is for a standard Thai savings account.

(Even so, your wrong. The 200-500 baht fee is not a deposit fee, it's a conversion fee $ to BAHT)

 

The OP asked about a Foreign currency account and my information is correct.

Read the links provided to BKK if you have any doubts

6 minutes ago, Tanoshi said:

That is for a standard Thai savings account.

(Even so, your wrong. The 200-500 baht fee is not a deposit fee, it's a conversion fee $ to BAHT)

 

The OP asked about a Foreign currency account and my information is correct.

Read the links provided to BKK if you have any doubts

I've had a Foreign Currency Account (GBP) with Bangkok Bank for ten years and transfer GBP from the UK to my  GBP FCA here in BKK on regular basis.

 

BB London charge me 20GBP to make the transfer and BB BKK then charge me and fee when the funds are deposited to my FCA.  When I want to change GBP to THB they give me the TT rate and no charge is made.

Thanks all you guys for the help...

Another easy question:

Can the funds deposited in a Foreign Currency Account be used towards the Immigration 800K  requirement for Thai Retirement Visa/yearly extension; or it has to be in Baht?

6 minutes ago, bttao said:

Can the funds deposited in a Foreign Currency Account be used towards the Immigration 800K  requirement for Thai Retirement Visa/yearly extension; or it has to be in Baht?

Most immigration offices will a accept it for a extension of stay application. 

8 minutes ago, bttao said:

Thanks all you guys for the help...

Another easy question:

Can the funds deposited in a Foreign Currency Account be used towards the Immigration 800K  requirement for Thai Retirement Visa/yearly extension; or it has to be in Baht?

Immigration will accept your FCA in US$ as funds for extension.  You will need to request a letter from the bank (charge 100BHT) confirming funds available.  Best to get this the day before you go to immigration.  Imigration may also ask to see your passbook.

Thanks ubonjoe.

Could you please list the difficult Immig Offices?

I am thinking  about the Cha-am district as of now.

4 minutes ago, 007 RED said:

Immigration will accept your FCA in US$ as funds for extension.  You will need to request a letter from the bank (charge 100BHT) confirming funds available.  Best to get this the day before you go to immigration.  Imigration may also ask to see your passbook.

Thanks 007 RED, that's very helpful...

100bt is pretty cheap[... can you get the letter from any branch/online?

2 minutes ago, bttao said:

Could you please list the difficult Immig Offices?

I don't have a list. I would say the majority will do it.

Hard to predict for Cha Am since the Phetchaburi office is fairly new.

ATM - local cost of 220 baht plus ATM fee from my US bank ($5) plus 3% foreign exchange fee from Visa/Master Card - previously it was 1%.

 

To move 30,000 baht (KrungSri ATM) from my US BofA account to Thailand costs about 1,280 Baht (about $40).

 

Using a wire transfer of any amount sent in USD to my Thai account will cost $45. I believe the maximum receiving fee is 500 baht. I let the local bank do the exchange in Thailand as the Thai banks always - so far - have given a better rate than the US banks.

 

MJ

9 hours ago, bttao said:

What's the less costly way to bring funds to cover monthly expenses?

Cash

ATM

SCHAWB

Credit Cards

Money Transfer thru BKK in NY

Schwab, via a local bank ATM since they reimburse your ATM foreign card fees overseas, currently 220 THB (I use TMB or BAY since they give 30K baht per pull)  

3 hours ago, 007 RED said:

I've had a Foreign Currency Account (GBP) with Bangkok Bank for ten years and transfer GBP from the UK to my  GBP FCA here in BKK on regular basis.

 

BB London charge me 20GBP to make the transfer and BB BKK then charge me and fee when the funds are deposited to my FCA.  When I want to change GBP to THB they give me the TT rate and no charge is made.

What kind of Foreign Currency account do you have, Savings, Fixed deposit or Current?

 

You obviously chose the - Specifying a foreign bank as Paying Bank (Advance Payment)
0.25%, or 500 baht min fee, no maximum fee.

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf

Edited November 20, 20178 yr by Tanoshi
Typo error

16 minutes ago, Langsuan Man said:

Schwab, via a local bank ATM since they reimburse your ATM foreign card fees overseas, currently 220 THB (I use TMB or BAY since they give 30K baht per pull)  

I'd agree with that that for running expenses, but if the OP is looking at 800,000 for Immigration purposes, then a BKK transfer for the initial lump sum would be my advice.

5 hours ago, bttao said:

But how about the Exchange Rate at that bank (BBK Bank)... is it one of the lowest?

They use the telegraphic transfer rate, not the cash rate. I use Bangkok Bank to transfer monthly regularly through NY branch and the rates I get (full details in SMS when the money is received) are competitive and if there were a few satang difference, the convenience is well worth it. A few minutes at the computer and done.

Edited November 20, 20178 yr by Suradit69

Transferwise.  Have a look at it

Can a third party transfer funds to my BKK bank account in Thailand by transferring funds through the BKK New York branch?

13 minutes ago, Headgame said:

Can a third party transfer funds to my BKK bank account in Thailand by transferring funds through the BKK New York branch?

The obvious question would be why can't you do it.

That's a good question...

I think they want all the accounts held by the same person... but you have to ask them for a definitive answer.

IMO, the bank sending the money might refuse... because they have to do some tests using amounts of less than $1 for account verification... and since the owners names are not the same, they might ark the owner of the account sending the money to sign some documents for their own protection...