I want to be able to wire funds from my Charles Schwab account in the US to a thai bank and need some sage advice from some knowledgeable financial folks. First off I need to open up a thai bank acct and after that is accomplished I then have to link my thai bank acct to Charles Schwab. Now for the questions. It was explained to me from a Charles Schwab representative that the best way would be to do an international wire from my acct at Charles Schwab to my Thai bank acct. The representative at Charles Schwab said that the funds would leave as US dollars and would arrive as US dollars in my thai bank acct. I always thought that when you wired US funds to a thai bank acct the funds would be converted to thai baht. Do some thai banks in fact receive US dollars from an international wire and those funds are deposited in your bank acct as US Dollars or are the US dollars converted by the thai bank to baht and deposited in your thai bank acct? What I am looking to do is to get the best exchange rate for my transferred US dollars to a thai bank acct and do some thai banks give a better exchange rate or are all thai banks governed by the same uniform conversion rate? I hope this makes sense and if anyone can clarify the best way to transfer US Funds to a Thai bank so as to get the best exchange rate it would be most appreciated.

Edited January 18, 20188 yr by watgate

Unless you specifically open a foreign currency account, the Thai bank will do the conversion if Schwab is sending dollars. No worries.

It would be best for you to open a Bangkok Bank account here in Thailand then you can EFTS from your Schwab account directly to your Thai Bangkok Bank Account using their US Routing number, much cheaper than the fee for Schwab International wires:

Quote

It would be $25. But you do have 3 free wires quarterly for an account over $100,000.

source: from chat with Schwab representative this date 

 

See this for complete information :

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

TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

 

Or take advantage of your Schwab foreign ATM fee refund and transfer in smaller increments 

 

Edited January 19, 20188 yr by Langsuan Man