Transferring $ to Thailand, best fees, best interest accounts, insured deposits

[trademarkedTM]

So I just opened my first Thai account with Bangkok Bank.  I'll need to transfer some money there, and I read about the New York bank transfer method.  It looks like there are some fees on the New York bank side and then a percentage on the Thai side.  I also looked at transferwise, and at a glance it seems more expensive.  

 

What is the preferred method right now?

 

Also, are there any interest bearing accounts (or even investments) that are worth looking at? 1%+/- yields aren't worth bothering to me, but if something is over 3% I might take a look.  The higher the more I'll carve out time to research.  

 

I'm reading that there are maximums on the amount that an account is insured for, like the US FDIC equivalent.  I see conflicting info.  What is the current max?  Is it by single account or total accounts?

 

Thanks!

Edited July 8, 2018 by trademarkedTM
typo

[Pib]

Using either Transferwise or the Bangkok Bank via ACH will give you about the same.  Generally for lower amounts, like approx less than $4K, Transferwise will be best from a combined exchange rate and fee standpoint; above approx $4K Bangkok Bank ACH method would be better.  See below post for an example:

 

Lot of various interest bearing accounts and investments over 1%.  Too much to cover in one post.  Best to search Thaivisa as quite a few threads exist talking such.   But keep in mind some investments will only be open to Thai citizens, but the most are open to non-citizens also.

 

See these two websites for info on the deposit protection program for Thailand.

 

Bangkok Bank webpage on Deposit Protection

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

 

Thailand Deposit Protection Agency webpage

http://www.dpa.or.th/main.php?filename=index___EN

 

Snapshot from second website which summarizes coverage:

[KhunBENQ]

5 hours ago, Pib said:

See below post for an example:

Brilliant comparison!

The 32.66 rate on 20 June 2018 is the "Update 5" TT rate for this day.

So this proves that the TT rate is used for overseas transfers.

 

This "ACH" is cheap (5 or 10 USD) compared to what a bank transfer from a European bank would cost (I am not from the US).

So transferwise will likely beat bank transfer for even higher amounts for this path.

(they just lowered the fees for transfers deducted from bank account to 3 Euro + 0.5%)

Edited July 8, 2018 by KhunBENQ

[Pib]

Transferwise is better deal for transferring Euro and Sterling because the fees are lower than for U.S. dollars.    They have different fee structures for different currency pairs.   For example:

USD to THB works out to approx 1.2% in fees

EUR to THB works out to approx 0.8% in fees

GBP to THB works out to approx 0.7% in fees

- Above taken from the Transferwise website when cranking in 1000 units of currency, selecting the lowest funding method, and then converting the fee amount to a percentage.

 

But considering Transferwise's higher exchange rate since they use the FX mid market rate their fees are offset.  When full consideration is given to exchange rate "and" fees, Transferwise can sure beat most bank transfers for various amounts especially if a person Sending bank charges a fee or must use a intermediary/correspondent bank who also applies a fee.   A lot will depend on a person's bank....some banks are just pricey for transfers while others are not.  

 

And yea, the TT (Telegraphic Transfer) Buying Rate is the exchange rate used for incoming "international" electronic transfers such as SWIFT, ACH, etc. 

 

Another positive for U.S. folks is if using Transferwise which basically equals the Bangkok Bank ACH transfer method in terms of the amount of money posted to your account taking in account exchange rate and fees, a person could also get the same deal if they do "not" have a Bangkok Bank account....say they had a Kaskorn, Krungsrit, SCB,  whatever Thai bank account.  Since Bangkok Bank is the only Thai bank with ACH receiving capability....no other Thai bank has that capability...for many years the Bangkok Bank via ACH transfer method was clearly the best method to use; however, that now seems to be changing in that people have another good choice....or depending on a person's banking setup even a better choice.

 

 

 

[croftrobin]

By far the best option is Transferwise.

 

If you use this link you will get a free transfer up to 500 pounds or about $650 :

 

https://transferwise.com/u/juliani

[trademarkedTM]

On 7/13/2018 at 2:25 PM, croftrobin said:

By far the best option is Transferwise.

 

If you use this link you will get a free transfer up to 500 pounds or about $650 :

 

https://transferwise.com/u/juliani

 

By far?  I don't think so.  If you transfer $10,000 transferwise charges $100.  A wire fee is $25-$30.  

[mokwit]

With these deals don't look only at the fee look at the spread - 340 pips off Interbank with HSBC for GBP:USD - around 3% of your money.........................................

[croftrobin]

On 7/15/2018 at 6:39 AM, trademarkedTM said:

 

By far?  I don't think so.  If you transfer $10,000 transferwise charges $100.  A wire fee is $25-$30.  

Most people are transferring smaller amounts of money, perhaps regularly.

 

In these cases:

 

By far the best option is Transferwise.

 

If you use this link you will get a free transfer up to 500 pounds or about $650 :

 

https://transferwise.com/u/juliani

[Thailand J]

Here we go again...Please take note that OP is from US.

 

Charles Schwab ATM : Good Visa exchange rate, no fees afters reimbursement.

Fidelity, Vanguard and Schwab SWIFT: free or low fees.

Transferwise: beware of the fees.

 

OP should do your own math to decide.

Edited September 19, 2018 by Thailand J

[THAIJAMES]

citibank gold card also gives you no fees on foreign transactions and reimbursement of any atm fees