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Best way to receive money from overseas?


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Any of you long-time travelers retrieve your cash from a non-local bank? If so, what do you find to be the best method with the lowest, or no, fees?

 

I will be in Southeast Asia for about 5 months. 4 of those months my main base will be Thailand. I was in Thailand for 2-3 weeks earlier this year but I didn't need a bank since, due to the limited time, I just carried everything in cash.

 

I don't recall seeing any branches of Citibank, Chase, etc. in Thailand. Would I be able to use my HSBC Bank card, which is also a MasterCard Debit Card and withdraw from local ATMs? If so, what kind of fees am I looking at for each withdrawal?

 

Do some of you long-time travelers (non-residents) just use Western Union to receive funds from relatives in your home country?

 

Any replies or links would be appreciated. Thank you for your time.

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Then best way (for me) to receive funds from overseas is via bank to bank (SWIFT) transfers.   Usually to set it up from your own bank you have to do that from your branch while you are in your home country (security).  The money is not converted - sent to a Thai bank which usually has a slightly higher exchange rate for foreign funds deposited (rather than conversion in your home country).   Western Union is one of the most expensive routes... even the ATM fee of withdrawing 25,000 baht (Bangkok Bank ATM limit) via ATM card is cheaper than that.  

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Agree TRANSFERWISE is best for transfers from the (U.K.). Can’t comment on using it for transfers from other countries. Better exchange rate, low fees and money in my Thai bank account within 24 hours. Been using them for years. Check on other options once in a while but TRANSFERWISE always come out on top.  

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Set up/choose a "home country account" as an all inclusive, or low/no fee transactions.  Account fee per month might be a little higher, but transactions are free (and unlimited).  You will still be subjected to the Thai bank ATM fee (per transaction, added to your withdraw amount).   

 

The convenience of having full access to your "home account" funds and safely funding (transfering online instantaneously between same bank chequing and chequing#2 ).  Call your bank, ask for the best account, fund the account as needed online. 

It also reduces risk, if card or account is compromised... also ask about setting up wire transfers from abroad (pre-authorizing)

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Transferwise, I think, requires that you have a bank account in Thailand into which they will deposit Thai baht.  If you have such an account here, Transferwise offers good service.  You should check them out and set everything up with them before you head over here to LOS. The Transferwise transactions also take a few days to complete, depending on how you get to them the funds you want them to convert and send.  The ATM method is the quickest and if your DEBIT CARD bank has no international transaction fees it may offer you the best exchange rate, by a small margin, as opposed to Transferwise.  

 

If if you have a Visa or MasterCard DEBIT CARD from a home bank that charges no international transaction fee, you can get 25,000 to 30,000 Thai baht (depending on the bank and depending on your daily limit for withdrawals from your home bank ) from an ATM with about a 220 Thai baht fee on this  end.  They add the fee to the amount of funds they take from your home bank.  Be sure to always, ALWAYS decline the conversion rate offers by the bank on this end.  Choose the “Proceed without conversion” option on the ATM screen.  You will get a much better exchange rate from MasterCard or Visa.  The Thai bank conversion rate is significantly lower than these.  If your bank charges an international transaction fee, well, your bank will take that from your account.  Try to get a debit card from a Bank without international transaction fees.  Try to AVOID using a CREDIT CARD for ATM withdrawals as your bank will charge you interest, probably from the first day they forward the money to you via the ATM.  

 

Bring some cash with you so you can convert to Thai baht when you get here....  Don’t convert at the airport, tho.  Better rates offered in town at various locations.

 

Best of luck!

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If you’re coming from the USA, check out Capital One online banking and open a checking account there.  They do not charge an International transaction fee and they offer a daily limit of US$1000.00 for withdrawals.

 

Transfer funds (via ACH transaction online from your bank by initiating the transaction with Capital One. ) into that account to use for converting via ATM on this end.  They will send you a DEBIT card via FedEx and you can use if here without transaction fees.  That’s the route I use!  You have to do this before you leave home tho.   They won’t send the card to an international location.

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You should be able to use your ATM card at any of the local ATM machines in Thailand. They charge 220 Baht/transaction. This would be the easiest and best way for you to go. The bank issuing your ATM card may also charge a fee, some do and some don't.

 

Western Union and Monegram can be expensive and can be unreliable.

 

 

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If you can open an account here, Transferwise gives the best rate after their fee is taken out and its usually in the next day, straight to your Thai account over here in Thailand.

 

Don;t go near the ATM's as the Thai banks charge about 200-200 baht and your bank will also charge you and the rate is not the best rate.

 

The ATM's are also usually limited to 20,000 baht per withdrawal, so its cha ching if you want more than 20,000 baht, although Krungsri Bank ATM's allow 30,000.

 

You can also withdrawal 150,000 over the counter at Krungsri bank, if its a debit card its 200 baht, if its a credit card its 220 baht plus 3%, having done all the running around before to find out the most effective way to get money into my Thai bank account here, its Transferwise hands down, i.e. unless you want to transfer your currency here by swift, but I haven't gone down that path yet, easy the way I am doing it with Transferwise.

 

https://transferwise.com/

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Sometimes I still cannot believe this but ... with a Bangkok Bank savings account (suggest doing it at the main branch on Silom Road soi 3) you can transfer money from your US bank account thru the Bangkok Bank New York branch! My bank charges me $2.50 for each "external transfer". I order in online and it takes about a week to show up in my local account here, Bangkok Bank. I think you could even open a USD account at Bangkok Bank and transfer USD-USD but of course you must change it to THB to to withdraw.

WARNING: Bangkok Bank dropped VISA as their ATM/Debit Card partner and now only use UnionPay (out of China). That ATM cannot be used in other countries, yet. I would drop them as my bank here except for the New York branch!

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3 hours ago, prakhonchai nick said:

If transferring from the UK  TRANSFERWISE is the way to go

that is one option, but i think their fee increases depending on the amount.

I use SGM - FX in London, and the maximum fee is 10 pounds.  0 fee if over 20,000 pounds.

Used them for years

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35 minutes ago, soinowinbkk said:

Sometimes I still cannot believe this but ... with a Bangkok Bank savings account (suggest doing it at the main branch on Silom Road soi 3) you can transfer money from your US bank account thru the Bangkok Bank New York branch! My bank charges me $2.50 for each "external transfer". I order in online and it takes about a week to show up in my local account here, Bangkok Bank. I think you could even open a USD account at Bangkok Bank and transfer USD-USD but of course you must change it to THB to to withdraw.

WARNING: Bangkok Bank dropped VISA as their ATM/Debit Card partner and now only use UnionPay (out of China). That ATM cannot be used in other countries, yet. I would drop them as my bank here except for the New York branch!

ACH  system will not work after April of 2019

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If you are from the UK look at revolut.com It is a prepaid card which you load up from your UK bank account. It can then be used in almost any country and the exchange rate is set to the time of the transaction. You can also transfer funds from your bank to any bank almost world wide. There are NO FEES for any transaction. It operates via an App you can download from either Google Play or the Apple App Store. Hope this helps. There is of course the dreaded ATM charge of 220Baht

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4 hours ago, 4MyEgo said:

Transferwise gives the best rate after their fee is taken out and its usually in the next day, straight to your Thai account over here in Thailand.

Agree totally, and with Transferwise there is no charge from my receiving Thai bank; Kasikorn, which Ive never enjoyed before having tried most other ways to transfer money over 12 years. Another advantage with Transferwise is that if having booked a transfer, u opt for the 'send the money later' option the exchange rate is guaranteed for 24 hours. So if the exchange rate should dramatically increase  during that time u can cancel the the transfer and book another one to take advantage of the better rate. In fact lately, although on booking initially, it states rate 'guaranteed for 24 hrs', as u go through the online booking process for paying by bank transfer which is cheapest,  it states the deadline time for sending the money to them from your bank which actually gives u 36 to 41hrs with the guaranteed rate to send it or cancel.

 

If u use this link to sign up u will get your 1st transfer free: 

 

transferwise.com/u/terencep15

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3 minutes ago, AjarnMartin said:

I agree!! BUT... you need a Thai Bank with ATM card  to deposit the funds and retrieve them.

....Or, queue up inside the bank with your account book......lol.

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5 hours ago, Tracyb said:

Transferwise, I think, requires that you have a bank account in Thailand into which they will deposit Thai baht.  If you have such an account here, Transferwise offers good service.  You should check them out and set everything up with them before you head over here to LOS. The Transferwise transactions also take a few days to complete, depending on how you get to them the funds you want them to convert and send.  The ATM method is the quickest and if your DEBIT CARD bank has no international transaction fees it may offer you the best exchange rate, by a small margin, as opposed to Transferwise.  

 

If if you have a Visa or MasterCard DEBIT CARD from a home bank that charges no international transaction fee, you can get 25,000 to 30,000 Thai baht (depending on the bank and depending on your daily limit for withdrawals from your home bank ) from an ATM with about a 220 Thai baht fee on this  end.  They add the fee to the amount of funds they take from your home bank.  Be sure to always, ALWAYS decline the conversion rate offers by the bank on this end.  Choose the “Proceed without conversion” option on the ATM screen.  You will get a much better exchange rate from MasterCard or Visa.  The Thai bank conversion rate is significantly lower than these.  If your bank charges an international transaction fee, well, your bank will take that from your account.  Try to get a debit card from a Bank without international transaction fees.  Try to AVOID using a CREDIT CARD for ATM withdrawals as your bank will charge you interest, probably from the first day they forward the money to you via the ATM.  

 

Bring some cash with you so you can convert to Thai baht when you get here....  Don’t convert at the airport, tho.  Better rates offered in town at various locations.

 

Best of luck!

Ever Rich down beside the train station seems OK so I'm told. The other branches certainly are.

The money changing places in Pattaya can be good, but you have to try a few of them as there can be quite a difference on the exchange rates.

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8 hours ago, bkkcanuck8 said:

Then best way (for me) to receive funds from overseas is via bank to bank (SWIFT) transfers.   Usually to set it up from your own bank you have to do that from your branch while you are in your home country (security).  The money is not converted - sent to a Thai bank which usually has a slightly higher exchange rate for foreign funds deposited (rather than conversion in your home country).   Western Union is one of the most expensive routes... even the ATM fee of withdrawing 25,000 baht (Bangkok Bank ATM limit) via ATM card is cheaper than that.  

Why pay ATM fees?

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3 hours ago, soinowinbkk said:

WARNING: Bangkok Bank dropped VISA as their ATM/Debit Card partner and now only use UnionPay (out of China). That ATM cannot be used in other countries, yet. I would drop them as my bank here except for the New York branch!

I've used my Bangkok Bank Union Pay ATM card in Hong Kong, Beijing, Guangzhou, Shanghai and a few other places...no problem

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8 hours ago, 4MyEgo said:

If you can open an account here, Transferwise gives the best rate after their fee is taken out and its usually in the next day, straight to your Thai account over here in Thailand.

 

Don;t go near the ATM's as the Thai banks charge about 200-200 baht and your bank will also charge you and the rate is not the best rate.

 

The ATM's are also usually limited to 20,000 baht per withdrawal, so its cha ching if you want more than 20,000 baht, although Krungsri Bank ATM's allow 30,000.

 

You can also withdrawal 150,000 over the counter at Krungsri bank, if its a debit card its 200 baht, if its a credit card its 220 baht plus 3%, having done all the running around before to find out the most effective way to get money into my Thai bank account here, its Transferwise hands down, i.e. unless you want to transfer your currency here by swift, but I haven't gone down that path yet, easy the way I am doing it with Transferwise.

 

https://transferwise.com/

I agree that Transferwise are reliable , efficient and easy to use . I requested a UK transfer on the 15th and in my account today .  Think I am right in saying that on the week ends in Thailand or on one of the many Thai holidays it will not be possible to make a delivery to your Thai bank account  ? 

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18 minutes ago, Thailand J said:

not true.

show me your research.

Not true.

 

Didn't have to research too far as Transferwise AU rate for today is 23.42899 as of the time of this reply 7.16pm.

 

Your currency converted at the REAL rate

 Mid-market rate at 12:03 UTC

1 AUD → 23.42899 THB

(1 THB → 0.04268 AUD)
 
Your better rate now ?

 

 

 

 

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