Best way to receive money from overseas?

[Thailand J]

You are from Australia, OP is from USA.

 

In case of US tourist, Charles Schwab ATM works out better with Visa exchange rate and ATM fees reimbursed.

 

 

[wgdanson]

19 minutes ago, Thailand J said:

not true.

show me your research.

So please, which company is better?

[4MyEgo]

1 minute ago, wgdanson said:

So please, which company is better?

I don't know the conversion rate or fees for Charles Schwab, although I provided my side, i.e. Transferwise 

[wgdanson]

3 hours ago, possum1931 said:

 You should check them out and set everything up with them before you head over here to LOS.

I did everything online from here. Set up a T'wise transfer from them, pay via N'wide Debit Card, money in Bangkok Bank next day.

[dallen52]

3 hours ago, possum1931 said:

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.

The two at the BTS airport link.

Down in the airport basement are the best rates anywhere. 

 

The banks have outlets close to but you can be looking at 2 baht difference on many currencies. 

Plus the sell rates are set at about half a baht different. 

Whereas banks can be up to 3 baht different. 

 

It's my first stop after getting off the plane. 

They have outlets in Bangkok central too.

TT in pattaya is the local best.

 

If I need to transfer. 

I use SWIFT from my home bank.

I know what the flat fee is.

Plus I know what the conversion rate is and how much the recipient is going to get. 

[tifino]

 

How does this sound?

 - a Transfer Cost all inclusive, of $5 to Transfer up to $1000; or $10 to Transfer any amount above $1000 

 

Now, even though this is from Australi, not the U.S. I would suspect the deal should still be doable!

 

It is done the simple Thai way, the simple Cash way which is how a Thai thinks; as many don;t like Banks as they don;t 'see' the money that is inside an account instead of in the hand.

 

We, for example in Melbourne have the choice of 2 or 3 different Thai grocery stores, that:

You fill out their little slip (mrs to do it all in Thai script)

They have a daily set Exchange rate already decided.

The other day we sent $1000, with the recipient getting Thb23000.

The cash cost over the counter for the Sender was $1005

 

The Transfer goes straight to the recipient's Thai bank Account

 

The method means for the Shop attendant calling Thailand, for their family member over there to Withdraw the (23000) from their Thai account, and then they walk it into the nearest branch of the Nominated Bank

 

Works perfectly, and within an Hour, our follow up O/S phonecall/facebook messengerCall etc:

to Sister/Neice/Auntie/Daughet whichever the nominated recipient on the day,

 and they run  into their bank with their passbook, and it gets filled!

[maprao]

8 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!

Ask them for the Visa Debit card.... insist. I believe you will get one from Bangkok bank eventually 

[Palmeiras]

9 hours ago, AjarnMartin said:

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

Not if you open a Transferwise borderless account and get one of their debit cards

[Jip99]

25 minutes ago, Palmeiras said:

Not if you open a Transferwise borderless account and get one of their debit cards

 

 

The debit card limit would not be adequate - and in any event the cards are not available in Thailand.

[wgdanson]

6 hours ago, Jip99 said:

 

 

The debit card limit would not be adequate - and in any event the cards are not available in Thailand.

They are if you apply in UK, and get the card posted here for you.

[lopburi3]

15 hours ago, CanuckThai said:

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

Wonderful - a Chinese card that works in China.  Not so great in Thailand; or most of the world outside China, however.  ☹️

[Bountyhuntr]

On 9/17/2018 at 7:15 AM, 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.  

 

Western Union isn't one of the most expensive routes, granted they are not as reliable, but there isn't much different between them and TransferWise. However, you do have to send more with Western Union to get better rates and at one point also no fees, this point is at £2001 - Western union give you 230 baht more than TrasnferWise at this amount. However, less than this amount and TransferWise is indeed better by 200 - 300 baht.

 

So if I am sending £2001+ I will use Western Union ?

 

[Jip99]

5 hours ago, wgdanson said:

They are if you apply in UK, and get the card posted here for you.

 

Exactly. Not available in Thailand if you only have a Thai address.

[CanuckThai]

8 hours ago, lopburi3 said:

Wonderful - a Chinese card that works in China.  Not so great in Thailand; or most of the world outside China, however.  ☹️

Not that I'm a "UnionPay" fan, but here's the straight poop...and google maps to locate any ATM variety works like a charm

 

 

 

Countries and regions where cash withdrawal by UnionPay cards are available

ATMs that accept UnionPay cards are mainly located in the following countries and regions:

Asia: Hong Kong, Macau, Taiwan Region, Japan, Korea, Singapore, Malaysia, Thailand, The Philippines, Vietnam, Cambodia, Kazakhstan, Mongolia, Indonesia, Bahrain, Brunei, Maldives, Pakistan, SriLanka, Bengal, UAE, Afghanistan, Jordan, Lebanon, Yemen, Iraq, etc.

Europe: France, Germany, Britain, Italy, Spain, Portugal, Luxembourg, Belgium, Switzerland, Austria, Turkey, Russia, Monaco, San Marino, Greece, Hungary, Poland, Guernsey, Jersey, Isle of Man, Gibraltar, etc.

Oceania: Australia , New Zealand , Guam, Saipan, etc.

America : USA , Canada , Mexico , Brazil , Venezuela , Argentina , Columbia, Uruguay , French Martinique, etc.

Africa: South Africa, Egypt, Djibouti, Congo (K), Kenya, Uganda, Botswana, Zambia, Mauritius, Gambia, Ghana,  Mali, Benin, Senegal, Niger, Togo, Cote d’ivoire, etc.

Search of Overseas ATMs That Accept UnionPay Cards

[bkkcanuck8]

6 hours ago, Bountyhuntr said:

 

Western Union isn't one of the most expensive routes, granted they are not as reliable, but there isn't much different between them and TransferWise. However, you do have to send more with Western Union to get better rates and at one point also no fees, this point is at £2001 - Western union give you 230 baht more than TrasnferWise at this amount. However, less than this amount and TransferWise is indeed better by 200 - 300 baht.

 

So if I am sending £2001+ I will use Western Union ?

 

At no time did I say I use Transferwise.  I do a wire transfer from my bank in Canada to my bank in Thailand in Canadian dollars and the Thai bank converts into Thai baht (higher rates than I would get from a Canadian bank - maybe related to currency controls?).  I do transfer large amounts and typically above what the minimum fee would be $25 ($15 minimum fee + comm charge) where the wire transfer fee is about 0.2% (so at $7,500 I start paying more than minimum fee). 

 

I had to fill in a written agreement with my branch before leaving to be able to just call them up and have them transfer the money to me.  

 

Western Union would cost me more as a minimum and they get you are currency conversions.  A rough calculation is that if I transferred $10,000 (as I did on my last transfer) I would have received about 10,000 baht (a little under $400 CAD) less in my bank account in Thailand.

[lopburi3]

32 minutes ago, CanuckThai said:

Not that I'm a "UnionPay" fan, but here's the straight poop...and google maps to locate any ATM variety works like a charm

 

 

 

Countries and regions where cash withdrawal by UnionPay cards are available

ATMs that accept UnionPay cards are mainly located in the following countries and regions:

Asia: Hong Kong, Macau, Taiwan Region, Japan, Korea, Singapore, Malaysia, Thailand, The Philippines, Vietnam, Cambodia, Kazakhstan, Mongolia, Indonesia, Bahrain, Brunei, Maldives, Pakistan, SriLanka, Bengal, UAE, Afghanistan, Jordan, Lebanon, Yemen, Iraq, etc.

Europe: France, Germany, Britain, Italy, Spain, Portugal, Luxembourg, Belgium, Switzerland, Austria, Turkey, Russia, Monaco, San Marino, Greece, Hungary, Poland, Guernsey, Jersey, Isle of Man, Gibraltar, etc.

Oceania: Australia , New Zealand , Guam, Saipan, etc.

America : USA , Canada , Mexico , Brazil , Venezuela , Argentina , Columbia, Uruguay , French Martinique, etc.

Africa: South Africa, Egypt, Djibouti, Congo (K), Kenya, Uganda, Botswana, Zambia, Mauritius, Gambia, Ghana,  Mali, Benin, Senegal, Niger, Togo, Cote d’ivoire, etc.

Search of Overseas ATMs That Accept UnionPay Cards

That it may work in a few ATM's in those counteries does not negate the fact it is not accepted by most hotels and merchants outside of China - so a bit useless as a debit card.  The days of dedicated ATM cards ended decades ago.  If not accepted for payment it is next to useless for many people.  

[Bountyhuntr]

1 hour ago, bkkcanuck8 said:

At no time did I say I use Transferwise.  I do a wire transfer from my bank in Canada to my bank in Thailand in Canadian dollars and the Thai bank converts into Thai baht (higher rates than I would get from a Canadian bank - maybe related to currency controls?).  I do transfer large amounts and typically above what the minimum fee would be $25 ($15 minimum fee + comm charge) where the wire transfer fee is about 0.2% (so at $7,500 I start paying more than minimum fee). 

 

I had to fill in a written agreement with my branch before leaving to be able to just call them up and have them transfer the money to me.  

 

Western Union would cost me more as a minimum and they get you are currency conversions.  A rough calculation is that if I transferred $10,000 (as I did on my last transfer) I would have received about 10,000 baht (a little under $400 CAD) less in my bank account in Thailand.

 

Well using an ATM was by far the worst, that's y I started to use WU. I use to use the ATM to withdraw like £500 and it cost me £20 ish in fees - 2 different percentage fees of the total amount from my UK bank, horrendous. There is also a 180b charge for using the ATM with a foreign card If I remember correctly? But yeah, depends on Bank, country etc I guess.

 

Well one company will make their money on the conversion rate and others will make it on the 'fees', so its the same. The rate on XE is 42.84, WU is 42.6. 

 

Didn't read all the thread so apologies for thinking you mentioned TransferWise, must of been someone else. Still pretty sure WU will beat ATM by a massive amount.

[Pib]

52 minutes ago, Bountyhuntr said:

 

Well using an ATM was by far the worst, that's y I started to use WU. I use to use the ATM to withdraw like £500 and it cost me £20 ish in fees - 2 different percentage fees of the total amount from my UK bank, horrendous. There is also a 180b charge for using the ATM with a foreign card If I remember correctly? But yeah, depends on Bank, country etc I guess.

 

Well one company will make their money on the conversion rate and others will make it on the 'fees', so its the same. The rate on XE is 42.84, WU is 42.6. 

 

Didn't read all the thread so apologies for thinking you mentioned TransferWise, must of been someone else. Still pretty sure WU will beat ATM by a massive amount.

 

The exchange rate shown on the WU website is "indicative only."    Or said another way, it's not the rate you get "as a customer."  WU customer exchange rates are generally 3 to 6% lower than the FX market like Transferwise uses. 

 

Whenever you see "indicative rates" displayed on a money transfer service website that means they don't want to tell you their customer rate until they have you hooked as a customer.   

 

From WU website

Quote

*The rates displayed by our free currency converter are neither "buy" nor "sell" rates, but interbank rates, the wholesale exchange rates between banks for transaction amounts over $5 million USD equivalent. Interbank rates don’t include the spreads, handling fees, and other charges that may be assessed by foreign exchange providers. Please note that, as such, these rates will vary from the rates available to our private and small business customers, due to transaction sizes and processing costs. These rates are therefore provided for indicative purposes only. Please log in to your Online FX account to see the rates we offer to customers.

 

From WU Website....note fine print at bottom talking indicative rate.

 

 

Comparison of WU to Transferwise....notice it says the WU rate is up to 6% markup over the FX rate....markup in this case means their rate is up to 6% lower than the FX rate.   WU is faster and you can transfer money to most any place/person on Earth, but it comes at a price.

 

https://www.finder.com/western-union-vs-transferwise

 

 

[bkkcanuck8]

15 hours ago, Bountyhuntr said:

 

Well using an ATM was by far the worst, that's y I started to use WU. I use to use the ATM to withdraw like £500 and it cost me £20 ish in fees - 2 different percentage fees of the total amount from my UK bank, horrendous. There is also a 180b charge for using the ATM with a foreign card If I remember correctly? But yeah, depends on Bank, country etc I guess.

 

Well one company will make their money on the conversion rate and others will make it on the 'fees', so its the same. The rate on XE is 42.84, WU is 42.6. 

 

Didn't read all the thread so apologies for thinking you mentioned TransferWise, must of been someone else. Still pretty sure WU will beat ATM by a massive amount.

My rough estimate of it costing about 10,000 baht more for WU, was logging in and entering the transaction and letting them tell me how much I would receive if I used it... then noticing the rate that they gave me was lower than any published rate in recent history of exchange rates (and the CAD was several baht above the lowest point)... then doing my regular transfer normally.... then comparing the amount I received against what I was told I would receive (it was a few days between the WU estimate and transaction - but the exchange rate during that time was fairly stable).

 

Right now if I log into WU and start to send money it says the WU rate will be 23.9938; The published rate on XE is 25.1061.  

 

The buy/sell rates at FX booths on the street right now are 25.00 (for cash transactions that are not the best rates).  The rate I will get on a wire transfer would be better than that.

 

On a $10,000 transfer the difference is around $400 CAD (10,000 baht)

[rickudon]

16 hours ago, Bountyhuntr said:

 

Well using an ATM was by far the worst,

Actually, not always so. If you can get a fee free credit card, all you pay is the Mastercard/Visa exchange rate and the ATM fee (assuming you pay off the debt promptly to avoid excessive interest). If you take out say 20,000 baht at a time, and use an Aeon ATM, the ATM fee is 150 baht - or 0.75%.  This is comparable overall to Transferwise, AND the going conversion rate at a Thai bank if doing a bank transfer, without considering any bank fees. Works for me, and get money on demand. And do not need a Thai bank account, which is also important for those who are short term visitors.

[croftrobin]

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]

3 hours ago, croftrobin said:

By far the best option is Transferwise

This may be true for you, my not be true for me. OP should do his own math, consider all options available to him.

 

Here is my online research, not my experience:

If I were to send US$500 using Transferwise i will get 16,000B. If I withdraw 16,000B with Schwab ATM card it will cost be US$495.The higher the amount the worse for TW. Schwab ATM  card do not charge for foreign transactions , Thai banks ATM  fees are reimbursed, may be Citi Gold card is offering the same.

 

 

[Jaggg88]

On 9/17/2018 at 3:48 AM, 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!

If you go down to the low level at the airport where the train departs there are many good exchange booths now, including Super Rich (the best).

[reenatinnakor]

Like everyone says... Transferwise without a doubt. But relies on you having a Thai local bank account, which might be difficult to get without a retirement or employment visa. Transferwise also offer a multi-currency debit card, so you just add the currency to your Transferwise account and then use the card without the exchange rate fees... It will be as if you're paying with a local Thai bank card. I've used it for euros, usd and hkd and assume it's the same thing for thb.

Whatever you do don't use the atm! You get charged 220 thb here, then your USA or UK bank will charge you an exchange fee of 3 gbp or 5 usd and also screw you on the exchange rate! It's a triple whammy.



Sent from my LG-H990 using Thailand Forum - Thaivisa mobile app

[Pib]

10 hours ago, reenatinnakor said:

Like everyone says... Transferwise without a doubt. But relies on you having a Thai local bank account, which might be difficult to get without a retirement or employment visa. Transferwise also offer a multi-currency debit card, so you just add the currency to your Transferwise account and then use the card without the exchange rate fees... It will be as if you're paying with a local Thai bank card. I've used it for euros, usd and hkd and assume it's the same thing for thb.

Whatever you do don't use the atm! You get charged 220 thb here, then your USA or UK bank will charge you an exchange fee of 3 gbp or 5 usd and also screw you on the exchange rate! It's a triple whammy.
 

 

 

There are fees associated with the Transferwise card...see below from Transferwise.

https://transferwise.com/gb/borderless/#borderless-explainer-video

 

 

And you are right about many US/UK bank debit cards, but not all.  I have three US bank debit cards that do not charge an exchange fee and reimburse ATM fees such as the Bt220 Thai ATM fee on foreign cards.  And got a 4th card that does not charge any exchange rate fee but does not reimburse ATM fees.

[Pib]

Yeap, definitely best for each person to do their own math as people send from different countries, 
different currency pairs in play, etc., makes a difference in what is the cheapest way to send/get funds. 

 

Below is a recent comparison of a $500 and $1000 "USD-TBH" transfer using Transferwise, OFX, Bangkok Bank ACH Transfer, US bank SWIFT transfers, and using a no-fee Visa/Mastercard debit card.   Exchange rate as of 3 Aug 18. 

 

Please note the OFX (a major money transfer service like Transferwise) exhange rate is their "customer" rate you can only see once becoming a customer; it's not the "indicative" rate shown on their public webpage.  If a site says the rate is  "indicative" that means it's probably going to be the FX rate like from XE.com, but it's not the rate you really get once becoming a customer/doing an actual transfer.  Quite a few money transfer services play this "indicative" game....worm on the hook type advertising.  However, Transferwise does not play this indicative game....the rate you see on their site,  whether a customer or not, is their customer rate.

 

Before looking at the chart make a guess which is the winner.  If you guessed the no-fee debit card your are correct. 

 

Now if sending pounds , euros, or Oz dollars, Transferwise fairs better as the fee structure for pounds, euros, AUD, and some other currency pairs is lower than USD-THB currency pair.

 

[Thailand J]

Thank you Pib,  individual should do his own math and Transferwise is NOT always the best ...what I have been trying to prove.

 

Schwabs ATM card, the king of ATM cards  ????