How do you transfer money to Thailand?

[Pib]

Yes the fee is double for transferwise for me while the exchange rate was identical 

No it wasn't if you did a comparison at the same instant in time during banking hours. A person needs to try to do a apples to apples comparison.

The Transferwise exchange rate mirrors the full FX mid market rate and the Thai bank TT Buying Rate is usually around 0.5% lower than the FX....this is the Thai bank's profit spread. For example at this moment in time the Transferwise USD-THB rate is 32.76 and the Bangkok Bank rate is 32.53.

All a person needs to do is open two tabs on their browser....one on Transferwise and one on any Thai bank exchange rate (look at the TT Buying Rate used for incoming foreign currency transfers) to see the difference. As mentioned best to do this during banking hours as Transferwise rates are constantly changing while Thai bank rates only change during their open hours Monday thru Friday. But even with this, Transferwise exchange rates will average around 0.5% better when doing a bunch of comparisons over time.

[4MyEgo]

On 10/14/2018 at 2:53 PM, Pib said:

No it wasn't if you did a comparison at the same instant in time during banking hours. A person needs to try to do a apples to apples comparison.

The Transferwise exchange rate mirrors the full FX mid market rate and the Thai bank TT Buying Rate is usually around 0.5% lower than the FX....this is the Thai bank's profit spread. For example at this moment in time the Transferwise USD-THB rate is 32.76 and the Bangkok Bank rate is 32.53.

All a person needs to do is open two tabs on their browser....one on Transferwise and one on any Thai bank exchange rate (look at the TT Buying Rate used for incoming foreign currency transfers) to see the difference. As mentioned best to do this during banking hours as Transferwise rates are constantly changing while Thai bank rates only change during their open hours Monday thru Friday. But even with this, Transferwise exchange rates will average around 0.5% better when doing a bunch of comparisons over time.
 

Slightly off the topic, although I swear by Transferwise, even after they take their fee, the rate is the best out there as far as my research has shown me.

 

Anyway went to an ATM today to consider making a withdrawal of 20k baht as my lender ING will reimburse me the ATM fees at both ends as I qualify for this month for free ATM withdrawals anywhere in the world and no 2.5% international transaction fees for purchasing things.

 

Now I know the visa rate on my debit card would be lower than Transferwise, but thought for a split second, it would be the convenience and reimbursement of the ATM fees at both ends from ING bank, but I was nearly blown over when I inserted my card and pressed a couple of buttons, SCB bank would only allow a 10k baht withdrawal at a time, lol, and no, I didn't make the withdrawal/s even though ING bank would reimburse me the ATM fees at bith ends, so I put my SCB bank card in and pulled 20k baht out for free.

 

How greedy can these bastards get, what a trap, fortunately my Transferwise money arrives today, and I will NEVER support the Thai banks making withdrawals at ATM's with the use of overseas cards as long as they keep the limit pegged so low, 10k baht, how desperate do they think we are ?

[lopburi3]

12 minutes ago, 4MyEgo said:

I will NEVER support the Thai banks making withdrawals at ATM's with the use of overseas cards as long as they keep the limit pegged so low, 10k baht,

Actually for many Americans I suspect that would be as much as their banks would allow for a normal ATM withdrawal - limits are normally about $300 per day unless customer requests and receives a higher limit.  There also used to be a limit if contact could not be made to home bank of a low set amount - not sure if that still applies or not.

Edit to remove phone line reference - although they may still be used it is internet system.

Edited October 16, 2018 by lopburi3

[4MyEgo]

52 minutes ago, lopburi3 said:

Actually for many Americans I suspect that would be as much as their banks would allow for a normal ATM withdrawal - limits are normally about $300 per day unless customer requests and receives a higher limit.  There also used to be a limit if contact could not be made to home bank of a low set amount - not sure if that still applies or not.

Edit to remove phone line reference - although they may still be used it is internet system.

That's crazy....

 

ING allows me to make up to $2,000 per day withdrawal at any ATM machine in Australia and the world, however as they told me, it is up to the bank that you are making the withdrawal from overseas that dictates the limits, hence the reason they try and rip us off, i.e. withdrawal 10k baht at a time x 200 baht per time, now if I was to withdrawal $2,000 AUS as I would back home, i.e. approximately 46,000 baht, Thai banks would be making a killing, e.g. 5 x 200 baht = 1,000 baht, eye gouging I call it.

[lopburi3]

Crazy or not it is true that the card ATM cash limit is set by your home back - my US accounts are currently $500 and $600.  Thai banks normally only have limits on the amount of bills that can be dispensed on a single transaction.

 

But as I recall if card system can not make contact to confirm account balance in your home bank the card places a 10k limit on withdrawal - nothing to do with Thai bank.

[Pib]

12 hours ago, 4MyEgo said:

Now I know the visa rate on my debit card would be lower than Transferwise, but thought for a split second, it would be the convenience and reimbursement of the ATM fees at both ends from ING bank, but I was nearly blown over when I inserted my card and pressed a couple of buttons, SCB bank would only allow a 10k baht withdrawal at a time, lol, and no, I didn't make the withdrawal/s even though ING bank would reimburse me the ATM fees at bith ends, so I put my SCB bank card in and pulled 20k baht out for free.

I've never run up against a Thai ATM that set a lower limit for foreign cards than Thai cards.  But at the same time I must say I've never used my U.S. cards in a SCB ATM.

 

However, I have used my U.S. cards in Krungsri Bank, TMB, and Bangkok Bank ATMs and none of them had a lower limit for foreign cards.  When I use my foreign cards in a Thai ATM I always ask for the max that particular bank allows for a withdrawal.  Krungsri and TMB is 30K...and Bangkok Bank is 25K regardless of foreign or domestic card.  My cards have a $1000 daily/per transaction cash withdrawal limit worldwide which is around Bt33K.

 

If you want to do another test to confirm it's truly SCB pulling this, go to a Krungsri or TMB ATM to see if they limit you to 10K or allow 30K...but you don't have to follow completely thru and withdraw any money....just see if the ATM throw a different limit at your for your foreign ATM card like you did earlier.  If those other banks' ATMS also throw a 10K limit at you then it's your bank card has a lower limit for overseas cash withdrawals; if the ATMs offer 30K then it was just SCB...or maybe it was just that one SCB ATM.   Try another SCB ATM during the same test as it usually pretty easy to fine different banks ATM real close to each other

 

It's also my understanding of how cards work that even "if" your card-issuing bank has set say just for discussion a $500AUD limit for overseas ATM withdrawals but $2000AUD for within Oz withdrawals if you exceed that limit in the amount your entered in the ATM screens the rejection will not happen until you press the final button where cash is suppose spit out next.  Up until pushing that final button you can enter any amount up to whatever amount the local ATM allows....like Bt30K at Krungsri and TMB ATMs...$25K at Bangkok Bank ATMs.....etc. 

 

I would just run a few another test like talked about above to determine if it really SCB at all its ATMs or just that one.  Personally, I never liked SCB for reasons I won't go into.

[4MyEgo]

12 minutes ago, Pib said:

If you want to do another test to confirm it's truly SCB pulling this, go to a Krungsri or TMB ATM to see if they limit you to 10K or allow 30K...but you don't have to follow completely thru and withdraw any money....just see if the ATM throw a different limit at your for your foreign ATM card like you did earlier. 

I took your advice from a previous post last month and did make a withdrawal at Krungsri with their limit being 30,000 baht per transaction and I did another 15,000 baht to almost max out my card limit of $2,000 AUS and ING bank reimbursed me the ATM fee twice, i.e. 2OO baht x 2 withdrawals, so I know the card has the $2,000 AUS limit here and overseas, that said, the withdrawal I intended making on my overseas card at the SCB branch was in my home town, and it would only allow 10,000 baht per transaction, so I declined it, and used my SCB card which allowed me to take 20,000 baht out in a single transaction.

 

I could try to check other banks out to see what their limits are, but not going to waste my time, as I know upon your previous advice of which I took up, Krungsri bank is my emergency back up choice as I know I can take out 30,000 baht in one hit, or go the max x 2 transactions, i.e. 30,000 and 15,000 baht withdrawals, SCB can kiss my rear.

 

When I get a chance when I return from an upcoming overseas trip, I will look at what the other banks offer and probably make the change, which is a hassle in itself so might just leave it and use them the way I do.

[ASEAN NOW Sales]

RELATED:  The Secret to International Transfer Fee Savings [sponsored post]

 

Read more: https://www.thaivisa.com/forum/topic/1063268-the-secret-to-international-transfer-fee-savings/

 

 

[evadgib]

Heads up for Brits:

The name of someone receiving a payment will be as important as their banking details for the first time from next summer, in an attempt to combat fraud.

At present, anyone wanting to transfer money enters the intended recipient's name, account number and sort code. However, the name is not checked.

Under plans from the UK's payments operator, the sender will be alerted if the name does not match the account.

Banks have been accused of dragging their heels in introducing the system.

https://www.bbc.com/news/business-45900955

Edited October 21, 2018 by evadgib

[VBF]

I'm about to send some money (about £5K) from the UK to my SCB account. Previously, I've just let my bank transfer it at the prevailing rate and deduct the £25 fee.

This year I'm thinking about using Transferwise but have yet to set it up.

I will be checking their website, but is it really that much cheaper?

 

Also has anyone any experience of https://www.smartcurrencyexchange.com/ ?

 

Thanks. 

[anon7854]

There should be a distinct option for Revolut. 

 

It kicks TW's ass.

[faraday]

24 minutes ago, anon7854 said:

There should be a distinct option for Revolut. 

 

It kicks TW's ass.

In what way do think Revolut does this?

 

Edit: it's some of this bit-coin malarkey, run by Russians.

 

So no direct comparison....

Edited December 25, 2018 by faraday
too many biscuits...

[Henryford]

Transferwise

[Henryford]

12 hours ago, VBF said:

I'm about to send some money (about £5K) from the UK to my SCB account. Previously, I've just let my bank transfer it at the prevailing rate and deduct the £25 fee.

This year I'm thinking about using Transferwise but have yet to set it up.

I will be checking their website, but is it really that much cheaper?

 

Also has anyone any experience of https://www.smartcurrencyexchange.com/ ?

 

Thanks. 

Yes, you will save quite a lot using TW for 5k. Easy to set up as well. 5k on TW gives you 205692 baht. 4975 to say Krungsri at 40.61 = 202035 less their charges = say 201500. Saving 4000 baht.

[Pattaya46]

12 hours ago, VBF said:

Previously, I've just let my bank transfer it at the prevailing rate and deduct the £25 fee.

This year I'm thinking about using Transferwise but have yet to set it up. //

A bit of topic, but why are UK banks transfer fees so ridiculously high ??

Transferwise  and similar services seems to exist only because of that

but seem to not be very used in other European countries by example.

 

As a comparison, the fee for a transfer to Thailand by PostFinance (Switzerland)

is only 2 CHF (about 1.6 GBP, not 25 GBP !!!) whatever the amount of the transfer. 

[lopburi3]

Whatever system is used remember fee is only part of the cost - exchange rate can be a huge factor (especially if conversion done outside Thailand).

[ivor bigun]

Transferwise

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app

[VBF]

5 hours ago, lopburi3 said:

Whatever system is used remember fee is only part of the cost - exchange rate can be a huge factor (especially if conversion done outside Thailand).

Thank you @lopburi3 and others who responded.

Interestingly, i asked the same question on another thread and got different replies thus:

 

From that it appears that that the fee is actually higher with TW than what my bank charges, so the rate is actually the critical part.

My research continues......

Edited December 26, 2018 by VBF

[jackspade]

On 12/26/2018 at 5:18 AM, anon7854 said:

There should be a distinct option for Revolut. 

 

It kicks TW's ass.

Revolut? I think I saw a bottle of that for sale somewhere recently.

[bmanly]

TransferWise is the best way I have ever got money into Thailand. Made the transfer this morning and it was my Bangkok Bank account this evening. What they showed on the transfer window before confirming is what I got. Small fee and far better rates. I won't be doing SWIFT transfers anymore unless I have to. 

[wgdanson]

12 minutes ago, bmanly said:

TransferWise is the best way I have ever got money into Thailand. Made the transfer this morning and it was my Bangkok Bank account this evening. What they showed on the transfer window before confirming is what I got. Small fee and far better rates. I won't be doing SWIFT transfers anymore unless I have to. 

Same here. Did £1000 yesterday to my Bkk Bank and was there this morning. Checked the difference between that, and changing some of the £s from my Bkk Foreign Currency Account which had cost me nothing to transfer from UK via First Direct.......£3 more. Is it worth worrying about. Transfer from First Direct directly ! was over Bht1000 less arriving here.

Edited January 17, 2019 by wgdanson

[wgdanson]

1 hour ago, bmanly said:

TransferWise is the best way I have ever got money into Thailand. Made the transfer this morning and it was my Bangkok Bank account this evening. What they showed on the transfer window before confirming is what I got. Small fee and far better rates. I won't be doing SWIFT transfers anymore unless I have to. 

And you can get a receipt showing exactly which account the money went to, not any intermediary banks. Print that out and hope your friendly IO will accept/understand it.

Edited January 17, 2019 by wgdanson

[Stocky]

I moved SGD10,000 from Singapore to Thailand beginning of the month, yes TransferWise charged me SGD54.23 which is SGD24.23 more than my bank, but the difference in exchange rates meant I still came out a little over Bht4,000 better off. Using TransferWise the monies arrived the next day, usually via my bank it's the same day, but with the rate guaranteed there's no real issue.

 

Until someone suggests something better I'm sticking with TransferWise over SWIFT.

[srowndedbyh2o]

Anyone tried using Instarem to do transfers?

I just stumbled across their webpage. Had never heard of them before.

Like Transferwise, they list all fees and the total amount recipient receives before you complete the transfer.

I just went online and checked to compare a US$1000 transfer.

Transferwise shows US$11.90 total fees, a rate of 31.71, with recipient receiving 31,332.65.

Instarem shows US$ 5.00 total fees, rate of 31.69, with recipient receiving 31,531.55.

Not sure what their method of moving funds is.

 

[gaviny]

Ofx every few months , better rates than the banks and free above 10000AUD.

Sent from my Redmi Note 6 Pro using Thailand Forum - Thaivisa mobile app

[mfd101]

On 1/18/2019 at 12:01 PM, srowndedbyh2o said:

Anyone tried using Instarem to do transfers?

I just stumbled across their webpage. Had never heard of them before.

Like Transferwise, they list all fees and the total amount recipient receives before you complete the transfer.

I just went online and checked to compare a US$1000 transfer.

Transferwise shows US$11.90 total fees, a rate of 31.71, with recipient receiving 31,332.65.

Instarem shows US$ 5.00 total fees, rate of 31.69, with recipient receiving 31,531.55.

Not sure what their method of moving funds is.

 

I would love to use Instarem - easily the best (ie cheapest) - compare on Monito.com. BUT hard to join - they won't let me in the door because, transferring money from Oz, I have (now) only a Thai address. And Thailand is not on their 'safe' list - can transfer money in, but only with a 'safe' address on their list elsewhere. Have pointed out to them the idiocy of this, but to no avail. International security rules, and Thailand doesn't make it.

[sumrit]

2 hours ago, mfd101 said:

I would love to use Instarem - easily the best (ie cheapest) - compare on Monito.com. BUT hard to join - they won't let me in the door because, transferring money from Oz, I have (now) only a Thai address. And Thailand is not on their 'safe' list - can transfer money in, but only with a 'safe' address on their list elsewhere. Have pointed out to them the idiocy of this, but to no avail. International security rules, and Thailand doesn't make it.

They also an intermediary Thai clearing bank to receive money overseas and transfer it to individual Thai bank accounts in much the same way as Transferwise do using BB, TMB, etc. I tried asking Instarem which intermediary bank they use in the hope that, using the correct bank (eg: Transferwise-Bangkok Bank) Transfers would show up as International transfers but they couldn't/wouldn't tell me. I don't think they understood why it was important to know.

 

Does anybody use this company and know the Thai intermediary bank they use?

[fxe1200]

TRANSFERWISE always uses the middle market rate as seen on xe.com. They guarantee it for 48 hours. Yes, even when the exchange rate worsens, they stick to their promise. There is no F...ing around with buying or selling rates, and that is where other banks make their money.