How do you transfer money to Thailand?

[lopburi3]

26 minutes ago, flipside555 said:

 

 

I'm wondering if this could be significant for anyone transferring money for a retirement visa. You need a letter from the bank stating that the funds came from outside Thailand. If the code says that it was a domestic transfer it might be a bit of headache to get confirmation from the bank that it actually came from abroad.

Actually do not believe such information is required except for conversion first time to a non immigrant O visa. 

 

But in the case of Bangkok Bank funds transferred by ACH through New York (as many retirees use) and Transferwise have exactly the same "international transfer" notation and the same wording that it is provided by sending bank (as of Monday this week). 

[flipside555]

17 minutes ago, lopburi3 said:

Actually do not believe such information is required except for conversion first time to a non immigrant O visa. 

 

But in the case of Bangkok Bank funds transferred by ACH through New York (as many retirees use) and Transferwise have exactly the same "international transfer" notation and the same wording that it is provided by sending bank (as of Monday this week). 

Yes, you're right on both counts. 

 

I'm currently going through exactly that process. A letter is required for the conversion to the non-immigrant O visa, which is the first step in applying for a retirement extension.

 

My Bangkok Bank book shows FTT which is the code for a foreign transfer. If it had had a code for an internal transfer, say from Kasikorn Bank as someone above mentioned, it might have been more involved to get them to confirm that it came from abroad.

[Pib]

4 hours ago, Elad said:

I use Transfer-wise as they usually have the best exchange rates and low fees

at the moment to send 1000 GBP you get

 

compared to western union sending cash in minutes

 

 

Then looked at sending through bank with western union and it came out as paying zero transfer fee and the exchange rate is close to transfer-wise. Has anyone tried using this method, is there a catch to it?

 

 

 

When I read your above post about WU "to bank account" transfers I thought to myself, "Wow, that is a good deal...does WU truly have a low cost/good exchange rate method to send money?"   

 

So I go to the WU "U.S." website versus the U.K. website as used above and do a comparison between Transferwise and WU to bank acct and find out it's a terrible deal.  But apparently that is only because I'm transferring USD from the US...just totally different pricing schedule as to whether you are transferring GBP from the UK compared to USD from the US.   

 

Goes to show how one transfer company may be a good deal in one country but a bad deal in another country.

 

TW to bank account 

 

 

WU to a bank account sending USD

[simoh1490]

3 hours ago, Suradit69 said:

And yet I am a customer and I chose the correspondent bank ... actually was required to do so.

 

 

I know what a correspondent bank is. I'm initiating the transfer from my broker, not a bank and they required that I choose the correspondent bank. So yes the customer is required to choose the correspondent bank that will be used by my broker, Vanguard, and Bangkok Bank in NY is the correspondent bank clearly shown in my brokerage account profile on line. 

 

 

Yes OK, when you say it's a brokerage that makes better sense, especially since your end bank also appears to be Bangkok Bank in Thailand, presumably, which doesn't require a correspondent bank in the US. 

[55Jay]

 

Setting up an ACH transfer from Schwab Bank Checking acct to BKK Bank NY branch, am presented with lots of Terms and Conditions, the last of which is explicit about the funds not leaving the US.  Technically they aren't, it's New York, although it's an open secret where those funds wind up the next day.... probably why the screws are tightening on this next year.

 

Has any Schwab client here ever done a direct Schwab Bank to Bangkok Bank NY transfer?

 

Are the T&Cs a one time thing, or do you have to acknowledge/agree each time?  I haven't tried it, thinking as soon as I click "Transfer", heavily armed ninjas will rappel down from black helicopters into my living room. ????

 

 

 

 

 

[Pib]

I've done a Schwab Bank to Bangkok Bank ACH transfer....works fine....but that was about two years ago.   Haven't tried the established transfer link since as I don't have the need to do an ACH transfer often.

 

Also, since you said you are setting up an ACH transfer link if I remember right Schwab uses trial deposits to validate the link....and Bangkok Bank NY started blocking such ACH trial deposits around Apr/May 18 (eighteen) unless in IAT format (which Schwab does not use).  Can't remember if anyone using Schwab has got rejects on trial deposits in trying to setup a net transfer link, but folks at other banks sure have because Bangkok Bank NY is rejecting trial deposits not in IAT format....and no one has identified any U.S. bank/financial company yet that uses IAT format for retail customer accounts.

 

 

[Suradit69]

4 hours ago, simoh1490 said:

Yes OK, when you say it's a brokerage that makes better sense, especially since your end bank also appears to be Bangkok Bank in Thailand, presumably, which doesn't require a correspondent bank in the US. 

Some of the major US banks probably have a direct correspondent relationship with Bangkok Bank, but those that don't will still need to find a correspondent bank to act as an intermediary.

 

Bangkok Bank in New York wouldn't be the only choice but, I believe, it is less expensive than some of the others. I think someone already mentioned that his bank or credit union was using Citi and they were hitting him for $50 per transfer.

 

Your bank may choose which correspondent bank to use, but if you are able to determine that the bank they use is overly expensive, you could probably request they use someone else.

[HeijoshinCool]

 

 

Popmoney.

 

Available at more than 1500 US financial institutions, or directly on the Popmoney website.

 

$2000 daily limit.

 

$5000 monthly limit.

 

My credit union offers its members the service for free, as do some banks, but if not, the fee on the Popmoney website is a mere 95¢.

 

Next day delivery to my LOS account, though sometimes it shows up almost instantly. (There is a 3-business day option you can check; no idea why it is there when next day "express" is free).

 

I get into my account online, click three times, and transfer funds (retirement/SS/savings) to Bangkok Bank in NY (using the saved routing and account numbers and my name), and the next day (at the latest) the money is in LOS. 

 

Wife also sends money now and then to LOS, also through Bangkok Bank.

 

Been using for a number of years, probably well over two hundred transfers, never a problem. Never a fee. Never late.

 

I have heard of a few delays when working directly with the Popmoney website, but never when using Popmoney through a bank/credit union. Do your due diligence. 

 

(I've also heard others speak of ClearExchange (Zelle), but have no firsthand knowledge.)

 

 

[Jingthing]

 
 
Popmoney.
 
Available at more than 1500 US financial institutions, or directly on the Popmoney website.
 
$2000 daily limit.
 
$5000 monthly limit.
 
My credit union offers its members the service for free, as do some banks, but if not, the fee on the Popmoney website is a mere 95¢.
 
Next day delivery to my LOS account, though sometimes it shows up almost instantly. (There is a 3-business day option you can check; no idea why it is there when next day "express" is free).
 
I get into my account online, click three times, and transfer funds (retirement/SS/savings) to Bangkok Bank in NY (using the saved routing and account numbers and my name), and the next day (at the latest) the money is in LOS. 
 
Wife also sends money now and then to LOS, also through Bangkok Bank.
 
Been using for a number of years, probably well over two hundred transfers, never a problem. Never a fee. Never late.
 
I have heard of a few delays when working directly with the Popmoney website, but never when using Popmoney through a bank/credit union. Do your due diligence. 
 
(I've also heard others speak of ClearExchange (Zelle), but have no firsthand knowledge.)
 
 

That will likely stop working April 2019.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[Suradit69]

38 minutes ago, HeijoshinCool said:

I get into my account online, click three times, and transfer funds (retirement/SS/savings) to Bangkok Bank in NY (using the saved routing and account numbers and my name), and the next day (at the latest) the money is in LOS. 

 

Wife also sends money now and then to LOS, also through Bangkok Bank.

 

You are most likely doing an ACH transfer. Many of us have been doing that for many years. That will no longer be available after the end of March. You can do SWIFT transfers but that will only be possible if you initiate a Foreign Exchange transfer using Bangkok Bank's SWIFT code.

 

Suggest you read through this thread below ... and there are other threads on the same subject.

 

 

38 minutes ago, HeijoshinCool said:

Do your due diligence.

Yes indeed. Right back at you.

 

 

 

 

 

[Expattaff1308]

On 9/28/2018 at 7:07 PM, ottrods said:

Transfer-wise

+ 1

[55Jay]

8 hours ago, Pib said:

I've done a Schwab Bank to Bangkok Bank ACH transfer....works fine....but that was about two years ago.   Haven't tried the established transfer link since as I don't have the need to do an ACH transfer often.

 

Also, since you said you are setting up an ACH transfer link if I remember right Schwab uses trial deposits to validate the link....and Bangkok Bank NY started blocking such ACH trial deposits around Apr/May 18 (eighteen) unless in IAT format (which Schwab does not use).  Can't remember if anyone using Schwab has got rejects on trial deposits in trying to setup a net transfer link, but folks at other banks sure have because Bangkok Bank NY is rejecting trial deposits not in IAT format....and no one has identified any U.S. bank/financial company yet that uses IAT format for retail customer accounts.

 

 

OK, thanks. 

 

Was referring to doing my routine, monthly transfers - hesitant to use the more convenient, direct path from Checking acct to BKK NY because of that explicit "domestic US only" blurb.

 

Right, as it stands, it'll be OBE anyway come April next year. ????

[jackspade]

TransferWise 100%.

 

Screw banks and screw Western Union.

 

I tried to wire some money from Italy a few times and none of the banks could figure out to do a proper wire. I tried three different Italian banks and It kept getting returned.

 

I've also had a host of issues with transfers to banks in the US.

 

Then I found TransferWise and all my banking problems disappeared. Made my life a whole lot easier.

[Pib]

 

19 hours ago, 55Jay said:

 

Setting up an ACH transfer from Schwab Bank Checking acct to BKK Bank NY branch, am presented with lots of Terms and Conditions, the last of which is explicit about the funds not leaving the US.  Technically they aren't, it's New York, although it's an open secret where those funds wind up the next day.... probably why the screws are tightening on this next year.

 

Has any Schwab client here ever done a direct Schwab Bank to Bangkok Bank NY transfer?

 

Are the T&Cs a one time thing, or do you have to acknowledge/agree each time?  I haven't tried it, thinking as soon as I click "Transfer", heavily armed ninjas will rappel down from black helicopters into my living room. ????

 

 

 

But it's OK for a person to use their Schwab debit card to get money out of foreign ATM which is also a transfer of funds outside of the U.S.  But I understand U.S. govt is just trying to plug holes where it can, larger amounts can flow via ACH transfer compared to ATM withdrawal, Schwab has to along with the hole plugging, etc.

 

[rwill]

On ‎10‎/‎2‎/‎2018 at 5:42 AM, 4MyEgo said:

 

I used to use Bahtsmart, but when Transferwise came into discussion, once, twice, three times, the penny dropped, gave Bahtsmart the flick and haven't looked back since, they are about half a baht behind transferwise.

 

Transferwise today is 23.23 and BahtSmart is 22.66, like I said (.57 baht) about half a baht behind Transferwise, now on a $10,000AUS without fees taken out, that's a whopping 5,700 baht that BahtSmart put in their pockets.

 

Make the change mate, you won't regret it....

TransferWise VS Bahtsmart you get an extra 3,700 baht with transferwise.  That's looking at both sites today.

[4MyEgo]

5 minutes ago, rwill said:

TransferWise VS Bahtsmart you get an extra 3,700 baht with transferwise.  That's looking at both sites today.

 

Yes the usual half a baht that BahtSmart are usually behind Transferwise doesn't include Transferwises fee coming out, so if you add that fee back to your 3,700 baht the difference, it's about 5,300 baht today, that said, 3,700 baht better off in your pocket than BahtSmarts oi.

[55Jay]

3 hours ago, Pib said:

But it's OK for a person to use their Schwab debit card to get money out of foreign ATM which is also a transfer of funds outside of the U.S.  But I understand U.S. govt is just trying to plug holes where it can, larger amounts can flow via ACH transfer compared to ATM withdrawal, Schwab has to along with the hole plugging, etc.

Indeed.  Cynically, it definitely is "their" money, only on loan to us, with increasing surveillance and limitations from the Masters and their grubby Deputies (The Banksters), about how much us peasants can use, how often and where.   Hammer the many to catch a few who dare to resist the Master's rules.  ????

 

Edit: Must be careful with this kind of rebellious talk ^ on the open internet, lest the Ninjas come take me away for attitude adjustment.  LOL!

 

 

 

 

 

 

[Pib]

 

 

[HeijoshinCool]

On 10/3/2018 at 9:31 AM, Suradit69 said:

 

You are most likely doing an ACH transfer. Many of us have been doing that for many years. That will no longer be available after the end of March. You can do SWIFT transfers but that will only be possible if you initiate a Foreign Exchange transfer using Bangkok Bank's SWIFT code.

 

Suggest you read through this thread below ... and there are other threads on the same subject.

 

 

Yes indeed. Right back at you.

 

 

 

 

 

I'm well aware of what is planned for next spring. In the meantime, what I outlined is valid, and free.

 

And no need for the sarcasm.

[A1Str8]

I always use Transferwise. Bestest.

Oh wait, thats advertising. That aint allowed here.

[Suradit69]

2 hours ago, HeijoshinCool said:

I'm well aware of what is planned for next spring. In the meantime, what I outlined is valid, and free.

 

And no need for the sarcasm.

So why are you telling people to do their due diligence for methods that would be useless for new applicants or those who might switch how they send money using ACH transfers to Bangkok Bank NY and of no use to anyone in a few months?

 

What you outlined is not valid for anyone who hasn't already been using this method with these services. New applicants are already being rejected by Bangkok Bank NY. It may be free but if it won't work for someone new, being free doesn't count for much.

 

Sending  people off to do due diligence using what you describe is pointless. If you are "well aware" it all has no practical use, why not say that your method has no value for anyone given the changes that are coming?

 

On 10/3/2018 at 7:59 PM, HeijoshinCool said:

I have heard of a few delays when working directly with the Popmoney website, but never when using Popmoney through a bank/credit union. Do your due diligence. 

 

(I've also heard others speak of ClearExchange (Zelle), but have no firsthand knowledge.)

All of these would be fine if you were sending ACH transfers, but aren't worth bothering with for anyone looking for a way to transfer money to Bangkok Bank going forward.

 

 

[Skeptic7]

So has anyone actually done any real time comparisons tween BKK Bank NY method and Transferwise to determine which is actually the best value for transfers from the USA? Does anyone know which one actually gives the most baht for the buck? Haven't had the need to do transfers previously, but will need to execute some substantial amounts starting next month. Any actual figures based on actual transfers would be useful and very much appreciated. Thx...

[lopburi3]

13 minutes ago, Skeptic7 said:

So has anyone actually done any real time comparisons tween BKK Bank NY method and Transferwise to determine which is actually the best value for transfers from the USA? Does anyone know which one actually gives the most baht for the buck? Haven't had the need to do transfers previously, but will need to execute some substantial amounts starting next month. Any actual figures based on actual transfers would be useful and very much appreciated. Thx...

Transferwise provides the best exchange rate and it is fixed at time of sending . BBL provides TT rate at time of arrival.  So there is no real way to know but if exchange rate does not change transferwise will likely provide more as there is no .25% fee on arrival (but there is a larger fee for sending normally - which could make it less attractive for larger (over 2-3k transfers).  I did a transfer on a Thursday and both arrived on the next Monday.  Transferwise was about 600 baht more on a 3k send - but exchange rate had gone down so probably would not have been that much most times.  They both work well for monthly spending money types of transactions.

[55Jay]

2 hours ago, Skeptic7 said:

So has anyone actually done any real time comparisons tween BKK Bank NY method and Transferwise to determine which is actually the best value for transfers from the USA? Does anyone know which one actually gives the most baht for the buck? Haven't had the need to do transfers previously, but will need to execute some substantial amounts starting next month. Any actual figures based on actual transfers would be useful and very much appreciated. Thx...

@Pib   did a very comprehensive one not too long ago ~ maybe he'll post a link to it.

[Skeptic7]

52 minutes ago, 55Jay said:

@Pib   did a very comprehensive one not too long ago ~ maybe he'll post a link to it.

Thx...found it. For anyone else looking:

 

[srowndedbyh2o]

6 hours ago, Skeptic7 said:

So has anyone actually done any real time comparisons tween BKK Bank NY method and Transferwise to determine which is actually the best value for transfers from the USA? Does anyone know which one actually gives the most baht for the buck? Haven't had the need to do transfers previously, but will need to execute some substantial amounts starting next month. Any actual figures based on actual transfers would be useful and very much appreciated. Thx...

With so many people posting in favor of using Transferwise, I just revisited the notion of using the service, and did another test transfer. I also did a BKK Bank NY ACH transfer the same day to compare the two.

The TW transaction was funded using a Charles Schwab checking account.

The ACH BKK Bank NY transaction was done using my Credit Union account which utilizes Popmoney when transferring funds to an individual.

Both transactions were done on Oct 3rd. The TW funds showed up in my BKK bank acct. on the 4th. The ACH funds showed up on the 5th.

Both were US $100.

The TW deposit was 3,138.44.

The ACH deposit was 2,955.41.

When I had originally set up my first test transfer with Transferwise a few months ago, it took about a week for the transaction to complete. This second transfer showed up the next day. Also, now that it’s set up, it’s just a few clicks and it’s done.

The ACH BKK Bk NY transfers usually take 4-5 days. But again, that will be irrelevant come April, 2019.

Also, just to compare. If you were to have done an over-the-counter debit card withdrawal inside a Thai bank on the same day:

Visa Card exchange rate for US $100 on10/03 was 3,242.68. (minus any fees from your Thailand bank).

Master Card exchange rate for US $100 on 10/03 was 3,238.66 (minus any fees from your Thailand bank).

[5633572526]

On 9/28/2018 at 8:14 PM, Peterw42 said:

Swift from Australia is great nowadays, I do it on my banking app at 10pm and its in my account 8am the next morning, $20au flat rate no matter what the amount.

 

Last transfer a couple of days ago, a quick comparison with transferwise for $10,000 and the fees were swift $20, Transferwise $54. Swift ex rate 23.00 baht (BKKbank TT rate), transferwise ex rate 23.36 baht. no fees this end for bkk bank.

 

Transferwise higher fees and only a marginally better ex rate, on a thousand dollars probably a couple of hundred baht difference, and its slower.

 

 

Similar experience from USA transferwise rate is typically twice the swift rate for the same amount. I wrote  transferwise to inquire about the rate difference and only got an apology in response.

[Pib]

47 minutes ago, 5633572526 said:

Similar experience from USA transferwise rate is typically twice the swift rate for the same amount. I wrote  transferwise to inquire about the rate difference and only got an apology in response.

In this context where you say "rate" you really mean "Sending Fee" and not the exchange rate given.  

 

But the Transferwise exchange rate is higher than your Sending bank or receiving Thai bank exchange rate, so the higher Transferwise exchange usually offset their sending fee.  

 

A person needs evaluate both exchange rate and direct/sending fees in combination, not just one or the other, to determine which method puts the most baht into their account at least cost.

 

.

[5633572526]

On 10/12/2018 at 9:50 AM, Pib said:

In this context where you say "rate" you really mean "Sending Fee" and not the exchange rate given.  

 

But the Transferwise exchange rate is higher than your Sending bank or receiving Thai bank exchange rate, so the higher Transferwise exchange usually offset their sending fee.  

 

A person needs evaluate both exchange rate and direct/sending fees in combination, not just one or the other, to determine which method puts the most baht into their account at least cost.

 

.

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

[lopburi3]

28 minutes ago, 5633572526 said:

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

A SWIFT exchange will receive the TT rate of receiving bank if sending foreign currency and that is not what Transferwise provides (higher).  The SWIFT exchange will also require payment of 1/4% fee to Thai bank.  Payment to sending bank.  Payment to correspondent bank.  For a large transfer such transfer might be cost effective but for normal living expense would likely not be.