Transfer of $100,000 from Australia to Thai Bank Account

[Changbeer4me]

Hi,

 

I need to send Aus $100,000 to my thai bank account wondering what's the best way

 

This to set up for retirement in Thailand.

 

Greatful for your advice

 

Regards

 

Changbeer4me

[Henryford]

You need a thai bank account then either do a SWIFT transfer or use Transferwise. If you plan to buy a property with it you will need to get a statement from the bank showing receipt of funds from outside Thailand.

[Changbeer4me]

Thanks Hernyford for the promt infomative reply.

 

I would get the Statement from My Thai Bank correct

is it a matter of asking for the statement or is there a form 

required.

 

 

Regards

 

Martin

 

 

 

 

 

[Peterw42]

Swift transfers are very easy nowadays, you can do it on your banking app on your phone, literally comes overnight, usually a flat fee (around $20) no matter what the amount, and an FET to buy condo etc. your Thai bank will give you the swift codes etc .

Send the money as $AU, dont let oz bank exchange it as the rate is always lower, and needs to be foreign money to get FET.

 

Transfer-wise and similar will give you a marginally better exchange rate and variable fees and no FET.

(maybe 20k-30k more in your account than swift)

 

You appear to be buying a condo (otherwise why bring so much when the ex rate is down) so you will need the FET that only the banks can provide, so you limited to a swift transfer.

Edited October 2, 2018 by Peterw42

[Peterw42]

16 minutes ago, Changbeer4me said:

Thanks Hernyford for the promt infomative reply.

 

I would get the Statement from My Thai Bank correct

is it a matter of asking for the statement or is there a form 

required.

 

 

Regards

 

Martin

 

 

 

 

 

Its not just a bank statement, its a document called a Foreign Exchange Transaction (FET), shows that the money came from outside Thailand in a foreign currency. Its a requirement to buy a foreign title condo.

[ezzra]

All the above are good tips, but watch out for the exchange rates, aussie banks are notorious for giving bad exchange rates when converting for AUD to any other currencies, shop around for good rates as a few satangs or cents can mean a big difference in the outcome...

[Changbeer4me]

Thanks Peterw42 and ezzra,

 

http://www.abc.net.au/news/2018-10-02/accc-to-investigate-foreign-transaction-fees/10327792

 

Regards

 

Changbeer4me

Edited October 2, 2018 by Changbeer4me

[Peterw42]

2 minutes ago, ezzra said:

All the above are good tips, but watch out for the exchange rates, aussie banks are notorious for giving bad exchange rates when converting for AUD to any other currencies, shop around for good rates as a few satangs or cents can mean a big difference in the outcome...

Its a given that you always send $AU and dont let the OZ bank exchange to baht, as you say the ex rate is bad but also a requirement for the FET that funds are a foreign currency.

It tends to work the opposite for ATM withdrawals, its better to say "continue without the ATM conversion rate" as the ex is better back in oz account.

[Changbeer4me]

21 minutes ago, Peterw42 said:

Swift transfers are very easy nowadays, you can do it on your banking app on your phone, literally comes overnight, usually a flat fee (around $20) no matter what the amount, and an FET to buy condo etc. your Thai bank will give you the swift codes etc .

Send the money as $AU, dont let oz bank exchange it as the rate is always lower, and needs to be foreign money to get FET.

 

Transfer-wise and similar will give you a marginally better exchange rate and variable fees and no FET.

(maybe 20k-30k more in your account than swift)

 

You appear to be buying a condo (otherwise why bring so much when the ex rate is down) so you will need the FET that only the banks can provide, so you limited to a swift transfer.

Bringing over for Retirement and set up life in Thailand

Turn 60 late October waiting fir money to be relaesed

from My Super then send over.

 

Want to get by with a motorbike but Mrs wants a car

will get visa's sorted first.  Buy a bike and see.

 

Have both Thai car and bike liecesne and bank already.

 

Thanks again to All for the advice.

 

Regards

 

Changbeer4me

[Peterw42]

21 minutes ago, Changbeer4me said:

Bringing over for Retirement and set up life in Thailand

Turn 60 late October waiting fir money to be relaesed

from My Super then send over.

 

Want to get by with a motorbike but Mrs wants a car

will get visa's sorted first.  Buy a bike and see.

 

Have both Thai car and bike liecesne and bank already.

 

Thanks again to All for the advice.

 

Regards

 

Changbeer4me

 

Unless you are buying a condo, I would leave it in Australia and bring it in as needed. Especially at the moment as the $OZ is at all time lows. transfers used to be something you had to plan ahead because it took a week, visit a branch etc, nowadays it just like transferring between your own accounts. I woudnt even bother bringing in the 800k for visa as the income letter is very easy to get from consulate.

For a couple of thousand dollar amounts and no FET needed, thats when transferwise etc are better but it takes a few days to come through.

Edited October 2, 2018 by Peterw42

[milwaukeeboy]

Resign yourself to this:

From Australia to Thailand there are always high service fees and crappy exchange rates.

Then go on with your life.

[Cricky]

5 hours ago, ezzra said:

All the above are good tips, but watch out for the exchange rates, aussie banks are notorious for giving bad exchange rates when converting for AUD to any other currencies, shop around for good rates as a few satangs or cents can mean a big difference in the outcome...

1

watch out for the exchange rates, aussie banks are notorious for giving bad exchange rates

 

Send Aussie dollars to Thailand, why on earth would you send anything else.

All the Thai banks convert to Thai Baht.

[BestB]

Make sure to send in Aud.not THB .

 

if you send aud, you get in average 2-3 baht more per dollar.

 

you will be hit with fees from both banks .

 

many suggest transfer wise, I have not used it.

 

another, I feel better option is to open foreign currency account and transfer aud. Fees are less , can change in days of better exchange rates and can also ask bank for better rate 

[kkerry]

4 hours ago, Peterw42 said:

Especially at the moment as the $OZ is at all time lows.

 

21 back in 2008... 

 

[shaemus]

I use. HIFX. Easy too use,quick and good rates

[steve73]

13 minutes ago, BestB said:

(snip)

 

another, I feel better option is to open foreign currency account and transfer aud. Fees are less , can change in days of better exchange rates and can also ask bank for better rate 

 

If you do this can you still get a FET when you eventually change it to THB?

[Peterw42]

14 minutes ago, BestB said:

you will be hit with fees from both banks .

I am with BKK bank and have never had fees from them for an incoming swift transfer, it comes into my account at whatever the daily TT rate is. besides the Australian bank fee, no fees at this end.

[masuk]

5 hours ago, Changbeer4me said:

Bringing over for Retirement and set up life in Thailand

Turn 60 late October waiting fir money to be relaesed

from My Super then send over.

 

Want to get by with a motorbike but Mrs wants a car

will get visa's sorted first.  Buy a bike and see.

 

Have both Thai car and bike liecesne and bank already.

 

Thanks again to All for the advice.

 

Regards

 

Changbeer4me

Two wheels bad.    Four wheels good.

You have a better chance of survival when rear-ended if you're in a car.

[rayinkrabi]

16 minutes ago, Peterw42 said:

I am with BKK bank and have never had fees from them for an incoming swift transfer, it comes into my account at whatever the daily TT rate is. besides the Australian bank fee, no fees at this end.

Thats exactly what my Aussie mate used to say, but when I pointed out the better rate and low charges of Transferwise he decided to give them a try....He wouldn't use anyone else now as already saved so much money.

 

Btw, my latest transfer to my BKK account on Monday took under 6 hours.

[Franko666]

Ozforex have rates that are far better than a bank, once you re signed up the process is single.

[topt]

28 minutes ago, Peterw42 said:

I am with BKK bank and have never had fees from them for an incoming swift transfer,

Then you must be pretty unique as I believe every Thai bank charges 0.25% (min 200, max 500 baht) for receiving incoming foreign funds (ex. ACH transfers from London and New York).

See top of page 2 of attached.

 

TransactionFees_En.pdf

 

from https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand

Edited October 2, 2018 by topt

[dinsdale]

6 hours ago, ezzra said:

All the above are good tips, but watch out for the exchange rates, aussie banks are notorious for giving bad exchange rates when converting for AUD to any other currencies, shop around for good rates as a few satangs or cents can mean a big difference in the outcome...

You can convert here. Send in Aus dollars.

[GreasyFingers]

I use OFX for my transfers because of the better exchange rate. If you are bringing in a the amount you said call them for a quote as it will be slightly better than their website rate. The rate is then fixed no matter what the official exchange rate does. There are no fees above $10000 but Kasikorn charge 1500 baht for the transfer.

But as Peterw says you will not be able to get a FET because you bring in Thai baht, not a foreign currency.

[Pib]

6 minutes ago, GreasyFingers said:

I use OFX for my transfers because of the better exchange rate. If you are bringing in a the amount you said call them for a quote as it will be slightly better than their website rate. The rate is then fixed no matter what the official exchange rate does. There are no fees above $10000 but Kasikorn charge 1500 baht for the transfer.

But as Peterw says you will not be able to get a FET because you bring in Thai baht, not a foreign currency.

 

Actually OFX customer rates are not as good as Transferwise rates.  Below are snapshot of OFX and Transferwise "customer" exchange rates as of 2 Oct 18/3pm Thailand time....that is, what you really get for an exchange rate.  

 

OFX "customer" rates are lower than the their "indicative" rates they show on their public webpage....OFX "indicative" rates are FX rates like shown on XE.com, but OFX customers do not get the FX rate as one does with Transferwise.  Beware of money transfer services that only show an "indicative" rate on their public web page and you can only find out the the actual rate you will get (i.e., customer rate) by getting a quote from them/becoming a customer....it's kinda like a worm-on-the-hook type advertising.

 

OFX Customer Rate as of 2 Oct 18/3pm

 

 

Transferwise Customer Rate as of 2 Oct 18

[malt25]

I transfer Aud to thailand every fortnight. Have been doing for several years.  Have a look here. They are who I use. Never a complaint.  Ofx.com | OzForex Is Now OFX | OFX Money Transfer Experts‎

[natway09]

There is some good advise here I add DO NOT LET YOUR BANK IN OZ CHANGE TO THAI BAHT

 They are robbers & your Thai bank will give you a reasonable exchange rate

[4MyEgo]

6 hours ago, Changbeer4me said:

Bringing over for Retirement and set up life in Thailand

Turn 60 late October waiting fir money to be relaesed

from My Super then send over.

 

Want to get by with a motorbike but Mrs wants a car

will get visa's sorted first.  Buy a bike and see.

 

Have both Thai car and bike liecesne and bank already.

 

Thanks again to All for the advice.

 

Regards

 

Changbeer4me

 

I will offer you some advice, whether you want it or not, it's free and it could assist if you put it to use.

 

I am from Sydney, married to my best friend, she is Thai of course.

 

Been living here for 3 years, it was planned since 2007 when I met my wife, I knew that I wanted to retire at 55 and get the hell out of Sydney and spend the rest of my years enjoying her and what life I have left in me, Vs working.

 

6 months after living here, I sold my property just before my residency status was due to change, i.e. from Australian resident to Non resident

 

All of the money I made from my property is invested and in the bank back in Australia.

 

I retain and renew my drivers/riders licences back in Australia

 

I also renewed my Medicare card, have kept club memberships and affiliations going, never know when one has to or will return, but that is not in my/our plans, but you never say never

 

Only transfer money here when I need it, and that is with Transferwise, they give the best transfer rate available after fees taken out and money usually arrives into account within 24 hours.

 

Suggest as Peter42 has, leave the money in Australia, and just transfer what you need when you need, exchange rate is pretty much on the nose at the moment, around the 23.35 mark, but it is what it is.

 

The biggest thing you will want to look into is health insurance to cover you while you are here, you will NEED it for private hospital cover, otherwise you would be better off visiting a vet back in Oz, seriously, for minor stuff the public hospitals are ok, but private for other stuff and they are not cheap.

 

As I used to ride big bikes, the sun here will be challenging as will the drivers (seriously), I like your wifes suggestion, get a car or a pickup if your going to cart things around in the back, we purchased a Ford Ranger over an Isuzu 7 seater and it worked out really pleasingly as we built our house and carted a lot of stuff in the back tray. We have a scooter for local use and it suites us for its purpose.

 

Be a good idea to get your international drivers/riders permit from NRMA for 12 months before you leave as any insurance you take out here for a car or bike won't cover you without one until you do the simple test here to get a Thai drivers and riders licence.

 

I live by a simple rule, only invest 10% of my worth here in Thailand, because my fall back position if I will ever need one, is my 90% back home and if you invest too much here and you want out, it can be painful as there are different laws here and corruption is ripe, just remember your not in Oz and its basically anything goes so why put your money down here, always have a plan B and with those finances readily available back in Oz, your there with a single ticket if need be.

 

Congratulations on your windfall, 60 and tax free super, make it last because you will need it in your retirement, seen too many blokes loose the lot in under a year and two.

 

EDIT: Work out a monthly budget and stick to it, once you have worked out your monthly budget, let's say 60,000 baht per month for example, multiply that by 12 months, then divide that into say 23 baht, which should be about $31,304AUS per annum, then divide that back into 12 months and that is what it is going to cost you to survive here per month, i.e. about $2,608AUS, that said, now multiply that by 12 again and then multiply that by the years you think you will survive, say you will live till your 80 years of age, so multiply that by 20 years and then you will know if you have blown your budget to live here for 20 years, i.e. you will need $626,087AUS or you will have to revise your budget down.

 

The above advice is free and is as close to reality as it will get, and as the Thai's say, "up to you" to take it or not.

 

Good luck mate

Edited October 2, 2018 by 4MyEgo

[Howard]

Leave it in your super and draw it as needed - your super should be getting you about 10% p.a. which is far more than you get in an Australian bank and even more still compared to Thai banks. Always send AUD  from Australian banks as their exchange rates are terrible. Look at using services such as OFX to get the best exchange rate.

[puipuitom]

I have very good experiences with some London foreign currency brookers, like Eiger.

Give   Peter Ashton [mailto:[email protected]  a message.

 

Peter Ashton |  Managing Director | Eiger FX

Web: www.eigerfx.co.uk  | Direct Line: +44 (0)207 426 1481 | Email: [email protected]

Registered Address: 22 Calvin Street, London, E1 6HF 

[Franko666]

1 hour ago, VYCM said:

watch out for the exchange rates, aussie banks are notorious for giving bad exchange rates

 

Send Aussie dollars to Thailand, why on earth would you send anything else.

All the Thai banks convert to Thai Baht.

But what is the Exchange rate when Thai banks convert the money? I bet it is a crap rate.