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

[gaviny]

So, he just needs 5 trips to get his 100K here. I think the cost of the trips & associated expenses might offset any gain in exchange rates & fees. Just a thought.
 

Should've been clearer , I meant on his way here on a single trip, is there any restrictions on bringing cash onto Thailand.


Sent from my SM-N9200 using Thailand Forum - Thaivisa mobile app

[kkerry]

1 hour ago, Peterw42 said:

It must be hidden as its never listed as a fee or a deductionin the account, 

 

With SCB, you can see the rates as they are updated during the day.

https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html

 

I mainly transfer using Swift CBA-SCB. If you do it before 11AM Thailand time the money is in your Thai account in an instant i.e. I do the transfer on my computer, walk two minutes to the nearest ATM and I can withdraw cash.

 

When I check my bankbook later there is no fee indicated but for SCB the fee for inward remittance is 0.25% of the Swift AUD amount, minimum 300 baht, maximum 500 baht. if you calculate how much you receive with the SCB rate at the time you transferred, you will see the difference amounts to the inwards fee. CBA charge $22 to transfer up to 20k which I accept because the transfer is fast. 

 

 

 

 

 

Edited October 2, 2018 by kkerry

[RachaRob]

Always used OFX but now transferwise as it gives a better rate.

[puipuitom]

When I would have transferred NOW, 2 Oxct, 16:47 Mid Eur Time, AUSD 100.000 via Ebur.com the exchange rate would be  AUDTHB 23,050750 

No further costs as AUS$ 16,-- to transfer to Thai bank.

So, up to you to compare that with other systems.

[kkerry]

45 minutes ago, puipuitom said:

When I would have transferred NOW, 2 Oxct, 16:47 Mid Eur Time, AUSD 100.000 via Ebur.com the exchange rate would be  AUDTHB 23,050750 

No further costs as AUS$ 16,-- to transfer to Thai bank.

So, up to you to compare that with other systems.

 

So, there are no fees deducted by the Thailand bank as it is not seen as an international transfer, because the final part of the transaction has the money deposited in to your Thai bank account, from the Thai account of transferwise etc. etc. This is how companies like transferwise allow you to avoid any Thai bank international fee, correct?

[sikishrory]

Ozforex I have used many times with no issues.

Bank transfers is anorher option.

TransferWise another option.

Revolut is another way. It is interesting as it has no fees or marked up exchange rates. A girl in my workplace has recommended it to me but I read mixed reviews so havn't tried it yet but certainly worth a look as it will give you the best exchange rate.

Infact ozforex used to have a deal where they would match any better exchange rate. If they still do then get tham to match revoluts

[Thian]

https://www.adyen.com/en/?gclid=Cj0KCQjwrszdBRDWARIsAEEYhrehCbJDBo9pH7kNDA0OsWAp-x4Hd92ULJ-RUay171Y2Y1CvdN_kk_AaAjZaEALw_wcB

 

This new company ADYEN grows very fast on the stockmarkets and is for making international payments easy and cheaper. They''re based in Singapore now.

 

Has anybody tried it already?

[Nemises]

I use WorldFirst to get large sums from my AUD bank accounts to my TH bank accounts. No fees. Good Xchange rates.  Large amounts not a problem. 

Edited October 2, 2018 by Nemises

[chicowoodduck]

Just stuff it into your carry on luggage and be your own banker.....????

[Cricky]

17 hours ago, Franko666 said:

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

 

It's similar to the rates offered by TT and other exchanges. Not that much different. 

Always do the exchange here. 

[AjarnMartin]

17 hours ago, Scottjouro said:

The likes of SWIFT and Transferwise will be going out of business with the wide scale adoption of things like RippleNet by FIs

 

A number of pioneering banks and providers are using RippleNet’s global payments network to give workers an instant, affordable and transparent way to send needed cash to their families. One example is the collaboration between SBI Remit and Siam Commercial Bank (SCB) that leverages RippleNet to power real-time remittance payments for those Thai workers living in Japan.

 

https://ripple.com/insights/the-power-of-instant-remittances-ripplenet-in-japan/

 

All very well, Scott. But WHEN? The OP wants to transfer much sooner, I believe, and the start in Japan is exactly that - A start ????

[Nemises]

Thanks for all the great advice

Guy’s much appreciated.

 

 

 

Down the path is the pension but got 7 yrs to worry about that.

 

 

 

Regards

 

Changbeer4me

 

 

 

Changbeer, do you know that you have to go back to Aus and LIVE THERE for 2 years to qualify for the age pension? (providing you also meet other pension eligibility criterion)

[Franko666]

23 hours ago, Pib said:

It called the TT Buying Rate...and it's not crap....around 0.5% below the FX rate compared to most western banks that are several percent below the FX rate.  While each Thai bank shows its exchange rate like at this Bangkok Bank webpage (just for example) you can also see various Thai banks rates at this webpage...just select the currency pair and TT to see the TT Buying Rate given.

 

Well its a mixed bag but the chart is a good one. The rate I can get with Ozforex is the same as TMB, maybe better with a phone call. So there is room to better my rate if I want to open a new account or go up to Bangkok

[Changbeer4me]

7 hours ago, Nemises said:

Changbeer, do you know that you have to go back to Aus and LIVE THERE for 2 years to qualify for the age pension? (providing you also meet other pension eligibility criterion)

Hi Franko66,

 

Yeah am aware but got another 5 years to go, many things can change so I'm just on extended holiday strectching money out before my return to Austraila.  Mrs got a few place she like to see and want to enjoy life while young and able.   Seen to many hang on in work then unable to do stuff, so giving it a go before returning to Australia.

 

 

Regards

 

 Changbeer4me

Edited October 3, 2018 by Changbeer4me

[pdoneleg]

I used WWW.XE.com/ currencyconverter.....when I pulled $100,000 from my Aussie super..two years ago ..very low rate now but ...I pulled 26.6 baht 

[Changbeer4me]

49 minutes ago, pdoneleg said:

I used WWW.XE.com/ currencyconverter.....when I pulled $100,000 from my Aussie super..two years ago ..very low rate now but ...I pulled 26.6 baht 

Yeah the Oz has tanked the last week or so.

Remember the days when it was 29 and on few occassions

got 30.

 

Reconsidering it light of the current rate and how long before My super will release the money. i have put forms in early just awaiting confirmation they have recieved , then wait for work to send paperwork that I have finished working.

 

Might have to look at trip to Oz Embassy but would dread 

that trip and extra side trip to get signature checked.

 

Making an appoinment and getting to Embassy in BKk traffic

bit of a nightmare.   Know to stay clear of Fridays due to traffic

mayhem .  

 

It' the same when you on Holiday do you change all at once or take risk rates will hold or get better.

 

Hope USA and China sort things out.

 

Got to believe the USA cannot keep climbing as it has been.

But has shocked many it has and for so long.

 

Regards

 

Changbeer4me

 

Hoping for a better rate its just bad timing right now.

 

 

 

 

 

 

 

[CharlieH]

Reported/ Off topic posts removed.

[joeboxer]

Probably the cheapest charges and best rates is

https://www.orbitremit.com/send-money-to-thailand