Relative transferring $10k to me from USA to Thailand-Best option?

[CarolinaJames]

I have a relative sending $10k to me. I have a BKK Bank, KTB , and Kasikorn account.

 

What do you recommend?

 

Thanks in advance!

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[allane]

I favour Bangkok Bank over K-Bank. I used the latter once; they advised me only of the net amount transferred, after they had skimmed their exchange rate and/or fee off the top. While I could only guess at the exact amount they deducted, I do remember that I considered it excessive.

I can not comment on Krung Thai Bank.

[watcharacters]

 

If your relative remains in the mood, I'll throw my name in the hat for being a recipient.

 

[flyingtlger]

Paypal it. 

Send it as for family/friend. 

[shootrrdave]

10 minutes ago, flyingtlger said:

Paypal it. 

Send it as for family/friend. 

Ditto. 

 

$4.99 fee

 

Today's exchange rate is 31.78 to the dollar

[ArickChaiyaphum]

MoneyCorp

easy straight forward and no fee

[Jeffrey346]

17 hours ago, shootrrdave said:

Ditto. 

 

$4.99 fee

 

Today's exchange rate is 31.78 to the dollar

PP rate is never competitive. Bkk Bank  rate is 32.68 

[thailand49]

18 hours ago, shootrrdave said:

Ditto. 

 

$4.99 fee

 

Today's exchange rate is 31.78 to the dollar

Transferwise, the fee is higher but comes out in the wash still more baht. Today rate is 32.99  guarantee for 24 hours.

[davemos]

22 minutes ago, thailand49 said:

Transferwise, the fee is higher but comes out in the wash still more baht. Today rate is 32.99  guarantee for 24 hours.

Transferwise is quicker too ????

[suzannegoh]

18 hours ago, shootrrdave said:

Ditto. 

 

$4.99 fee

 

Today's exchange rate is 31.78 to the dollar

 

1 hour ago, Jeffrey346 said:

PP rate is never competitive. Bkk Bank  rate is 32.68 

So on a $10,00 transfer that amounts to a hidden fee of $8.66 due to poor exchange rate when using PayPal.

[CarolinaJames]

Thanks all. Unfortunately, someone passed away and left a small amount in their will for me. He is not that tech savvy so PayPal might not be an option.


Sent from my iPhone using Thaivisa Connect

[sencelebi]

I always transfer my money from Wells Fargo to my Bangkok Bank account. Make sure they enter as a loan for the purpose of transfer in case of you need to take money out of Thailand. And have them transfer as a US currency.

Wells Fargo charges $45 for the wire transfer but good thing about it is when they transfer US currency to your bank account here you get to exchange it at TT rate not a market rate. TT rate is always 5 cent higher than market rate. For example, I transfer $50 K to my BKK bank account and today's market rate is 32.50 but TT rate is 32.55 then bank always calls me after they receive the wire transfer and tells me the rate is 32.55 and they ask me if I want funds available to me at this rate or do I want to wait , I always tell them to give me the best rate they can. then after brief hold they always give me 3 to 5 cent more so exchange rate comes to 32.60 , not too many people know about this.

[sharktooth]

1 hour ago, thailand49 said:

Transferwise, the fee is higher but comes out in the wash still more baht. Today rate is 32.99  guarantee for 24 hours.

You need to check, but I’m sure transferwise only works from YOUR named account, to YOUR named account. I don’t think third parties can transfer to your account. 

[BTB1977]

I have money deposited into my own bank account back home all the time. Than I can use it as needed. 

[Jeffrey346]

18 minutes ago, sencelebi said:

I always transfer my money from Wells Fargo to my Bangkok Bank account. Make sure they enter as a loan for the purpose of transfer in case of you need to take money out of Thailand. And have them transfer as a US currency.

Wells Fargo charges $45 for the wire transfer but good thing about it is when they transfer US currency to your bank account here you get to exchange it at TT rate not a market rate. TT rate is always 5 cent higher than market rate. For example, I transfer $50 K to my BKK bank account and today's market rate is 32.50 but TT rate is 32.55 then bank always calls me after they receive the wire transfer and tells me the rate is 32.55 and they ask me if I want funds available to me at this rate or do I want to wait , I always tell them to give me the best rate they can. then after brief hold they always give me 3 to 5 cent more so exchange rate comes to 32.60 , not too many people know about this.

Why not save $40. and transfer to BKK Bank NY You get the TT rate and pay only $5.00

[Finlaco]

start with - https://www.monito.com/

 

This gives a proper indication of the costs involved.  

 

I have used transferwise.com and instarem.com with no problems - 3 to 5 days and comes through to my Kasikorn Account as a local transfer and so no additional costs

[LuiseM]

43 minutes ago, Finlaco said:

 

Question please:  how to withdraw cash from PayPal in Thailand?  Would have to be using a PayPal.co.th account?  If so how could a US bank pay in? 

[hobobo]

He can send it to my US$ account here and then I'll transfer the Baht to your BB account at a rate favourable to you. I only charge 250 baht for the service.

[sanmyintmaung]

52 minutes ago, LuiseM said:

Question please:  how to withdraw cash from PayPal in Thailand?  Would have to be using a PayPal.co.th account?  If so how could a US bank pay in? 

US Paypal account will pull the money from linked US Bank account and transfer to Thai Paypal account. Once transferred, money in Thai paypal account can be withdrawn to linked Thai Bank account.

Edited November 9, 2018 by sanmyintmaung

[billmichael]

23 hours ago, flyingtlger said:

Paypal it. 

Send it as for family/friend. 

I do this all the time.  I have never sent that much at once but it is very easy as long as your relative in Thailand has a PayPal account.  A PayPal account is very easy to set up.  Just need an account with a local Thai bank and then connect it to a PayPal account.  Once the money is sent by you it is available to them in very short order.  PayPal is pretty cool AND it is "cheap" to send.  I think the fee depends on how much you send. It has never cost me over five dollars on my end.

[1FinickyOne]

Kasi has been great for me... of course do properly, get swift code and branch info and put your phone ## on the transfer... 

 

I just sent money on Monday from USA and it was here before noon on Tuesday and the rate was right there... I have had this result every time over many years with Kasi... never a problem. 

[thailand49]

3 hours ago, sharktooth said:

You need to check, but I’m sure transferwise only works from YOUR named account, to YOUR named account. I don’t think third parties can transfer to your account. 

Not sure, but I've listed three accounts all with Bangkok bank one of them has my son name on it and done transferred to that account without a problem.

[sharktooth]

2 hours ago, thailand49 said:

Not sure, but I've listed three accounts all with Bangkok bank one of them has my son name on it and done transferred to that account without a problem.

Ok, thanks for the heads up.

[Acharn]

10 hours ago, davemos said:

Transferwise is quicker too ????

I was looking at that. From what I understand, Transferwise does not guarantee a timeframe for their transfers. If I have that wrong they certainly look like a better option. I was hoping to find a regular monthly thing, but from what I've found it seems I'm going to have to make a computer transaction every month. My credit union would require a phone call and a fee of $30 per transfer. I don't like the fee, but we don't know yet what methods are going to be acceptable to immigration. Back after the Dom Yam Gung financial crisis they required you show a letter from your bank showing how much you transferred every year, but mine always was zero and the accepted the affidavit from the Embassy. What we really need is a definitive statement from the Immigration explaining what evidence they are demanding.

 

For example, every year I get a statement from Defense Finance and Accounting Service showing my Army pension. In fact they send me a new statement whenever there's a change. I get a notification from Social Security Administration every January telling my how much they're going to deposit in my bank and how much they're taking from me for Medicare which I have to have to enroll in the Army's Tricare health insurance. Will they accept those documents even though I print them out from my computer?  Can I continue to use the ATM, but deposit the money in my bank account and show them a copy of my bank book? We just don't know, yet. By the way, I've seen a couple of threads on TV which show many people seem to think this is a decision by our embassies. It's not. It's somebody playing internal politics in the upper ranks of Immigration, refusing to accept the affidavits.

Edited November 9, 2018 by Acharn

[ukrules]

On 11/8/2018 at 1:54 PM, shootrrdave said:

Ditto. 

 

$4.99 fee

 

Today's exchange rate is 31.78 to the dollar

LOL, todays exchange rate is 33 THB to the dollar, this is why they only charge $4.99 at paypal - it's a massive rip off.

 

Lets work it out - how many Baht would be lost by using paypal :

 

317800 @ 31.78 vs 330000 @ 33.00 = 12,200 loss = $369 US

 

Paypal ????

 

Either wire (SWIFT) the money direct from the home bank to any Thai bank or use something like 'Transferwise'.

 

Make sure to send in US Dollars if going the SWIFT route.

 

Edited November 9, 2018 by ukrules

[Pib]

On 11/8/2018 at 1:54 PM, shootrrdave said:

Ditto. 

 

$4.99 fee

 

Today's exchange rate is 31.78 to the dollar

 

12 hours ago, Jeffrey346 said:

PP rate is never competitive. Bkk Bank  rate is 32.68 

 

That exchange rate difference is 2.85%......2.85% of $10K is $285 (indirect fee).   $285 indirect fee plus $4.99 direct fee is $289.99 in fees. 

 

Paypal and Western Union are the worst ways to do transfers "due to their low exchange rate which is an indirect fee."

 

Yea...PayPal and WU have low cost direct fees and are fast....but they are two of the worst ways to send money in terms of costs and how much baht you end up receiving due to their lower exchange rate.

 

 

[shootrrdave]

Umm...I'd like to withdraw my suggestion...lol

 

????

[direction BANGKOK]

Ideally you should have a US bank account like Schwab. Have him deposit it if possible, or send a check and send to us to deposit yourself, and then it will be available from atms. 

[Pib]

OP, 

  Since this is probably a one time transfer just tell him to send to your via International Wire (a.k.a., SWIFT) "and be sure to tell him to instruct the bank to send in dollars--do not let the bank do the currency exchange" on their end as western banks give a low exchange rate for baht.  

 

  Give him the SWIFT code for your preferred bank and your account number for that bank.  The exchange rate and receiving fee for all Thai banks is basically the same....one day one bank might be a hair better than the other....then the next day it reverses.

 

 

Edited November 9, 2018 by Pib

[TallGuyJohninBKK]

On 11/8/2018 at 1:42 PM, flyingtlger said:

Paypal it. 

Send it as for family/friend. 

 

From a financial standpoint, meaning net money the person would receive, that's REALLY bad advice.