CarolinaJames Posted November 8, 2018 Share Posted November 8, 2018 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 Link to comment Share on other sites More sharing options...
allane Posted November 8, 2018 Share Posted November 8, 2018 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. Link to comment Share on other sites More sharing options...
Popular Post watcharacters Posted November 8, 2018 Popular Post Share Posted November 8, 2018 If your relative remains in the mood, I'll throw my name in the hat for being a recipient. 1 4 Link to comment Share on other sites More sharing options...
flyingtlger Posted November 8, 2018 Share Posted November 8, 2018 Paypal it. Send it as for family/friend. 1 1 Link to comment Share on other sites More sharing options...
shootrrdave Posted November 8, 2018 Share Posted November 8, 2018 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 Link to comment Share on other sites More sharing options...
ArickChaiyaphum Posted November 8, 2018 Share Posted November 8, 2018 MoneyCorp easy straight forward and no fee Link to comment Share on other sites More sharing options...
Popular Post Jeffrey346 Posted November 9, 2018 Popular Post Share Posted November 9, 2018 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 7 Link to comment Share on other sites More sharing options...
Popular Post thailand49 Posted November 9, 2018 Popular Post Share Posted November 9, 2018 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. 5 Link to comment Share on other sites More sharing options...
davemos Posted November 9, 2018 Share Posted November 9, 2018 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 ???? 2 Link to comment Share on other sites More sharing options...
suzannegoh Posted November 9, 2018 Share Posted November 9, 2018 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. Link to comment Share on other sites More sharing options...
CarolinaJames Posted November 9, 2018 Author Share Posted November 9, 2018 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 Link to comment Share on other sites More sharing options...
sencelebi Posted November 9, 2018 Share Posted November 9, 2018 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. Link to comment Share on other sites More sharing options...
sharktooth Posted November 9, 2018 Share Posted November 9, 2018 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. Link to comment Share on other sites More sharing options...
BTB1977 Posted November 9, 2018 Share Posted November 9, 2018 I have money deposited into my own bank account back home all the time. Than I can use it as needed. Link to comment Share on other sites More sharing options...
Jeffrey346 Posted November 9, 2018 Share Posted November 9, 2018 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 $5.00 1 1 Link to comment Share on other sites More sharing options...
Popular Post Finlaco Posted November 9, 2018 Popular Post Share Posted November 9, 2018 start with - https://www.monito.com/ This gives a proper indication of the costs involved. I have used transferwise.com and instarem.com with no problems - 3 to 5 days and comes through to my Kasikorn Account as a local transfer and so no additional costs 1 2 Link to comment Share on other sites More sharing options...
LuiseM Posted November 9, 2018 Share Posted November 9, 2018 43 minutes ago, Finlaco said: Question please: how to withdraw cash from PayPal in Thailand? Would have to be using a PayPal.co.th account? If so how could a US bank pay in? Link to comment Share on other sites More sharing options...
hobobo Posted November 9, 2018 Share Posted November 9, 2018 He can send it to my US$ 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. Link to comment Share on other sites More sharing options...
sanmyintmaung Posted November 9, 2018 Share Posted November 9, 2018 (edited) 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 Link to comment Share on other sites More sharing options...
billmichael Posted November 9, 2018 Share Posted November 9, 2018 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. Link to comment Share on other sites More sharing options...
1FinickyOne Posted November 9, 2018 Share Posted November 9, 2018 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. Link to comment Share on other sites More sharing options...
thailand49 Posted November 9, 2018 Share Posted November 9, 2018 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. 1 Link to comment Share on other sites More sharing options...
sharktooth Posted November 9, 2018 Share Posted November 9, 2018 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. Link to comment Share on other sites More sharing options...
Acharn Posted November 9, 2018 Share Posted November 9, 2018 (edited) 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 Link to comment Share on other sites More sharing options...
ukrules Posted November 9, 2018 Share Posted November 9, 2018 (edited) 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 1 Link to comment Share on other sites More sharing options...
Popular Post Pib Posted November 9, 2018 Popular Post Share Posted November 9, 2018 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. 3 Link to comment Share on other sites More sharing options...
shootrrdave Posted November 9, 2018 Share Posted November 9, 2018 Umm...I'd like to withdraw my suggestion...lol ???? 1 Link to comment Share on other sites More sharing options...
direction BANGKOK Posted November 9, 2018 Share Posted November 9, 2018 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. Link to comment Share on other sites More sharing options...
Pib Posted November 9, 2018 Share Posted November 9, 2018 (edited) 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 1 Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted November 9, 2018 Share Posted November 9, 2018 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. 1 Link to comment Share on other sites More sharing options...
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