Best way (and cheapest) to transfer money to Thailand

[craighj]

Hello all

 

I'm looking for the best, cheapest, way of transferring money out of my account in Australia to my account here.  Is there a better way that just doing it through my Australian bank who charges a fee and also clips the ticket on the ForEx rates, then I also get a charge from the bank here in Thailand.

 

I've done a comparison using the ATM here and withdrawing directly from my bank in Australia, it is significantly more expensive to do it this way.

 

Any suggestions?

 

Craighj 

[Ahab]

TransferWise. $11.90 USD to transfer $1000 USD, great exchange rate and no other fees from my Thai bank account (BKK Bank). 

 

[nonresident]

Go to OFX.com and sign up.

No fees. Good rate (quoted b4 transaction) and good service. I've used it for years without a hitch.

[craighj]

Great stuff thanks, I'll try both.  Thanks Ahab and Nonresident!

 

Craighj

[observer90210]

Best way to bring in money with 0 fares and a far better exchange rate ?....carry ca$h and change it at Super Rich exchange booth in Bangkok...

[Scottjouro]

Convert to crypto (XRP) in Aussie, put in ledger nano, or send to Thai wallet/exchange, convert XRP to THB and transfer to a K-bank account, once set up tranfers takes a few seconds and fee is a few pennys

 

 

[eggers]

I use World First , British Firm, (office Sydney & appointed Rep) can transact via Ph or Inet, direct cr.Thai Bank A/c . Flat fee: $A10.00, very efficient usual 2 days then what takes Thai bank usually up to 2 days. Used for 5 -6 years no complaints...

[Guest]

22 hours ago, Ahab said:

TransferWise. $11.90 USD to transfer $1000 USD, great exchange rate and no other fees from my Thai bank account (BKK Bank). 

 

I just did my first transfer with TransferWise as it came highly recommended by multiple people.

 

Amount sent 1,000 EUR
Converts to 37,154.13 THB
Fee 8.96 EUR
Exchange rate 37.49000

 

[craighj]

Thanks all

 

I'm trying both TransferWise and OFX, should know in a day or so but by the looks of them both they are very similar, fair exchange rate and decent fees.

 

Craighj

[Issanman]

I haven't tried this outfit, but the low promotional fee looks very attractive:

 

https://www.dee.money/promotions/special-promotion/

 

They say 150฿ fee to transfer up to 800,000฿ to 16 different countries including the USA, UK, and Australia.

Edited November 13, 2018 by Issanman

[marquis22]

22 hours ago, observer90210 said:

Best way to bring in money with 0 fares and a far better exchange rate ?....carry ca$h and change it at Super Rich exchange booth in Bangkok...

Glad I read your post before I submitted same ????

Unless a person knows, Super Rich is difficult to find at Suwannaphum airport, but head on down to the train station and it is on the left behind the ticket vending machines.

[Ban Phe Dezza]

Hi I have a Aussie account and used both Orbit and Transferwise to send money here.

They have a different way of calculating fees so a direct comparison is difficult. In most cases there is little difference in the amount in your Thai Bank Book,  Both of these companies can be googled and are easily found. Please note they have different requirements to to sign as one is British and Orbit is from NZ. 

 PS the exchange rates basically are the same as the mid rate 

[kuzie57]

I, as many of my friends do is open a forign currency account. That way you trans AUD to an AUD account here in Thailand, you get TT rates when you convert to THB at no cost. The ANZ charge $12 Aus end and 520baht this end regardless of amount transfered. Folding is always the best rate but not always possible.

[steve73]

Systems such as Transferwise always beat bank TT rates even including any fees, (and definitely better than banks cash rates). Except for US $ transfers, where bank TT rates are much better. 

Superrich cash rates are usually the cheapest and is probably a good way if you're arriving from abroad.

[Dario]

On 11/12/2018 at 3:16 PM, nonresident said:

Go to OFX.com and sign up.

No fees. Good rate (quoted b4 transaction) and good service. I've used it for years without a hitch.

No fees is not true. I just went to the website and there are fees. What would they live off? I use Xendpay since years and Xendpay deducts me 1% of the amount I transfer. Transfer rates are always higher than the rates of any Thai bank.

Edited November 13, 2018 by Dario

[Jumbo1968]

Swings and roundabouts, some transfer companies have no fees but give you a lower exchange rate, the ones who give you the going rate charge a fee.

i was going to bring the 800000 baht for my Extension of Stay in cash and deposit it in my Thai Bank Account but I have been told the money has to show up as a transfer from out with Thailand ?

[Peter Denis]

45 minutes ago, steve73 said:

Systems such as Transferwise always beat bank TT rates even including any fees, (and definitely better than banks cash rates). Except for US $ transfers, where bank TT rates are much better. 

Superrich cash rates are usually the cheapest and is probably a good way if you're arriving from abroad.

Fully agree with the above.

In my experience TransferWise is the most transparent (no surprises - informing you by mail of every step in the transfer process), quickest (next day or day afterwards funds are available), and almost always cheapest solution (they use the mid-rate between buying/selling and only charge a very modest fee for their service).  Also, you can 'play' the exchange rate fluctuations with them to be kept informed of best moment to transfer your funds. 

If you prefer cash conversion after arrival in Thailand, you will almost certainly get best conversion-rate at SuperRich.

As one poster mentioned: DON'T use the Bank or Exchange booths on arrival in Bangkok, but head for the SuperRich booth on the Ground floor where you can take the train (booth is next to train ticketing machines).  The rate difference is definitely worth the small detour (and if you take the train to downtown BKK it's not even a detour).

[Mavideol]

On 11/12/2018 at 3:12 PM, Ahab said:

TransferWise. $11.90 USD to transfer $1000 USD, great exchange rate and no other fees from my Thai bank account (BKK Bank). 

 

do you need an account with transferwise

[Skeptic7]

On 11/12/2018 at 4:12 AM, observer90210 said:

Best way to bring in money with 0 fares and a far better exchange rate ?....carry ca$h and change it at Super Rich exchange booth in Bangkok...

True dat...or at Vasu Soi 7/1 near Nana SkyTrain Station. As muling in cash is not always an option...TransferWise is next best. 

[wgdanson]

Switch a UK current account to First Direct account in UK, (and get a pair of Bose Wireless headphones as a free gift). Then GBP transfers are free of charge. So open a Bkk Bank Foreign Currency Account and send GBPs to there, saying all charges paid at source ie NIL. Then you can exchange GBP to THB as and when you need to. OK, Bkk Bank rates are a little below but you can keep your eye on it and exchange when is a good rate............or if you need the money

Edited November 13, 2018 by wgdanson

[wgdanson]

13 minutes ago, Mavideol said:

do you need an account with transferwise

Yes, but easy to do online. Must send copy of passport via email. And it comes into your Thai bank as a FTT....foreign transfer.

Edited November 13, 2018 by wgdanson

[Mavideol]

1 minute ago, wgdanson said:

Switch a UK current account to First Direct account in UK, (and get a pair of Bose Wireless headphones as a free gift). Then GBP transfers are free of charge. So open a Bkk Bank Foreign Currency Account and send GBPs to there, saying all charges paid at source ie NIL. Then you can exchange GBP to THB as and when you need to. OK, Bkk Bank rates are a little below

BkkB rates are ok and preferential if you have foreign currency account, I do (for the past 4 years) like you indicated above and pleased with service and exchange rates and not hassle

[Mavideol]

3 minutes ago, wgdanson said:

Yes, but easy to do online. Must send copy of passport via email. And it comes into your Thai bank as a FTT....foreign transfer.

thks

[Griffo63]

I think it depends on how much you’re transferring in. If you bring in (say) £1000

in my case then Transferwise is good value because of their low charges and good rates. If you bring in £10000 then a regular Foreign Exchange house is better because they won’t charge on a large amount and will give a good rate whereas with Transferwise you’ll get the same rate as previous but pay 10x the charges. 

[astroid60]

Avoid Baht Smart slow & lousy exchange rates.

 

[Jaggg88]

37 minutes ago, wgdanson said:

Switch a UK current account to First Direct account in UK, (and get a pair of Bose Wireless headphones as a free gift). Then GBP transfers are free of charge. So open a Bkk Bank Foreign Currency Account and send GBPs to there, saying all charges paid at source ie NIL. Then you can exchange GBP to THB as and when you need to. OK, Bkk Bank rates are a little below but you can keep your eye on it and exchange when is a good rate............or if you need the money

I have been using First Direct and send GBP to my Bkk Bank A/c getting the TT rate which is always good and no fees at either end but now First Direct will only send in the currency of the country you are transferring to.???? Consequently, Bkk Bank charged me a fee for the incoming international transfer of Thai Bht. I now use Transferwise, which has a small fee and but no charge at the Thai end the figure you see on the screen is the figure that shows on your Thai bank statement.

[wgdanson]

2 minutes ago, Jaggg88 said:

 but now First Direct will only send in the currency of the country you are transferring to.

Since when please. I did one last Friday to Bkk Bank FCA. Took 16 hours and no charge at all. Hope it's not changed.

[Jaggg88]

58 minutes ago, Mavideol said:

do you need an account with transferwise

I registered with Transferwise online while in the UK and it only takes a few minutes. I didn't have to send any documents.

[Jaggg88]

1 minute ago, wgdanson said:

Since when please. I did one last Friday to Bkk Bank FCA. Took 16 hours and no charge at all. Hope it's not changed.

Last month when I tried to transfer to my Bkk Bank it converted to Thai Bht and would not let me send in GBP and Bkk Bank took 900 bht in fees so I have not used them since. Previously I had sent in GBP on 3 occasions without problems. I think the bank has woken up to the fact they will not make any money if they send in GBP so they make some money on the conversion before they transfer and as Bkk Bank is not making any money on the exchange at their end they charge an international transfer fee instead. I will try a dummy transfer when I get home just to make sure.

[fanjita]

7 minutes ago, Jaggg88 said:

I registered with Transferwise online while in the UK and it only takes a few minutes. I didn't have to send any documents.

They will do eventually.  Probably as you're only sending small amounts at present.  But you definitely will need to provide ID soon enough under money laundering regulations.