Best way (and cheapest) to transfer money to Thailand

[topt]

2 minutes ago, SunsetT said:

Yes I recall not knowing the exchange rates until after making the transfers. I think this was because the actual exchange rates at the time were those of an intermediary bank that the Nationwide BS used for SWIFT transfers. So would your bank's 'online international transfer' actually be a SWIFT transfer or do they have a different means of transfer?

 

If, as you said, you sent it in Thai baht (asked Nationwide to do the transfer) the rate would have had nothing to do with an intermediary bank other than potentially the total amount being reduced slightly by whatever they charged.

 

Simplistically most international transfers use the SWIFT system.

 

NB - see Steve73 post above yours where he is saying 11 years ago he sent GBP as the rate was much better than sending baht.

[SunsetT]

2 hours ago, topt said:

If, as you said, you sent it in Thai baht (asked Nationwide to do the transfer) the rate would have had nothing to do with an intermediary bank other than potentially the total amount being reduced slightly by whatever they charged.

 

Simplistically most international transfers use the SWIFT system.

 

NB - see Steve73 post above yours where he is saying 11 years ago he sent GBP as the rate was much better than sending baht.

My apologies to you. You are correct.  I have actually kept the paperwork for those transfers for possible visa evidence for the missus. I just checked and they were sent in GBP not THB. I got it completely arse about face! The memory can play strange tricks on you when you're getting old and senile.

Edited November 15, 2018 by SunsetT

[SunsetT]

On 11/14/2018 at 12:57 PM, SunsetT said:

I just checked it and the transferwise fee was about £105. So actually for such a large amount a fixed fee of about £20 for a SWIFT transfer from your UK bank might be cheaper, but make sure u request it sent in Thai baht not GBP as the exchange rate is much better, or it was last time I did a SWIFT transfer many years ago. The exchange rate will still be inferior to Transferwise but overall it should work out much cheaper than £105. But as an afterthought, there was a time when I received secondary charges to my Nationwide BS account about a month later for 2 SWIFT transfers I made. I disputed this with them and they claimed they were from the Thai receiving bank, but when I proved to them there were no charges from the receiving bank except 200thb taken from my Thai account, they did eventually refunded the charges. But I think there was an intermediary bank taking a cut back then and maybe there still is. Perhaps someone who has more recently made SWIFT transfers can update on this. If these retrospective charges are still being applied then afterall you are probably best to stick to Transferwise where u know exactly what exchange rate u will be getting and exactly what u will be paying and exactly what u will receive in your Thai bank account.

The info. I wrote above which I have now crossed out is wrong. Sorry! It is a better exchange rate sending it in GBP than THB. My memory was playing tricks on me. Thanks to those who corrected me.

[SunsetT]

On 11/14/2018 at 4:00 PM, SunsetT said:

Im sorry but I found the opposite to be true 12 years ago. The exchange rate given by Nationwide building society for a SWIFT transfer in THB was better than sending it in GBP to be exhanged at the Thai end of the transfer. Im not talking about exchanging GBP for THB currency over the counter at a bank, Im referring only to the exchange rates they use when sending SWIFT transfers.

 My post here is also completely wrong! It is a better exchange rate sending it in GBP than THB. My memory was playing tricks on me. Thanks to those who corrected me.

[Scottjouro]

9 hours ago, topt said:

If, as you said, you sent it in Thai baht (asked Nationwide to do the transfer) the rate would have had nothing to do with an intermediary bank other than potentially the total amount being reduced slightly by whatever they charged.

 

Simplistically most international transfers use the SWIFT system.

 

NB - see Steve73 post above yours where he is saying 11 years ago he sent GBP as the rate was much better than sending baht.

Being pedantic i know, but SWIFT doesnt transfer anything...its a messaging system which relies on nostro and vostro accounts, hence the reason for intermediary banks, high cost, slow processing and frequent errors 

[Guest]

One further thing to note when transferring money with Transferwise. 

 

If you use debit to transfer money from your bank to Transferwise, your bank will charge 0.8% for the value.

 

Instead using SEPA payment (works in Europe), it costs only a local transfer cost, which in many cases is 0-1 euro.

For me SEPA transfers are included in my monthly bank bills. 

https://transferwise.com/pricing/gbp-to-eur

 

One thing I really like about Transferwise is their excellent customer service. I was wondering how to minimise the transfer costs on twitter and tagged them along. They came to to help me to figure this one out.

[Jumbo1968]

1 hour ago, oilinki said:

One further thing to note when transferring money with Transferwise. 

 

If you use debit to transfer money from your bank to Transferwise, your bank will charge 0.8% for the value.

 

Instead using SEPA payment (works in Europe), it costs only a local transfer cost, which in many cases is 0-1 euro.

For me SEPA transfers are included in my monthly bank bills. 

https://transferwise.com/pricing/gbp-to-eur

 

One thing I really like about Transferwise is their excellent customer service. I was wondering how to minimise the transfer costs on twitter and tagged them along. They came to to help me to figure this one out.

My experience of TransferWise has been good, I always transfer directly from my U.K. Bank Account to TransferWise who then forward it too my Thai Account. It arrives the following day around 2 in the afternoon.

The other day I inadvertently transferred the wrong amount too TransferWise. I contacted TransferWise by telephone. The rep said cancel the transfer and we wil return the money too your Bank Account, how long, 2/3 days. It was back in my account within the hour.

[Agusts]

I used TW many times from UK to Bangkok Bank and happy with it... 

But for 800k deposit for extension ,  I read I can open £ sterling foreign currency account at BB and use that by putting equivalent amount.

 

Some advantages is that £ is not as strong now - although who knows what happens after Brexit ! , also can repatriate money easier if needed  (I'm guessing).

 

But I guess TW can't be used in this case, need a Swift transfer bank to bank,  right ?

 

Also I assume can do partial THB and £ to achieve the full 800k...? 

 

Isn't FCA a better option for 800k and £ , considering the current situation...?

 

Can also use BB fairly reasonable exchange rate if £ go up later for spending money,  I don't think BB gives £ notes though to exchange somewhere else...?

Edited November 19, 2018 by Agusts

[Ban Phe Dezza]

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). 

 

Hello Brian,

The way TransferWise works is that all of our transfers are local transfers. The money never really crosses borders. So when we send money to Thailand, in practice we are actually just sending money within Thailand, not into Thailand.

We have a short video that explains it really well with visuals: click here and skip to 0:50 seconds into the video.

I hope this helps,

-Taylor HZ

TransferWise
Tampa Team

[Scottjouro]

4 hours ago, Ban Phe Dezza said:

Hello Brian,

The way TransferWise works is that all of our transfers are local transfers. The money never really crosses borders. So when we send money to Thailand, in practice we are actually just sending money within Thailand, not into Thailand.

We have a short video that explains it really well with visuals: click here and skip to 0:50 seconds into the video.

I hope this helps,

-Taylor HZ

TransferWise
Tampa Team

So in effect they are copying the SWIFT model of nostro and vostro accounts and a messaging service, and in fact they are not transferring internationally gives them a loop hole as regards exchange controls in Thailand...

 

I wonder if they have considered RippleNet/XRP for true inter high speed international transfers (ie settlement) at minimal cost (fractions of a US cent)

[Ban Phe Dezza]

4 hours ago, Ban Phe Dezza said:

Hello Brian,

The way TransferWise works is that all of our transfers are local transfers. The money never really crosses borders. So when we send money to Thailand, in practice we are actually just sending money within Thailand, not into Thailand.

We have a short video that explains it really well with visuals: click here and skip to 0:50 seconds into the video.

I hope this helps,

-Taylor HZ

TransferWise
Tampa Team

UPDATE Just back from Bangkok Bank and my Transferwise deposit was show as FTT i confirmed with bank staff it was Foreign Telex Transfer so that should Keep I/O happy if thats the way retirement extensions are approved next year

Edited November 20, 2018 by Ban Phe Dezza
spelling

[Pib]

1 hour ago, Ban Phe Dezza said:

UPDATE Just back from Bangkok Bank and my Transferwise deposit was show as FTT i confirmed with bank staff it was Foreign Telex Transfer so that should Keep I/O happy if thats the way retirement extensions are approved next year

I bet what the staff meant was they rec'd instructions to move money from Transferwise's Bangkok Bank partner account to your Bangkok Bank account.   

 

Take a look at your Transferwise receipt in the area titled "Paid Out From."  Like below Paid Out From snapshot of one my Transferwise transfers to my Bangkok Bank account.  Notice it says "local bank transfer" and also from their partner's Bangkok Bank account.  Basically it was a Bangkok Bank account to Bangkok Bank account transfer.

 

Expect since my account was with Bangkok Bank Transferwise decided to complete the last leg of the transfers which is a "domestic/local" transfer from their Bangkok Bank account which they call their "Banking Partner" on the Transferwise receipt.   An agreement between two partners and Bangkok Bank decides to show FTT International Transfer coding which is a good thing.

 

However, the one Transferwise transfer to my Krungsri Bank account was paid out from Transferwise's banking partner/account of Thai Military Bank (TMB) and the transfer did not end-up being coded as an international transfer like transfers I make to my Bangkok Bank account.  

 

How your Transferwise transfer ends up getting coded depends on which Thai bank your account is with and which Thai banking partner account Transferwise uses for the final leg of the transfer which is a local transfer.

 

 

[topt]

9 hours ago, Agusts said:

I don't think BB gives £ notes though to exchange somewhere else...?

2% charge minimum 600 baht.

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents

 

[Agusts]

5 hours ago, topt said:

2% charge minimum 600 baht.

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents

 

Thanks for the info,  but reading through FAQ,  I got worried about the one that says someone else can be authorized to do transactions on your behalf on your FCD account.... !!!??? Imagine how easily an authorisation document can be faked and your GBP20k disappear...! Just need both persons to sign in front of a bank staff..... yeah 

Do they have this option on BHT accounts too... ? 

[Mike Teavee]

Looking at my Transferwise transfers from Singapore to my Bangkok Bank and they all say International Transfer AUTO DEBIT/CREDIT (In Bangkok Bank mbanking)

 

Edited November 20, 2018 by Mike Teavee

[gk10002000]

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...

Yep.  Unfortunately, the upcoming changes to Income for extensions may require more frequent transfers, and my not even allow a quarterly or other period  transfer.  Just bringing in cash may not work well .  Time will tell

[Ban Phe Dezza]

17 hours ago, Pib said:

I bet what the staff meant was they rec'd instructions to move money from Transferwise's Bangkok Bank partner account to your Bangkok Bank account.   

 

Take a look at your Transferwise receipt in the area titled "Paid Out From."  Like below Paid Out From snapshot of one my Transferwise transfers to my Bangkok Bank account.  Notice it says "local bank transfer" and also from their partner's Bangkok Bank account.  Basically it was a Bangkok Bank account to Bangkok Bank account transfer.

 

Expect since my account was with Bangkok Bank Transferwise decided to complete the last leg of the transfers which is a "domestic/local" transfer from their Bangkok Bank account which they call their "Banking Partner" on the Transferwise receipt.   An agreement between two partners and Bangkok Bank decides to show FTT International Transfer coding which is a good thing.

 

However, the one Transferwise transfer to my Krungsri Bank account was paid out from Transferwise's banking partner/account of Thai Military Bank (TMB) and the transfer did not end-up being coded as an international transfer like transfers I make to my Bangkok Bank account.  

 

How your Transferwise transfer ends up getting coded depends on which Thai bank your account is with and which Thai banking partner account Transferwise uses for the final leg of the transfer which is a local transfer.

 

 

Thanks for your detailed response I only deal with Bangkok Bank so was unaware of what happens in other banks.  In the event that I/o goes down the banking of the 65,000 method      i will ask the B B for a letter If that does not work

Vietnam is looking attractive perhaps Na Trang 

[Pib]

14 minutes ago, Ban Phe Dezza said:

Thanks for your detailed response I only deal with Bangkok Bank so was unaware of what happens in other banks.  In the event that I/o goes down the banking of the 65,000 method      i will ask the B B for a letter If that does not work

Vietnam is looking attractive perhaps Na Trang 

Just keep in mind that from my own Transferwise experience and reading posts of other folks who use Transferwise that it's obvious Transferwise has several banking partners in Thailand...at least Bangkok Bank and TMB...and some others based on posts I've read but people have never went into their Transferwise receipt to see and post what local banking partner did the final leg of the transfer.  

 

Now if one day Bangkok Bank is no longer a Transferwise banking partner, now you could still transfer to your Bangkok Bank account using Transferwise but it's just the final leg of the transfer would be coming from another Thai bank....maybe TMB.  And then it would only be seen as domestic transfer on the Bangkok Bank end and the coding on your Bangkok Bank account would not be FTT....not have a description of International Transfer; if would just have domestic transfer coding.   

[SiamAndy]

My experiences with Transferwise have not been good. My initial transfer that was supposed to take either 3-4 business days took a week and a half instead. They requested photo ID which was fine.Then it got held up and they requested additional information and this caused an additional delay. Their customer service seemed to Work US or Europe hours so there was basically about a half day lost as their offices were closed when dealing with Asia.

 

Flash forward to my second transfer. I requested a refund or credit as their first transfer was way slower than the 3-4 days they mentioned on their website. They issued me a small credit to use on my next transfer. I set up my second transfer. A day later I log in to track the progress with my transfer and they deactivated my account with no explanation whatsoever.

 

I send them an Email inquiring about the deactivation and they do not respond until 2 days later. They then request a 3rd form of identification, which at this point is getting ridiculous. I provide the 3rd form of ID only to get another email hours later requesting yet more info. 

 

After this, I decided that I did not want to deal with Transferwise and their unreasonable amount of requests ever again. Based on my experience with Transferwise, I wouldn't even recommend Transferwise to my worst enemy.

[asiaexpat]

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). 

 

Just did a trial transfer using Transferwise from USA to BBL as well as one using my normal method with BBL. BBL transfer arrived in my account the next day, Transerwise took 7 days. Baht in account nearly the same. 

[SiamAndy]

7 hours ago, asiaexpat said:

Just did a trial transfer using Transferwise from USA to BBL as well as one using my normal method with BBL. BBL transfer arrived in my account the next day, Transerwise took 7 days. Baht in account nearly the same. 

This just goes to show that there are other options just as good or better than Transferwise. In my experience, Transferwise sucks! A week and a half to complete a transfer!

[Scottjouro]

25 minutes ago, SiamAndy said:

This just goes to show that there are other options just as good or better than Transferwise. In my experience, Transferwise sucks! A week and a half to complete a transfer!

All transferwise have done is copied the SWIFT model of nostro and vostro accounts in various countries and the fact is they dont transfer anything...its a messaging service thats all which pays out in the particular country from an account transferwise have, so the reality is, its costly time consuming local transfer 

 

[SiamAndy]

You can read impartial reviews on Transferwise at Compareremit. If you look through the reviews, you will see there are a lot of 1 star reviews. If you read those one star reviews you will see a common pattern and theme which I also experienced first hand. Words alone cannot express how bad my experience with transferwise was. Do yourself a favor and stay far away from this company!

 

 

[Peter Denis]

Very surprised to read the bad experiences some ThaiVisa members had with TransferWise. 

Approx every month I sent money from my European bank-account to a Thai bank-account and never experienced any problems.  On the contrary, compared with WesternUnion or bank-to-bank transfers, TransferWise is way cheaper, super-fast (next working day arrival) and fully transparent during every step in the process (e-mail notifications).

In previous posts I read that for transferring money from US there are cheaper and quicker solutions, and that there is more admin involved. 

Would be interested to know if there are also Europeans that had bad experiences with TW when transfering EU-money to Thailand.  Because if so, I will be more cautious in recommending them to my friends/relatives as I am doing now.

Note: Another TW-plus is that you can also opt to receive a daily exchange-rate notification in your mail and/or can set a rate-alert (so you can 'play' the exchange rates to pick the moment when it is best to transfer).

Edited November 28, 2018 by Peter Denis
Additional fact to mention

[Medicine Man]

I've just made multiple transfers from the UK to my BKK bank using transferwise and couldn't be more impressed. The transfers happen the next day and their mobile app updates you on where the money is as it is happening. I used to use Xendpay but am now a convert due to TWs quicker processing times and competitive rates.

[mark5335]

On 11/27/2018 at 11:00 PM, SiamAndy said:

You can read impartial reviews on Transferwise at Compareremit. If you look through the reviews, you will see there are a lot of 1 star reviews. If you read those one star reviews you will see a common pattern and theme which I also experienced first hand. Words alone cannot express how bad my experience with transferwise was. Do yourself a favor and stay far away from this company!

 

 

I wish I had seen this post earlier. Had previously read plenty of positive comments about TransferWise in other threads on the forum and decided to test them out with a transfer from Australia to BBL Bangkok. Whilst the exchange rate that they offered was good, the transfer took min 3 business days. Thankfully it wasn't an urgent transfer, however in future, I will stick with NAB whereby the funds get credited into my BBL account on thesame day I make my funds transfer request. Whilst NAB's rates are not as good as TransferWise, they have improved their international funds transfer process compared to a few years ago and of course there's always the option of sending AUD to BBL and accepting BBL's exchange rate. 

[mark5335]

.

Edited December 3, 2018 by mark5335
Delete duplicated post.

[nilster]

Hsbc.hk (EUR or USD) to Kasikorn or BKK bank. What are the costs nowdays for lets say 5000 euro transfer and exchange to Thai baht? Which bank is cheaper and should I use some intermediate bank? 

[Oztruckie]

22 hours ago, mark5335 said:

I wish I had seen this post earlier. Had previously read plenty of positive comments about TransferWise in other threads on the forum and decided to test them out with a transfer from Australia to BBL Bangkok. Whilst the exchange rate that they offered was good, the transfer took min 3 business days. Thankfully it wasn't an urgent transfer, however in future, I will stick with NAB whereby the funds get credited into my BBL account on thesame day I make my funds transfer request. Whilst NAB's rates are not as good as TransferWise, they have improved their international funds transfer process compared to a few years ago and of course there's always the option of sending AUD to BBL and accepting BBL's exchange rate. 

Have a look at Macquarie Int Money Transfers, better x rate, no fees if you send more than 10k,and can print off complete details of transaction.