Best service to transfer funds Canada to Thailand

[scorecard]

Can TV members please share some information re new services / good services to transfer funds from Canada to Thailand.

Thanks.

Edited November 13, 2018 by scorecard

[Scottjouro]

The best new service, fastest and cheapest...Canuck Dollar to XRP....bung it on RippleNet...3-5 seconds..to your Thai based exchange..convert XRP to THB and transfer to  your Thai Bank account

 

 

 

 

 

[jerojero]

Check out XE Exchange. No fees, bank to bank direct transfers. Exchange rate CDN to THB very favourable. RBC charges nearly 1 baht per dollar exchange differential. OFX Group it's about 0.50, while XE it's a favourable low 0.25 baht per dollar.

[Pib]

On 11/13/2018 at 10:55 PM, Scottjouro said:

The best new service, fastest and cheapest...Canuck Dollar to XRP....bung it on RippleNet...3-5 seconds..to your Thai based exchange..convert XRP to THB and transfer to  your Thai Bank account

 

Sounds slick...but it's a roller coast of a ride for exchange rate with the XRP crypto currency value being all over the map recently/last year....and with big losses lately like most crypto currencies.

 

https://smartereum.com/42941/xrp-xrp-suffers-a-drop-in-market-capitalization-as-the-entire-crypto-market-suffers-a-12-billion-loss/

 

Quote

 

XRP (XRP) Suffers A Drop In Market Capitalization As The Entire Crypto Market Suffers A $12 Billion Loss

The last 48 hours have been characterized by a significant drop in the price of cryptocurrencies. The downtrend led to a serious panic within the cryptocurrency community. Even if the prices are currently correcting higher against the USD, the rumor in the community is that it hasn’t bottomed yet. XRP, has been the best performing major coin for a while now. However, the pressure has become so much that even XRP has lost a huge portion of its market capitalization that put it in second place.

 

 

 

https://www.coingecko.com/en/price_charts/ripple/cad

 

XPR-CAD

[Scottjouro]

4 hours ago, Pib said:

 

Sounds slick...but it's a roller coast of a ride for exchange rate with the XRP crypto currency value being all over the map recently/last year....and with big losses lately like most crypto currencies.

 

https://smartereum.com/42941/xrp-xrp-suffers-a-drop-in-market-capitalization-as-the-entire-crypto-market-suffers-a-12-billion-loss/

 

 

 

https://www.coingecko.com/en/price_charts/ripple/cad

 

XPR-CAD

 

Correct, but you are only in XRP for a few seconds on the ledger during the transaction (takes 3 to 5 seconds to settle)  Exposure to volatility is minimal as your not holding in XRP

 

so whether the price is XRP 0.30 cents to the Canuk or XRP is USD 100 to Canuk is some what irrelevant if your using XRP for what it was intended for, you only in XRP for a very very short period of time 

 

Using this model you have less exposure to market volatility than SWIFT which takes days to settle and is more susceptable to swings in FOREX

[Banana7]

I used SWIFT from TD to a Thai bank (green) several times - but never again. Each transaction cost me  CAD$100-150 to transfer CAD and USD$100-150 to transfer USD to Green. USD encountered correspondent bank fees and took 10 days before it was in my Thai account. Basically, TD claimed the CAD funds were in Thailand within 36 hours, during business days, but somebody held funds and credited bank account, in some instances 10 days later, which resulted in exchange rates in their favour. I had phoned Green customer service to understand their receiving fees, prior to transfer, quoted as 500b, but when I got the transaction details, there were 4-5 charges, far more than 500b. TD fees were CAD$35, CAD$50, USD$35, USD$50.

 

Now I bring cash. Declare departing cash at airport CBSA office in Canada using form E677 attached, and use Customs red lane in BKK and declare inbound cash at customs. Also cash exchange rates are always better in BKK than any bank and you get to choose the date of exchange and amount which is most favourable for you.

 

Additionally, upon arrival in Thailand, if the immigration officer demands to see your 20k baht, as is his/her right, you can show them your wad of cash. If you don't have 20k+ baht in cash, they can refuse your entry.

 

 

CBSAcrossBorderCurrencyE677.pdf

Edited November 24, 2018 by Banana7

[oldcpu]

This is an old thread ... but for information my recent experience.  I recently tested transferring Canadian $ from Canada to Thailand in Thai baht ( 65,500 Thai baht) to a Thai bank using TransferWise.  The TransferWise fee was $28.05 Cdn.   I conducted this such that there were no Canadian bank fees for this. The exchange rate was the 'spot' rate (i.e. best possible, 1/2 way between buy/sell).

 

I have a Bangkok Bank Thai baht account, and also have a "premium" bank account with Bank of Montreal (i.e. BMO in Canada) in Canadian $,  and I also have a TransferWise borderless account.  I have TransferWise setup in my BMO account as a potential bill payment item.   I have read TransferWise use BMO for their banking services.

 

In my Transferwise Borderless account I initiated a transfer of Canadian$ to Thai Baht (to my Bangkok Bank account) of 65,500 Thai baht.  The Spot exchange rate was 1 CAD = 23.76891 THB.   In my BMO account I paid $2,783.75 CAD as a "bill payment" to TransferWise, where upon receipt TransferWise subtracted $28.05 CAD from that as their fee.   Two days later, 65,500 was deposited in my Bangkok Bank account labelled as an "international transfer".  There were no Canadian BMO nor Bangkok Bank fees.

 

I deliberately selected 65,500 thai baht for this 'test' as it is representative of a 'monthly' income deposit from Canada.   

 

I believe for very large transfers of money (say $25,000 CAD or more) then a simple Canadian bank to Thai bank transfer may be better than TransferWise, but for something smaller like the 65,500 Thai baht ($2,755.70 CAD before the $28.05 CAD fee) then a service like TransferWise works well IMHO - and I believe is likely cheaper than bank only transfers.
 

 

 

Edited April 26, 2019 by oldcpu