Transferring Funds to America

[wilinusa]

When transferring money to America from Thailand by SWIFT, Is it better to transfer in Thai Baht or USD?

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[metisdead]

Moving to the Banking forum.

[Pib]

Transfer dollars because you get a better exchange rate (several percent) at the receiving Thai bank than what your sending US bank will give you. 

 

Your US sending financial institution may use vague language enticing your to let them accomplish the exchange on their end.....and/or even offer a lower sending fee if allowing them to accomplish the exchange but you'll get burnt on their lower exchange rate rate which is basically an indirect/hidden fee.  

 

Send dollars. 

[Dinobot]

Transfer dollars because you get a better exchange rate (several percent) at the receiving Thai bank than what your sending US bank will give you. 
 
Your US sending financial institution may use vague language enticing your to let them accomplish the exchange on their end.....and/or even offer a lower sending fee if allowing them to accomplish the exchange but you'll get burnt on their lower exchange rate rate which is basically an indirect/hidden fee.  
 
Send dollars. 

OP is trying to send money FROM Thailand TO the US, not the other way around, I believe.

[Pib]

7 hours ago, Dinobot said:

 

OP is trying to send money FROM Thailand TO the US, not the other way around, I believe.

 

Durn....you are right....read it too fast.

 

When it comes to transfer funds to America, the OP is probably not going to have a choice when he goes to a Thai bank unless he has his money in a Foreign Currency Deposit (FCD) account.  He probably will not have a choice because he will need to use baht to buy US dollars using the Thai bank's TT Selling Rate.   That way, the baht does not leave Thailand (Bank of Thailand don't like baht leaving Thailand) and US dollars are transferred.

 

But if he did transfer baht to the US his US bank would give him a crappy exchange rate for baht because baht is a minor currency (only used in Thailand and little bit in surrounding countries) compared to a major currency like US dollars which can be used most anywhere in the world.