Change Thai money to Canadian

[WilliamCave]

Hi

i am looking for a bank in Thailand that can change about 300000 Thai baht to Canadian dollars 

I will be taking it back to Canada 

or any info about taking that much money out of Thailand would be grateful 

thx in advance 

[allane]

I am presuming you have asked at your bank branch, and didn't like the answer.  Go to the head office of whichever bank the money is presently in. Ask them how to proceed. Take your passport, bankbook and Work Permit if you have one.

[Briggsy]

If you are in Bangkok, go to Super Rich. Job done.

[steve73]

Set up a Dee Money account and send it to your Canadian Bank (if you have one)... just 150bt fee & pretty good Fx rates.

 

https://www.dee.money/

[neeray]

I realize that this is not your direct question but as B300,000 converts to approximately $12,000 CDN, you do need to declare that coming back into Canada. Up to $10,000, no declaration required.

But Steve73 has given some good advice about Dee Money.

[CGW]

In my experience, to keep transferring hassle free easier to keep transfers below$10,000 USD, stay below the radar! - just saying ????

[KhunBENQ]

57 minutes ago, steve73 said:

Set up a Dee Money account and send it to your Canadian Bank (if you have one)... just 150bt fee & pretty good Fx rates.

 

https://www.dee.money/

Can someone enlighten me.

They show/say:

Quote

Send money to 17 countries from your phone and never walk into another branch again!

https://www.dee.money/money-transfer-rate/

And neither Euro countries nor Canada are on the list.

 

And as others suggest:

Forget the banks.

If in Bangkok go to one of the major currency changers (Superrich, SIA, Vasu, ...).

 

Edited January 25, 2019 by KhunBENQ

[Pib]

According to DeeMoney's website you can not use DeeMoney to send to Canadian dollars or Euros; these two currencies not supported yet.    

 

[KhunBENQ]

3 hours ago, Pib said:

According to DeeMoney's website you can not use DeeMoney to send to Canadian dollars or Euros; these two currencies not supported yet.    

 

As I was afraid.

After initial enthusiasm about DeeMoney I realized that they don't send to Euro countries.

 

[Pib]

Yeap...at this time they can only "transfer" to 18 currencies....mostly currencies for Southeast/Southern Asia, US Dollars, UK Pounds, AU Dollars, and New Zealand Dollars.  I'm somewhat surprised they don't do Euros...expect it requires some kind of EU money transfer license...rounding-up a partner who will support Euro transfers....but I'm guessing. 

 

Works great for sending US dollars to the US if you have an account with the 76 or so US banks/credit unions/financial companies DeeMoney can send to.  Worked fine for the two transfers I did to my US bank....money posted to my US bank account in about 2.5 days. 

 

Currencies DeeMoney Can Transfer To

https://www.dee.money/money-transfer-rate/

 

 

[steve73]

Sorry guys, I hadn't realized it didn't include EU & Canada....

 

But...  How about using it to send to a Transferwise borderless account in say US$, and from there to Can$.  Has anyone tried this?

 

I realise it will entail 2 lots of fees & Fx, but I'd bet it still beats Thai bank rates...

[Pib]

Deleted.

Edited January 26, 2019 by Pib

[Pib]

Approx estimate would be 1.1% in direct/indirect fees to transfer with DeeMoney into your TW borderless account.  The 1.1% estimate is based on comparing DeeMoney's Transfer Rate (a.k.a., their TT Selling Rate) with the Bangkok Bank TT Buying Rate used for incoming fund. 

 

So you would have the DeeMoney Sending Fee of Bt150 ($5 USD) plus  approx 1.1% indirect fee for currency exchange markup.    So if sending $5000 USD it would cost 1.1% of $5000 which is $55 plus $5 for a total of $60 to get it into your TW borderless account.

 

Then from your TW borderless account, USD to CND would be another 0.6% +$1 according to the Transferwise website.   That would equate to $30 USD.  

 

So, $60 USD to get the money into your TW and another $30 USD from TW US bank account to your Canadian bank account totals up to approx $90 USD.

 

Now sending from a Thai bank to your Canadian bank account would costs around Bt1200 (approx $38 USD) average for the direct sending fees (this fee is for any amount sent and includes coverage of any possible intermediary fee) plus their approx 1.75% TT Selling Rate markup (I'm using the Bangkok Bank TT Selling Rate markup for "Canadian Dollars" from their TT Buying Rate).  So, send say $5000 CND at 1.75% would be around $88 CND which is about $66 USD indirect fee plus $38 USD direct sending fee for a total of $104 USD total.

 

So, yea, it appears you would save approx $14 USD by doing a DeeMoney-TW relay thing versus going direct from the Thai bank.   Not sure saving $14 on a $5000 transfer to "got the long way" is the route I would take.