Cheapest way to transfer money abroad

[karl2007]

Hi,

 

I have about 800,000 THB that I want to transfer abroad.

 

I have the money in SCB and wondering if they support SWIFT.

 

I remember 10 years ago they only supported moneygram which was very expensive.

[Sheryl]

SCB can  do a SWIFT transfer (and receive them. they have a SWIFT code)

 

But if your transfer is to US, UK or Australia, Dee Money is a better alternative

[karl2007]

Thanks for the reply.

 

I am transfering to UK. 

 

Never heard of Dee Money. Is that a cheaper alternative to swift that most banks have a service for, including SCB?

Edited March 5, 2019 by karl2007

[Sheryl]

Yes. Much cheaper, both hecause of lower fee and better 3xchange rate. And you can see ahead of time exactly what amount will come to your UK account.

Whole thing can be done online.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[tpkhk]

I too would recommend DeeMoney... if there is a non bank alternative, I am unaware. 

 

150 Baht flat Transfer fee, no bank charges on the receiving end.  There is a one time walk in registration process.  If you are in Bangkok, their Nana location is the most efficient.  They can also be reached via the LineApp.   

 

Some caps so your 800K may have to be done as two separate transactions etc or spread over 2 days.

 

I would recommend try a small token amount like THB 10,000 to make sure it is credited without a problem.  Most problems are related to incorrect/incomplete information at the time of set up - ie the same bank having two branches next to each other etc. 

[Brunolem]

20 hours ago, Sheryl said:

SCB can  do a SWIFT transfer (and receive them. they have a SWIFT code)

 

But if your transfer is to US, UK or Australia, Dee Money is a better alternative

Is there a limit of how much one can transfer abroad or, for example, can one transfer 800,000 baht in one time, no questions asked? 

[gamini]

21 hours ago, Sheryl said:

SCB can  do a SWIFT transfer (and receive them. they have a SWIFT code)

 

But if your transfer is to US, UK or Australia, Dee Money is a better alternative

I have been using DEE money quite a bit recently. Although  their transfer fee is only 150 baht, the way they calculate exchange rates are very disadvantageous. For instance, for sending US dollars, they charge you about 34.50 bt per dollar when the TT rate is only 31.50. So it works out more expensive than getting your bank to send the money. The banks charge a higher transfer fee, but they give a much better exchange rate. 

 

[Sheryl]

59 minutes ago, Brunolem said:

Is there a limit of how much one can transfer abroad or, for example, can one transfer 800,000 baht in one time, no questions asked? 

"You can send up to 800,000 THB per day. Customers can only send 690,000 THB per month via the DeeMoney Mobile application, but there is no limit if sending via any of our DeeMoney branches."

https://www.dee.money/faq/

 

So you could either do it in 2 separate transfers via the mobile app (a month apart) or in one go if you go into one of their branches. currently these are all in Bangkok area.

[AgMech Cowboy]

I banked at SCB f/1997 to 2003. I never had a problem sending SWIFT transfers to my daughter in USA.

[Sheryl]

5 minutes ago, gamini said:

I have been using DEE money quite a bit recently. Although  their transfer fee is only 150 baht, the way they calculate exchange rates are very disadvantageous. For instance, for sending US dollars, they charge you about 34.50 bt per dollar when the TT rate is only 31.50. So it works out more expensive than getting your bank to send the money. The banks charge a higher transfer fee, but they give a much better exchange rate. 

 

Where do you get that from?

 

Their website shows 31.84 and when I enter a test transfer in the app, for 600,000 baht I get (after subtracting the transfer fee) USD $18,773.47 which equal 31.96.

 

Also TT rates vary by bank with most commercial banks adding a mark up in their favor. Bangkok Bank for example is 32 today. 

 

 

[topt]

2 hours ago, Brunolem said:

Is there a limit of how much one can transfer abroad or, for example, can one transfer 800,000 baht in one time, no questions asked? 

You may want to peruse an actual experience and discussion on Dee Money in general - 

 

[Pib]

1 hour ago, gamini said:

I have been using DEE money quite a bit recently. Although  their transfer fee is only 150 baht, the way they calculate exchange rates are very disadvantageous. For instance, for sending US dollars, they charge you about 34.50 bt per dollar when the TT rate is only 31.50. So it works out more expensive than getting your bank to send the money. The banks charge a higher transfer fee, but they give a much better exchange rate. 

 

Incorrect.  I have no idea where you are getting your 34.50 figure....it's sure not from the DeeMoney website.

 

I have done two USD transfers to my US bank using DeeMoney....I got the exact exchange as shown for their Money Transfer Rate.   The exchange rate a person gets is exactly as they show for their Money Transfer Rate (or what Thai banks call their TT Selling Rate)....it locked in when you initiate the transfer.

 

For example, at this millisecond in time the DeeMoney Money Transfer Rate is 31.96 (see first snapshot below)...that is, for every dollar you want to send that how much you will need to pay per dollar.   In comparison, the Thai bank TT Selling Rate average has a mean average around 32.01 (see second snapshot below).   And when it comes to "Selling" Rate/Money Transfer" Rate the "lower" rate is the best for you because  you need to fork out less baht to buy each unit of foreign currency; it's the opposite of when transferring money into Thailand where you want the highest rate.

 

DeeMoney Money Transfer Rate (a.k.a., Selling Rate when transferring funds)

 

Thai bank TT Selling Rates

[Pib]

2 hours ago, Brunolem said:

Is there a limit of how much one can transfer abroad or, for example, can one transfer 800,000 baht in one time, no questions asked? 

Answer is on the DeeMoney website.

https://www.dee.money/faq/

[Brunolem]

4 hours ago, topt said:

You may want to peruse an actual experience and discussion on Dee Money in general - 

 

I was not referring to Dee Money, but to the Thai banking regulations. 

 

I remember that, years ago, there was a limit on how much you were allowed to transfer out of the country. 

 

I haven't kept up to date on this issue, so it seems that now there are no limits on how much you can transfer abroad in one time, or are there any? 

[Thailand J]

On 3/6/2019 at 5:18 PM, Brunolem said:

I was not referring to Dee Money, but to the Thai banking regulations. 

 

I remember that, years ago, there was a limit on how much you were allowed to transfer out of the country. 

 

I haven't kept up to date on this issue, so it seems that now there are no limits on how much you can transfer abroad in one time, or are there any? 

DeeMoney : 15,000USD equivalent per transfer.

Bangkok Bank: 10 million baht per SWIFT.

Just repeating what i was told.

[AlGoRhythm]

A colleague has recently sold his condo and would like to transfer out more than 6 mn THB.  For either Dee Money or one of the major banks Is it necessary to show the source of the funds being transferred abroad? 

 

thanks, Al

[Sheryl]

35 minutes ago, AlGoRhythm said:

A colleague has recently sold his condo and would like to transfer out more than 6 mn THB.  For either Dee Money or one of the major banks Is it necessary to show the source of the funds being transferred abroad? 

 

thanks, Al

When you make a transfer with Dee Money a drop down menu appears asking you to state the source of funds. Not whether from abroad, but whether from wages, savings etc.

 

But you can't transfer more than 800,000 baht at a time via Dee Money.

 

Re the banks, I'll leave that to those with more knowledge to answer. You might have to show that the funds for purchase of the condo came from abroad. And also that applicable tax on the sale has been paid. but see what our financial wallahs say.

[Thailand J]

18 hours ago, AlGoRhythm said:

A colleague has recently sold his condo and would like to transfer out more than 6 mn THB.  For either Dee Money or one of the major banks Is it necessary to show the source of the funds being transferred abroad? 

 

thanks, Al

DeeMoney:   it will take 8 days with the 800,000B/day limit. If the transfer is to USA, there is a limit of 15,000USD per transfer, so total of 15 or 16 transfers, the fee will be 2000B+. No need to show the source of fund.

Bank: conveniently one transfer and may be cheaper, but you have to show that the tax is paid or source of fund. There is no tax on the capital gain if he had the condo in his name and had owned the condo more then 5 yrs. If the condo  is in a Thai company name which he owned 49%, at this point I don't remember what my Thai accountant told me :).

 

Edited March 8, 2019 by Thailand J

[Pib]

Deleted

[AlGoRhythm]

Thanks, Sheryl and Thailand J - very helpful.

Al