Jose Posted March 12, 2007 Share Posted March 12, 2007 I've had no problem transferring funds in USD currency from overseas to Thailand, but my local bank insists on doing the Baht-USD conversion (at poor fx rates) prior to any wire transfer back the other way. Does anyone know of a way to transfer funds electronically overseas in Thai Baht currency? jose '-) Link to comment Share on other sites More sharing options...
Midnight Blue Posted March 12, 2007 Share Posted March 12, 2007 Ditto Link to comment Share on other sites More sharing options...
naka Posted March 13, 2007 Share Posted March 13, 2007 Afraid that's the way it is. Thailand is not going to be an international banking center anytime soon, simply because nobody trusts them. Naka. Link to comment Share on other sites More sharing options...
sonicdragon Posted March 13, 2007 Share Posted March 13, 2007 Yes, it is possible. If you have a Thai baht account with an overseas bank, then you need to ask them for their correspondent bank details. Then you give the instruction to your thai bank to make a local baht transfer to the correspondent bank, with "onward credit instruction" to your own named account with your bank (the receiving bank). In many cases the correspondent bank will be the bangkok branch of your overseas branch. Link to comment Share on other sites More sharing options...
Jose Posted March 13, 2007 Author Share Posted March 13, 2007 Yes, it is possible. If you have a Thai baht account with an overseas bank, then you need to ask them for their correspondent bank details. Then you give the instruction to your thai bank to make a local baht transfer to the correspondent bank, with "onward credit instruction" to your own named account with your bank (the receiving bank). In many cases the correspondent bank will be the bangkok branch of your overseas branch. Thanks, SD - excellent advice. jose '-) Link to comment Share on other sites More sharing options...
topfield Posted March 13, 2007 Share Posted March 13, 2007 Yes, it is possible. If you have a Thai baht account with an overseas bank, then you need to ask them for their correspondent bank details. Then you give the instruction to your thai bank to make a local baht transfer to the correspondent bank, with "onward credit instruction" to your own named account with your bank (the receiving bank). In many cases the correspondent bank will be the bangkok branch of your overseas branch. Not absolutely certain if you mean sending baht from a bank in Thailand to a baht a/c in say Singapore. If so beware. Sending out foreign currency is subject to a low fixed tt charge. Send out baht and a different charging regime applies which is a fixed percentage amount with no maximum. So in theory a tt in baht for a large amount could cost B100,000 for the one tt ! The charges cannot be reduced or negotiated as they are a 'cartel price' regulated by the Association of Thai Banks. I know ....as have been subjected to these outrageous fees.....and could find no way out at the time.. Link to comment Share on other sites More sharing options...
sonicdragon Posted March 14, 2007 Share Posted March 14, 2007 Yes, it is possible. If you have a Thai baht account with an overseas bank, then you need to ask them for their correspondent bank details. Then you give the instruction to your thai bank to make a local baht transfer to the correspondent bank, with "onward credit instruction" to your own named account with your bank (the receiving bank). In many cases the correspondent bank will be the bangkok branch of your overseas branch. Not absolutely certain if you mean sending baht from a bank in Thailand to a baht a/c in say Singapore. If so beware. Sending out foreign currency is subject to a low fixed tt charge. Send out baht and a different charging regime applies which is a fixed percentage amount with no maximum. So in theory a tt in baht for a large amount could cost B100,000 for the one tt ! The charges cannot be reduced or negotiated as they are a 'cartel price' regulated by the Association of Thai Banks. I know ....as have been subjected to these outrageous fees.....and could find no way out at the time.. That problem does not occur with Citibank. I have transferred baht to my citibank hong kong baht a/c on several occasions and the fees are minimal. However it should be obvious that you can't transfer baht to an overseas account, then convert those funds at the offshore rate into (say) USD, then bring the USD back into thailand and convert back to baht at the onshore rate. These were the rates quoted by citibank hong kong just now: 31.94-34.02 Link to comment Share on other sites More sharing options...
new farang Posted March 14, 2007 Share Posted March 14, 2007 Hi, my question is sort of the opposite. Does anyone know how to transfer USD into thailand from overseas and have the paid out transfer remain in USD? I'm trying to avoid having USD sent from the States, changed into THB, and then changed back into USD and losing percentages at each step! Thanks, N F Link to comment Share on other sites More sharing options...
topfield Posted March 14, 2007 Share Posted March 14, 2007 Yes, it is possible. If you have a Thai baht account with an overseas bank, then you need to ask them for their correspondent bank details. Then you give the instruction to your thai bank to make a local baht transfer to the correspondent bank, with "onward credit instruction" to your own named account with your bank (the receiving bank). In many cases the correspondent bank will be the bangkok branch of your overseas branch. Not absolutely certain if you mean sending baht from a bank in Thailand to a baht a/c in say Singapore. If so beware. Sending out foreign currency is subject to a low fixed tt charge. Send out baht and a different charging regime applies which is a fixed percentage amount with no maximum. So in theory a tt in baht for a large amount could cost B100,000 for the one tt ! The charges cannot be reduced or negotiated as they are a 'cartel price' regulated by the Association of Thai Banks. I know ....as have been subjected to these outrageous fees.....and could find no way out at the time.. That problem does not occur with Citibank. I have transferred baht to my citibank hong kong baht a/c on several occasions and the fees are minimal. However it should be obvious that you can't transfer baht to an overseas account, then convert those funds at the offshore rate into (say) USD, then bring the USD back into thailand and convert back to baht at the onshore rate. These were the rates quoted by citibank hong kong just now: 31.94-34.02 Jeez Sonic dragon...you certainly know your stuff. Spot on !! Citibank is outside the cartel ! What happened in my case was, ....knowing the ridiculous tt charges, I did instruct Cibank to make the transfer but the BOT refused permission for the funds to go out ! When the same day Bangkok Bank applied ,BOT permission was granted immediately hence the outrageous fee had to be paid !! By the way Sonic ...re "However it should be obvious that you can't transfer "etc etc above , what actually prevents this being done and a large profit made ? Link to comment Share on other sites More sharing options...
Huw Posted March 14, 2007 Share Posted March 14, 2007 should be obvious that you can't transfer "etc etc above , what actually prevents this being done and a large profit made ? Good Q. According to the numbers you could make between 40k and 70k on each round trip transaction of 2m. It isnt obvious to me why not... Link to comment Share on other sites More sharing options...
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