Sending Money to the USA

[oobar]

Plan to repatriate several million baht to the US in the near future.  Has anyone had experience doing this?  In our experience, money sent FROM the States to a Thai bank goes out as dollars and is converted on arrival here to baht.  Is the reverse true, that money usually goes out from Thailand in baht and is converted to dollars Stateside?  Or should it be converted in Thailand first?  Is one way better than the other?

[Nyezhov]

In the matter of several million baht, your banker(s) should be able to answer your questions.

 

That works for me.

 

[Pib]

Your Thai baht is converted on the Thailand end to whatever foreign currency you need sent.   The Thai bank will use its TT Selling Rate to accomplish the exchange. 

 

TT Selling Rate means the rate the bank will sell you foreign currency to transfer.   So, since you want to fork out the least baht to buy foreign currency the lower the TT Selling Rate the better. It's the reverse of when sending money to Thailand where the Thai bank uses their TT Buying Rate to accomplish the exchange and you want the highest exchange rate.

 

You can go to any Thai bank website to see their current and past exchange rates such as TT Selling Rate.

 

For the Sending fee Thai banks usually offer your two sending fee options.  One option is just pay their basic sending fee of approx Bt400 (applies to any amount sent) and any intermediary bank fee(s) along the way will be sliced off as the money flows thru that intermediary bank on to your receiving bank.   The second option is the basic approx Bt400 fee plus approx another Bt800 for a total of approx Bt1,200 to cover any intermediary bank fee(s) along the way to your receiving bank.

 

 

 

 

[oobar]

11 minutes ago, Pib said:

Your Thai baht is converted on the Thailand end to whatever foreign currency you need sent.   The Thai bank will use its TT Selling Rate to accomplish the exchange. 

 

TT Selling Rate means the rate the bank will sell you foreign currency to transfer.   So, since you want to fork out the least baht to buy foreign currency the lower the TT Selling Rate the better. It's the reverse of when sending money to Thailand where the Thai bank uses their TT Buying Rate to accomplish the exchange and you want the highest exchange rate.

 

You can go to any Thai bank website to see their current and past exchange rates such as TT Selling Rate.

 

For the Sending fee Thai banks usually offer your two sending fee options.  One option is just pay their basic sending fee of approx Bt400 (applies to any amount sent) and any intermediary bank fee(s) along the way will be sliced off as the money flows thru that intermediary bank on to your receiving bank.   The second option is the basic approx Bt400 fee plus approx another Bt800 for a total of approx Bt1,200 to cover any intermediary bank fee(s) along the way to your receiving bank.

 

 

 

 

Much thanks, Sir Pib.

[kwonitoy]

What Pib said nails it.

 

I did it last week, sold a condo

Tell them you want to send as USD, Thai bank will convert, much cheaper to do it here than send thai baht and be at the mercy of the receiving bank

My sending fees were 1350 baht, 550 and 800 

Took 2 hours in SCB to do up the transfer, many calls to Bangkok for authorization

Sent Thursday at 2 PM and was in my offshore bank 20 hours later

Best of times to be repatriating money

[kwonitoy]

Should also have added

Make sure you have your destination banks Swift routing code and your IBAN number, these are must haves

[oobar]

Thanks Kwonitoy.  We will be prepared to sit at the bank for a spell and will be sure to get the appropriate codes.