wire transfer fees and exchange fees

[no deal]

hello,every month i get a transfer from america  of 1834.40 usd  to my SCB thai account, today i get 55586 tb, the fees and exchange rate are about 7500tb,i think this is to much,when i live the usa i cancel all my bank account, now i have not very much choice,the sender can only transfer from well fargo,any one have a idea about what to do, i suppose to go in France next month, i am thinking to open a account over there and have the usd transfer to euro,i am not sure this is going to be a good idea? i hope some one can help and thank you.

[lopburi3]

Unclear - you mean at current rate of exchange you should receive 55,586 baht but receive only 48,086 baht?  Today's rate of exchange (31.1) would provide 57049.84 baht with no fees or dedications so if you pocket 55k I would think you are doing very well indeed.

Edit conversion rate

Edited January 30, 2020 by lopburi3

[dabhand]

Looking at the SCB TT rate for this morning, it was 31.23  to the USD. That would convert at 57,288 for your $1,834.40. So if you  received Bt55,586 that suggests about Bt1,700 in fees. Not sure where you arrived at the 7,500 figure.

[prakhonchai nick]

Use TRANSFERWISE

 

Currently for $1834.40,  you would receive in any Thai bank....56.614Baht

[lopburi3]

3 minutes ago, prakhonchai nick said:

Use TRANSFERWISE

 

Currently for $1834.40,  you would receive in any Thai bank....56.614Baht

He has no bank account and sending provides no other options from OP - he question seems to be would net money increase with double conversions (set up account in France) and would say that is highly unlikely to happen.

[Paul944]

Does the sender uses local conversion ( the default) or opted to transfer dollars and let SCB do the conversion? 

 

Check out transferwise, that is fast and has low fees at the moment.

[KhunBENQ]

54 minutes ago, no deal said:

i suppose to go in France next month, i am thinking to open a account over there and have the usd transfer to euro,i am not sure this is going to be a good idea?

I haven't thought it through in total, but I think it's a good idea to open an account in France on your name and some approved address.

With this you can open an account at Transferwise and set up a "borderless account".

You would then have a USD and EUR account with them.

You can cheaply transfer between those and send money to Thailand.

E.g. Dollars sent to your USD account from where you can send with TW to Thailand. Date and amount of transfer as you wish.

 

Did I overlook something?

Edited January 30, 2020 by KhunBENQ

[ThaiBunny]

6 minutes ago, KhunBENQ said:

With this you can open an account at Transferwise and set up a "borderless account".

I don't recall having to have a bank account in my own or any other country in order to open a Transferwise account. I had to provide some of the usual Know Your Customer guff, and somehow you have to fund the transfers (I use a debit card in Apple Pay) but apart from that ...

 

However, doing a double conversion of USD to EUR to THB would be an absolute killer even if the Buy/Sell spread was relatively tight

[KhunBENQ]

4 hours ago, ThaiBunny said:

However, doing a double conversion of USD to EUR to THB would be an absolute killer even if the Buy/Sell spread was relatively tight

I got a Euro account with Transferwise where I can receive and send money.

And as far as I know you can also install a USD account to receive/send.

So no double conversion would be needed.

[no deal]

1 hour ago, KhunBENQ said:

I got a Euro account with Transferwise where I can receive and send money.

And as far as I know you can also install a USD account to receive/send.

So no double conversion would be needed.

also i have  about 3000 euro coming from france send directly to my thai bank, what i like to do is to have this money send to my french bank account and use transwise to transfer to my thai bank,i dont understand install a usd account in my french bank? thank you for all your reply!

[no deal]

7 hours ago, prakhonchai nick said:

Use TRANSFERWISE

 

Currently for $1834.40,  you would receive in any Thai bank....56.614Baht

yes but the sender do not want use transferwise only well fargo...

[KhunBENQ]

17 hours ago, no deal said:

i dont understand install a usd account in my french bank?

No. The borderless accounts are setup with TW and act as account in the respecting country (USA for USD).

So you would have a EUR account with your French bank, a USD account with TW and a THB account with SCB Thailand.

You could additionally have a EUR account with TW to ease/speed up EUR to THB transfer. But not mandatory. The TW accounts are free (no recurring cost/fee).

 

[no deal]

On 1/30/2020 at 3:24 PM, KhunBENQ said:

I haven't thought it through in total, but I think it's a good idea to open an account in France on your name and some approved address.

With this you can open an account at Transferwise and set up a "borderless account".

You would then have a USD and EUR account with them.

You can cheaply transfer between those and send money to Thailand.

E.g. Dollars sent to your USD account from where you can send with TW to Thailand. Date and amount of transfer as you wish.

 

Did I overlook something?

sorry i am not very familier whit banking ,i have one question,can i open a french account whit  deposite by transfer in us dollar and french transfer,so i have the two money i one account,and use transferwise to transfer what i need in thailand? thank you for your help!