Wiring funds from US to Thailand

[FredK]

Hello!

Can one make a wire transfer in US dollars from a United States bank to a Thai baht account at Bangkok Bank in Thailand? What happens when the US dollars arrive at Bangkok Bank in Thailand? Will they be converted to Thai baht or will the wire transfer be rejected because the receiving account is a Thai baht account? I would greatly appreciate if someone would let me know. Thank you very much!

[tonray]

Yes...you can I just did exactly this last week.

 

When the US dollars arrive, they are converted to baht at current TT exchange rate. (Buying rate)

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

[lopburi3]

As said the money is converted at the current TT rate (published by Bangkok Bank on website and changes often) plus there will be a service charge of 1/4% in the range 200-500 baht subtracted before credit to your account.  Make very sure your bank sends USD as they prefer to make exchange themselves at a very poor rate and send baht.  What most of us use for normal monthly exchange amounts is Transferwise - but for large amounts SWIFT bank transfer can be the better option.  

[marvin1950]

Yes.

Wire transfer is received by the Thai bank in US dollars if that is what you requested.  The Thai bank will convert the US dollar amount to thai baht.

Do not send Thai baht from the US bank.  You would have to buy a currency contract from your US bank

[1FinickyOne]

Yes. Easily done - you will need the Swift Code of the bank...

 

I have done this regularly throughout the years and found kasikorn tp be terrific.. I call in my wire transfer at night here [daytime in USA] and it arrives the next morning... 

 

Likely you will need to be in USA to do this - need some connections if you are not in USA to initiate the transfer... 

[marvin1950]

PS: I use Chase Bank and I can do a wire tranfer online via a Notebook, tablet or a mobile phone from Thailand.

[eyup]

Use transferwise.  

Easy to set up low charges very good if not the best exchange rate 

 

Money goes straight into your Thai bank account (except if transferring on weekends

 

Link below and you will get free transfer on your first $600 or therabouts

 

https://transferwise.com/invite/u/robertk160

[bkk6060]

I would never use Transferwise.

Just do a direct wire transfer from your account many times mine has shown in my Bangkok Bank account the next day.

[bolt]

Short term use your US bank to your Thai bank

But if this will become a long term regularly transaction, you really should use a 3^rd party transfer company, ALL banks use them also that’s how they make profits.

if you look after the small money, its amazing how little money you actually save 

[treetops]

On 7/19/2020 at 3:18 AM, bkk6060 said:

I would never use Transferwise.

Why is that?

[JTXR]

A word of advice.  Be sure to tell your bank or credit union that the transfer needs to be in US dollars and that your Thai bank will do the conversion.  If your bank sends it in Thai baht (which many can do), the transaction will not show up as a FTT transaction at Bangkok Bank.

[JTXR]

On 7/19/2020 at 8:56 AM, lopburi3 said:

As said the money is converted at the current TT rate (published by Bangkok Bank on website and changes often) plus there will be a service charge of 1/4% in the range 200-500 baht subtracted before credit to your account.  Make very sure your bank sends USD as they prefer to make exchange themselves at a very poor rate and send baht.  What most of us use for normal monthly exchange amounts is Transferwise - but for large amounts SWIFT bank transfer can be the better option.  

Yes.  It needs to be sent in USD.  If it's sent in baht it won't show as an FTT transaction.

[Pib]

4 hours ago, JTXR said:

Yes.  It needs to be sent in USD.  If it's sent in baht it won't show as an FTT transaction.

Incorrect.  Arriving in foreign currency or baht will result in FTT coding if sent the right way/right reason for transfer.