I need to transfer money to a friend outside Thailand.

 

What is the cheapest way to transfer money out of Thailand (not the fastest way).

I have found DeeMoney to be reasonable on both fees and exchange rates on transfers to UK. They also offer next working day credit. The app setup process is quite painless (for those located in Thailand) as is the payment process via a Thai bank app. There are a number of topics on this subject to provide further info.

Put em in your pocket.

I use my Bkk bank to sent money out of Thailand no worries.

12 hours ago, Kwasaki said:

I use my Bkk bank to sent money out of Thailand no worries.

Banks offer very poor exchange rate and they make quite a lot of profit off exchange rate.

Edited September 25, 20205 yr by warcy

Destination country ? Does the recipient have a bank account ?

14 hours ago, Kwasaki said:

I use my Bkk bank to sent money out of Thailand no worries.

Can you do this online or you must visit a branch each time?

Deemoney.

2 hours ago, HashBrownHarry said:

Can you do this online or you must visit a branch each time?

 

If you bank with Kasikorn you can transfer overseas using the Kasikorn+ app, pretty simple, decent rates and fees, I don't know if other banks have something similar.

3 minutes ago, theoldgit said:

 

If you bank with Kasikorn you can transfer overseas using the Kasikorn+ app, pretty simple, decent rates and fees, I don't know if other banks have something similar.

It appears for BKK bank you have to go into store to set it up, unless someone here can inform me otherwise.

You could buy bitcoin and cash out where you are.

5 hours ago, warcy said:

Banks offer very poor exchange rate and they make quite a lot of profit off exchange rate.

Not true depends on how much you send a small amount costs as much as a large amount also much safer IMHO. 

Give the girlfriend your debit card.

She brings the balance down to zero.

Make sure you lock her in a gold shop.

When she leaves, grab her, put her on a flight.

Once arrived in the UK, send her through customs.

All going to plan, taxi to the next pawn shop.

Cash in.

Sorted.

I will buy 200k Thai baht at the XE exchange rate approx. $6325 USD transferred to your PayPal account. No fee if transferred friend to friend you can transfer to your USA bank free. In person only in Chiang Mai city no online transaction. I need it in the next few days I have another option after next Thursday Oct 1st. 

Can you not use Transferwise to send money out of Thailand? Only to bring it in?

7 hours ago, theoldgit said:

 

If you bank with Kasikorn you can transfer overseas using the Kasikorn+ app, pretty simple, decent rates and fees, I don't know if other banks have something similar.

I once tried to transfer money out of the country and Kasikorn refused it. They said I needed a work permit. Otherwise I would need to get approval from the Bank of Thailand.

33 minutes ago, Bangkok Barry said:

Can you not use Transferwise to send money out of Thailand? Only to bring it in?

Correct. TW is one way only, for LOS.

Find a trusted friend with a bank account in the destination country, and a need to bring money this way. Anything less than US$10,000 should not raise any eyebrows.

14 minutes ago, faxx said:

I once tried to transfer money out of the country and Kasikorn refused it. They said I needed a work permit. Otherwise I would need to get approval from the Bank of Thailand.

Did you attempt to do so via their K+ App?
 

I’ve done so a few times this year to Singapore and the UK, no issues whatsoever, I’ve never had a work permit.

On 9/25/2020 at 5:33 PM, warcy said:

What is the cheapest way to transfer money out of Thailand (not the fastest way).

Honest advice?

Get yourself a 'Revolut Card', then a Thai Credit card, i think they offer credit cards where you actually put the money in the card itself if you can't obtain a proper credit card.

 

Now use that Credit card to top up your Thai balance in the revolot account, do it slowly (build a history).

 

Then convert the balance at bank to bank rate (or near enough) and deposit into your local bank in the other country.

 

No forms, no hassle with the banks, no questions, and quick/seamless.

Another option, convert to CHF 1,000 notes and fly out with.

11 hours ago, HashBrownHarry said:

It appears for BKK bank you have to go into store to set it up, unless someone here can inform me otherwise.

Very few Thai banks allows transfers out of the country using their apps, K-Bank is one of them, but not to every country in the world. I think it's 24 countries at the moment. If transferring money internationally using Bangkok Bank, you need to go to your branch. It's some paperwork,but doable. 

15 hours ago, cmrichsw said:

I will buy 200k Thai baht at the XE exchange rate approx. $6325 USD transferred to your PayPal account. No fee if transferred friend to friend you can transfer to your USA bank free. In person only in Chiang Mai city no online transaction. I need it in the next few days I have another option after next Thursday Oct 1st. 

you cant fund a paypal acct in Thailand 

12 hours ago, faxx said:

I once tried to transfer money out of the country and Kasikorn refused it. They said I needed a work permit. Otherwise I would need to get approval from the Bank of Thailand.

Usually depends on the reason for transfer and where the money came from. Normally if sending to a foreign account with yout name then there is little issues. If sending to a individual and the funds are from a unknown source the transfer is scrutinized 

On 9/26/2020 at 6:05 PM, Bangkok Barry said:

Can you not use Transferwise to send money out of Thailand? Only to bring it in?

Transferwise is not allowed to transfer money out. Only into Thailand

On 9/27/2020 at 6:38 AM, yankee99 said:

you cant fund a paypal acct in Thailand 

Is Paypal exchange rate as good as Instarem/Transferwise?

There is a somewhat difficult but reliable method to get your money out of Thailand - by using a "stablecoin" cryptocurrency, such as Tether or TrueUSD. Choose a reputable seller on localbitcoins.com (registration not required), contact them directly via Whatsapp/Line/whatever else contact details they share, and offer to buy USDT for your Thai baht. As most of these sellers have verified accounts on large cryptocurrency exchanges it will not be a problem for them to sell USDT instead of Bitcoins.

I think I will go this way if the covid situation will not get better next year.

On 9/26/2020 at 6:28 PM, faxx said:

I once tried to transfer money out of the country and Kasikorn refused it. They said I needed a work permit. Otherwise I would need to get approval from the Bank of Thailand.

You can try using Binance P2P , https://p2p.binance.com/ they have lots of different currency and options , can use USDT and BUSD , make sure you only do transaction with Verified merchant (those with yellow logo) beside their name . cons: you need to do KYC before able to use it 

They also have some great guide on how to use the platform https://www.binance.com/en/blog/421499824684900825/How-Does-Binance-P2Ps-Escrow-Service-Work

On 9/29/2020 at 3:22 PM, warcy said:

Is Paypal exchange rate as good as Instarem/Transferwise?

No exchange fee for friend to friend transaction both accounts have to be USA accounts

On 9/29/2020 at 3:22 PM, warcy said:

Is Paypal exchange rate as good as Instarem/Transferwise?

 

On 9/29/2020 at 3:22 PM, warcy said:

Is Paypal exchange rate as good as Instarem/Transferwise?

You have to think outside the box. I only know what I can do as an American transfering USD to baht

On 9/27/2020 at 6:38 AM, yankee99 said:

you cant fund a paypal acct in Thailand 

Did you read the info its says USA account...