Interbank Money Transfers

[doc_sam]

I recently traveled to Thailand with a friend who has lost his heart in Thailand. He currently has a savings account with Siam City Bank (SCB). He is having difficulty transferring money from his account (in Thailand) to his Thai lady. He dose not like having to pay the $35 USD xfer fee at USAA to send money to her account, and would like to send money to her account from his Thai account. But he his hitting a wall that they want him to do the transfer in person in Thailand. As you all know if he was there this would not be a problem. Any suggestions as to how he should proceed.

My thoughts

1. Try and set up an monthly auto: his account => her account under the guise that she is paying rent on a place for him.

2. Find a bank here in the US will an affiliation so that he can authorize transfer of funds here and it will happen there. (any suggestions on a US Bank).

3. Bite the bullet and spend $35 usd every other month to send directly to her account.

4. Have her set up an account with the SCB office in Patong, and see if they will let him transfer funds from one savings account to another.

5. Try a different bank that he could open an account with from the US over the internet (suggestions)?

That is what I have considered but I am sure that on this site there are several people that have had the same problem. Thanks for the response.

[ka12345]

Bank of Asia. On their online banking service he can either use their "online money order" service to send money that she pick up at the post office or have a second account with an ATM card that he gives to her and then he can do monthly transfers to "her" account.

[thaihome]

Other option is to open up another account with his current US bank and send his GF the ATM card. Whenever he wants to send money, he simply transfers money from his regular account to the other account and she goes to any ATM in Thailand and withdraws it.

Has always seemed to be the simplest solution to me.

TH

[caughtintheact]

Does he have online banking with SCB? If he does and if it works anything like Kasikorn Bank, then all he should have to do is set up the GF account as a beneficiary and then do a monthly third party fund transfer that he can use monthly to transfer to the GF account. If her account is at a different bank, then it will be an interbank transfer.

If he goes the ATM or cash card route, a USAA cash card will not work here. I have one and have asked USAA, and they confirmed it, so he will need to make sure that a US ATM or cash card will work here.

[SBACM]

Other option is to open up another account with his current US bank and send his GF the ATM card. Whenever he wants to send money, he simply transfers money from his regular account to the other account and she goes to any ATM in Thailand and withdraws it.

Has always seemed to be the simplest solution to me.

TH

I Have been doing it that way for years depending on exchange rate the max is about 20k baht you can pull out a day and there is a US$3.50 per transaction fee.

If thers is a cheaper way I would love to know also!

[astral]

I used to do this with Bangkok Bank, head office on Silom Road.

I had an account there into which a transfered funds as needed.

Then I gave them a written instruction, a Standing Order, to transfer regular amount to my GF's upcountry account, also with Bangkok Bank.

Worked very well for several years.

However a similar arrangement with Thai Farmers, to pay the rent on my house, fell over within a few months...... no system to handle it.

It appears to be Pot Luck, depending on how well organised the bank is.

[Pink Mist]

Other option is to open up another account with his current US bank and send his GF the ATM card.  Whenever he wants to send money, he simply transfers money from his regular account to the other account and she goes to any ATM in Thailand and withdraws it.

Has always seemed to be the simplest solution to me.

TH

I Have been doing it that way for years depending on exchange rate the max is about 20k baht you can pull out a day and there is a US$3.50 per transaction fee.

If thers is a cheaper way I would love to know also!

We use the same method for house maintenance expenses, cant see there being a cheaper way, we pay about AUD$5.00 per transaction. A Credit Union with ATM links to LOS banks ie Cirrus etc may be the way to go, a lot of these ones are transaction free at the moment.

[lopburi3]

I recently traveled to Thailand with a friend who has lost his heart in Thailand. He currently has a savings account with Siam City Bank (SCB).

(SCB) is Siam Commercial Bank, a heavyweight here. (SCIB) is used for Siam City Bank.

1. You already said they want the order in person.

2. All banks in US can send the money - but it will cost the $35 or more.

3. That will work - but perhaps the atm card on a US bank approach cheaper.

4. Probably require him to sign in person to set up but worth asking.

5. No bank here, AFAIK, will open an account sight unseen.

Another option would be to give her atm card of his account as see what happens. If she takes it all and runs better to know now than later.

Once transfer method is set up there may be a telephone transfer option available - they list on website but give no information.

[thaihome]

If he goes the ATM or cash card route, a USAA cash card will not work here.  I have one and have asked USAA, and they confirmed it, so he will need to make sure that a US ATM or cash card will work here.

What bank is USAA?

I have used US bank ATM cards (Citibank and Bank of America) in Asia for going on 6 years now. PLUS/Cirrus/Visa/MasterCard network ATM's are everywhere. BofA charges US$1.50 per withdrawl.

TH

[lopburi3]

USAA seem to be a US Military restricted insurance/banking/insurance type operation.

[randyotter]

another idiot giving his money away to a thai bitch

[doc_sam]

another idiot giving his money away to a thai bitch

I want to thank all except for the bitter despondent individual for the info and help that has been provided. I realize that some individuals cannot overcome a self-shortsightedness to help others. I will take advice from individuals like the above but time it takes to filter said advice and try to understand how it was constructed limits it’s usefulness. So please take to time to offer constructive logically thought out advice and opinions before wasting others (my) time with ineffective non-logical arguments. Thank all who have provided “good” advice