About international transfers

[jonga80]

Hi, I am going to receive a sum of money in transfer, I will pay many fees, and the change of the money, any advise to save the most possible money?

 

Ok, it's a money I had invested in Bolivia, transferwise doesn't work for outgoing transfers in Bolivia, and the banks charge great fee, something between 2.3 and 2.5% of the money, amazing Bolivia, but it's my only way so...

 

I read this article:

 

https://www.thethailandlife.com/how-to-send-money-to-thailand-no-bank-fees

 

"You can offset the loss slightly by choosing to send money in your home currency, but many people sending money to Thailand make the mistake of choosing to convert to Thai Baht at their source bank instead of at the Thai end.

Remember: This means you lose even more money, because your bank steals a nice chunk of cash on their own exchange rate, a rate they set themselves – not the “mid-market rate”.

That said, the Thai bank will still convert your currency to Thai Baht at their own rate too, and make a enough for a meal out. But they generally won't squeeze your pockets as hard as your sending bank  (your home bank)."

 

The money is in dollars, so I understand in the bank of Bolivia it must be said that don't change the dollars to bahts.

 

Any advise? Thanks.

Edited December 4, 2020 by jonga80

[allane]

When sending money from a developed country to Thailand, it is cheaper to do the exchange on the Thai end. You might be waiting for a long time to hear from anyone with experience transferring from Bolivia to Thailand.  Look at the Thai banks' websites for indicative rates.

Edited December 4, 2020 by allane
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[jonga80]

Ok, so it's better to send the money in USD, and the thai bank would do the change to baht. Is that so?

[allane]

Yes. A SWIFT transfer by a bank usually takes 2 - 3 business days.