800,000 Baht question

[moe666]

11 hours ago, mtraveler said:

Thanks for the answers.  

 

I just was told that I cannot have funds sent as Thai Baht as I was originally informed.  So that's no longer an issue.  

 

Scubascuba3:  I'm here several years already.  I've renewed my non-immigrant O already once, so this is my second renewal.  I just thought that once and for all I'd get clarity on the most cost-effective way to transfer money to Thailand from overseas.  

 

Please tell me if I'm missing something here: 

 

If I go to Transferwise, and input how many dollars I want to transfer, it will show me all the costs (wire transfer fee, their percentage), as well as the net amount of Baht that I will receive in my Thai bank account.  But, I also need to factor in the cost of the wire transfer from my bank, since that is not included in their costs.  Is that correct?  And so, the actual net I receive via Transferwise must be adjusted for the Wire Transfer fee by my bank. 

 

On the other hand, if I have money wired to my Thai bank directly, I must again account for the wire fee, and for the 500 baht the bank charges, plus their conversion rate.  I looked up Bangkok Bank's TT Buying rate.  It is currently at 29.97.  So, if I multiply US Dollars I want to send by 29.97, that is how many Baht will be credited to my Thai bank account.  So, total Baht less whatever wire fee I pay less the 500 Baht fee is what I really net from the transaction.  

 

By my calculations, it appears that the overall costs for transferring money (if it's a large sum) is .7%-.8%, regardless of whether I use Transferwise or Wire Transfer.  Which is a substantial chunk of money.  

 

Did I get everything right?

  

 

 

Stop trying to cut cornors send enough that will cover any issues send 20 or 30 thousand over the 800,000 you can always take it out later and spend it

[thailand49]

Sadly this isn't the right time to convert money but one got to do what they got to do?

 

From the U.S. I've done this a few times now large amounts $30,000 to 40,000 through Transferwise 3 times and Charles Schwab once.

 

With Transferwise in the application process they ask where is the money coming from I checked the box for medical expenses although it was for other reason never been question by anyone.  I stay with what works the rates and fee with them are more than good.

 

Last year, I took $35,000 from my account Charles Schwab, once I got everything confirmed they don't do in baht just dollars my account is with Bangkok Bank can't remember exactly but I don't think I paid a wire fee if so it was reimbursed end of the month like the ATM fees. Also Bangkok bank only charge me 500 baht and the rate was good too.

 

Also at Jomtien, using the 800,000 method they don't care where the money is from!  Good luck

[DrJack54]

3 minutes ago, thailand49 said:

Also at Jomtien, using the 800,000 method they don't care where the money is from!  Good luck

For annual extension (retirement) the money does not need to be shown coming from overseas. That requirement is only for the non O based on retirement if obtained within Thailand.

[scubascuba3]

42 minutes ago, murraynz said:

Dr Jack, please advise me...

In Febuary,im going to transfer sbout 15mil thb for property purchase.

Im sending it from my nz bank to my Bkk bank.

It seems transferwise gives a better xchange rate,but i can only do 2mil thb per transaction.

Im not worried about doing several transactions,just want the very best rates,and secure transaction.

Prefer it to be shown as FTT..

I bank ASB in Nz..

Where will i get the best rates???

 

 

As you are using Bangkok Bank for reason select "for long term living expenses" or similar wording. Send a small test amount first to ensure it comes through as International which it should

[thailand49]

8 minutes ago, DrJack54 said:

For annual extension (retirement) the money does not need to be shown coming from overseas. That requirement is only for the non O based on retirement if obtained within Thailand.

Dr. Not sure what you are saying? to be honest?  Maybe I wasn't clear I'm talking about Retirement Extension which I'm doing here in Pattaya for the last 15 years maybe I miss part of his post is he doing it overseas? Maybe the confusion was I stated I was from the U.S. that is all I meant didn't mean to say I was doing it from the U.S.? 

[murraynz]

4 minutes ago, scubascuba3 said:

As you are using Bangkok Bank for reason select "for long term living expenses" or similar wording. Send a small test amount first to ensure it comes through as International which it should

Yes,ive sent transfers before to my Bkk bank,and they show correctly as FTT,same as my pension payments,every 28 days..

[DrJack54]

17 minutes ago, thailand49 said:

Dr. Not sure what you are saying? to be honest?  Maybe I wasn't clear I'm talking about Retirement Extension which I'm doing here in Pattaya for the last 15 years maybe I miss part of his post is he doing it overseas? Maybe the confusion was I stated I was from the U.S. that is all I meant didn't mean to say I was doing it from the U.S.? 

No problem. A non O (retirement) can not be obtained in many countries. The next option is to enter Thailand on tourist visa or visa exempt and then obtain non O at immigration.

On day of application you would need to show 800k in Thai bank in your name only and also that funds came from o/s.

If however you obtain non O in places such as Laos or Vietnam etc then you do not need to show where funds came from.

[rwill]

The number 1 way to do it is with a Charles Schwab International account.  It costs $15 to wire the money with them but they rebate it right back to you so it is absolutely free.  The only thing you get hit with is the weak exchange rate the Thai bank will give you.  You can also get an ATM card with the account and withdraw money here for free.  The Thai bank fee is rebated right back to you.  There is no limit to the rebate amount.

 

However to open an account you need $25,000.  You can spend it after that if you want.  It is a brokerage account, not a bank account.  It only pays .02% interest on money left sitting in it.  But you can also buy stocks if you are into that.  Another good thing is you can use your foreign address and phone number.  So you don't need to maintain an address in your home country if you don't want too.

[Salerno]

55 minutes ago, DrJack54 said:

#1 for what? The thread is about transferring 800k+ baht. 

Citibank?

 

My apologies, indeed for the 800K it would be ... arduous. The way you stridently put it I leapt to "normal usage".

 

ING Everyday Account. Couple of little hoops to go through (minimal) but then no forex charges and no ATM fees (Thai fees reimbursed). Also have Citibank as backup and 28Degrees (both of which where the best at the time I opened them for us but superseded one after the other).

[digger70]

10 hours ago, tonray said:

Some banks don't charge anything. My Bangkok Bank acocunt has a fee but my Kasikorn account does not. Also...using Charles Schwab is a great option if you have an account already. Transfers initiated online for any amount are a flat $15 dollar US fee. So basically about 450 baht for any size transfer.

Bangkok Bank Does Not charge a Fee when you  receive money from Transferwise in your account.

[CanadaSam]

In Transferwise, there is no need to do calculations to figure out how much money you will receive.

 

Just fill in the receiving amount box first, and the amount you need to send automatically shows up.

[Seeall]

1 hour ago, scubascuba3 said:

As you are using Bangkok Bank for reason select "for long term living expenses" or similar wording. Send a small test amount first to ensure it comes through as International which it should

A good topic 1/ dont listen to the bar flies advice....  you need the incomeing form which is only issues over 50k USD or so .. and you qualiify and all the bargain compaines cant supply that and when asked will mumble F mumble F ...... the Thai banks will issue you the form signed and stampped if YOU  INSIST!!!!!!!!!!!!  antoerh tip, DONT exchange to THB in your contry.. they are cooks....  3/ Put it in a holding account and monitor exchange rates hourly and get the most.......

[fxe1200]

14 hours ago, Mike Teavee said:

No need to prove the 800K came from overseas or for it to have done so  for your extension.

 

If you use TransferWise they’ll tell you how much THB will be deposited in your account net of fees, I’ve used them dozens of times & have never not received this exact amount in my Bangkok Bank account.

 

You can't do better and cheaper, just fill in the correct required  payment reference, and you are all set.

 

[fxe1200]

59 minutes ago, digger70 said:

Bangkok Bank Does Not charge a Fee when you  receive money from Transferwise in your account.

I experienced lately, that the money took 3 minutes from leaving my account in Germany (free real time transfer), until the correct amount appeared on my Bangkok Bank account.

[tonray]

1 hour ago, digger70 said:

Bangkok Bank Does Not charge a Fee when you  receive money from Transferwise in your account.

Wire xfer not Transferwise. 

[KaputtAlreadyNa]

Using TransferWise is the best solution. First, you know exactly how much you will be getting (if you are inline with their time frame)

Second, if you click " for long stay" the money you received in your bank account will be shown as a foreign transaction.

Warmest

[CMBob]

I don't quite understand why people advocate using TransferWise to send larger sums to their Thailand bank account.  I just checked on the TransferWise website and the total fee for sending $25,000.00 from the US to their Thai bank account amounts to $153.51.  Most US banks charge $50.00 to $85.00 for a SWIFT transfer (international wire) for the same amount whereas some brokerage firms (Schwab, for example) currently charge as little as $15.00 to wire that amount.  

Of course, if doing a wire from a US bank, always transfer in US dollars versus Thai baht as the conversion rate in the US for Thai baht is usually fairly poor.  When transferring by international wire in US dollars, a Thai bank will provide (after taking its usual 500 baht fee) the bank's regular buying rate as of the day/moment the funds arrive ( and funds  typically arrive no longer than 36 hours after the US bank or brokerage firm has initiated the wire).

[gearbox]

32 minutes ago, CMBob said:

I don't quite understand why people advocate using TransferWise to send larger sums to their Thailand bank account.  I just checked on the TransferWise website and the total fee for sending $25,000.00 from the US to their Thai bank account amounts to $153.51.  Most US banks charge $50.00 to $85.00 for a SWIFT transfer (international wire) for the same amount whereas some brokerage firms (Schwab, for example) currently charge as little as $15.00 to wire that amount.  

Of course, if doing a wire from a US bank, always transfer in US dollars versus Thai baht as the conversion rate in the US for Thai baht is usually fairly poor.  When transferring by international wire in US dollars, a Thai bank will provide (after taking its usual 500 baht fee) the bank's regular buying rate as of the day/moment the funds arrive ( and funds  typically arrive no longer than 36 hours after the US bank or brokerage firm has initiated the wire).

That's not true, at least for AUD.

 

As at today, to transfer 800K baht to Thailand with Transferwise would cost $35182 AUD including fee of $215.

 

To do a swift transfer to Bangkok Bank for equivalent of 800k baht would cost $35746 AUD with Bangkok Bank TT Buying Rate 22.38750 baht for 1 AUD.

 

I would be better of nearly $700 AUD with Transferwise,  without taking into account any bank fees and charges for the swift transfer. The difference in exchange rates is mostly what matters.

 

For Americans the difference between the Transferwise mid market rate and the banks TT Buying rate for USD  is way smaller, so there is very little difference in total fees too.

 

The only way IMO to beat this is to have an AUD account with Bangkok Bank and do a swift transfer AUD to AUD without conversion. However if the AUD goes down against the baht my Bangkok Bank AUD account won't have the equivalent of 800k baht anymore. Not a good thing when you can't go lower than 800K baht 2 months before applying for visa.

 

 

[tonray]

8 hours ago, CMBob said:

I don't quite understand why people advocate using TransferWise to send larger sums to their Thailand bank account.  I just checked on the TransferWise website and the total fee for sending $25,000.00 from the US to their Thai bank account amounts to $153.51.  Most US banks charge $50.00 to $85.00 for a SWIFT transfer (international wire) for the same amount whereas some brokerage firms (Schwab, for example) currently charge as little as $15.00 to wire that amount.  

Of course, if doing a wire from a US bank, always transfer in US dollars versus Thai baht as the conversion rate in the US for Thai baht is usually fairly poor.  When transferring by international wire in US dollars, a Thai bank will provide (after taking its usual 500 baht fee) the bank's regular buying rate as of the day/moment the funds arrive ( and funds  typically arrive no longer than 36 hours after the US bank or brokerage firm has initiated the wire).

It really depends...for some people it's the best option, for others like me with a Schwab account it is not. I just did a transfer for a car purchase two weeks ago. The Transferwise calculation shows me it would have cost me about 2500 baht more than the $15 fee charged by Schwab. So for me Schwab is brilliant but some other country accounts may not be that cost efficient.

[Pierre Hanot]

As a US citizens i receive my  SSA direct deposit in Thb on my local bank account. They never asked me for an option . all I can do is compare with the rate on the day the deposit is made . Your US bank should have the answer to your question. 

[sudsy]

39 minutes ago, tonray said:

It really depends...for some people it's the best option, for others like me with a Schwab account it is not. I just did a transfer for a car purchase two weeks ago. The Transferwise calculation shows me it would have cost me about 2500 baht more than the $15 fee charged by Schwab. So for me Schwab is brilliant but some other country accounts may not be that cost efficient.

Sounds like you get a proper exchange rate using Schwab?

[tonray]

15 minutes ago, sudsy said:

Sounds like you get a proper exchange rate using Schwab?

Yes...but Schwab doesn't determine the exchange rate if you send dollars. The rate is determined by the TT rate published by the bank you are transferring to on the day it arrives in Thailand

[sudsy]

2 hours ago, tonray said:

Yes...but Schwab doesn't determine the exchange rate if you send dollars. The rate is determined by the TT rate published by the bank you are transferring to on the day it arrives in Thailand

But it is the going exchange rate correct?  In edit, looks like you answered when you said Yes in the beginning of the sentence.

[tonray]

1 minute ago, sudsy said:

But it is the going exchange rate correct?  In edit I think you answered when you said Yes in the beginning of the sentence.

It is the exchange rate published by the bank...what do you mean correct ? Yes you get the published rate at the time the xfer is recived by the Thai bank.

[eppic]

On 12/30/2020 at 6:19 AM, tonray said:

It really depends...for some people it's the best option, for others like me with a Schwab account it is not. I just did a transfer for a car purchase two weeks ago. The Transferwise calculation shows me it would have cost me about 2500 baht more than the $15 fee charged by Schwab. So for me Schwab is brilliant but some other country accounts may not be that cost efficient.

I have accounts with Schwab and Interactive Brokers.

 

A wire from IB is 100% free and very easy, but for Thailand transfers there is an intermediary bank fee that is separate (not charged by IB).  This is customary practice for international wires, the big banks (citi, chase, etc.) typically act as intermediary and take a sizable fee.

 

Are you stating that there are no intermediary bank fees for Schwab transfers to Thailand? I haven't done a Schwab Intl transfer, but this would surprise me. Note it may or may not be disclosed, sometimes buried in the exchange rate because the fee happens at a different bank after it has already left the source account.  In my experience, Transferwise would be better for smaller transfers but intl wire would be better for larger wires, with the larger size necessary to offset the intermediary bank fee of $25-50 (this depends on which bank is used for intermediary).

[tonray]

5 hours ago, eppic said:

I have accounts with Schwab and Interactive Brokers.

 

A wire from IB is 100% free and very easy, but for Thailand transfers there is an intermediary bank fee that is separate (not charged by IB).  This is customary practice for international wires, the big banks (citi, chase, etc.) typically act as intermediary and take a sizable fee.

 

Are you stating that there are no intermediary bank fees for Schwab transfers to Thailand? I haven't done a Schwab Intl transfer, but this would surprise me. Note it may or may not be disclosed, sometimes buried in the exchange rate because the fee happens at a different bank after it has already left the source account.  In my experience, Transferwise would be better for smaller transfers but intl wire would be better for larger wires, with the larger size necessary to offset the intermediary bank fee of $25-50 (this depends on which bank is used for intermediary).

I always look at the end result. How much ends up in my account (net of fees) vs how much Transfer wise says I would get. I never transferred less than 25,000 US. Schwab always comes out as the better option. In the event I need a few one offs..I can ATM $500 bucks at a pop for which Schwab rebates the Thai bank ATM fees St the end of each month. 

[FalangTingTong]

On 12/29/2020 at 5:15 AM, KaputtAlreadyNa said:

Second, if you click " for long stay" the money you received in your bank account will be shown as a foreign transaction.

 

I just checked and it doesn't look like that's an option at this time, in fact for cases where you really need to prove the money is from abroad then TransferWise recommends you do a SWIFT transfer and just eat the fees:

 

Quote

If you know you definitely need a FET, it’s best that you send a SWIFT transfer with your bank this time. SWIFT is a more expensive method, because it’s not a local transfer. But it does mean you'll be able to prove that the money came from abroad.

 

https://transferwise.com/help/articles/2932335

 

Which kinda makes sense, since their whole business model is based on not actually moving the money across borders.

 

It'd be great if they would just have a one-click option but AFAICT that's not the case right now. 

[KaputtAlreadyNa]

2 hours ago, FalangTingTong said:

 

I just checked and it doesn't look like that's an option at this time, in fact for cases where you really need to prove the money is from abroad then TransferWise recommends you do a SWIFT transfer and just eat the fees:

 

 

https://transferwise.com/help/articles/2932335

 

Which kinda makes sense, since their whole business model is based on not actually moving the money across borders.

 

It'd be great if they would just have a one-click option but AFAICT that's not the case right now. 

 

[KaputtAlreadyNa]

8 minutes ago, KaputtAlreadyNa said: