Schwab US to Kasikorn wire, what fees to expect?

[Hal65]

I just did two transfers for 2,500 USD each, both from Schwab to Kasikorn;

1. Wise.com. Expected fees of $24 and turnaround time of 1 day.

2. Schwab International USD wire. Estimated turnaround time of 1 week. $15 fee on Schwab side.

 

Anyone know Kasikorn's fee for receiving, and if there are middle banks in the mix? They have to charge $9 or less, or give better currency conversion rates, to win this little test. Otherwise they lose on turnaround time.

[shy coconut]

What exchange rates did you get from each provider?

I believe Wise have some of the best rates, albeit a higher fee.

 

Western Union also have a lower fee but the £ to baht exchange is around 6% worse.

I'm not aware of any receiving fee, if there is one it must be built into the Wise fee as my recipient gets what I send .

Edited March 15, 2021 by shy coconut

[Hal65]

Good info, I'll try to report back on this.

Wise: 30.7550.

Kasikorn as a receiver: we'll see.

Edited March 15, 2021 by Hal65

[shy coconut]

1 hour ago, Hal65 said:

Good info, I'll try to report back on this.

Wise: 30.7550.

Kasikorn as a receiver: we'll see.

I would add that when I do send money, I always enter the amount in the drop down box for Thai baht, not sure why, but it just feels tidier sending 40k rather than 41,106 baht, for example.

I don't think there is any advantage whatsoever, but at least I know exactly how much is being put into the Thai bank.

 

Another thought, is the exchange rate set in stone with the Schwab transfer when you initiate it? Currencies can change a fair bit over a week. The Wise exch rate is guaranteed for 2 days I believe, although I've never tried this out.

[Hal65]

Two deposits appeared in my Kasikorn account today:

76,150 thb

76,151 thb

This means wise.com has won. The wire cost 461 thb on the Schwab side. 

This was the best possible result as it means if wise.com ever stops service, swift wires are also only 1 day turnaround and only $15 more expensive. The currency exchange rate appears only slightly worse than wise.com (since wise also deducted a fee which is visible in their final amount here, wheras the schwab wire fee is not).

[oceanbreeze851]

I have read your topic with much interest. I have not transferred any money to Thailand yet but plan to transfer once we are back in Thailand. It appears you transfer money from your Schwab checking account as you paid a fee. Talking to a Schwab representative, if I move the money from my Schwab checking into my Schwab brokerage account and the transfer that amount to Thailand bank, there will be no fee.

[Pib]

14 hours ago, oceanbreeze851 said:

I have read your topic with much interest. I have not transferred any money to Thailand yet but plan to transfer once we are back in Thailand. It appears you transfer money from your Schwab checking account as you paid a fee. Talking to a Schwab representative, if I move the money from my Schwab checking into my Schwab brokerage account and the transfer that amount to Thailand bank, there will be no fee.

You will experience the $15 Schwab sending fee plus the Thai bank typical receiving fee of 0.25% (Bt200 min, Bt500 max).   You will "not" see this 0.25% fee on your receiving bank online acct/passbook/statement as it applied before the funds are posted to your acct....this fools some folks into thinking no receiving fees were applied but indeed they were (it's like a hidden receiving fee)...but the bank's fee schedule shows they charge such a fee.  

Whether an intermediary bank fee may slip-in will depending on if the Sending bank uses/allows an intermediary bank fee.  I kinda doubt such a fee would come from a Schwab SWIFT transfer to a Thai bank.

Be sure to send USD; not THB to ensure the receiving Thai bank accomplishes the currency exchange using their TT Buying Rate used or incoming international transfers....if you allow Schwab to accomplish the exchange you'll get a lower exchange rate as the western bank exchange rate for THB is lower than the in-Thailand exchange rate provide by Thai banks.   

Western banks love it when a person allows them to accomplish the currency exchange on their end as it makes them a nice little profit (i.e., indirect fee) thru the currency exchange at the customers expensive. 

Send USD; do not let the western bank (like Schwab) accomplish the exchange if they will send THB.  From looking at the Schwab foreign currency transfer selection they don't even offer THB as a currency to send, so you will be sending USD which will ensure you don't get boned on the exchange rate.  But many western bank will send THB....just be sure to send USD to maximize the amount of money you get in the receiving acct.

Edited March 17, 2021 by Pib

[KhunBENQ]

Turnaround of one week!
You might be a winner depending on the exchange rate changes.
Or NOT.

Currently:
Kasikorn TT rate 30.66
WISE: 30.88

Arriving fees at Kasikorn have been described (about 190 Baht for 2500 USD equiv).
If both would arrive same day I bet on WISE.

Edited March 17, 2021 by KhunBENQ

[Digitalbanana]

When I send from Etrade in the US, there is no fee to send to my Wise account (using ACH method), 18 hours wait time to receive at Wise.

Wise fee to Thailand (about 7$ on 1000USD, increases with amount of course) and KBank charges nothing to receive it. So total cost 7$ and takes two days.