Money transfer from US to Thailand

[playboy]

Hi, Anyone transfer money from US to Thailand?  Which is a good bank or company to do the transfer with good rate and less fee?

Thank you.

[foreverlomsak]

Try Wise or TransferWise

[DrJack54]

Transferwise rebranded as Wise.

Most USA guys use them.

If the money is needed to be shown coming from overseas then you will get a lot of advice about that soon.

[Jeffr2]

I use Schwab.  No wire fees, great conversion rates, ATM card with no fees nor international charges.  Tough to beat. 

 

Wise is pretty good, but last time, took almost 10 days to get my money.  Not sure what the problem was.  Time before was about a week.

[ehs818]

I bank with Citibank in the US. I do an online funds transfer for $35, plus $10 for the Thai bank, Kasikorn. I get a really good rate, using the Bloomberg rate as my barometer. They give me just 0.15 less than Bloomberg. I've been here almost 20 years and never had a problem.

[soisanuk]

I have used Transferwise (rebranded as Wise) for several years to transfer from my USA bank to Bangkok Bank.  If transfer is ordered early on a weekday, it usually arrives at 2pm the following day.  However, will take longer if there are intervening weekend or holidays.

 

If you are a retiree or married to a Thai and plan to use monthly transfers to meet Immigration requirements, which is my case, it saves a lot of hassle if your Thai bank is Bangkok bank as they will record transfers using the FTT code (foreign transaction) making it easier to get Bank confirmation of monthly transfers. 

 

But, be sure to show the purpose in the drop down menu (last item listed) as being for long stay in Thailand. Otherwise, the transfer could go to one of their partner banks (other than Bangkok Bank) with the resultant transfer into the Bangkok Bank account being recorded as a domestic transfer.

[rwill]

1 hour ago, Jeffr2 said:

I use Schwab.  No wire fees, great conversion rates, ATM card with no fees nor international charges.  Tough to beat. 

 

Wise is pretty good, but last time, took almost 10 days to get my money.  Not sure what the problem was.  Time before was about a week.

I agree with Schwab.  Hard to beat free.

[chicowoodduck]

I have used my Chase Bank in Las Vegas for many years, not free, but the $5 dollar charge is pretty good no matter what the amount...goes super fast into my Siam Commercial Bank and at a good rate on the day....????????????????????????

 

Pretty simple and just use my iPad to get the job done...easy peasy....????????????????

[fceligoj]

I use Wise.com (renamed from TransferWise.com).  They give you the same rate as the Bloomberg rate without any reduction (such as another writer states Bloomberg reduces exchange rate by 0.15).  So, you get the full "mid-market rate."  their fee is a reducing rate by how much you send; for $1,000, 0.00762 or $7.62; for $3,000, 0.00637 or $19.11; $5,000, 0.00616; etc.  The use of Bangkok Bank with the reason of "long term stay in Thailand" off the pull-down menu has the funds being deposited FTT (or funds from abroad.)  There is no charge by Bangkok Bank by this transfer since the funds arrive at Bangkok Bank already in Thai baht and deposited as such.  Unless your US Bank charges for this type of transfer (mine does not), then the only fee is Wise's fee as described above.

 

Since I established Wise as my means of bringing money into Thailand, they have added several security related items.  the last one is they will send a 6-digit PIN to your smartphone to be entered into the process of accessing your account.  The other is more subtle, they require the US bank to confirm any additional accounts for funds to be withdrawn to belong to the individual.  (The first account did not require any confirmation.)

 

When I request money to be sent, I process the request early in the week (Mon-Wed) around opening time of my US Bank.  I get notification the next day from Wise and the money arrives in my Bangkok Bank account by 1500 the following day.  If you process a request late in the week or just before a holiday, then it still takes the 2 'business' days to arrive.

 

And yes, there is a maximum amount that can be transferred for each request.  You also have the US Treasury issue of FATCA.

[AgMech Cowboy]

4 hours ago, Jeffr2 said:

I use Schwab.  No wire fees, great conversion rates, ATM card with no fees nor international charges.  Tough to beat. 

 

Wise is pretty good, but last time, took almost 10 days to get my money.  Not sure what the problem was.  Time before was about a week.

Really, Schwab... I didn't know they did wire transfers. 

 

I used WISE this past week-end. (1st time). The instructions were sent on Sunday, 4 April. The money was in Kasikorn Bank on Monday, 5 April. I sent identical instruction to CHASE on the same day, but they don't initiate wire transactions until the bank is open, which means it went out on Monday morning, 5 April, but is still not at Kasikorn since Kasikorn in not open today, 6 April. This was a test, yes. Seems I might have to do some more testing considering the Schwab info.

Thank You 

[new2here]

I’m another vote for Wise... (and i haven’t used Schwann so i can’t comment) but each time i’ve used Wise, I got the money in my BBL account either that same day (when i initiate the transfer early on a banking day both here in TH as well as in the US) or the next day by mid-day TH time.

 

As far as fees go (and i look at the total fees which includes the fixed fees, variable fees plus the forex rate used) I have found Wise to be very very competitively priced.

 

 

[Mansell]

I use OFX an Aussie company. They immediately tell you the exchange rate, and my last transfer charge was 5 dollars for 2,000 dollars transferred. US Banks screw you on the exchange rate and then charge you 30 to 40 dollars. That’s why I stopped using them. OFX usually has the money to you in three days. I transfer to Bangkok Bank and receive a text message when the money is in my account. Probably the cheapest after those banks that do everything free, but you usually have to have 10 or 20,000 dollars in your account with them.

[dodgybros]

14 minutes ago, Mansell said:

I use OFX an Aussie company. They immediately tell you the exchange rate, and my last transfer charge was 5 dollars for 2,000 dollars transferred. US Banks screw you on the exchange rate and then charge you 30 to 40 dollars. That’s why I stopped using them. OFX usually has the money to you in three days. I transfer to Bangkok Bank and receive a text message when the money is in my account. Probably the cheapest after those banks that do everything free, but you usually have to have 10 or 20,000 dollars in your account with them.

You might like to take a closer look at Wise, quick check OFX 23.3 (not sure about any fees), Wise 23.7 into your Thai bank account.

[dodgybros]

Sorry, the above was for AUD, USD is OFX 30.6, Wise 31.04

[Elkski]

I have used wise for years.  Last few months in thai account in under 10 seconds.  This is done midweek, no holidays . But even after hours and weekend s seem to go through so fast last 8 months.  I think many people desire USD.     I used chase once 4 tests ago and exchange rate was terrible and so slow, they charged me 50$ fee but 3 months later they reduced that fee as it was some mistake.  Overall it's sad we lose anything in money transfers. What a scam business that provides no benifit fir the World.  Just a parasitic industry that needs to be killed.   If the World used 1 currency? 

[yankee99]

4 hours ago, chicowoodduck said:

I have used my Chase Bank in Las Vegas for many years, not free, but the $5 dollar charge is pretty good no matter what the amount...goes super fast into my Siam Commercial Bank and at a good rate on the day....????????????????????????

 

Pretty simple and just use my iPad to get the job done...easy peasy....????????????????

Dont the thai banks determine the rates? 

[wpcoe]

6 hours ago, Jeffr2 said:

I use Schwab.  No wire fees, great conversion rates, ATM card with no fees nor international charges.  Tough to beat. 

 

Wise is pretty good, but last time, took almost 10 days to get my money.  Not sure what the problem was.  Time before was about a week.

 

5 hours ago, rwill said:

I agree with Schwab.  Hard to beat free.

 

Does Schwab have any problem with you living overseas?  Or, do you maintain a USA address for Schwab?

[Billpro785]

Have been using Money Gram from the states. You can do it online, or stop at any Walmart. Money is available for pick-up in Thailand in minutes. 

[playboy]

Thank you all for all suggestions ????????

[DJ54]

6 hours ago, AgMech Cowboy said:

April. I sent identical instruction to CHASE on the same day, b

I use Chase Global transfer if you send Mon-Thurs before cut off time it will be in your Bangkok Bank account the next morning. If on Friday usually is available on Tues morning Thailand, I don’t pay any fees..,

[soisanuk]

6 hours ago, DJ54 said:

I use Chase Global transfer if you send Mon-Thurs before cut off time it will be in your Bangkok Bank account the next morning. If on Friday usually is available on Tues morning Thailand, I don’t pay any fees..,

When I first rec'd an announcement from Chase re their "Global" transfer quite some time ago, I noted that while they charge only US$5 for the transfer, they do the conversion from US$ to baht before sending .  

 

I did a comparison using Chase and Transferwise (now Wise) to transfer US$2,300 on the same day about the same time. Even with a much higher fee, Transferwise would deposit about 1,500 baht MORE into my account than what Chase Global would send.   Unless Chase has changed to giving a better exchange rate for the conversion, for me it is better to continue to use Transferwise and avoid the "hidden fee" through offering a lousy exchange rate.

[Jeffr2]

11 hours ago, wpcoe said:

 

 

Does Schwab have any problem with you living overseas?  Or, do you maintain a USA address for Schwab?

No problems at all.  I opened a foreign account.  Relatively easy.  I don't have a USA address, and, they require proof of your address.  Phone receipts, utility bills, etc.

 

Only downside of the wire process is you have to call between 10pm and 6am Thai time!  Sucks....

 

I'll give wise a try now and see how it works.  Great rates right now!!!

[srowndedbyh2o]

14 hours ago, Elkski said:

What a scam business that provides no benifit fir the World.  Just a parasitic industry that needs to be killed.

Well…the fact that you can just pick up your smart phone and from the comfort of your living room spend about 60 seconds to initiate a transfer of funds across the globe, as apposed to getting on a plane, flying to the U.S., going to your bank to withdraw cash, getting back on a plane and flying back to Thailand and depositing the cash in your Thai bank. Aside from that, yeah, a scam business that provides no benefit at all. ????

[Tony125]

I do a domestic wire transfer for $30 from my BankofAmerica account to Bangkok Bank NYC ,arrives same day. Can also do International wire transfer directly to Bangkok Bank account in Bangkok but that costs $45.

 

[rwill]

On 4/6/2021 at 7:56 PM, wpcoe said:

 

 

Does Schwab have any problem with you living overseas?  Or, do you maintain a USA address for Schwab?

The Schwab One International account is intended for those living outside the USA.  I do not maintain a US address or phone number.  

A regular Schwab account that you open in the USA will get closed if they find out you don't actually live in the USA.

SDFCU also allows you to use a foreign address and phone number for your account.  But it's debit card is not as good as Schwabs.  Also the interest paying checking account is only interest paying if you use their debit card at least 10 time a month.  So for me it doesn't pay interest as their debit card charges foreign transaction fees.  I use this account mainly for my emergency fund savings.  

[rwill]

On 4/7/2021 at 7:15 AM, Jeffr2 said:

No problems at all.  I opened a foreign account.  Relatively easy.  I don't have a USA address, and, they require proof of your address.  Phone receipts, utility bills, etc.

 

Only downside of the wire process is you have to call between 10pm and 6am Thai time!  Sucks....

 

I'll give wise a try now and see how it works.  Great rates right now!!!

I am able to do wire transfer with Schwab One International completely online.  No phone call needed.

[Jeffr2]

5 minutes ago, rwill said:

I am able to do wire transfer with Schwab One International completely online.  No phone call needed.

Hmmmm....I'll have to research that!  I'll do it now!  Maybe because I've got an international account?  I've called the main number only to be told to call back during their hours (East coast time) and deal with them.

 

Thanks!!

[rwill]

5 minutes ago, Jeffr2 said:

Hmmmm....I'll have to research that!  I'll do it now!  Maybe because I've got an international account?  I've called the main number only to be told to call back during their hours (East coast time) and deal with them.

 

Thanks!!

I have a Schwab One International account.  From the accounts page look for Transfers & Payments, all the way to the right from where it says summary.  Then click Send Wire on that page.  Pretty simple to complete from there.  They have a note that they may have to call you first but they have never called me.  And I do transfers over $100,000.  On wire type select International (USD), they don't support changing to Thai baht.  And in the transmission notes put 'For living expenses' or the Thai bank might call you first to ask what the money is for, living expenses or property purchase is what they want to know.

[Jeffr2]

I just did this.  I think I tried this in the past and they sent me an email saying I had to call them.  So, setup a standing wire order.  Just need to call in with the amount and they do it for me.

 

The date it's suppose to be here is the 15th!  Hmmm....maybe some holidays in the US?

 

I'll keep you updated.  Thanks!!!!!!!!!!!!!!

[srowndedbyh2o]

3 hours ago, rwill said:

The Schwab One International account is intended for those living outside the USA.  I do not maintain a US address or phone number.  

A regular Schwab account that you open in the USA will get closed if they find out you don't actually live in the USA.

So is the Schwab One International account basically a U.S. Schwab account, sans the checking account?