Send money to buy car.

[blowin]

Hi I am not very savvy when it comes to finance. I use Wise to transfer small amounts of Euro out my home bank to my Thai no problem. But my home bank only lets me transfer 5k a day maxuium as I am retiring to Thailand I need to move 30k+ to renovate a house and buy a car. Is there a better way of doing it other than 5k a day as I am doing at the moment . Thanks for your advice. 

[ukrules]

You need to change your home bank in the medium to long term as this restriction is dumb.

 

Will they 'allow' you to transfer more than 5k Euro per day inside your country?

 

That's the key here, if it's only a restriction on foreign transactions then you have a chance by using a foreign exchange company inside your country (something like transferwise), if it's a hard limit on any and all transactions or you require a foreign exchange transaction certificate (FET) then you have a problem and you're looking at 6 separate transactions.

 

What would they do if you closed your account with 100k Euro in it? I doubt they would be able to limit you to 5k per day in that case....

 

Often these artificial limits only apply to certain account types, changing your account type might solve this issue for you. It might not be free but some accounts will for sure allow far larger transfers at almost any bank.

 

Edited April 6, 2021 by ukrules

[blowin]

20 minutes ago, ukrules said:

You need to change your home bank in the medium to long term as this restriction is dumb.

 

Will they 'allow' you to transfer more than 5k Euro per day inside your country?

 

That's the key here, if it's only a restriction on foreign transactions then you have a chance by using a foreign exchange company inside your country (something like transferwise), if it's a hard limit on any and all transactions or you require a foreign exchange transaction certificate (FET) then you have a problem and you're looking at 6 separate transactions.

 

What would they do if you closed your account with 100k Euro in it? I doubt they would be able to limit you to 5k per day in that case....

 

Often these artificial limits only apply to certain account types, changing your account type might solve this issue for you. It might not be free but some accounts will for sure allow far larger transfers at almost any bank.

 

Thank you so much maybe a good idea is to contact my bank tomorrow and see if I can up the limit .

[hotandsticky]

1 minute ago, blowin said:

Thank you so much maybe a good idea is to contact my bank tomorrow and see if I can up the limit .

 

 

That is the obvious first step.... I increased mine to GBP 20,000.

 

With (Transfer)wise you can move money into the TW account daily until you get to 30k. I think the TW transfer limit on Baht is 2m.