How much is Bangkok bank charge fee when transferring 2M THB from overseas

[villageidiotY2K]

Hi folks, as the subject, I wanna transfer 2M Thai baht from overseas account.

Is there any limit on Bangkok bank transfer amount and how much is charge transfer fee?

Anyone know?

[KannikaP]

Depends on how you do the transfer, SWIFT, Wise etc. Do your own investigation on your Bank's site.

 

£226 with Wise from GBP @ 45.15

Edited July 17, 2021 by KannikaP

[pikao]

No fee from BB if you do it with Transferwise (they charge about 300$) and no limit

[ubonjoe]

There is no limit on the amount as far as I know. Bangkok Bank will change 500 baht to receive the transfer.

See: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand

[IvorBiggun2]

Quote

Bangkok Bank charges a receiving fee of 0.25% of the transfer amount (minimum 200 baht, maximum 500 baht) plus a cash payout fee of 150 baht per transaction. You can also receive money via the Western Union Money Transfer Service at any Bangkok Bank branch or exchange booth across Thailand with no charges.

 

[sanuk711]

It really is best to talk to your branch of BB...before the transfer--I did a larger one than that (4m) and got a good rate + next day delivery.

Wise is good, but has a limit of 2m Bt..... make sure you remember to get your certificate when you transfer.

[scubascuba3]

It's also best not to send baht

[KannikaP]

2 minutes ago, scubascuba3 said:

It's also best not to send baht

If you use Wise, you can only send Baht, the conversion is done at their end and not here.

Edited July 17, 2021 by KannikaP

[scubascuba3]

Just now, KannikaP said:

If you use Wise, you can only send Baht.

yeah but he isn't

[Eindhoven]

Pound Sterling example:

 

Bangkok Bank exchange rate: 44.85750 (£44,585) then add another 500(£11) baht. So it would cost you £44,596 plus whatever your home bank will charge you for the transfer currently.

 

Always send in your home currency as advised. Don't allow your home bank to do the conversion. If you do the rate will be relatively poor and you will likely have to send even more to obtain 2,000,000 baht.

 

Wise exchange rate: 45.15080 (£44,296) Wise charges £226.75. So you would have to send a total of £44,522.75 currently.

 

I think WISE can organise the money to be marked as funds from abroad if you choose a certain option.

 

 

Edited July 17, 2021 by Eindhoven

[KannikaP]

Just now, scubascuba3 said:

yeah but he isn't

Read his post title again.

 

[KannikaP]

Just now, Eindhoven said:

Pound Sterling example:

 

Bangkok Bank exchange rate: 44.85750 (£44,585) then add another 500(£11) baht. So it would cost you £44,596 currently.

 

Wise exchange rate: 45.15080 (£44,296) Wise charges £226.75. So you would have to send a total of £44,522.75 currently.

 

I think WISE can organise the money to be marked as funds from abroad if you choose a certain option.

 

 

But it would cost you at your 'foreign' bank to do the transfer via SWIFT, plus the Bht 500 at Bkk Bank.

That charge varies greatly from one bank to another.

[worgeordie]

46 minutes ago, villageidiotY2K said:

Hi folks, as the subject, I wanna transfer 2M Thai baht from overseas account.

It's best to transfer in the currency of your country, don't  send

it as Thai Baht ,you will get a better rate.

regards worgeordie

[theoldgit]

37 minutes ago, pikao said:

No fee from BB if you do it with Transferwise (they charge about 300$) and no limit

There are limits of how much can be received, it's in the region of 2m Baht, it depends on which country.

[KannikaP]

2 minutes ago, worgeordie said:

It's best to transfer in the currency of your country, don't  send

it as Thai Baht ,you will get a better rate.

regards worgeordie

Cannot send GBP via Wise though.

[Eindhoven]

1 minute ago, KannikaP said:

But it would cost you at your 'foreign' bank to do the transfer via SWIFT, plus the Bht 500 at Bkk Bank.

That charge varies greatly from one bank to another.

 

I didn't add that as I don't know which bank her will use or even which country. Though I should have added that as an item the OP needs to check. In fact I will edit and add it so that the OP doesn't miss it.

[scubascuba3]

12 minutes ago, KannikaP said:

Read his post title again.

 

you read it again, anyone who uses Wise knows Bangkok Bank wouldn't charge anything, the implication is he's doing a transfer from his countrys bank direct to Bangkok Bank, of course he could change his mind and do it another way

[Eindhoven]

5 minutes ago, KannikaP said:

Cannot send GBP via Wise though.

 

He is just advising the OP to not make the mistake of allowing his home bank to set the exchange rate; but to let Bangkok Bank in Thailand set the rate.

 

WISE is different, as you want WISE to set the rate, not Bangkok Bank.

 

Of course you know this; the information is for the benefit of the OP.

 

Edited July 17, 2021 by Eindhoven

[scubascuba3]

14 minutes ago, Eindhoven said:

Pound Sterling example:

 

Bangkok Bank exchange rate: 44.85750 (£44,585) then add another 500(£11) baht. So it would cost you £44,596 currently.

 

Wise exchange rate: 45.15080 (£44,296) Wise charges £226.75. So you would have to send a total of £44,522.75 currently.

 

I think WISE can organise the money to be marked as funds from abroad if you choose a certain option.

 

 

You can't compare like that as the Bangkok Bank exchange rate would be when it settled not when the transfer is done

[Eindhoven]

Just now, scubascuba3 said:

You can't compare like that as the Bangkok Bank exchange rate would be when it settled not when the transfer is done

 

I can. The figures are for today. So an accurate comparison can be made if describing it thus:

If you received your Bangkok Bank transfer today it would cost (the figure I quoted).

 

If you sent it with WISE today it would cost (the figure I quoted).

 

Of course everyone understands the exchange rate fluctuations can occur. That is why it makes sense to refer to a particular point in time when creating an illustration.

 

Otherwise it would be impossible to make a simple comparison, using something that has not yet even occurred.

 

This way it is easy for the OP to understand. 

 

Though your point was worth mentioning. As using the bank to bank method, there is the possibility of the rate weakening/strengthening abroad by the time the transfer is settled. 

 

[Mason45]

I've used Wise for several years now and the service has been first class. First they tell you the nett result of your transfer, so up front you know what you're going to receive. Another feature is they track your transaction so you know exactly where your money is. The fees may seem a little high but thats more than covered by their rates on offer. By the way, open the Wise website, select the from and to countries, select an amount and it will give you a comparison of the banks exchange rates from your country,

[GrandPapillon]

2M THB might be the limit that the BoT block the funds in Thailand and ask you for paperwork to justify the funds, maybe do 2 transfers of 1M THB

[scubascuba3]

4 minutes ago, Eindhoven said:

 

I can. The figures are for today. So an accurate comparison can be made if describing it thus:

If you received your Bangkok Bank transfer today it would cost (the figure I quoted).

 

If you sent it with WISE today it would cost (the figure I quoted).

 

Of course everyone understands the exchange rate fluctuations can occur. That is why it makes sense to refer to a particular point in time when creating an illustration.

 

Otherwise it would be impossible to make a simple comparison, using something that has not yet even occurred.

 

This way it is easy for the OP to understand. 

 

Though your point was worth mentioning. As using the bank to bank method, there is the possibility of the rate weakening/strengthening abroad by the time the transfer is settled. 

 

The only way to properly compare is send using both methods and see, but that's variable depending if rates strengthening or weakening, I did a test a few years ago, Clarity card was best, followed by Wise, followed by a bank transfer. If a currency was moving up quickly, which can happen, a bank transfer would most likely be better

[Eindhoven]

3 minutes ago, scubascuba3 said:

The only way to properly compare is send using both methods and see, but that's variable depending if rates strengthening or weakening, I did a test a few years ago, Clarity card was best, followed by Wise, followed by a bank transfer. If a currency was moving up quickly, which can happen, a bank transfer would most likely be better

The only way for the OP to do so would be to use both methods at the same time. But how to know the precise amount to spend with each method in order to compare?

 

[scubascuba3]

4 minutes ago, Eindhoven said:

The only way for the OP to do so would be to use both methods at the same time. But how to know the precise amount to spend with each method in order to compare?

 

The answer varies everytime depending how rates are moving but generally Wise will be better. The problem with Wise is the doubt it won't be recorded as "International" so if buying a condo most will just opt for an old fashioned bank transfer

[dabhand]

46 minutes ago, scubascuba3 said:

The answer varies everytime depending how rates are moving but generally Wise will be better. The problem with Wise is the doubt it won't be recorded as "International" so if buying a condo most will just opt for an old fashioned bank transfer

Indeed Wise do flag up the potential problem about the issuance of the FET form as per the note at the bottom of this web page. Fair play that they are transparent on this matter.

 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

[Puccini]

7 hours ago, scubascuba3 said:

It's also best not to send baht

Definitely. Do not ask your foreign bank to send THB. Let the conversion to THB be done by your Thai bank, which results in a much better exchange rate for you.

 

For a SWIFT transfer, by Thai banks often called TT or telegraphic transfer, the Thai bank's fee is THB 500 for the amount you mentioned.

[Airalee]

8 hours ago, Eindhoven said:

Pound Sterling example:

 

Bangkok Bank exchange rate: 44.85750 (£44,585) then add another 500(£11) baht. So it would cost you £44,596 plus whatever your home bank will charge you for the transfer currently.

 

Always send in your home currency as advised. Don't allow your home bank to do the conversion. If you do the rate will be relatively poor and you will likely have to send even more to obtain 2,000,000 baht.

 

Wise exchange rate: 45.15080 (£44,296) Wise charges £226.75. So you would have to send a total of £44,522.75 currently.

 

I think WISE can organise the money to be marked as funds from abroad if you choose a certain option.

 

 

I think you have your math wrong.

 

Let’s use the £44,296 amount.

 

Wise:  £44,296 * 44.1508 = ฿1,955,704 (less £226.75 or ฿10,011) = ฿1,945,693 received

 

Swift:  £44,296 * 44.8575 = ฿1,987,008 (less £25 (@฿1,125) bank charges for swift fees) and an additional ฿500 from Bangkok Bank) =  ฿1,985,383 received.

 

Edited July 17, 2021 by Airalee

[treetops]

7 minutes ago, Airalee said:

I think you have your math wrong.

 

Let’s use the £44,296 amount.

 

Wise:  £44,296 * 44.1508 = ฿1,955,704 (less £226.75 or ฿10,011) = ฿1,945,693 received

Sometimes it's better to not post if you don't know what you're on about.

 

The arithmetic in this transaction is 2,000,000/44.1508 which is £44,296 as originally posted.  The OP would then have to add Wise's fee of £226.75 which means he would have to spend £44,522.75 to get 2,000,000 THB into his account, which is what he wants.

[Airalee]

27 minutes ago, treetops said:

Sometimes it's better to not post if you don't know what you're on about.

 

The arithmetic in this transaction is 2,000,000/44.1508 which is £44,296 as originally posted.  The OP would then have to add Wise's fee of £226.75 which means he would have to spend £44,522.75 to get 2,000,000 THB into his account, which is what he wants.

My math is correct.

 

2,000,000/44.1508 is £45,299. Then add the £226.75 and he would have to spend £45,526.75

 

2,000,000/44.8575 is £44,586.  Then add the £25 Swift fee and £11 Bangkok Bank fee and he would spend £44,622

 

He spends more using Transferwise.

 

You’re welcome.