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

[treetops]

Use 45.1508 instead of 44.1508 as per the original comparison.  I made a typo but the calculation is correct and it would cost £44,522.75 to get 2,000,000 THB.

 

Do you want to try again?

[Airalee]

10 minutes ago, treetops said:

Use 45.1508 instead of 44.1508 as per the original comparison.  I made a typo but the calculation is correct and it would cost £44,522.75 to get 2,000,000 THB.

 

Do you want to try again?

My bad,  I used the wrong exchange rate.

[villageidiotY2K]

well ive checked at the overseas bank and they charge 9 NZD (new zealand dolla equilavent 180THB) to transfer 2M THB into Thai bank.

Then Bangkok bank will charge additional 500 THB

 

so whats up with all these wise transfer and what not?

Is that the banks in UK and US charge hefty, so u gotta go through with them?

[scubascuba3]

3 hours ago, villageidiotY2K said:

well ive checked at the overseas bank and they charge 9 NZD (new zealand dolla equilavent 180THB) to transfer 2M THB into Thai bank.

Then Bangkok bank will charge additional 500 THB

 

so whats up with all these wise transfer and what not?

Is that the banks in UK and US charge hefty, so u gotta go through with them?

It's not clear what you are asking but generally Wise will give you a better exchange rate and you'll get more baht, the risk, if you select the wrong reason the transfer won't be shown as International

[Eindhoven]

3 hours ago, villageidiotY2K said:

well ive checked at the overseas bank and they charge 9 NZD (new zealand dolla equilavent 180THB) to transfer 2M THB into Thai bank.

Then Bangkok bank will charge additional 500 THB

 

so whats up with all these wise transfer and what not?

Is that the banks in UK and US charge hefty, so u gotta go through with them?

 

I explained it earlier and made a comparison for you. Try reading it.

 

 

In your case, adding in your NZ bank fee; the bank method would cost £44,600 equivalent, with WISE coming in at £44,522.75 equivalent.

I use £s, as that is what I used for the original illustration.

Edited July 18, 2021 by Eindhoven

[bradiston]

On 7/18/2021 at 2:28 AM, 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

 

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.

 

Did you mean 45.1508 THB for a Wise transfer? Not 44.1508 THB?

 

At today's Wise rate 19th July, £44,296 sent to a Thai bank will get you 1,990,836 THB

Edited July 19, 2021 by bradiston

[The Fat Controller]

From the UK, Wise wins despite their fees as they offer almost mid-market rates.

 

I have transferred 2 million THB twice recently, funds credited as "International Transfer" at BKK Bank, you must use the "funds for long stay" reason from the Wise menu to get that description.

 

Neither Wise or BKK Bank needed any additional information or forms, which is great as I am in the UK now.

 

Funds moved to my wife (Krung Thai Bank) via internet banking, that took 4 transfers as my limit is 500k, no fees for that at all.

[KhunBENQ]

deleted

enough written

 

Edited July 19, 2021 by KhunBENQ

[MrJ2U]

On 7/17/2021 at 4:58 PM, ubonjoe said:

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

And depending on your bank sending it can be free also.  Chase Bank offers free international transfers for accounts with $250,000 and above.

[Randy99]

I transfer THB to my Bangkok Bank account from a Canadian bank quite regularly.  Bangkok Bank has never charged a fee.  My Canadian bank though takes a hefty fee for doing the conversion to Thai Baht from Cdn dollars.

[thailand49]

I did a million last year from Charles Schwab to my Bangkok Bank rate not as good as Wise but not bad either 500 baht max.

Edited July 19, 2021 by thailand49

[Eindhoven]

1 hour ago, Randy99 said:

I transfer THB to my Bangkok Bank account from a Canadian bank quite regularly.  Bangkok Bank has never charged a fee.  My Canadian bank though takes a hefty fee for doing the conversion to Thai Baht from Cdn dollars.

 

That is exactly why people are continually advised to send in home currency, letting the Thai bank do the conversion. Obviously you didn't get that memo..

[KhunBENQ]

2 hours ago, Randy99 said:

Canadian bank though takes a hefty fee for doing the conversion to Thai Baht from Cdn dollars.

If they don't do it via the fee they use ridiculous rates.

In contrast to WISE vs. bank transfer these losses are BIG.

Edited July 19, 2021 by KhunBENQ

[The Theory]

Do I need to have a "foreign currency account" to receive fund in US$ from a US bank account ? 

[CMBob]

14 minutes ago, The Theory said:

Do I need to have a "foreign currency account" to receive fund in US$ from a US bank account ? 

No.  You can transfer into any account; however, if you want to have your Thai bank retain the funds in your home currency, then you'd need to transfer into a foreign currency account you already have set up.

 

Would note (adding or repeating some):

(1)  Schwab charges $15.00 for a SWIFT wire transfer to a Thai bank.  

(2) Always transfer in your home currency....you'll get the daily bank rate the moment the funds arrive at your Thai bank.  From the US, you can choose to transfer in Thai baht but they do the conversion in the US and it's generally a fair amount lower (that's a lot of money if you're transferring a large sum).

(3)  Thai banks charge 500 baht to receive the transfer.  Some banks (like mine....Siam Commercial Bank) somewhat hide that fee (e.g., it doesn't show up on anything but I know that's the fee).  I presume all Thai banks charge the same 500 baht (at least Bangkok Bank does).

(4)  I remain dumbfounded as to why people use Wise or any other similar service when generally their fees are much larger than what one's home bank will charge for a SWIFT transfer (typically, a US bank fee for a SWIFT international wire is $40 to $80).  And, if the private service sends in Thai baht, you often get a slightly lower rate than what your Thai bank will provide.  But, if you don't have a home country bank account from which to transfer the funds, then I suppose you have no choice but to use a private service.

[The Theory]

1 hour ago, CMBob said:

  I remain dumbfounded as to why people use Wise or any other similar service when generally their fees are much larger than what one's home bank will charge for a SWIFT transfer (typically, a US bank fee for a SWIFT international wire is $40 to $80).

IMO if it's about small amounts (1 or 2 or $3000) Wise works better. Their fee is about less than 1% of transfer amount and their exchange rate if is not the best, it's a great rate (and no fees on arrival by Thai bank). 
For example if I transfer $1000 by Wise, the fee will be less than $10 which is 1% and I believe their exchange rate is at about ฿0.5 higher than my banks (bkkb or SCB). ฿0.5 makes ฿500 difference that is greater than 1% fee by Wise (฿300 for $1000). 
I hope I'm right ????

 

Edited July 19, 2021 by The Theory

[The Fat Controller]

@CMBob

 

From the UK, WISE wins every time due to the fact they use very near to the mid-market rate, even with their fees.

 

Forget sending in THB from a UK bank, their rates are rubbish.

 

Send GBP by SWIFT and it'll cost around £25 but the rate at which all Thai banks convert is way less than WISE, rate is not guaranteed either, you get whatever it is when the money hits Thailand, although if you ask in advance they can hold the funds until you ask for it to be converted.

 

Incoming fees at most Thai banks are 0.25% of the amount with a minimum of 200 and maximum of 500 THB.

 

WISE also beat Currencies Direct, TorFx and the like, who in their advertising say "no fees", that is true but their exchange rates are lower.

 

Believe me, when I am sending £45,000 I do all the sums and WISE is the best from my country,

 

Folks, spend an hour doing your homework too !

[treetops]

1 hour ago, CMBob said:

(4)  I remain dumbfounded as to why people use Wise or any other similar service when generally their fees are much larger than what one's home bank will charge for a SWIFT transfer (typically, a US bank fee for a SWIFT international wire is $40 to $80).

Fees are larger but almost always outweighed by the superior exchange rate.  Look at the example in GBP on the previous page which was for 2 million baht, or do a calculation yourself and post it here.

[brianthainess]

On 7/18/2021 at 8:00 AM, villageidiotY2K said:

well ive checked at the overseas bank and they charge 9 NZD (new zealand dolla equilavent 180THB) to transfer 2M THB into Thai bank.

Then Bangkok bank will charge additional 500 THB

 

so whats up with all these wise transfer and what not?

Is that the banks in UK and US charge hefty, so u gotta go through with them?

I agree my UK bank has one fee for sending money it is £20 no matter the amount, and the BKB charge is max 500 TB, a one off large sum I would defiantly use my UK bank.

[villageidiotY2K]

It says max 2mthb per transfer.

Anyway, is there no additional charges beyong this picture from Bangkok bank and overseas bank? 

 

This is the actual u will rcv? 

I'm interested to know, how can they keep this ex rate better than the bank?? 

Edited July 20, 2021 by villageidiotY2K

[KannikaP]

Does a SWIFT transfer arrive as an FTT, foreign transfer, into a Thai bank?

[BobinBKK]

I have never seen a specific charge posted in my BB bankbook. I recently transferred 25k USD from Chase Bank in America and received the "actual daily rate" for that day for a fee of $40 USD charged by Chase.

[Eindhoven]

On 7/19/2021 at 3:04 PM, CMBob said:

No.  You can transfer into any account; however, if you want to have your Thai bank retain the funds in your home currency, then you'd need to transfer into a foreign currency account you already have set up.

 

Would note (adding or repeating some):

(1)  Schwab charges $15.00 for a SWIFT wire transfer to a Thai bank.  

(2) Always transfer in your home currency....you'll get the daily bank rate the moment the funds arrive at your Thai bank.  From the US, you can choose to transfer in Thai baht but they do the conversion in the US and it's generally a fair amount lower (that's a lot of money if you're transferring a large sum).

(3)  Thai banks charge 500 baht to receive the transfer.  Some banks (like mine....Siam Commercial Bank) somewhat hide that fee (e.g., it doesn't show up on anything but I know that's the fee).  I presume all Thai banks charge the same 500 baht (at least Bangkok Bank does).

(4)  I remain dumbfounded as to why people use Wise or any other similar service when generally their fees are much larger than what one's home bank will charge for a SWIFT transfer (typically, a US bank fee for a SWIFT international wire is $40 to $80).  And, if the private service sends in Thai baht, you often get a slightly lower rate than what your Thai bank will provide.  But, if you don't have a home country bank account from which to transfer the funds, then I suppose you have no choice but to use a private service.

 

Quote

(4)  I remain dumbfounded as to why people use Wise or any other similar service when generally their fees are much larger than what one's home bank will charge for a SWIFT transfer (typically, a US bank fee for a SWIFT international wire is $40 to $80).  And, if the private service sends in Thai baht, you often get a slightly lower rate than what your Thai bank will provide.  But, if you don't have a home country bank account from which to transfer the funds, then I suppose you have no choice but to use a private service.

 

Perhaps you should look at the illustration that I produced earlier. Don't remain in ignorance; otherwise you will only continue to spread it.

[Eindhoven]

On 7/20/2021 at 3:40 AM, BobinBKK said:

I have never seen a specific charge posted in my BB bankbook. I recently transferred 25k USD from Chase Bank in America and received the "actual daily rate" for that day for a fee of $40 USD charged by Chase.

 

The "actual daily rate" is not the full mid-market rate, unlike the rate used by WISE. So you lose out there. Hard to believe there are still people here that don't seem to know this, after all the information that is posted.

[Eindhoven]

On 7/20/2021 at 3:31 AM, villageidiotY2K said:

It says max 2mthb per transfer.

Anyway, is there no additional charges beyong this picture from Bangkok bank and overseas bank? 

 

This is the actual u will rcv? 

I'm interested to know, how can they keep this ex rate better than the bank?? 

 

 

Is the way that it is done.

Take note of the steps to be taken if you need confirmation of it being a foreign transfer.

[BobinBKK]

1 hour ago, Eindhoven said:

 

The "actual daily rate" is not the full mid-market rate, unlike the rate used by WISE. So you lose out there. Hard to believe there are still people here that don't seem to know this, after all the information that is posted.

The rate(s) I see and use as a comparison aren't much different than those using my method of transfer, so I'm not losing... Simply said, I won't consider 100 baht either way as a loss/gain.

[Eindhoven]

3 minutes ago, BobinBKK said:

The rate(s) I see and use as a comparison aren't much different than those using my method of transfer, so I'm not losing... Simply said, I won't consider 100 baht either way as a loss/gain.

 

If you think the difference is 100 baht between bank transfers and Wise, then more fool you. You are looking at the wrong rates. Remember this is a thread about a 2,000,000 baht transfer. Not US$500.

[Eindhoven]

7 minutes ago, BobinBKK said:

The rate(s) I see and use as a comparison aren't much different than those using my method of transfer, so I'm not losing... Simply said, I won't consider 100 baht either way as a loss/gain.

 

Allow me to assist you:

 

This is today's rate if your US$25,000 was settled on this day: 32.76

 

This is WISE's rate today: 32.9300; obtaining 818,194.26 after fees.

 

Bank transfer 819,000 minus your stated 1817.08 baht in fees, equalling: 817,182.92.

 

Not a huge difference, but 1000 baht is not 100 baht.

[BobinBKK]

14 minutes ago, Eindhoven said:

 

Allow me to assist you:

 

This is today's rate if your US$25,000 was settled on this day: 32.76

 

This is WISE's rate today: 32.9300; obtaining 818,194.26 after fees.

 

Bank transfer 819,000 minus your stated 1817.08 baht in fees, equalling: 817,182.92.

 

Not a huge difference, but 1000 baht is not 100 baht.

Allow me to assist you... I'm talking about the date I last transferred money (which is going to be different) than whatever day you pulled this up. You stick to your method, and I'll stick to mine. And YES, I did in fact look at your precious WISE transfer as a rate comparison on the date of MY transfer. Your precious WISE rate today is no different than what I prefer to use. I also don't like linking my checking account to anything other than BANK to BANK transfers for ANYTHING. $40 USD (pocket change for me) is not included in my transfer calculation, it's my peace of mind and security. It's MY personal preference and not up for debate with you or anyone else, period! 

[BobinBKK]

1 hour ago, Eindhoven said:

then more fool you

I don't recall asking for your insults. This just proves your lack of intelligence.