FCD to FCD transfer. Is it possible

[Adumbration]

I have a Foreign Currency Deposit account with Krungsri.  

 

I moved a while back and the town the I am in does not have a Krungsri branch in the fact the closest is now more than an hours drive away.

 

I have a fair chunk of cash in the account is AUD and I use it each year to meet my retirement extension financial requirements.

 

I dont want to cash it out and convert the AUD to THB just now because it seems that the AUD is on a strengthening trend against the baht.  

 

I have an SCB branch not far from my new home and their staff are ok.

 

So here are my questions:

 

1. If I open another AUD FCD with SCB in my town.  Can I then tx my AUD from Krungsri to SCB.  Reading the krungsri fees and charges for FCDs on their website it looks like transfer between two account in the same name is free?  The link to that document is here:

 

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposits-withdrawals-fcd/en/fee-deposit-withdrawals-fcd-01122020-en.pdf

 

2. If I do manage an AUD tx from krungsri to SCB do you think it will effect my visa extension when I then seek to use the SCB FCD as my proof of finances

 

3. In the event that I do liquidate the Krungsri fund into THB and then deposit a cash cheque into my THB account at SCB do you think that would effect my visa extension.

[Adumbration]

I also forgot to mention another possibility.

 

TX the money to my account back in Oz.  And then transfer the funds back here via Wise to avoid Krungsri's circa 2% skim on the conversion of AUD to THB.  Any one ever done this?

[topt]

20 hours ago, Adumbration said:

. If I open another AUD FCD with SCB in my town.  Can I then tx my AUD from Krungsri to SCB.  Reading the krungsri fees and charges for FCDs on their website it looks like transfer between two account in the same name is free?  The link to that document is here:

I would doubt very much that it is free as they need to send in AUD and to a different bank but there is always a first time  My guess is a SWIFT charge plus charges at the SCB end and, possibly even an intermediate bank fee, but you would need to ask your bank.

 

20 hours ago, Adumbration said:

2. If I do manage an AUD tx from krungsri to SCB do you think it will effect my visa extension when I then seek to use the SCB FCD as my proof of finances

As long as you meet the timing requirements no reason why it would be an issue in a different account - and same for 3.

[Adumbration]

Thanks for your reply.  The timing requirements are not really relevant are they  The money will still be here in thailand in my name.  It is just that the funds would be transfer out of one account that I always used for my extension and into another account.  But might also be the case fund are also converted into THB if into baht denominated account.

 

SCB (and krungsri) does not charge a fee for incoming FCD deposits if they are sent by tx.

But do charge a half a percent skim to transfer out plus 1000 baht for admin.  The skim for converting to baht is outrageous at around 2% (especially given current zero interest rate environment).

 

I wonder if it is possible to transfer the funds from the FCD to wise and then tx back here in baht.  That would mean that I would only lose the .5% skim and would get a good market rate when tx the baht back here with wise.  Anyone done this?

 

 

[topt]

On 10/8/2021 at 1:06 PM, Adumbration said:

SCB (and krungsri) does not charge a fee for incoming FCD deposits if they are sent by tx.

No  idea what you mean by "tx"?

 

On 10/8/2021 at 1:06 PM, Adumbration said:

The skim for converting to baht is outrageous at around 2%

Where do you get this from? Won't they transfer into your baht account (at same bank) at whatever their FX rate is at the time or the one you agree with them? This is what I did with them but it was some years ago so things may have changed..........

 

You seem to be moving the goal posts as you originally said you did not want to transfer into baht. Sending back to Oz and then transferring via Wise seems like a lot of trouble but fairly easy for you to do the calculations to see if it works for you on that amount........

[Adumbration]

TX is just my short hand for electronic transfer.

 

The 2% skim i refer is the spread between the conversion rate offered by the banks and the middle market rate from google wise ofx etc...