Affordable cost to transfer 800k THB

[Eugen63]

Hi there,

I need to transfer 800k THB to my Thai bank account in order to apply for a Non-O retirement visa.

Do you know which is the better way ( i.e. the cheaper) to do it?  (Home bank currency is Euro)

 

Thanks

[DrJack54]

Wise

[Kopitiam]

The easiest way is by internet banking (if you have such an account).  Your bank charge a minimal fee, make some money from the exchange rate and the Thai bank charge a fee (SCB charges 250 Bahts).  If you send 800k, it will shows 800k minus 250, balance 799,750Bahts.

[DrJack54]

37 minutes ago, Kopitiam said:

The easiest way is by internet banking (if you have such an account).  Your bank charge a minimal fee, make some money from the exchange rate and the Thai bank charge a fee (SCB charges 250 Bahts).  If you send 800k, it will shows 800k minus 250, balance 799,750Bahts.

Don't understand what your suggesting. Surely not to have your home country bank transfer the funds? 

 

[jackdd]

38 minutes ago, Kopitiam said:

If you send 800k, it will shows 800k minus 250, balance 799,750Bahts.

This is one of the things you should never do.

[DrJack54]

Better off in finance banking forum.

[Kopitiam]

21 minutes ago, DrJack54 said:

Don't understand what your suggesting. Surely not to have your home country bank transfer the funds? 

 

I do that all the time.  I login my internet bank account of my home country, transfer the 800k Bahts to my Thai bank account.  My home bank account will charge a very small fee (less than 8 Euros), let me know how much was the exchange rate and done.  I check my Thai bank account, it received 800k Bahts, deduct 250 Bahts fee and a balance of 799,750 Bahts.

[Upnotover]

4 minutes ago, Kopitiam said:

I do that all the time.  I login my internet bank account of my home country, transfer the 800k Bahts to my Thai bank account.  My home bank account will charge a very small fee (less than 8 Euros), let me know how much was the exchange rate and done.  I check my Thai bank account, it received 800k Bahts, deduct 250 Bahts fee and a balance of 799,750 Bahts.

The point is that your bank will have given you a terrible exchange rate.  But not important if you are rich of course.

[DrJack54]

3 minutes ago, Kopitiam said:

, let me know how much was the exchange rate and done.

Think you might like to compare with dedicated transfer institutions such as Wise (formally Transferwise) etc.

 

[JAS21]

7 minutes ago, Kopitiam said:

I do that all the time.  I login my internet bank account of my home country, transfer the 800k Bahts to my Thai bank account.  My home bank account will charge a very small fee (less than 8 Euros), let me know how much was the exchange rate and done.  I check my Thai bank account, it received 800k Bahts, deduct 250 Bahts fee and a balance of 799,750 Bahts.

Are you saying that you buy the Thai Baht from you home country bank. If so have you ever checked the rate you get against the mid market rate

[Kopitiam]

3 minutes ago, DrJack54 said:

Think you might like to compare with dedicated transfer institutions such as Wise (formally Transferwise) etc.

 

It's ok, I am not transferring a large amount.  All done in the comfort of my home.  There is a price for convenience.

[DrJack54]

4 minutes ago, Kopitiam said:

It's ok, I am not transferring a large amount.  All done in the comfort of my home.  There is a price for convenience.

Can lead a horse to water......

 

Folk that transfer funds from home country to Thailand do it from anywhere with online internet banking. Naturally they use companies such as Wise. 

Keep an eye on the OP. 

He wanted to transfer 800k baht.

Not huge but no one would do that using a bank. 

[Kopitiam]

13 minutes ago, JAS21 said:

Are you saying that you buy the Thai Baht from you home country bank. If so have you ever checked the rate you get against the mid market rate

Yes, I do from time to time.  The difference is not much.  And I am not transferring large amount.

[Nino3]

7 minutes ago, JAS21 said:

Are you saying that you buy the Thai Baht from you home country bank. If so have you ever checked the rate you get against the mid market rate

I use my US bank/online for international wires. I have the option to send in US dollars or baht. Best to send in baht as the bank will commit to an exchange rate. May be better than when it reaches your Thai bank. Bank charges 45.00 US for transfer. If you have access to Apple Pay you can transfer there, then send it on to your Thai bank via Thai bank ATM card. I'm not immediately sure if there is a max limit with Apple Pay.

[Kopitiam]

7 minutes ago, DrJack54 said:

Can lead a horse to water......

 

Folk that transfer funds from home country to Thailand do it from anywhere with online internet banking. Naturally they use companies such as Wise. 

Keep an eye on the OP. 

He wanted to transfer 800k baht.

Not huge but no one would do that using a bank. 

To each his own.  Just like people who use agent for extension of stay even they have all the document and easy to do by themself.

[DrJack54]

3 minutes ago, Kopitiam said:

To each his own.  Just like people who use agent for extension of stay even they have all the document and easy to do by themself.

For heaven's sake. I do the transfers myself online. 

 

You have distracted the thread enough.

 

The OP asked about a transfer of 800k your suggestion would be worst possible option. 

 

[Kopitiam]

8 minutes ago, DrJack54 said:

For heaven's sake. I do the transfers myself online. 

 

You have distracted the thread enough.

 

The OP asked about a transfer of 800k your suggestion would be worst possible option. 

 

I gave the OP my option.  I didn't say its the best option.  I can accept you criticise my option is the worst possible option.  I have no problem with that.  You are entitled to your opinion.  I will continue to do what I feel good doing.

[Maybole]

I have always found that transferring money in my home countries currency and getting the Thai bank to convert to Baht has produced a better rate. Wise, however, will not do this, but their rates are good and fees modest.

 

[Crossy]

8 hours ago, Maybole said:

I have always found that transferring money in my home countries currency and getting the Thai bank to convert to Baht has produced a better rate.

 

Yeah, it's been the "rule" for ages to always send home currency and convert at the Thai end.

[ChaiyaTH]

Just do a smaller pre-transfer to be sure of the process, speed and it working. 

 

After transfer and convert in TH to THB. 

[Eugen63]

To center the question,

Wise would charge 120 € (0.57%) for transferring 21000 €, the exchange rate looks good.

My home bank would charge 147 € (0.7%) and probably the exchange rate would be worse, so it's not an option.

I'm asking if there is a way to save some euros.

 

Best regards.

[Lemsta69]

7 minutes ago, Eugen63 said:

To center the question,

Wise would charge 120 € (0.57%) for transferring 21000 €, the exchange rate looks good.

My home bank would charge 147 € (0.7%) and probably the exchange rate would be worse, so it's not an option.

I'm asking if there is a way to save some euros.

 

Best regards.

save Euros? use a cheap agent in Pattaya and invest the 800k. why keep all that money in a Thai bank account at zero interest for 20 years?

[Gsxrnz]

14 hours ago, Maybole said:

I have always found that transferring money in my home countries currency and getting the Thai bank to convert to Baht has produced a better rate. Wise, however, will not do this, but their rates are good and fees modest.

 

I have Wise accounts in multiple currencies.  I just deposit my home currency in bulk into my Wise domestic currency account and buy/sell other currencies within Wise as I see fit at virtually no cost and at interbank rates.

 

Because my Kiwi dollar is volatile I will often buy USD, GBP, EUR or AUD and hold it in Wise and then flick it to Wise THB account when I need it.  I transfer THB from Wise to my Kbank account as and when necessary.

 

EDIT:  forgot to add that Wise have an international debit card also.  So I can use that card in Thailand at any outlet and it debits the Wise THB account.  If I buy on evilbay it will debit whatever the currency is required by the seller.  Beats the hell out of paypal or your domestic card/bank on the rate used even if you haven't got that currency in Wise.

 

Because I hold multiple currencies in Wise, I make a few bucks just dicking it between currencies and as I always have plenty to come and go on I'm rarely forced to buy or sell at a bad rate.  If the rate is against me on THB I'll convert THB to USD or NZD instead and then wait a day, a week, or a month to flick it again. 

 

I once mistakenly bought NZD 10K worth ofTanzanian Shillings (don't Wise when you're at the bar) and didn't realise for 4 days - flicked it back to NZD on Wise and scored NZD300 profit.

 

 

 

Edited November 7, 2021 by Gsxrnz

[J Branche]

If you have a Charles Schwab brokerage account I would call and confirm the exchange rate, and

any other fees charged.  I've heard once you get to about $5000.00 USD to transfer it may be cheaper

to use Schwab.  Will call next week and get details and update.

 

[treetops]

 

23 hours ago, J Branche said:

Will call next week and get details and update.

No, please don't.  This thread is for a guy whose home bank currency is the Euro.  There's enough nonsense in it already from Kopitiam and Nino3 already without further distractions.