Best and Cheapest Way to Transfer Money from Thai Bank to U.S. Bank

[Isaanman]

I was wondering if anyone has ever transferred a large amount of Thai baht from a Thai bank account back into a U.S. bank account? [Chalk me up as another farang who, after 10+ years in country over the last two decades, is simply done with the increasing hassle it takes to live in the LoS, especially in the last 3 years.] I have over ฿750k in my BB account that I initially sent over here via (Transfer)Wise and direct bank wire (SWIFT, I think). A few questions: 

 

1) Can you physically go into the BB in New York City and simply withdraw your money? If so, what kind of exchange rate should I expect to get?

 

2) What about transferring direct from BB to a U.S. account (like Citi, Wells Fargo, BoA, etc)? Has anyone done this using a SWIFT transfer or something else?

 

3) What about a reverse transfer using Wise? 

 

4) Am I correct in assuming that if I leave a little bit of baht in my BB, that my account will remain active after sending the bulk of the funds back to the U.S.?

 

5) Has anyone simply taken out cash (฿) and exchanged it for dollars on either side of the ocean? 

 

6) Anything I should be concerned about (tax issues, int'l transfer of large amount of money, taking large amounts of cash out of country/into another, etc)?

 

I would like to get the best exchange rate as possible, using methods and accounts I have already vetted in the past. I am willing to try a different service, if someone knows of a better, cheaper, more reliable way of transferring in the opposite direction. Any answers to any, most, or all of these questions will be greatly appreciated. Thanks. ????  

 

Edited November 13, 2021 by Isaanman
accidentally omitted words

[Peterw42]

In theory you can do most of the above. Keep in mind BKK bank in the US is not a branch of BKK bank Thailand, its a US bank with the same name, no different to wells fargo etc.

I think you will find Wise does not transfer out of Thailand.

 

Most people use Deemoney

https://www.deemoney.com/?utm_source=google&utm_medium=cpc&utm_campaign=Search&gclid=CjwKCAiAvriMBhAuEiwA8Cs5lR5CgNlCDGbx33zx3m9e49ED_NRybec-JFIAV_6jHCQ3BwZiNsZzwhoCRqYQAvD_BwE

[Pib]

Answers:

1.  No, you can not do that.  The Bangkok Bank NY branch is a licensed U.S. bank...they cannot "pull" money from your Bangkok Bank Thai bank acct.

2.  Sure...you can do that.   If you have Bangkok Bank online banking you could setup an int'l transfer authorization to a U.S. bank(s) as of around mid March 2021...no work permit needed like they use to require to setup an online int'l transfer link.  I can do int'l transfers rom my Krungsri Bank and Bangkok Bank accts.  You could also sign up for a Deemoney acct to transfer funds to the U.S.

3.  No...Wise cannot directly transfer THB out of Thailand...they can transfer in; not out.  You may be able to use your Bangkok Bank debit card to fund the adding of funds to your Wise multicurrency acct balance but there will be Wise fees and around a 2.5% Bangkok Bank foreign currency conversion fee...you would also have to do it in small transfers based on whatever you daily limit is with your card.

4.  Yes...leave at least Bt2,000 in the acct and it should stay active.  If it drops below Bt2K "and" there is no user/owner activity for 12 months the bank will begin charging a month Bt50/month acct maintenance fee until the balance reaches zero and then the acct is automatically close.   Keep in mind fees like the annual debit card fee (if you have a debit card with the acct) can reduce your balance, so I don't recommend leaving only Bt2,000 balance.....leave enough to handle annual fees.

5.  Sure...you could do that but there will be an exchange rate loss....and be sure to declare the funds you are carrying when leaving/entering a country

6.  No tax issues.

[mikesil]

I was in NY once and stopped in to Bangkok Bank for a minor transaction (details forgotten).  Turned out that there are NY exchange rates and Bangkok rates, the former being significantly less advantageous to the customer.

[Isaanman]

17 hours ago, Pib said:

Answers:

 . . .

2.  Sure...you can do that.   If you have Bangkok Bank online banking you could setup an int'l transfer authorization to a U.S. bank(s) as of around mid March 2021...no work permit needed like they use to require to setup an online int'l transfer link.  I can do int'l transfers rom my Krungsri Bank and Bangkok Bank accts.  You could also sign up for a Deemoney acct to transfer funds to the U.S.

 

Thanks, guys. From your past experiences would I end up transferring more money via a bank-to-bank transfer (SWIFT) or using DeeMoney after taking into consideration the fees assessed (on both ends) and the exchange rates? Is there anything I need to consider in regards to the latter? I once made a transfer of funds close to $10k from my WF account in the U.S. into a local Thai bank in Chaing Mai to buy my car, and the exchange rate I received was absolutely terrible! I must have lost over $350. I would like to avoid that with a ฿750k transfer. Thanks

[Isaanman]

I trust it is not too much hassle to sign up with DeeMoney? Can that be done by simply uploading a copy of your passport, and a SMS OTP verification--like with Wise? Anything else?

[Pib]

21 minutes ago, Isaanman said:

Thanks, guys. From your past experiences would I end up transferring more money via a bank-to-bank transfer (SWIFT) or using DeeMoney after taking into consideration the fees assessed (on both ends) and the exchange rates? Is there anything I need to consider in regards to the latter? I once made a transfer of funds close to $10k from my WF account in the U.S. into a local Thai bank in Chaing Mai to buy my car, and the exchange rate I received was absolutely terrible! I must have lost over $350. I would like to avoid that with a ฿750k transfer. Thanks

For a comparison of exchange rate and fees associated with sending money out of Thailand, if using a Thai bank their basic sending fee is going to be in the Bt250-400 ballpark.  And since there could be an intermediary bank fee they will also offer an optional sending fee which would cover any intermediary bank fees along the way.  If selecting this option fee it's going to add around Bt800 to the basic fee...so that means the total fee would be up around Bt1050-1200 now.   Unless you are sending money and it's critical an exact amount arrives on the other end I would just go with the basic sending fee and just let the intermediary bank slice off whatever fee they charge which is probably not going to be more than $20 (approx Bt660)....and you may get lucky with no intermediary bank fee.   If using Deemoney they have one flat sending rate of Bt250 which sometimes they have on promotion for Bt125.  There shouldn't be any intermediary bank fees since they are not totally using the SWIFT system but their peer-to-peer type system.  

 

OK, we talked the sending fees above, now what about the exchange rate.  Thai banks will use the "TT Selling Rate" shown on their website to convert Thai baht to whatever foreign currency you are sending out.  Their selling rate is basically the price you pay in baht to buy one unit of foreign currency.  So, the "lower" the TT Selling Rate the better as you pay less for buy/exchange to foreign currency.  It's the reverse of when sending money into Thailand when Thai banks use their TT Buying Rate to convert foreign currency to baht where a higher rate is better.  Now, Deemoney will use their "Money Transfer Rate" shown on their website (think of it as their Selling Rate)...once again, a lower Money Transfer rate lower is better when using your baht to buy foreign currency to transfer out of Thailand.

 

Regarding your U.S. to Thailand transfer before...sounds like you allowed your U.S. bank to convert to baht on their end using their exchange rate....a western bank exchange rate for baht will always suck in comparison to the TT Buying Rate provided by Thai banks.   Farang banks typically offer a low or no sending fee if you allow them to convert on their end....but that's just a tasty worn to hook you....when they hook you their lower exchange rate more than makes up for the no/low sending fee.    DO NOT let your farang sending bank convert to baht on their end as it makes a very nice profit for them all at your expense.

 

 

 

 

 

[Pib]

45 minutes ago, Isaanman said:

I trust it is not too much hassle to sign up with DeeMoney? Can that be done by simply uploading a copy of your passport, and a SMS OTP verification--like with Wise? Anything else?

 

Info on their website....and take a look at below post regarding documents you will be required to provide to open an online Deemoney acct.