Best and Cheapest Way to Transfer Money from Bangkok Bank in Thailand to a U.S. Bank Account

[Isaanman]

Has anyone every transferred large amounts of money from BB in Thailand to a U.S. account successfully, safely, and inexpensively using SWIFT? If not, what ways have proven to be the most economical (fees, exchange rate, etc)? Has anyone ever had any problem transferring money within Thailand to other accounts using their Bangkok Bank M-Banking app on their (i)phone from abroad? How about transferring money from a BB account to a US bank account (using any method) from back in the U.S.--either from the mobile app or the Internet website? Did you have to verify these transfers via an SMS on your Thai cell number? Or, could you verify it via email? I read something on the BB website about needing a letter from your employer to validate your annual salary. Did anyone ever have to submit this kind of document?  

 

I am going to our local BB today to talk with the manger about all this. I just wanted to see if anyone has any experience in any of these matters and could give a "thumbs up" or "thumbs down" about any of them. Thanks for your input. 

[Kwasaki]

Sent money to UK via a visit tomy Bkk bank branch with swift and filled out some forms,  it was not expensive I prefered it as I felt it was much more secure doing that way. 

[Isaanman]

11 hours ago, Kwasaki said:

Sent money to UK via a visit tomy Bkk bank branch with swift and filled out some forms,  it was not expensive 

Did they require salary validation documentation?  [I am thinking this is probably for Thai people more than it is for farang, but I’m not sure.] Did you receive a decent exchange rate (i.e. their published “selling rate” for that day)? This seems like the best and most secure way to me also; but, more people online speak about using DeeMoney than sending via SWIFT. 

[EricTh]

1 hour ago, Isaanman said:

Did they require salary validation documentation?  [I am thinking this is probably for Thai people more than it is for farang, but I’m not sure.] Did you receive a decent exchange rate (i.e. their published “selling rate” for that day)? This seems like the best and most secure way to me also; but, more people online speak about using DeeMoney than sending via SWIFT. 

 

SWIFT always have the worst exchange rate so it's not worth it. Try comparing Deemoney with SWIFT.

 

Deemoney 10,000 baht = 295.8 USD

Transferwise 10,000 baht = 297.5 USD

 

We are unlucky not to have Transferwise or Instarem which will give us much better exchange rates.

 

Edited January 29, 2022 by EricTh

[timendres]

Bankok Bank will allow you to establish a "foreign recipient" in their inline banking, but it is a laborious process. If I remember correctly, they required a copy of my work permit to allow that under the "purpose" of repatriating earnings. In the Kasikorn KPlus mobile app, I simply put in the details of a transfer (destination bank, account number, recipient name, etc.), and I am able to transfer up to 50K THB per day - no work permit, not application process, nothing. Just able to do it instantly with no hassles. Transfer rates using KPlus transfer were within 20 b.p. of rate on xe.com, which is about as good as it gets. You will pay a fee on the receiving end, which is typically $20 or $30 depending on the receiving bank. I found it to be the best "online" method using a Thai bank.

[Kwasaki]

10 hours ago, Isaanman said:

Did they require salary validation documentation?  [I am thinking this is probably for Thai people more than it is for farang, but I’m not sure.] Did you receive a decent exchange rate (i.e. their published “selling rate” for that day)? This seems like the best and most secure way to me also; but, more people online speak about using DeeMoney than sending via SWIFT. 

It was easy no questions you just fill out a form and you get a copy, the rate was reasonable.

My bank is not far from me so I use it rather than on-line just felt secure with a large amount to me.