Need to transfer large amount of USD to Thailand ,

[Excel]

1 minute ago, JimGant said:

Wrong. You always take a big hit if you convert to THB in your originating country.

BS, but have it your way.

[JimGant]

Quote

Due to regulatory changes in Thailand, transfers of 50,000 THB and above will only be available for Kasikorn Bank, Bangkok Bank, and Siam Commercial Bank recipients. Effective on 10 Jan 2022 at 9AM Bangkok Time. Transfers under 50,000 THB remain unaffected for all supported recipient banks.

Did a Wise transfer today of $20k and this reminder still pops up. I use Bangkok Bank, so this didn't apply to me. But for those considering using Wise, and don't have accounts with one of these three banks, heads up. [And it would seem other transfer methods would be similarly affected -- any discussion of this on the forum that I'm missing?]

[1FinickyOne]

On 4/20/2022 at 1:56 AM, mrwebb8825 said:

I'm under the impression that you can not transfer more than $9,999 per month

incorrect. 

 

maybe you are confusing it with the rule that says you cannot hand carry more than $10,000 w/o declaring it... 

[JimGant]

45 minutes ago, Excel said:

BS, but have it your way.

Could care less if you lose money on your transfers, but I do get annoyed with erroneous advice on forums. Here's one of many warnings about converting to baht at home:

Quote

Never exchange your money into Thai Baht in your home country. This method is by far the most expensive. In virtually all countries, including countries neighboring Thailand, you tend to lose 5% to 10% at the very least if you exchange your local currency into baht.

https://www.expatden.com/thailand/thailand-currency-exchange/

 

[Pmbkk]

On 4/19/2022 at 7:56 PM, mrwebb8825 said:

I'm under the impression that you can not transfer more than $9,999 per month from the states so just do it twice. (better hurry though, Biden and company are trying to lower that to $600) As for BKK bank in NYC, money sent using their routing number and your account number automatically goes into your account as THB (unless you have a foreign currency account)

 

You're seriously telling me you can't transfer more than 9,999 per month from the states.

Trump would call this fake news.... 

[Chris.B]

On 4/20/2022 at 1:47 AM, Meat Pie 47 said:

I never used Wise I use Ria no fee whats so ever

Just checked exchange rates:

 

RIA    33.39 baht

WISE 33.98 baht

[Chris.B]

On 4/20/2022 at 1:56 AM, Meat Pie 47 said:

yes of course but at least I know what I am getting

Yes, you know you are getting less!! 

[lopburi3]

On 4/20/2022 at 1:35 AM, Billpro785 said:

my thought is to transfer the to Bangkok Bank in New York City, which I can do online, then could I transfer the funds to my local Bangkok Branch in Thailand where I have a account ?  

That would be ACH domestic transfer and can not be processed for onward delivery unless in international format (which is not used by US banks for personal accounts).  In the past it was possible - not now.

 

On 4/20/2022 at 1:56 AM, mrwebb8825 said:

As for BKK bank in NYC, money sent using their routing number and your account number automatically goes into your account as THB (unless you have a foreign currency account)

As said above this is no longer an option for domestic ACH transfers.

 

On 4/20/2022 at 11:53 AM, Excel said:

By the way do not transfer 13,000 in US dollars, convert first and transfer in THB for a better rate

You have that backwards - better rate is in Thailand for USD - never allow US bank to make the conversion.

 

On 4/20/2022 at 6:00 AM, hereforgood said:

And the speed of the transfer. When I press the button to begin the transfer in less than 5 seconds I get a sms from Bangkok bank saying the money has been received. Been very happy with Wise.

Indeed if not for long stay deposit my recent average time is 4-6 seconds for WISE transfer into my Thai account.  

[Sparktrader]

Send me $500 and I tell you the best way.

[Sparktrader]

23 minutes ago, Chris.B said:

Just checked exchange rates:

 

RIA    33.39 baht

WISE 33.98 baht

Any other companies?

[mtls2005]

On 4/20/2022 at 1:35 AM, Billpro785 said:

My bank in the states will only do international wire transfer If I go into the branch in the states.

 

Which bank?

 

While not unusual, without a standing wire transfer order on file, you may be able to just do a standard SWIFT international wire transfer from this bank, directly (let your bank choose the intermediary bank, send USD) to your Bangkok Bank account here in thailand.

 

This may require secondary verification/authorization. I'd press a bit harder with them for a solution.

 

If not, just use WISE.

 

Right now, $13,000 USD

 

SWIFT 438,380

WISE 438,688

 

 

 

Edited April 23, 2022 by mtls2005

[Excel]

1 hour ago, JimGant said:

Could care less if you lose money on your transfers, but I do get annoyed with erroneous advice on forums. Here's one of many warnings about converting to baht at home:

 

Clearly you have more money than sense  in wanting Thai banks to convert your foreign transfer's once here into THB, But still as the saying goes, there's one born every minute. So just have a nice day.

[Sparktrader]

Wise best rates

[Excel]

1 minute ago, Sparktrader said:

Wise best rates

The way go

[lopburi3]

11 minutes ago, Excel said:

Clearly you have more money than sense  in wanting Thai banks to convert your foreign transfer's once here into THB, But still as the saying goes, there's one born every minute. So just have a nice day.

US bank SWIFT making exchange will result in a much less attractive rate.  

[Sparktrader]

I checked 4 of them and Wise was best.

[Excel]

16 minutes ago, lopburi3 said:

US bank SWIFT making exchange will result in a much less attractive rate.  

Did I suggest SWIFT ?  No !! and as others have already stated the way to go is WISE for what the OP wants to transfer - end off.

[JimGant]

On 4/20/2022 at 1:35 AM, Billpro785 said:

my thought is to transfer the to Bangkok Bank in New York City, which I can do online, then could I transfer the funds to my local Bangkok Branch in Thailand where I have a account ?  

Well, Bangkok Bank NY makes this all transparent. You just do a domestic wire transfer to Bangkok Bank NY, using their routing number and using your Bangkok Bank account number from your Thailand Bangkok Bank. BB NY will wire the money to Thailand, where you'll get the BB TT buying rate in effect at the time (a rate just slightly south of the interbank exchange rate, i.e., a very competitive rate). This TT rate is exactly what we got back when domestic ACH was allowed -- and the other fees are the same, including a $10 upfront fee for amounts over $2000 and a .25% backend fee (max: 500bt). The only other fee may be one from your bank, for sending a domestic wire -- domestic ACH normally didn't have fees.

 

As a comparison, I sent via Wise $20k today, with their rate of 33.985. Promised amount, to arrive Apr 26, is 674,976.

 

The last BB TT rate, Friday, was: 33.76. Had I wired to BB NY and the effective TT rate was still 33.76 when the money hit my account in Thailand, I would have received 674,362. Of course, the TT rate probably would have changed -- for better or worse. Plus, I didn't incorporate any domestic wire fee that many banks charge. Anyway, pretty close comparison, so ease of execution would seem to be the tie breaker.

[Sparktrader]

Revolut the 2nd best i found

[lopburi3]

10 minutes ago, Excel said:

Did I suggest SWIFT ?  No !! and as others have already stated the way to go is WISE for what the OP wants to transfer - end off.

Suspect it is the language you used here:  

Quote

By the way do not transfer 13,000 in US dollars, convert first and transfer in THB for a better rate

WISE does not transfer anything - they pay with a local currency account.  If using a normal transfer you would want to send USD and have conversion done at Thai bank.  

[Excel]

6 minutes ago, lopburi3 said:

Suspect it is the language you used here:  

WISE does not transfer anything - they pay with a local currency account.  If using a normal transfer you would want to send USD and have conversion done at Thai bank.  

Oh dear oh dear. Those of us who have been using WISE for years know that. Hardly the point. You convert in your WISE account from local to THB, far better rates as has already been discussed. WISE of course use their local currency account with their partner banks here to then deposit the THB into you account.  As far as as the 1st person is concerned he has transferred to his Thai bank, the mechanics of how it is done is totally irrelevant to the fact that it is the best way to do it both from an exchange rate and timing point of view. However if people wish to do it other ways it is up to them to be generous to the banks.

Edited April 23, 2022 by Excel

[lopburi3]

17 minutes ago, JimGant said:

Well, Bangkok Bank NY makes this all transparent.

Indeed they do - ACH international format (which US banks do not provide for normal personal accounts).  This method is not an option for most people anymore.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[TimBKK]

On 4/20/2022 at 11:47 AM, TropicalGuy said:

Exactly. Never heard WISE getting beat for Lowest Cost / Transparency / Speed / Reliability. 

Fidelity has no fee international wire transfers.  In my experience the money shows up in my BKK Bank account within 24-48 hours (coded as FTT as well) so it takes a bit longer but the cost savings make this a fair trade IMO.

[gamb00ler]

1 hour ago, Chris.B said:

Just checked exchange rates:

 

RIA    33.39 baht

WISE 33.98 baht

If indeed RIA has NO fees it is more accurate to compare to WISE's rate after adjustment for the .536% in fees that they deduct before conversion.  The actual rate for WISE is 33.98 * (1-.00536) or 33.798

[KhunLA]

4 minutes ago, TimBKK said:

Fidelity has no fee international wire transfers.  In my experience the money shows up in my BKK Bank account within 24-48 hours (coded as FTT as well) so it takes a bit longer but the cost savings make this a fair trade IMO.

Guessing that's the 'EFT' option ?

As I may have to use myself, if THB dips below 32.25 before next year's COLA

[gamb00ler]

7 minutes ago, KhunLA said:

Guessing that's the 'EFT' option ?

As I may have to use myself, if THB dips below 32.25 before next year's COLA

I think in the table above, the EFT is more likely to be ACH than an international SWIFT.

 

@Tim BKK mentioned that Fidelity charges no fees.  To me that would refer to "Bank wire" in the above table.  I say that because Fidelity only mentions fees charged by the receiving bank with the implication that they do NOT.  In the case of sending to Thailand the receiving bank fee would be .25% with a min/max of 200/500฿.

Edited April 23, 2022 by gamb00ler

[saakura]

I opened a FCD (Foreign currency deposit) account in my name at Kasikorn bank a few months ago and made a few transfers each over 100k usd (self to self transfer) without any problems. I am sure there is some misunderstanding between you and the bank. 

[Sparktrader]

"Clearly you have more money than sense  in wanting Thai banks to convert your foreign transfer's once here into THB, But still as the saying goes, there's one born every minute. So just have a nice day."

 

Exchange rates in Thailand are always better.

[KhunLA]

25 minutes ago, gamb00ler said:

I think in the table above, the EFT is more likely to be ACH than an international SWIFT.

 

@Tim BKK mentioned that Fidelity charges no fees.  To me that would refer to "Bank wire" in the above table.  I say that because Fidelity only mentions fees charged by the receiving bank with the implication that they do NOT.  In the case of sending to Thailand the receiving bank fee would be .25% with a min/max of 200/500฿.

Fidelity doesn't have wire fees, same with their ATM cards, and 'cash management' account ATM card refunds the Thai ATM FEE.  So no fee at all.

 

These are simply the 2 international transfer option of Fidelity Investments, don't care what or how, just that it shows up as a traceable international transfer for Imm purposes, if I need this year.

 

Not going to fret over BkkBank's 200/500 fee, as only a few more months to worry about baht staying above 32ish, which meets DD requirements for me.  2023 and beyond won't be an issue.

 

Since breaking 34, don't think there's much to worry about, but, JIC

 

 

Edited April 23, 2022 by KhunLA

[SymS]

WISE is great for personal payments.

 

As a side note, I always used to pay a Thai company with WISE, but they told me to stop.
That's because it will show as a local transfer, so the revenue department insists it is subject to 7% VAT.
It's to pay for services and salary, so I can't really select the option "payment for long stay in Thailand" which would show the transfer is coming from overseas.

 

So now, I'll just do a wire transfer from my bank. The Thai company will receive a bit less, but not be subject to the 7% VAT.