How to get money out of Thailand by bank transfer?

[DameGran]

I am looking for an urgent  opportunity  to open a bank account as a non-resident, online or in a nearby country, like Myanmar, Cambodia,  Vietnam,  Brunei,  Malaysia, where i can easily transfer money from, to an European country while i am abroad.

I need to transfer money from a Thai bank in Thailand to6 somewhere else.
So that if I go to Europe or elsewhere,  I will open a bank account there, and transfer online money from the Thai bank account to my newly opened account in  Europe or elsewhere, to get my money safely into an account where I can transfer it later to another account in the world, while I'm not in South East Asia  anymore.. so what can you advise me, what and how can I do this?

 

[phetphet]

Firstly you will have to bear in mind all the anti money laundering and KYC regulations frequired nowadays to open any account. Maybe look at Dee Money for transfer out of Thailand. A service, not a bank. But you will obviously need  a bank account (you mention Europe) to send the money to.

 

 

HTH

Edited July 4, 2022 by phetphet

[pgrahmm]

Bangkok Bank is currently advertising easy money transfers out of Thailand.....

You might check that out.....

[KannikaP]

3 minutes ago, pgrahmm said:

Bangkok Bank is currently advertising easy money transfers out of Thailand.....

You might check that out.....

Been there and done it successfully to my UK bank. Not cheap though as exchange rate is bad.

[pgrahmm]

49 minutes ago, KannikaP said:

Been there and done it successfully to my UK bank. Not cheap though as exchange rate is bad.

This is new... They're saying it's a low cost program.....

[KannikaP]

6 minutes ago, pgrahmm said:

This is new... They're saying it's a low cost program.....

I sent THB from Bkk Bank to my UK bank. It was the rate which was terrible, not the charges.

[Puccini]

10 hours ago, KannikaP said:

I sent THB from Bkk Bank to my UK bank. It was the rate which was terrible, not the charges.

If you ordered your Bangkok Bank to transfer THB to your UK bank, the conversion into GBP was done at your UK bank. Odering Bangkok Bank to transfer GBP would have resulted in a much better rate for you.

[KannikaP]

5 hours ago, Puccini said:

If you ordered your Bangkok Bank to transfer THB to your UK bank, the conversion into GBP was done at your UK bank. Odering Bangkok Bank to transfer GBP would have resulted in a much better rate for you.

That's what I did, and the rate was still lousy! I did two small transfers each for the same amount just to check which was the best way.

[Henryford]

10 minutes ago, KannikaP said:

That's what I did, and the rate was still lousy! I did two small transfers each for the same amount just to check which was the best way.

Can you please quote the rates you got. So if transferring a large amount, say from the sale of a condo, that would be no good.

[KannikaP]

21 minutes ago, Henryford said:

Can you please quote the rates you got. So if transferring a large amount, say from the sale of a condo, that would be no good.

Obviously the rate varies. Get the current ones from the relevant banks. What I got in May is irrelevant.

Currently 42.15 at Nationwide and 42.765 at Bkk Bank.

Coming 'this way' 43.2164 at Wise.

Edited July 5, 2022 by KannikaP

[DameGran]

2 hours ago, Henryford said:

Can you please quote the rates you got. So if transferring a large amount, say from the sale of a condo, that would be no good.

Yes, i would like to know this too

[topt]

2 hours ago, KannikaP said:

Obviously the rate varies. Get the current ones from the relevant banks. What I got in May is irrelevant.

Currently 42.15 at Nationwide and 42.765 at Bkk Bank.

Coming 'this way' 43.2164 at Wise.

The BKK bank rate is also for transferring GBP from abroad to Thailand so comparable to "this way" with Wise.

For transferring out you need to look at the selling rate which is always higher as they divide that into the baht to get your pounds....

No real point in comparing with Wise as you can't transfer out with Wise.

 

2 hours ago, Henryford said:

Can you please quote the rates you got. So if transferring a large amount, say from the sale of a condo, that would be no good.

Not sure there is any simple and safe option other than using SWIFT bank to bank for outward transfer for large (ie more than 1 million baht) amounts. Dee Money possibly as mentioned but I believe there is an 800k baht cap and not sure on fees.

[david555]

18 hours ago, pgrahmm said:

This is new... They're saying it's a low cost program.....

Some people are never satisfied....liking  profit ...but only for them alone....????

Like baking egg's but not breaking the scales ????

 

I don't mind paying for a secure service...

Edited July 5, 2022 by david555

[Boycie]

2 hours ago, topt said:

No real point in comparing with Wise as you can't transfer out with Wise

Why is that?

 

Would it be possible to go to your Thai bank and do a transfer of your Thai Baht into a Wise account?

 

Wise has a sort code and account number like many British banks.

 

Therefore transfer the Baht into the Wise account as Baht, just pay the bank charges. Once it's in the account as Thai baht could you not then send it to any currency account and make use of their low fees and good exchange rates?

[CharlieH]

MOVED to Banking

[topt]

9 minutes ago, Boycie said:

Why is that?

 

Would it be possible to go to your Thai bank and do a transfer of your Thai Baht into a Wise account?

 

Wise has a sort code and account number like many British banks.

 

Therefore transfer the Baht into the Wise account as Baht, just pay the bank charges. Once it's in the account as Thai baht could you not then send it to any currency account and make use of their low fees and good exchange rates?

No idea if possible or not. Someone who has a Wise account may be able to look at the specifics if interested. 

 

Just taken a few minutes to look at the info they provide on their site and it looks like a .55% commission on Thai baht to GBP and a rate this minute at 43.29 equivalent - for a 1m baht transfer.

 

Using current Bangkok bank rate (but not including any extra charges they may make) and Wise rates/commission there is less that £100 difference on a million baht. Adding in any extra fees say £150 max difference. An individual would have to do the maths on whatever amount you were looking at to see if worthwhile to them - presuming that it is actually possible to do as you suggest.

[DeathShroud]

I just looked at my Wise.

Right now it looks like you can't transfer out because the baht is falling rapidly.  Very likely if they have stashes of cash in Banks here they're going to lose money if they transfer out right now.

 

You could call them and ask them.

 

For me, Wise has been pretty reliable for doing overseas transfers in... US } TH, that are applicable to my Kasikorn bank account for my monthly deposit from my U.S.  pension to support my ongoing retirement Visa.

[sandyf]

1 hour ago, Boycie said:

Why is that?

 

Would it be possible to go to your Thai bank and do a transfer of your Thai Baht into a Wise account?

 

Wise has a sort code and account number like many British banks.

 

Therefore transfer the Baht into the Wise account as Baht, just pay the bank charges. Once it's in the account as Thai baht could you not then send it to any currency account and make use of their low fees and good exchange rates?

You are quite right, it wouldn't be any different to a transfer to any other UK bank.

The problem is getting the Thai bank to agree to the transfer and there has been many different tales on that over the years.

It is some years since I did it and had to prove to the Thai bank that funds had been credited to my Thai account from  outside the country.

People tend to forget there is an exchange control act in place.

 

The regulations regarding the amount of foreign money you can take out of Thailand, and the amount of Thai currency you can take out, are different. Although you can take up to the equivalent of $20,000 out of the country if it's in a foreign currency, different rules apply if you’re planning on taking out Thai baht.

You’re only able to take up to THB 50,000 if you’re leaving the country with Thai currency. To give an idea, that’s around about USD 1500.

The rules are slightly relaxed if you’re only going into one of the bordering countries - Cambodia, Laos, Myanmar and Malaysia, as well as Vietnam, or the Yunnan province of China. In this case, you can take up to THB 2,000,000 - but you must make a declaration to Thai Customs Authorities, if you’re planning on taking more than THB 450,000 to these countries.

https://wise.com/gb/blog/taking-cash-in-or-out-of-thailand

[rbpeters]

I use the Bangkok Bank phone app and the swift option for international transfers. Allows you to transfer Bht2m per day. Yesterday the rate was bht43.63 for GBP. Funds arrive in my UK account the following day.  Seems not to follow the exchange control act above.

Edited July 5, 2022 by rbpeters
updated info

[EricTh]

23 hours ago, KannikaP said:

I sent THB from Bkk Bank to my UK bank. It was the rate which was terrible, not the charges.

 

Bank rates are usually bad, why didn't you try Moneydee?

 

It's unfortunate that we can't use Wise to transfer money out.

 

 

 

[KannikaP]

2 hours ago, DeathShroud said:

Right now it looks like you can't transfer out because the baht is falling rapidly. 

Not on my exchange app.  Evidence please.

Edited July 5, 2022 by KannikaP

[DJ54]

Bangkok Bank website shows rate buy and sell on website… scroll
down on right…

[EricTh]

2 hours ago, KannikaP said:

Not on my exchange app.  Evidence please.

 

It depends on which home currency you have. The USD and all related pegged currency are rising against the Baht

[Puccini]

9 hours ago, KannikaP said:

Not on my exchange app.  Evidence please.

Are you saying that your "exchange app" lets you use Wise to transfer money out of Thailand? 

[KannikaP]

5 hours ago, Puccini said:

Are you saying that your "exchange app" lets you use Wise to transfer money out of Thailand? 

No, don't be silly. The app on my phone, Easy Currency Converter, merely shows the current rates for many currencies. Wise is always a tad higher than this shows.

[KannikaP]

11 hours ago, EricTh said:

 

It depends on which home currency you have. The USD and all related pegged currency are rising against the Baht

Unfortunately I have GBP as my home currency, and probably will not have a government soon! 555

[theoldgit]

You might find this website helpful https://daytodaydata.net/ it gives indicitive rates for banks and bureau de changes in Thailand, in either direction, it's regularly updated throughout the day.

[EricTh]

25 minutes ago, theoldgit said:

You might find this website helpful https://daytodaydata.net/ it gives indicitive rates for banks and bureau de changes in Thailand, in either direction, it's regularly updated throughout the day.

 

Has anybody tried using these money exchange companies to transfer money out of Thailand? I think their rates are much better.

 

 

 

[Puccini]

1 hour ago, KannikaP said:

No, don't be silly. The app on my phone, Easy Currency Converter, merely shows the current rates for many currencies. Wise is always a tad higher than this shows.

Thank you for this clarification.

[DameGran]

On 7/5/2022 at 11:16 AM, topt said:

The BKK bank rate is also for transferring GBP from abroad to Thailand so comparable to "this way" with Wise.

For transferring out you need to look at the selling rate which is always higher as they divide that into the baht to get your pounds....

No real point in comparing with Wise as you can't transfer out with Wise.

 

Not sure there is any simple and safe option other than using SWIFT bank to bank for outward transfer for large (ie more than 1 million baht) amounts. Dee Money possibly as mentioned but I believe there is an 800k baht cap and not sure on fees.

The point is that there has to be opened an account online or outside  Thailand  where the money should be sent to. And after that easily transferred to other accounts as usually done with European or British banks.