Bank account in euros

[Aforek]

Hello, 

For Europeans living in Thailand, is it worth opening an euro account in a Thai bank ? is it better than a transfer by Wise ?

I know somebody who has an euro account and he says that he has more money than with Wise ( but he doesn't know Wise , never used it ) 

Thanks 

[topt]

Unlikely unless he changes a very big chunk in one go and then what is the point.......

I presume you are taking about a Foreign Currency Deposit Account.?

 

When you transfer into your Thai Baht account you only get the banks current exchange rate - possibly the TT rate but I cannot remember.

[KannikaP]

1 hour ago, topt said:

Unlikely unless he changes a very big chunk in one go and then what is the point.......

I presume you are taking about a Foreign Currency Deposit Account.?

 

When you transfer into your Thai Baht account you only get the banks current exchange rate - possibly the TT rate but I cannot remember.

Correct.

WISE Borderless Account has GBP, EUR, USD & THB accounts which can be transferred between at will, and at Wises' rates. Much easier.

[Aforek]

Correct, question is : how much Thai banks take to transfert money from an euro account (  from their own thai bank )  to a baht account ? 

I would like to have the opinion of somebody with an account in euro ( or dollard, pound etc )

 

[peterfranks]

41 minutes ago, Aforek said:

Correct, question is : how much Thai banks take to transfert money from an euro account (  from their own thai bank )  to a baht account ? 

I would like to have the opinion of somebody with an account in euro ( or dollard, pound etc )

 

When you exchange from foreign currency account to Thai baht account, you get the telex transfer rate, but you can discuss a slightly better rate.

 

I this week exchanged from USD account to Thai deposit account, and got +0.02 on the telex transfer rate.

 

There are no fees. But note there are fees charged by you bank and the receiving bank to send Euros from your home country to the Euro account in Thailand

 

The exchange rate Wise use is much better than the telex transfer rate.

 

Right now Kasikorn will give you 37.11925 baht for 1 Euro.

 

Wise gives you 37.4982 minus the transfer fee.

 

 

Edited July 19, 2022 by peterfranks

[Aforek]

From what you say, depending of the european fee bank ( and if the Thai bank takes 500 bahts ), I calculate that Wise is about 2000 bahts better, for a transfert of 8000 € 

( it's not very much, but the winner is... is...Wise ! ) 

[Lemsta69]

12 minutes ago, Aforek said:

From what you say, depending of the european fee bank ( and if the Thai bank takes 500 bahts ), I calculate that Wise is about 2000 bahts better, for a transfert of 8000 € 

( it's not very much, but the winner is... is...Wise ! ) 

2000 bahts is a lot of SangSom my friend ????

[peterfranks]

1 hour ago, Aforek said:

From what you say, depending of the european fee bank ( and if the Thai bank takes 500 bahts ), I calculate that Wise is about 2000 bahts better, for a transfert of 8000 € 

( it's not very much, but the winner is... is...Wise ! ) 

The Thai bank takes about 500 baht, your European bank takes quite a bit more, something like 20 - 30 Euro, from memory, and then there is also the intermediary bank that takes their fee

 

So you will approximate get 7950 Euro in your account, if lucky. At the current exchange rate 295097 baht.

 

Wise takes 47.13 Euros in fees on 8000 Euro.

 

So with an exchange rate of 37.4982 at the same time, you get 298218 baht in your account, that is more than 3000 baht difference