Most economical way to transfer THB 800,000 (for purpose of extension of stay renewal)

[davidhen]

Hi folks,

I have not as yet renewed my extension of stay (based on retirement) other than via an agent.

I am considering trying the DIY route next time and I ask the following question:

If I wish to transfer the funds from my UK Lloyds bank a/c to my Thai Bangkok Bank a/c, what would be the most cost-effective method? I believe that Lloyds only charges £9.50, but I have no control over the potential levy which intermediary banks may impose. Also, there would be no guarantee of the exchange rate.

I have long used Wise (formerly TransferWise) to transfer funds for day-to-day living expenses, but I think that the fees for transferring a large amount of cash may be punitive.

Thanks, in advance.

David.

 

[RedArmy]

Transfer from Lloyds to your Wise account, then from Wise to your Thai bank account - Easiest & cheapest way. 

 

If you have a Bangkok Bank account, then transferring 800,000 baht will not be an issue - Just remember to click on the reason for your transfer "Funds for long term expenses in Thailand".

[OJAS]

1 hour ago, davidhen said:

I have long used Wise (formerly TransferWise) to transfer funds for day-to-day living expenses, but I think that the fees for transferring a large amount of cash may be punitive.

Suggest that you check via the following link how much it will cost to transfer the equivalent of 800,000 THB with Wise (using the low cost transfer method):

 

https://wise.com/

 

Transferring £19,000 (which presently converts to just over 800,000 THB net) would result in a deduction of £104.80 for charges. So if you are planning to make a single transfer in one go and costs are your major concern, I think that SWIFT would prove cheaper for such a large amount -  even though the big unknown is, as you say, how much Lloyds' partner bank in Thailand would charge for a SWIFT transfer in addition to Lloyds themselves and Bangkok Bank (at their GBP TT Buying Rate).

 

 

Edited August 22, 2022 by OJAS

[chalawaan]

4 minutes ago, OJAS said:

Suggest that you check via the following link how much it will cost to transfer the equivalent of 800,000 THB with Wise (using the low cost transfer method):

 

https://wise.com/

 

Transferring £19,000 (which presently converts to just over 800,000 THB) would include £104.80 in charges. So if you are planning to make a single transfer in one go and costs are your major concern, I think that SWIFT would prove cheaper for such a large amount -  even though the big unknown is, as you say, how much Lloyds' partner bank in Thailand would charge for a SWIFT transfer in addition to Lloyds themselves and Bangkok Bank (at their GBP TT Buying Rate).

 

 

Wise is definitely NOT the cheapest for these annual amounts. I shop around the Online FX sites every year. Wise was never an option. 

Wise is unbeatable for small amounts, I mix and match. 

I have used Ozforex most years. I think it's just called OFX now? No need to bank in Australia to use them. 

[hansnl]

22 hours ago, chalawaan said:

Wise is definitely NOT the cheapest for these annual amounts. I shop around the Online FX sites every year. Wise was never an option. 

Wise is unbeatable for small amounts, I mix and match. 

I have used Ozforex most years. I think it's just called OFX now? No need to bank in Australia to use them. 

It might be wise to contact Wise about a transfer that size, it seems there are different fees for bigger amounts if arranged with the Wise admin.

[daveAustin]

Where WISE will typically win out is on the exchange rate. They'll almost certainly beat Swift. 

[davidhen]

Thank you to all respondents. I think I'm going to go with wise. I didn't realise just how good their rates were for transferring large amounts.

They are currently quoting just £114.07p to transfer £20,000 @ .57%.

[BritTim]

OP ... appreciate that, when moving away from the agent supported extension (which I do think has merit) it is not enough to have the 800,000 baht in the bank prior to the extension. Immigration will want to see bank statements for the prior 12 months, to verify that you have been in compliance with the requirement for 800,000 baht in the bank for three months after your previous extension and two months before the current one (as well as 400,000 baht continuously for the rest of the year). Having transferred 800,000 baht, you may need to use an agent one last time, planning to switch next year.

 

A possible alternative is to leave Thailand (without a re-entry permit), return visa exempt, apply for a Non O visa at Immigration (800,000 baht in your account on the date you apply, with proof the money came from abroad) and later the one-year extensions as usual. The first extension only requires that the money be in the bank for two months on the date you apply, and the 90 days from the Non O visa comfortably accommodates that.

[OJAS]

2 hours ago, BritTim said:

OP ... appreciate that, when moving away from the agent supported extension (which I do think has merit) it is not enough to have the 800,000 baht in the bank prior to the extension. Immigration will want to see bank statements for the prior 12 months, to verify that you have been in compliance with the requirement for 800,000 baht in the bank for three months after your previous extension and two months before the current one (as well as 400,000 baht continuously for the rest of the year). Having transferred 800,000 baht, you may need to use an agent one last time, planning to switch next year.

The fact that this thread is all about how the OP can most economically go about transferring 800,000 THB for future retirement extensions has led me to wonder whether he has, in fact, hitherto been using the 65,000 THB monthly transfer method for his retirement extensions (although his posts to date are, admittedly, far from crystal clear on this specific point).

 

If that is, indeed, the case, it might be of interest to him that I, too, have recently switched from 65,000 THB monthly income to 800,000 THB bank balance method for my retirement extensions. In preparation for my latest application a month ago I had obtained both Bangkok Bank letter/statements confirming 65,000 THB monthly transfers over the previous 12 months, plus Krungsri letter/updated passbook copies confirming an 800,000 THB balance in a new account I had opened with them, duly seasoned for 2 months.

 

In the event my local immigration office (Rayong) were not interested in the Bangkok Bank/65,000 THB monthly transfer docs, but only in the Krungsri/800,000 THB balance docs. Since there is, of course, no guarantee that the OP's immigration office will adopt a similar attitude in his case, my advice to him would be, nevetheless, to arm himself with appropriate bank documentation confirming both 65,000 THB monthly transfers over the previous 12 months and an 800,000 THB balance which had been seasoned for at least 2 months previously, just as I did.

 

Edited August 23, 2022 by OJAS

[RedArmy]

1 hour ago, OJAS said:

The fact that this thread is all about how the OP can most economically go about transferring 800,000 THB for future retirement extensions has led me to wonder whether he has, in fact, hitherto been using the 65,000 THB monthly transfer method for his retirement extensions (although his posts to date are, admittedly, far from crystal clear on this specific point).

 

He stated in his original post that he used an agent - Crystal clear to me.

[EricTh]

On 8/22/2022 at 3:23 PM, OJAS said:

Suggest that you check via the following link how much it will cost to transfer the equivalent of 800,000 THB with Wise (using the low cost transfer method):

 

https://wise.com/

 

Transferring £19,000 (which presently converts to just over 800,000 THB net) would result in a deduction of £104.80 for charges. So if you are planning to make a single transfer in one go and costs are your major concern, I think that SWIFT would prove cheaper for such a large amount -  even though the big unknown is, as you say, how much Lloyds' partner bank in Thailand would charge for a SWIFT transfer in addition to Lloyds themselves and Bangkok Bank (at their GBP TT Buying Rate).

 

 

We should not just look at the service charge, it's also the exchange rate that is more important.

 

SWIFT usually give a bad exchange rate so the total cost will be higher than using Wise.

Edited August 23, 2022 by EricTh

[OJAS]

15 hours ago, RedArmy said:

He stated in his original post that he used an agent - Crystal clear to me.

Well, if it is, indeed, the case that the OP has been obtaining previous retirement extensions in an irregular manner then he can, as far as I am concerned, stew in the soft stuff. Zero sympathy from me.

 

[KannikaP]

On 8/22/2022 at 3:31 PM, chalawaan said:

Wise is definitely NOT the cheapest for these annual amounts.

It's NOT an annual amount, it's a one-off. Then it should stay in the Thai bank long time unless needed urgently.

[KannikaP]

On 8/22/2022 at 2:39 PM, davidhen said:

have long used Wise (formerly TransferWise) to transfer funds for day-to-day living expenses,

Why have money sitting in a Thai Bank AND do transfers for day to day living. If you do not need the Bht 65k every month, ask your IO if they accept the Combination Method as mine does. Bht50k per month (Wise) and Bht 200k in a bank = Bht 800k. 

[NoDisplayName]

23 hours ago, daveAustin said:

Where WISE will typically win out is on the exchange rate. They'll almost certainly beat Swift. 

 

The WISE main page has a widget that lets you enter how you will fund your transfer, and will tell you exactly how many baht you'll receive for your western money using the right now rate.

 

You can compare that to Bangkok Bank daily forex rates:

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

[BritTim]

8 hours ago, NoDisplayName said:

 

The WISE main page has a widget that lets you enter how you will fund your transfer, and will tell you exactly how many baht you'll receive for your western money using the right now rate.

 

You can compare that to Bangkok Bank daily forex rates:

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

Indeed, remembering that Wise quotes the actual amount you will receive with all fees already deducted. The bank rates do not include the fees that banks at either end charge for processing the transaction.

[davidhen]

Ojas, calm down.

One of the main benefits of using an agent is that there is no need for money in the bank --- they deal with that. I don't have enough pension (currently) for the THB 65,000 per month requirement and I'm not sure how I would show any pension-sourced transfers anyway. I do receive about THB 50,000 per month in pension payments but I do NOT want that money paid directly into a foreign bank a/c for obvious reasons.

 

[Artisi]

My experience with Wise is to check the amount into your Thai bank after fees and exchange rates, the better exchange rate has always cancelled much of the fee charged. I have always been in front compared to bank to bank transfer. 

[Goethe]

On 8/24/2022 at 1:03 PM, OJAS said:

Well, if it is, indeed, the case that the OP has been obtaining previous retirement extensions in an irregular manner then he can, as far as I am concerned, stew in the soft stuff. Zero sympathy from me.

 

Why is it "an irregular manner"? I have been getting an extension of stay based on retirement for 15 years and I do everything legally. However, I choose not to go to Immigration, but I pay someone else (i.e. an agent) to do it for me. There is nothing illegal or "irregular" about that. According to my agent thousands of other retirees make the same choice. 

[JimGant]

22 hours ago, Goethe said:

I choose not to go to Immigration, but I pay someone else (i.e. an agent) to do it for me. There is nothing illegal or "irregular" about that. According to my agent thousands of other retirees make the same choice. 

Yes, nothing "illegal or irregular" if you meet the financials, ie, 800k in the bank, or 65k/Mo income to Thailand (the agent in this situation is just greasing the skids to make the extension process stress free, not financial free). But if you don't meet these, then you're in violation of the Police Order dictating its requirement. So, yes, you'd be illegal -- but maybe not irregular, considering the numbers apparently going this route, as it's apperently simple to hire an agent with an inside to Immigration.

 

And, yes, it is corruption. But not the kind that negatively affects a country's well being. In fact, it helps productivity, by slashing red tape that's, on the surface, counter productive -- and adding to the income of Immigration officers, without the need for additional tax dollars. And, of course, you the payer farang gets a service worth the price. So, Imm officers are happier, you're happier, the agent's happy with his thriving business -- what's the downside?

 

So, I won't get 'holier than thou' with the OP's history. But, having said all that, if the financial requirements become thwarted by too many farangs, because they really don't have the required means -- and they walk around unwashed, and their lawns go uncut----- well, then, I reserve the right to have these illegal agents put out of business for making corruption no longer productive.