giddyup Posted September 18, 2022 Share Posted September 18, 2022 I have looked into transferring money using Wise, and for me it's just not practical, so I'm stuck with using my bank, the ANZ to transfer $200K to Thailand. What makes more sense, to transfer in $AUD and have to pay 3% for the privilege, or transfer in Thai Baht which is free but I'll lose on the exchange rate? How does ANZ justify charging 3% is beyond me, that's $6000 on $200K. Link to comment Share on other sites More sharing options...
worgeordie Posted September 18, 2022 Share Posted September 18, 2022 You should always transfer in your home currency ,but it's not right that bank is charging you 3 % to do so, regards Worgeordie Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 1 minute ago, worgeordie said: You should always transfer in your home currency ,but it's not right that bank is charging you 3 % to do so, regards Worgeordie Maybe I read that wrong, but I did see a fee of 3% for international transfers. Link to comment Share on other sites More sharing options...
Peterw42 Posted September 18, 2022 Share Posted September 18, 2022 (edited) OP, how are you transferring this money, using a banking app on your phone/computer ? doing swift transfers its a flat rate of around $20-30 no matter what the amount you transfer. I have never heard of an Australian bank charging a percentage fee, are you using a bank in the middle or some other weird way of transferring ? As other say, always send $AU and have the Thai bank change it, a much better rate than AU bank. Edited September 18, 2022 by Peterw42 Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 3 minutes ago, giddyup said: Maybe I read that wrong, but I did see a fee of 3% for international transfers. How much does ANZ charge for international transactions? 3% Overseas Transaction Fee ANZ will charge 3% of the value of any International Transaction charged or credited to an ANZ account.Aug 1, 2565 BE Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 2 minutes ago, Peterw42 said: OP, how are you transferring this money, using a banking app on your phone/computer ? doing swift transfers its a flat rate of around $20-30 no matter what the amount you transfer. I have never heard of an Australian bank charging a percentage fee, are you using a bank in the middle or some other weird way of transferring ? I am limited to $10,000 a day using online banking, so I have to phone an operator for larger transfers using Swift transfer to mu SCB account in Thailand. Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 Just now, giddyup said: How much does ANZ charge for international transactions? 3% Overseas Transaction Fee ANZ will charge 3% of the value of any International Transaction charged or credited to an ANZ account.Aug 1, 2565 BE International Transaction is not an International Money Transfer. 1 1 Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 Just now, Bruno123 said: International Transaction is not an International Money Transfer. Can you please explain the difference? Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 Just now, giddyup said: I am limited to $10,000 a day using online banking, so I have to phone an operator for larger transfers using Swift transfer to mu SCB account in Thailand. Why is WISE not practical? Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 Just now, giddyup said: Can you please explain the difference? One is like using your credit or debit card and the other is...transferring money to another account. Why not use WISE? Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 Just now, Bruno123 said: Why is WISE not practical? Because Wise is limited to 2 million Baht a time, and all up I want to transfer $320,000, which would involve 4 transfers. It's an absolute nightmare getting through to an operator at ANZ and this would mean hours of stress and frustration trying to get through to transfer money to Wise. Link to comment Share on other sites More sharing options...
Peterw42 Posted September 18, 2022 Share Posted September 18, 2022 2 minutes ago, giddyup said: I am limited to $10,000 a day using online banking, so I have to phone an operator for larger transfers using Swift transfer to mu SCB account in Thailand. below is straight from the ANZs site https://www.anz.com.au/personal/travel-international/international-payments/ Transactions $10,000 and over (AUD equivalent) Payments to all other countries: $0 if sent in foreign currency from an AUD account $18 if sent in AUD from an AUD account. There is no $10k limit, the fee is $18 1 Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 3 minutes ago, Bruno123 said: One is like using your credit or debit card and the other is...transferring money to another account. Why not use WISE? I explain above. Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 1 minute ago, Peterw42 said: below is straight from the ANZs site https://www.anz.com.au/personal/travel-international/international-payments/ Transactions $10,000 and over (AUD equivalent) Payments to all other countries: $0 if sent in foreign currency from an AUD account $18 if sent in AUD from an AUD account. There is no $10k limit, the fee is $18 The $10K limit is when you use online banking. Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 2 minutes ago, giddyup said: I explain above. So because your Oz bank is cr@p, you lose out on 100,000 baht? Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 (edited) 3 minutes ago, Bruno123 said: So because your Oz bank is cr@p, you lose out on 100,000 baht? That's pretty much it. I have already been through a month of stress trying to get the ANZ to reimburse me because on my last transaction they sent the money in Baht instead of Aussie Dollars as I specified. They are total a-holes to deal with and I just want all of my funds out and have no more to do with them. Ever. Edited September 18, 2022 by giddyup 1 Link to comment Share on other sites More sharing options...
Peterw42 Posted September 18, 2022 Share Posted September 18, 2022 2 minutes ago, giddyup said: The $10K limit is when you use online banking. Its nothing to do with an online banking limit. All accounts have default, but changeable, daily limits, you just need to change your account daily transfer limit. Log on to your online banking and go to account settings. It usually involves a one time security step, sms or password etc. My Australian bank, the limit is set at $50k by default, on the occasion I have bought a car/condo etc, I logged in and changed the daily limit, sent the money, logged in and changed it back. 1 Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 3 minutes ago, giddyup said: That's pretty much it. I have already been through a month of stress trying to get the ANZ to reimburse me because on my last transaction they sent the money in Baht instead of Aussie Dollars as I specified. They are total a-holes to deal with and I just want all of my funds out and have no more to do with them. Ever. Don't rush, take a look at some of the other players in the market: https://www.currencyfair.com/fivefreetransfers/ CurrencyFair claim 7,879,360 baht for AU$320,000. Link to comment Share on other sites More sharing options...
gamb00ler Posted September 18, 2022 Share Posted September 18, 2022 21 minutes ago, giddyup said: I am limited to $10,000 a day using online banking, so I have to phone an operator for larger transfers using Swift transfer to mu SCB account in Thailand. Check if you can reach them by email. If you can, then ask them for a phone number that will connect you directly with the department in the bank that deals with international wire transfers. You will probably get faster service than going through the normal customer support telephone maze. Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 https://www.ofx.com/en-us/transfer-rates/ OFX; 7,820,512 baht. Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 1 minute ago, Peterw42 said: Its nothing to do with an online banking limit. All accounts have default, but changeable, daily limits, you just need to change your account daily transfer limit. Log on to your online banking and go to account settings. It usually involves a one time security step, sms or password etc. My Australian bank, the limit is set at $50k by default, on the occasion I have bought a car/condo etc, I logged in and changed the daily limit, sent the money, logged in and changed it back. Tried, it can't be done with ANZ. I think it can be changed to $25,000 if you're a business, otherwise I have to go through an operator. I have tried to do it in the past, can't be done online. Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 (edited) 6 minutes ago, gamb00ler said: Check if you can reach them by email. If you can, then ask them for a phone number that will connect you directly with the department in the bank that deals with international wire transfers. You will probably get faster service than going through the normal customer support telephone maze. Believe me I've tried, there is no other option with ANZ other than to use an international operator. There are a couple of numbers you can ring and then you specify what service you want. Emails either go unanswered, or several days for a response. I know I'm going to lose money on the deal, but I just want to be done with them. Edited September 18, 2022 by giddyup Link to comment Share on other sites More sharing options...
Peterw42 Posted September 18, 2022 Share Posted September 18, 2022 (edited) 13 minutes ago, giddyup said: Tried, it can't be done with ANZ. I think it can be changed to $25,000 if you're a business, otherwise I have to go through an operator. I have tried to do it in the past, can't be done online. Straight from the ANZ site International payments access How do I register for international services? To register for international services: Log in to ANZ Internet Banking Go to the Payments menu Select International services Read and accept the terms and conditions Select Apply. Your Internet Banking daily payment limit will apply to international services. You can set up or amend your daily limit by selecting the appropriate limit from the options displayed during international services registration. Stop talking to operators or using phone banking, literally everything can be done via online banking nowadays. It must be costing you money, and inconvenient times etc Edited September 18, 2022 by Peterw42 Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 2 minutes ago, Peterw42 said: Straight from the ANZ site International payments access How do I register for international services? To register for international services: Log in to ANZ Internet Banking Go to the Payments menu Select International services Read and accept the terms and conditions Select Apply. Your Internet Banking daily payment limit will apply to international services. You can set up or amend your daily limit by selecting the appropriate limit from the options displayed during international services registration. The daily limit is still limited to A$10K, it can be increased to a max of A$25K if you install the ANZ Shield App, which can't be done from Thailand. I already have had online banking for 13 years, pretty sure I know what my limits are. Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 4 minutes ago, giddyup said: The daily limit is still limited to A$10K, it can be increased to a max of A$25K if you install the ANZ Shield App, which can't be done from Thailand. I already have had online banking for 13 years, pretty sure I know what my limits are. The payment to WISE is not an International payment...AFAIK. Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 1 minute ago, Bruno123 said: The payment to WISE is not an International payment...AFAIK. No, but it will still involve going through an ANZ operator, probably 4 times. I'll wear the loss just to be done with them. Link to comment Share on other sites More sharing options...
gamb00ler Posted September 18, 2022 Share Posted September 18, 2022 If you are not in immediate need of the funds be patient until you can find a better solution than having 3% in fees deducted. Calm down and explore every potential detour that will get your funds here without the extreme haircut fee. Any other accounts with another financial institution in your home country? Can you open a new account in your home country through online? I know it's usually difficult/impossible but if you have the right documents it may be possible. I moved to Thailand from US in late 2020 and was able to open a new account earlier this year with my still valid US ID's. Link to comment Share on other sites More sharing options...
giddyup Posted September 18, 2022 Author Share Posted September 18, 2022 (edited) 2 minutes ago, gamb00ler said: If you are not in immediate need of the funds be patient until you can find a better solution than having 3% in fees deducted. Calm down and explore every potential detour that will get your funds here without the extreme haircut fee. Any other accounts with another financial institution in your home country? Can you open a new account in your home country through online? I know it's usually difficult/impossible but if you have the right documents it may be possible. I moved to Thailand from US in late 2020 and was able to open a new account earlier this year with my still valid US ID's. I may have misread the 3% for transactions, it's actually a transfer fee, which is only around $9 or $18. Edited September 18, 2022 by giddyup 1 Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 3 minutes ago, giddyup said: No, but it will still involve going through an ANZ operator, probably 4 times. I'll wear the loss just to be done with them. Try CurrencyFair. They don't have a transfer limit AFAIK. Link to comment Share on other sites More sharing options...
Bruno123 Posted September 18, 2022 Share Posted September 18, 2022 3 minutes ago, giddyup said: I may have misread the 3% for transactions, it's actually a transfer fee, which is only around $9 or $18. AU$18 for Internet Banking or AU$32 for Telephone. Link to comment Share on other sites More sharing options...
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