Sending money from Thailand to Australia

[walailak]

A ;long time user but hardly post.

I have been living here since 2006 and this is a first time for me. Looking of sending 1,000,000 THB to Australia.

Which ways are available to send money to Australia, its doesn't have to be quick, looking for the cheapest option.

I do have several Thai bank accounts in my name and a Commonwealth Bank account in my name in Australia.

My wife a dual citizen, also has several Thai bank accounts in her name and a Commonwealth Bank account in her name in Australia.

Should I send the money, out of Thailand, in my name or wife's ? which way is better?

If anyone can help please do so!

Thank you forum

[Aussieroaming]

I have transferred plenty of time from my kasikorn  joint account to my Australian account, via online transfer. No issues and no need to involve any bank authorities to do it. 

[smoo1954]

Cheapest way I’ve done it is with Western Union. 

[lordblackader]

DeeMoney. Alt is wire transfer but it will cost more. 

[walailak]

After doing some research and I found KTB inter transfer through the app the cheapest to get more aud$.....

there is a thai owned place in Sydney called "Own money services Australia" that has the best rate (see attachment) but it starts off by a deposit of your thai baht amount into a thai account before they go on to the next step. Transferring to a thai bank account that has no protection unlike Australia, isn't safe/ in my opinion and i would rather avoid.

I have attached the list , some banks charge extra fees some dont so i have included that in my calculations, if anyone else has any more recommendations i would appreciate.

[WebGuy]

Crypto by using Solana currency several times

[AustinRacing]

I send money to Australia every month. KTB international transfer costing 1200thb per transaction. 

[walailak]

1 hour ago, AustinRacing said:

I send money to Australia every month. KTB international transfer costing 1200thb per transaction. 

Thank you that is the one i m leaning to...…its like 1,100thb the fees, plus I rang the commonwealth bank the can charge up to $11 for receiving funds......not bad at all and safer ????

[Onerak]

10 hours ago, WebGuy said:

Crypto by using Solana currency several times

Whatever you do, please dont use crypto. Using crypto is like feeding crypto trolls who may have vested interests and you may lose a lot of money. 

[Lemsta69]

13 minutes ago, Onerak said:

Whatever you do, please dont use crypto. Using crypto is like feeding crypto trolls who may have vested interests and you may lose a lot of money. 

nonsense

[fdsa]

1 hour ago, Onerak said:

Whatever you do, please dont use crypto. Using crypto is like feeding crypto trolls who may have vested interests and you may lose a lot of money. 

crypto is good for small amounts (<$5k) and large amounts (>$100k), for other than that crypto is a PITA.

[walailak]

Just a quick update from todays 1,000,000 THB transfer.

Used  KTB app , i couldn't send money from my name to my name in Australia as the app does NOT allow it (apparently sending money to your name u need to go to the bank and submit extra documents,,  stuff that)

so i used my wifes KTB app and send the money to my name to my commonwealth bank account..

 

send 9.15 am...…money in the commonwealth bank 9.26am....

estimated timeframe (1-3 days) lol took only 11 minutes.

 

Thank you everyone for your contribution.

If anyone knows WHY name to name transaction isn't allow through the KTB app , I would like to know

[fdsa]

1 hour ago, walailak said:

apparently sending money to your name u need to go to the bank and submit extra documents,,

Krungsri staff once told me the very opposite when I was trying to send SWIFT from the personal account to a company bank account in Canada - 'if same passport name no need invoice, if different passport name need show invoice'

 

1 hour ago, walailak said:

If anyone knows WHY name to name transaction isn't allow through the KTB app , I would like to know

because TiT

Edited October 17, 2022 by fdsa

[WebGuy]

4 hours ago, walailak said:

Just a quick update from todays 1,000,000 THB transfer.

Used  KTB app , i couldn't send money from my name to my name in Australia as the app does NOT allow it (apparently sending money to your name u need to go to the bank and submit extra documents,,  stuff that)

so i used my wifes KTB app and send the money to my name to my commonwealth bank account..

 

send 9.15 am...…money in the commonwealth bank 9.26am....

estimated timeframe (1-3 days) lol took only 11 minutes.

 

Thank you everyone for your contribution.

If anyone knows WHY name to name transaction isn't allow through the KTB app , I would like to know

Congrats. Could you share the transaction cost?

[Liverpool Lou]

On 10/14/2022 at 6:45 AM, WebGuy said:

Crypto by using Solana currency several times

He doesn't want to send crypto.

[WebGuy]

1 minute ago, Liverpool Lou said:

He doesn't want to send crypto.

The transaction has already been completed. I am asking if he wants to share the transaction costs. It's on his discretion whether he would share this info.

[walailak]

39 minutes ago, WebGuy said:

Congrats. Could you share the transaction cost?

1100 Baht in total since I paid for total fees to be paid from sender,

 

if I had paid only the sender fee of 300 Baht then the commonwealth bank of Australia would have deducted 11$(260thb)...and I would have saved ...

An extra, (800-260=.. 540 Baht) 

 

But overall very very happy with the outcome ????

Edited October 17, 2022 by walailak
????

[WebGuy]

3 minutes ago, walailak said:

1100 Baht in total since I paid for total fees to be paid from sender,

 

if I had paid only the sender fee of 300 Baht then the commonwealth bank of Australia would have deducted 11$(260thb)...and I would have saved ...

An extra, (800-260=.. 540 Baht) 

 

But overall very very happy with the outcome ????

Thanks for sharing. Sounds like a very good deal. Honestly, I am quite surprised with so low transaction cost for that amount. Banks must have started keeping pace with the technology. I read about 2 years ago they started using ripple (crypto) for their transactions in the background so this could be result of it.

[walailak]

2 minutes ago, WebGuy said:

Thanks for sharing. Sounds like a very good deal. Honestly, I am quite surprised with so low transaction cost for that amount. Banks must have started keeping pace with the technology. I read about 2 years ago they started using ripple (crypto) for their transactions in the background so this could be result of it.

Yes it took 11 minutes to get the commonwealth bank of Australia app notification,

then Money transferred straight to AMP for the upcoming 3.6% interest rate increased..... win win situation 

[WebGuy]

5 minutes ago, walailak said:

Yes it took 11 minutes to get the commonwealth bank of Australia app notification,

then Money transferred straight to AMP for the upcoming 3.6% interest rate increased..... win win situation 

Ok. Now I see what they are doing. The transaction fee per se was 1100. However, they earn on the currency exchange rate. Their value AUD 24.19 THB. Paypal has been doing the same thing for the last 5 - 6 years. Low transaction fees but they hit on the currency exchange rates. Thailand Super Rich (TSR) currency exchange is pretty good parameter for comparison. If referred to TSR, you were charged around 800 AUD for the currency exchange rate + 1100THB transaction fee which altogether amounts to around 850 AUD (a very rough estimate). Still looks decent to me relating the amount you have sent.

 

Good idea by them to only state the transaction fee and not the currency transaction fee, though (lack of transparency).

 

Of course, it would be much cheaper to send it by crypto but it requires certain level of knowledge and transaction risk would be on you.

 

You happy, bank(s) happy = everyone is happy ????

[walailak]

15 minutes ago, WebGuy said:

Ok. Now I see what they are doing. The transaction fee per se was 1100. However, they earn on the currency exchange rate. Their value AUD 24.19 THB. Paypal has been doing the same thing for the last 5 - 6 years. Low transaction fees but they hit on the currency exchange rates. Thailand Super Rich (TSR) currency exchange is pretty good parameter for comparison. If referred to TSR, you were charged around 800 AUD for the currency exchange rate + 1100THB transaction fee which altogether amounts to around 850 AUD (a very rough estimate). Still looks decent to me relating the amount you have sent.

 

Good idea by them to only state the transaction fee and not the currency transaction fee, though (lack of transparency).

 

Of course, it would be much cheaper to send it by crypto but it requires certain level of knowledge and transaction risk would be on you.

 

You happy, bank(s) happy = everyone is happy ????

According to my calculations in I lost around 677.aud not bad. If I had gone to supper rich convert then manually take the money to Australia buying an expensive airline ticket dealing with declarations etc. at the moment  krungsri pays 0.9% interest compare to amp in Australia 3.6%..in a years time I might be ahead or not..

but I feel better to have the funds back home as I been living in Bangkok since 2006 and still get treated with the non O Extension Thai wife non immigrant bullish... 

 

If a thai goes to my country in 5 years they get many rights, but this is a discussion for another thread. 

Thanks everyone again for your imput

 

[WebGuy]

3 hours ago, walailak said:

According to my calculations in I lost around 677.aud not bad. If I had gone to supper rich convert then manually take the money to Australia buying an expensive airline ticket dealing with declarations etc. at the moment  krungsri pays 0.9% interest compare to amp in Australia 3.6%..in a years time I might be ahead or not..

but I feel better to have the funds back home as I been living in Bangkok since 2006 and still get treated with the non O Extension Thai wife non immigrant bullish... 

 

If a thai goes to my country in 5 years they get many rights, but this is a discussion for another thread. 

Thanks everyone again for your imput

 

Good mate. Thank you for sharing all these info. We have quite a transparency here. I guess the other people find this info valuable.

[walailak]

47 minutes ago, WebGuy said:

Good mate. Thank you for sharing all these info. We have quite a transparency here. I guess the other people find this info valuable.

Last question do you know about the NDID platform regulation not being able to send money to yrself.?

I rang KTB twice today and I was told to send the money to a "cousin" instead and that will bypass the restriction... 

KTb also informed me that even my wife, a dual citizen, can't send many to an account in her name overseas..

Just send to a "cousin"! As if I do that Lol

Weird e? 

Next time I will use my ktb account to send to wife's commonwealth bank, just rorate and beat the system, amazing Thailand ????????

 

[WebGuy]

55 minutes ago, walailak said:

Last question do you know about the NDID platform regulation not being able to send money to yrself.?

I rang KTB twice today and I was told to send the money to a "cousin" instead and that will bypass the restriction... 

KTb also informed me that even my wife, a dual citizen, can't send many to an account in her name overseas..

Just send to a "cousin"! As if I do that Lol

Weird e? 

Next time I will use my ktb account to send to wife's commonwealth bank, just rorate and beat the system, amazing Thailand ????????

 

In my personal opinion you likely faced a (bank) person or department lacking knowledge. I use to send money from Europe to Thailand and vice versa from my personal accounts (my full name stated) and from any bank perspective it is more favourable to do so because you are clearly and more identifiable when it comes to money laundering policies etc. (either external (the Government) or internal (bank policies)). For example, you have transacted the funds from your personal account from Thailand to your wife's personal account in Australia. That's also fine but someone in administration may raise the question about why didn't you send the funds to yourself directly but you had sent it to your wife's bank account (I know you could prove this easily but administration may not see it that way initially). 

 

Regarding NDID, I am not aware of this term / regulation (I am not a financial expert and limiting myself to aforesaid). 

 

However, my advice is not to question their pride but maybe approach to some other banks in Thailand and explore.

 

My transactions are, I must admit occasional, and are done by crypto (and not more than 5000 Eur). It is true you must have some knowledge and experience about it, and especially if you send similar amount of funds you have just send but it works for my use.

 

You may also explore TransferWise. TransferWise is a middle ground for Europeans but I am not sure about Australians. When I say "middle ground", I am referring to consensus i.e. you are not with any bank that guarantees 100% security but you are also not alone in the crypto world with all the risks (you are paying for knowledge). 

 

Anyway, if you want all the risks to be taken away, you use regular banks. If you want to save, then you invest your time in learning how the crypto world works. If you want to take a middle ground, have a look at these companies like TransferWise. 

 

Conclusion: everything depends on you personal context.

[Liverpool Lou]

19 hours ago, WebGuy said:

19 hours ago, Liverpool Lou said:

He doesn't want to send crypto.

The transaction has already been completed.

At the time of my comment it had not been completed.