Transferring money into Thailand

[Jaunty]

Not sure if the correct forum but, can one transfer a largish amount of money from abroad to a Thai bank account without any restrictions, headaches etc? (When I say largish I mean around 80k USD).

[1FinickyOne]

I transferred more than that to buy a house - the bank called and asked what the money was for... that was the most problem I have had...

[fdsa]

You could not transfer such and even smaller amounts from anywhere to anywhere else without any restrictions and headaches.

The largest hurdles are going to be with your home bank. You could tell the bank that it is "for long term living purposes", or to buy property (show them any condo/house purchase contract).

The Thai banks usually don't care as long as the sender and receiver names are same. If you send from a different name questions may arise.

[Kwasaki]

Using 'Wise' is one way but i think your find you will always get some restrictions whoever you use. 

[KannikaP]

8 minutes ago, Kwasaki said:

Using 'Wise' is one way but i think your find you will always get some restrictions whoever you use. 

WISE is ok up to a certain amount, based on the amount transferred. After that a SWIFT transfer could be better. Do your maths.

[scubascuba3]

If using Wise there is a 50k baht limit per transfer if not Kasikorn, Bangkok Bank or SCB and 2m for these three. If sending via swift should be fine

[Stocky]

Wise is the wrong option for moving large sums of USD.

[Kwasaki]

49 minutes ago, KannikaP said:

WISE is ok up to a certain amount, based on the amount transferred. After that a SWIFT transfer could be better. Do your maths.

Don't have to do maths wi+h pensions coming, don't have that kind of dosh anymore, only have ext money.

[giddyup]

I recently transferred more than A$300K from my Aussie bank to Thai bank without any problems.

[misterphil]

1 hour ago, Kwasaki said:

Using 'Wise' is one way but i think your find you will always get some restrictions whoever you use. 

Maximum 2 mil THB with Wise. Although he could do 2 separate transactions. 

 

 

[Aussieroaming]

Of course you can, I have transferred more than $US1M over the last decade. I just used bank to bank transfer to ensure that all money was trackable and accounted for. 

[Lacessit]

Just operate within the limits WISE sets, i.e. transfer 2 million baht every day until target is reached.

Note: WISE wants your sending bank account name to match with your full passport name. If not, there are other hurdles.

[chuang]

Don't worry USD 80K is not largish 

[scubascuba3]

1 hour ago, Stocky said:

Wise is the wrong option for moving large sums of USD.

Not necessarily, depends what rate Thai bank offers and if rates are trending up or down

[new2here]

I agree with the others, I’ve done numerous bank-bank transfers (that is directly from my US-bank to my Thai-based bank) and never had issues.. Several transfers were for sums above $100k… and one in excess of $200k

 

Normally, all i get is a call from the bank branch to let me know that it’s arrived and if I want anything special done with it… granted, the bank branch I use does have a copy of my latest extension and work permit on file. 

 

I agree that so long as the account names etc all match, there should be no issues.  

 

I do agree that the Thai governments look out for money laundering and other currency-based crimes has ramped up in last few years,  but for fairly routine transfers there really should be no issues.  

 

i suspect that IF you were making repeated transfers of large amounts or the like over a short period of time, THEN i could see questions being asked, but aside from that, no… I highly doubt anyone would bat an eye.

 

 

[mjakob007]

5 hours ago, Jaunty said:

one transfer a largish amount of money from abroad to a Thai bank account without any restrictions

Should not have any headaches at the thai end.

 

If you plan to utilise this condo purchase, notify thai bank to obtain 'FETC'.

'Wise' not the best option for large amounts.

 

If you are not betting on the current usd/thb to be the best,

- open an FCD account with your thai bank,

- move money from overseas to your FCD account. 

- Transfer from FCD to THB account as & when you want, on internet banking or OTC.

- if following monthly income method for visa extension with immigration, use OTC method, so that your statement reflects FTT on bank statement.

- else, easy to do on internet banking on a piecemeal or lumpsum basis and nobody bothers you... 

[Tropposurfer]

Seeing as you're talking a smallish amount (80K USD) then shop around to find the best deal from the US end banks.

 

Citibank were always accommodating from my business experiences with them (although that was some decades ago lol????)

 

If you want to transfer in a single transaction then a simple bank to bank transfer is arguably easiest ... this can be done for you at your brach if you prefer .... OR ... you can do it from your own terminal at home (if you have the account set up to do so). Watch out for the fees though > this is why I mention shopping around for the best bank.

If you're going to live here and have a pension and the odd extra bit randomly drop into your account it might pay to check out other banks rather than the one you have now as they may offer much more help and better rates on moving your precious pension across the globe.

 

If your bank won't allow you to do this from your own internet banking account then I'd suggest you go look at another bank cause there are quite a few that will accommodate such direct internet transfers > I am speaking of Singapore, UK, and Australian banks though ... US banks might be different? 

 

 

 

 

[Samyan]

6 hours ago, giddyup said:

I recently transferred more than A$300K from my Aussie bank to Thai bank without any problems.

May I ask which bank that is?

I used to transfer small amounts from my Bankwest account and would always receive a phone call asking for what purpose.

[Pilot3Boz]

I have sent large transfers to Bangkok Bank using Swift transfer for a flat $45 ... No real notable fee on BB, Got decent exchange rates every time also... Why would you pay Wise $500 to do the same thing?. The swift transfer is very quick and simple! 

[gamb00ler]

9 hours ago, Stocky said:

Wise is the wrong option for moving large sums of USD.

 

8 hours ago, scubascuba3 said:

Not necessarily, depends what rate Thai bank offers and if rates are trending up or down

Last year I tracked the US$ exchange rates for Wise and 3 major Thai banks for a  couple of weeks.  All 3 banks adjusted their exchange rate several times a day as did Wise.  You're correct when you said they vary.  But, they don't vary by much.  The rates are pretty consistent.

 

Based on the average of the rates and the applicable fees, I calculated that for transfers under about 21K US$, Wise would result in the most ฿ per dollar.  For transfers greater than 21K $, a SWIFT transfer was best.  I assumed a SWIFT transfer cost $25 and the Thai bank would add a fee of 500 ฿.

[scorecard]

9 hours ago, giddyup said:

I recently transferred more than A$300K from my Aussie bank to Thai bank without any problems.

I've also transferred large amounts Oz to K Bank.

 

I use OFX (previously Ozforex) affiliated with Macquarie Bank (but not necessary to have an account with Macquarie). Very security conscious, low charge (last time I looked AUD15 per transfer). Into K Bank a/c quickly but occasionally large amounts will be noticed (using any transfer agency / any Thai bank) by Thai Money Laundering Office. If this happens expect a 24 hr, perhaps 48 hr delay to be available to draw on. 

 

I had this happen once, perhaps 8 years ago. They asked 'what's the money for?' I responded 'to buy a condo in Bkk'. No further discussion. 

[JerseytoBKK]

30 minutes ago, gamb00ler said:

 

Last year I tracked the US$ exchange rates for Wise and 3 major Thai banks for a  couple of weeks.  All 3 banks adjusted their exchange rate several times a day as did Wise.  You're correct when you said they vary.  But, they don't vary by much.  The rates are pretty consistent.

 

Based on the average of the rates and the applicable fees, I calculated that for transfers under about 21K US$, Wise would result in the most ฿ per dollar.  For transfers greater than 21K $, a SWIFT transfer was best.  I assumed a SWIFT transfer cost $25 and the Thai bank would add a fee of 500 ฿.

I keep a retirement account in Chase/JP Morgan so I get SWIFT transfers at no cost. Bangkok Bank charges .25% when receiving dollars. I check the actual amount deposited against the XE rate that day and it's always very close after accounting for the bank charge. For me, Chase to Bangkok Bank offers the best rate.

[gamb00ler]

1 minute ago, JerseytoBKK said:

Bangkok Bank charges .25% when receiving dollars. I check the actual amount deposited against the XE rate that day and it's always very close after accounting for the bank charge. For me, Chase to Bangkok Bank offers the best rate.

The .25% fee also maxes out at 500 ฿.  You can find the exchange rate for Bangkok Bank at:

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

 

Schwab also gives free SWIFT transfers if your balances are above a certain level.

[giddyup]

12 hours ago, Samyan said:

May I ask which bank that is?

I used to transfer small amounts from my Bankwest account and would always receive a phone call asking for what purpose.

ANZ, they ask for what purpose and I just say medical expenses. You also get a phone call from the bank confirming it's you for security purposes. Asking is just a formality, never heard of a bank refusing to transfer.

[Kwasaki]

21 hours ago, scubascuba3 said:

Not necessarily, depends what rate Thai bank offers and if rates are trending up or down

i can't get wise to send money now they say my card has been locked to protect against unauthorised use. To unlock call my uk bank.

called my bank they said nothing is locked wise has not set up the new reg something to withdrawn the money from my a/c.

[scubascuba3]

18 minutes ago, Kwasaki said:

i can't get wise to send money now they say my card has been locked to protect against unauthorised use. To unlock call my uk bank.

called my bank they said nothing is locked wise has not set up the new reg something to withdrawn the money from my a/c.

You don't need to use your UK bank card, i use the app or online and send money to Wise, can't you do that?

[Kwasaki]

3 hours ago, scubascuba3 said:

You don't need to use your UK bank card, i use the app or online and send money to Wise, can't you do that?

I go to wise on my computer go straight through everything they have my debit card details pick an amount and it is sent in seconds to my Thai Bank account. 

Couldn't do that today my UK bank says it is a wise problem. 

[Sparktrader]

3 minutes ago, Kwasaki said:

I go to wise on my computer go straight through everything they have my debit card details pick an amount and it is sent in seconds to my Thai Bank account. 

Couldn't do that today my UK bank says it is a wise problem. 

Do you have bsb details? Simple banl transfer via your banking ap

[Kwasaki]

1 minute ago, Sparktrader said:

Do you have bsb details? Simple banl transfer via your banking ap

I'm not good with computers stuff, i set up wise on my computer for them to take money from my uk account via my debit card and send to my Thai Bank account never had trouble until now. 

[Sparktrader]

3 minutes ago, Kwasaki said:

I'm not good with computers stuff, i set up wise on my computer for them to take money from my uk account via my debit card and send to my Thai Bank account never had trouble until now. 

Maybe your card expired. Set up auto debit from your bank account instead. Can do on phone.