Getting the $$ to Thailand

[lanwithatz]

I'm in the process of planing to building a home on my wife's land in Khon Kean.  What is the best way to get the cash required to Thailand from the US.  Ideally I'll be legal and avoid paying huge exchange fees.  Or do you find that contractors are ok with USD?

[Ohyesuare]

Wise.com

[Celsius]

I think it's a great idea

[Stocky]

1 hour ago, lanwithatz said:

What is the best way to get the cash required to Thailand from the US. 

56 minutes ago, Ohyesuare said:

Wise.com

Wise isn't so good for USD transfers, above USD8 to 10k it's cheaper to use SWIFT from the US. The margin between buy and sell is so tight for USD it make it hard for Wise to be competitive. 

[Jerno]

Check out Xe.com......no extra fees, just the competitive exchange rate.

[EVENKEEL]

You just missed the good exchange rate, 32.8 and dropping. If you have your US bank transfer the money to Thailand make sure they transfer US dollars and don't exchange money first.

[lanwithatz]

4 hours ago, Stocky said:

Wise isn't so good for USD transfers, above USD8 to 10k it's cheaper to use SWIFT from the US. The margin between buy and sell is so tight for USD it make it hard for Wise to be competitive. 

Will I want to open up a Bangkok Bank or HSBC account while in the states?  Will I be able to access my USD in those international banks while in Thailand you think? or will I have to SWIFT  over still?

[nigelforbes]

1 minute ago, lanwithatz said:

Will I want to open up a Bangkok Bank or HSBC account while in the states?  Will I be able to access my USD in those international banks while in Thailand you think? or will I have to SWIFT  over still?

HSBC doesn't have a retail bank operation in Thailand.

 

Bangkok Bank would be a good choice, they have a commercial branch in the US. I do not think you will be able to open an account with Bangkok Bank (BBL) in the US, that will need to done in Thailand.

 

You will need to remit USD to your account in Thailand. Do not remit THB, it's far better to convert to THB in Thailand.

 

Your bank in Thailand will convert the USD to THB automatically.

 

Your transfer should be via SWIFT.

[sometimewoodworker]

1 hour ago, lanwithatz said:

Will I want to open up a Bangkok Bank or HSBC account while in the states?  Will I be able to access my USD in those international banks while in Thailand you think? or will I have to SWIFT  over still?

You misunderstand the situation with banks.
 

Bangkok Bank Thailand though it has correspondence with Bangkok Bank in the USA they are independent entities. It is the same with all other banks Citibank is another example the only advantage with having accounts in more than one country is that a reference from one country can make opening an account in another country easier.

 

So bank A in one country is independent of bank A in other countries, there is little advantage in holding accounts in different countries with the same bank. You still have to do the same international transfer.

 

You can’t however open a Bangkok bank account in the USA, as they don’t accept retail customers.

[timendres]

18 minutes ago, sometimewoodworker said:

Bangkok Bank Thailand though it has correspondence with Bangkok Bank in the USA they are independent entities. It is the same with all other banks Citibank is another example the only advantage with having accounts in more than one country is that a reference from one country can make opening an account in another country easier.

The Bangkok Bank branch in New York is owned by Bangkok Bank. It is a branch. It is the same account with the same account number. When I deposit USD into my account in New York, it instantly appears in my account in THB. But you are correct that you still have the deal with the conversion from USD to THB, and in this case, you get the rate that BB applies.

 

Bangkok Bank's web page about their New York branch.

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[nigelforbes]

7 hours ago, sometimewoodworker said:

You misunderstand the situation with banks.
 

Bangkok Bank Thailand though it has correspondence with Bangkok Bank in the USA they are independent entities. It is the same with all other banks Citibank is another example the only advantage with having accounts in more than one country is that a reference from one country can make opening an account in another country easier.

 

So bank A in one country is independent of bank A in other countries, there is little advantage in holding accounts in different countries with the same bank. You still have to do the same international transfer.

 

You can’t however open a Bangkok bank account in the USA, as they don’t accept retail customers.

Bangkok Bank NY is a wholly owned branch of Bangkok Bank (BBL) Thailand, ditto Bangkok Bank London, they are both commercial branches that lack retail banking licenses. 

 

The issue you described about branches of names banks being different entities is true of big name overseas banks in Thailand. UOB is UOB (Thai) and apart from shareholding is unrelated to UOB Singapore. Ditto CIMB Thai, etc etc. 

[Skipalongcassidy]

Go to Wise.com... use the comparative analysis tool that they provide to determine which money transfer company provides the best option for you... right now Moneygram is most favorable for USD to THB.

[sometimewoodworker]

3 hours ago, nigelforbes said:

Bangkok Bank NY is a wholly owned branch of Bangkok Bank (BBL) Thailand, ditto Bangkok Bank London, they are both commercial branches that lack retail banking licenses. 

They may well be wholly owned by Bangkok Bank (BBL) Thailand, they are however licensed and regulated by 3 completely different different authorities, as are the Bangkok Banks in Japan and China, again regulated by the respective authorities.

It is just possible that they are considered to be branches of BBL Thailand, but the regulations governing them make the independent entities. Otherwise how would the various boards such as FSCS be able to guarantee compensation to depositors if a bank is unable to meet its financial obligations, you can be assured that the governance bodies making those guarantees have anything but charitable intentions.

Banks rather more than other companies keep the structures rather less open than others, so I would be interested to know where the exact information of the Bangkok Bank structuring of the companies under the umbrella name “Bangkok Bank” came from?

[Gottfrid]

Just ask your wife. She will have a million ways to get the money here. ????

Edited January 18, 2023 by Gottfrid

[nigelforbes]

1 hour ago, sometimewoodworker said:

They may well be wholly owned by Bangkok Bank (BBL) Thailand, they are however licensed and regulated by 3 completely different different authorities, as are the Bangkok Banks in Japan and China, again regulated by the respective authorities.

It is just possible that they are considered to be branches of BBL Thailand, but the regulations governing them make the independent entities. Otherwise how would the various boards such as FSCS be able to guarantee compensation to depositors if a bank is unable to meet its financial obligations, you can be assured that the governance bodies making those guarantees have anything but charitable intentions.

Banks rather more than other companies keep the structures rather less open than others, so I would be interested to know where the exact information of the Bangkok Bank structuring of the companies under the umbrella name “Bangkok Bank” came from?

It is hardly surprising that Bangkok Bank in the US is licensed and regulated by US authorities whilst Bangkok Bank Thailand is licensed and regulated by bodies within Thailand's borders. I can't perceive any bank in the world that operates in a different country, being regulated and licensed by any body other than the one they  reside in!