Schwab $$$ wire transfers to Bangkok Bank New York (domestic) versus Bangkok Bank in-country (international)

[Bubbha]

Hello -

Looking for experience and lessons learned about wire transfers from Schwab to Bangkok Bank in New York (domestic wire) in comparison to Bangkok Bank in Thailand (international wire).

What are fees and rates?

Does the domestic transfer take longer to credit to your account in Thailand?

Also, how do wire transfers with Schwab compare to Wise?

I understand Wise becomes less competitive with larger dollar transfer amounts.

 

[lopburi3]

Several factors - but yes Wise does become less attractive for larger transfers as fee based on amount sent.

 

To send using Bangkok Bank New York the ACH transfer must be in international format (most US banks will not do but believe Schwab does.  There will be a fee at BBL NY (which Bangkok Bank website lists - based on amount sent) plus receiving fee in Thailand (.25% in range 200-500 baht).  You will want to send USD for conversion in Thailand.

 

[bamnutsak]

copy and paste into Google:

 

schwab transfer bangkok bank site:aseannow.com

 

My vaguest recollection is that Schwab offers fee-free international SWIFT wire transfers (at least for some customers), which can be initiated on-line or by a call. That means you get the TT rate, and 0.25% (200 min, 500 max) when you xfer USD direct to BBL in Thailand, and avoid the BBL NYC fee.

 

 

 

 

 

 

[JimGant]

On 1/27/2023 at 1:57 PM, lopburi3 said:

To send using Bangkok Bank New York the ACH transfer must be in international format

But, you can also send a domestic wire to Bangkok Bank NY, with your account number being that of your Bangkok Bank account in Thailand. BBNY will send those dollars across the pond, charging same as for an ACH (e.g, $10 for amounts between 2 and 50k dollars, plus 200-500 fee on receiving end).

 

Since domestic wire fees are normally cheaper than international wire fees, this method should be included in your comparison analysis.

[gamb00ler]

On 1/27/2023 at 12:43 PM, Bubbha said:

Looking for experience and lessons learned about wire transfers from Schwab to Bangkok Bank in New York (domestic wire) in comparison to Bangkok Bank in Thailand (international wire).

What are fees and rates?

Does the domestic transfer take longer to credit to your account in Thailand?

Also, how do wire transfers with Schwab compare to Wise?

I understand Wise becomes less competitive with larger dollar transfer amounts.

Schwab:

SWIFT fees (per their website) are $15 for online, $25 using an agent.  However they often refund the fee for customers with larger balances.  Sometimes they do that automatically, sometimes I've had to ask for the refund and sometimes I wasn't considered eligible.

 

While living in US I had set up an order with Schwab to send to a BKK bank account and I could easily initiate a transfer over the phone to that specific account.

 

After moving to CM, I stopped using SWIFT and now use my Schwab debit card to withdraw up to 15K $US (daily limit) at a BKK bank teller and incur NO fees.  Using this method, VISA determines the exchange rate which is published once daily on their website.  Currently VISA rate is 32.75 and BKK bank inbound TT rate is 32.70 (doesn't include the .25% receiving fee of 200-500฿).

 

Wise:

Their published rate is 32.78 at this moment but it is updated very frequently each day.  Their fees appear to be $6.25/$1000US so their effective rate is actually 32.78 * .99375 = 32.575 but they will also charge you a fee if you have them move the funds from your US bank.  

 

 

Caveats:

Using Wise you will get a locked in exchange rate when initiating the transfer.  Using SWIFT you will get the exchange rate in effect when the money arrives at the Thai bank.

 

The speed of transfer depends on how you move the funds to Wise and the local US time when you initiate the SWIFT at Schwab.  You can use ACH to push the funds to Wise which will take 1-2 days but will save you the fees that Wise charges for moving the funds for you.

 

Wise transfers can be used to satisfy Thai Immigration's requirement for monthly inbound transfers, but Schwab debit card transfers are not acceptable to Immigration.

[Thailand J]

International wires: Wells Fargo as intermediary bank, free.

Domestic wires: Bangkok Bank NY charges up to $20.