If I have around 300k USDT (in my crypto wallet), what would be the best route to turn it into THB to buy property in Thailand?

Buying a property requires us to show evidence that the funds came from abroad. Because of such a requirement, I can't just sell the USDT on a Thai crypto exchange to get the THB.

 

I have a multicurrency WISE account, so I was thinking I could:

Convert USDT to GBP on Binance P2P;

Transfer GBP to THB into SCB

 

WISE allows us to select "Purchase of Property" in the "Purpose" dropdown box to ensure that the Thai bank will tag it as an incoming foreign transfer.

 

Do you guys have any better ideas?

 

Use SWIFT transfer for the amount you want to transfer.  For large transfers (20k - 22k US$ and above), Wise fees quickly erode any perceived benefit from a slightly better exchange rate.

 

Based on Wise's estimate of ฿ received for the amounts of $1,000 and $2,000 USD, the Wise fees are .625%.  SWIFT fees are fixed and will be about 1,300 - 1,500 ฿ per transfer accounting for the fees charged by the originating bank and the 500 ฿ fee by the receiving Thai bank.

 

The above figures are based on US$ transfers by SWIFT and Wise.

 

Edited February 16, 20233 yr by gamb00ler

I'm unlikely to use traditional bank international transfer via SWIFT for various reasons. So I may just have to pay more.

 

Wise offers some guides for sending to Thailand for buying property:
https://wise.com/help/articles/2932335/guide-to-thb-transfers

https://wise.com/gb/blog/buying-property-in-thailand

 

Wise is the only option I can think of so far, but I'm open to consider other options that I haven't thought of.

 

2 hours ago, omnipresent said:

I'm unlikely to use traditional bank international transfer via SWIFT for various reasons. So I may just have to pay more.

Most money transfer services are required to notify the government's anti-money-laundering agencies on larger transactions that don't have obvious provenance.  Their requirements for reporting are unlikely to be less stringent than SWIFT's.

Wise does not like crypto, a transfer to/from your Wise account from/to any cryptocurrency exchange might get your Wise account irrevocably blocked.