Incoming bank transfer(international) of moore than 50.000 b, k bank?

[sanook 1]

I read somewhere last year that there where something about 50 k thb limit for incoming transfer(to certain banks) from overseas, can somebody explain? 

[KannikaP]

Some guys on the Wise thread say they are sending Bht 65k per month with no problems.

 

Roger, Demi or Bobby?

Edited August 15, 2023 by KannikaP

[mark5335]

16 minutes ago, sanook 1 said:

I read somewhere last year that there where something about 50 k thb limit for incoming transfer(to certain banks) from overseas, can somebody explain? 

It only affects funds transfers sent by Wise. BBL, K Bank, SCB  can receive larger Wise transfers, but the other banks are capped at 50K per transfer). Normal SWIFT transfers are not affected.

[Liverpool Lou]

36 minutes ago, sanook 1 said:

I read somewhere last year that there where something about 50 k thb limit for incoming transfer(to certain banks) from overseas, can somebody explain? 

Yes, I can.  There are no upper limits on the amounts that can be transferred into Thai bank accounts using the normal banking system, i.e. bank to bank, as mark5335 also posted.

Edited August 15, 2023 by Liverpool Lou

[2baht]

2 minutes ago, Liverpool Lou said:

Yes, I can.  There are no upper limits on the amounts that can be transferred into Thai bank accounts using the normal banking system, i.e. bank to bank.

The exchange from the robbing banks suck, Wise much better rate.

[2baht]

Who remembers when people robbed banks, well now...........!

[KannikaP]

12 minutes ago, Liverpool Lou said:

Yes, I can.  There are no upper limits on the amounts that can be transferred into Thai bank accounts using the normal banking system, i.e. bank to bank, as mark5335 also posted.

I have been led to believe that WISE is not classed as a 'normal' bank. No money actually crosses any financial borders when you do a transfer. GBPs stay in UK, THB are already in Thailand.

That's why , if you put for Long Stay, it takes a further day to process because A HUMAN is involved.

Edited August 15, 2023 by KannikaP

[Liverpool Lou]

17 minutes ago, 2baht said:

The exchange from the robbing banks suck, Wise much better rate.

But there are limits per transaction to some banks which is what the OP was asking about.   

 

How "much better" are Wise rates than the mainstream Thai banks for incoming transfers?

 

Edit:  Just looked it up...not that much.   Eg. for a £1,000 transfer, the difference seems to be not worth the fuss.

Edited August 15, 2023 by Liverpool Lou

[Reginald Prewster]

My monthly salary is high up in the 6 digits.. 

 

The transfer comes as freelancer from different countries and companies but it never takes longer that 2 days.

 

The Bank calls my wife: There is money coming what is that?

My wife needs only respond on the telephone: Salary for my husband, month, company who sent and country where it came from... 

 

[OneMoreFarang]

If it's over 50k USD or 50k EUR then the bank may ask you what it's for.

A simple reason like "I will buy xyz" is fine.

[Liverpool Lou]

17 minutes ago, KannikaP said:

I have been led to believe that WISE is not classed as a 'normal' bank.

That's right, Wise is not a bank.

[KannikaP]

1 minute ago, Liverpool Lou said:

That's right, Wise is not a bank.

But does more than my Nationwide can do, and cheaper.

A SWIFT from them to Bkk Bank costs £20 and takes 4/5 days. WISE is about £7 and instant if you need it to be.

[Liverpool Lou]

17 minutes ago, Reginald Prewster said:

My monthly salary is high up in the 6 digits.. 

Shame, just 6?  Mine is high up in the 7 digits but it could be 70 digits, it doesn't matter, there are no limits bank to bank.

Edited August 15, 2023 by Liverpool Lou

[Liverpool Lou]

16 minutes ago, OneMoreFarang said:

If it's over 50k USD or 50k EUR then the bank may ask you what it's for.

A simple reason like "I will buy xyz" is fine.

They may, that's right, but no limits.

[NoDisplayName]

38 minutes ago, Liverpool Lou said:

But there are limits per transaction to some banks which is what the OP was asking about.   

 

How "much better" are Wise rates than the mainstream Thai banks for incoming transfers?

 

Edit:  Just looked it up...not that much.   Eg. for a £1,000 transfer, the difference seems to be not worth the fuss.

The transfer fees might not be that much different, but consider the exchange rates.  Wise offers close to the live forex rate.  Conversion of your funds at an incoming bank much more costly, and adds up quickly with 0.15-0.25 baht/dollar rate difference.

 

Current GBP-THB rate at bangkok bank Aug 15

44.32250  45.23500   1000 GBP = ?  44,322.50 minus your SWIFT fee, and then 200 baht fee from the receiving bank. [ Bangkok Bank incoming wire 0.25% of the transfer value (minimum 200 baht, maximum 500 baht per transaction)]

 

Current rate from Wise 

44.7854    1000 GBP minus fees 44,499.67  (slightly higher if sending from own balance)

 

Current XE.com live rate

44.798707   1000 GBP = 44,798.53

 

Edited August 15, 2023 by NoDisplayName

[Lacessit]

I have had no problem transferring the equivalent of 800K baht in AUD.

[2baht]

49 minutes ago, Liverpool Lou said:

But there are limits per transaction to some banks which is what the OP was asking about.   

 

How "much better" are Wise rates than the mainstream Thai banks for incoming transfers?

 

Edit:  Just looked it up...not that much.   Eg. for a £1,000 transfer, the difference seems to be not worth the fuss.

Try a $20,000+ transfer!

[Liverpool Lou]

8 minutes ago, 2baht said:

Try a $20,000+ transfer!

I have, there are no limits on transfers into Thai banks. The bank may enquire about the origin of the funds if it is a high amount but that is all. 

[Liverpool Lou]

24 minutes ago, NoDisplayName said:

The transfer fees might not be that much different, but consider the exchange rates.  Wise offers close to the live forex rate.  Conversion of your funds at an incoming bank much more costly, and adds up quickly with 0.15-0.25 baht/dollar rate difference.

 

Current GBP-THB rate at bangkok bank Aug 15

44.32250  45.23500   1000 GBP = ?  44,322.50 minus your SWIFT fee, and then 200 baht fee from the receiving bank. [ Bangkok Bank incoming wire 0.25% of the transfer value (minimum 200 baht, maximum 500 baht per transaction)]

 

Current rate from Wise 

44.7854    1000 GBP minus fees 44,499.67  (slightly higher if sending from own balance)

 

Current XE.com live rate

44.798707   1000 GBP = 44,798.53

 

Thanks for confirming that. as I said to another poster, a really inconsequential difference.

[NoDisplayName]

3 minutes ago, Liverpool Lou said:

Thanks for confirming that. as I said to another poster, a really inconsequential difference.

Now do $10,000

[scorecard]

1 hour ago, OneMoreFarang said:

If it's over 50k USD or 50k EUR then the bank may ask you what it's for.

A simple reason like "I will buy xyz" is fine.

I've been asked occasionlly also.

 

Standard response: 'Education and living expenses'. 

 

All done.

[AAArdvark]

On 8/15/2023 at 11:41 AM, KannikaP said:

Some guys on the Wise thread say they are sending Bht 65k per month with no problems.

 

Roger, Demi or Bobby?

I do 100k every month to Bangkok Bank with no problems. 

[Crazy Noobie]

I transfer 100,000 to 140,000 baht every month from my US Bank to my Bangkok Bank using their swift system. My US Bank fee is a flat rate of $40 for any amount and my Bangkok Bank's fee is around 200 to 500 baht depending on the amount. It takes less than 24 hours to arrive into my account here. I notice on average it takes 6 hours to arrive into my account. I do not know if there is a cap on the amount or not. I guess you would have to ask the bank.

[LikeItHot]

I send 65k every month with Wise to BKK Bank no problem.  Then I transfer it all to my KTB account so when I get  my year long statement for my extension renewal Immigration just sees 65k in and out every month and doesn't get to see every one of my purchases for the year and it's only one page long.  Last month BBK B blocked the transfer and said I needed.to go to the bank and identify myself.  That's an hour of driving so I called them and they said the transfer from BKK to KTB was capped at 50k until I went to the bank and let them take my photo for their ever changing security standards.  I just split the transfer in half and it went through.  

[rwill]

I've transfered over $200,000 US dollars with no problem.  SCB just calls for anything over $20,000 US dollars to ask if it is for personal use or to purchase property.

 

One thing I would say with using Wise is the exchange rate they show you is after fees.  So your actual exchange rate is lower.  Right now it shows an exchange rate of 35.3450 but if I send $10,000 I received 350,736.21.  So the actual exchange rate I get is 35.0736.

Edited August 16, 2023 by rwill

[observer90210]

On 8/15/2023 at 7:22 AM, KannikaP said:

I have been led to believe that WISE is not classed as a 'normal' bank. No money actually crosses any financial borders when you do a transfer. GBPs stay in UK, THB are already in Thailand.

That's why , if you put for Long Stay, it takes a further day to process because A HUMAN is involved.

A sort of modern age,  legal,  "hawala" ????

[KannikaP]

3 minutes ago, observer90210 said:

A sort of modern age,  legal,  "hawala" ????

Hawala????

[observer90210]

1 minute ago, KannikaP said:

Hawala????

Google ????

[KannikaP]

2 minutes ago, observer90210 said:

Google ????

Thanks, I am now ready for when I hear the word again. Cheers.

[cauldlad]

I asked a while ago Wise CANNOT guarantee your transfer will show up as a foreign transfer. No good if you transfer monthly for your extension.

Also check how much Wise charge for a 2 million baht transfer?