koolkarl Posted August 30, 2023 Share Posted August 30, 2023 If you wire Thai baht to Thailand from outside Thailand, the funds first go to the Bank of Thailand and then to Siam Commercial Bank. They deduct 1000 baht and then reroute the money to the final destination bank who helps themselves to a further 795 baht in Bangkok Bank's case. This is excluding the wire fee from the originating bank. If you wire USD to Thailand, it always goes via JPM in NY who takes $50 US to reroute funds to your Thai Bank, who again charge money to receive the funds plus make money converting the USD to THB. What a racket. 1 Link to comment Share on other sites More sharing options...
freeworld Posted August 30, 2023 Share Posted August 30, 2023 Yep, everybody wants a cut of the proceeds at every step. You need to work to find a cheaper more direct way to transfer money. Link to comment Share on other sites More sharing options...
Popular Post Digitalbanana Posted August 30, 2023 Popular Post Share Posted August 30, 2023 (edited) Isn't that why we all switched to Wise? Edited August 30, 2023 by Digitalbanana 2 1 1 2 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted August 30, 2023 Share Posted August 30, 2023 (edited) 15 minutes ago, koolkarl said: What a racket. Bangkok Bank only helps itself to B100 to process my (GBP to THB) pension proceeds. Hardly a racket. Edited August 30, 2023 by Liverpool Lou Link to comment Share on other sites More sharing options...
Popular Post Liverpool Lou Posted August 30, 2023 Popular Post Share Posted August 30, 2023 Just now, Digitalbanana said: Isn't that why we all switched to Wise? We didn't all do that, what are you talking about? 3 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted August 30, 2023 Share Posted August 30, 2023 13 minutes ago, koolkarl said: What a racket. You expect your multi-currency. international banking transfers to be expedited free of charge? 1 Link to comment Share on other sites More sharing options...
Bill97 Posted August 30, 2023 Share Posted August 30, 2023 17 minutes ago, koolkarl said: If you wire Thai baht to Thailand from outside Thailand, the funds first go to the Bank of Thailand and then to Siam Commercial Bank. They deduct 1000 baht and then reroute the money to the final destination bank who helps themselves to a further 795 baht in Bangkok Bank's case. This is excluding the wire fee from the originating bank. If you wire USD to Thailand, it always goes via JPM in NY who takes $50 US to reroute funds to your Thai Bank, who again charge money to receive the funds plus make money converting the USD to THB. What a racket. I wire monthly and pay no fees like those. 1 Link to comment Share on other sites More sharing options...
Popular Post KannikaP Posted August 30, 2023 Popular Post Share Posted August 30, 2023 5 minutes ago, Liverpool Lou said: We didn't all do that, what are you talking about? OK, why MANY switched to Wise, very wisely. 2 1 1 Link to comment Share on other sites More sharing options...
KannikaP Posted August 30, 2023 Share Posted August 30, 2023 Just now, Bill97 said: I wire monthly and pay no fees like those. Via which path please? Link to comment Share on other sites More sharing options...
novacova Posted August 30, 2023 Share Posted August 30, 2023 10 minutes ago, KannikaP said: OK, why MANY switched to Wise, very wisely. Very easy and fast, two or three chunks a year and minimal fees and effort 1 1 Link to comment Share on other sites More sharing options...
Popular Post gamb00ler Posted August 30, 2023 Popular Post Share Posted August 30, 2023 24 minutes ago, koolkarl said: If you wire Thai baht to Thailand from outside Thailand, the funds first go to the Bank of Thailand and then to Siam Commercial Bank. They deduct 1000 baht and then reroute the money to the final destination bank who helps themselves to a further 795 baht in Bangkok Bank's case. This is excluding the wire fee from the originating bank. If you wire USD to Thailand, it always goes via JPM in NY who takes $50 US to reroute funds to your Thai Bank, who again charge money to receive the funds plus make money converting the USD to THB. What a racket. Congratulations.... I think you found the worst method to send money to Thailand! Send US$ to Thailand and the Thai bank will give you a better rate than a US based would. Ask all the US financial institutions you utilize if they can send funds to Thailand without the use of an intermediary. If none can do so, find a new US bank that can. Charles Schwab charges $25 and doesn't need an intermediary bank. There are other advantages to using Schwab. All Thai banks charge 100฿ to 500฿ max. to receive an inbound SWIFT transfer. Last time I checked Wise was better than using SWIFT if you are sending less than about 21,000 US$. Above that amount and SWIFT was generally better. 1 3 Link to comment Share on other sites More sharing options...
Chivas Posted August 30, 2023 Share Posted August 30, 2023 1 minute ago, novacova said: Very easy and fast, two or three chunks a year and minimal fees and effort Show me a provider that delivers a better "bottom line" than using Wise (excluding opening account offers) and I'll happily donate 50,000 Baht to a charity of choice to any poster here They wont find one I run a check monthly and still no one comes remotely close albeit one or two have been getting "closer" Bottom line as to what lands in the account is what counts and absolutely nothing else when doing a comparison 1 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted August 30, 2023 Share Posted August 30, 2023 2 minutes ago, Chivas said: and I'll happily donate 50,000 Baht to a charity of choice to any poster here Yeah, of course you will. 1 Link to comment Share on other sites More sharing options...
MarkT63 Posted August 30, 2023 Share Posted August 30, 2023 3 minutes ago, Chivas said: Show me a provider that delivers a better "bottom line" than using Wise (excluding opening account offers) and I'll happily donate 50,000 Baht to a charity of choice to any poster here They wont find one I run a check monthly and still no one comes remotely close albeit one or two have been getting "closer" Bottom line as to what lands in the account is what counts and absolutely nothing else when doing a comparison I only looked at Wise once last year but it was a better deal to instruct my offshore bank to do a USD transfer (they charged USD 45) straight to SCB. Got a fixed amount quote from Wise but got more baht in to the account using transfer. Can't give you the proof so no charity donation needed ???? Link to comment Share on other sites More sharing options...
koolkarl Posted August 30, 2023 Author Share Posted August 30, 2023 40 minutes ago, Liverpool Lou said: Bangkok Bank only helps itself to B100 to process my (GBP to THB) pension proceeds. Hardly a racket. Your bank makes money on the conversion of sterling to baht. Read carefully what I wrote. 1 1 Link to comment Share on other sites More sharing options...
koolkarl Posted August 30, 2023 Author Share Posted August 30, 2023 42 minutes ago, Digitalbanana said: Isn't that why we all switched to Wise? Except my originating bank only uses wire transfer and nothing else is permitted. 1 Link to comment Share on other sites More sharing options...
novacova Posted August 30, 2023 Share Posted August 30, 2023 21 minutes ago, novacova said: Very easy and fast, two or three chunks a year and minimal fees and effort Is what I said about Wise. 18 minutes ago, Chivas said: Show me a provider that delivers a better "bottom line" than using Wise (excluding opening account offers) and I'll happily donate 50,000 Baht to a charity of choice to any poster here Thank you for the offer, but I have yet to anything easier/faster ratio than Wise. And if there’s one that offers better rates than Wise, then it better be just as easy and fast. I don’t like large chunks of dough swirling around in digital land for too long. 1 Link to comment Share on other sites More sharing options...
Bill97 Posted August 30, 2023 Share Posted August 30, 2023 1 hour ago, koolkarl said: If you wire USD to Thailand, it always goes via JPM in NY who takes $50 US to reroute funds to your Thai Bank Not true. 1 Link to comment Share on other sites More sharing options...
KannikaP Posted August 30, 2023 Share Posted August 30, 2023 59 minutes ago, Chivas said: Show me a provider that delivers a better "bottom line" than using Wise (excluding opening account offers) and I'll happily donate 50,000 Baht to a charity of choice to any poster here They wont find one I run a check monthly and still no one comes remotely close albeit one or two have been getting "closer" Bottom line as to what lands in the account is what counts and absolutely nothing else when doing a comparison Every month I do a Wise transfer to my Bkk Bank which arrives in 24 hours as an International Transfer so satisfies the Immigration rules. Done it for years, as have many many others. 1 1 Link to comment Share on other sites More sharing options...
treetops Posted August 30, 2023 Share Posted August 30, 2023 39 minutes ago, novacova said: Thank you for the offer, but I have yet to anything easier/faster ratio than Wise. And if there’s one that offers better rates than Wise, then it better be just as easy and fast. I don’t like large chunks of dough swirling around in digital land for too long. There are cheaper ways at times for certain amounts being sent despite all the claims, but as you say, Wise is easy and fast which is an advantage. Wise even have a comparison tool on their site which shows when they're not the cheapest. Just now for £500 GBP it's Moneygram and for $1000 and $5,000 USD it's XE. Euro similar to USD but for even higher values. Moneygram are allegedly slow but I haven't heard much about XE. 1 Link to comment Share on other sites More sharing options...
KannikaP Posted August 30, 2023 Share Posted August 30, 2023 1 hour ago, koolkarl said: Except my originating bank only uses wire transfer and nothing else is permitted. Then change banks. 1 1 Link to comment Share on other sites More sharing options...
Digitalbanana Posted August 30, 2023 Share Posted August 30, 2023 2 hours ago, Liverpool Lou said: We didn't all do that, what are you talking about? Sorry I should have said everyone except @Liverpool Lou ???? 1 2 Link to comment Share on other sites More sharing options...
Social Media Posted August 30, 2023 Share Posted August 30, 2023 OP requested Closure. CLOSED Link to comment Share on other sites More sharing options...
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