Wire Transfer of Baht to Thailand

[koolkarl]

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.

[freeworld]

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.

[Digitalbanana]

Isn't that why we all switched to Wise?

 

Edited August 30, 2023 by Digitalbanana

[Liverpool Lou]

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

[Liverpool Lou]

Just now, Digitalbanana said:

Isn't that why we all switched to Wise?

We didn't all do that, what are you talking about?

[Liverpool Lou]

13 minutes ago, koolkarl said:

What a racket.

You expect your multi-currency. international banking transfers to be expedited free of charge?

[Bill97]

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.

[KannikaP]

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.

[KannikaP]

Just now, Bill97 said:

I wire monthly and pay no fees like those.

Via which path please?

[novacova]

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 

[gamb00ler]

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!

 

1. Send US$ to Thailand and the Thai bank will give you a better rate than a US based would.
2. 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.
3. Charles Schwab charges $25 and doesn't need an intermediary bank.  There are other advantages to using Schwab.
4. All Thai banks charge 100฿ to 500฿ max. to receive an inbound SWIFT transfer.
5. Last time I checked Wise was better than using SWIFT if you are sending less than about 21,000 US$.  Above that amount and SWIFT was generally better.

[Chivas]

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

[Liverpool Lou]

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. 

[MarkT63]

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 ???? 

[koolkarl]

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. 

[koolkarl]

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.

[novacova]

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.

[Bill97]

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.

[KannikaP]

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. 

[treetops]

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.

 

 

 

[KannikaP]

1 hour ago, koolkarl said:

Except my originating bank only uses wire transfer and nothing else is permitted.

Then change banks. 

[Digitalbanana]

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 ????

[Social Media]

OP requested Closure.

 

CLOSED