Transferring money from Australia to Thailand

[soisanuk]

4 hours ago, BenStark said:

Wise uses OTP for quite some time already, and now recently it asks me to open the app and confirm it's me.

 

Not a problem as it only adds to the security, which we should applaud instead of criticize.

Not always, but sometimes Wise has used a OTP when I log in.  When they do, they it to me by text message to my Thai telephone number. 

[BenStark]

6 hours ago, orchidfan said:

Really ?? The transfers I did a fortnight ago and all the previous transfers every 2 weeks this year did not involve an OTP .

I'm doing.f one tomorrow evening so will report back.

 

I have no objection to the OTP security measure (use it all thr time buying air tickets etc using my BBL Debit card......but they come to my registered Thai mobile number here.

 

How.many expats here have ,or need, a functioning Australian mobile phone number ?

 

You even can have the OTP sent to your whatsapp, so you receive it worldwide

 

[GregBow]

I tried this morning but got referred to an option for explain why send funds.

But the option box does not fill and I cannot process.

Any ideas?

[malt25]

5 hours ago, GregBow said:

I tried this morning but got referred to an option for explain why send funds.

But the option box does not fill and I cannot process.

Any ideas?

Who, what company were you trying to use ?

[ravip]

Small clarification please, re WISE.

 

• I top-up the WISE account with a bank transfer/debit card etc.? Any possibility to do so with cash?
• For example if I am sending AUD 1000 to my Bangkok Bank account, the Recipient gets THB is correct?

[Olmate]

10 minutes ago, ravip said:

Small clarification please, re WISE.

 

• I top-up the WISE account with a bank transfer/debit card etc.? Any possibility to do so with cash?
• For example if I am sending AUD 1000 to my Bangkok Bank account, the Recipient gets THB is correct?

.. Yes.  But for $20 extra I will stick with Swift bank to bank.

[lopburi3]

1 hour ago, Olmate said:

.. Yes.  But for $20 extra I will stick with Swift bank to bank.

That $20 is not all it costs however - there will be a fee at Thai bank in range 200-500 baht and the exchange rate will be lower and for many foreign banks an additional fee for using a 3rd party bank to make transfer.  For large amount transfers SWIFT is viable as base rate does not increase with amount but for transfers in the 100,000 baht area Wise should be a better option.

[Olmate]

5 minutes ago, lopburi3 said:

That $20 is not all it costs however - there will be a fee at Thai bank in range 200-500 baht and the exchange rate will be lower and for many foreign banks an additional fee for using a 3rd party bank to make transfer.  For large amount transfers SWIFT is viable as base rate does not increase with amount but for transfers in the 100,000 baht area Wise should be a better option.

Not correct, no extra fees and exchange rate is as quoted is my experience with  my Oz bank and Bkk bank.

[lopburi3]

2 minutes ago, Olmate said:

Not correct, no extra fees and exchange rate is as quoted is my experience with  my Oz bank and Bkk bank.

I suspect you just have not seen it as it is deducted from the total baht amount deposit before deposit.  It is 1/4% of total in the range 200-500 baht.  The exchange rate will be BBL rate - Wise rate is consistently better (at least for US and most other currencies).

Quote

Fee for receiving funds from overseas: 0.25% of the transfer amount (Baht 200 Min., Baht 500 Max.) Fee for outward overseas funds transfer (Charge: SHA Baht 400, Charge: OUR 0.05% of the transfer amount Baht 2,500 Min.) Collection fee: 0.25% of the draft amount (Baht 200 Min., Baht 500 Max.)Sep 20, 2023

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_20sep2023_en.pdf

[Olmate]

50 minutes ago, lopburi3 said:

I suspect you just have not seen it as it is deducted from the total baht amount deposit before deposit.  It is 1/4% of total in the range 200-500 baht.  The exchange rate will be BBL rate - Wise rate is consistently better (at least for US and most other currencies).

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_20sep2023_en.pdf

 

2 hours ago, ravip said:

Small clarification please, re WISE.

 

• I top-up the WISE account with a bank transfer/debit card etc.? Any possibility to do so with cash?
• For example if I am sending AUD 1000 to my Bangkok Bank account, the Recipient gets THB is correct?

 Mmm... Wise seem to saying saving of $20.22,which is my experience also, so I am happy with end resulthowever its calculated.

[GregBow]

19 hours ago, malt25 said:

Who, what company were you trying to use ?

Wise but on Android phone app.

Just worked around on laptop 

Thanks

[orchidfan]

3 hours ago, GregBow said:

Wise but on Android phone app.

Just worked around on laptop 

Thanks

Btw, I said I'd report after my pension transfer last night.

No OTP required# ,but,as usual had to put in my password again.

 

#When I explored further it seems that IF you select the option for 2 x authentication THEN it appears that they send you an OTP, doing that process.

 

I don't....and I use a very good VPN showing me wherever and I guess, protecting the transaction.

 

It arrived in my Thai  bank in  8 seconds after.  I hit send.

 

For anyone interested, i also select "monthly living expenses"(sic) as reason for sending and it's never delayed or rejected.

 

TIT...what would they know ,or care, what you do with the money after it's in your bank ??

[Grandpa Cool]

On 12/23/2023 at 9:34 PM, ravip said:

What is the cheapest and most reliable method of transferring money from an Australian Bank to the Bangkok Bank (in Thailand)?

I have downloaded the app "Instarem". It is part of the Travelex/Nium international money transfer network.

I make the transaction to my nominated recipient's Thai bank account. The rate and fee are set before the transaction. So there are no surprises.

Once the transaction is confirmed I transfer the amount of Australian $ to Nium's bank a/c from my bank by Osko. The transfer is immediate. Within seconds I am notified that the money is in the nominated Thai bank a/c. No bank fees at the Thai end.

I do this regularly every month for family maintenance.

Once you install the app with your recipient's information it becomes a very easy and quick process.

You will have to check the rates compared to other transfer agents yourself.

[rexpotter]

Wise used to be good, but when you have a problem its HUGE! No customer service.

[rexpotter]

Recently I did one with Remitly, they give a 20usd credit for first timers plus mid market rate. Honest and exactly what they promised, but after I got my first transfer completed, it was nearly impossible to get the neanderthals in a cave somewhere in norther India to provide halfway decent customer service. The good service was all over. When I eventually got the rate I would get next time around it was 2.3 % loss, not very good.

[still kicking]

I don't use Wise at all I use Ria very reliable and cheap.