best ways to convert THB to AUD

[ezzra]

Very soon I'll need to convert and T/T to Oz a very large sums of THB to AUD, the rate i get from my bank at the moment is an

abysmal one: 24.056 THB to 1 AUD, ( btw, converting the other way around will only get you 22 THB to 1 AUD, someone is making a killing here)

handling cash with places like super rich not feasible as the amount is too large to carry around,

which financial institution can give me a better rate?

[simple1]

Wise

[couchpotato]

11 minutes ago, simple1 said:

Wise

I believe you cannot send money out with Wise, only inwards.

DeeMoney is your best way.

[Sheryl]

9 minutes ago, couchpotato said:

I believe you cannot send money out with Wise, only inwards.

DeeMoney is your best way.

Yes, but Dee Money will only do fairly small transfers at a time, OP indicates it is large sum

[ezzra]

Just checked Dee Money their rate is 23.95 THB while my bank is 24.05, ( might be willing to do a special

rate on the day they said) so not a whole lot of different it seems...

[TroubleandGrumpy]

Sorry mate - all I know is that the Thailand banking system is not 1st and probably not fully compliant as a 2nd world system - and not being able to do this is one of the many reasons why.  Citibank had an international banking accounts system whereby you can put money into an account here and transfer it to the Citibank account in Aust when the conversion rate suits you best.  But NAB recently bought them out - so maybe not anymore.  Maybe check out HSBC.   

[Mike Lister]

You are at the mercy of the banks and the SWIFT service, the money exchangers wont move large amounts.

 

Your bigger problem MIGHT be permission to transfer a large amount, if earned via a wr permit or a property sale, there will not be an issue, otherwise you will need to demonstrate that the funds originated from outside Thailand.

 

Assuming the transfer in principle is not an issue: there is not a lot of difference between the TT rate offered by all Thai banks, they will all be very close., A 2 baht spread, one baht either side of midpoint is slightly high, I would have looked for closer to 50 satang either side but maybe times have changed.

[ezzra]

These are the proceeds of a property sale that i lived in for many years so shouldn't be too many question asked,

and because it a very large sum, every few satangs either way could translate to a thousands of AUD's...

[Mike Lister]

3 minutes ago, ezzra said:

These are the proceeds of a property sale that i lived in for many years so shouldn't be too many question asked,

and because it a very large sum, every few satangs either way could translate to a thousands of AUD's...

OK, make sure the bank sees the blue slip from the Land Office showing tax paid, that's the key document.

[DrJack54]

9 minutes ago, Mike Lister said:

OK, make sure the bank sees the blue slip from the Land Office showing tax paid, that's the key document.

Spot on.

Not long ago I paid a UK guy 3million in cash baht in buying a condo.

Suggested he use DEE.. (branch in Asoke)

He rang later to state he required proof of sale of realestate. 

Not a big deal 

[ezzra]

1 minute ago, DrJack54 said:

Spot on.

Not long ago I paid a UK guy 3million in cash baht in buying a condo.

Suggested he use DEE.. (branch in Asoke)

He rang later to state he required proof of sale of realestate. 

Not a big deal 

There are no shortage of institutions to transfer the funds, the issue here is to find the best rates...

[DrJack54]

14 minutes ago, ezzra said:

There are no shortage of institutions to transfer the funds, the issue here is to find the best rates...

I was addressing a post re need to provide some proof of real estate sale to whichever institution you opt for.

I mentioned DEE Money (which many folk use) 

 

[ezzra]

2 minutes ago, DrJack54 said:

I was addressing a post re need to provide some proof of real estate sale to whichever institution you opt for.

I mentioned DEE Money (which many folk use) 

 

Yes and thank you for that but dee money rates are not much better than any other commercial banks...

[Liverpool Lou]

52 minutes ago, TroubleandGrumpy said:

Maybe check out HSBC.   

There's no retail HSBC in Thailand.

[Liverpool Lou]

56 minutes ago, TroubleandGrumpy said:

all I know is that the Thailand banking system is not 1st and probably not fully compliant as a 2nd world system

"...not fully compliant as a 2nd world system".

What does that mean - in what aspects, specifically?  

Edited December 25, 2023 by Liverpool Lou

[SeaBee]

36 minutes ago, ezzra said:

Very soon I'll need to convert and T/T to Oz a very large sums of THB to AUD, the rate i get from my bank at the moment is an

abysmal one: 24.056 THB to 1 AUD, ( btw, converting the other way around will only get you 22 THB to 1 AUD, someone is making a killing here)

handling cash with places like super rich not feasible as the amount is too large to carry around,

which financial institution can give me a better rate?

You want to use crypto for this kind of transfer, you'd save a lot of money. Using a stablecoin (like USDC or USDT, where 1 USDC/T is always =1 USD) so no market risk. At today's rates (1 USDC = 34.61 THB = 1.48 AUD on Bitazza+Swyftx) THB->USDC->AUD gives 1 AUD = 23.38 THB while mid-market now is actually 23.47 (xe.com)... Transfer itself costs just a few cents so you don't transfer all at once, for safety you can (and should!) test the route first with a small amount.

Don't feed the bank: be the bank and save your money :D

Feel free to PM if you want I'm happy to help on those

[TroubleandGrumpy]

1 minute ago, Liverpool Lou said:

What does that mean - in what aspects, specifically?

Many ways - just alone compared to what the banks in Australia do and how they operate - let alone all the limitations and exclusions in Thailand. But I will give you one - Govt Guarantees - in Thailand the Govt guarantee is 1 million baht - that is it.  Many more - but perhaps 3rd world was harsh - lets make that 2nd world.  One more - when all those Expat's money was stolen by a bank staff member in Pattaya, did they ever get their money back? I recall that for years they were protesting. One more - UK bloke had his house 'stolen' in Phuket by ex-wife who is now in jail, but he cannot get house back - new Thai owner took out large loan from a Thai bank and they refuse to lose that money.  Lots more - easy to find.  

[Mike Lister]

9 minutes ago, ezzra said:

Yes and thank you for that but dee money rates are not much better than any other commercial banks...

The rates may be a function of the value of AUD right now and the fact that it's not competitive so Thai banks don't want to hold it, AUD has lost value against USD but is now starting to recover as USD weakens. One option might be to hold it is THB for a while and get some interest on it until the value improves?

[Liverpool Lou]

16 minutes ago, TroubleandGrumpy said:

But I will give you one - Govt Guarantees - in Thailand the Govt guarantee is 1 million baht - that is it. 

No, that is not "it". It depends on which bank is holding the funds.

Edited December 25, 2023 by Liverpool Lou

[Lemsta69]

2 minutes ago, TroubleandGrumpy said:

Many ways - just alone compared to what the banks in Australia do and how they operate - let alone all the limitations and exclusions in Thailand. But I will give you one - Govt Guarantees - in Thailand the Govt guarantee is 1 million baht - that is it.  Many more - but perhaps 3rd world was harsh - lets make that 2nd world.  One more - when all those Expat's money was stolen by a bank staff member in Pattaya, did they ever get their money back? I recall that for years they were protesting. One more - UK bloke had his house 'stolen' in Phuket by ex-wife who is now in jail, but he cannot get house back - new Thai owner took out large loan from a Thai bank and they refuse to lose that money.  Lots more - easy to find.  

 

2nd world is the Communist bloc. Thailand is far from that, despite its close ties with PRC.

[Mike Lister]

2 minutes ago, TroubleandGrumpy said:

Many ways - just alone compared to what the banks in Australia do and how they operate - let alone all the limitations and exclusions in Thailand. But I will give you one - Govt Guarantees - in Thailand the Govt guarantee is 1 million baht - that is it.  Many more - but perhaps 3rd world was harsh - lets make that 2nd world.  One more - when all those Expat's money was stolen by a bank staff member in Pattaya, did they ever get their money back? I recall that for years they were protesting. One more - UK bloke had his house 'stolen' in Phuket by ex-wife who is now in jail, but he cannot get house back - new Thai owner took out large loan from a Thai bank and they refuse to lose that money.  Lots more - easy to find.  

You and your sad stories about what happens to poor old farangs here, dear God!

 

BTW the term 2nd and 3rd world applies to political alignment during the cold war and has little to do with economics or banking.

[Lemsta69]

OP, are you absolutely sure that cash is not an option? Snatch and grabs are virtually unheard of so what is your main concern?

[Liverpool Lou]

8 minutes ago, TroubleandGrumpy said:

One more - when all those Expat's money was stolen by a bank staff member in Pattaya, did they ever get their money back?

Do you know if they didn't?    It's only "one more" if you know that they did lose their money (that they were voluntarily giving to an employee in very dubious circumstances outside the bank's offices).  And that example of theft by an employee is nothing to do with "Thailand's banking system" or "compliance" as you assert.

Edited December 25, 2023 by Liverpool Lou

[ezzra]

1 minute ago, Lemsta69 said:

OP, are you absolutely sure that cash is not an option? Snatch and grabs are virtually unheard of so what is your main concern?

we're talking of an amount well in access of 10 mill thb, so think for yourself...

[Liverpool Lou]

12 minutes ago, TroubleandGrumpy said:

One more - UK bloke had his house 'stolen' in Phuket by ex-wife who is now in jail, but he cannot get house back - new Thai owner took out large loan from a Thai bank and they refuse to lose that money. 

Again, that fraud from decades ago was nothing to do with "Thailand's banking system or "compliance".

[Liverpool Lou]

14 minutes ago, TroubleandGrumpy said:

Lots more - easy to find. 

Can you find one that was the responsibility of "Thailand's banking system" or "compliance"?

 

1 hour ago, TroubleandGrumpy said:

all I know is that the Thailand banking system is not 1st and probably not fully compliant

 

[Liverpool Lou]

14 minutes ago, Mike Lister said:

You and your sad stories about what happens to poor old farangs here, dear God!

 

BTW the term 2nd and 3rd world applies to political alignment during the cold war and has little to do with economics or banking.

Well said.

[Liverpool Lou]

13 minutes ago, ezzra said:

15 minutes ago, Lemsta69 said:

OP, are you absolutely sure that cash is not an option? Snatch and grabs are virtually unheard of so what is your main concern?

we're talking of an amount well in access of 10 mill thb, so think for yourself...

B10m cash is a bit heavy and cumbersome but not impossible to handle and, for large amounts, the exchanges will make arrangements for privacy in their office.  I've done it the other way around in the past, collected B13m in cash from a Sukhumvit exchange from a Jersey/HK bank transfer. 

[ezzra]

13 minutes ago, Liverpool Lou said:

B10m cash is a bit heavy and cumbersome but not impossible to handle and, for large amounts, the exchanges will make arrangements for privacy in their office.  I've done it the other way around in the past, collected B13m in cash from a Sukhumvit exchange from a Jersey/HK bank transfer. 

All is well said and doable, the trick is to find a good exch. rates...

[Lemsta69]

Just now, ezzra said:

All is well said and doable, the trick is to find a good exch. rates...

 

Both Supperiches, and Vasu, are quoting AUD buy rate at ฿23.40. That's at their Bangkok HQs on Ratchadamri and Sukhumwit.

 

They're considered to be the best rates in Thailand and from what I've read over the years they can handle big amounts and may even give better than the headline rate if you know how to negotiate.