USA Bank Transfer

[WDSmart]

I use Bank of America in the USA and both Ayudyha (Krungsri) and Bangkok Bank here in Thailand. I've never had any problem transferring money from BofA to either bank. I usually get the money the next day. There is a $40 minimum fee, so I also use Wise for smaller dollar amounts because it's less expensive, but Wise takes a couple of days.

[treetops]

On 12/29/2023 at 1:38 PM, BKKKevin said:

Which transfer destination descriptors will make the transfer a “foreign transfer”

Does Wise guarantee these destinations to appear as foreign transfer?

Long stay in Thailand or buying property.  Not guaranteed as they have a disclaimer on their website but I haven't heard many (any?) reports of it going wrong recently.  Always wise to have a backup for any method in case something goes wrong.

 

ETA:  Only to Kasikorn and Bangkok Bank I think.

[Wrwest]

On 12/29/2023 at 8:38 PM, BKKKevin said:

Which transfer destination descriptors will make the transfer a “foreign transfer”

Does Wise guarantee these destinations to appear as foreign transfer?

Wise asks for the reason for the transfer. Scroll down to the bottom and you can cite, for long term stay. This tells Wise you need a direct transfer for immigration requirement. I have had zero issues with the funds transferring from my USA Fidelity bank to my Bangkok Bank Account here in Thailand. January monthly transfer due shortly and my annual Extension of Stay will be made next month.

[JimGant]

On 12/31/2023 at 9:25 AM, WDSmart said:

but Wise takes a couple of days.

 

They've improved of late. I just sent $20k Jan 1, afternoon, Thai time. It was in my Bangkok Bank account in less than 24 hours the next day, at 1400 (which seems to be the standard log in time for Wise transfers). For some reason, the larger the amount sent, the longer it takes -- or at least that used to be the case. 20 grand in less than 24 hours is right up there with a SWIFT transfer.

[gargamon]

On 12/29/2023 at 11:00 AM, Dan O said:

I always just send USD and let the bank here do the exchange and its much better rate.

Can you quantify that with some examples please? My experience is just the opposite. Maybe because it's Mastercard or wise that does my conversion, not the bank. 

[Dan O]

3 hours ago, gargamon said:

Can you quantify that with some examples please? My experience is just the opposite. Maybe because it's Mastercard or wise that does my conversion, not the bank. 

First off we're talking about Swift Wire Transfers which are quite different than a WIse or Mastercard or other transfer of cash. I use Swift Wire Transfers for visa financial requirements as it's direct bank to bank with no 3rd party bank like Wise uses if your bank isn't one of there 3. Swift Wire Transfers are also always coded as international transfers and the documents on the US side has everything listed so its quite easy to show it's an International transfer. Swift also has a higher limit on transfers. Last month I compared letting Wells Fargo do the exchange prior to transfer vs sending it Wells Fargo in USD and letting Krungsri convert on arrival in Thailand. Wells Fargo would have cost me 1.35 baht per dollar in exchange rate and Krungsri was .25 baht per USD.  Swift transfers cost more than Wise, DeeMoney etc as almost all banks charge a $25 fee but for me to get all the specific info in 1 place coded correctly and direct bank to bank its worth the few extra dollars a year. I only use Swift for my visa deposits all others I use Wise.

[Yellowtail]

If the US bank is offering to make a swift transfer to Thailand for free, you can bet they will rape you on the rate. 

 

 

[Dan O]

5 hours ago, Wrwest said:

Wise asks for the reason for the transfer. Scroll down to the bottom and you can cite, for long term stay. This tells Wise you need a direct transfer for immigration requirement. I have had zero issues with the funds transferring from my USA Fidelity bank to my Bangkok Bank Account here in Thailand. January monthly transfer due shortly and my annual Extension of Stay will be made next month.

The challenge you run into with Wise is they do all there transfers thru only 3 banks, bangkok bank, scb and Kasikorn, I think is the 3rd. If your bank is not one of these then which ever 1 of the  banks they used makes the transfer to your bank but it shows as a domestic transfer not international.  Some banks are easier to work with in getting them your "proof" while others are not, especially if your in a rural province. 

[JimGant]

58 minutes ago, Yellowtail said:

If the US bank is offering to make a swift transfer to Thailand for free, you can bet they will rape you on the rate. 

 

If you send USD, the rate is established at the receiving end. Thus, another reason not to convert at the sending end, especially between a major currency and a thinly traded currency like the baht -- where you get hosed by the spread.

[gargamon]

1 hour ago, Dan O said:

First off we're talking about Swift Wire Transfers which are quite different than a WIse or Mastercard or other transfer of cash. I use Swift Wire Transfers for visa financial requirements as it's direct bank to bank with no 3rd party bank like Wise uses if your bank isn't one of there 3. Swift Wire Transfers are also always coded as international transfers and the documents on the US side has everything listed so its quite easy to show it's an International transfer. Swift also has a higher limit on transfers. Last month I compared letting Wells Fargo do the exchange prior to transfer vs sending it Wells Fargo in USD and letting Krungsri convert on arrival in Thailand. Wells Fargo would have cost me 1.35 baht per dollar in exchange rate and Krungsri was .25 baht per USD.  Swift transfers cost more than Wise, DeeMoney etc as almost all banks charge a $25 fee but for me to get all the specific info in 1 place coded correctly and direct bank to bank its worth the few extra dollars a year. I only use Swift for my visa deposits all others I use Wise.

Thanks. Quite clear explanation. I don't need to bring as much as I keep the 800k for the visa deposited continually. As such the extra documentation you get aren't needed in my case. I just move a few thousand dollars occasionally and wise or a counter withdrawal are sufficient for my needs. 

[Dan O]

1 hour ago, Yellowtail said:

If the US bank is offering to make a swift transfer to Thailand for free, you can bet they will rape you on the rate. 

 

 

I am not aware of any bank that will do the swift wire transfer for free, most are $ 25. BUT They definitely rape you on the exchange rate everywhere I've checked. Mostly because more people dont do swift anymore with the advent of other types of money movers. You don't get the same level of detail though that swift wire transfers gives but they are slower so there's trade offs. For immigration financal requirements swift can't be beaten since its direct bank to bank 

[Dan O]

33 minutes ago, gargamon said:

Thanks. Quite clear explanation. I don't need to bring as much as I keep the 800k for the visa deposited continually. As such the extra documentation you get aren't needed in my case. I just move a few thousand dollars occasionally and wise or a counter withdrawal are sufficient for my needs. 

I agree.  I'm on the monthly method though  so the swift transfers give me the codes the easiest way that I need. All my other transfers I'm using Wise 

[Yellowtail]

5 hours ago, Dan O said:

I am not aware of any bank that will do the swift wire transfer for free, most are $ 25. BUT They definitely rape you on the exchange rate everywhere I've checked. Mostly because more people dont do swift anymore with the advent of other types of money movers. You don't get the same level of detail though that swift wire transfers gives but they are slower so there's trade offs. For immigration financal requirements swift can't be beaten since its direct bank to bank 

My bank (Chase) gives two options, let them do the exchange for free, or let the receiving bank do the exchange $45. 

 

I'm guessing the "free" option has to be a minimum amount. 

[Dan O]

5 minutes ago, Yellowtail said:

My bank (Chase) gives two options, let them do the exchange for free, or let the receiving bank do the exchange $45. 

 

I'm guessing the "free" option has to be a minimum amount. 

There is no " free" in banking other than they may not charge the processing fee ($45) but the exchange rate is where they will make it up so its not really free. Check and compare all the exchange rates and processing fees and you'll have the complete costs

[Yellowtail]

2 minutes ago, Dan O said:

There is no " free" in banking other than they may not charge the processing fee ($45) but the exchange rate is where they will make it up so its not really free. Check and compare all the exchange rates and processing fees and you'll have the complete costs

Notice the quotes on the "free" in my post you're responding to, and an earlier post of mine: 

 

[bamnutsak]

10 hours ago, Dan O said:

There is no " free" in banking other than they may not charge the processing fee ($45) but the exchange rate is where they will make it up so its not really free.

 

Fidelity offers fee-free (no charge) SWIFT Wire Transfers. Note that you have to set up a Standing First-Party Wire Transfer Order for each Thai account. This needs to be done in person in the U.S. at a Fidelity branch as it requires a Medallion Guarantee Stamp.  I need to call in the transfer each month. Send USD (Fidelity uses JP Morgan Chase as the intermediary bank) and let Bangkok Bank do the exchange where they use their daily TT rate, less a 200 ~ 500 baht (max fee). Takes 12 - 18 hours. Any remittance gets that same TT rate. Pick up the Credit Advice Receipt monthly (if on the 65,000 Baht track), and they'll prepare a letter for Immigration summarizing the twelve Credit Advice Receipts.

 

Fidelity also offers ATM fee rebates, usually within a few days. For ATM withdrawals you get the daily Visa rate. And their Visa Credit Card now offers 0 % foreign transaction fees. And it supports Tap&Go.

 

I think Schwab offers similar services, maybe even more streamlined.

 

 

[treetops]

21 hours ago, Dan O said:

The challenge you run into with Wise is they do all there transfers thru only 3 banks, bangkok bank, scb and Kasikorn, I think is the 3rd.

These are the three banks where you can send 50,000 THB or over too, but their partners for transferring are BBL, Kasikorn and Deemoney.  Used to be TMB too but they're no longer in the mix.

[Dan O]

4 hours ago, bamnutsak said:

 

Fidelity offers fee-free (no charge) SWIFT Wire Transfers. Note that you have to set up a Standing First-Party Wire Transfer Order for each Thai account. This needs to be done in person in the U.S. at a Fidelity branch as it requires a Medallion Guarantee Stamp.  I need to call in the transfer each month. Send USD (Fidelity uses JP Morgan Chase as the intermediary bank) and let Bangkok Bank do the exchange where they use their daily TT rate, less a 200 ~ 500 baht (max fee). Takes 12 - 18 hours. Any remittance gets that same TT rate. Pick up the Credit Advice Receipt monthly (if on the 65,000 Baht track), and they'll prepare a letter for Immigration summarizing the twelve Credit Advice Receipts.

 

Fidelity also offers ATM fee rebates, usually within a few days. For ATM withdrawals you get the daily Visa rate. And their Visa Credit Card now offers 0 % foreign transaction fees. And it supports Tap&Go.

 

I think Schwab offers similar services, maybe even more streamlined.

 

 

its great that Fidelity does that, I've never heard of any bank being completely free on Swift WIres unless your in some special customer class and then they recoup the fee values somehere else in the account.

 

Im straight myself already and happy with the Banks I use and how the process goes for me. Swifts go direct bank to bank so my transfers go to Krungsri and I have the necessary Imm paperwork available from them. 

[Dan O]

53 minutes ago, treetops said:

These are the three banks where you can send 50,000 THB or over too, but their partners for transferring are BBL, Kasikorn and Deemoney.  Used to be TMB too but they're no longer in the mix.

Deemoney isnt a bank although works with them. WIse also uses SCB and yes without signing a special authorization the other banks limit the transfers. Swift Wire transfers coming in have a much higher limit than the 50k. A fair bit of the money coming in thru Wise is not ending up at those 3 banks and thats were it can get more cumbersome if your in a province way outside BBK 

[treetops]

1 hour ago, Dan O said:

Deemoney isnt a bank although works with them. WIse also uses SCB and yes without signing a special authorization the other banks limit the transfers. Swift Wire transfers coming in have a much higher limit than the 50k. A fair bit of the money coming in thru Wise is not ending up at those 3 banks and thats were it can get more cumbersome if your in a province way outside BBK 

Agreed Deemoney are not a bank but a transfer partner, although Wise themselves refer to all three as "bank partners".  I have never seen a pdf receipt showing SCB being used as a partner and they are not listed on Wise's website as one.  If you have one I'd be interested to see it and update my knowledge.

 

From Wise.com

 

[Dan O]

2 hours ago, treetops said:

Agreed Deemoney are not a bank but a transfer partner, although Wise themselves refer to all three as "bank partners".  I have never seen a pdf receipt showing SCB being used as a partner and they are not listed on Wise's website as one.  If you have one I'd be interested to see it and update my knowledge.

 

From Wise.com

 

That's what I said originally and one of the other forum posters sent a notice showing them as being a partner bank. I'll look back thru my messages and see if I can find it. But I'm not wasting a lot of time on it as it not relevant.  I live in NST and all of the wise transfers go thru Kasikorn  at least mine going to Krungsri. Never had any go thru bangkok bank 

[Captain Monday]

How long should a bank wire sent from US on monday afternoon take to land in  Thai bank account?

[Yellowtail]

13 hours ago, Captain Monday said:

How long should a bank wire sent from US on monday afternoon take to land in  Thai bank account?

What bank? I know K-Bank & Krusri usually take couple days, certainly before Friday, and if it is a larger amount, they call and have you approve the rate before they convert it to Baht and deposit it.