Wise, sending euros to buy condo, should I send by SWIFT so it is not converted in THB ?

[john donson]

to be able to get a FET from the receiving bank so please land department money came from abroad ?

[OneMoreFarang]

For the purchase of a condominium the money has to arrive in Thailand in USD, EUR, something like that.

And the information should be something like "to purchase a condominium".

You don't need any specifics about the address of the condominium or something like that.

 

[scubascuba3]

You can use Wise also so not swift but you need to plan carefully to ensure its processed as International, max transfer 2m baht equiv. Sending Euro by swift would be safer but probably cost more, most choose this option

[Henryford]

On 2/28/2024 at 5:46 AM, scubascuba3 said:

You can use Wise also so not swift but you need to plan carefully to ensure its processed as International, max transfer 2m baht equiv. Sending Euro by swift would be safer but probably cost more, most choose this option

 

For large amounts could SWIFT be cheaper as they usually charge a fixed fee irrespective of the amount. Don't WISE transfers increase as a percentage of the amount. I just checked for a 40,000 GBP transfer WISE would charge 228 GBP in fees. I think a SWIFT fee would be maybe 50 GBP.

[scubascuba3]

1 hour ago, Henryford said:

 

For large amounts could SWIFT be cheaper as they usually charge a fixed fee irrespective of the amount. Don't WISE transfers increase as a percentage of the amount. I just checked for a 40,000 GBP transfer WISE would charge 228 GBP in fees. I think a SWIFT fee would be maybe 50 GBP.

Yes it's a tricky one to compare as the swift rate won't be known until days later. If GBP was strengthening it may be worth choosing swift, if falling maybe Wise would be better value

[VocalNeal]

I am thick so don't understand the question. All banking in Thailand is done in Baht. So whatever you do it will end up in Baht. Some will claim they have a US dollar account in a Thai bank, but may not have tried to transfer dollars out. They get immediately changed to Thai baht and then get transferred. 

[sheldoncollier]

On 2/28/2024 at 10:20 AM, Henryford said:

 

For large amounts could SWIFT be cheaper as they usually charge a fixed fee irrespective of the amount. Don't WISE transfers increase as a percentage of the amount. I just checked for a 40,000 GBP transfer WISE would charge 228 GBP in fees. I think a SWIFT fee would be maybe 50 GBP.

The exchange rate is the problem. Wise would give a much better rate.

[Dan O]

Swift Wire transfers are always coded correctly as international as they are direct bank to bank, with no intermediary banks like Wise may use. There isnt the same transfer limits using Swift (check with your origin bank) and the exchange rates are comparable to Wise as long as you let the receiving bank in Thailand do the currency exchanges. 

[Brick Top]

1 hour ago, VocalNeal said:

I am thick so don't understand the question. All banking in Thailand is done in Baht. So whatever you do it will end up in Baht. Some will claim they have a US dollar account in a Thai bank, but may not have tried to transfer dollars out. They get immediately changed to Thai baht and then get transferred. 

Totally incorrect information,  i have had several Foreign Currency Accounts here , the funds will stay in Foreign currency until you decide to change to THB.

If you repatriate the funds out  they remain in Foreign currency if you haven't decided to change them to THB

[Brick Top]

In my experience and in the past 23 years have bought over 20 Condominiums here , definitely do a Swift transfer. 

Otherwise you will have nothing but problems trying to satisfy the land office . Also for a large transfer of funds into Thailand,  check the T/T has thats the rate you get and compare to Wise , i think you will find its a lot better . 

Wise is perfectly fine and cheaper for smaller transfers but anything over 1 million,  the Swift way works out better.

[VocalNeal]

24 minutes ago, Brick Top said:

Totally incorrect information,  i have had several Foreign Currency Accounts here , the funds will stay in Foreign currency until you decide to change to THB.

If you repatriate the funds out  they remain in Foreign currency if you haven't decided to change them to THB

 

I had USD accounts with HSBC both in Indonesia and here in Thailand

 

Ok the first part I agree with but if you go into the branch to transfer any foreign currency out, the first form they give you to sign is a withdrawal exchange to Baht and then they do the repatriation you wish in Baht using a separate form. So if you are repatriating those funds to another foreign currency account they will be exchanged from Baht into that currency.  

 

You don't have to google it just go to the branch and try it.

[KhunBENQ]

22 hours ago, sheldoncollier said:

The exchange rate is the problem. Wise would give a much better rate.

Exactly. SWIFT sending would mean that in the end the Thai bank will do the exchange with their current rates. And they are significantly worse.

Example:

WISE EUR rate now about 39, Bangkok Bank TT rate 38.5 (!).

1.28% less, is around 25000 Baht in a 2 million Baht transaction.

[Bangkok Barry]

When you transfer money in via Wise you can download a pdf copy of the transaction details, which show where the money came from, who it came from and which bank it was sent to, with the exchange rate used. It's as simple as that.

[thpitsch]

18 minutes ago, Bangkok Barry said:

When you transfer money in via Wise you can download a pdf copy of the transaction details, which show where the money came from, who it came from and which bank it was sent to, with the exchange rate used. It's as simple as that.

And the Thai bank will give me the FET needed for the purchse of a condo?

[Confuscious]

Take care when sending large amounts by SWIFT.
All the banking transferts between European countries and Thailand are done at the Thai side by DEUTSCHE BANK and they have the rule that transferts less/equal than 50,000 Euro will be converted automaticly to Thai Baht.
This happened to me despite that I mentionned very clearly that the 50,000 EUR should not be converted.
Luckely I was able to get the 50,000 EUR without convertion at my Thai Bank, Foreign Devices Account. 

[Dan O]

18 hours ago, thpitsch said:

And the Thai bank will give me the FET needed for the purchse of a condo?

Swift is direct bank to bank and send all coded properly. The exchange rates are not as some have said if you exchange at the receiving bank.

 Not at the sending bank. You can verify that at your receiving bank. Also limits are higher than Wise and no inte-banking transfers as Wise only use 3 banks and if your bank isn't one then you have to do extra work for documents. Swift never a need to chase an FET as it bank direct and recorded as such at your sending and receiving  bank

 

[Bangkok Barry]

18 hours ago, thpitsch said:

And the Thai bank will give me the FET needed for the purchse of a condo?

 

If they want proof that the money came from abroad then the transfer details from Wise shows that. Whether the bank will accept that I have no idea. As usual in Thailand, I'd guess that some will, some won't.

[sheldoncollier]

22 hours ago, sheldoncollier said:

The exchange rate is the problem. Wise would give a much better rate.

Why did two people give confused emojis? Wise does offer better exchange rates than banks; that's its selling point. The exchange rate makes a big difference on a large sum of money.

[Kinok Farang]

22 hours ago, VocalNeal said:

I am thick so don't understand the question. All banking in Thailand is done in Baht. So whatever you do it will end up in Baht. Some will claim they have a US dollar account in a Thai bank, but may not have tried to transfer dollars out. They get immediately changed to Thai baht and then get transferred. 

Never send Thai baht to Thailand from your home country.

[TroubleandGrumpy]

1 hour ago, sheldoncollier said:

Why did two people give confused emojis? Wise does offer better exchange rates than banks; that's its selling point. The exchange rate makes a big difference on a large sum of money.

Yes they do in my experience - and less fees.  Do this - in the same hour - check with the local banks at home in your place what their 'exchange rate' is for sending money to Thailand in THB (and their fees if listed). Then check all the money exchangers like Wise and get their rates and fees. Wise is cheaper on any given day. What they say is what you get in the bank account in Thailand - at the time you press send - same with most opther money exschanbgers. Banks send it and the rate you get is what is the rate at the time of the transfer - the rate they quote is not the guaranteed amount - rates go up and down each day.  

[TroubleandGrumpy]

1 hour ago, Kinok Farang said:

Never send Thai baht to Thailand from your home country.

Why not ??

[TroubleandGrumpy]

18 hours ago, Bangkok Barry said:

 

If they want proof that the money came from abroad then the transfer details from Wise shows that. Whether the bank will accept that I have no idea. As usual in Thailand, I'd guess that some will, some won't.

Wise shows that and so does the 3 recommended banks in Thailand.  Bangkok, Kasikorn and Siam. The others will do it too but not so well sometimes, and they will not send to them in very large amounts (forgot that amount - $20K USD?). 

[george]

5 minutes ago, TroubleandGrumpy said:

Why not ??

 

You get very bad exchange rates! Don't do it.

[george]

And regarding money transfers, here is a fresh compare, WISE vs Revolut:

 

[TroubleandGrumpy]

20 minutes ago, george said:

 

You get very bad exchange rates! Don't do it.

But does that not require a multi-exchange bank account here in Thailand? Id there a bank you can recommend fo that?  I enquired with Citibank years ago and they said minimum deposit of 100K at all times. Maybe it has changed now?

[george]

Just now, TroubleandGrumpy said:

But does that not require a multi-exchange bank account here in Thailand? Id there a bank you can recommend fo that?  I enquired with Citibank years ago and they said minimum deposit of 100K at all times. Maybe it has changed now?

 

Just instruct sending bank NOT to convert to THB. Tell them clearly that your local bank will do the exchange to THB.

[TroubleandGrumpy]

6 minutes ago, george said:

 

Just instruct sending bank NOT to convert to THB. Tell them clearly that your local bank will do the exchange to THB.

Thanks - I understand that but does that not mean the Bangkok bank immediately does the exchange to THB?  Every time I have compared the Wise exchanbge rate to THB versus the BKK exchanbge rate, Wiuse is better (as below). Am I missing something?

 

[scubascuba3]

13 minutes ago, TroubleandGrumpy said:

Thanks - I understand that but does that not mean the Bangkok bank immediately does the exchange to THB?  Every time I have compared the Wise exchanbge rate to THB versus the BKK exchanbge rate, Wiuse is better (as below). Am I missing something?

 

If you swift A$ to Bangkok Bank you will get their exchange rate on settlement date. More than likely Wise will have better exchange rate, but hard to compare as it's not the same day

[george]

10 minutes ago, TroubleandGrumpy said:

Thanks - I understand that but does that not mean the Bangkok bank immediately does the exchange to THB?  Every time I have compared the Wise exchanbge rate to THB versus the BKK exchanbge rate, Wiuse is better (as below). Am I missing something?

 

 

Bangkok Bank and all other commercial Thai banks convert to THB automatically when your foreign transfer arrives in Thailand. They do so as they can't deposit foreign currency in your THB bank account. 

 

Simple, and this is the correct way to transfer money to Thailand. Never send in THB.

[TroubleandGrumpy]

28 minutes ago, scubascuba3 said:

If you swift A$ to Bangkok Bank you will get their exchange rate on settlement date. More than likely Wise will have better exchange rate, but hard to compare as it's not the same day

I agree. What I do is tranbsfer money into my Wise account and then wait until the exchange rate has reached my desired level (23.5 at the moment). When I transfer with Wise that is the guaranteed exchange rate used for the transfer. Sometimes it goes up the next day and sometimes it goes down - I take the view that my desired rate is available and I take it.

 

Hopefully the Baht will soon drop a bit more (the PM certainly wants that, but BOT resisting). If that occurs I will adjust my desired exchange rate.  Dont see it getting back to 30 again - but a more reasonable level would be 26-28 IMO.