Schwab transfer vs using Schwab Debit (Funds to build home)

[RetiredThailand]

Hello Everyone,

 

Im a newbie here 🙂

 

I'm seeking advice on the most favorable FX rate for transferring funds to Thailand for a home construction project.

 

Option 1) Withdrawing cash from an ATM using my Schwab Debit Card daily. 

Option 2) Withdrawing cash using my Schwab card inside the bank with a teller.
Option 3) Transferring funds from my Schwab account to Bangkok Bank. Also would I receive a more favorable rate if I ask Schwab to convert USD to THB before transferring to Bangkok Bank?

 

Many thanks!

 

Edited March 22 by RetiredThailand

[Sophon]

Quote

Also would I receive a more favorable rate if I ask Schwab to convert USD to THB before transferring to Bangkok Bank?

 

 

Absolutely not.

[Prubangboy]

19 minutes ago, RetiredThailand said:

Hello Everyone,

 

Im a newbie here 🙂

 

I'm seeking advice on the most favorable FX rate for transferring funds to Thailand for a home construction project.

 

Option 1) Withdrawing cash from an ATM using my Schwab account daily. 

Option 2) Withdrawing cash using my Schwab card inside the bank with a teller.
Option 3) Transferring funds from my Schwab account to Bangkok Bank. Also would I receive a more favorable rate if I ask Schwab to convert USD to THB before transferring to Bangkok Bank?

 

Many thanks!

 

Lifetime Schwab Lover here. My experience:

 

1) Yes, you can use the ATM, subject to a daily withdrawal limit. Mine's $1,000, but fraud protection kicks in early. It's a pain, but it's worth calling them if you'll be dropping a lot of cash at a specific vendor.

 

2) Haven't done it, but I think they'll just send you back to the ATM. I use Bank of Bangkok (good experience) and even a large withdrawal from that account in-person is a process of signing a lot passport copies.

 

3) Have transferred both ways, the exchange rate was very similar, with Bank of Bangkok being just very slightly better. Def get the Schwab phone app. You need to take a pic of your wire request, sign it, and send it to them via that app. A hand-written note is fine.

 

-Call 'em (noting the time diff). They'll answer all your questions to death. 

[Prubangboy]

Also:

 

If your credit card is refused, don't keep trying to use it. Call them immediately.

 

If they close the account due to expected fraud, it's about 12-14 days to get a new card sent to you in Thailand. 'Has happened to me twice in 18 months.

 

If you don't have a secure place for the FedEx to be delivered to, such as a condo office, ask that it be held at FedEx.

[RetiredThailand]

Thank you Prunbangboy 🙂

 

So it seems FX rates will be the same weather I use ATM, Bank Teller or Wire Transfer

[Bill97]

4 minutes ago, Prubangboy said:

If your credit card is refused, don't keep trying to use it. Call them immediately.

He is using a debit card not a credit card.

 

 

[Bill97]

51 minutes ago, RetiredThailand said:

Option 3) Transferring funds from my Schwab account to Bangkok Bank

Best but how you send the wire depends on what kind of Schwab account you have, international or regular.  Send dollars not baht.

[Prubangboy]

2 minutes ago, Bill97 said:

He is using a debit card not a credit card.

 

 

Thanks for your correction.

 

All of my experience above is about my use of a Schwab debit card.

 

I do think that ATM rates are a bit worse.

[ianguygil]

Please give a rough idea of the amount that you plan to move. If this is over about $60,000 USD, you are better to negotiate an FX rate with us (Bangkok Bank) in Thailand. It is like buying Wholesale v Retail. Then when you send the funds it will refer to this FX arrangement and you will get that rate. But it does need to be above an certain fixed amount. Building a house varies widely in cost and I have no idea of the amount involved.

 

If you go to a branch or to our HQ on the 2nd floor you can ask them for details. This is not complex.

PM me if you want more details and I an refer you to the Global Payments group who will deal with you directly. Thanks

 

It is NEVER beneficial to move a foreign currency to THB offshore in a developed country (maybe ok in Myanmar, Lao or Cambodia)

 

Ian

[RetiredThailand]

7 minutes ago, Bill97 said:

Best but how you send the wire depends on what kind of Schwab account you have, international or regular.  Send dollars not baht.

 

Thank you Bill97

 

Do you get a better rate using an International Account or Regular Account

 

[RetiredThailand]

6 minutes ago, ianguygil said:

Please give a rough idea of the amount that you plan to move. If this is over about $60,000 USD, you are better to negotiate an FX rate with us (Bangkok Bank) in Thailand. It is like buying Wholesale v Retail. Then when you send the funds it will refer to this FX arrangement and you will get that rate. But it does need to be above an certain fixed amount. Building a house varies widely in cost and I have no idea of the amount involved.

 

If you go to a branch or to our HQ on the 2nd floor you can ask them for details. This is not complex.

PM me if you want more details and I an refer you to the Global Payments group who will deal with you directly. Thanks

 

It is NEVER beneficial to move a foreign currency to THB offshore in a developed country (maybe ok in Myanmar, Lao or Cambodia)

 

Ian

Thank you so much Ian much appreciated 🙂 Im estimating I would need to transfer around 6Million Baht to Thailand to build a home

[ianguygil]

6 minutes ago, RetiredThailand said:

Thank you so much Ian much appreciated 🙂 Im estimating I would need to transfer around 6Million Baht to Thailand to build a home

Then you should get an FX contract from us and a better rate. PM me please and I will give you my email (please do not share) and then somebody from in the GPS group will deal with you. Thanks

[NoDisplayName]

Compare the FX rate offered by the banks with the Wise FX rate, and factor in transfer fees.

[gamb00ler]

3 hours ago, RetiredThailand said:

Hello Everyone,

 

Im a newbie here 🙂

 

I'm seeking advice on the most favorable FX rate for transferring funds to Thailand for a home construction project.

 

Option 1) Withdrawing cash from an ATM using my Schwab Debit Card daily. 

Option 2) Withdrawing cash using my Schwab card inside the bank with a teller.
Option 3) Transferring funds from my Schwab account to Bangkok Bank. Also would I receive a more favorable rate if I ask Schwab to convert USD to THB before transferring to Bangkok Bank?

 

Many thanks!

 

I used #'s 2 & 3 for our house project.  I always send in US$.  I never checked the rate I would get for sending ฿, but my nephew sent ฿ from his Canadian bank to my Thai bank and the rate was poor.  I forgot to tell him to send in US$.

 

Instead of focusing on "the most favorable FX", you should compare methods to get the highest amount of ฿ that arrives in your Thai account after all fees have been deducted.  SWIFT has a fee from the sender and also the Thai banks will charge a fee (.25%?) with a minimum of 300฿ to a maximum of 500฿ for receiving it.  There are NO fees using your Schwab debit card.

 

I wouldn't recommend using the ATM unless you don't mind either carrying the cash or also making a deposit via machine or teller.  Also the ATM limit is too low and I assume your construction payments will be much larger in comparison.

 

The exchange rate for Schwab debit card withdrawals at ATM, retail purchases and teller withdrawals are the same and determined each business day at about 7AM Thai time by the processor, Visa.

 

The limit for teller withdrawals is 15K US$ per day and for the ATM it depends on which Schwab debit card you have.  They offer debit cards for Schwab bank accounts and for brokerage accounts.  I think the only advantage to having a Schwab bank account is that you can use Zelle for sending money domestically.  I only have brokerage accounts.

 

For #3 if you hold a high balance with Schwab they may offer to refund your SWIFT fee (25$) for such transfers.  I don't know what they consider "high" but the Schwab representative sometimes offered to refund it without my request and sometimes only refunded after I requested it.  I have been a Schwab customer since '87 so that may have some bearing as well.  I have been sending money to Thailand for 20+ years and can initiate a SWIFT transfer by calling them via Google Voice.

[gamb00ler]

3 hours ago, RetiredThailand said:

Do you get a better rate using an International Account or Regular Account

 

When you send US$ to a Thai bank, they will use their exchange rate in effect at date&time the funds arrive.  Schwab has no say in what exchange rate you receive.  The Thai banks post and update their exchange rates very often.  For an inbound transfer the bank will use their TT Buying Rate.  Currently Bangkok bank's rate is 36.26 ฿/US$ but that doesn't account for any fees.

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

Edited March 22 by gamb00ler

[RetiredThailand]

2 hours ago, gamb00ler said:

ATM, retail purchases and teller withdrawals are the same and determined each business day at about 7AM Thai time by the processor, Visa.

Thank you 🙂 What is the maximum you can withdraw using a bank teller?

[gamb00ler]

25 minutes ago, RetiredThailand said:

Thank you 🙂 What is the maximum you can withdraw using a bank teller?

I did list it in my last post, but in US$. 😉

 

On my debit card that is associated with my Schwab brokerage account, the limit is 15K US$ per day.

When I planned to get a "cash advance" at the teller, I would first go to the VISA exchange rate page to get the rate in effect that day.

 

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

 

To use that page, I would enter 10,000 in the "Amount you paid" field.  Remember this is denominated in ฿.

Then choose Thai ฿, as the "From" currency and US$ for the "To" currency.  Because you will receive ฿ from the bank and you need to know how many US$ will be deducted from your account.

Then edit the "Bank fee" to be 0%... Schwab doesn't charge any foreign transaction fee.

Then click on "Calculate Conversion" and a few lines down it will say 1 USD = 35.870035 and that is VISA's current exchange rate.

To calculate how many ฿ to withdraw to reach 15K US$, calculate 35.870035 * 15,000 (538,050).  I always round that number down about 500฿ to make sure I don't exceed Schwab's limit.

[gamb00ler]

7 hours ago, RetiredThailand said:

Im a newbie here 🙂

Have you already relocated or still in planning stage?

[RetiredThailand]

12 minutes ago, gamb00ler said:

I did list it in my last post, but in US$. 😉

 

sorry yes - thank you! 🙂

[RetiredThailand]

8 minutes ago, gamb00ler said:

Have you already relocated or still in planning stage?

been here for a few years and bought land... next step is start to build. But I am a little apprehensive with all the stories im hearing around construction companies 

[poobear]

Schwab international wire transfer are free from Schwab  with a small charge from the Thai Bank. It takes a couple days Wire dollars from Your end and it will be converted based on or about Bangkok Banks TT rate,

[gamb00ler]

Just now, RetiredThailand said:

been here for a few years and bought land... next step is start to build. But I am a little apprehensive with all the stories im hearing around construction companies 

Sadly all too many of those stories are true.  We definitely hired one of the better construction firms, but still they did not think things through on many small issues.  We're in Hang Dong.  Are you around CM area?

[thrilled]

I have Kasikorn Bank. When I want money from Schwab I just do a wire transfer from my brokerage account from Schwab. I call them. They keep my standing instructions on file. I say use them. I tell them how much. They read a disclosure. From 9 eastern time in the U.S. the money is usually in my Kasikorn account in 19-12 hours.

[rwill]

20 hours ago, RetiredThailand said:

Option 3) Transferring funds from my Schwab account to Bangkok Bank. Also would I receive a more favorable rate if I ask Schwab to convert USD to THB before transferring to Bangkok Bank?

Schwab does not convert to Thai baht.  They will send it in US dollars.  Your Thai bank will determine the rate.

 

(There are 15 currencies they will convert to but Thai baht is not one of them.)

[john donson]

are any funds you bring in from now not 'taxed' ? is there any news for condo purchases or taxed the same ?   who in his/her mind would be that stupid to still buy condo ?

[Bill97]

On 3/22/2024 at 12:18 PM, RetiredThailand said:

 

Thank you Bill97

 

Do you get a better rate using an International Account or Regular Account

 

Rate is up to receiving Thai bank.  With International account wire is free,  very small charge from Bkk Bank to receive.

 

Never sent from regular acct.

[poobear]

On 3/23/2024 at 5:15 AM, thrilled said:

I have Kasikorn Bank. When I want money from Schwab I just do a wire transfer from my brokerage account from Schwab. I call them. They keep my standing instructions on file. I say use them. I tell them how much. They read a disclosure. From 9 eastern time in the U.S. the money is usually in my Kasikorn account in 19-12 hours.

I do the same thing with to Bank of Ayutthaya,  call Schwab with amount, standing order on file to aprove transfers.  The money is there by next morning with no charge from schwab small fee Thai bank. 

[Everyman]

Just wire yourself the money. You may need to show the money came from overseas during the divorce 😉