Confused and ignorant about transferring money to a Thai bank from abroad

[topt]

27 minutes ago, scorecard said:

And still not clear is whether the Australian Old Age Pension, transferred to Thailand, is exempt from Thai personal taxation, especially where the recipient has no other income.

I haven't looked to see if you have already posted but perhaps if not post in here -

 

 

[1FinickyOne]

On 3/31/2024 at 9:56 AM, Hanaguma said:

How do I get screwed using this method

most likely way would be poor exchange rates... 

[donmuang37]

On 3/31/2024 at 11:10 AM, delgarcon said:

So far, you haven't found anyone smarter than you on here, mainly guessers as far as I can see. Talk to Wise, talk to the banks and check the regulations with the land office before you do anything.

Disagreed with delgarcon.  A number of posters have given good advice.  I've done many SWIFT transfers over the past 20 years to SCB and to K-Bank without a hiccup.  So, I agree with those who say use SWIFT - and send the foreign currency.  The Thai banks want my US dollars and give me a better exchange rate than my US bank gives me to buy Thai baht.  As for fees - they are insignificant if you are making a 2 million baht purchase.  These days my SWIFT transfers arrive in only 1 or 2 days.  Good luck.

[delgarcon]

2 hours ago, donmuang37 said:

Disagreed with delgarcon.  A number of posters have given good advice.  I've done many SWIFT transfers over the past 20 years to SCB and to K-Bank without a hiccup.  So, I agree with those who say use SWIFT - and send the foreign currency.  The Thai banks want my US dollars and give me a better exchange rate than my US bank gives me to buy Thai baht.  As for fees - they are insignificant if you are making a 2 million baht purchase.  These days my SWIFT transfers arrive in only 1 or 2 days.  Good luck.

I think it probably depends on where you are transferring from. I use Wise to transfer from the UK and their exchange rates are excellent and the funds from the online transfer arrive in seconds. If you were to transfer sterling now you would get 45.54 nett  to the pound in your bank. The op's situation requires knowledge that we don't necessarily have, hence my comments. He's not going to buy anything anyway, so we're arguing about nothing.

[Everyman]

On 3/31/2024 at 11:28 AM, Stocky said:

Wise is peer to peer money transfer, matching someone's need for Canadian Dollars with someone else's desire for Thai Baht, so they won't be able to supply CAD in a Thai bank. Swift transfer is the way to go.

 

That never made any sense to me because Wise doesn’t do transfers from Thai baht to Canadian dollars. And don’t people send more one way than the other? I don’t get it.

[Stocky]

2 hours ago, Everyman said:

Wise doesn’t do transfers from Thai baht to Canadian dollars

Which is where their partners come in, Kasikorn, Bangkok Bank and Dee Money - if you look at a transfer receipt down at the bottom under Paid Out From it shows you the banking partner.

[Everyman]

On 4/3/2024 at 10:45 AM, Stocky said:

Which is where their partners come in, Kasikorn, Bangkok Bank and Dee Money - if you look at a transfer receipt down at the bottom under Paid Out From it shows you the banking partner.

 

Bangkok Bank and Kasikorn do peer to peer banking transfers in the USA? 

[kwonitoy]

On 3/30/2024 at 8:56 PM, Hanaguma said:

Title says it all.

 

I am planning to buy a condo, and send the cash from my bank in Canada.  About 2.2 million THB altogether.  

 

Now my bank offers free overseas transfers up to $50,000 CAD per day, so I would make two transfers. It takes about 2-3 days for the money to hit my bank account in Thailand (Bangkok Bank).  My question is whether this is the best way to transfer the money.  How do I get screwed using this method- bank fees for receiving the transfer? Poor exchange rate converting CAD to THB?  What will the catch be?   

 

I hear all over that using Wise is the way to go, but perhaps that is only for making monthly transfers of relatively low amounts. My case is just once and a relatively large amount.   So, advice and wisdom from those smarter than me would be appreciated!

 

I've used Wise for smaller transfers, something like this I like the security of dealing with real banks. If a mistake is made with some details and it can't be sent it will come back to your sending account automatically. ( ask me how I know this)

 

Having done this from CIBC, and HSBC to Thailand.

 

You'll need your SWIFT ID for your Bangkok Bank account, google it.

You'll need your IBAN number, (International Bank Account Number), also from Bangkok Bank, should be on  your e-statement 

Go to your  Canadian Bank with these details, don't know about the free amount transfers offered, I'd be skeptical, nothing is 'free' 

Bank will send in CDN funds and BB will deposit into your account in Thai Baht

I would send it all in one go, cheaper than multiple transfers,

And make sure you note on the transfer's purpose that it is to be used for a condo purchase, this will help get your FET from Bangkok Bank

Buy condo

 

Just FWIW when I sold my condo in Jomtien pre covid sending Bank didn't care about the FET, just the tax paid on the selling amount, supplied by the land office

[Hanaguma]

2 hours ago, kwonitoy said:

 

I've used Wise for smaller transfers, something like this I like the security of dealing with real banks. If a mistake is made with some details and it can't be sent it will come back to your sending account automatically. ( ask me how I know this)

 

Having done this from CIBC, and HSBC to Thailand.

 

You'll need your SWIFT ID for your Bangkok Bank account, google it.

You'll need your IBAN number, (International Bank Account Number), also from Bangkok Bank, should be on  your e-statement 

Go to your  Canadian Bank with these details, don't know about the free amount transfers offered, I'd be skeptical, nothing is 'free' 

Bank will send in CDN funds and BB will deposit into your account in Thai Baht

I would send it all in one go, cheaper than multiple transfers,

And make sure you note on the transfer's purpose that it is to be used for a condo purchase, this will help get your FET from Bangkok Bank

Buy condo

 

Just FWIW when I sold my condo in Jomtien pre covid sending Bank didn't care about the FET, just the tax paid on the selling amount, supplied by the land office

This seems clear and concise, thanks for taking the time!

 

For me, Royal Bank has a $50,000 limit per day so I can do it over 2 days.

[Mike Lister]

3 minutes ago, Hanaguma said:

This seems clear and concise, thanks for taking the time!

 

For me, Royal Bank has a $50,000 limit per day so I can do it over 2 days.

I am certain that if you talk with them, they will make the transfer in one shot. People transfer much larger amounts by SWIFT regularly.

[Stocky]

On 4/5/2024 at 4:00 AM, Everyman said:

 

Bangkok Bank and Kasikorn do peer to peer banking transfers in the USA? 

I'm guessing not by themselves, but as evidenced by the Wise transfer receipts they're clearly happy to partner Wise in peer to peer transactions.