bt800,000 Intl. Transfer

[Jaymatheson]

So I think the consensus is to use Wise when transferring bt800,000 from overseas into a Thai bank account due to the preferred forex rate.

 

Is that correct or is a SWIFT transfer favourable?

 

Thanks

[ukrules]

I would just do a SWIFT transfer unless you already have a 'wise' account setup and ready to go.

 

[Mike Lister]

I also would use SWIFT, no question. As far as I am aware, it is unclear if a an FET can be obtained using Wise, there is no question that it can, when using SWIFT.

[mania]

Just wondering but Wise charges about $142 for 800k Baht / 21,800USD

 

What does a SWIFT cost these days for same amount? Lastly is Domestics Wire Transfer from US Bank to Bangkok Bank NY out of the question these days?

[Jaymatheson]

11 hours ago, ukrules said:

I would just do a SWIFT transfer unless you already have a 'wise' account setup and ready to go.

 

Yes, I have a Wise account.  So I assume using Wise will save you a little money?

[asiaexpat]

Swift will be better exchange rate for 800000.

[Photoguy21]

13 hours ago, Jaymatheson said:

So I think the consensus is to use Wise when transferring bt800,000 from overseas into a Thai bank account due to the preferred forex rate.

 

Is that correct or is a SWIFT transfer favourable?

 

Thanks

Wise is fast and cheaper. Use Wise.

[Jaymatheson]

Interesting, seems to be pretty much evenly split in opinions on SWIFT vs Wise.

 

[lopburi3]

It depends on your country - if using USD from USA SWIFT will be a better value in high amounts but from EU/UK and suspect OZ seems that WISE maintains an advantage regardless of amount (although not sure if you have to limit each transfer to less than 50k Baht if it would make sense).  

 

Just remember if using SWIFT you want to send foreign currency for exchange inside Thailand.

[Jaymatheson]

57 minutes ago, lopburi3 said:

It depends on your country - if using USD from USA SWIFT will be a better value in high amounts but from EU/UK and suspect OZ seems that WISE maintains an advantage regardless of amount (although not sure if you have to limit each transfer to less than 50k Baht if it would make sense).  

 

Just remember if using SWIFT you want to send foreign currency for exchange inside Thailand.

Oh, yes, that makes sense.  Most of my banking is through Canada ..... which would likely be more Wise friendly. 

Many thanks

[topt]

18 hours ago, Jaymatheson said:

Is that correct or is a SWIFT transfer favourable?

Why don't you do a comparison and check?

As long as you know what your bank will charge to send the equivalent currency and look at current exchange rate for your Thai bank for TT and any additional charges (500 baht possibly?). Then compare that amount to what you get from Wise.

 

Nobody else can give you an accurate answer as they do not know all your specific details.

[Soondae]

On 4/18/2024 at 11:41 PM, Jaymatheson said:

So I think the consensus is to use Wise when transferring bt800,000 from overseas into a Thai bank account due to the preferred forex rate.

 

Is that correct or is a SWIFT transfer favourable?

 

Thanks

A Swift transfer from U.S. bank is a flat rate of $45, WISE will charge you much more than that. Do not allow the INTNL Bank to perform the exchange to baht as you will lose out big time. Have them send in your native currency and let the Thai bank do the exchange at the current rates, you'll save a lot of money that way. And as another has stated this is a garuntee for FET transfer of funds proof.

[Soondae]

On 4/19/2024 at 6:06 AM, mania said:

Just wondering but Wise charges about $142 for 800k Baht / 21,800USD

 

What does a SWIFT cost these days for same amount? Lastly is Domestics Wire Transfer from US Bank to Bangkok Bank NY out of the question these days?

Out of the question these days, due to US intel banking laws change a few years ago, only way to use the BBL ABA in New York is for SSA payments and treasury payments such as US Tax return.

[Colabamumbai]

Your bank may have a limit per transfer check, some allow 50,000.

[hunkidori]

On 4/19/2024 at 1:08 PM, asiaexpat said:

Swift will be better exchange rate for 800000.

Wrong.  I recently transfered about 900000 using SWIFT and despite a phone call from the bank to semi negotiate an acceptable exchange rate, it was still almost half a Baht less than I would have got using Wise. Pounds Sterling was the currency.

 

I only used SWIFT because I wanted an FET to go towards a condo purchase. In hindsight I would have been better off paying for the additional FET document locally.

 

Wise is the way to go

[Chivas]

Those referring to the "higher" fees of Wise are oblivious to the fact Wise goes at full interbank rate

 

Doesn't matter what the fees are its the all important bottom line that actually lands in your account

 

Wise will give that better bottom line

[lopburi3]

42 minutes ago, Chivas said:

Those referring to the "higher" fees of Wise are oblivious to the fact Wise goes at full interbank rate

 

Doesn't matter what the fees are its the all important bottom line that actually lands in your account

 

Wise will give that better bottom line

Sorry but you are very wrong in the case of USD.  Due to fees being based on amount exchanged the exchange rate advantage is lost when sending large amounts from USA due to SWIFT being a fixed rate regardless of amount being sent (or even no fee in some cases).

[Mike Lister]

1 minute ago, lopburi3 said:

Sorry but you are very wrong in the case of USD.  Due to fees being based on amount exchanged the exchange rate advantage is lost when sending large amounts from USA.

I agree.

[mania]

11 hours ago, Soondae said:

Out of the question these days, due to US intel banking laws change a few years ago, only way to use the BBL ABA in New York is for SSA payments and treasury payments such as US Tax return.

Thank you for that info! It had been years since I used that domestic wire to BKB NY 

I do remember reading something about  when they had a change to ACH systems or something along those lines...using the IAT? format etc

[scorecard]

12 hours ago, Soondae said:

A Swift transfer from U.S. bank is a flat rate of $45, WISE will charge you much more than that. Do not allow the INTNL Bank to perform the exchange to baht as you will lose out big time. Have them send in your native currency and let the Thai bank do the exchange at the current rates, you'll save a lot of money that way. And as another has stated this is a garuntee for FET transfer of funds proof.

 from above...

-  from USA SWIFT standard flat rate US$45.

-  from Aust. SWIFT standard flat rate AUD$15. 

 

[Skeptic7]

For this amount...SWIFT will be the better of the two. At some point on lesser amounts, WISE wins.

[asiaexpat]

18 hours ago, hunkidori said:

Wrong.  I recently transfered about 900000 using SWIFT and despite a phone call from the bank to semi negotiate an acceptable exchange rate, it was still almost half a Baht less than I would have got using Wise. Pounds Sterling was the currency.

 

I only used SWIFT because I wanted an FET to go towards a condo purchase. In hindsight I would have been better off paying for the additional FET document locally.

 

Wise is the way to go

Did you do the maths for USD. I did.

[hunkidori]

8 minutes ago, asiaexpat said:

Did you do the maths for USD. I did.

If we're only discussing sending USD then I don't know which is cheaper SWIFT or Wise but from what you and some others say it looks like using SWIFT is and I'm sure that information will be useful to some people.

 

From my very recent experience sending 19000 GBP to Thailand and the exchange rate offered to me using SWIFT then using Wise would have been cheaper.

I will not use SWIFT again for any inward remittance to Thailand

 

 

[Photoguy21]

On 4/19/2024 at 1:45 PM, lopburi3 said:

It depends on your country - if using USD from USA SWIFT will be a better value in high amounts but from EU/UK and suspect OZ seems that WISE maintains an advantage regardless of amount (although not sure if you have to limit each transfer to less than 50k Baht if it would make sense).  

 

Just remember if using SWIFT you want to send foreign currency for exchange inside Thailand.

WISE do have limits. To Bangkok bank it think it is up to Baht 2,000,000 for a transfer. Kasikorn is less at around 1.5 million. The levels are on the WISE website.

[Chivas]

On 4/20/2024 at 12:17 PM, lopburi3 said:

Sorry but you are very wrong in the case of USD.  Due to fees being based on amount exchanged the exchange rate advantage is lost when sending large amounts from USA due to SWIFT being a fixed rate regardless of amount being sent (or even no fee in some cases).

 

 Swift fees for Sterling are fixed and sometimes free as well

 

Lets do a real time example for your USD

 

Wise $20,000 lands in real time at 735,388 Baht

 

If we do a Swift from an American bank (lets say $20 which is more or less what Brits pay in Sterling)

 

So Transfer $19,980.....We have to "assume" the Telegraphic Transfer rate at this point because in the intervening hours/days it could fall or rise. As Wise is fixed once clicked through so its the only valid comparison

 

Bangkok Bank are 36.85 Baht landing Telegraphic Transfer in real time

 

Multiply the 19,980 by 36.85 and we get 736.263 but we have to deduct 500 Baht landing fee leaving net 735,763

 

Not much in it I agree but Swift as you say with USD comes out 375 Baht better off....hardly a huge victory for Swift but it is a victory I acknowledge

 

If I repeat it now in Sterling Wise now comes out a long way in front ...I was wrong to assume it would be same advantage for USD

[Stocky]

On 4/18/2024 at 11:41 PM, Jaymatheson said:

Is that correct or is a SWIFT transfer favourable?

Depends on what currency you're starting with. If USD then SWIFT is better, most other currencies the margin is wide enough that Wise is the better option.

 

.

[lopburi3]

11 minutes ago, Chivas said:

If I repeat it now in Sterling Wise now comes out a long way in front ...I was wrong to assume it would be same advantage for USD

I made the same mistake until advised by those using EU and other currencies that Wise was indeed much better end result than SWIFT for even large amounts.  Now we in USA seem to be getting hit with a week delay for Wise payments if using low ACH exchange rate rather than a 3rd party service.

[Dan O]

On 4/20/2024 at 12:14 PM, Soondae said:

A Swift transfer from U.S. bank is a flat rate of $45, WISE will charge you much more than that. Do not allow the INTNL Bank to perform the exchange to baht as you will lose out big time. Have them send in your native currency and let the Thai bank do the exchange at the current rates, you'll save a lot of money that way. And as another has stated this is a garuntee for FET transfer of funds proof.

Most banks charge $25 for a swift transfer. Yes do the exchange at the receiving bank in Thailand. You can check with them on their exchange rates.. You get a confirmation with all details of sending and receiving bank with swift and it goes direct bank to bank. No inter-banking like wise does if your bank isn't one of there 3 domestic banks they use. 

[Chivas]

33 minutes ago, Dan O said:

No inter-banking like wise does if your bank isn't one of there 3 domestic banks they use. 

 

Wise can interbank all day it still wont change that fixed amount as per quote the moment you send your Sterling Euro USD to them

[Dan O]

1 hour ago, Chivas said:

 

Wise can interbank all day it still wont change that fixed amount as per quote the moment you send your Sterling Euro USD to them

And your point is what ?  They both have advantages. For usd the exchange rate i get is comparable to wise and no interbanking FET to deal with and positive documentation. The transfer is generally done in 2 days so not much exchange rate occurs either way. Use whatever you like that serves your purpose.