Best Way To Transfer Baht To Dollars (australian)?

[skeetaboat]

I want to transfer to Thai Baht to Australian Dollars (AUD). I have both a Thai bank account (Kasikorn and SCB) and Australian bank account. What's the cheapest way to transfer eg, bank, western union, cheque? Anyone have experience transferring baht to another currency? If so could you post the details.. especially FEES incurred - Thanks!

Edited to add: I want to withdraw/cash the money in Australia and it will be deposited/sent from Thailand.

Edited August 2, 2007 by skeetaboat

[slapout]

I was told recently by 3 Thai banks the baht must be converted to foreign currency here prior to transfer to another country. No you cannot get the offshore rate transferring baht out of Thailand as far as I could determine.

[Maestro]

I believe that you will get the best exchange rate with a bank transfer and that this will also incur the lowest fees.

Check online for your Thai banks’ exchange rate for an outward remittance (usually listed as T/T selling rate) of AUD.

SCB’s fee, I believe, is 0.25% but minimum 200 Baht, maximum 500 Baht. Kasikorn probably has the same fee; you can check it online, I guess.

The only other cost factor to consider is your Australian bank’s fee for the inward remittance. Based on the amount of work involved this fee should be lower for a bank transfer than for a cheque deposit.

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Maestro

[Guest madcow]

I want to transfer to Thai Baht to Australian Dollars (AUD). I have both a Thai bank account (Kasikorn and SCB) and Australian bank account. What's the cheapest way to transfer eg, bank, western union, cheque? Anyone have experience transferring baht to another currency? If so could you post the details.. especially FEES incurred - Thanks!

Edited to add: I want to withdraw/cash the money in Australia and it will be deposited/sent from Thailand.

I am looking to do the opposite transfer AUD to Thailand , perhaps we could do a deal ?

But of course if you are travelling also then the most cost effective way is to take your baht with you ,

and deposit in a bank when you get there .

[sibeymai]

I want to transfer to Thai Baht to Australian Dollars (AUD). I have both a Thai bank account (Kasikorn and SCB) and Australian bank account. What's the cheapest way to transfer eg, bank, western union, cheque? Anyone have experience transferring baht to another currency? If so could you post the details.. especially FEES incurred - Thanks!

Edited to add: I want to withdraw/cash the money in Australia and it will be deposited/sent from Thailand.

I am looking to do the opposite transfer AUD to Thailand , perhaps we could do a deal ?

But of course if you are travelling also then the most cost effective way is to take your baht with you ,

and deposit in a bank when you get there .

Sorry, but absolutely have to disagree with taking baht (cash) to Oz. Best exchange rate you will get is to buy AUD here in Thailand at your bank and telex/direct transfer to your Australian bank account. Costs 550bt at SCB, arrives same day if you send around 9:00am or next day if later.

Beware which bank the transfer is routed to in Oz (the "corresspondent bank". BBL used to send to ANZ first and then ANZ forwarded to Westpac. ANZ charged 11 dollars for milliseconds of their computer time. SCB appears to be able to send direct to Westpac.

[Maestro]

...the most cost effective way is to take your baht with you , and deposit in a bank when you get there .

I believe banks pay a much lower rate for a cash deposit than for a bank remittance. I would certainly check with the Australian bank first before carrying cash to Australia. Also, there are certain limits to the amount of Thai currency one is allowed to take out of Thailand without a special permit. The OP does not mention what sum he is thinking of.

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Maestro

[chiang mai]

There's so much information on this subject in recent postings I'm surprised the question is being asked again. In a nutshell:

1) maximum transfer of foreign currency out of Thailand by a foreigner, without BOT approval is USD 20k or equivalent.

2) conversion of THB to foreign currency at local bank and then TT'd overseas is the most cost effective method (exchange rate wise) and bank charges are generally very low.

3) If more than USD 20K (or equivalent) consider cash conversion at Super rich in Bangkok and then carry the money out.

4) check to see if Bangkok Bank or Kasikorn have branches in your home country. If they do you can do the exchange locally, get a cashiers check for the converted amount and courier it to your destination bank - will clear with the same speed as a local check.