Transfering money from Thai Bank to US bank

[michael888]

Hello,  
I was wondering if anyone has experience with and knows the cheapest way to send money from a Thai Bank account to a US Bank personal account.  I have read a few opinions and they seem rather varied and not current.  It would be from SCB or Kasikorn bank to a Scwabb account brokerage or checking.  Decent size transfer of three to five hundred thousand baht.  Many thanks.  

[Unify]

I just transferred using Dee Money. I initiated the transfer on August 1st and it was completed August 14th. If you're in a hurry, I would avoid.

[khagai1]

I have transferred USA to Thailand bank using Swift from Schwab brokerage. You can only use Swift from The Brokerage side not the bank side. I assume if you can go one way you can go back the other way. In my case it was Bangkok Bank and the last transfer that I made was for 1 million baht. I have used SWIFT often for much larger sums, but I was surprised with this one which I did last June it only took 5 hours from Schwab to Bangkok Bank. My other Swift transfers usually took a couple of days. Recently I have only used Bangkok Bank but approximately 10 years ago I transferred a large sum of money to Kasikorn as well.

[ibjoe]

I transferred about ฿800,000 to my USA bank account from my Krungthai account using wire transfer. I just gave them my USA bank routing number and account number. We visited Krungthai main branch in Bangkok. It took a couple of hours, filling out papers, etc. I apparently had to change account type, close old account and open new one, but it was transparent, same account number, etc. They charged ฿1000 fee for the transfer. This was the same USA account I had been using to transfer money TO my Krungthai account, using wire transfers, on regular basis. My bank never charged transfer fee to send, though Krungthai charged a small fee to receive; but my USA bank did charge a $15 fee to receive this transfer. The transfer to USD was quick, about 2 days. The transfers to Krungthai were slower, typically 3 to 5 days.

[retarius]

I did it a few times ages ago. I used Kasikorn. Fortunately the money in the account was all transferred from foreign banks. Took a hour or so with a clerk who did not speak my language, but went through without a hitch. 

[Confuscious]

7 hours ago, Unify said:

I just transferred using Dee Money. I initiated the transfer on August 1st and it was completed August 14th. If you're in a hurry, I would avoid.

DeeMoney ask to convert the money first from Foreign Devices to Thai Baht.
DeeMoney CAN NOT ACCESS YOUR THAI BANK ACCOUNT.

Use SWIFT or BANK TO BANK transferts.

Period.
 

[ericbj]

You should have no problem wiring from your Thai bank account to your US bank account
(OR to another individual's foreign bank account;
OR to a company's foreign bank account on condition you can provide an invoice for the exact amount to be sent)

 

May be of use to some:

What you cannot do, as I discovered several days ago, is to send funds to a company abroad for investment in, say, stocks or bullion, where no invoice can be provided.
To do so requires a special dispensation from the Bank of Thailand.
This is irrespective of the fact the funds originated from the country to which one desires to send them.
This restriction does not apply to Thai nationals.

 

This information was elicited during prolonged face-to-face discussion with local SCB bank manager and staff, with several telephone calls made by them to clarify matters.

[michael888]

Thank you for your replies.  Did anyone who transfered to a US bank account encounter "intermediary" bank fees?   If so, how much were the fees?  Came up in some posts I've read.

[D2Pipes]

Recently, i.e. a few weeks agoe, I trnasferred about £20k from SCB to a UK bank.
It took about an hour to fill in a dummy, £10, transfer to check all of the paperwork was correct and 30 mins to fill in the full transfer paperwork.
Both monie transfer was received by the UK bank on the day of the transfer.

SCB charge a handling fee and a % of the amount transferred which I can't remember but missus says $ is 0.25% and £ is 0.5%.
I hope this helps.....

[ibjoe]

14 hours ago, ibjoe said:

I transferred about ฿800,000 to my USA bank account from my Krungthai account using wire transfer. I just gave them my USA bank routing number and account number. We visited Krungthai main branch in Bangkok. It took a couple of hours, filling out papers, etc. I apparently had to change account type, close old account and open new one, but it was transparent, same account number, etc. They charged ฿1000 fee for the transfer. This was the same USA account I had been using to transfer money TO my Krungthai account, using wire transfers, on regular basis. My bank never charged transfer fee to send, though Krungthai charged a small fee to receive; but my USA bank did charge a $15 fee to receive this transfer. The transfer to USD was quick, about 2 days. The transfers to Krungthai were slower, typically 3 to 5 days.

I forgot to note: I told the bank all the funds were originally transferred to them from my USA bank, in Baht. That seemed to be a requirement for me to transfer the funds back to USA.

[chiang mai]

6 hours ago, ericbj said:

You should have no problem wiring from your Thai bank account to your US bank account
(OR to another individual's foreign bank account;
OR to a company's foreign bank account on condition you can provide an invoice for the exact amount to be sent)

 

May be of use to some:

What you cannot do, as I discovered several days ago, is to send funds to a company abroad for investment in, say, stocks or bullion, where no invoice can be provided.
To do so requires a special dispensation from the Bank of Thailand.
This is irrespective of the fact the funds originated from the country to which one desires to send them.
This restriction does not apply to Thai nationals.

 

This information was elicited during prolonged face-to-face discussion with local SCB bank manager and staff, with several telephone calls made by them to clarify matters.

You were given incorrect information.

 

Funds that were remitted to Thailand, from overseas, can be remitted back overseas again as long as proof can be provided of the inbound transfer, an FET or similar will suffice. I had this discussion with others some months ago and ended up writing to the CEO of UOB Thailand to seek clarification. A lady from the bank called me and repeated what I set out above, any FET will do, from any Thai bank, regardless of the date, she even gave me her telephone number in case I had problems in the branch where staff often don't seem to know.