Transfer USD via SWIFT to FCD account vs. THB account

[JohnnyBD]

For those who use SWIFT wire transfers;

Please share your thoughts (pros & cons) on sending USD (via SWIFT) to your Thai bank FCD acct versus sending it directly to your THB acct. For those of you who send USD (via SWIFT) directly to your THB accts, are you satisfied with letting the bank do the conversions? No problems?

 

In the past, I wired to my USD FCD acct first, then watched for a good exchange rate before converting to THB, but now I'm thinking it would be easier to just send USD directly to my THB acct, and let the bank do the conversion whenever they receive it at whatever exchange rate it is that day. It used to be so easy when I had my Citibank TH accts. I could wire USD from Chase Bank (no fees) to my Citibank TH FCD acct (no fees), then convert to THB online 24/7 without having to go into the bank. Now, that UOB has taken over Citibank TH, I have to go into UOB to convert from my USD acct to THB acct. I opened new accts with Bangkok Bank because they allow online conversions during banking hours, but at least that's better than having to go into the bank to convert.  Again, just curious if most people send USD straight to their THB accts and then let the bank do the conversions, or do some still send to their USD FCD accts, and then have to go into the bank to convert. Thanks for sharing.

[treetops]

3 hours ago, JohnnyBD said:

Again, just curious if most people send USD straight to their THB accts and then let the bank do the conversions, or do some still send to their USD FCD accts, and then have to go into the bank to convert. Thanks for sharing.

 

I think most use the services of Wise or similar and let them do the conversion.  Someone else worked out that was more cost effective up to around $22K USD IIRC.  SWIFT transfers better above that.

 

If you want to time the exchange to get a higher rate you can do that by holding it in Wise, and I think you can even preset a rate where they'll convert it automatically.

[oldcpu]

In the past I have done both transactions (ie sometimes foreign currency from outside of Thailand to a Thai baht account, .... and sometimes foreign currency from outside of Thailand to an FCD account).  A lot depends on factors other than the current exchange rate at the time of the transfer when one decides to do the transfer.

 

With regard to Wise, I find Wise is good for relative modest amounts of money.  But for large amount transfers (say to buy a condo or such)  then Wise is often not the cheapest approach, and a nominal Swift transfer could be superior (dependent on the Banks  involved).

Edited Tuesday at 03:51 PM by oldcpu

[JohnnyBD]

On 11/12/2024 at 3:06 AM, treetops said:

 

I think most use the services of Wise or similar and let them do the conversion.  Someone else worked out that was more cost effective up to around $22K USD IIRC.  SWIFT transfers better above that.

 

If you want to time the exchange to get a higher rate you can do that by holding it in Wise, and I think you can even preset a rate where they'll convert it automatically.

Thanks. I had a friend show me yesterday, how he sends with Wise, and the cost, and it worked out about the same as me wiring from Chase Bank in US (no fees) to Bangkok Bank (200B incoming fee). He did a $1,000 GBP test, and he would have gotten 44,160 THB with the spot rate being 44.59 at the time, so it would have cost him about 430B difference. I did an equal USD test of $1,280, and it would have cost me about 380B (200B incoming fee + .14 THB below the USD/THB spot rate at the time).

Edited 16 hours ago by JohnnyBD