Cheapest Way to Transfer 1 million bahts to SCB account?

[Barley]

Hello,

next week I have to transfer 1 million bahts to an SCB account of a Thai national. The money is now in Euro.

 

I hold standard free accounts with Wise, Revolut, and various European banks or brokers.

 

Is there any one way that lets me save a significant amount of money?

 

Thanks for our help.

[blaze master]

My online banking allows me to do international transfers for free. See ifq same applies to you. 

[ukrules]

Just do a SWIFT transfer

[scubascuba3]

No there isn't one way to save a significant amount, Wise better rate but higher fees than a thai bank. For larger amounts like 1m baht most people just use swift, make sure you send Euro, not baht, better rate from thai bank

[proton]

I would still use wise even with higher charge. Used them last night, money was in my Thai bank in 10 seconds

[offset]

13 hours ago, proton said:

I would still use wise even with higher charge. Used them last night, money was in my Thai bank in 10 seconds

But i guess that was for a small amount 

[proton]

1 hour ago, offset said:

But i guess that was for a small amount 

 

400k baht

[Barley]

I just looked at the fee from Wise for sending 1000000 THB: 190 Euro - wow! 

 

How can I get an indication for the rate that SCB gives when doing a SWIFT transfer in Euro? 

[Middle Aged Grouch]

If not in a hurry, depending in which country, the regular SWIFT is far better option. What one may gain in the exchange, one looses on the side with the fees...and so on. No matter which, Wise, Revolut or Wester Union...at the end of the day, it's like at the Casino...they will always win.

[offset]

On 3/15/2025 at 12:55 AM, Barley said:

Hello,

next week I have to transfer 1 million bahts to an SCB account of a Thai national. The money is now in Euro.

 

I hold standard free accounts with Wise, Revolut, and various European banks or brokers.

 

Is there any one way that lets me save a significant amount of money?

 

Thanks for our help.

When I send money via K bank I get about 0.40baht less per pound than I get from WISE but my UK bank has a fixed charge of £20 pounds for any amount soi have to do the maths for the best way to send

[Sigmund]

Bring it in cash if you can but of course declare it on departure and arrival as usually most countries require this if it's above 10 or 25k. 

 

Have all the necessary bank slips or statements to prove origin of funds and it's withdrawl.

 

Check before with local customs and homeland customs and have email print outs of their response.

 

And all should be fine and you'll get a far better mileage on your bucks in converting it yourself at any exchange booth in Thailand.

[topt]

1 hour ago, Barley said:

I just looked at the fee from Wise for sending 1000000 THB: 190 Euro - wow! 

 

How can I get an indication for the rate that SCB gives when doing a SWIFT transfer in Euro? 

You can do a comparison if you check both at similar times. 

You should know what your bank will charge to send - make sure it is in Euros. SCB will charge you 500 baht plus 20 baht if your branch is outside Bangkok . Look at the rate online https://www.scb.co.th/en/personal-banking/foreign-exchange-rates.html but not at the weekend when it generally is lower.......Calculate what you end up with doing it either way.

 

I found that with my bank it was better to accept all charges which meant I avoided any intermediary/correspondent bank fees (which could easily be $50 or more) and I no longer seem to pay the 500 plus 20 which I did in the past. I know roughly what my bank will charge me within a few $.

[DrJack54]

WISE