How do I make sure that I am going to receive the highest exchange rate possible?

Is there someway that I can get a receipt or contract from the bank stating that I will receive a certain exchange rate? Do I have to worry about my US Bank trying to charge my some percentage the way they charge a 2% fee on my ATM withdrawals in Thailand?

Is it possible to initiate this transaction from Thailand? Do I call my bank on the phone?

Edited August 17, 200718 yr by bangkoksingapore

With US banks, you almost always have to sign a wiring agreement first in person in the US to setup future remote wires. Each bank has its own protocols. Common to be able to do with a phone call once the "repetitive wire agreement" is set up.

Make sure you specifiy that you want your wires to be in dollars, not baht, so the exchange happens in Thailand. You can't guarantee an exchange rate. The fee charged by the US bank will be their wiring fee rather than a percentage. Typically this fee is about 50 dollars per wire, regardless of amount wired.

This is probably bad news for you about having to start this in the US. You can always call your bank and ask them if you can initiate a wire by fax or phone without such an in person agreement. Its worth asking about anyway.

Edited August 17, 200718 yr by Jingthing

Bangkok Bank has a NYC office. I transfer money to my BB account by doing a transfer from my US bank account to my BB account with account and routing number, just like I would to another US bank. It gets to my Thai account via the BB NY office.

Some banks, such as BOA, make this difficult, so your mileage may vary.

They charge a reasonable sliding fee. I don't know yet if the conversion is an "on-shore" or "off-shore" rate, though. I am transferring dollars, but it could be getting converted to Baht in NY before coming here. Even for larger amounts, the top fee is a lot less than the wire fee. I guess if the off-shore rate is used, though, it might be more expensive than wiring dollars.