Sending Us Dollars Vs Baht From The Us?

[ssteve1]

Is it better to send US dollars or exchange to baht and send to Thailand?

My bank gives me the lowest exchange rate at $28.00. I heard if you send US dollars the Thai bank will exchange for a fee; $2 - $300 baht and exchange a the exchange rate in Thailand; $32.00. Sounds like your better off sending US dollars.

[jfchandler]

Always send money from the U.S. to Thailand using U.S. dollars. Never ask the U.S. bank to convert to baht, or you will get killed.

FYI, the going rate for baht in Thailand today is about 31.75... So use that as a yardstick for what to expect. Different banks have different rates and fees. So depending on how much you want to send, you might check or call around a bit.

Best thing, for the future, is get a local Thailand account with Bangkok Bank. They have a foreign office in New York with an ABA number, unlike other Thai banks. So if you or the person you're sending money to have an account here with BKK Bank, you can send to them directly by using ACH transfer to the BKK Bank branch in New York. They then send along to the Thailand BKK Bank branch with little fees and good rates.

[buddhafly]

if you send it in USA dollars to arrive in USA dollars you will get a better conversion rate (onshore verses offshore). i dont know about the bank fees though.

[lopburi3]

The conversion rate today at Bangkok Bank is 32.80. Don't know where that 31.75 figure comes from but it is low (perhaps a cash exchange rate?).

[gunnyd]

The conversion rate today at Bangkok Bank is 32.80. Don't know where that 31.75 figure comes from but it is low (perhaps a cash exchange rate?).

Most likely they got it from http://www.xe.com/ucc/

It usually is 1-2 baht lower then the banks list.

Siam Commercial: http://www.scb.co.th/html/exchange/bk-txtexchange.htm

Bangkok Bank: http://www.bangkokbank.com/Bangkok+Bank/Pe...tes/default.htm

Kasikorn Bank: http://www.kasikornbank.com/portal/site/KB...00056f8f30aRCRD

I always get $100 bills, that I have inspected closely before I leave the bank, to exchange into baht. For those bringing cash with them to exchange make sure there is no writing or marks of any kind on the bills. The bank reps always inspect the bills with a gem loop and if they don't like the look of the bill they wont exchange it into baht.

Sites like xe.com give forex rates with often differ from what the exchange rate you will get in country.

Cheers

GunnyD

[jfchandler]

Sorry for my 1 vs. 2 typo... yes.... the day to day rates have been bouncing around between 32.6 and 32.8 lately.. both for ATM transactions and currency booth exchanges.

The conversion rate today at Bangkok Bank is 32.80. Don't know where that 31.75 figure comes from but it is low (perhaps a cash exchange rate?).

[Khun ?]

I do not think you get an option on what currency the money will be transferred in.

Most transfers are in a common currency and credited into the local value by the recieving bank.

Baht is not a common currency that I know of.

Edited February 13, 2008 by Khun ?

[ProThaiExpat]

The rub is in the fees that are charged by the banking institutions at both ends, independent of the conversion rate.

I get free wire transfers to I know my net amount credited to my account at SCB is conversion rate + SCB transfer fee.

A knowledgeable friend told me banks in Thailand vary the amount of their fee depending on the amount of money transferred.

Monday of this week, February 11, my net deposit calculated out at a net conversion cost of 32.74. Depending on what time of day the actual conversion was made, assume 32.80, the difference is the bank transfer fee.

I calculated it to be about 1200 Baht Certainly no where near 300 Baht transfer fee spoken of by posters in the past.

Of course, the transfer fee could be 300 Baht and the difference between that and 1200 baht is the conversion rate the transaction went down as.

Yes I could call the bank and ask what there transfer fee is but it would matter not as the net I get into my account after a transfer is what concerns me and call the difference between the dollars wired and what goes into my account what you will, I call it cost of wire transfer.

Not enough to start shopping other banks to find a bank who charges less net.

[jfchandler]

I have sent wires from the U.S. to Thailand in the past (through Bank of America). In filling out the wire transfer documents, I always had to select whether I wanted the funds sent in U.S. dollars or local currency. I've also seen much discussion about this here on other TV posts in the past.

I do not think you get an option on what currency the money will be transferred in.

Most transfers are in a common currency and credited into the local value by the recieving bank.

Baht is not a common currency that I know of.

[jfchandler]

Here is the fee structure for SWIFT transfers, cut and paste from SCB's web site:

Inward Remittance - SWIFT, Telegraphic Transfer

The service is for foreign currency's inward remittance, remitted by telegraphic transfer or SWIFT.

Condition : SCB would require you to open an account with us. Service Highlight : The funds will be remitted to your account quickly and securely. Service Fee : 0.25 % of the remitted value, minimum fee is at 200 Baht, maximum is 500 Baht. Service Channel :

SCB. CALL CENTER tel. 02-777-7777 and SCB branches.

The rub is in the fees that are charged by the banking institutions at both ends, independent of the conversion rate.

I get free wire transfers to I know my net amount credited to my account at SCB is conversion rate + SCB transfer fee.

A knowledgeable friend told me banks in Thailand vary the amount of their fee depending on the amount of money transferred.

Monday of this week, February 11, my net deposit calculated out at a net conversion cost of 32.74. Depending on what time of day the actual conversion was made, assume 32.80, the difference is the bank transfer fee.

I calculated it to be about 1200 Baht Certainly no where near 300 Baht transfer fee spoken of by posters in the past.

Of course, the transfer fee could be 300 Baht and the difference between that and 1200 baht is the conversion rate the transaction went down as.

Yes I could call the bank and ask what there transfer fee is but it would matter not as the net I get into my account after a transfer is what concerns me and call the difference between the dollars wired and what goes into my account what you will, I call it cost of wire transfer.

Not enough to start shopping other banks to find a bank who charges less net.

[longball53098]

Here is the fee structure for SWIFT transfers, cut and paste from SCB's web site:

Inward Remittance - SWIFT, Telegraphic Transfer

The service is for foreign currency's inward remittance, remitted by telegraphic transfer or SWIFT.

Condition : SCB would require you to open an account with us. Service Highlight : The funds will be remitted to your account quickly and securely. Service Fee : 0.25 % of the remitted value, minimum fee is at 200 Baht, maximum is 500 Baht. Service Channel :

SCB. CALL CENTER tel. 02-777-7777 and SCB branches.

The rub is in the fees that are charged by the banking institutions at both ends, independent of the conversion rate.

I get free wire transfers to I know my net amount credited to my account at SCB is conversion rate + SCB transfer fee.

A knowledgeable friend told me banks in Thailand vary the amount of their fee depending on the amount of money transferred.

Monday of this week, February 11, my net deposit calculated out at a net conversion cost of 32.74. Depending on what time of day the actual conversion was made, assume 32.80, the difference is the bank transfer fee.

I calculated it to be about 1200 Baht Certainly no where near 300 Baht transfer fee spoken of by posters in the past.

Of course, the transfer fee could be 300 Baht and the difference between that and 1200 baht is the conversion rate the transaction went down as.

Yes I could call the bank and ask what there transfer fee is but it would matter not as the net I get into my account after a transfer is what concerns me and call the difference between the dollars wired and what goes into my account what you will, I call it cost of wire transfer.

Not enough to start shopping other banks to find a bank who charges less net.

I whole heartedly agree with the rate structure from SCB as shown above,,,,,,,,,,,,I have an SCB account actually 2 and I have a JP Chase accounts in the US. I have wire transfer ability set up for on line use and all I do is

click on the necessary tabs and fields for my Chase on line services answer the question how much? and if I want to send the money in USD or THB (always send in USD) and click send,,,,,,,,,,,the money arrives in as little

as 24 hours into my SCB savings account minus the quoted fees,,,,,,,,,,,I pay a transfer fee of $35 US on the US Chase end also,,,,,,,,,,,,but that is for any amount of money I send,,,,,,,,,,,when the money shows up in my SCB

account I usually make a trip to a branch of SCB and ask for a detail print out of the wire transfer activity,,,,,,,,,,,,,this report gives me all the info on the transfer and the fees that SCB levied on that transaction,,,,,also shows

the exact exchage rate at the time it was converted,,,,,,,,,,,very handy to keep a record of this for immigration if they want to see.

PK

[Pib]

Is it better to send US dollars or exchange to baht and send to Thailand?

My bank gives me the lowest exchange rate at $28.00. I heard if you send US dollars the Thai bank will exchange for a fee; $2 - $300 baht and exchange a the exchange rate in Thailand; $32.00. Sounds like your better off sending US dollars.

Definitely send in USD; otherwise, the "sending" bank will convert it into baht at a lower wholesale/offshore rate. Regarding the Thai bank fee, it's really more of a funds receiving fee (regardless of the currency) versus a currency exchange fee, regardless of what the Thai bank may call the fee.

[IMA_FARANG]

Is it better to send US dollars or exchange to baht and send to Thailand?

My bank gives me the lowest exchange rate at $28.00. I heard if you send US dollars the Thai bank will exchange for a fee; $2 - $300 baht and exchange a the exchange rate in Thailand; $32.00. Sounds like your better off sending US dollars.

In general the best method is to open a Bangkok Bank account in Thailand. Then send your money as dollars to the Bangkok Bank in New York via SWIFT or ACH wire transfer. The money will be converted and deposited in your Bangkok Bank account in Thailand at local rate in Thailand which is usually a little better than the international (offshore) rate.

Your bank will charge you a fee for each wire transfer transaction, usually a set amount per transaction (i.e. 15 to 30 dollars per transaction). For that reason the more you can send for each transaction, the lower the percentage the wire transfer fee is.

On another point.....many of the banks in Thailand now are refusing to accept the old style 100 dollar bills (more than 10 years old). They want the newer series 100 dollar bills. This is due to the fact that the old series 100 dollar bills were extensively counterfited in the middle east (our Iranian friends had a government factory they used to counterfit U.S. 100 dollar bills.) So if you bring 100 dollar bills to Thailand to cash, bring only the new series 100 dollar bills if you can.

[IMA_FARANG]

Is it better to send US dollars or exchange to baht and send to Thailand?

My bank gives me the lowest exchange rate at $28.00. I heard if you send US dollars the Thai bank will exchange for a fee; $2 - $300 baht and exchange a the exchange rate in Thailand; $32.00. Sounds like your better off sending US dollars.

Just to clarify.....I have a joint Bangkok Bank account with my Thai girlfriend in Bangkok. I send an amount of money each month for her living/household expenses for the family. I transfer the money from my U.S. bank to Bangkok Bank in New York via SWIFT wire transfer. My U.S. bank charges me a fee for each transaction. It was $15 but went up to $20 on 1 January. Bangkok Bank does not charge me a fee at the Thai end, and the money is converted at the onshore (Thai) rate. My Thai girlfriend withdraws it via ATM. Of course, the interest rate I get is just about nil. But it is convenient to use.

[Pib]

Is it better to send US dollars or exchange to baht and send to Thailand?

My bank gives me the lowest exchange rate at $28.00. I heard if you send US dollars the Thai bank will exchange for a fee; $2 - $300 baht and exchange a the exchange rate in Thailand; $32.00. Sounds like your better off sending US dollars.

Just to clarify.....I have a joint Bangkok Bank account with my Thai girlfriend in Bangkok. I send an amount of money each month for her living/household expenses for the family. I transfer the money from my U.S. bank to Bangkok Bank in New York via SWIFT wire transfer. My U.S. bank charges me a fee for each transaction. It was $15 but went up to $20 on 1 January. Bangkok Bank does not charge me a fee at the Thai end, and the money is converted at the onshore (Thai) rate. My Thai girlfriend withdraws it via ATM. Of course, the interest rate I get is just about nil. But it is convenient to use.

You might want to double check on the part where you say the Bangkok Bank does not charge you a fee on the Thai end--I bet they do...they sure do me...their minimum charge is 200 baht (approx 6 USD) for an incoming wire transfer. Check their web site. You'll need to know the Bangkok Bank TT exchange rate for the day it arrived as you won't see a fee on your bank account as a separate fee/deduction, as the bank just reduces the amount deposited to your account. However, if you ask them for a detailed print out of the transaction, you'll see the receiving fee deduction. Cheers.

Edited February 15, 2008 by Pib

[ronsalehnasir]

.

Best thing, for the future, is get a local Thailand account with Bangkok Bank. They have a foreign office in New York with an ABA number, unlike other Thai banks. So if you or the person you're sending money to have an account here with BKK Bank, you can send to them directly by using ACH transfer to the BKK Bank branch in New York. They then send along to the Thailand BKK Bank branch with little fees and good rates.

The fee is low, but I think they make more than 1.5 bhat above the universal currency conversion rate on every dollar they convert into bhat. I know their exchange rate probably beats Western Union, but does it also beat an ATM machine's exchange rate when withdrawing money in Thailand from a US bank? If not, then I think ATM withdrawal is the way to go. Also, if you withdraw an an AEON bank ATM, there is no withdrawal fee on the Thai end. Does anyone know if banks in Thailand make money off of their ATM exchange rates? I can't find an answer to this question on the web.

Edited May 11, 2010 by ronsalehnasir

[aurelius]

If you call the BKK Bank call center (1333) you can register for an SMS service which sends you an alert whenever a foreign currency amount is received into your BBK Bank account. The SMS advises the total amount credited, the exch rate and any fees. You need an ATM card to verify yourself at the call center, your date of birth and the number of the account that you are receiving the funds to and you set it up using the Voice Response menu. No charge for this service.

[lopburi3]

The exchange rate on ACH transfers is that provided at the receiving Bangkok Bank in Thailand for that day/time using the published TT rate. The best exchange rate in other words.