Pattaya Enhances Safety Measures with Realistic Fire Drill on School Buses

[Tokay]

I need to bring over a fairly large amount of money from my Chase account in the USA to my Thai bank. I can send to either UOB or SCB.

All the onshore / offshore rates have my head spinning and I would like to get the best possible rate getting the money here so I don't get bent over in the process.

Any advice some of you pros have would be greatly appreciated.

[PCA]

I need to bring over a fairly large amount of money from my Chase account in the USA to my Thai bank. I can send to either UOB or SCB.

All the onshore / offshore rates have my head spinning and I would like to get the best possible rate getting the money here so I don't get bent over in the process.

Any advice some of you pros have would be greatly appreciated.

What do have large accounts to care about the spread. You sound like a clown.

[Carmine6]

I need to bring over a fairly large amount of money from my Chase account in the USA to my Thai bank. I can send to either UOB or SCB.

All the onshore / offshore rates have my head spinning and I would like to get the best possible rate getting the money here so I don't get bent over in the process.

Any advice some of you pros have would be greatly appreciated.

Send dollars. Do not have them convert to baht in NY. Send dollars to your bank in Thailand and the Thai bank will convert.

Other than that, hopefully Chase doesn't take something off the top. I did a transfer with Citbank and they seemed to taken a little off the top, like 1/4% or something. But I can send from Fidelity or USAA and it goes at the receiving bank rate.

Other things to check are the fee on both ends. What does Chase charge and what do either of your receiving banks charge if anything? Look for the TT (telegraphic transfer) rate on the UOB and SCB websites as well as any incoming transfer fees and figure out the best net.

[longball53098]

I bank with Chase also. If you are doing online banking with Chase and have the wire transfer set up already then making the transfer is a few simple key strokes online with Chase. I have used Chase for 3 years or so. Money arrives in my SCB account here in less than 24 hours if I schedule the transfer after 6 PM here (6AM east coast) on a weekday the money shows up in my account the next day around 12 noon.

A couple of notes about Chase's system. The online screens are easy to use and always choose "Send in US Dollars" . They will try to get you to convert first but you loose big time. Also, Chase has a $40 fee for the transfer and the max per transaction and daily limit is 25,000 US. I just went through this also as I want to send more for a house build and they won't allow it from on line. So I am forced to make 3 transfers over 3 days and pay 40 for each. Big rip off here.

No other fees from Chase. SCB takes a percentage off the converted cash up to a max of 500 baht. That's it

So the bottom line is Chase's system works well but you pay for it.

[spacefruit]

Ignore PCA's post - its facile, insulting and of no help to anyone.

Sending USD to thai banks is straight forward, and in my experience they have always given me market rates, on large and small amounts.

As stated, do NOT convert (Buy Baht) outside thailand. Is it for Condo Purchase? Remember to keep paperwork, or you will have difficulties taking the money out should you need to.

[PCA]

Ignore PCA's post - its facile, insulting and of no help to anyone.

Sending USD to thai banks is straight forward, and in my experience they have always given me market rates, on large and small amounts.

As stated, do NOT convert (Buy Baht) outside thailand. Is it for Condo Purchase? Remember to keep paperwork, or you will have difficulties taking the money out should you need to.

true and apoligies. I probably had bad mood that time

[lopburi3]

As said be sure money is sent as USD for conversion here (will be at the rate bank lists for that day/time) when credited to your account. Chase only charges third party banks a $2 fee (subtracted from the money sent onwards) so you probably save that having your account with them.

[Naam]

Sending USD to thai banks is straight forward, and in my experience they have always given me market rates, on large and small amounts.

that does not necessarily mean that you got the best rate. before transferring i ask my offshore bank for its rate and check the prevailing rate with my bank in Thailand. last year it happened twice that the offshore rate was better. the fluctuation risk however remains for both cases as the transfer takes ~24 hours and -as we all know- rates can vary considerably within minutes.

[Naam]

As said be sure money is sent as USD for conversion here (will be at the rate bank lists for that day/time) when credited to your account. Chase only charges third party banks a $2 fee (subtracted from the money sent onwards) so you probably save that having your account with them.

information not quite correct. for amounts exceeding 20k dollars i always get a phone call and am asked whether i wish to convert immediately at a given rate or wait (in my case) for up to two weeks.

[lopburi3]

That's probably because you are an honored customer.

For those of us who transfer at lesser amounts it is the luck of the draw and the bank makes the exchange (used to be when most advantageous to them but in recent years seems to be immediately for Bangkok Bank).

[Tokay]

What do have large accounts to care about the spread. You sound like a clown.

I'll let you in on a little secret. People with large amounts usually have large amounts because they do not frivolously waste their money and do care about the spread.

[Tokay]

Gentlemen, thank you all for your answers.

[PCA]

What do have large accounts to care about the spread. You sound like a clown.

I'll let you in on a little secret. People with large amounts usually have large amounts because they do not frivolously waste their money and do care about the spread.

Ok I tell you also a little one. People with large amounts of money don't ask for such advise in a public internet forum unless they either just hit the lottery pot or are clowns.

[IMA_FARANG]

I need to bring over a fairly large amount of money from my Chase account in the USA to my Thai bank. I can send to either UOB or SCB.

All the onshore / offshore rates have my head spinning and I would like to get the best possible rate getting the money here so I don't get bent over in the process.

Any advice some of you pros have would be greatly appreciated.

I send money every month to my Bangkok Bank account in Thailand thru Bangkok Bank in New York via swift transfer. But since you don't use Bangkok Bank, that can't be done.

Do as you were told about your Chase account. Do not change to Baht in the U.S. or you will lose money on the exchange rate. Send the money to Thailand in dollars, and let the bank use the rate they have on the date it arrives in Thailand. You will almost always get a better rate.

You probably won't be able to go over the $20,000 or $25,000 amount per transfer due to U.S. banking regulations on money transfer to foriegn countries (to stop money laundering). So plan your transfers in blocks not more than $20,000 at the max.

Be aware the IRs and the U.S. government may become interested in large transfers. No problem, as long as you have a valid purpose...like paying for a condo purchase,etc. Just don't get spooked by any questions. If you can prove your interst is honest, no problem.

My U.S. bank requires me to make a telephone verification, with a bank supplied pin number, for any transfers over a set limit I specified when I set up the transfer request authority. Chase may do the same.

The reason I use Bangkok Bank to transfer money is that they charge no fee as long as it stays within the bank.

Your Thai bank may charge you a fee for completing the transfer, but it won't be that much.

[lopburi3]

Are you sure Bangkok Bank charges no fee using Swift? There New York branch used to take $5 off the money forwarded to Bangkok and Bangkok always charge a fee of between 200 and 500 baht (same as every other Thai bank).

Those that have avoided fees have used the direct domestic transfer numbers to Bangkok Bank NY and then had it credited to there Thailand account. However if a human sees such a transaction it seems to get blocked.

[Arkady]

Pretty straightforward remitting USD from the US to Thailand. You can change to baht in the US, if you can get a better rate but, if you need the money for a condo and you are not a Thai permanent resident, you must remit foreign exchange to Thailand in amounts over USD20k and get your Thai bank to give you a Thor Tor 3 form that the bank files with the Bank of Thailand for inflows over USD20k along with your credit advice. The Thor Tor 3 is needed to register the title deed and will be needed, if you ever sell a condo and want to remit the proceeds overseas again. Any bank transfer of any kind over Baht 2 million in Thailand whether internal or to or from overseas will be referred to AMLO, the Thai Anti Money Laundering Office. Most referrals are not followed up on and, if your purpose is legitimate, there is no concern.

[Tokay]

What do have large accounts to care about the spread. You sound like a clown.

I'll let you in on a little secret. People with large amounts usually have large amounts because they do not frivolously waste their money and do care about the spread.

Ok I tell you also a little one. People with large amounts of money don't ask for such advise in a public internet forum unless they either just hit the lottery pot or are clowns.

OK, you got me. I just won the lottery AND I used to be birthday clown in my spare time. No joke. So now I'm a retired clown with 6 million USD and I want to bring some of it here without getting hosed, as hosing falang is the Thai way and stuffing it into my clown bag and walking it into the country just doesn't seem so safe. The red polka dots draw too much attention.

I've never had to send large sums to Thailand and I know that this country is not the same as other countries around the world in regarding to showing funds came from abroad and the like.

[Tokay]

Pretty straightforward remitting USD from the US to Thailand. You can change to baht in the US, if you can get a better rate but, if you need the money for a condo and you are not a Thai permanent resident, you must remit foreign exchange to Thailand in amounts over USD20k and get your Thai bank to give you a Thor Tor 3 form that the bank files with the Bank of Thailand for inflows over USD20k along with your credit advice. The Thor Tor 3 is needed to register the title deed and will be needed, if you ever sell a condo and want to remit the proceeds overseas again.

Any bank transfer of any kind over Baht 2 million in Thailand whether internal or to or from overseas will be referred to AMLO, the Thai Anti Money Laundering Office. Most referrals are not followed up on and, if your purpose is legitimate, there is no concern.

Brilliant answer!

Thank you very, very much.