Sending Money

I use the China Town "under-the-table" money changers whenever I send money overseas - most operate discreetly from little offices in basements below gold and jellewry shops (easily recognisable if you know what to look for - nope I'm not reccomending any one dealer over another - go search it out, just ask discreetly in a few shops - one of them sooner or later will point you downstairs or through a back door) - they are 1000% reliable.

Speed: Same day - give them the cash (Thai Baht) any time p.m. Thai time, and its cleared funds (U$D) in my son's Bank of Santa Monica account in LA, a.m. West Coast time - same day.

Exchange rate: better than WU or MG rates, and around 10% or so better than over the counter retail bank rates in Thailand.

Transfer Cost? - about 2/3rds the over counter retail bank rates (......and always better than WU and MG rates)

Legality and Fallback: None - the Thai/Chinese business community have been at it now since the 1950's

Reliability: 1000% - have used the system since the 1980's - so that must mean something like 200 - 300 times. Only ever once had a dispute - and the guy setteled up in my favour. The dealers are scrupulously straight with their customers - they are running a competitive business after all - if folk aren't happy with them it will quickly get round the Chinese business comunity and they'll be out of business overnight - you have no worries on that score.

How does it work? - I'm not sure but my guess is something along the following lines: dealer this side sends a discreet email with the details to his "associate" Stateside, who then his "gofer" round to the nearest BoSM branch to stick the cash in the account (depositor users a Thai Chinese name - and its name the same every single month). Its a network - "associates" in all the major USA centres, European capitals ect ....... then the Bkk side sits back and waits for exchange rates to move in their favour, then sends a single large transfer to the respective satellite offices (hence profiteering on both exchange rates and in not having to pay for hundreds of seperate transfers - just like WU, MG and the banks do).

These guys are not fly by night operators - they are there to serve the business community, not to rip off tourists - which would attract attention they can ill afford: they're part of the business culture and are going no-where with your few hundred or few thousand dollars/euros or whatever.

Muslims use the same kind of system