Transfering Money To Thai Account

[wilson1]

I don't actually have a Thai bank account yet. In January i will need to open one and transfer around $20,000 Australian. Anybody have any advise for me on which bank to go with, i hear some can decline farangs. Also which is the cheapest way to transfer the money, swift? cash? Thanks guys.

[WildChilli]

if you transferr money from aus bank to thai bank account you suffer from the exchange rate at the time ( always lower than the exchange rate is in thailand )

but if you are in aus now and travel with the money to thai and exchange there at one of the better places there will be a good deal of bht more

when exchanging a nice amount like 20.000 $ aud

just one little hickup i belive the max you can leve aus with is 10.000 $ aud without declaring it when you leve AUS airport

im not sure if there is a limit for what you can bring in to Thailand in cash

Personaly i never exchange before we go as we usauly just get a 20.000 BHT cash advance from family till exchange rate is higer and we have time to make the exchange

Edited November 22, 2009 by WildChilli

[MrRichard2009]

It's pretty much dependant on the bank Manager .... my first kasakorn account manager was a lamer so I just opened up at a different branch .... swift is the least expensive aside from carrying the cash. Just ask before you open if they will do what you want.

[cpofc]

Ok, for Ex Pat Australians. I have posted this before.

Drawing on your Australian Bank Account via Thai ATMs using a Cirrus or Maestro capable ATM Card or Credit card is now an expensive exercise, especially since the Thai Banks recently added their whack of 150 baht per transaction!

For me to draw my fortnightly wage from Aust in this manner was costing me upwards of $30.00 Australian! Multiply that by 26 and you have a considerable amount of your own money going to the banks for shit! Almost $800.00 in fact.

Here is the best and most cheapest and easiest way I have found.

I am not a shareholder or emplyee of the CBA, but they do have an affiliation with the Bangkok Bank.

1. Open a Bangkok Bank Account

2. Open a Commonwealth Bank Account

3. Join Commonwealth Netbank (online Banking)

4. Set up your online International Bank Account details (easy to do! the necessary swift codes are pre programmed (hardcoded) into the CBA computers.

Now you have the facility to tranfers money online using the International Transfer option without leaving the comfort of your loungeroom. There is an upper limit of 5000 Dollars per day. Although I do believe you can get that raised with a discussion with the bank.

There is a one only 22 Dollar flat fee for this service. No other extras.

The secret is NOT to have the CBA in Australia conduct the exchange from AUD to THB prior to tansfer. N.B. You are given this option when conducting the online transfer! You transfer OZ Dollars - NOT BAHT!

if you choose to have the CBA exchange the amount first, you will lose anything up to 2.5 baht in the dollar on the excgange. So, transfer the entire amount in OZ Oxofrds!!!!

It will be in your bangkok bank account quicker than you can get from Patpong to Nana. Well maybe a little bit of an exaggeration.

The Thais (BB) will take their small whack - their rates are online in the Bangkok Bank's website - it is not much and has upper limits.

You will get the top official Thai exchange rate of the day!!! (can also be viewed on the Bankok Bank's website, updated twice daily Mon-Fri) Not the rip off rate the banks and agencies like Thomas Cook charge in Australia which averages 2 baht or more below the official international rate.

I can't speak for other banks in Aust, but would imagine they have similar set ups.

Just one thing to remember, the CBA Netbank site used to have an explanation about how to transfer in Aust cash on the Int Transfer Page itself, but they have removed that explanation and it is slightly confusing and ambiguous - make sure you don't do it wrong because if you do and your convert your 5000 Aust Dollars to baht first you will rip yourself off to the tune of more than 10,000 Baht!

Edited November 22, 2009 by cpofc

[cpofc]

BTW, then all you need to do now is put away your australian cards in a safe place and carry and use just your Bangkok Bank ATM Card.

[wilson1]

Thanks very much cpofc. I will do just that.

Edited November 22, 2009 by wilson1

[ericthai]

You need a work permit to open a bank account, however some banks will over look this.

I use HSBC and with them you can have a foreign currency bank account so you can open an account in AUD and transfer the money in without any exchange rates issues.

[Jonathanpattaya]

if you transferr money from aus bank to thai bank account you suffer from the exchange rate at the time ( always lower than the exchange rate is in thailand )

That is not correct.

When you make a transfer in foreign currency you have the choice of accepting the exchange rate from the remitting bank or the receiving bank.

If the conversion is made in Thailand, the conversion will be made at the business rate which is always higher than the tourist rate.

[kjhbigv]

You need a work permit to open a bank account, however some banks will over look this.

I use HSBC and with them you can have a foreign currency bank account so you can open an account in AUD and transfer the money in without any exchange rates issues.

Incorrect, you do not need a work permit to open an account normally.

[AdmiralKen]

Have done this recently.

I use SCB (Siam Commercial Bank) and have found them to be great. All in I now have 4 different accounts withthem at 3 different branches. SOME branches refused to open an account for me without a visa others were fine. Just walk ou if they give you any problems and go to another branch. The first one I opened in Pattay (Soi Bukhoaw) and use my hotel address as the address. Make certain you sign up for internet banking.

(Some of this has been stated above I know but just to confirm and add a little bit) :

Transfer from CBA to SCB AUD22 from the thieves at Commonwealth

Inbound fee at SCB 450 baht

CBA will let you transfer up to 20k per day (you may need to adjust your limits at the brach) via internet for personal accounts

They will allow up to 100k per day for business customers.

NEVER EVER let the Oz banks do th eexchange. As an example when SCB gave me 30.5 on my inbound CBA would have only given me 26.3 (figures about a week ago) which iis a whopping 13.7% rippoff and they still charge you the $22 fee.

The inbound TT rate is the one you will get from SCB and can be found on their website. It is always better than the cash rate.

If you are leaving Oz you MUST declare any cash over $10k AUD and also must declare any cash over $20 USD equivalent on arrival to Thailand. NO fees, no hassles but telling customs at Swampy that your carrying USD20k cash is askin gto be mugged IMHO.

If you intend to use any large amounts for purchase of property make sure you talk with the originating bank about the required documentation so you can prove to the Thais later that the money was from abroad.

Best of luck 2SS

[flyinghigh]

good post ,what about us brits ,i have a siam comm. bk. account , it costs me £20, to transfer money ,from my Lloyds Tsb account

[bhakta]

I am here in Thailand 26 years and have accounts at Bangkok Bank and Siam Commercial Bank for all this time. I have never had any difficulty with either, both provide good service.