Cheapest Way To Transfer Money To A Thai Bank Acct.

[lucien62]

Hi,

For now, the cheapest way i found and which I use is Paypal:

I have 2 paypal accounts, one is connected to my french bank account and the other one is connected to my thai bank account.

I send myself money through this system but i start getting fed up with the commission i leave to Paypal for each transfer (there's no real commission but it's based on Paypal's specific currency exchange rate).

As of today the exchange rate EUR vs THB is good:

From this site : http://finance.yahoo.com/currency-converte...UR;to=THB;amt=1

I see that i can get 50 baht for 1 euro

but if I transfer money with paypal I'll get only 48.4 bath

So for a 300 euros transfer I lose about 450 baht and I'm sure you guys know that 450 is not peanuts in Thailand.

Any suggestions ?

Edited December 1, 2009 by lucien62

[Nio]

Show us a cheaper way to transfer money?

450thb sounds pretty darn cheap compared to wire transfer or Western Union

[thaibear1]

may a other way depen your bank and country.

I have bank account in switzerland with EC - maestro card.

I can take here at ATM (depent on bank) max. 25' - 30'000 THB per each 24 hours. Fees Swiss side 5 CHF (150 THB) at Thai ATM 150 THB independent of amount. Total 300 THB.!!! Swiss Bank charge me with good echange for devises which are better then cash transfer.

The 25' - 30'000 THB I put in a Deposit Machine at my Thai Bank account (don't like much cash on me). With Thai Bank card I withdraw small amounts at my own Bank no fee, otherwise 20 THB.

[jfchandler]

I would be leaning in the same direction as ThaiBear.... And yes about 50 baht per Euro is a good rate at present, consider that your target rate.

Paypay for international funds transfers tends to produce a very poor exchange rate.

Same bad deal with Western Union, MoneyGram and others like that.

For large, infrequent transfers of funds, international SWIFT transfers from your home bank to your Thai bank may produce a good result, depending on how much of a fee your home bank charges. The fees on the Thai banks end are pretty small.

For smaller, more frequent transfers, using your home bank ATM/debit card in Thailand ATMs is a good method. Typically you can pull 20,000 to 25,000 baht per withdrawal. And if you use any AEON ATM in Thailand, you'll avoid the Thai banks recent 150 baht foreign card ATM fee.

Also, if the bank card you're using is a VISA or MC logo card, you may be able to do what's called a counter withdrawal at your local Thai bank. Instead of going to the ATM, go inside and go to a teller. Tell him her, you want to withdraw funds from your home bank account via your VISA/MC debit card. They will process it, give you the funds in baht. To do this, you'll typically need to bring and show your passport to the bank teller. And not all Thai banks do this... the result may vary from bank to bank and branch to branch. Sometimes the bank staff will refuse to do it, and tell the person to go outside and use the ATM. But in theory, they're all supposed to do this kind of transaction. And counter withdrawals don't carry any 150 baht fee. The amount you can withdraw thru this method probably is limited by the daily withdrawal amount limit on the bank card that you're using. And the exchange rate you get should be basically the same as those produced by ATM withdrawals.

PS - Only do ATM or counter withdrawals in Thailand with ATM/debit cards. DO NOT try to do either transaction with a credit card, or you'll get hit with a ton of surcharges and interest assessments.

Edited December 1, 2009 by jfchandler

[bifftastic]

Check out moneybookers.com

you link your bank accounts to your moneybookers account, upload funds (free) from your Euro account then withdraw (small fee about 85 baht?) to your Thai account, Thai bank charges you 200 baht.

If it's a small amount like 300 Euros I wouldn't bother with a transfer just use your French card in the ATM.

[thaibear1]

I would be leaning in the same direction as ThaiBear.... And yes about 50 baht per Euro is a good rate at present, consider that your target rate.

Paypay for international funds transfers tends to produce a very poor exchange rate.

Same bad deal with Western Union, MoneyGram and others like that.

For large, infrequent transfers of funds, international SWIFT transfers from your home bank to your Thai bank may produce a good result, depending on how much of a fee your home bank charges. The fees on the Thai banks end are pretty small.

For smaller, more frequent transfers, using your home bank ATM/debit card in Thailand ATMs is a good method. Typically you can pull 20,000 to 25,000 baht per withdrawal. And if you use any AEON ATM in Thailand, you'll avoid the Thai banks recent 150 baht foreign card ATM fee.

Also, if the bank card you're using is a VISA or MC logo card, you may be able to do what's called a counter withdrawal at your local Thai bank. Instead of going to the ATM, go inside and go to a teller. Tell him her, you want to withdraw funds from your home bank account via your VISA/MC debit card. They will process it, give you the funds in baht. To do this, you'll typically need to bring and show your passport to the bank teller. And not all Thai banks do this... the result may vary from bank to bank and branch to branch. Sometimes the bank staff will refuse to do it, and tell the person to go outside and use the ATM. But in theory, they're all supposed to do this kind of transaction. And counter withdrawals don't carry any 150 baht fee. The amount you can withdraw thru this method probably is limited by the daily withdrawal amount limit on the bank card that you're using. And the exchange rate you get should be basically the same as those produced by ATM withdrawals.

PS - Only do ATM or counter withdrawals in Thailand with ATM/debit cards. DO NOT try to do either transaction with a credit card, or you'll get hit with a ton of surcharges and interest assessments.

thank you for appreciate my idea.

As we know there are 2 different exchange rates: (I am not strong in English) currency exchange and bank note exchange. There can be a difference between 2% - 7% or more, my system make sense if your (as mine) home bank (aborad) use the currency exchange, it cover me almost my transfer fees in case of max. transfer 20 - 30'000 THB. Remind, we are charged per transfer not depending amount.

Edited December 1, 2009 by thaibear1

[cerbera]

Check out moneybookers.com

you link your bank accounts to your moneybookers account, upload funds (free) from your Euro account then withdraw (small fee about 85 baht?) to your Thai account, Thai bank charges you 200 baht.

If it's a small amount like 300 Euros I wouldn't bother with a transfer just use your French card in the ATM.

try gcen.co.uk ref 1651 0100

register, no charges, better rates, faster transfer. A real NO BRAINER

Edited February 18, 2010 by cerbera

[ThaiKneeTim]

I compared HSBC, Nationwide (A building society.) and PayPal, and PayPal wins hands down, even after poor rates. There was a fixed fee for bank transfer, which might be OK for BIG sums of money, but the monthly housekeeping I send is better sent to my girlfriends Paypal account.

It depends what you want it for, as someone suggested, the ATM is reasonable for spending money, and credit cards for larger sums, but for a major transaction in Thailand those options aren't viable.

So basically the reason for the money, and amount, will dictate the method.