Transferrring Money From Usa To Thailand

[rideswings]

Im looking to buy a truck in Thailand and will need around 700,000 baht in cash. Unfortunately all of my money is in my USA checking account. I have opened a bank account at Kasikornbank to try and wire funds from my USA checking account, but my American bank told me I have to be in the USA in person to initiate a wire or swift transfer. It seems that my alternatives are to withdraw money daily from an ATM but that will cost me 150 baht per transaction of 20,000 plus 3% and it will take 35 days to get it done.

I have looked at Western Union Custom House, but their fee would be around 4% plus they make money on the exchange rate.

I dont want to pay 4% plus a hit on the exchange rate, so my only alternative would be to wait till i go back to the USA next month and then bring around $20,000 USD with me and exchange it, or exchange it in the USA. If I did bring that much cash here, where could I get a decent exchange rate? Better to exchange it in Thailand or the USA?

Im a rookie at this, so any tips would be appreciated.

Edited December 10, 2009 by rideswings

[ukrules]

The problem here is your uncooperative bank, I suggest changing bank when you are back in the US, this rule they have is ridiculous. Lots of accounts allow you to do wires online or via phone banking, your physical location shouldn't make any difference. It's just an arbitrary rule that they have made up to make peoples lives harder.

[Jingthing]

The majority of US banks have the same policy. Typically those banks require an in person visit to initiate a wiring agreement, and then later provide ways to do SWIFT transfers from abroad. If the OP goes back, his current bank may be OK if they support that typical arrangement.

Edited December 10, 2009 by Jingthing

[rideswings]

Thanks for the replies. Yes Jing, I think once initiated, further wires can be done by phone but the agreement has to be done in person. My bank wouldnt even be willing to send me the documents even though I have been a customer for 10 years there. Im glad I dont need the funds for an emergency. It would be a sad situation.

[Jingthing]

Its much better to change dollars into baht in Thailand than the US. The demand for baht in the US is about as robust as the demand for rat curry in New York City. Another thought. Do you have a physical check from your US account? Many people have reported success in depositing such a check into their Thai bank account for a reasonable fee from the Thai bank. The trouble is how long it takes to clear the check. Reports seem to indicate the wait times are generally getting shorter. If you have a physical check from your US bank, you may want to ask your Thai bank about the time needed to clear the check.

Another idea is with your online access to your US account, pay a friend or relative the money you need plus the wire fee, then they can wire the money for you from their US bank by visiting their bank and doing a SWIFT transfer.

[rideswings]

Genius JT! I can have someone mail me a check from my US account, but yes I will ask K bank first if they will accept it and how long to clear. This way, there will possibly be no fees except for mailing the check to me from the USA.

I might also consider the alternative you mentioned about letting a friend send me the money, But I would worry about them getting into trouble with the IRS because its a big amount and the bank would need to report it. Maybe its not such a big thing... I dont know.

Thanks for the ideas.

[willyumcr]

Change banks. I would suggest Charles Schwab Bank which remburses all ATM fees and does not charge percentages for foreign transaction fees. No minimum balance required and you can do it on line. Small fee ($25 I believe) for wire transfer.

[wildoates]

I had to set up my swift in person also, have changed bank accounts since, through email sending the forms, but only because I knew the bank manager. Have them send your money to your bank here in US dollars, better rate. I only pay $15 for a recurring swift, just make a call, automated at the US end, and within 5 mins I am done, and next day money is here. works great

[spacemand]

Have you tried asking if someone else can go into your bank and do the transfer for you?

If you give them a letter saying you are authorization the transfer maybe with a copy of your ID?

[rideswings]

Ive decided to deposit a check from my US account into my Thai account. I understand that it might take 3 weeks or longer to clear, but Im not sure what the exchange rate will be. Do you think my Thai bank will give me a quote on the exchange rate when I make the deposit?

[rogercw]

I deposit personal checks into my Bangkok Bank account. They tell me there is a 45 day hold on the money but I have been doing this for two years and the money has always shown up in my Thai account in 22 to 24 days.

[JusMe]

On objection to the 150 baht fee on ATM withdrawals, and some unexplained changes in bank fees and exchange rates that were costing me up to 10%, I wrote myself a personal cheque on my Canadian bank and deposited it into my Bangkok Bank account.

It took a week to clear my Canadian bank account. Two weeks later, it still hasn't shown up in my Bangkok Bank account. Hoping in a few days, maybe this week.

Costs: for clearing my personal cheque, Bangkok Bank told me the charge would be US$32. (The cheque is in Cdn dollars.)

If I send it by SWIFT, the cost is $45 in the same currency as it is being sent, i.e. Canadian or US, same fee in that currency.

I am planning on trying a bank cheque in another effort to reduce times and charges. I can get a bank cheque for no fee, in Canadian dollars, and have it sent by registered mail. Then I deposit that into my Bangkok Bank account exchanged into Thai baht here in Thailand. I *think* their fee for that would be up to 500 baht. As the bank cheque will be prepaid, rather like traveller's cheques, I should be able to access the baht almost immediately, I hope.

[rideswings]

Its crazy that in these days of automation, banks still take such a long time to clear checks.

[Jingthing]

Ive decided to deposit a check from my US account into my Thai account. I understand that it might take 3 weeks or longer to clear, but Im not sure what the exchange rate will be. Do you think my Thai bank will give me a quote on the exchange rate when I make the deposit?

Good luck. I think the exchange rate will largely be dependent on the market rate at the time of the actual conversion. They should be able to tell you the baht value on the day you deposit the check and explain the fees.

I don't think any US bank would let anyone but you do a SWIFT transfer using your account, unless they had a power of attorney document on file authorizing this.

[2008bangkok]

Bankok bank have just setup a deal where you can deposit money intp thei NY account and it will hit your bank in 2-3 days... check it out on their site

[Alwaysright]

Write a check to yourself,deposit it at Kasikorn,will clear within 30 days.I do it all the time. A $10.00 charge and the exchange rate is higher so you come out ahead.

[skipvice]

Bankok bank have just setup a deal where you can deposit money intp thei NY account and it will hit your bank in 2-3 days... check it out on their site

I have been doing that for 5 years already, also do a bank to bank wire to the BBK Bank NY and it shows up in my account in thailand next day. Cost my bank US$20.00 BKK Bank NY $5.00 and than local bank in thailand charge up tp 500 BHT for handling fees. Check out the Bangkok Bank web site.

all with on line banking from my Credit union.

Edited December 11, 2009 by skipvice

[flying]

Bankok bank have just setup a deal where you can deposit money intp thei NY account and it will hit your bank in 2-3 days... check it out on their site

I have been doing that for 5 years already, also do a bank to bank wire to the BBK Bank NY and it shows up in my account in thailand next day. Cost my bank US$20.00 BKK Bank NY $5.00 and than local bank in thailand charge up tp 500 BHT for handling fees. Check out the Bangkok Bank web site.

all with on line banking from my Credit union.

As Skip said this is a big benefit if your from the USA. A good reason to use Bangkok Bank

Usually you have no problems transferring money within the US.

So to transfer from your US bank to Bangkok Bank NY it can usually be done on-line.

Then BB NY transfers to your Thai BB account total 25 bucks

Which is close to half the price of transferring from your US bank direct to Thailand. Usually 40 when I use to go that route.

http://www.bangkokbank.com/Bangkok%20Bank/...from%20USA.aspx

Edited December 11, 2009 by flying

[Jim_E]

To clarify the Bangkok bank deal, you transfer your money to Bangkok Bank's New York office via the ACH system, that is the normal system in the US (unlike SWIFT). I'd be surprised if your US bank would have an issue with ACH transfers. If so, you need a new bank in the US.

[bonobo]

I was told yesterday that if you go to a Thai bank which offers currency exchanges, you can take your US ATM and get unlimited baht and without fees.  The guy who told me this does it at the Bangkok Bang at Emporium, and he has taken out 100,000 baht at a time with no problems.

[kawikasudo]

I belong to American Savings bank and they have an international wire paper that I have to fill out my banks address and the bank in Thailand's address with the shift code and I fax the paper from Mail Boxes etc. and it takes about 2 working days to come to my bangkok bank. It cost $35 U.S. dollars and that is that. You have to have the fax sheet from your bank in the U.S.

[Jingthing]

I was told yesterday that if you go to a Thai bank which offers currency exchanges, you can take your US ATM and get unlimited baht and without fees.  The guy who told me this does it at the Bangkok Bang at Emporium, and he has taken out 100,000 baht at a time with no problems.

This beggars belief as typically there are ATM limits of 300 to 600 dollars per day. Was he perhaps talking about using the MC or Visa CREDIT CARD CASH ADVANCE which is part of many cards these days?

[mackayae]

Open up a Bangkok Bank account in Thailand. Open up a HSBC account in the US; you can do this online from Thailand. Then you can make online transfers from HSBC to BB at no charge.

[Jingthing]

Open up a Bangkok Bank account in Thailand. Open up a HSBC account in the US; you can do this online from Thailand. Then you can make online transfers from HSBC to BB at no charge.

I assume you are talking about an ACH transfer with that method. Do you happen to know if HSBC supports online SWIFT transfers as well, and also if the require an in person visit first to sign a wiring agreement (SWIFT)?

[jmac]

Open up a Bangkok Bank account in Thailand. Open up a HSBC account in the US; you can do this online from Thailand. Then you can make online transfers from HSBC to BB at no charge.

I do not believe an account in a US bank can be opened without being there and need proof of residence (utility billos, etc.) Neew laws to prevent money laundering

[mackayae]

Open up a Bangkok Bank account in Thailand. Open up a HSBC account in the US; you can do this online from Thailand. Then you can make online transfers from HSBC to BB at no charge.

I do not believe an account in a US bank can be opened without being there and need proof of residence (utility billos, etc.) Neew laws to prevent money laundering

Believe. I did it. It's easy. They have a great website.

[IMA_FARANG]

I work in Greece for a U.S. company. My pay is direct depsited into my U.S. bank account. I've had that U.S bank account for years.

I have established an on-going monthly wire transfer authorization with my U.S. bank. I did this while in Greece by signing some autherization forms the bank mailed me and then faxing the signed forms back to the bank. Once the monthly wire transfer was approved I now simply email my U.S. bank requesting an amout to be sent to Bangkok Bank in New York via SWIFT transfer. The fee is $30 per transfer at present.

My U.S. bank transfers the funds by SWIFT transfer to the Bangkok Bank branch in New York. Bangkok Bank in New York credits it electronically to my Bangkok Bank account in Bangkok as Baht at the exchange rate (in Thailand) for that day. My Thai wife has the ATM card. She uses the money for living expenses for my Thai family.

It usually takes 3 to 5 days...maybe a bit longer if the time is over a weekend or a Thai holiday (e.g. the King's birthday recently) for the money to get from my U.S. bank to my account in Bangkok.

The only fee I pay is the $30 dollar SWIFT wire transfer fee in the U.S. charged by my U.S. bank.

No problem.

Warning though....I usually only transfer about $1000 a month. No problem there. But if you go over $5000 you may get some interest from the U.S. government....$10,000 or more in one transfer definately will. No problem...if you can verify the source. I transferred $50,000 in two different transfers (a total of $50,000 I mean) about 2 years ago. I simply explained it was to purchase a house for my Thai family. No further questions....I could prove it was from my salary and savings also with my income tax returns if they had asked for that proof.

[mackayae]

Correction. The fee is $3 for an online transfer from HSBC to BB.

[lopburi3]

1. A SWIFT transfer will normally have three fees. One from home bank - a deduction of 2-5$ at correspondent bank from the amount sent onward - and a deduction of 2-500 baht on receipt in Thailand.

2. Using debit card at Thai bank is like using for purchase so daily ATM limit is not a factor. There will be a higher figure allowed for that.

3. Checks normally clear in about 3 weeks - they used to hold for favorable exchange rates but that seems to be a thing of the past (they lost as often as they gained I suspect).

[vagabond48]

Open up a Bangkok Bank account in Thailand. Open up a HSBC account in the US; you can do this online from Thailand. Then you can make online transfers from HSBC to BB at no charge.

I have the HSBC Online Savings account, so will this work with that type of account?

Is there a foreign exchange rate fee?

Excluding the $3 you mentioned, I wonder how exchange rate you got compare with the daily IER?

Can you provide exchange rate and the date the money was transferred to your BB account so I can compare it to the IER for that day.