Bank Transfers

[ericjt]

1. Open multi currency accounts here in Thailand and at home if you can. Then ...

2. Talk with your bankers here and there. Ask and negotiate what conversion rate you will be charged. Then use the most favorable rate, whether it's here in Thailand or from your bank at home.

3. Transferring foreign currencies to your own foreign currency account here in Thailand gives you an edge in negotiating with your Thai bank, since you can hold your funds in your home currency (say USD) and only convert to Thai Baht once you've agreed on a conversion rate. The same applies to your bank at home if you can open a Thai Baht account there.

4. But if you simply TT a foreign currency to your Thai Baht only bank account in Thailand, your Thai bank will have quite a bit of room to pick a rate that is more favorable to them than to you.

5. Foreign currency exchange websites also seem like a good idea, but I haven't tried one yet.

6. Forex rates are constantly moving (sometimes a lot in one day) so you should not simply wire foreign currencies to a Thai bank and leave it to them to pick a conversion rate. Set yourself up with multi currency accounts (at least here in Thailand) so that you can hold foreign currencies here until you and your bank have agreed on a conversion rate. Then the exchange can take place immediately between your own accounts at your Thai bank.

[Naam]

Set yourself up with multi currency accounts (at least here in Thailand) so that you can hold foreign currencies here until you and your bank have agreed on a conversion rate. Then the exchange can take place immediately between your own accounts at your Thai bank.

and then you find out that the procedure of establishing multicurrency accounts in Thailand, their handling and last not least the cost of maintaining them are an imperial pain² in the àss.

next good advice please

[tombkk]

1. Open multi currency accounts here in Thailand and at home if you can. Then ...

2. Talk with your bankers here and there. Ask and negotiate what conversion rate you will be charged. Then use the most favorable rate, whether it's here in Thailand or from your bank at home.

3. Transferring foreign currencies to your own foreign currency account here in Thailand gives you an edge in negotiating with your Thai bank, since you can hold your funds in your home currency (say USD) and only convert to Thai Baht once you've agreed on a conversion rate. The same applies to your bank at home if you can open a Thai Baht account there.

4. But if you simply TT a foreign currency to your Thai Baht only bank account in Thailand, your Thai bank will have quite a bit of room to pick a rate that is more favorable to them than to you.

5. Foreign currency exchange websites also seem like a good idea, but I haven't tried one yet.

6. Forex rates are constantly moving (sometimes a lot in one day) so you should not simply wire foreign currencies to a Thai bank and leave it to them to pick a conversion rate. Set yourself up with multi currency accounts (at least here in Thailand) so that you can hold foreign currencies here until you and your bank have agreed on a conversion rate. Then the exchange can take place immediately between your own accounts at your Thai bank.

Great advice. Unfortunately, I am not moving millions of dollars, but maybe hundreds or in rare occasions thousands. What bargaining power does that give me with the bank?

[Yunnie]

Hmm

Okay, My mother transfered money to my Thai account from the US on Friday/ Saturday morning for us. So I went to the bank to check and my money wasnt there yet. Yes, I know it was a weekend, but I was still hoping. lol.

My question is, how long does it take for a transfer to go through? The SCB said I wont see the money till Thursday. Seems awfully long time. I dont know, maybe I'm just overly worried. I need the money by next week to pay for dorm, or I'm homeless when classes start up again. lol

Also, all I needed was bank name, address, swift code, account number, and saving number right?

[tombkk]

Hmm

Okay, My mother transfered money to my Thai account from the US on Friday/ Saturday morning for us. So I went to the bank to check and my money wasnt there yet. Yes, I know it was a weekend, but I was still hoping. lol.

My question is, how long does it take for a transfer to go through? The SCB said I wont see the money till Thursday. Seems awfully long time. I dont know, maybe I'm just overly worried. I need the money by next week to pay for dorm, or I'm homeless when classes start up again. lol

Also, all I needed was bank name, address, swift code, account number, and saving number right?

Yes, you got the list of necessary information right.

A SWIFT (or T/T) can take up to four working days.

Your mother's bank transfers to a bank in your country that has international agreements.

That bank transfers to their correspondence bank in Thailand.

That bank transfers to your bank's headoffice in Thailand.

The head office transfers to the branch office.

I am not sure whether I need to point out how you can improve speed, but I do receive (and send transfers to people overseas) over night.

[true blue]

I'm rapidly coming to the conclusion that large numbers of folks who visit the financial forums on TV can't read, can't comprehend or simply want to post for the sake of posting. All of that's fine when one is bored, drunk, high or feeling neglected but frankly, it does nothing to help those who are looking for a solution to a problem. Mini rant over, thanks for listening.

i would say that encompasses,more than just financial forums on TV.

[ianguygil]

For amounts in the range of hundreds of dollars you get the retail rate. No bank will negotiate for amounts like that. It depends on the country and the relationship you have with the bank (overall value of the relationship) but in general you can only really negotiate for better than the street (retail) rate for amounts in the tens of thousands of USD or the equivalent, in which case they may contact their Treasury and see what rate they can offer.

[lopburi3]

A SWIFT transfer to BBL from the US if done at opening of business is always here within 12-13 hours if workdays. If your mother did not transfer until Friday afternoon it likely will not be processed in the US until Monday morning (if workday) so should be here Wednesday noon (for Bangkok Bank - not sure for SCB).