Sending $$ From Oz To Los

[nicholasmerwood]

I realise that this may have been discussed previouslly on the forum, however I cannot find any recent discussions that are specific to my question.

In short, we have to send approximately 130,000THB to LOS to pay of my wifes university bills. I've got the bill in front of me. What is the cheapest way to do this?

We have a savings account with SCB in Thailand, or could send the money to a trusted member of her family. I guess we could also pay the company directly into their bank, however I'm not sure if they accept internet transfers.

I am currently looking at an international money transfer with commonwealth bank, they will only give approx 27baht/dollar, plus $22 fee for sending, plus whatever hidden fees they take from the other side.

[Wallaby]

Don't forget the bank in Thailand will probably take commission as well.

I sent some money directly into my girls bank account. Not only did I get a terrible exchange rate (only slighty offset by the $20 transfer fee) but I found the kasikorn bank then took 9%. Bloody thieves.

[nicholasmerwood]

Hmm just as i thought.

I managed to find the website of the student loan company.....

All in Thai of course. I wonder if I can transfer money directly to them? My wife couldn't find any mention of a transfer, and she seems to think it needs to be done in person at the bank.

Maybe it'll be easier to just purchase an airfare and send her over with the cash in hand.

[Rooo]

I transfer money via TT, HSBC $20.00 receiving bank SCB,usually get fairly good exchange rate. Would be interesting if you tell us the transfer date, so you can check the daily rate & see the fluctuation.

PS : SCB hold on to the money for a day now.

[andytime]

Mate have sent funds many times.. send the money in aussie $ ONLY (do not let the aussie bank bastards buy thai baht for you) and you will get within cooee of superrich rate (you will likely get slightly less than xe.com rates BUT VERY CLOSE). SEND IN AUD $ only and let them convert at this end and you will fare aok.

[nicholasmerwood]

Ah great, sounds good. Thanks andytime. I will do that. Just wondering how much to send, I guess better to send a bit too much than a bit too little otherwise I'll have to send more incurring more transaction fees.

XE is about 29.3 about now, assume I'll get 28 -

130,000/28 = $4642 + $22 charge = 4665 and then I'll allow an extra 35 for charges in thailand - i think $4700 sounds good, would that be a good estimate? Maybe 4800 just in case.

[andytime]

Nicholas, you are likely to get a little better exchange rate than noted (maybe .5 baht down on xe.com rate only i think mate from past experiences) but send surplus and reconcile post event is probably safer

[Chang_paarp]

Avoid Commonwealth at all cost for this type of transaction. They insist on doing the transfer in THB not AUD. Their exchange rate is very very poor. You may as well send the money Western Union.

I use ANZ, they send AUD to Thailand and the Thai bank does the exchange at a far better rate. I pay $24 for an internet transfer, max AU $5K/ tranfer. Even if you send the money in 2 transfers, you will be ahead of Com Bank. You can send more with ANZ if you go into the branch and they charge $32 for the honour of dealing with a real person.

Other banks will have other deals, so check them out. My credit union made the Com Bank look generous.

[andymodo]

Hi,

I use OzForex - www.ozforex.com.au - they offer very good rates and customer service (they will phone you to answer any questions, confirm transfers etc; and it can all be set up over the internet, with the details of your Oz bank and your Thai bank ( set mine up 5 years ago so not sure if it still just as simple). They tell you exactly how much in THB will end up in your account here before you confirm the transaction so there is no guesswork at all.

Once set up, transfers only take a few minutes every time from your pc. All the rates and costs are clearly stated on the site. I've been using it for 5 years in both singapore and thailand to transfer money from Oz ...

Edited August 7, 2010 by andymodo