Sending Money To Thailand Via Atm

[sirineou]

I am sure this topic has being discussed before, I remember reading something about it, but I cant find anything using the search function in this forum. Anyway, I am tired of paying the high fees to send money via Western Union, though Moneygram is relatively inexpensive ( about $10 for a $400 transfer) but I believe I get a poor exchange rate.Me and my wife are back in The US and will be here for a few years, ( work and prepare for retirement).My wife sends money to her parents every month, and we thought that it would be easier and less expensive,to open and fund an account here, and send an ATM card to her family to make withdrawals. Any thought, ideas or links to other posts that have discussed that subject about that would be greatly appreciated.

Thank You

[smokie36]

Basically the fewer transactions the better. I would use SWIFT transfers once or twice a year. No doubt someone else will know better the situation from the US however.

[llso]

We use a US Bank ATM card for my wife to send a monthly stipend to her parents. This use to work out pretty well but now with the Thai Bank 150 Bt charge and our US bank Int'l ATM fee which they just increased it now costs about 10 USD per transaction. You just have to make sure you notify your US bank that the card will be used in Thailand on a permanent basis.

The only other alternative other than Western Union etc is to wire funds directly into a Thai bank account. We considered this with my wifes family but it would require sending a large enough amount that it would cover many months. I seriously doubt this would work though as I think they would go on a spree and be broke after a month or two. So for now the US bank ATM with one monthly withdrawal.

LL

[sirineou]

Basically the fewer transactions the better.

I could not agree with you more In my opinion, Zero, would be the optimum number (Kidding, I love my wifes Family,feel free to tell her I said so)

But since some of my wifes family members might not be as financially sophisticated as I am (drunken sailors in a strip joints are slightly more sophisticated than me)

I would rather send small increments of money , rather than one or two large amounts.

[sirineou]

We considered this with my wifes family but it would require sending a large enough amount that it would cover many months. I seriously doubt this would work though as I think they would go on a spree and be broke after a month or two. So for now the US bank ATM with one monthly withdrawal.

LL

:lol: 555555

as I was replying Smokies post I came back to see if my reply was properly posted and I show your reply

I cracked up laughing , because you said exactly what I wanted to say, but was trying to be little more diplomatic.

I believe you are absolutely right.

[honoluludave]

Have been using that method to send money to my wife when I am away at work. You do get dinged for atm fees on both end but it is still much cheaper than sending it Western Union. Would not recommend sending the card by mail though.

[JSixpack]

Have your own account in Thailand. Transfer a large sum to it. Use internet banking to transfer small sums regularly to the parents' account to which they'll have ATM access of course. Can be set up for automatic transfer monthly, too, I believe.

[Jimi007]

I use Bank of America and I transfer online to my Bangkok Bank account. I then go online to Bangkok Bank and transfer to my GF's account. Or her mothers account. But since I am guessing you don't have a Bangkok Bank account my advice won't do you much good. But I'll give you the fee break down so you'll know and open an account the next time you're here. B of A charges me $3, Bangkok Bank New York branch, charges me $5 for a $2,000 transfer, and Bangkok Bank Thailand charges me 200 baht. It's free to transfer between Bangkok Bank accounts in the same region, but to transfer to my GF's mother who is in a different region, it's 20 baht. It used to cost me only the $3, but Bangkok Bank started to charge about three years ago. You could transfer to your wife's mothers account if she opened one with Bangkok Bank, but I think the fee is higher when transferring to a third party account from B of A... I'm not sure if you can open an account in the US with the New York branch of Bangkok Bank, check here and email them for more information: Bangkok Bank Home Page And here for transferring fund through the NY branch to Thailand: US to Thai Transfer

PS, you get the inside Thailand TT rate on these transfers.

[phaethon]

I started using SWIFT from the UK a few months ago. Before then I used to take my UK Nationwide debit card into SCB and draw 200,000THB at a time with no transaction charge and good, near inter-bank, rate. Then had to walk down to Kasikorn with 200k in my pocket .

Recently SCB limited the transaction to 100,000THB and I believe NW are now or about to impose fees on over-the-counter transactions too, hence the switch to Halifax and SWIFT direct to Kasikorn.

Anyhoo, the US situation may differ, but I guess I'm saying make enquiries at SCB about OTC transactions with whatever card you have before resorting to ATMs and their fees.

[sirineou]

Have your own account in Thailand. Transfer a large sum to it. Use internet banking to transfer small sums regularly to the parents' account to which they'll have ATM access of course. Can be set up for automatic transfer monthly, too, I believe.

this sounds like a very good Idea, I will look in to it.

Thank you

[sirineou]

I use Bank of America and I transfer online to my Bangkok Bank account. I then go online to Bangkok Bank and transfer to my GF's account. Or her mothers account. But since I am guessing you don't have a Bangkok Bank account my advice won't do you much good. But I'll give you the fee break down so you'll know and open an account the next time you're here. B of A charges me $3, Bangkok Bank New York branch, charges me $5 for a $2,000 transfer, and Bangkok Bank Thailand charges me 200 baht. It's free to transfer between Bangkok Bank accounts in the same region, but to transfer to my GF's mother who is in a different region, it's 20 baht. It used to cost me only the $3, but Bangkok Bank started to charge about three years ago. You could transfer to your wife's mothers account if she opened one with Bangkok Bank, but I think the fee is higher when transferring to a third party account from B of A... I'm not sure if you can open an account in the US with the New York branch of Bangkok Bank, check here and email them for more information: Bangkok Bank Home Page And here for transferring fund through the NY branch to Thailand: US to Thai Transfer

PS, you get the inside Thailand TT rate on these transfers.

Thank you Jimy

You are right, I dont have a bank account,but my wife still has her back account at SCB and I we do have a joint account at BOA, here in the US, so what you say can work very well.

Thank you

[Jimi007]

I use Bank of America and I transfer online to my Bangkok Bank account. I then go online to Bangkok Bank and transfer to my GF's account. Or her mothers account. But since I am guessing you don't have a Bangkok Bank account my advice won't do you much good. But I'll give you the fee break down so you'll know and open an account the next time you're here. B of A charges me $3, Bangkok Bank New York branch, charges me $5 for a $2,000 transfer, and Bangkok Bank Thailand charges me 200 baht. It's free to transfer between Bangkok Bank accounts in the same region, but to transfer to my GF's mother who is in a different region, it's 20 baht. It used to cost me only the $3, but Bangkok Bank started to charge about three years ago. You could transfer to your wife's mothers account if she opened one with Bangkok Bank, but I think the fee is higher when transferring to a third party account from B of A... I'm not sure if you can open an account in the US with the New York branch of Bangkok Bank, check here and email them for more information: Bangkok Bank Home Page And here for transferring fund through the NY branch to Thailand: US to Thai Transfer

PS, you get the inside Thailand TT rate on these transfers.

Thank you Jimy

You are right, I dont have a bank account,but my wife still has her back account at SCB and I we do have a joint account at BOA, here in the US, so what you say can work very well.

Thank you

I don't think SCB has a US branch, that's why I use Bangkok Bank. I do have a SCB account as well, but I can't find them in the list of outside the bank transfers on B of A online banking... Good luck.

Best wishes, Jimi

[daveh]

I've heard good things about USAA Bank. Even though USAA stands for "United Services Automobile Association", there is not strange membership requirements, anyone can open an account.

I have a friend who recommended this bank to me. For him, it is strictly an online bank since the nearest branch is 1000 miles away.

They do online banking pretty good. For example, to make a deposit, you take a picture of the front and back of the check you are depositing and mail it to them. No need to go to an ATM or branch. In fact, there are no branches in California that I know of, yet my friend still prefers this bank.

The biggest reason he likes this bank is that his family in another country has an ATM card that he uses to send them cash. According to their website, "USAA does not charge a fee for the first 10 ATM withdrawals and refunds up to $15 in other banks' ATM usage fees each month. A 1% foreign transaction fee applies to withdrawals outside the United States."

He said the bank takes care of the details. There is no requirement that you submit your ATM receipts to get the fees reimbursed, it's all automatic.

I'm seriously considering opening an account at this bank solely for the purpose of transferring money to Thailand.

Dave.

[Digitalbanana]

Have your own account in Thailand. Transfer a large sum to it. Use internet banking to transfer small sums regularly to the parents' account to which they'll have ATM access of course. Can be set up for automatic transfer monthly, too, I believe.

this sounds like a very good Idea, I will look in to it.

Thank you

I have used this. I wire a large lump sum into my Thai bank account once every 6 months or so and feed out of it using internet banking into wifes/family accounts. One time wire fees might be around 30$ from my US bank.

I have also found using virtual banks (in my case E-Trade) debit cards from US has next to no transaction fees at Thai ATM's - favorable exch rates and 150THB ATM fees are refunded instantly - so this is another way I get cash also.

[Langsuan Man]

Unfortunately E*trade Bank now charges 1% of the transaction amount even though the 150 THB Thai ATM fee is reimbursed, no longer such a great deal