Transfering 2m From Australia To Thainald

[Seksy]

We need to transfer funds from Australia to Thailand to purchase a house about <2m b

We are considering sending money using TT from Commonwealth bank Australia into either Bangkok Bank or Siam Commercial Bank.

I believe both banks charge in range 200-400 and 200-500 per transaction.

I will send funds from here to my miss wife (marriage not yet registered in Thailand i.e. surnames are not same) but she is a co-signatory on documents in Australia

• How long should such transfer take before we can draw the funds in form of bank cheque(or similar) for settlement?

• De we need an account up front or will the bank automatically open account when the money arrive?

• Is better to open account in ‘head office’ or example Nontabury is OK do these bank charge extra for inter-branch transferring?

• Is it adviseable (much better) if she (unmarried wife) sends out funds to herself?

• Is there any way to stipulate or agree the ex rate with the bank

• Is TT ‘best’ option

Any comments or suggestions would be appreciated

Wow, thanks

[dr_Pat_Pong]

You need to send the TT to a branch number and an account number.

[lopburi3]

You need to send the TT to a branch number and an account number.

<{POST_SNAPBACK}>

Yes but the branch number is part of the account number.

You also have to have a name AFAIK and SWIFT (TT) would be the way to go. You also may have to do transfer in person or at least have a pre agreement signed at your Oz bank. You send foreign currency and it is converted at the rate at time received. You do not want to send Baht (that you exchange in Oz) as the rate will be much in the banks favor.

My transfers from USA to Bangkok Bank take less than a day but believe from Oz takes longer from posts.

You should open account in location you expect to be using money/located.

You say "house" so assume this is not foreign ownership of a condo in your name where money must also be in your name.

Edited September 16, 2005 by lopburi3

[Seksy]

Thanks Dr Pat Pong and lopburi3

Yes it is a house in my wife's name; We will be organising Will for here and probably 30 years Lease for me.

Thai Siam Commercial and Bangkok Bank. SC today seem to have slightly higher ex rate but their web site is average and very slow. They dont seem to offer international xfer via web. How do these two banks compare?

Most closest branch is in Nontaburi - I am worried that they will charge me inter branch fee or nontaburi is not 'up country'? ie money arrives from overseas to head office and then is transferred to branch.

I guess we could xfer funds to City branch and after settlement once most money is used open new account near the house?

What is AFAIK?

[lopburi3]

As far as I know (AFAIK) there should not be any extra charge for a deposit outside of Bangkok on a wire transfer. They do hit you on ATM transactions however.

All banks have ability to accept wire transfers - just look for the SWIFT code for Siam Commercial Bank. Your home bank can also look it up.

Both banks are widely used by foreigners. SCB does not have the Thai customer demand that Bangkok Bank has so lines are usually shorter. I have not found SCB customer service to be very friendly (but can say that about all banks here - although have found an improvement in Bangkok Bank in recent years).

[dr_Pat_Pong]

What I was really saying Lop ( prolly unclearly ) was an account would be needed to remit funds in to Thailand.

[Eric Davis]

http://thailand-uk.com/Glossary/index.php#SWIFTCODES