Transfering Money U.S To Thai

[painterscabin]

Hello everyone, Researching ideas for transfering money from the U.S ( bank) to my thai bank. I would like to be able to do this via internet, or phone.Not all money transfer companies work in thailand , like the one I see advertised on this site according to country list. So a few suggestions please, thanks

[Jingthing]

First question, is your Thai bank account Bangkok Bank? If you can do online ACH transfers.

Second question, is your US bank citibank? They allow online SWIFT transfers although for at least the first attempt they will probably put you throw an intense security question session to verify your identity.

I am talking of both accounts being in the same name, your name.

[painterscabin]

First question, is your Thai bank account Bangkok Bank? If you can do online ACH transfers.

Second question, is your US bank citibank? They allow online SWIFT transfers although for at least the first attempt they will probably put you throw an intense security question session to verify your identity.

I am talking of both accounts being in the same name, your name.

No, my bank is not bangkok bank, and there is no citibank in my state. But, I have found two banks that will allow money transfers via phone with a password. That's probally the route I'll take. thanks for your response

[Jingthing]

You can open a citibank account online. That's how I did it. You will have to convince them you are a US resident though and they are stricter than most in checking that out. Phone passwords are OK but many banks resend new ones every few years to your US address.

[Langsuan Man]

No, my bank is not bangkok bank, and there is no citibank in my state. But, I have found two banks that will allow money transfers via phone with a password. That's probally the route I'll take. thanks for your response

Please share the names of your US banks that will transfer money via phone with a password ?

Are you referring to allowing you to SWIFT wire transfer or EFTS (electronic funds transfer system)?

[painterscabin]

No, my bank is not bangkok bank, and there is no citibank in my state. But, I have found two banks that will allow money transfers via phone with a password. That's probally the route I'll take. thanks for your response

Please share the names of your US banks that will transfer money via phone with a password ?

Are you referring to allowing you to SWIFT wire transfer or EFTS (electronic funds transfer system)?

Hello, I did some checking, Alaska usa, tells me they can do the transfer ( swift) over the phone as long as the account in thai is mine. Hey, that is great news for me. Makes living in thailand so much easier. Last year, the atm charges from thai banks just did'nt jiv with exchange rates, stealing comes close to my lips. Ok well if you have some other ideas write again. see ya

[Jingthing]

I haven't checked in a while but I think Wells Fargo does password codes you can use over the phone. Suntrust definitely.

[painterscabin]

I haven't checked in a while but I think Wells Fargo does password codes you can use over the phone. Suntrust definitely.

Thanks, I'll call.

[Jingthing]

You'll want to set up a repetitive code. That means you'll have two passwords. One to prove who you are and that you signed a wiring agreement in the US, and the second with the complete details of the target account. It makes things so easy when you make the call to not have to tell them all the target bank details.

Edited May 10, 2011 by Jingthing

[trisailer]

We have a Chase account and set up wire transfers while we were in the states. As I understand it you have to do it in person in the states. That was true for my Fidelity account as well.

Bangkok bank has a program through it's NY branch but I think it also has a requirement to set it up in person.

When you do the transfer you will be given a choice to transfer the funds in US dollars or Thai baht. I always choose US dollars and let Bangkok bank do the conversion. We just moved some funds over and the Chase offer was 28.7 if we chose baht, but Bangkok bank paid 30.

[Shurup]

I am not from the states, but canada, which is pretty close.

I also have been researching different options to transfer funds from canada to a Thai bank, so what I know is applicable to Canada, but US isn't too much different.

If I do a wire (SWIFT) transfer at the bank in person or over the phone, it would cost me $30 per transaction and the amount is unlimited I believe, but with larger amounts, the fee could be higher (depends on a bank I think). Then when you receive the money at your Thai bank, they charge another fee. Kosikorn bank charges 0.25% of the amount with the min of 200 baht and max of 500 baht per transaction. Krung Thai Bank charges similar fees 250 min and 450 max. Don't know about every other Thai bank. When you sent the money, Thai bank will convert them at their current rate when received.

This is a good enough option if you transfer large sum of money.

If I do a wire transfer online, the fee is only $13.50 (no bank personal is involved), but the max daily limit is $2500. Same Thai fees apply on the receiving side.

This option doesn't make sense... You would be better off getting money from Bangkok Bank ATM (25,000 baht at a time) as you would pay less fees total.

The BEST way hands down is to bring cash with you (that if you still travel back and forth once in a while). That way you don't pay any fees to anyone and can get a better exchange rate for your $ at places like Super Rich. I heard it's generally 0.3 baht higher than the bank rate wich doesn't seems like a lot but on $10,000 you get extra 3000 bath...

Edited May 11, 2011 by Shurup

[Jingthing]

We have a Chase account and set up wire transfers while we were in the states. As I understand it you have to do it in person in the states. That was true for my Fidelity account as well.

Bangkok bank has a program through it's NY branch but I think it also has a requirement to set it up in person.

When you do the transfer you will be given a choice to transfer the funds in US dollars or Thai baht. I always choose US dollars and let Bangkok bank do the conversion. We just moved some funds over and the Chase offer was 28.7 if we chose baht, but Bangkok bank paid 30.

Bangkok Bank's ACH transfer scheme is setup completely online. All you need is a US bank that allows ACH transfers to any other US bank and a Bangkok bank account, in the same name. However, some banks will limit these transfers to a maximum of 2000 dollars (per day) each. However, the fees are very low compared to SWIFTS that are charged (unless you are lucky to have a relationship with a bank that offers free SWIFT) and you can do multiple ACH's.

[englishinsiam]

If your only doing small transfers then try this service - it works for topping up Thai phones from Abroad too

www.easymoneytransfer.eu

[Jingthing]

Bangkok Bank has a similar ACH scheme for the UK.

[rocky3]

I use Wells Fargo Bank. I have repetive transfers set up and it costs me $15.00 per transfer. No limit to the amount. Bangkok Bank takes 500 baht on the transfer but the exchange rate is always good. I set this up before I came over here in 2007 and do it by phone not internet. Money is here in 1 or 2 days if you call first part of the week. Watch out for Thai holidays and weekends as this can cause several days of delay.

[whoppe78]

you can use Moneygram up to 899 usd but will cost you about 48 bucks to send .

[djvolak]

I use Bank of America and Regions bank to send money to my Krungsri account regularly and the fees are not too bad. I have Regions set up to do a monthly and the BOA I use when extra is needed in my Krungsri account. Hope this helps.

[painterscabin]

I use Wells Fargo Bank. I have repetive transfers set up and it costs me $15.00 per transfer. No limit to the amount. Bangkok Bank takes 500 baht on the transfer but the exchange rate is always good. I set this up before I came over here in 2007 and do it by phone not internet. Money is here in 1 or 2 days if you call first part of the week. Watch out for Thai holidays and weekends as this can cause several days of delay.

This is very promising about wells fargo, good fee and there is many well fargo banks here. In thai, my account is with kasikorn, and I'm not sure of how much they are taking per transfer. Like I replied earlier, I talk to wells fargo. thank

[Topdeck]

You can also have multiple banks in Paypal and transfer via this. I can get any amount into my Bangkok Bank account withing 3-4 days

[Pib]

Get a checking bank account with bank that provides a "no foreign transaction fee" debit card which also reimburses for any ATM fees, such as Schwab Bank, State Farm Bank, Capital One, etc. That way you won't get ripped off fee or exchange rate wise when using an ATM in Thailand. And if you use an AEON ATM in Thailand there is no 150 baht fee charged for use of a foreign ATM/Debit/Credit card, which means your bank don't even have to accomplish a ATM fee reimbursement to you. You immediately have the money you need in hand, with usually a $600 to $1000 daily ATM withdrawal limit. If you need more than $600 to $1000 daily then you are very rich and don't even need to be asking the question on ThaiVisa. SWIFT fees are pricey and can really add up over time, even a short time period.

Summary: sign up with a bank that provides a "no foreign transaction fee" debit card. Change you bank!!!! Easy and quick to do with a States-side address (usually you do the whole application process online); gets much harder once you move out of the States. Oh, by the way, all three above mentioned banks (used just for example) also provide free online ACH transfers in those cases where you need to transfer a big chunk of change and need to receive it in 2-3 business days. There would be a 200 to 500 baht charge on the in-Thailand Thai bank receiving end. Plus if using Bangkok Bank to route your ACH transfer to a Bangkok Bank account there would also be a $5 fee on any amount between $100-$2,000 and a $10 fee for any amount between $2,000-$50,000 as the transfer passed thru their New York branch since the NY branch routing number is used. Of course to use the ACH capability to Bangkok Bank, you need a Bangkok Bank account. Good luck. Change your bank.

[painterscabin]

I use Wells Fargo Bank. I have repetive transfers set up and it costs me $15.00 per transfer. No limit to the amount. Bangkok Bank takes 500 baht on the transfer but the exchange rate is always good. I set this up before I came over here in 2007 and do it by phone not internet. Money is here in 1 or 2 days if you call first part of the week. Watch out for Thai holidays and weekends as this can cause several days of delay.

This is very promising about wells fargo, good fee and there is many well fargo banks here. In thai, my account is with kasikorn, and I'm not sure of how much they are taking per transfer. Like I replied earlier, I talk to wells fargo. thank

Hey, hello again, Good news, I found and joined a bank today that wires money for free, and I can do repetitive transfers over the phone. A happy guy I am !!

[Langsuan Man]

Hey, hello again, Good news, I found and joined a bank today that wires money for free, and I can do repetitive transfers over the phone. A happy guy I am !!

Can't believe no one else has asked !

What bank is willing to do International wires for free ?

[Pib]

Maybe he means an ACH transfer which is also electronic wire transfer. But I will admit when a person hear's "wire" money, a person usually thinks a pricey SWIFT transfer, Western Union transfer, etc. Be interesting to know the bank's name and exactly what type of transfer is being talked about (i.e., ACH, SWIFT, etc).

[Langsuan Man]

Pib

If you read all the OP's posts in the thread it appears to me that by now he knows the difference between ACH and SWIFT transfers

I guess we will just have to wonder

[IMA_FARANG]

seems like i post a reply to this question every six months at least.

Here's what I did.

First I opened a bank account wth my local bank in the U.S.

Then they sent me paperwork I had to sign and return. I had to give them my Thai bank, Thai bank account number, and address. I signed it and returned it to my U.S. bank by mail.

Then they gave me a reference number to use. I also specified that the maximum monthly transfer was not to exceed xxxx dollars.

They transfer the money by SWIFT transfer through Bangkok Bank in New York to my Bangkok Bank account in Thailand.

In order to start the transfer every month I send them an email with my reference number and the amount to transfer.They have copies of my original signed paperwork on file, so they send the money to me as instructed.

The transfer fee was raised about two years ago, it's now $20 for SWIFT transfer from my U.S. bank.

There is no charge here in Thailand from Bangkok Bank, and the funds are converted into Thai baht at the stated rate for the day it is credited to my Bangkok Bank account in Thailand...just as if I had walked into

my Bangkok Bank branch here in Bangkok with the money in $100 bills in my hand.

I've done this for nearly over twenty years. I use it to transfer money to my Thai family, and the money usually appears in my Bangkok Bank no more than 3 days after I request the transfer (5 days over a weekend).

I've done this for years, and no complaints except I wish it was cheaper on the U.S. end. But that's their standard rate for ANY transfer they initiate.

This is NOT a well-known big U.S. bank, it's a small local bank in my hometown in a rural area of the U.S. I could give you the name, but you wouldn't recogise it.

Edited May 14, 2011 by IMA_FARANG

[Pib]

There is no charge here in Thailand from Bangkok Bank, and the funds are converted into Thai baht at the stated rate for the day it is credited to my Bangkok Bank account in Thailand...just as if I had walked into

my Bangkok Bank branch here in Bangkok with the money in $100 bills in my hand.

Don't want to be augmentative, but I bet you are being charged the 0.25% (200 baht min; 500 baht max) for receiving funds from abroad. You would still get the full TT exchange rate, it's just 200 to 500 less baht would be deposited into your account. Then again, there is the possibility Bangkok Bank is sending their funds receipt fee to your sending bank which I expect may be a separate fee hitting your home country bank account unless the bank just absorbs the cost which I would be surprised if they do. I know over the years that the many times I have electronically sent money via SWIFT (a few times) or ACH (the great majority of the time) from various U.S. banks to Bangkok Bank, that Bankgok Bank has always charged above mentioned fee. And if I sent it ACH which requires use of the Bangkok Bank New York routing number, then the NY Branch took a small slice as it flowed through them on its way to Thailand. For SWIFT transfers I don't think the funds go thru their NY Branch so that additional fee does not apply....so you end up with just the 200 to 500 baht fee mentioned above. ACH is definitely cheaper (usually no sending bank fee) than SWIFT (usually a $20-$50 sending bank fee) but from my experience with a few U.S. small banks/credit unions they only do SWIFT transfers since SWIFT transfers provide a nice profit. See the following Bangkok Bank Web Page regarding the fee for receiving fees from abroad.

[englishinsiam]

If your looking for small regular transfers use this service Via Paypal www.easymoneytransfer.eu all you need is the receiving bank account number.

[lopburi3]

There is no charge here in Thailand from Bangkok Bank, and the funds are converted into Thai baht at the stated rate for the day it is credited to my Bangkok Bank account in Thailand...just as if I had walked into

my Bangkok Bank branch here in Bangkok with the money in $100 bills in my hand.

Don't want to be augmentative, but I bet you are being charged the 0.25% (200 baht min; 500 baht max) for receiving funds from abroad. You would still get the full TT exchange rate, it's just 200 to 500 less baht would be deposited into your account. Then again, there is the possibility Bangkok Bank is sending their funds receipt fee to your sending bank which I expect may be a separate fee hitting your home country bank account unless the bank just absorbs the cost which I would be surprised if they do. I know over the years that the many times I have electronically sent money via SWIFT (a few times) or ACH (the great majority of the time) from various U.S. banks to Bangkok Bank, that Bankgok Bank has always charged above mentioned fee. And if I sent it ACH which requires use of the Bangkok Bank New York routing number, then the NY Branch took a small slice as it flowed through them on its way to Thailand. For SWIFT transfers I don't think the funds go thru their NY Branch so that additional fee does not apply....so you end up with just the 200 to 500 baht fee mentioned above. ACH is definitely cheaper (usually no sending bank fee) than SWIFT (usually a $20-$50 sending bank fee) but from my experience with a few U.S. small banks/credit unions they only do SWIFT transfers since SWIFT transfers provide a nice profit. See the following Bangkok Bank Web Page regarding the fee for receiving fees from abroad.

There is indeed always a charge here in Thailand for $ to Baht of .25% in the range 200-500 baht and if you receive SMS (nice feature) of transaction it will show in that. Also the use of intermediary bank will normally result in a $ reduction on that actually sent onward to Thailand. In the case of Bangkok Bank NY I recall it was $3 for my normal transfers in the under 10k range (and if they used Chase it was $5).

[Pib]

The Bangkok Bank New York Branch (if routing money through them) fees are either Free, $3, $5, $10, or $20 depending on the amount of funds transferred through them. Ex: a $5 fee applies for amounts in the $100.01 to $2000 range, $20 for amounts over $50,000. See the NY branch complete funds transfer fee structure at this Bangkok Bank Web Link. When compared to SWIFT fees in the $20-$60 range even for sending a small amount of money, using Bangkok Bank ACH routing is a good deal and your money is in your Bangkok Bank account in 2-3 business days.

[lopburi3]

That I believe is only valid for ACH transfers. They also can act as the transfer bank for SWIFT and there is a charge for that service but was much less than ACH. That does not make the SWIFT transfer less however as it will normally have a much higher fee at originating bank than would be charged for ACH (often free).

From US my experience was SWIFT here within as little as 12 hours if request OOB in US bank would be here by Noon our time. ACH is one day longer normally (although a Friday transfer was received same day prior holiday weekend).