Transferring 30,000 Aud To Thailand

[Dennis01]

In Feb 2012 I am retiring in Thailand. I want to transfer $30k AUD into my bank account in Bangkok. I would normally go to my bank in Aus and get them to transfer it but I have noticed that they are offering a rate much lower than I can get in Bangkok. What is the best way to send the money so that:

1. I get the best rate available.

2. I have to prove that the money was sent from Australia (requirement of Retirement Visa)

Any help or suggestions would be appreciated.

[Old Croc]

Get it transferred in AUD.

NEVER change to baht in Australia before transfer.

Talk to your Thai bank manager to get a special exchange rate.

[Misterwolf]

Try this mob out of Sydney.

http://first247.com/en/

Have no fees and give a pretty good rate.

For example i sent AUD today and got 31.55 as the exchange rate.

If you are in Sydney, they are near central station in the city.

[Old Croc]

Kasikorn's Telex Transfer Rate today is 32.295.

Westpac charges me $20 per transfer, I do it electronically from home.

Edited October 29, 2011 by Old Croc

[BEENTHEREDONETHAT]

According to XE the present exchange rate is

1.00 AUD = 32.7665 THB Australian Dollar Thai Baht

[jalansanitwong]

Youre better off simply flying with the money to BKK and cashing it at a foreign exchange joint on new road bangrak district. australian T/T rates are disgraceful they make thousands of profit on large transactions.. the bank fee of 35 dollars is irrelevant theexchange rate is where the money is at.

[Bohem]

Get it transferred in AUD.

NEVER change to baht in Australia before transfer.

Talk to your Thai bank manager to get a special exchange rate.

[Bohem]

Open a bank account in Thailand, deposit 800,000 Bt for 3mts. and that is all you need to get your retirement visa, you don't need a proof that the money come from overseas. I usually bring $10,000 in cash (which is legal by Australian customs) and changed it when the rates are good (UOB bank usually has the best exchange rates). I have been doing that for years and the only time I was required proof of money source was when purchasing a condo unit.

Edited October 29, 2011 by Bohem

[andvari26]

I have an AUD account at Kasikorn, I transfer money monthly, total fees at both ends are less than 1% on small amounts, 2 or 3 K, then change to Baht here, they pay more than the Travellers Chq & cash rate over the counter. This is the most cost effective way I have found, you cannot take more than 10k cash out of Stalin`s Austraya - need to kick in for the new Pollie`s severance 1 off payout to merge into society at 70 to 120k per ! gotta luv em.

[luap]

Dennis01

Some good advise given here

For those in sydney a company called: X. Wing (sister company M. Wing) they are connected to the BBK Bank and give the best Xchange. no fees BBK Bank (30 bth other banks) money in your account in 4 hours from time of deposit.

Dennis I've send you a PM with more details

cheers...............Luap

[luap]

I have an AUD account at Kasikorn, I transfer money monthly, total fees at both ends are less than 1% on small amounts, 2 or 3 K, then change to Baht here, they pay more than the Travellers Chq & cash rate over the counter. This is the most cost effective way I have found, you cannot take more than 10k cash out of Stalin`s Austraya - need to kick in for the new Pollie`s severance 1 off payout to merge into society at 70 to 120k per ! gotta luv em.

andvari26

you can take as much money out as you want, you just have to prove it's yours. Bank letter will suffice and tick on going card over 10K

cheers.........luap

[gamini]

Make sure the bank transfers the money in A$ and let the banks in Thailand convert it Baht. The Oz banks will offer to convert your money into Thai baht before they send it and you will ,lose 5% . So don't let them scam you. You will get about Bt32 for your A$ when your money arrives here. But if you let them convert to Thai baht in Oz you will get Bt29.50 which is thier buying rate in Oz. It is a real scam and I am suing my OZ bank

[Dennis01]

Thanks for all the helpful replies. I have decided to take the cash 30K AUD with me and then get the best exchange rate on the day and then bank it. I'm not sure why I have always thought that I needed proof that the money came from Aus. I will check again on-line regarding the Retirement Visa requirements. Soon I will need some advice on Health Insurance in Bangkok - I am in top cover in Aus and would like to be in top cover in Thailand. Again, any help is greatly appreciated.

[mijan24]

Thanks for all the helpful replies. I have decided to take the cash 30K AUD with me and then get the best exchange rate on the day and then bank it. I'm not sure why I have always thought that I needed proof that the money came from Aus. I will check again on-line regarding the Retirement Visa requirements. Soon I will need some advice on Health Insurance in Bangkok - I am in top cover in Aus and would like to be in top cover in Thailand. Again, any help is greatly appreciated.

I could be underselling you here if so just ignote the post, it would seem you don't have much experience with transferring money from OZ this is highlighted by the fact you were not aware "send money in Aust $'s and have your bank here convert" if you read the fine print it beholds upon the OZ bank to advise you the best method of transfer available many tellers don't only because they don't know any better.

$30000 not a small sum but not over the top no problems with Aust customs as long as you declare it - they the Aust Govt just want to know where there (the govt) Aust $'s are going. My personal thoughts on carrying large amounts of cash is you could be a disaster going somewhere to happen better to miss out on .5 or 1 baht better exchange rate than being ripped off for the whole amount.

Some may scoff and say don't be a pussy my thoughts once again better to have your $'s to spend on pussy than be a penniless bravado macho fool.

There are some smart operators who loiter in popular hotel lobbys watching newly arriving tourists who dump their belongings in the room and head out for a drink it's a good guess money is either in the room or in the victims pocket if he has not deposited an envelope at reception.

Don't be deceived into thinking room safes are safe you might as well put it in a sock and hang it in the toilet cistern (1st place the robber will check)saves getting the room all messed up.

As they say in Thailand "up to you"

[rotary]

Thats what they call "mid-rate" I think. half way in between buy and sell so its not accurate to see what the real rate for selling is. better to get that rate from the bank where the money will arrive. Its on their web site in most cases.

According to XE the present exchange rate is

1.00 AUD = 32.7665 THB Australian Dollar Thai Baht

[iang]

I use a firm called OzForex - have been doing so on a monthly basis for several months now. Look at www.ozforex.com.au & the reason I changed is that they offer far far better rates than my bank & on larger transactions are fee free ($15 fee on smaller transfers).

They've proven to be completely reliable, but you do have to set up an account, but that's simple. I've just checked & based on today's rates (Sun 30 Oct), on a transfer of $30K they're quoting AUD1 = THB32.4118 and NO FEES!

The process is simple, once you've registered and set yourself up as a beneficiary. Just go online, sign in, place the order & you'll get a reference number, as well as a BPay reference & BSB number.

You then just go to your online banking & pay Ozforex the $30k by BPay and that's it. Weekends aside, the funds normally hit my local Thai bank account in 48 to 72 hours - normally 48 hours. My bank charges me $0.25 for the BPay & my Thai bank SCB THB200 for the privilege of receiving my money.

will be using them again this week....... A far better option than taking $30 in cash out of Oz! Not only must you declare this to immigration on the way out, but in Thailand, you'll get a lower exchange rate for cash than you would for travellers cheques or a bank transfer. So the cash option just doesn't make sense.

Good luck.

[imovercs]

I think you would do well to review the page from immigration as you mention. I believe you are going to apply for retirement at the embassy in Aus, and the 30K is to have the qualifying banked money equal to 800,000 baht. This money does not have to be in Thailand to apply at the embassy just bring them a bank letter and statement and ATM receipt when you apply. The money has to be transferred to Thailand after you arrive. Whenever you transfer funds in that you may someday want to send back you should use bank transfer and specify as a notation line " To purchase a condo". This applies to larger sums, bank will not and is not required to do the form for under a certain amount. Having this form which the bank will mail to you will allow the funds out if you sell the condo or just decide not to buy. The funds 800,000 will ,when you renew the retirement extension to stay have to be in the bank for 3 months before applying. This time applies only if you are using the cash on hand renewal. I am surprised others hav not mentioned this to you, perhaps you can find more info to clarify points in the retirement forum. There has been a great deal written over the years.

As others suggest, no fees are too expensive when compared to losing the full amount through accident or misadventure Good luck

[sandmike]

Dennis01,

Take a look at this website, which give the exchange rates for cash, telex transfer etc. from the banks and major money changer in Thailand for cash, and Telex Transfers:-

http://bankexchanger...et/default.aspx

I suggest you sit down with a sheet of paper and a calculator (or excel if you are so inclined), and run through the calculations of exchange rate x amount of money you will transfer using the options outlined by some posters and the website above.

You'll be amazed how much difference there is to the end result, even on fractions of a baht difference in the exchange rate.

1 baht difference is a little over 3%

3% of 30k is 900, 900x32 (approx) is 29,000 baht. This is the kind of money you can lose on this if you don't do your sums properly.

post No. 12 says the difference between Aus bank rate and Thai bank rate is approx 2.5 baht (multiply by 30,000 gives 75,000 baht difference).

I know where I'd like to have that money, and it's not in the bank's pocket

Good luck

Edited October 30, 2011 by sandmike

[OZEMADE]

First of all, any sum over $10,000 being sent by the bank or personally taken out of Australia must be reported to the Gov by the bank or declared to Immigration.

When you send $10,000 at a time, there is no report made to the Gov by the bank or Immigration. So send it over in $10,000 lots.

If you have a bank account at the Bangkok Bank they do not charge a transfer fee when receiving funds.

If you send $10,000 from OZ via Westpac Bank,they charge you up to $30. Not too bad. It is sent the same day :jap:

Make sure you tell them you want them to Telegraphic Transfer (T/T) your funds to the Bangkok Bank in CASH, DO NOT let them exchange the money to Baht in OZ as you lose to much on the exchange rate.

Check out the exchange rate at the Bangkok Bank before you transfer the funds, then you will know roughly what rate you will get when it arrives.

I have done it this way for 10 years no worries.

If you are wondering why my bank dont sent the cash, it's because I am with a Credit Union and they dont T/T overseas. However they take the cash to Westpac for me .

Hope this is a help.

http://www.oanda.com/currency/converter/

http://www.bangkokbank.com/BANGKOK%20BANK/WEB%20SERVICES/RATES/Pages/FX_Rates.aspx

Edited October 30, 2011 by OZEMADE

[mijan24]

First of all, any sum over $10,000 being sent by the bank or personally taken out of Australia must be reported to the Gov by the bank or declared to Immigration. Why would you be angry over the government wanting to know money is leaving the country??

When you send $10,000 at a time, there is no report made to the Gov by the bank or Immigration. So send it over in $10,000 lots. Sorry but this is stupid advice then you pay the bank transfer fee each time you transfer 10000(as the poster says Westpac 30 another is com bank 22 per transfer)[b][/b]If you send $10,000 from OZ via Westpac Bank,they charge you up to $30. Not too bad. It is sent the same day :jap:

Make sure you tell them you want them to Telegraphic Transfer (T/T) your funds to the Bangkok Bank in CASH, DO NOT let them exchange the money to Baht in OZ as you lose to much on the exchange rate.You have to make sure you tick the box stating what denomination you wish to transfer in do not leave it up to the bank johnny.

Check out the exchange rate at the Bangkok Bank before you transfer the funds, then you will know roughly what rate you will get when it arrives.[b]Bangkok Bank is not always the best exchange rate but sounds good if they don't charge you anything at this end because Kasikorn & Siam Commercial do.[/b]I have done it this way for 10 years no worries.

If you are wondering why my bank dont sent the cash, it's because I am with a Credit Union and they dont T/T overseas. However they take the cash to Westpac for me . this is a help.

http://www.oanda.com/currency/converter/

http://www.bangkokbank.com/BANGKOK%20BANK/WEB%20SERVICES/RATES/Pages/FX_Rates.aspx

Everyone has their own thoughts but I can't agree with this posters thoughts. I have inserted my reasons into his post as an explanation.

Edited October 30, 2011 by mijan24

[w11guy]

I use HIFX.com. They charge £9 per transfer but have very competitive rates. But you need to set the account up first, which means getting a PIN posted to your home address.

[Old Croc]

Just to clear up a few things:

There is no restriction to how much cash you can carry over the (Oz) border.

If an amount is over $10,000 it must be declared to Customs (not Immigration) and a form completed for an agency called AUSTRAC.

They administer the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)

So, as long as you are not involved in money laundering or financing terrorism, they have no interest in you.

[Douggie Style]

Try this mob out of Sydney.

http://first247.com/en/

Have no fees and give a pretty good rate.

For example i sent AUD today and got 31.55 as the exchange rate.

If you are in Sydney, they are near central station in the city.

Yes, they are good, the owner is a straight up honest guy.

[ProThaiExpat]

When I retired to Thailand ten years ago, BKK Immigration was quite demanding that I show them the actual bank voucher indicating thereon the country of origin and institution of my transferred funds and the date/time stamp of when it was received.

It was my understanding that this was only for the first time I went for non-immO based on retirment from tourist visa. When I then extended in Chiang Mai for the first year, there was no such request. I have done the same tourist to non-immO a couple of times since and there was no such requirement, however on those occasions I was using a pension letter.

At the time, the Immigration Officer explained to me that they wanted to make sure the money I was using for my 800K bank deposit came from overseas and was not earned in Thailand.

I don't know if that requirement is still in place and whether it varies from officer to officer. Perhaps there are members who have done a first time application recently who can help with this. If I were you, the amount of difference between what you can get as a rate of exchange by actual cash in BKK and the best conversion rate at a major bank through a wire transfer is not so much that it is worth the risk of not being able to prove the source of your funds, if immigration asks you as this is your first time, as it was for me.

[OZEMADE]

Thanks for all the helpful replies. I have decided to take the cash 30K AUD with me and then get the best exchange rate on the day and then bank it. I'm not sure why I have always thought that I needed proof that the money came from Aus. I will check again on-line regarding the Retirement Visa requirements. Soon I will need some advice on Health Insurance in Bangkok - I am in top cover in Aus and would like to be in top cover in Thailand. Again, any help is greatly appreciated.

You can join BUPA Health Ins in OZ, they are in Thailand as well.

[OZEMADE]

First of all, any sum over $10,000 being sent by the bank or personally taken out of Australia must be reported to the Gov by the bank or declared to Immigration. Why would you be angry over the government wanting to know money is leaving the country??

When you send $10,000 at a time, there is no report made to the Gov by the bank or Immigration. So send it over in $10,000 lots. Sorry but this is stupid advice then you pay the bank transfer fee each time you transfer 10000(as the poster says Westpac 30 another is com bank 22 per transfer)[b][/b]If you send $10,000 from OZ via Westpac Bank,they charge you up to $30. Not too bad. It is sent the same day :jap:

Make sure you tell them you want them to Telegraphic Transfer (T/T) your funds to the Bangkok Bank in CASH, DO NOT let them exchange the money to Baht in OZ as you lose to much on the exchange rate.You have to make sure you tick the box stating what denomination you wish to transfer in do not leave it up to the bank johnny.

Check out the exchange rate at the Bangkok Bank before you transfer the funds, then you will know roughly what rate you will get when it arrives.[b]Bangkok Bank is not always the best exchange rate but sounds good if they don't charge you anything at this end because Kasikorn & Siam Commercial do.[/b]I have done it this way for 10 years no worries.

If you are wondering why my bank dont sent the cash, it's because I am with a Credit Union and they dont T/T overseas. However they take the cash to Westpac for me . this is a help.

http://www.oanda.com...ency/converter/

http://www.bangkokba...s/FX_Rates.aspx

Everyone has their own thoughts but I can't agree with this posters thoughts. I have inserted my reasons into his post as an explanation.

To answer your thoughts. I am not angry with reporting the cash to Customs or immigration, I just think it is a pain having to do it.

Answer to your second comment, I get $10,000 over when I need it. I leave the rest in OZ in an INTEREST BEARING account to get 6.35% on my cash. Not much interest here.

Answer to your third comment, I FAX and email a signed statement to my Credit Union as to what I want sent over, OZ CASH and via Westpac. If you dont give them this info in writing, they send it via

TRAVELEX, who invest the cash in an overnight market to get more cash for themselves, and then convert it to Baht before they send it causing you to lose up to 7 Baht in the $ and even more if they send it a few days later and the exchange rate goes down.

After reading your earlier post, I did not see much advice on assisting someone on sending CASH to Thailand. Basically what you said is bring the cash in your pocket and then give someone the impression that there are crooks around every corner and hotel waiting for him.

[CBR250]

Australians (and I think Brits & Canadians) can use OzForex. Great exchange rates to transfer AUD to Thai bank account.