Depositing Us Dollars In Thai Bank Account ?

[Holysteel]

Hi all,

I have the experience of sending USD money to Hong Kong & China by bank wire transfer. It turn out to be very costly. Around 550 USD per one way transaction. Is there any method to waive this off? I cant afford to pay around 600 USD for every single transaction. The reason for this high charge is because i change the Thai baht to the USD first intially. The bank exchange rates + service charge totaled up everything.

Can i just set up an USD account here in Thailand & just T/T from this account to them? Will it be more cost effective?

Anyone with the know hows please advise me. Thanks

[jacktrip]

international wire transfers cost 15-25 $US. funds are converted automatically. can be done with almost any bank with online access.

Edited July 18, 2012 by craigt3365

[nietzche]

international wire transfers cost 15-25 $US. funds are converted automatically. can be done with almost any bank with online access. troll post.

Troll post my as s. Read carefully f-cktard. I said very clearly that i change it from Thai baht to the USD. The banks took my commission on the exchange rate. That is why the cost is 600 USD approx.

I need a solution to cut this cost.

You asked a question, then started abusing the person who answered it?

Open an HSBC foreign currency account in the Bangkok branch. If you already have an HSBC account back in the U.S. you can do it over the phone for a cost of $200.

If you have an HSBC premier account the fee is waived. I think you need to maintain a minimum balance of 5 or 10k. I forget.

From my experience trying to wire money out of the country was a huge pain in the ass.

That said, this does sound like a troll post.

[chickenslegs]

If you open a Bangkok Bank savings account at any branch in Thailand, you can use this system for transferring funds online from the USA

http://www.bangkokbank.com/BangkokBank/BusinessBanking/BusinessSolution/TransferingFunds/ReceivingFunds/Pages/ReceivingFundsfromUSA.aspx

You can choose to have the conversion done in the USA or in Thailand.

I use the same system from the UK.

Also these topics from 2007 and 2009 might help http://www.thaivisa.com/forum/topic/145257-bangkok-banks-bualuang-service-to-transfer-us/

http://www.thaivisa.com/forum/topic/295695-us-banks-in-thailand/

[jacktrip]

don't change the money, just transfer it. like i said it gets converted automatically. bank to bank wire transfer.

[Meisgq]

I'll advise you for a fee. Send me money first then we'll talk.

Shawn

[Holysteel]

I'll advise you for a fee. Send me money first then we'll talk.

Shawn

Sure. Deposit half of your advising fee to me first from your side. Then i will proceed to talk to you.

[Holysteel]

don't change the money, just transfer it. like i said it gets converted automatically. bank to bank wire transfer.

ok thanks.

[cooked]

I'm thinking of getting my money ฿20 000 at a time per ATM (apparently Aeon doesn't ask ฿150.-, I will see what the exchange rate is like) and taking it to my Bangkok bank and stick it on my account once a week. This costs time, not money. Bad idea maybe?

[KeyserSoze01]

Holysteel, basically, you are getting screwed by your current transfer agent.

As others have stated, setup a Thai bank account, preferably with a bank that also has a presence in the US (HSBC), then just wire transfer the funds from your US account to your Thai account online. Easy Peasy

[asiaexpat]

HSBC no longer takes new retail business in Thailand and will soon shut off all retail accounts. Just open a Bangkok bank account with internet access. They offer a low cost transfer system using their New York branch.

[mario299]

HSBC no longer takes new retail business in Thailand and will soon shut off all retail accounts. Just open a Bangkok bank account with internet access. They offer a low cost transfer system using their New York branch.

Agreed, did this with Bangkok Bank for my US Social Security checks for awhile, was deposited into Bangkok Bank New York and then transferred to my branch in Prasat, Thailand. Have since learned that transfers from my US Chase Bank account should be done in US Dollars, then exchanged to Thai Baht after arrival in Thailand. If you let your "friendly" bank do the exchange to Thai Baht and then transfer, it will cost you about $30/per $1000 transferred.

mario299

[Feeld]

Two options:

1 - You could open a USD account with any of the major banks in Thailand (Bangkok Bank or Kasikorn are probably the easiest) and fund that account with USD that ou either buy locally or transfer in from the US, use that USD account to make your Hong Kong transfers in USD.

2 - Use your existing THB account for transfers to HK but specify USD as the recieving currency in HK, there will be a cost involved but unless you are sending huge amounts it wont be anything like the numbers you have described.

[nietzche]

don't change the money, just transfer it. like i said it gets converted automatically. bank to bank wire transfer.

ok thanks.

Send the money to me, I'll change it into dollars for no fee

[craigt3365]

I removed a few off topic posts. Let's move this over to the business and banking forum.

Topic Moved.

[Holysteel]

Its seem that some of you dun get my drift what im trying to say.

Yes i agree the funds are converted automatically by the banks. IT IS THIS CONVERSION (Exchange Rates) that i am pissed off about. And also i am trying my best to waive this process off. I can have better rates changing it at the market.

Hence this post asking about a USD Account. Since i deposit this account in USD. Transferring from my USD account to Hong Kong USD Account. I do not have to suffer these pathetic conversion rates, am i right to say this? I just have to pay a small amount of service thats all. AM i correct ?

Please advise..

[Feeld]

Its seem that some of you dun get my drift what im trying to say.

Yes i agree the funds are converted automatically by the banks. IT IS THIS CONVERSION (Exchange Rates) that i am pissed off about. And also i am trying my best to waive this process off. I can have better rates changing it at the market.

Hence this post asking about a USD Account. Since i deposit this account in USD. Transferring from my USD account to Hong Kong USD Account. I do not have to suffer these pathetic conversion rates, am i right to say this? I just have to pay a small amount of service thats all. AM i correct ?

Please advise..

So you want to open a USD account in Hong Kong so that you can transfer US Dollars from your US based account directly to Hong Kong, correct? If that's the case you'll need to (1) go to Hong Kong to open that account, or, (2) if your US based bank has a branch in Hong Kong they may be able to open an account for you remotely, Thailand doesn't seem to factor into this equation, unless I've misunderstood.

[Holysteel]

Its seem that some of you dun get my drift what im trying to say.

Yes i agree the funds are converted automatically by the banks. IT IS THIS CONVERSION (Exchange Rates) that i am pissed off about. And also i am trying my best to waive this process off. I can have better rates changing it at the market.

Hence this post asking about a USD Account. Since i deposit this account in USD. Transferring from my USD account to Hong Kong USD Account. I do not have to suffer these pathetic conversion rates, am i right to say this? I just have to pay a small amount of service thats all. AM i correct ?

Please advise..

So you want to open a USD account in Hong Kong so that you can transfer US Dollars from your US based account directly to Hong Kong, correct? If that's the case you'll need to (1) go to Hong Kong to open that account, or, (2) if your US based bank has a branch in Hong Kong they may be able to open an account for you remotely, Thailand doesn't seem to factor into this equation, unless I've misunderstood.

Hi Feeid,

I want to set up a Thai USD account here in Thailand. Using this USD account ( Thai bank ). I want to wire transfer to pay for my purchases, which is located in Hong kong. They want payment in USD. Let just say their bank in Hong Kong is HSBC. So can i do this as below ?

Thai based account USD HSBC -----> Wire Transfer-------> Hong Kong HSBC

Since this Thai account is deposit in USD already. There is no conversion charge, i am right to say this ? There will be only a small amount of fee(15-50USD) , which im jollly glad to pay for it.

I am correct? Is this even possible ?

[Feeld]

Its seem that some of you dun get my drift what im trying to say.

Yes i agree the funds are converted automatically by the banks. IT IS THIS CONVERSION (Exchange Rates) that i am pissed off about. And also i am trying my best to waive this process off. I can have better rates changing it at the market.

Hence this post asking about a USD Account. Since i deposit this account in USD. Transferring from my USD account to Hong Kong USD Account. I do not have to suffer these pathetic conversion rates, am i right to say this? I just have to pay a small amount of service thats all. AM i correct ?

Please advise..

So you want to open a USD account in Hong Kong so that you can transfer US Dollars from your US based account directly to Hong Kong, correct? If that's the case you'll need to (1) go to Hong Kong to open that account, or, (2) if your US based bank has a branch in Hong Kong they may be able to open an account for you remotely, Thailand doesn't seem to factor into this equation, unless I've misunderstood.

Hi Feeid,

I want to set up a Thai USD account here in Thailand. Using this USD account ( Thai bank ). I want to wire transfer to pay for my purchases, which is located in Hong kong. They want payment in USD. Let just say their bank in Hong Kong is HSBC. So can i do this as below ?

Thai based account USD HSBC -----> Wire Transfer-------> Hong Kong HSBC

Since this Thai account is deposit in USD already. There is no conversion charge, i am right to say this ? There will be only a small amount of fee(15-50USD) , which im jollly glad to pay for it.

I am correct? Is this even possible ?

HSBC Thailand is now closed, I was a customer for many years and like many others I had to move my account, so no, your example is not possible.

But you can open a US Dollar account at almost any Thai bank, I recomended you use Bangkok Bank or Kasikorn earlier! If you have that account you will be able to transfer from that account, in USD, to the account you specify in Hong Kong, just make certain you send the money as USD. In that example you will be liable for wire transfer costs only, no currency conversion involved and it should be inexpensive.

But nothing in the banking world is free or indeed what it seems at first glance, you will have to pay for having the USD account plus transfers out will also be charged in lieu of a currency exchange charge.

[Holysteel]

Its seem that some of you dun get my drift what im trying to say.

Yes i agree the funds are converted automatically by the banks. IT IS THIS CONVERSION (Exchange Rates) that i am pissed off about. And also i am trying my best to waive this process off. I can have better rates changing it at the market.

Hence this post asking about a USD Account. Since i deposit this account in USD. Transferring from my USD account to Hong Kong USD Account. I do not have to suffer these pathetic conversion rates, am i right to say this? I just have to pay a small amount of service thats all. AM i correct ?

Please advise..

So you want to open a USD account in Hong Kong so that you can transfer US Dollars from your US based account directly to Hong Kong, correct? If that's the case you'll need to (1) go to Hong Kong to open that account, or, (2) if your US based bank has a branch in Hong Kong they may be able to open an account for you remotely, Thailand doesn't seem to factor into this equation, unless I've misunderstood.

Hi Feeid,

I want to set up a Thai USD account here in Thailand. Using this USD account ( Thai bank ). I want to wire transfer to pay for my purchases, which is located in Hong kong. They want payment in USD. Let just say their bank in Hong Kong is HSBC. So can i do this as below ?

Thai based account USD HSBC -----> Wire Transfer-------> Hong Kong HSBC

Since this Thai account is deposit in USD already. There is no conversion charge, i am right to say this ? There will be only a small amount of fee(15-50USD) , which im jollly glad to pay for it.

I am correct? Is this even possible ?

HSBC Thailand is now closed, I was a customer for many years and like many others I had to move my account, so no, your example is not possible.

But you can open a US Dollar account at almost any Thai bank, I recomended you use Bangkok Bank or Kasikorn earlier! If you have that account you will be able to transfer from that account, in USD, to the account you specify in Hong Kong, just make certain you send the money as USD. In that example you will be liable for wire transfer costs only, no currency conversion involved and it should be inexpensive.

But nothing in the banking world is free or indeed what it seems at first glance, you will have to pay for having the USD account plus transfers out will also be charged in lieu of a currency exchange charge.

Yeah. I just checked with the banks today. And explained to them from head to toes about this situation of mine. They completely understand on the poor "exchange rates" They recommended me to go with what u have suggested. A Thai bank account in THB T/T stated as USD over. This is the best choice.

As the USD Thai account is not that without hidden fees just as you have explained. Nothing is free.

Dam...Im still sore about this. Looks like i just have to convert my Baht in the better dosmetic rates 'market" & carry cash and pay directly to whoever is receiving it...