What Is The Best Way To Access My Money From The Mother Country?

[advancebooking]

Hi there,

I have monthly income from back home which I currently withdraw from local ATM's using my visa debit card. My bank is charging me excessive fees for each transaction.

Can someone recommend a better option / system. Ive never tried an IMT (international money transfer) before but assume it will be the same sort of fee's.

I'm wondering if I should send some cash here and earn interest on it in thailand instead. However, Im sure thai banks cannot match 5.25% online savings account rates that my local bank gives me.

Thanks in advance for any suggestions.

Edited November 12, 2012 by lopburi3
correct font

[BigJohnnyBKK]

Easy peasy - open a bank account here in Thailand and send instructions to your home bank to transfer via the SWIFT network. You'll need:

Name of the destination bank and its SWIFT code, name as listed on the destination account and its number.

If you really want to be thorough, include the name of the branch where you opened the account and the phone number of the destination's bank international transfer department, but these aren't really necessary.

Fees from the US usually run between USD $15 and $30, and the exchange rate is usually much better than via other transfer methods.

IMO don't send more than what you need for 2-3 months at a time, topping up every 4-6 weeks as needed. Don't expect any interest income here.

Larger amounts you can apparently negotiate the exchange rate, but IMO you'd be smart never to have any reason to transfer larger amounts.

[endure]

Whereabouts is the mother country?

[kurnell]

Whereabouts is the mother country?

Has to be Australia or NZ with rates like that.

[mogandave]

Or more to the point, where are you getting 5.25% with an online savings? Not the US, that's for sure.

Neither Chase nor US Bank would transfer money out of the US (for me) without me actually going into a branch.

Bank of Ayutthaya has a 3 1/2% savings account promotion going on now.

[tjhorner]

Neither Chase nor US Bank would transfer money out of the US (for me) without me actually going into a branch.

I bank with Chase and do wire transfers regularly, online. never a problem, and never visit the branch.

[mojaco]

Or more to the point, where are you getting 5.25% with an online savings? Not the US, that's for sure.

Neither Chase nor US Bank would transfer money out of the US (for me) without me actually going into a branch.

Bank of Ayutthaya has a 3 1/2% savings account promotion going on now.

I use US Bank as my main bank but they don't have an internet way to wire funds outside the bank. So I opened a Wells Fargo account via the internet, and have Wells Fargo pull the funds from US Bank at no charge via ACH transfer, and then send the funds to Bangkok Bank in Thailand using the New York Bangkok Bank ACH transfer for $3.00 fee. A two step process but it works OK.

I can also do the same thing with Bank of America as with Wells Fargo.

[akspace]

I opened a Schwab account because they don't charge anything, in fact they even refund the fee for using a Thai ATM.

[endure]

We're still waiting to find out where the OP is from!

[stewieg]

Must be from Australia

Sent from my LT18i using Thaivisa Connect App

[stix9]

Aussie rates are around 4.5% now and falling.

[kyb789]

I use US Bank as my main bank but they don't have an internet way to wire funds outside the bank. So I opened a Wells Fargo account via the internet, and have Wells Fargo pull the funds from US Bank at no charge via ACH transfer, and then send the funds to Bangkok Bank in Thailand using the New York Bangkok Bank ACH transfer for $3.00 fee. A two step process but it works OK.

I can also do the same thing with Bank of America as with Wells Fargo.

So, you have a interesting cheap method to transfer money to Thailand for a $3.00 fee. Is there a limit to the amount you can transfer? If one was to trasfer $200k to buy a condo, is it still only $3.00 for the transfer?

[BigJohnnyBKK]

So, you have a interesting cheap method to transfer money to Thailand for a $3.00 fee. Is there a limit to the amount you can transfer? If one was to trasfer $200k to buy a condo, is it still only $3.00 for the transfer?

Wire transfers are indeed a flat fee, and in fact you can negotiate in advance with your incoming bank a better exchange rate for such large amounts.

Note the method outlined above is AFAIK only available in the US and only with Bangkok Bank.

And other US banks charge a bit more than $3 for domestic (ACH) transfers.

However IMO your scenario is the perfect example illustrating "penny wise pound foolish".

[Naam]

I use US Bank as my main bank but they don't have an internet way to wire funds outside the bank. So I opened a Wells Fargo account via the internet, and have Wells Fargo pull the funds from US Bank at no charge via ACH transfer, and then send the funds to Bangkok Bank in Thailand using the New York Bangkok Bank ACH transfer for $3.00 fee. A two step process but it works OK.

I can also do the same thing with Bank of America as with Wells Fargo.

So, you have a interesting cheap method to transfer money to Thailand for a $3.00 fee. Is there a limit to the amount you can transfer? If one was to trasfer $200k to buy a condo, is it still only $3.00 for the transfer?

for a SWIFT transfer from abroad to Thailand the charge is indeed a flat fee irrespective of the amount.

[KhunBENQ]

I opened a Schwab account because they don't charge anything, in fact they even refund the fee for using a Thai ATM.

I am not accustomed with the situation in US, Austrl., NZ etc., but I would also recommend to look for a VISA card that does not charge for withdrawls.

In my last country of residence (Germany) there were misc such offerings and I am still using them, though I have transfered most of my savings to Thailand.

Edited November 12, 2012 by KhunBENQ

[eeeya]

If from aussie, do a google search on "28degrees Mastercard".

Whirlpool forums has a long thread about it too

[Naam]

Wire transfers are indeed a flat fee, and in fact you can negotiate in advance with your incoming bank a better exchange rate for such large amounts.

you can also negotiate when the money has arrived. if the amount exceeds $50k it is customary that the bank calls you and offers a rate. you have then have the choice to negotiate, accept the offered rate or wait for a certain time (Siam Commercial grants 21 calendar days) till you exchange.

[TallGuyJohninBKK]

I use US Bank as my main bank but they don't have an internet way to wire funds outside the bank. So I opened a Wells Fargo account via the internet, and have Wells Fargo pull the funds from US Bank at no charge via ACH transfer, and then send the funds to Bangkok Bank in Thailand using the New York Bangkok Bank ACH transfer for $3.00 fee. A two step process but it works OK.

I can also do the same thing with Bank of America as with Wells Fargo.

So, you have a interesting cheap method to transfer money to Thailand for a $3.00 fee. Is there a limit to the amount you can transfer? If one was to trasfer $200k to buy a condo, is it still only $3.00 for the transfer?

No... it's not quite that simple... The method being referred to above involves BKK Bank's New York branch and only applies to Americans (who don't as per the OP's post have any 5% savings accounts these days).

BKK Bank's New York branch has an American ACH number, meaning it can accept domestic ACH transfers from other U.S. bank accounts, which often are free to send depending on the sending bank's policy. Then, the New York branch will send those funds onward to the account holder's BKK Bank account in Thailand -- assuming the names on the U.S. and BKK Bank accounts are the same.

There's a sliding scale flat fee that the NY branch charges for handling the transfer...and then the local BKK Bank branch in Thailand will tack on a 0.25% fee, minimum 200 baht and maximum 500 baht.

I believe BKK Bank has a similar arrangement for UK folks with their London branch. But they don't have such arrangements in most other places. In other countries, you'd mostly be stuck doing a traditional SWIFT transfer and paying the fees of the sending and receiving bank.

BKK Bank NY used to have a web page that listed the sliding scale of their handling fees for U.S.-originating transfers, but that page seems to have either been moved or taken down.

The last time I printed out the info, their handling fee ranged from free for amounts less than $50 US, $3 for $51 to $100, $5 for $100.01 to $2000, $10 for $2000.01 to $50,000, and $20 for $50,000.01 or more.

Still, a very good deal compared to what most U.S. and Thai banks charge for handling traditional international fund transfers.

Separately, staff from BKK Bank who post here on TVisa have in the past indicated that if someone is planning to send a large sum of funds such as for a condo purchase, they should contact the Treasury Department at the bank in advance and try to arrange a preferential rate on that kind of transfer -- something the bank supposedly is willing to do, if requested in advance. Minimum amount supposed to be $50,000 U.S. or greater.

Edited November 12, 2012 by TallGuyJohninBKK

[smacko]

If u are indeed aussie, 28degrees MasterCard credit card is a great option but if u prefer a debit card or visa checkout Citibank, they offer one with no fx or withdrawal fees (same as 28degrees).

To avoid Thai ATM fees, withdraw over the counter, just bring you're passport.

Open a local account and deposit the money there, so u have cheap easy access on a daily basis.

Edited November 12, 2012 by smacko

[TallGuyJohninBKK]

For the OP, regarding ATM withdrawals in Thailand, there are always two sides to that equation:

1. What your home country bank does or doesn't charge you for making a foreign transaction/foreign ATM withdrawal.

2. What Thai banks charge you for using a non-Thai ATM/debit card in their machines, which presently is a flat 150 baht per withdrawal fee.

The answer to No. 1 depends on your country of origin, though most larger western countries do have some banking options that allow foreign ATM and purchases without tacking on a sizable foreign currency fee (FCC).

The best answer to No. 2 inside Thailand, if you need or want to use a foreign card, is to withdraw from AEON ATMs, since they are 100% fee free, because AEON is not a Thai bank, but their ATMs will accept all regular VISA and MC logo debit cards for cash withdrawals. AEON ATMs are located in cities throughout Thailand.

CitiBank Thailand's ATMs at the Asoke-Sukhumvit intersection and at their branch at Central World in Bangkok also are fee free, at least for Americans. Perhaps for other country cardholders as well. Though unfortunately, they don't have any ATMs outside of BKK.

Edited November 12, 2012 by TallGuyJohninBKK

[BigJohnnyBKK]

For all the people talking about the OP continuing to use ATMs, their request was how to avoid doing so.

Foreign-transfers via ATM are fine for temporary visitors, but for those resident here, no matter how "free" your ATM withdrawals may seem, you'll always get nailed on the exchange rate a lot more than doing a proper wire transfer every couple months.

[TallGuyJohninBKK]

Johnny, that's simply not true... as has often been demonstrated here in the past in the banking threads...

If someone is using a no-fee home country bank card and withdrawing the funds here from AEON ATMs or has a home country account such as Charles Schwab that reimburses all foreign ATM fees, they're going to to do better with their money than most any available international funds transfer (wire, SWIFT, etc).

The exchange rate on AEON ATM withdrawals, absent any home country bank surcharges or fees, is the same rate offered by the VISA and MC card networks (VISA usually a little better, MC usually a bit worse). And that rate is almost always better than the buying TT rate the Thai banks typically use for international funds transfers...and that's not even including their typical added .25% commission on incoming funds.

The problem is, many ex-pats fail to recognize their home country banks are ripping them off, and likewise fail to find available home country banking arrangements that DON'T charge any foreign currency fees on ATM and purchase activity abroad, or failing that, find accounts that reimburse such fees at month's end under certain conditions.

I've lived here for years, and never done an international funds transfer to fund my routine life expenses ...instead relying entirely on fee-free ATM withdrawals. And my pocketbook is much better off for having done so.

The best answer for each person depends a lot on the banking market in their home country, and the OP has never returned to answer what is his home country. But as a general rule, true fee-free ATM withdrawals will beat international wire transfers almost every time.

Edited November 12, 2012 by TallGuyJohninBKK

[delgarcon]

I've opened a bank account in Thailand and I transfer euro from my French account and am charged 10 euro per transfer and sterling from my UK account and pay £12. The money is exchanged here at less than 1 point lower than commercial rate.

[Tolley]

Johnny, that's simply not true... as has often been demonstrated here in the past in the banking threads...

If someone is using a no-fee home country bank card and withdrawing the funds here from AEON ATMs or has a home country account such as Charles Schwab that reimburses all foreign ATM fees, they're going to to do better with their money than most any available international funds transfer (wire, SWIFT, etc).

The exchange rate on AEON ATM withdrawals, absent any home country bank surcharges or fees, is the same rate offered by the VISA and MC card networks (VISA usually a little better, MC usually a bit worse). And that rate is almost always better than the buying TT rate the Thai banks typically use for international funds transfers...and that's not even including their typical added .25% commission on incoming funds.

The problem is, many ex-pats fail to recognize their home country banks are ripping them off, and likewise fail to find available home country banking arrangements that DON'T charge any foreign currency fees on ATM and purchase activity abroad, or failing that, find accounts that reimburse such fees at month's end under certain conditions.

I've lived here for years, and never done an international funds transfer to fund my routine life expenses ...instead relying entirely on fee-free ATM withdrawals. And my pocketbook is much better off for having done so.

The best answer for each person depends a lot on the banking market in their home country, and the OP has never returned to answer what is his home country. But as a general rule, true fee-free ATM withdrawals will beat international wire transfers almost every time.

I have been using ATMs to withdraw money from my Singapore account and for every 20k baht i withdraw Singapore charges a very hefty 20 SD. I am going to open a Thai account and do internet transfer from OCBC Singapore to the Thai account. Now the question is what is the best Thai bank account to open?

[advancebooking]

It is BankWest in Western Australia that offers 5.25% online saver http://www.bankwest.com.au/personal/savings-term-deposits/savings-accounts-term-deposits/telenet-saver?promocode=PRTELELK

BankWest is solid as a rock. Its owned by Australia's richest bank 'Commonwealth Bank' and there is a govt guarantee of $250k on all funds invested. It doesnt apply to my situation but if you have for example $500k in the online account, the first $250k is covered by BankWest guarantee. The second $250k is covered by the CBA govt guarantee. Australian banks have huge market capitalisation and post billion of dollars in pre-tax profit every year and thus your money is as 'safe as houses'...

I've heard of that 28 degrees credit card and that its fee free.

[BigJohnnyBKK]

It is BankWest in Western Australia that offers 5.25% online saver http://www.bankwest....mocode=PRTELELK

BankWest is solid as a rock. Its owned by Australia's richest bank 'Commonwealth Bank' and there is a govt guarantee of $250k on all funds invested. It doesnt apply to my situation but if you have for example $500k in the online account, the first $250k is covered by BankWest guarantee. The second $250k is covered by the CBA govt guarantee. Australian banks have huge market capitalisation and post billion of dollars in pre-tax profit every year and thus your money is as 'safe as houses'...

I've heard of that 28 degrees credit card and that its fee free.

I think post-2008 the expression "safe as houses" probably doesn't have quite the same level of comfort as it used to.

More like "relatively safe for a bank".

[TallGuyJohninBKK]

I have been using ATMs to withdraw money from my Singapore account and for every 20k baht i withdraw Singapore charges a very hefty 20 SD. I am going to open a Thai account and do internet transfer from OCBC Singapore to the Thai account. Now the question is what is the best Thai bank account to open?

It looks like OCBC in Singapore isn't particularly friendly to overseas ATM use using their cards or for foreign funds transfers... So it comes down to either paying their fees or finding a better bank.

From the OCBC consumer fees document:

http://www.ocbc.com/...icing Guide.pdf

On the Thai end, I believe, most of the Thai banks are going to have pretty similar fee structures for handling incoming international funds transfers... generally a 0.25% commission on the amount received and them using their own exchange rate on the incoming funds.

But there are lots of other factors that might influence one's decision on which Thai bank to open an account with...

Edited November 12, 2012 by TallGuyJohninBKK

[Tolley]

I have been using ATMs to withdraw money from my Singapore account and for every 20k baht i withdraw Singapore charges a very hefty 20 SD. I am going to open a Thai account and do internet transfer from OCBC Singapore to the Thai account. Now the question is what is the best Thai bank account to open?

It looks like OCBC in Singapore isn't particularly friendly to overseas ATM use using their cards or for foreign funds transfers... So it comes down to either paying their fees or finding a better bank.

From the OCBC consumer fees document:

http://www.ocbc.com/...icing Guide.pdf

On the Thai end, I believe, most of the Thai banks are going to have pretty similar fee structures for handling incoming international funds transfers... generally a 0.25% commission on the amount received and them using their own exchange rate on the incoming funds.

But there are lots of other factors that might influence one's decision on which Thai bank to open an account with...

Thanks. It looks like I wouldnt save much money by doing internet transfer. Pretty expensive that way as well.Got me stuffed both ways. MIght do a trip to Singapore and close the account and do a forex transfer to a new thai account.

[TallGuyJohninBKK]

Three general things:

1. Call your Singapore bank and talk with them about whether they have any debit card products available that don't have such high foreign currency fees.

2. Also check with them as to whether they have any special relationship with any particular Thai bank that would make international transfers more economical.

3. Do some checking online re Singapore banks, and see if there are any alternatives that are more economic for international funds transfers. I suspect there are, but there's only one way to find out.

[McMagus]

I used to transfer using internet electronic transfer from NAB in Oz but the exchange rates were not so good and I was getting hit with bank transfer fees there and here. Lately I have been just using my debit card in AEON then manually depositing it in my Bangkok Bank ... I'm thinking it is a bit cheaper this way... just do it every month.