Need to wire some $ to Thailand, but the banks that my in laws deal with do not offer the option to hold the $ for some period until we are happy with the exchange rate. Don't want to risk it as these days rates can fluctuate by 2-3% percent with a matter of days (while the wire is completed).

I read here that some banks call their clients asking if they are satisfied with the exchange rate. Question is, which ones?

Also, there should be no problem if the amount is less than $50k, correct? I read here that it used to be $20k, but now it's no questions asked for up to $50k, no?

thanks

SCB (Siam Commercial Bank) and BKK (Bangkok Bank) did it for me, but when they called again (when I had a incoming transfer) I just asked them to just send it to my account without calling again.

But I am not sure if they will call in all cases. (Amounts send where in the range of 5000 - 15.000 EURO)

If this is such a problem, why don't just wait and when exchange rate is what you expect and then send it ??

Edited May 21, 201313 yr by MJCM

SCB (Siam Commercial Bank) and BKK (Bangkok Bank) did it for me, but when they called again (when I had a incoming transfer) I just asked them to just send it to my account without calling again.

But I am not sure if they will call in all cases. (Amounts send where in the range of 5000 - 15.000 EURO)

If this is such a problem, why don't just wait and when exchange rate is what you expect and then send it ??

It takes 3-4 days to complete the transfer. Market is highly volatile lately, so I don't want to risk it

As far as I know, the holding part is only done for incoming wire transfers, and not possible for outgoing wire transfers. So I think you are out of luck here

As far as I know, the holding part is only done for incoming wire transfers, and not possible for outgoing wire transfers. So I think you are out of luck here

That's what I am doing - sending money to the Thai bank.

Hmm, found something on the Bangkok Bank website that might do the trick:

If you don’t have an account with Bangkok Bank and wish to receive funds as cash, please ask your sender to include your identification or passport number, as well as your address and telephone number in Thailand. Bangkok Bank will contact you when the funds arrive.

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/Pages/TransferringintoThailand.aspx

I am not sure though if my bank will let me initiate a wire without account number

i wouldnt think any bank would hold for you,when your amount reaches here and its a fair sum[1million bht] they will contact you and ask are you happy with the rate they offer but only on the day.if you think holding out for a better rate you might end up waiting more than what you think.before i had a bank acc.in thailand and the rate was good i bought baht through a currency dealer who will give you a forward rate,but its not as good as onshore rates.

My understanding from speaking to a lady in the main FOREX dept. of SCB is that they used to hold anything over $20,000 equivalent but that changed to $50,000 a couple of years ago. I had $30,000 just go through 18 months ago. The reason they held apparently was that they had to apply a reason for the transfer.

At that time she was happy to hold any incoming transfer for up to a year but as mentioned that was a while ago. If I was the OP I would get hold of the HO Forex numbers and contact them directly - the branch may not be so well clued up.

I take it you are sending from USA since you are talking Dollars? Do you have Bangkok Bank account?

If yes, when the TT rate (on the Bangkok Bank website) gets to where you want it, send the wire to the branch in New York City.

Benefit being it is a domestic US to US wire, not international. Just did 2 in the past couple weeks. First one posted in about 14 hours, second 1.5 days due to my US bank sending near EST close of business.

For this last one, I spoke to my local branch here who made me a "special" customer (their words), which gives me a slightly better rate on wires of significant size.

BTW, first was $75k, second $50k, I was not asked any questions before they posted into my account, but did get a report of foreign wire / exchange report from Bangkok Bank.

Edited May 22, 201313 yr by 55Jay

I take it you are sending from USA since you are talking Dollars? Do you have Bangkok Bank account?

In Canada, sending to my mom in law's account. While the baht stabilized against the US$, the loonie has been acting quite funky lately. Just want to avoid temporary dips of 2-3%. SCB offer "forward exchange bought", but I am not sure if it's for exporters only:

http://www.scb.co.th/en/business-banking/trade-finance-and-remittance/exporting

Man, it used to be easy - stocks go up => oil goes up => loonie goes up

or the other way around. It was easy to predict and wiring during a "boring" week was a no brainer.

Now it's all messed up, meh ...

My understanding from speaking to a lady in the main FOREX dept. of SCB is that they used to hold anything over $20,000 equivalent but that changed to $50,000 a couple of years ago. I had $30,000 just go through 18 months ago. The reason they held apparently was that they had to apply a reason for the transfer.

At that time she was happy to hold any incoming transfer for up to a year but as mentioned that was a while ago. If I was the OP I would get hold of the HO Forex numbers and contact them directly - the branch may not be so well clued up.

Good tip, thanks. I would try to send the transfer without a reason, but I am not sure if the bank will let me. They've always insisted on putting a reason.

My understanding from speaking to a lady in the main FOREX dept. of SCB is that they used to hold anything over $20,000 equivalent but that changed to $50,000 a couple of years ago. I had $30,000 just go through 18 months ago. The reason they held apparently was that they had to apply a reason for the transfer.

At that time she was happy to hold any incoming transfer for up to a year but as mentioned that was a while ago. If I was the OP I would get hold of the HO Forex numbers and contact them directly - the branch may not be so well clued up.

if its to your mom in-laws acc.give the reason that the buffalo has died they will understand.

Good tip, thanks. I would try to send the transfer without a reason, but I am not sure if the bank will let me. They've always insisted on putting a reason.

My understanding from speaking to a lady in the main FOREX dept. of SCB is that they used to hold anything over $20,000 equivalent but that changed to $50,000 a couple of years ago. I had $30,000 just go through 18 months ago. The reason they held apparently was that they had to apply a reason for the transfer.

At that time she was happy to hold any incoming transfer for up to a year but as mentioned that was a while ago. If I was the OP I would get hold of the HO Forex numbers and contact them directly - the branch may not be so well clued up.

Good tip, thanks. I would try to send the transfer without a reason, but I am not sure if the bank will let me. They've always insisted on putting a reason.

Which is why you need to contact the person/people in the HO and see if they will agree to hold for you. The lady I spoke to at SCB was very helpful in this regard.

I take it you are sending from USA since you are talking Dollars? Do you have Bangkok Bank account?

If yes, when the TT rate (on the Bangkok Bank website) gets to where you want it, send the wire to the branch in New York City.

Benefit being it is a domestic US to US wire, not international. Just did 2 in the past couple weeks. First one posted in about 14 hours, second 1.5 days due to my US bank sending near EST close of business.

For this last one, I spoke to my local branch here who made me a "special" customer (their words), which gives me a slightly better rate on wires of significant size.

BTW, first was $75k, second $50k, I was not asked any questions before they posted into my account, but did get a report of foreign wire / exchange report from Bangkok Bank.

Ah shoot, ok, sorry I dumped all those details out w/o knowing your background.

Yes, I had been waiting, riding the roller coaster down to 25/26 to the USD, then bit the bullet and did the wires once we got back to the 29.x range. It was like playing slots in Las Vegas.

Good luck, hope it works out for you.

I made two transfers of about $55,000 USD recently. On both occasions they (BKK bank) called me to say the funds had arrived, then quoted a rate, then said they would try to improve it (the lady set they do this if the ammount is over $50,000), then improved it by 8 satang, they then asked if I was hapy to accept which I was. Prior to sending it I asked BKK bank in London if it could be held in Thailand while I wait for a better rate, and they said it was not possible)

Ok, spoke to someone at the international transfer dept of Bangkok Bank.

I will post this info for future reference.

If it's more than US 50 000m they will call the recepient to "negotiate" the rate, but they won't hold the funds for long time.

Now, they could hold funds in any amount in foreign currency for up to 1 year! The service cost 1000 baht more than the regular wire (500 normal wire charge and 500 for the service). The total of 1000 baht has to be paid in advance.

Basically, the recepient has to go the branch with his ID and prepare some letter that will be sent to the head office. Was told to speak to the branch manager for more info, and to have them call the international transfer dept at 02 685 7777 if they don't know what to do.

I think $15 more is well worth during these crazy times for substantial amounts.I wish I knew this a couple of weeks ago when the CAD was 29.7 vs the 28.9 today