Cost to Transfer Money to Thailand - I beat it!

[212traders]

You can also try creating 2 PayPal accounts: one using US bank and the other using Thai bank. Then just send money from the US PayPal account to the Thailand PayPal account. The transfer fee is only 0.5%. For a $5000 transfer, the fee would be $25.

[bamboozled]

What would be the difference if it is in a Paypal Thailand account or Paypal US account? One still has to send/accept it either in dollar or baht so at some point you have to accept the exchange rate either of Paypal or of your Thai bank when you withdraw it. And I have not done my research on this matter. I currently withdraw to my Thai bank from a US Paypal account and I get such and such an exchange rate which always seems a little low. But I don't know if it is Kasikorn deciding the rate or Paypal. Anyone know?

Cheers....

[beau thai]

I am from the UK and always use Bangkok Bank's London office to transfer GBPounds to Bangkok. I always get the prevailing TT rate. It seems cheaper than the usual FX company.

Good luck with that - I use to do the same but last time my UK bank sent 3 separate simultaneous amount to BKK B in London as it was a chunky amount.

I emailed Bkk B London in advance to ask them to consolidate and send 1 payment to Bangkok. They sent 3 and charged for 3 and failed to answer any of 3 or 4 emails querying this.

Shant make the mistake of using them again as any gains were overtaken by their 3 transfer charges

[skills32]

You can also try creating 2 PayPal accounts: one using US bank and the other using Thai bank. Then just send money from the US PayPal account to the Thailand PayPal account. The transfer fee is only 0.5%. For a $5000 transfer, the fee would be $25.

There is only a $5 fee for transferring into your home Paypal a/c. Transfer between the two PP a/c's is free and the transfer into your Thailand bank a/c is free.

But Paypal say they have to convert into Baht before depositing into your a/c. Conversion rates are better than your home bank and nearly the sams as the Thai bank's rate.

I am just doing my second one now.

[212traders]

Another way of transferring money if you have a Bangkok Bank account is to transfer the money from a US bank to the Bangkok Bank in US using routing number, instead of using SWIFT code. This is considered a domestic transfer. Then you can withdraw money from you Bangkok Bank account in Thailand since they are linked.

[Thighlander]

you would have saved 30 usd by transferring to BKK Bank NY. They would have charged you 10, instead of the 40 JPM charged you.

[212traders]

you would have saved 30 usd by transferring to BKK Bank NY. They would have charged you 10, instead of the 40 JPM charged you.

Since reading your post, I have opened an BKK account and have enjoyed the low cost of transferring money from US to Thailand.

Thanks.

[postallady]

I am a newby (you can see by my number of post) and I don't get why anybody bothers to transfer money at all?

I use an ATM for my living expenses - Charles Schwab Investor debit/credit card. I get that day's exchange rate (at least as far as I can tell using XE.com) and get reimbursed any ATM fees. If I need a large amount I just go to the bank and take it out. This protects me from currency fluctuations other than the baht/dollar ratio as my money stays in US$$. Am I missing something? I am not lucky or savvy enough to try to be a currency trader. I watch the rate and if it looks good I take money out. If it doesn't I cut back on living expenses until it goes back up again.

I have been seriously ripped off by Chase using both their ATM and credit cards (converson fee AND foreign transaction fee AND paying the ATM fee) so I gave them their plastic back. Seriously a $100 transaction cost me nearly $19.

Why would I want a Thai bank account? Even one with a US branch where I gather it is almost the same as putting your money in the bank in Phoenix and taking it out in San Francisco? Neophyte here. I'm not interested in buying a home or even a new car.

[circusman]

So, this leads me to the question, which I still don't quite understand: When I take out money from a US account from the ATM (in Thailand) and the bank asks me if I want to use their conversion, do I say yes or click "continue without the conversion". I'm always thrown for a lulu when this question comes up...

Thrown for a loop is the quote your looking for.

[beau thai]

Just transferred funds from my uk bank to Bangkok Bank London yesterday 5pm-free. Transferred from BKK London to my Chiang Mai account in sterling (my choice) for 20 quid. Here by 9.45 today at a rate of 52.05 bht/gbp. Works for me.

[onthedarkside]

I pay a flat rate of 20 quid from my UK bank for any international transfer. Rate today at SCB for TT transfer is 52.142

Link http://www.scb.co.th/scb_api/index.jsp