Money from South Africa

[HatYai2]

While I realise that this is a topic with limited interest, I think that many South Africans living here now have similar reservations about raising a country specific question where, as usual, we are in vanishingly small minority, I for one would like to find the cheapest easiest and most reliable way to get money from SA into Thailand’s banking system.

At an exchange rate hovering @3.16 to a Rand, which after Absa and Mastercard take their share I am lucky to see 3to1, any insights and advice will be appreciated.

[topt]

Have you looked at some of the threads in the banking forum? Whilst not SA specific they may help.

If you asked a mod to move this there and highlighted any specifics that were different when transferring from SA rather than elsewhere you may get more help........

[HatYai2]

Have you looked at some of the threads in the banking forum? Whilst not SA specific they may help.

If you asked a mod to move this there and highlighted any specifics that were different when transferring from SA rather than elsewhere you may get more help........

Hi thanks for your response. I have been reading the banking related threads.

UK, USA, and European members have branches of Bangkok bank or other ways to get money to LOS cheaply (even carrying in cash)

SA does not have that luxury. Our currency is not easily exchanged here (as far as I know – or is it?) So our choices are limited and different, unless someone knows a better way.

Thus my question.

(I have been on TV for about 3 years but forgot my previous username/ email/password – thus a newbie)

Many thanks

Edited October 30, 2013 by HatYai2

[Crossy]

SuperRich http://www.superrich1965.com/ will exchange Rand for Baht, rates on their website

Do you have the facility to make wire or SWIFT transfers from your SA bank to your Thai bank? Has to be the easiest option and not expensive at this end.

[HatYai2]

Thanks I will do more asking around in SA next month. The bank makes so much money they will never volunteer the info

[topt]

SuperRich http://www.superrich1965.com/ will exchange Rand for Baht, rates on their website

Do you have the facility to make wire or SWIFT transfers from your SA bank to your Thai bank? Has to be the easiest option and not expensive at this end.

XE.com currently gives a mid market rate of 3.14 baht to the ZAR. Current cash rate on SCB web site (http://www.scb.co.th/scb_api/index.jsp) is only 2.2 - yikes! vs. Superrich at 3.1.

SCB do not show a TT rate?

If you want to TT a larger amount the other option may be to change into $US or another currency in South Africa and then TT it.

[HatYai2]

SuperRich http://www.superrich1965.com/ will exchange Rand for Baht, rates on their website

Do you have the facility to make wire or SWIFT transfers from your SA bank to your Thai bank? Has to be the easiest option and not expensive at this end.

XE.com currently gives a mid market rate of 3.14 baht to the ZAR. Current cash rate on SCB web site (http://www.scb.co.th/scb_api/index.jsp) is only 2.2 - yikes! vs. Superrich at 3.1.

SCB do not show a TT rate?

If you want to TT a larger amount the other option may be to change into $US or another currency in South Africa and then TT it.

My problem exactly!

XE rates are out the window (my bank wont tell me which system they use xe/oanda etc) I draw as many times as i can B15000 per day limit and wait to see what my bank decides to charge me usually .10-.15 less than xe! plus bank charges.

Exchange controls also preclude stocking up on dollars before we come back!

Bringing cash is also not practical R200 x100 notes = B60000 whereas 10 x 500 euro notes is money.

That is why I thought of asking Thai Visa members if anyone has hit on a better solution.

[patongphil]

SuperRich http://www.superrich1965.com/ will exchange Rand for Baht, rates on their website

Do you have the facility to make wire or SWIFT transfers from your SA bank to your Thai bank? Has to be the easiest option and not expensive at this end.

XE.com currently gives a mid market rate of 3.14 baht to the ZAR. Current cash rate on SCB web site (http://www.scb.co.th/scb_api/index.jsp) is only 2.2 - yikes! vs. Superrich at 3.1.

SCB do not show a TT rate?

If you want to TT a larger amount the other option may be to change into $US or another currency in South Africa and then TT it.

My problem exactly!

XE rates are out the window (my bank wont tell me which system they use xe/oanda etc) I draw as many times as i can B15000 per day limit and wait to see what my bank decides to charge me usually .10-.15 less than xe! plus bank charges.

Exchange controls also preclude stocking up on dollars before we come back!

Bringing cash is also not practical R200 x100 notes = B60000 whereas 10 x 500 euro notes is money.

That is why I thought of asking Thai Visa members if anyone has hit on a better solution.

Bring some kruger rands over.

[topt]

SuperRich http://www.superrich1965.com/ will exchange Rand for Baht, rates on their website

Do you have the facility to make wire or SWIFT transfers from your SA bank to your Thai bank? Has to be the easiest option and not expensive at this end.

XE.com currently gives a mid market rate of 3.14 baht to the ZAR. Current cash rate on SCB web site (http://www.scb.co.th/scb_api/index.jsp) is only 2.2 - yikes! vs. Superrich at 3.1.

SCB do not show a TT rate?

If you want to TT a larger amount the other option may be to change into $US or another currency in South Africa and then TT it.

My problem exactly!

XE rates are out the window (my bank wont tell me which system they use xe/oanda etc) I draw as many times as i can B15000 per day limit and wait to see what my bank decides to charge me usually .10-.15 less than xe! plus bank charges.

Exchange controls also preclude stocking up on dollars before we come back!

Bringing cash is also not practical R200 x100 notes = B60000 whereas 10 x 500 euro notes is money.

That is why I thought of asking Thai Visa members if anyone has hit on a better solution.

Can you TT the rand (sent as rand not changed before it gets to Thailand)and do you have a Thai bank account? If yes speak to your Thai bank and ask them what TT rate they will give at that point and see how it compares.

[topt]

I was curious so just looked this up.

Can you not use this? - http://www.standardbank.co.za/portal/site/standardbank/menuitem.de435aa54d374eb6fcb695665c9006a0/?vgnextoid=5f5eb2e17e35b210VgnVCM100000c509600aRCRD

"A single discretionary allowance of R1 000 000 per calendar year, for residents over the age of 18 years. This allowance may be used for travel, donations, gifts, study allowance, alimony and child support, wedding expenses, foreign capital allowance and maintenance payments, provided the amount does not exceed the limit of R1 000 000 per calendar year."

Another part of the site suggests you can send money electronically so.........1m rand is the best part of $100k or 3m baht?

[HatYai2]

Can you TT the rand (sent as rand not changed before it gets to Thailand)and do you have a Thai bank account? If yes speak to your Thai bank and ask them what TT rate they will give at that point and see how it compares.

The Rand is so volatile that a swing of 5% in a day is not unusual. I was hoping that I could open an account here and then link it to my SA account to transfer via internet banking. I have been procrastinating since March and have not yet opened an account. My Thai is the famous nit noi. TV have narrowed it down to Bangkok, or TMB, or Kasikorn, or SCM, or... each with pros and cons. I was hoping to find some way that money would not go via a corresponding bank but Citi did not buy Nedbank and Absa is part of Barclays but they are not here, Standard chartered is in both, but SA do not answer emails I have sent them. Aeon only have an investment arm is SA. ...

[HatYai2]

I was curious so just looked this up.

Can you not use this? - http://www.standardbank.co.za/portal/site/standardbank/menuitem.de435aa54d374eb6fcb695665c9006a0/?vgnextoid=5f5eb2e17e35b210VgnVCM100000c509600aRCRD

"A single discretionary allowance of R1 000 000 per calendar year, for residents over the age of 18 years. This allowance may be used for travel, donations, gifts, study allowance, alimony and child support, wedding expenses, foreign capital allowance and maintenance payments, provided the amount does not exceed the limit of R1 000 000 per calendar year."

Another part of the site suggests you can send money electronically so.........1m rand is the best part of $100k or 3m baht?

I seem to be starting each post with "The problem" It is not can is be done. It is at what cost. B3/R1 is bad enough without two or more banks taking a piece

Edited October 30, 2013 by HatYai2

[gone2]

these banks and associated scammers have got this international money transfer sewn up tighter than a ducks a** .

you find a way around it and sooner or later they will seize your cash and accuse you of money laundering. you wont get your cash back either even if it 1000% legit. been there done that lost the cash.

[gone2]

any how what you need to do is ask your scammer (a.k.a. bank) who their corresponded scammers are in thailand, perhaps it on their website. that way you remove at least one intermediary. if no corresponding correspondent banks, waste and arm and a leg and three triple somersaults and open at a different bank in the country where your funds are.

dont send rand from south africa, the lowest transactions cost will be USA. so switch at source and send dollars. do the sums yourself, work it out from the fx rates posted at both sending and receiving banks.

other currencies eg. aud and euro, singapore dollar dont normally require a switch but minor curriencies like rand, malaysian ringit, ect do.

other than that via international atm card withdrawal sometimes will get you a convenient rate at around 4% loss. but this can mostly be bettered using international SWIFT transfers at perhaps 2% for big enough amounts say over two thousand dollars, the bigger the amount the lower the % fee as some are fixed cost, but also the greater the inconvenience and stress if the transfer somehow gets delayed (sometimes)or lost (not so far ever).

also some money changers around bkk that will give very good rates for cash. ask around and do the sums.

if you are planning to use the money to buy property the money has to come into the country via swift (perhaps via travellers checks though ask before hand on that )and has to be declared as being for property purchase when you are actually doing the sending. else you might find that you have to send it out and in again at your cost.

big denomination travellers check eg. 1000 dollar each are also a possible mean of getting the cash in. once again do the sums.

Edited October 31, 2013 by gone2

[gone2]

edit timed out:

big denomination travellers check eg. 1000 dollar (yes dollars amex T/C) each are also a possible mean of getting the cash in. once again do the sums with fees both at buying and selling, and also the exchange rates at both buying and selling banks. (a spread calculator sheet is your friend.) mostly the info needed is available online. better still do it here http://www.editgrid.com/ and we can point out where you need to look further. use say 1000 2000 5000 10000 as comparitive amounts (also 20000 and 30000 baht for atm refernce) upload it after you finish your local one if you like.

Edited October 31, 2013 by gone2

[HatYai2]

Thanks for your ideas. I must find a way, for even though we make a good 15-20pa return on out money there after Rand depreciation brings it down to low single digits then inflation bank costs etc (you get the picture) Already South Africans are half as wealthy as they were 10 years ago even with the investment growth. 2006 our first year here R1/B6.75.