transferring in funds in foreign currency

[bkksiam]

If I transfer foreign funds into Thailand (without converting) into my bank account does the thai bank automatically convert and give me the TT rate of the day it was transferred or do I have to call the bank and ask them to convert to baht?

[Naam]

automatically

[topt]

Yes - unless it is over $50k equivalent (may be different amount depending on the bank) in which case they may need you to tell them what the funds are for before they bung into your account. If you tell them in advance it should go through without any hold up.

[Mark79]

When I send money across from my Offshore GBP or Euro accounts, I always send it in GBP or Euros and let my BKK bank do the conversion here in Thailand due to the better rates. It has always been done automatically by Bangkok bank with no questions asked, although I have not sent over 50k yet.

On smaller amounts around 5kGBP I seem to receive the advertised TT rate on the Bangkok Bank website (this appears slightly less, if dividing what arrived in my BKK acc to what left my offshore acc due to the service charges). On the few occasions I have sent larger amounts of 10-20k GBP it has worked out better than the advertised TT rate.

Edited November 29, 2013 by Mark79

[Chao Lao Beach]

What about transferring out of Thailand ? You get better rates changing in Thailand. Can you wire "farlang" currency or will they only send it in Baht? ITT

[fish fingers]

which thai bank generally does the best rates when transferring foreign funds into thailand?

Edited November 29, 2013 by fish fingers

[falang07]

 

What about transferring out of Thailand ? You get better rates changing in Thailand. Can you wire "farlang" currency or will they only send it in Baht? ITT

 

Of course, you can open a foreign currency account in Thailand, move the bahts to that account so it gets converted automatically, and then wire from this FCD abroad. In case you need to wire bigger amount, be prepared to face some slight difficulties like proving this money was remitted to Thailand from abroad before.

[marcusd]

BE VERY VERY CAREFUL. VERY CAREFUL. Depending on where you are transferring FROM... your bank may use an INTERMEDIATARY BANK so ASK BEFORE YOU SEND. If they use Citibank you will lose BIG TIME and wonder "where has my money gone?"

So if you are in USA and are using CHSE for example, you may send to Kasikorn or Bangkok bank. ASK BEFORE YOU SEND as YOUR bank may decide under private iunternal dealings to send to HSBC in Hong Kong first and then to Thailand so you will lose out 2 ways.

I did this from my Westpac Ozzie bank to Kasikorn. the rates on the day were really favourable but I lost a heap as my bank sent it through Citibank and I had no idea.

I now only send to Bangkok bank as it goes direct adn I get the TT rate of the day AUTOMATICALLY. I also have a FOREIGN CURRENCY ACCOUNT at Bangkok bank so I send OZZIE DOLLARS and I choose when to convert. It is very easy to open.

Hope this helps

[Mark79]

BE VERY VERY CAREFUL. VERY CAREFUL. Depending on where you are transferring FROM... your bank may use an INTERMEDIATARY BANK so ASK BEFORE YOU SEND. If they use Citibank you will lose BIG TIME and wonder "where has my money gone?"

So if you are in USA and are using CHSE for example, you may send to Kasikorn or Bangkok bank. ASK BEFORE YOU SEND as YOUR bank may decide under private iunternal dealings to send to HSBC in Hong Kong first and then to Thailand so you will lose out 2 ways.

I did this from my Westpac Ozzie bank to Kasikorn. the rates on the day were really favourable but I lost a heap as my bank sent it through Citibank and I had no idea.

I now only send to Bangkok bank as it goes direct adn I get the TT rate of the day AUTOMATICALLY. I also have a FOREIGN CURRENCY ACCOUNT at Bangkok bank so I send OZZIE DOLLARS and I choose when to convert. It is very easy to open.

Hope this helps

Can the foreign currency account with BKK bank be accessed and fully operated online?

I have been sending GBP or Euros straight to my Bangkok bank acc which works out a decent rate (the TT rate BKK bank are advertising on the day it arrives). Only problem with this method is that it takes about 2 days to arrive here so you have to use a bit of guess work as to weather the fx rate will be going up or down. Sounds like with that Foreign currency Acc, I could then exchange to THB on the day I feel is good and know exactly which rate I am going to get.