Mekong Bob Posted December 23, 2013 Share Posted December 23, 2013 From a Bank of America account in USA, I transfer to Bangkok Bank, New York Branch. This is a domestic transfer, and I pay a $3 fee. From Bangkok Bank, New York Branch, the money is transferred to Thailand, and a $10 fee is deducted by BBNY. This fee is a flat fee for amounts from $2,000 to $100,000. BBNY is the "sender" bank.Bangkok Bank in Thailand provides an excellent exchange rate and then deducts another fee as the "receiver" bank. This fee is calculated from the transferred amount and ranges between 200 and 500 baht per transaction. Balance is deposited in my local Bangkok Bank account. Total cost to transfer $5,000 is about $25, and takes about 4-5 business days. $10,000 would cost about $35. Is there a better way to transfer money, USA to Chiang Mai? Please advise. Link to comment Share on other sites More sharing options...
chiang mai Posted December 23, 2013 Share Posted December 23, 2013 It's an ACH transfer and is the easiest and cheapest of any I know, the same transfer is also available in London via BB London. Link to comment Share on other sites More sharing options...
zippydedodah Posted December 23, 2013 Share Posted December 23, 2013 Just remember, anything OVER 10000 is subject to additional paperwork. I forgot this and asked BBNY to move 25K into my BB here in thailand and after 10 days, i called the new york office, only to be told... oh..that is over 10,000 and we WERE going to contact you, etc... so i broke it down into 9k amounts and they moved it on successive days... 1 Link to comment Share on other sites More sharing options...
Thighlander Posted December 23, 2013 Share Posted December 23, 2013 Switch to a bank that doesn't charge the 3....I hate bac...worst for fees. Moneygram is now 4.50, so that is probably cheaper for up to 500 or so. Very fast, with credit card..about five minutes. Link to comment Share on other sites More sharing options...
cardinalblue Posted December 23, 2013 Share Posted December 23, 2013 I did a bank wire of $9,000 from BofA to UOB - took three days and no charges on either end.... I have a special acct with BofA so didn't expect fee but expected with UOB a $25 fee but nothing was debited from my acct. I think an oversight on their part... I will do again in three months and see what happens. For years i have been doing a BofA domestic check but got burned recently on the volatile exchange rate as they sat on it for 25 days and lost alot (42,000 baht) on the exchange rate.... Bank wire is the way to go.... CB Link to comment Share on other sites More sharing options...
baywatch82 Posted December 23, 2013 Share Posted December 23, 2013 Use forex traders. I don't know which one is best for USA transactions. I was sending money from AUS to Thai and I was using Ozforex.com. Forex traders have best currency exchange, most of the time servis is for free, and takes only couple of days. Link to comment Share on other sites More sharing options...
arunsakda Posted December 23, 2013 Share Posted December 23, 2013 (edited) Switch to a bank that doesn't charge the 3....I hate bac...worst for fees. Moneygram is now 4.50, so that is probably cheaper for up to 500 or so. Very fast, with credit card..about five minutes. Good. We have issues now as Citibank Guam is getting out of the deposit account business. I didn't work 30 years to get fleeced by a Chinjewe everytime I need to download some cash. Edited December 23, 2013 by arunsakda Link to comment Share on other sites More sharing options...
Dante99 Posted December 23, 2013 Share Posted December 23, 2013 Just remember, anything OVER 10000 is subject to additional paperwork. I forgot this and asked BBNY to move 25K into my BB here in thailand and after 10 days, i called the new york office, only to be told... oh..that is over 10,000 and we WERE going to contact you, etc... so i broke it down into 9k amounts and they moved it on successive days... There is a US law against "structuring" which is breaking down a large transaction into small ones which you might check out, there have been some odd recent prosecutions. Link to comment Share on other sites More sharing options...
neilrob Posted December 23, 2013 Share Posted December 23, 2013 If you have an account with Vanguard, use it because they charge no fee for the transfer to BBNY Link to comment Share on other sites More sharing options...
daxbr Posted December 23, 2013 Share Posted December 23, 2013 Use forex traders. I don't know which one is best for USA transactions. I was sending money from AUS to Thai and I was using Ozforex.com. Forex traders have best currency exchange, most of the time servis is for free, and takes only couple of days. I second this but only good for transfer over USD10k http://www.usforex.com/ Link to comment Share on other sites More sharing options...
Rama Posted December 24, 2013 Share Posted December 24, 2013 If it's a one time transfer, just swallow the $5-10 and do the proper paperwork, other wise you're going to raise unnecessary flags with the US banking regulators. If it's on-going, get an ATM card and do ATM transfers at an Aeon ATM in Siam Electronics or at Tesco. Doesn't go through the Bank of Thailand, no $5 charge,only what your bank charges. If you have a Citibank account in the US and you open a Citibank account here in Thailand, they have a flat rate to transfer from 1 Citibank account of yours to another of yours. I think it's $10. Link to comment Share on other sites More sharing options...
moradave Posted December 24, 2013 Share Posted December 24, 2013 Although I have never used it, Schwab will open a US dollar account into which you can transfer via ACH from another US bank. They give you a Visa or Master card good in any ATM around the world. They will then reimburse you for all ATM charges. Sounds like cheapest way to me without having to keep money in a Thai bank and still getting cash as you need it. http://www.schwab.com/public/schwab/banking_lending/checking_account Link to comment Share on other sites More sharing options...
quidnunc Posted December 24, 2013 Share Posted December 24, 2013 Switch to a bank that doesn't charge the 3....I hate bac...worst for fees. Moneygram is now 4.50, so that is probably cheaper for up to 500 or so. Very fast, with credit card..about five minutes. Good. We have issues now as Citibank Guam is getting out of the deposit account business. I didn't work 30 years to get fleeced by a Chinjewe everytime I need to download some cash. What,exactly, is a "Chinjewe"? Or should I be afraid to ask? 1 Link to comment Share on other sites More sharing options...
quidnunc Posted December 24, 2013 Share Posted December 24, 2013 Somewhere or other I saw paypal offering thai accounts. You should be able to transfer money that way. What the cost might be I have no idea. Link to comment Share on other sites More sharing options...
quidnunc Posted December 24, 2013 Share Posted December 24, 2013 Somewhere or other I saw paypal offering thai accounts. You should be able to transfer money that way. What the cost might be I have no idea. Link to comment Share on other sites More sharing options...
chiang mai Posted December 24, 2013 Share Posted December 24, 2013 It's a highly derogatory and inappropriate term that combines the words Chinese and Jew. 1 Link to comment Share on other sites More sharing options...
lifeincnx Posted December 24, 2013 Share Posted December 24, 2013 I transfer from BAC stateside to my Foreign CD savings account (FCD) at Kasikorn Bank. Then it sits here in USD and I pull out what I need, watching the rate a bit as I'm doing it. It costs the same or less as an ACH Bangkok Bank New York transfer. Plus I get a better rate than posted daily rate when I actually withdraw/convert in baht. Easy. Note, not every Kasiokorn Bank branch offers the FCD account, so just ask. Link to comment Share on other sites More sharing options...
arunsakda Posted December 30, 2013 Share Posted December 30, 2013 It's a highly derogatory and inappropriate term that combines the words Chinese and Jew. OMG I am so sorry. This is NOT what I intended. I thought it was a Thai word for charging high rates. In another thread another poster referred to high electricity tariffs in Bangkok. The poster used this word to describe the Bangkok M.E.A. Apology for any offense taken. Link to comment Share on other sites More sharing options...
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