Chase bank wire transfers from U.S.

[Lefty]

Anyone using Chase bank in U.S. to wire funds to Thailand on a regular basis. Are you doing this online from Thailand? How long are funds taking to reach your account.I currently use Wells Fargo and not satisfied with them and looking to make a change.

Any info will be appriciated.

Lefty

[nycjoe]

I wire the money to the Bangkok bank New York office. I get good rates and a domestic wire transfer fee

Sent from my iPhone using Thaivisa Connect Thailand mobile app

[longball53098]

I use Chase Bank exclusively now for 10 years. Swift wire transfers for the first 8 years and always work in 20 hours or less to my SCB account. Switched to the ACH transfer method with BBK account about 2 years ago and also always works perfectly but takes a couple of days to as many as 4 if executed on a late Friday or holiday. Always initiated from the comfort of my home here in Ban Chang with my TOT line and a Windows PC

[keeniau96]

I have just about the same as longball, Chase via Swift to my Thai bank. Then changed to Bangkok Bank method because Chase Swift process became just too much of a pain via phone and had difficulty establishing the online Swift method. Much recommend the BKK bank approach. Note that Chase will question your first and maybe second time ACH transfers to BKK bank in NYC, just to establish security and validity, I was glad they are careful. But now all very smooth, takes about two-three days because I let Chase do the slow ACH transfer; the fast version costs extra whereas the slow is for free. Total cost of xfer is negligible vs. the $40 for the Swift version.

[Lefty]

Thanks guys, you have convinced me to go the Bangkok Bank route. One question--my bank will send 2 small deposits to the Bangkok Bank account how do I find out the exact amount to report back to my bank given they will be shown as baht in my Thai account.

Lefty

[Pib]

Thanks guys, you have convinced me to go the Bangkok Bank route. One question--my bank will send 2 small deposits to the Bangkok Bank account how do I find out the exact amount to report back to my bank given they will be shown as baht in my Thai account.

Lefty

You can call Bangkok Bank and get the amounts. Better yet is to setup free SMS Remittance Alert before doing the trail deposits. When an international remittance arrives like the trial deposits you get an SMS saying how much foreign currency was rec'd, the exchange rate, fee (none for trail deposits), amount and date of posting, etc. Once setup, it stays active. You can setup the alert using your ATM/debit card at a Bangkok Bank ATM or by phone....see this Bangkok Bank Link for info on how to do it.

Edited February 3, 2014 by Pib

[Senechal]

But if you transfer directly to the NY office of BKK bank, don't you get the "offshore" exchange rate? (Which is different from the USDTHB rate within Thailand?)

[Suitcase]

When I wire money, which is from a small bank, I tell them to send US dollars to the Thai bank

instead of doing the exchange at the halfway point.

I was told I get a better exchange rate that way.

[Pib]

But if you transfer directly to the NY office of BKK bank, don't you get the "offshore" exchange rate? (Which is different from the USDTHB rate within Thailand?)

Only if you allow your sending bank to convert to baht when sending--don't do that as you'll most likely get a significantly lower rate from your sending bank. When letting Bangkok Bank do the conversion you'll get the higher in-Thailand TT Buying Rate which is about the best the common man can get. DO NOT let your sending bank convert.

Sent from my Samsung S4 (GT-I9500)

[riclag]

I applied a few days ago for the sms from BKK Bank in Thailand. They have instructions in English ..It was very easy.I also agree with the New York branch of BkkB ACH transfer ..if your transfer Less then $2,999.00 from BkkB the New York office charges $5.00 and the Thai BkkB has a minimum of 200bht.

Edited February 5, 2014 by riclag

[jcgodber]

I too have a Wells Fargo PMA account and am set up for Repetitive wire transfers. If you have a Well Fargo PMA account you are allowed to make offshore ATM withdrawals 3 times a month WITH NO charge except for the unavoidable Thai ATM 150 baht charge. For me to make a repetitive wire transfer the Charge is about $40.00

That means that I can get 20,000 3 times a month (60,000 baht) for a total of 450 baht or about $15.00

I have tried just about every way you can imagine to transfer money cheaper if you find a better way please let me know.

Yes I also have transfered money from Wells Fargo to my Bank of Bangkok account BUT there are 3 charges the first from Wells Fargo then again at Bank of Bangkok in N.Y. and YET again here in Thailand.

NOPE not the way to go. Good luck

[jasonsamui55]

is it better to send the usd to the thai banks and let the thai banks convert upon receipt, or is it better to let the foreign banks convert to thb before sending and then make sure that the amount received is exactly what you would expect? is the same true for eur and gbp and others too?

[Pib]

DO NOT allow the foreign sending bank to convert to baht before sending as you'll get an exchange rate several percent below the Thai bank TT Buying Rate given for incoming international transfers. Baht is not a major world currency and basically not used outside Thailand therefore foreign banks give a lower exchange rate for baht.

[sfokevin]

I applied a few days ago for the sms from BKK Bank in Thailand. They have instructions in English ..It was very easy.I also agree with the New York branch of BkkB ACH transfer ..if your transfer Less then $2,999.00 from BkkB the New York office charges $5.00 and the Thai BkkB has a minimum of 200bht.

Are you sure about the 2,990?... The BKK Bank site shows a cutoff of 2k for the $5 fee?...

[Pib]

Yes, riclag was in error. At $2000.01 (one penny above $2,000) it goes from $5 to $10. So if a person is routinely sending some amount "real close/a hair above" $2,000 they can save $5 in transfer fees by limiting the transfer to $2,000 (if possible) and not a penny more.

[Langsuan Man]

And don't believe the under $50 is free, you will still get hit with the .025% (min 200 THB, max 500 THB) universal Thai foreign exchange fee

Learned this lesson the hard way when I wanted to see if a test transfer would work

[Pib]

Yeap, you'll still get hit with the 0.25% (Bt200 min, Bt500 max) fee at your "in-Thailand" Bangkok Bank receiving bank (or any Thai bank in the approx same amount). It's called their receiving/conversion fee and it applies whether the funds arrive in foreign currency or already converted to baht. That fee is in addition to any fee the Bangkok Bank NY branch sliced off as the funds flowed through them on the way to your in-Thailand branch. And neither of these fees will be reflected on your Bangkok Bank account/passbook because they are applied "before" posting to your account.

This fools a lot of people into thinking no fees were applied by Bangkok Bank and also makes a person scratch his head when he can't get his exchange rate math to match the exchange rate on the Bangkok Bank exchange rate webpage....that's because he's not taking into account the fees.

Preaching to the choir for many I know, but some still don't know.