Wiring money into thailand vs ATM withdrawals

[hiddencamper]

Scenario 1: wire 2,000 dollars to thailand bangkok bank or any other thai bank. (if so which bank gives you the best exchange rate when you wire from overseas?)

vs

Scenario 2: withdraw from ATM like citibank silom that dont charge atm fees (using a visa usa bank debit card). And do several withdrawals that is equivalent to 2,000 usa dollars.

Which one has a better exchange rate? This has been troubling me as I cant seem to find what is best method to transfer and what bank. Reason is I am trying to buy a property and wish to wire over around 100,000 us dollars. And so finding the best rate to do this is important. Of course I cant withdraw from atm here this amount but at least i can go into the bank and withdraw physically from the bank at the atm visa exchange rates. Please help TV community, thanks again...

[wym]

Insane to even consider doing large sums like this via ATM.

Large amounts like this you can negotiate to get a better rate.

PS big spender, hope your teerak appreciates the gift

Edited February 12, 2014 by wym

[ukrules]

To buy a property I believe you'll find you need a Foreign Exchange Transaction certificate from the bank certifying the money arrived from an account abroad before it can be registered in your name. To get this you need to wire it into the account from a foreign bank.

So there really is no choice unless you're not buying the property in your own name for one reason or another.

[96tehtarp]

Hands down the best option is to wire by SWIFT and send dollars not baht to your Thai bank account. Let your Thai bank do the currency exchange for you. The rate you will get is listed as t/t on your Thai bank's exchange rate board. The settlement date is 3 business banking days from your sending date. That excludes bank holidays in both countries. Avoid settlement on weekends or holidays in either country. The exchange rate you get will be the one on the settlement date.

The fees for sending your wire transfer will vary quite a bit from bank to bank and that's something you need to look into.

When sending a wire there are usually three options given to you for fees. (1.) The receiving bank pays all the fees. (2.) The sending bank pays all the fees. (3.) The sending bank pays the sending fees, and the receiving bank pays the receiving fees.

Make sure to choose option #3, the last one.

Typically my sending fees, from Europe average about 300 baht, and the receiving fees for a couple of Thai banks I use are about 500 baht. The Thai banks I use hide their receiving fees in the total amount. It's never shown. If you ask your Thai bank for a detailed breakdown you will see it's in there.These fees are per transaction.

I never use ATM for foreign exchange unless it's an emergency. I've heard that AEON don't charge the 150 foreign transaction fee which is common here in Thailand. However YMMV.

Edited February 13, 2014 by 96tehtarp

[hiddencamper]

Yes I'm aware if this, I was wondering if I wire in, which bank gives the best exchange rate you think? I've noticed certain banks rates were alot better than others... Do you guys know of any that is known to have best rates when wiring USA dollars into Thai bank? (Bangkok bank ?)

Sent from my iPhone using Thaivisa Connect Thailand

[96tehtarp]

Yes I'm aware if this, I was wondering if I wire in, which bank gives the best exchange rate you think? I've noticed certain banks rates were alot better than others... Do you guys know of any that is known to have best rates when wiring USA dollars into Thai bank? (Bangkok bank ?)

Sorry I don't know. I have noticed at the airport there is quite a big difference for cash rates between banks, however the main rate I believe is set by the Bank of Thailand. I could be wrong though. I've never noticed much difference between t/t rates for the big Thai Banks. BB, SCB, KTB, Kasikorn etc.

Another factor to consider is correspondent banking. If your state-side bank does not have a NOSTRO account with the Thai bank you are sending to then they will send to one of their correspondent banks. This can cause delays beyond the 3 days and possibly hurt your exchange rate. I suggest you ask you state-side bank which banks in Thailand they correspond directly with.

Good luck.

[steven100]

Go and check out the exchange rate for yourself.

Sent from my TR736 using Thaivisa Connect Thailand mobile app

[CharlieH]

Send it to Bangkok Bank NEW YORK they pass it through to Bangkok Bank Thailand, better rate and safest route.

[hiddencamper]

Best hard cash conversion is vasu, where spread is only 12 pips. Buy sell 100 dollar bill goes 32.80 by 32.92. When the fx spot currency is trading at 32.86 last quote. Vasu is near nana bts.

Now regarding wires... When I wired same day to Bangkok bank vs kasikorn bank the difference was quite big, came in at 32.50 in one and 32.64 on the other. That's why in this specific example when wiring using SWIFT I want be as close to the spot price of 32.86. That's why I'm trying to ask which bank is known to have tightest bid offer on the exchange rate.

Sent from my iPhone using Thaivisa Connect Thailand

[Naam]

Yes I'm aware if this, I was wondering if I wire in, which bank gives the best exchange rate you think? I've noticed certain banks rates were alot better than others... Do you guys know of any that is known to have best rates when wiring USA dollars into Thai bank? (Bangkok bank ?)

Sent from my iPhone using Thaivisa Connect Thailand

even for amounts of $100k the difference between the five "best" banks is only marginal. take a look at

http://bankexchangerates.daytodaydata.net/default.aspx

[hiddencamper]

You're right guess just always interested finding what's best method. Lol or I even looked at some banks that let you withdraw USA cash after the wire in. Then that's the best , then take cash to vasu get the super tight spread... Lol

But haven't found one yet that didnt charge something outrageous.

Thanks for your helps guys.

Sent from my iPhone using Thaivisa Connect Thailand

[Naam]

You're right guess just always interested finding what's best method. Lol or I even looked at some banks that let you withdraw USA cash after the wire in. Then that's the best , then take cash to vasu get the super tight spread... Lol

But haven't found one yet that didnt charge something outrageous.

Thanks for your helps guys.

Sent from my iPhone using Thaivisa Connect Thailand

you can't use ATM withdrawals anyway. to buy property you need a certain document from a bank confirming that you transferred money from abroad.

[sean420]

Bring as much cash as you can and put in Thai bank account.I had trouble with wire money to my bank account so I brought 10,000 dollars cash.now I spent that and need to use atm.it cost me 18 American dollars each time with all the fees.there is a atm fee here and international fee and a transfer fee.so I'm here for 6 months and it cost me 10,000 baht in atm fees.

[KhunBENQ]

I never use ATM for foreign exchange unless it's an emergency. I've heard that AEON don't charge the 150 foreign transaction fee which is common here in Thailand. However YMMV.

Was true until 3 days ago.

Now gone, 150 or 180 Baht resp.

Two threads running in TV about it.

For small sums (which 2000 USD would be in my opinion) the AEON ATM gave the best result compared to all other methods.

And to annoy people even more, they reduced the maximum amount per transaction to 20000 Baht (before 40000 up to 100000 depending on the machine).

So 0,75% gone (which is still better than wire transfer for amounts in the 4 digit range).

Krunsgri and CIMB offer 30000 Baht per transaction.

2000 USD would be done in three withdrawls. not a "big amount".

100000 USD: different story, wire transfer only!

Edited February 13, 2014 by KhunBENQ

[Psychic]

I use CanadianForex an online wire transfer company. I believe it is an Australian company originally (OzForex). They've been very good. For the amount of money you're considering there would be no transaction fee and likely very close to the best available rate anywhere. I believe they operate from Canada, UK, NZ and Australia. It sounds like you might be from the US so I don't know if this helps you but there may be other online dealers.

Here's their Canadian site:

Www.canadianforex.ca

[TallGuyJohninBKK]

Re the OP's question, the Thai banks each set their own wire transfer exchange rates individually, and often change those several times per day. Among the main biggest banks, there doesn't seem to be any consistent leader in terms of best exchange rates.

But, I know, reps from BKK Bank have, here in the past, said that their bank is willing to negotiate the exchange rate for large single foreign transfers such as those used for property purchases. So you might pursue that with BKK Bank, and see if any of the other larger Thai banks are willing to do the same.

However, when I've looked in the past over periods of days, BKK Bank usually was in the middle of the pack, not at the top. There are a variety of sites that show the Thai banks daily exchange rates. Pick a couple of banks you think you'd be willing to do your business with, and track their foreign exchange rates for a week, and see what results in terms of any trends.

[Dannyboy6]

Hands down the best option is to wire by SWIFT and send dollars not baht to your Thai bank account. Let your Thai bank do the currency exchange for you. The rate you will get is listed as t/t on your Thai bank's exchange rate board. The settlement date is 3 business banking days from your sending date. That excludes bank holidays in both countries. Avoid settlement on weekends or holidays in either country. The exchange rate you get will be the one on the settlement date.

The fees for sending your wire transfer will vary quite a bit from bank to bank and that's something you need to look into.

When sending a wire there are usually three options given to you for fees. (1.) The receiving bank pays all the fees. (2.) The sending bank pays all the fees. (3.) The sending bank pays the sending fees, and the receiving bank pays the receiving fees.

Make sure to choose option #3, the last one.

Typically my sending fees, from Europe average about 300 baht, and the receiving fees for a couple of Thai banks I use are about 500 baht. The Thai banks I use hide their receiving fees in the total amount. It's never shown. If you ask your Thai bank for a detailed breakdown you will see it's in there.These fees are per transaction.

I never use ATM for foreign exchange unless it's an emergency. I've heard that AEON don't charge the 150 foreign transaction fee which is common here in Thailand. However YMMV.

. Aeon is charging 150 baht , Now

[MyFriend You]

Yes I'm aware if this, I was wondering if I wire in, which bank gives the best exchange rate you think? I've noticed certain banks rates were alot better than others... Do you guys know of any that is known to have best rates when wiring USA dollars into Thai bank? (Bangkok bank ?)

Sent from my iPhone using Thaivisa Connect Thailand

I have had an SCB account since 2000, transfer money in all the time, never a problem

[elgordo38]

Set up a foreign currency account here at your bank to start. You have to deposit about a $1,000 to open. From Canada my bank will wire $20,000 on up for $30. It goes directly into your foreign bank account here and you can convert when the exchange rate is favorable or as the above post stated go into the bank and talk to the manager about a better rate. The person at the desk will say no no special deals and even at the manager level you may get the same answer as they may try to discourage you or do not want to commit themselves. It may be best to phone the bank head office and speak to an official there about a better rate or go to the head office or largest branch of the bank you deal with. They have more knowledge and authority.

[Doc46]

Via SWIFT a couple month's ago my NAB in AU charged $22 AU per transaction to transfer AU dollars to My account at Bangkok Bank in Thailand;;;Bangkok Bank charged me $30 AU ;;฿900 per transaction .For me that's a lot so I do this 1 or 2 times a year when exchange rate looks fairly ok .

[BlueSkyCowboy]

Yes I'm aware if this, I was wondering if I wire in, which bank gives the best exchange rate you think? I've noticed certain banks rates were alot better than others... Do you guys know of any that is known to have best rates when wiring USA dollars into Thai bank? (Bangkok bank ?)

Sent from my iPhone using Thaivisa Connect Thailand

I have had an SCB account since 2000, transfer money in all the time, never a problem

It is not about problems, it is about rate. Bangkokbank and Kasikorn have dollar accounts and you can change when u feel lucky, but I believe they charge a hefty exchange rate of about 2%

[bangkapi]

If transferring from USA:

Here

[Jonmarleesco]

You need $100,000 but are planning $2,000 at a time? Via the ATM, I can understand that, if only because of the daily/fiscal limits, but why $2,000 at a time by TT? In either event, you not only have the FX rates to consider but the add-on fees. You say Citibank don't charge ATM fees but the banks aren't - and never will be - charities. There will be incidental fees, at the very least, on the US side.

Assuming you instructed the US bank to make the transfer in USD, leaving the Thai bank to convert to THB, the rate would be better by TT, simply because ATMs use tourist rates, whilst the TT rates are a business rate and more favourable to you. That said, TT would undoubtedly incur additional, usurious and often hidden charges, courtesy of the correspondent bank system. Rates you can find online, and BAY are always competitive.

[gdringjr]

I assume the OP is moving money from a U.S. bank as he asks about dollars to baht.

A few months ago I opened an online U.S. Fidelity Cash Management Account which is linked to a Fidelity Investment Account. The cash management account is a checking account with no minimum balance and zero fees for almost everything including ATM withdrawals anywhere in the world. Fidelity provides a Visa Debit card which can be used in any ATM with no fee. Not only do they not charge ATM fees but they reimburse you (within one day) of any fees that were charged by the bank which owns the ATM. No minimum balance needed and you don't need to use the linked investment account.

I'll be closing my fee-heavy Bank of America account (which I have had for twenty years) in a few weeks.

Schwab has a similar checking account with zero fees and reimbursements for ALL ATM transaction fees. Schwab reimburses all other banks fees at the end of each month instead of the same day as the transaction.

Neither Fidelity nor Schwab have brick and mortar banks so everything is online including opening the accounts. If you open an account from a non-US IP address that will trigger fraud alarms and you will probably have to go into a Fidelity or Schwab investment office to verify your identity.

Look here for a list of U.S. banks that refund ALL ATM fees: http://consumerist.com/2008/12/22/49-banks-that-refund-all-atm-fees/

Edited February 13, 2014 by gdringjr

[sometimewoodworker]

Best hard cash conversion is vasu, where spread is only 12 pips. Buy sell 100 dollar bill goes 32.80 by 32.92. When the fx spot currency is trading at 32.86 last quote. Vasu is near nana bts.

Vasu is often not as good as SuperRich, and their rates if the same usually lag those of SuperRich by an hour or more.

http://superrichthailand.com/editor/rate.html

[FalangBaa]

Don't buy property in Thailand, only ever rent it. You'll be glad you did in the long term. You have the flexibility of being able to leave at any time and go elsewhere in the country, or leave the country if the relationship with your Thai partner ends, as is often the case, plus to be honest property is not a strong investment in Thailand. The property market here is structured such that rental rates are often quite low and in some cases you could rent a house/apartment for 15-30 years for less money than it would cost you to buy it. Renting is definitely the way to go!

[55Jay]

First meet with the Thai bank and tell them you want to bring in a large amount. You may be able to strike a deal slightly better than their publicly advertised TT rate. FOREX for USD is favorable right now, unlike last year around this time.

If you don't plan to act with the money right away once it's here, stick it in a fixed or instant access account and scrape some interest off it while you're waiting to make your move. Ensure the holding account doesn't have ATM access.

[donmuang37]

When my wife bought our house in 2002, I transferred about $125,000 to SCB from Citibank. Citi charged $30 per transfer - used 3 or 4 transfers just in case of a problem I wouldn't lose the whole about. But never had a problem and didn't need any form from the bank at that time. Gave the $ to my wife and then had to sign a form at the land office that it was her money and I had no claim on it or the house. Subsequently transferred money to K-Bank to buy cars. Also no problems, but K-Bank post the xfers more quickly than SCB.

By the way, I got a 30-year, prepaid lease for the house from my wife just in case something happened to her. That way, I can live there until my lease expires at age 95 - but I'll expire first! Must be logged on the chanote at the land office or the lease is only valid for 3 years.

Cars are in my name to avoid questions if I am driving alone. When I kick the bucket, the lease is voided and the cars go to her.

Good luck

[TallGuyJohninBKK]

I assume the OP is moving money from a U.S. bank as he asks about dollars to baht.

A few months ago I opened an online U.S. Fidelity Cash Management Account which is linked to a Fidelity Investment Account. The cash management account is a checking account with no minimum balance and zero fees for almost everything including ATM withdrawals anywhere in the world. Fidelity provides a Visa Debit card which can be used in any ATM with no fee. Not only do they not charge ATM fees but they reimburse you (within one day) of any fees that were charged by the bank which owns the ATM. No minimum balance needed and you don't need to use the linked investment account.

I'll be closing my fee-heavy Bank of America account (which I have had for twenty years) in a few weeks.

Schwab has a similar checking account with zero fees and reimbursements for ALL ATM transaction fees. Schwab reimburses all other banks fees at the end of each month instead of the same day as the transaction.

Neither Fidelity nor Schwab have brick and mortar banks so everything is online including opening the accounts. If you open an account from a non-US IP address that will trigger fraud alarms and you will probably have to go into a Fidelity or Schwab investment office to verify your identity.

Look here for a list of U.S. banks that refund ALL ATM fees: http://consumerist.com/2008/12/22/49-banks-that-refund-all-atm-fees/

That's good general information. But unfortunately, it's not going to help someone from the U.S. who wants to bring/move $100,000 U.S. to Thailand for the purpose of buying property, since a property buyer needs the proper paperwork/Thai legal forms from a bank international transfer, and ATM transactions aren't going to provide that, even if someone wanted to do MANY MANY MANY ATM withdrawals.

Also, AFAIK, the Fidelity debit card does have NO foreign currency fee for foreign ATM withdrawals, but members here have reported that it DOES have a 1% foreign currency fee on purchases made outside the U.S.

[TallGuyJohninBKK]

By the way, I got a 30-year, prepaid lease for the house from my wife just in case something happened to her. That way, I can live there until my lease expires at age 95 - but I'll expire first! Must be logged on the chanote at the land office or the lease is only valid for 3 years.

You do know... under Thai law... a husband and wife can individually, unilaterally (meaning just one person) cancel any legal agreement made between the two of them during the time of their marriage or up to one year after the termination of a marriage.

So, those kinds of deals do protect against potentially greedy Thai family members in the event of a Thai wife's premature death. But they don't protect the farang husband in the event the wife changes her mind or decides to look elsewhere for a mate.