Best way to transfer money? Western union or bank wire?

[jackvale]

Best way to transfer money? Western union or bank wire? Thank you.

[wooloomooloo]

Is it urgent or can the recipient wait a week?

[StefanBBK]

Bank wire is here within a day from Deutsche Bank to Kasikorn.

Sent from my GT-I9500 using Thaivisa Connect Thailand mobile app

[jackvale]

Bank wire is here within a day from Deutsche Bank to Kasikorn.

Sent from my GT-I9500 using Thaivisa Connect Thailand mobile app

In Baht, how much do you usually lose in the exchange/fees? Thank you.

[Upnotover]

Incoming SWIFT transfers to Kasikorn cost me a total of 0.6-0.7% on €4500 (comparing published TT rate against actual amount received).

[jackvale]

Incoming SWIFT transfers to Kasikorn cost me a total of 0.6-0.7% on €4500 (comparing published TT rate against actual amount received).

How does PayPal compare to the other options? Thank you.

[wooloomooloo]

Like I said, do you want to wait a week.

I use PayPal to make small monthly transfers to Thailand. It usually takes five working days to arrive in recipient's bank account and the f/x is lower than Bangkok Bank rate but still favourable for the convenience.

It suits me as the fee is very low and I'm not transferring a large amount.

Wouldn't touch Western Union unless I required to transfer instant available funds. Too expensive and very harsh f/x.

[Gonsalviz]

Costs me $25 formy bank to send USD (any amount) to Kasikorn. Kasikorn charges me 500 Baht to convert it and put in my account overnight. I call in the evening and it arrives the in the morning when I wake up.

You won't get quite the exchange rate of Rich or some other place but it is their published rates.

In my experience, Western Union is much more than that.

[tcris52]

I agree with using PayPal if you can afford to wait the 5 or so business days. The only problem I found with PayPal on my Thai bank was that I had to have a Thai credit card for verification.

Sent from my iPad using Thaivisa Connect Thailand mobile app

[Suradit69]

From the US I do a domestic transfer from my US bank to the Bangkok Bank branch in New York (using the Bangkok Bank account number I have at my Pattaya branch). Takes a couple of days to reach my account here. $10 charge in the US and usually Baht 200 locally. I get an SMS message from Bangkok Bank when the deposit here is made, showing the rate used & the bank charges and the money is immediately available.

Always transfer in foreign denominated currency and let the Thai bank do the conversion. Rates are better than PayPal or most other options and, depending on your foreign bank and Thai bank, almost certainly cheaper than using Western Union.

If you need to demonstrate to Immigrations that you are getting money from outside of Thailand, a bank transfer to your Thai bank account will provide the type of proof they will want to see in your bank book and, if needed, via a letter from your bank manager.

It would probably have been helpful in the O/P if you had explained whether you were transferring money into or out of Thailand and to/from what country.

Edited June 18, 2014 by Suradit69

[newcomer01]

Telegraphic transfer. TT is normally the best. Obviously need a Thai bank account. From Australia it cost's me AUD 20.

Need swift code for bank here. Also I need the transfer bank swift code the Thai bank deals with in Australia.

Send money in base currency, not Thai Baht.

All done on the Internet within 1-2 working days.

Xchange rate is always close to that shown by the bank website FT rate.

[chingching]

Bitcoin. No FX lost.

Buy bitcoin from your foreign bank, transaction fee is usually 1%

Withdraw bitcoin to your Thai bank . Again transaction fee is usually 1%

[JRinPDX]

For small amounts, Moneygram is cheaper than Western Union. For larger amounts, wire transfer is best. If sending from the US, I've found that sending in $ is better. If you send in ThB, wires take days longer and cost more as they route through a correspondent bank to do the exchange. I've also found it convenient to open an account in my country and just leave an extra ATM card w/MIL or sister.

[Xmas]

Try OZforex

Usually better rate than the banks. Get a quote at the time to compare.

Under $10,000.0 Aus. Dollars they charge a flat fee of $15.00 - free over $10k.

found them to give 0.5 Baht better rate per dollar on average than the Thai Bank.

[jobin]

I use Schwab USA brokerage account direct to foreign bank. Flat fee USD 25, very good for big money. One or 2 days. Takes a bit of set up.

[1FinickyOne]

I have found that Kasikorn is best also - overnight as others have stated whereas Bkk Bank took 5 days for no reason that they would tell me.

I used Western Union for a small amount many years ago and they took an enormous % via giving a small price for the wire and skimming a huge amt off the exchange rate… but that was years ago. I have heard htey straightened it out somewhat...

[lahgon29]

Try OZforex

Usually better rate than the banks. Get a quote at the time to compare.

Under $10,000.0 Aus. Dollars they charge a flat fee of $15.00 - free over $10k.

found them to give 0.5 Baht better rate per dollar on average than the Thai Bank.

At least 0.5 Baht. Always a better rate than any bank in Oz by far. I've been using them for 2 years..Not a hitch, and VERY secure. Have to have nominated bank account at this end [Thailand].

[bangkapi]

It depends on the amount and what you want to use the money for.

[SheungWan]

I used WU some years ago and although it was relatively expensive it was easy and convenient to set up for small amounts of cash.

[Toscano]

I send my money TT from Britain to Kasikorn Bank . I always send in British pounds Sterling , because the exchange rate here is infinitely better .

I send on a Friday and it is in my account on the next Tuesday . I check exchange rates on Bangkok Post , I don't really know whether Kasikorn Bank charges me , but I seem to receive the current exchange rate .

[praglen]

I sent up to $3,000 from the U.S. to the Philippines for $5.95. I would never send money by Western Union. Ever. I googled money transfer methods and got a ton of choices. Years ago, I used Xoom, but found Moneygram(and others) much cheaper and just as fast. Plus MOneygram has offices(counters) in every major shopping center in the Philippines. Moneyh is available to the recipient in one hour. Check out the agencies on the Internet!

Here in Thailand, TMB bank has rates around 500baht abroad, depending on the amount, but as others have said, it often depends on the countries involved at both ends.

[Tony125]

Sending up to $500 by Moneygram to Thailand from USA is $9.95, funds availably immediately at any Moneygram location in Thailand. Western Union much more expensive. For large amounts $5,000---$10,000 most US banks will charge $25---$35 flat fee and some will transfer fro fre depending on your account and balance.

[stephen terry]

I have found that Kasikorn is best also - overnight as others have stated whereas Bkk Bank took 5 days for no reason that they would tell me.

I used Western Union for a small amount many years ago and they took an enormous % via giving a small price for the wire and skimming a huge amt off the exchange rate… but that was years ago. I have heard htey straightened it out somewhat...

I've had no trouble using BKK Bank. Next day delivery from UK but not on a holiday date in either country or at weekends. So that could explain the delay.

I transfer from my Uk a/c in sterling to BKK London who send the sterling amount to Bkk bangkok who convert to baht using the TT rate (which is very competitive). Don't exchange sterling to baht in London. I get charged 20 quid in uk and maximum of 500 baht in Thailand. if you open a currency a/c here, the rate is slightly better than the TT rate when you convert to baht. And I get an SMS when it is credited to my account. it's all on their website and easy to follow. I'm sure Kasikorn offers much the same deal.

[SwimmingPoolsThailand]

We use a variety of payment and transfer methods.

Our customers can pay in Thailand by their PayPal account if it is registered in Thailand by using the PayPal API on our online store.

Our customers can pay in Thailand by their credit debit cards if they are drawn on a Thai bank by using the PayPal API on our online store.

Our customers can pay in Thailand by ATM if their credit /debit / ATM cards are drawn on a Thai bank.

Customers not having Thai based PayPal accounts or Thai credit/debit cards can pay from anywhere by PayPal invoice, or SWIFT transfer.

We pay our Thai suppliers by direct iBanking from our Thai banks.

We pay our foreign suppliers by credit card, PayPal or SWIFT transfer, whichever they prefer.

We and our customers and suppliers are satisfied with all the options.

We do not use independent money wire services such as, for example, Western Union.

[sandrabbit]

the best rates are normally with fx companies, from the UK I use hifx.co.uk. I have had an account with them for a number of years and there is a fee if you send below £3k but no fee above that. surprised that bkk bank is slow as it's the clearing bank, I have a kasikorn account and it usually takes 3 to 4 days for the money to reach me using hifx.

[rammis35]

I use Western Union's new phone app. I sent 20,000 baht and it cost $15 USD using my debit card and it is there within minutes. If I connect the app with my bank account then the transfer fee would only be $5 USD but it would take 3 days. Of course there is the exchange rate but I'm not sure what the difference is compared to a bank transfer.

Edited June 18, 2014 by rammis35

[Pib]

I use Western Union's new phone app. I sent 20,000 baht and it cost $15 USD using my debit card and it is there within minutes. If I connect the app with my bank account then the transfer fee would only be $5 USD but it would take 3 days. Of course there is the exchange rate but I'm not sure what the difference is compared to a bank transfer.

What was the charge to your bank account/credit or debit card to fund that Bt20K?

And I sure hope this is not the Western Union Exchange Rate you got...less that 28.5/USD compared to the bank transfer TT Buying Rate of around 32.5/USD. May TV posters had said the WU exchange rate sucks.

http://www.travelex.com/US/For-Individuals/Western-Union/

Edited June 18, 2014 by Pib

[Oxpilot]

From the US I do a domestic transfer from my US bank to the Bangkok Bank branch in New York (using the Bangkok Bank account number I have at my Pattaya branch). Takes a couple of days to reach my account here. $10 charge in the US and usually Baht 200 locally. I get an SMS message from Bangkok Bank when the deposit here is made, showing the rate used & the bank charges and the money is immediately available.

Always transfer in foreign denominated currency and let the Thai bank do the conversion. Rates are better than PayPal or most other options and, depending on your foreign bank and Thai bank, almost certainly cheaper than using Western Union.

If you need to demonstrate to Immigrations that you are getting money from outside of Thailand, a bank transfer to your Thai bank account will provide the type of proof they will want to see in your bank book and, if needed, via a letter from your bank manager.

It would probably have been helpful in the O/P if you had explained whether you were transferring money into or out of Thailand and to/from what country.

What is the routing from your US account to the NY branch of Bangkok Bank?

[Pib]

From the US I do a domestic transfer from my US bank to the Bangkok Bank branch in New York (using the Bangkok Bank account number I have at my Pattaya branch). Takes a couple of days to reach my account here. $10 charge in the US and usually Baht 200 locally. I get an SMS message from Bangkok Bank when the deposit here is made, showing the rate used & the bank charges and the money is immediately available.

Always transfer in foreign denominated currency and let the Thai bank do the conversion. Rates are better than PayPal or most other options and, depending on your foreign bank and Thai bank, almost certainly cheaper than using Western Union.

If you need to demonstrate to Immigrations that you are getting money from outside of Thailand, a bank transfer to your Thai bank account will provide the type of proof they will want to see in your bank book and, if needed, via a letter from your bank manager.

It would probably have been helpful in the O/P if you had explained whether you were transferring money into or out of Thailand and to/from what country.

What is the routing from your US account to the NY branch of Bangkok Bank?

Using the ACH transfer method, a transfer from your U.S. bank to Bangkok Bank is treated as domestic transfer. You simply use the Bangkok Bank New York ACH routing number and your in-Thailand Bangkok Bank savings account number. Don't try to complicate it...it's just that easy...just like setting up an ACH transfer link to any U.S. bank. See that Bangkok Bank webpage for more info. Link

[rammis35]

I use Western Union's new phone app. I sent 20,000 baht and it cost $15 USD using my debit card and it is there within minutes. If I connect the app with my bank account then the transfer fee would only be $5 USD but it would take 3 days. Of course there is the exchange rate but I'm not sure what the difference is compared to a bank transfer.

What was the charge to your bank account/credit or debit card to fund that Bt20k?

I know that WU had an exchange rate of 1 USD = 31.4607 Baht that day, but I don't know what the exchange rates are at the banks to compare it to.

So minus the transfer fee the bank was charged $635.71 for the Bt20k and a total of $650.71.

Billing Summary:

Transfer Amount:

635.71 USD

Transfer Fees:

+ 15.00 USD

Promotion Discount:

- 0.00 USD

Total:

650.71 USD

Transfer Summary:

Exchange Rate:

1 USD = 31.4607 THB

Transfer Amount:

19999.89 THB

Total to Receiver:

19999.89 THB

Edited June 18, 2014 by rammis35