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

[awayego]

I've used HiFX many times to transfer GBP from UK to THB in Thailand. If GBP3,000 or over - free of charge, other than F/Ex differential which is a whole lot better than RBS previously. Only a few working days to transfer and you can also ask them to transfer when the rate is at or above a stated amount.

Great service.

https://www.hifxonline.co.nz

[hawker9000]

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.

I use Fidelity - no fees at all; just the spread on the exchange by Kasikorn. Usually arrives overnight (weekdays; just a matter of waiting for banking hours in Thailand). Definitely took some set up effort.

[Kondiao]

I am surprised that no one has mentioned the simplest means of transferring money. Have a Chase account in the U.S. and ana ccount with Bangkoki Bank. Years ago I set up B.B. as an external account with Chase. I had to go through their idiotic proceedures to have 2 trivial amounts transferred in to the B.B. and then go to the bank and ask what amount these were, in U.S. dollars. Then I entered these amounts on the Chase online form. Done.

Afterwards you can transfer any amount anytime, at no fee, from your Chase account to your Thai account. This worked for me for years. Then i made a mistake: I tried to make a transfer of money out of the B.B. account to the U.S. bank - and the system froze up. The B.B people told me my offense was to try to send Thai money out of the country - so the connection between the two banks was broken. When I tried to repair the damage with Chase bank they went Oriental on me and claimed i had never had any such connecion between the two banks.

Now I am again setting up this connection. So far Chase has told me they have already sent the two deposits - and I should go find out the exact amounts, in U.S. money -- and B.B. is denying this has happened. Fortunately, not being an Oriental, i am able to focus on the issue and not worry about LOSING FACE. So I will go to another branch and with patience and persistence, make it work.

You can do this. You can transfer all the money you want, when you want, from your home, on your own computer - with no fees. it is some trouble to set up but not that bad.

Edited June 18, 2014 by Kondiao

[BORRISGOODENUF]

It takes a week but if you are looking for a less expensive way of transfering funds try pay pal. There are other similar methods. I suggest some research.

[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?

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

Now just go to any Thai bank website to review their currency exchange TT Buying Rate (used for incoming funds) for the day you did the WU transfer and you can figure out how much lower the WU rate was in comparison to Thai banks.

Sent from my Samsung S4

[HerbalEd]

Transferring US dollars from my Morgan Stanley acct. (with no fee) to my Bangkok Bank acct. (with no fee) usually takes 12 to 24 hours, and the dollars-to-baht exchange rate is better than at BKK Bank's exchange counter. I am very happy with this arrangement, although once the money took five days because of some idiot at BKK Bank not doing his job.

[marquis22]

I use Ozforex from Australia to Thailand, competitive rate of exchange and money sent in THB.

Fee $15

[Pib]

Transferring US dollars from my Morgan Stanley acct. (with no fee) to my Bangkok Bank acct. (with no fee) usually takes 12 to 24 hours, and the dollars-to-baht exchange rate is better than at BKK Bank's exchange counter. I am very happy with this arrangement, although once the money took five days because of some idiot at BKK Bank not doing his job.

Doubtful for a couple of reasons.

First, Bangkok Bank (as well as other Thai banks) apply a currency receipt/conversion fee of 0.25% (Bt200 min, Bt500 max) for incoming funds...and some Thai bank like SCB charge 0.25% (Bt300 min, Bt500 max). This fee applies whether the funds arrive in foriegn currency or already converted to baht, and is applied "prior" to posting to your Thai bank account. Since it applied "prior" to posting and is also not reflect on your Thai bank account statement/passbook a person can be fooled into thinking no fee was applied. Since the fee is applied on the Receiving end by another bank, it definitely won't be reflected on your Morgan Stanley account either. Here's a cut and paste from the Bangkok Bank regarding the fee:

Second, I can't remember reading any TV post where a person was able to prove the exchange rate they got by letting their home country bank/financial company convert to baht before sending beat the Thai bank TT Buying Rate used for incoming transfers. Usually, the home country bank/financial company rate was 1 to 3% lower than the TT Buying Rate which is effectively a hidden fee....banks usually love it when you allow them to convert the funds as it makes them a nice little profit. Now where you say "....at BKK Bank's exchange counter" if you mean the rate giving for Notes, then that rate is around 0.75% lower than the TT Buying Rate. Maybe the Morgan Stanley rate does beat the Note rate a little...I don't know. But the great majority of posts on TV regarding allowing your home country bank/financial company to convert to baht are a "Don't Let Them Do It As You Get Burnt on the Exchange Rate" since Thai baht is not a widely used currency (pretty much only within Thailand) and therefore gets a significantly lower exchange rate outside of Thailand.

But I stand ready to corrected if maybe you can provide a Morgan Stanley webpage that shows their exchange rate and you can tell how your get around the Thai bank currency receiving fee.

[JacChang]

It takes a week but if you are looking for a less expensive way of transfering funds try pay pal. There are other similar methods. I suggest some research.

Exactly how "less expensive", please do educate me.

I've used most of the transfer types and PAYPAL IS THE WORST.

About 1/3 of the posts here are actually good advices. Can we stop with the no fees/low fees marketing scam already? As people who send money internationally, we should work together to actually give good real advices. We face 2 problems, which is time and costs. For most, it is the cost. What we should offer to our fellow TV members is the best cost effective methods to compare and consider.

I'll use paypal, as it's the number one to stay away from. They have usually a 2.5% conversion fee. They say that's it, no hidden costs. Next, let's look at their exchange rate, it's usually worst than the local banks by another 2%+. That is atleast 4.5% in fees right there. I transferred twice to 2 different countries, and ended up with 7-9% less than what I would have gotten.

Rammis, your 20,000 baht with 15USD as fee is already at 2.3% without considering the exchange rate spread.

Kbank's exchange rate spread stands at 0.386% from the interbank exchange rate aka "Best exchange rate".

Generally any transfers above 70,000THB would benefit from local banks TT transfer.

I do 300,000THB+ transfers, so my total costs is around 0.5-0.7% max.

Don't be fooled by numbers such as $5 transfer fee and so on. We talk percentages only. Numbers can hide fees and numbers don't tell us anything. Percentages correlate to the principal and tells us the whole story.

[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.

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

Use the routing # FED Routing No: 026008691

Direct the deposit to the Bangkok Bank account number that you use in Thailand and indicate your account name exactly as it appears on the account here.

Check with your US bank on charges. Usually a Telegraphic Transfer is cheaper or free for a domestic transfer, whereas a wire transfer is more expensive ... or however your bank defines the different methods.

If you signed up for Bangkok Bank SMS service they'll send you all the transfer information when it clears into your account. Because of the time difference between here and NY, if you instruct your US bank to make the transfer Monday morning Thai time, it'll probably clear into your account Wednesday or Thursday Thai time.

New York Branch

Mr. Thitipong Prasertsilp, VP & Branch Manager

29 Broadway, 19th Floor, New York

NY 10006

Business Hours: Mon-Fri (9:00 am to 5:00 pm)

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

SWIFT: BKKB US 33

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869

Edited June 18, 2014 by Suradit69

[Balance]

PayPal is 2 days to the states and is the least expensive.

[CMSteve]

I'm still rooting for www.IntExpatFX.com to take off. If more people start to use it, it will quick and free...

[smudger1951]

As thai ladies spend all the money they have in their hand I send smaller weekly amounts using Western Union (cash in minutes). The other option for large sums and a better rate is to use an fx company to put in a bank account. The receiving thai bank charges 500 baht normally.

[chingching]

I think the only thing you can be sure of, is the banks aren't losing money. How about everyone on Tuesday June 24, at 12 noon, transfer $500 usd to Thailand ( bank or otherwise). And we can compare how much baht you actually received, and how long it took you to get it.

[weescotsguy66]

I find http://www.currencysolutions.co.uk/converter the best, although you have to shift 10K GBP to be transfer fee free.

[isawasnake]

It is all about super rich and carrying cash for me now.

[seb2015]

I find Paypal fees and FX rates all summed up to be much lower than all the bank fees who would apply on your wire

As opposed to someone said earlier you don't need a credit card, just your name in the TH bank account to exactly match the paypal wire beneficiary

Be careful though you cannot maintain a paypal account linked with banks from 2 different countries

Sent from my iPhone using Thaivisa Connect Thailand

[Suradit69]

PayPal is 2 days to the states and is the least expensive.

"...is the least expensive."

Depends on exchange rates, not just the visible charges.

I find Paypal fees and FX rates all summed up to be much lower than all the bank fees who would apply on your wire

As opposed to someone said earlier you don't need a credit card, just your name in the TH bank account to exactly match the paypal wire beneficiary

Be careful though you cannot maintain a paypal account linked with banks from 2 different countries

Sent from my iPhone using Thaivisa Connect Thailand

Probably depends on the amount you normally transfer. Transferring via Bangkok Bank in NY the charge is fixed not a percentage of the amount. It would be expensive for transfers of a few hundred dollars at a time, but for larger amounts their charge is negligible. Rate comparisons are debatable unless you happen to do exactly the same amount at exactly the same time using PayPal and BKK bank, but I've found Bangkok Bank rates to be what I would expect based on other quotes.

I use PayPal for other things and find them to be quite reliable, sometimes a pain the derriere and always expensive.

Edited June 18, 2014 by Suradit69

[sirchai]

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

Send it to my bank account.Please page me for account details.

[spidermike007]

Always avoid western union whenever possible. They are an antiquated business model, and their fees are insane. Sure, they are very profitable but at our expense. They are a silly and ridiculous company. Always gives me great pleasure to deny them any business.

[attento]

Are there any Peer to Peer money transfer services which include Baht yet ? This system has proved itself between other currencies.

[German Viking]

Hi Guys I'm the first time in this forum and read with interest all your comments.

A lot of you mention only Bank or WU fees, but not exchange rates.

Anyway I was fed up years ago to be cheated by this robber barons called: "Bank"

I had sent money from Germany by Postbank to Thailand Siam Commercial Bank and a lot of money was disappeared in the big black hole as usual.

I got angry and started to investigate, caused the Postbank offered very cheap money transfer fee all over the world. I has sent my girl to SCB to let confirm on a piece of paper how much fee they took. I had known also the Postbank fee, but there was a big gap between.

I gave this question via e-mail to Postbank to getting a proper answer where the missing money is disappeared.

After 2 days I got a call and they tried to explain, that they don't know, but maybe the Thai Bank is dishonest a lot of bla bla.

Ok I told them in short I have here the written statement from the Thai Bank and if you not willing to give me a written statement, then I will involve the Banken Aufsicht(german institution to control the banks).

Not surprisingly he changed his opinon in seconds and told me there is a german transfer bank between and this robber baron(Deutsche Bank)charged a lot(but this was not displayed).

I never have sent 1 cent with these robber barons again and now is Postbank 100% owned by Deutsche Bank.

First a lot you is not real Updated about WU.

With WU you having now different options the cheapest I did already a handfull days ago.

Via WU over a German bank account to any Thai Bank accout for example no fee with the following exchange rate also no fee from the Thai bank they having an internal agreement.

WU 1 € = 42,9049812 THB transfer time max. 2 bank days

but a much better deal is DKB an online Bank in Germany I have a VISA of this Bank no annual fee.

So with this Visa card I can take in Every ATM(with the VISA Sign) in this bloddy world money free of charge, but in the case the foreign bank will charge me then I keeping the bills and send this collection to DKB bank and they will give me the all they fees back.

They exchange the official Visa Rate

1 € = 43.907

Both rates are calculated on 500€ transfer from 19. June 2014

Anybody can show me a better rate!!???

[hawker9000]

There's been a law in effect in the U.S. since last October that requires the transferring institution in the U.S. to notify the client of ALL fees involved in a foreign funds transfer, including those charged by the receiving bank or institution in the destination country. If the transferring institution does not know what the fees being charged at the destination are, it must first find out and advise the client before it can execute the transaction. Serious penalties, theoretically at least, (for the transferring bank in the U.S.) for failure to do that).

That's the law. How well it works in practice I can't say. I don't think the spread on the actual foreign exchange is included in this required fees notification. With Kasikorn however, I've found it to be exactly equal to the current, published, K-bank buy rate on USD50-100 notes. Maybe you get a better rate on larger amounts.

[Pib]

There's been a law in effect in the U.S. since last October that requires the transferring institution in the U.S. to notify the client of ALL fees involved in a foreign funds transfer, including those charged by the receiving bank or institution in the destination country. If the transferring institution does not know what the fees being charged at the destination are, it must first find out and advise the client before it can execute the transaction. Serious penalties, theoretically at least, (for the transferring bank in the U.S.) for failure to do that).

That's the law. How well it works in practice I can't say. I don't think the spread on the actual foreign exchange is included in this required fees notification. With Kasikorn however, I've found it to be exactly equal to the current, published, K-bank buy rate on USD50-100 notes. Maybe you get a better rate on larger amounts.

Disclosure of the specific fees only applies to the Sending bank and its intermediary bank (if used). Regarding exchange rates and receiving banks fees, this disclosure is optional. I expect it was made optional because once the funds transfer leave your Sending bank or the intermediary/correspondent bank the Sending bank may use the Sending bank has lost visibility/has no control over fees/exchange rates. All the Sending bank needs to tell you is additional fees may apply and maybe give an "esimate" of the exchange rate since the Sending bank would not know the exchange rate used by a Receiving bank...the Sending bank would only know the exchange rate if they or their intermediary bank did the conversion. And from many ThaiVisa posts we know Sending banks all to often seem to be clueless about their intermediary bank fees/exchange rate....well, maybe they are not clueless but have just been instructed to play dumb on their intermediary bank fees.

See this webpage for more info but below is a cut and paste regarding the final rule required under the Dodd-Frank Protection Act

The Consumer Financial Protection Bureau mandates that DFA 1073 must be implemented by banks by October 28, 2013.

The rule finalizes changes made to the original rule, including:

• Remittance transfer providers must disclose certain fees, such as their own fees and those charged by an agent of the provider or intermediary institution.
• The requirement that providers disclose foreign taxes has been made optional.
• The requirement that providers disclose fees imposed by a recipient institution for receiving transfers into an account has been made optional, so long as the recipient institution is not the provider's agent.
• Providers must include, where applicable, a disclaimer that additional fees and taxes may apply.
• When funds are deposited into the wrong account because the sender provided an incorrect account number or routing number and certain other conditions are satisfied, the provider would be required to attempt to recover the funds but would not bear the cost of funds that cannot be recovered.

[German Viking]

We having in Europe a new regulation SEPA(34 States already) official starts august 2014 means any bank is not allowed to charge more fees into SEPA as they do for any inland transfers.

For me works already for about 1 year as long I use the IBAN and BIC code(no transfer fee).

In both countries I transfer I use a online Bank no fees and as long I use only Euros no Exchange at all.

This is a good idea for international Transfers too for sure all the bank will be soon forced to display all their fees in advance and also the exchange rates.

[jimreindeer]

The best...

https://www.skrill.com/en/?rid=20317595&gclid=CJDEhI7iiL8CFU8qjgodwVMAKA

My referral link:

https://account.skrill.com/signup?rid=1173497

Edited June 20, 2014 by jimreindeer

[German Viking]

The best...

https://www.skrill.com/en/?rid=20317595&gclid=CJDEhI7iiL8CFU8qjgodwVMAKA

My referral link:

https://account.skrill.com/signup?rid=1173497

I beg your pardon, maybe I'm blind, but I did'nt found any option in your recommended website to send money from germany to Thailand

[WBS2555]

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

For Western Union transfers, neither you nor the overseas recipient is required to have a bank account. For bank transfers, both parties must have bank accounts in their respective countries or Transferring Money with Western Union.

Western Union,

you simply go into a bank, a Western Union office or any institution that offers their services and fill out the appropriate form. It asks for basic details as well as a declaration regarding money laundering. You then hand over the amount of cash that you want the person overseas to receive and pay the required fee. Within 24 hours, and often sooner, the recipient can pick up the cash at any Western Union office or receiving location in the designated city, state or province. The recipient will be asked for identification as well as a code that is given to the sender.

Bank Transfer,

If you wish to conduct a bank transfer, you ask your bank to send money from your account to the account of a person that you wish to receive the money. A fee is charged and you can choose whether it is deducted from the amount that you send or whether it is paid as an extra charge from your account. Most bank transfers to overseas destination bank accounts are facilitated using a system that is commonly known as SWIFT. This stands for the Society for Worldwide Interbank Financial Telecommunication.

Costs,

The charges for using Western Union can vary depending on the destination for your money. They decrease relatively and are subject to the amount that you send. However, there is information available for standard fees. For example, if you send between $50 and $100, the fee is $14. If you send between $1,000 and $1,250, the fee is $55. For bank transfers using SWIFT, a transfer that is guaranteed to be completed within 3 to 5 working days will cost a minimum of $27 and fees will be deducted not only by the receiving bank but also by any intermediate bank or banks.

Security and Value

Because bank transfers require that both you and the recipient have bank accounts, it is considered to be a more secure way of sending money than by Western Union. However, bank transfers have variable charges and these can be costly. One further consideration is that you might not be told all of the charges when you send the money because your bank may not know how many intermediate banks will be used or their charges.

Sent from my iPad using Thaivisa Connect Thailand mobile app

[hawker9000]

Not always true about fees charged for interbank transfers. My financial institution charges me nothing (and it's in my account shortly after the opening bell on the next business day).

[German Viking]

Not always true about fees charged for interbank transfers. My financial institution charges me nothing (and it's in my account shortly after the opening bell on the next business day).

It is not only about the fees, it is also about the exchange rate.

This is why I like Western Union for certain emergency cases and as I posted before you have different options with Western Union now.

For example I choose from Bank account in germany to a bank account in Thailand transfer made via Western Union 1 - 2 banking days, no fees from WU or any of the involved banks.

With a better exchange rate as to use the Creditcard and take it cash out in Thailand.

All done by Westen Union and the good thing is I know in advance clear the amount in THB which would arrive with no hidden fees.