Why Do You Even Drink?

[ukrules]

I was hoping I could make a monthly transfer of about $3,000 USD from my US account to my Thai account but 5% of that is $150 which is a LOT in fees to be paying...

If you send the money via international bank wire transfer the fees will without a doubt be much less than 5%, this is guaranteed.

I know American banks can sometimes charge a lot more than other countries for international wires (SWIFT transfers) depending on which bank you use, a typical fee regardless of the amount being sent is between $30 and $100 per transaction.

Insist on sending the money in US Dollars and it will be converted to Thai Baht on arrival at the prevailing rate.

[Gringogazzer]

Hey everyone,

Just curious, what are the ATM fees like in Thailand? Thanks!

Outragous. ฿150 for the Thai bank every withdrawal. Your daily withdrawal limit can still apply then you'll have to check with your bank for the overseas transaction. Never good.

It was never viable for me from a UK bank account.

If it's just a holiday bring as much cash as you feel comfortable with & the rest in travellers cheques, 1.5%.

To make it clear, he is referring to an out of country card used in a Thai ATM. If using a Thai ATM card within Thailand it is no charge within the same province but between 10-20 Baht if outside of the province the card was issued. If between different banks then an Interbank fee of 25-35 Baht/transaction. Here is an example breakdown of fees at Bangkok Bank.

Thank you,

I took it as an overseas account.

1.5% on the gross money changed into travellers checks.

There is a nominal fee for changing the travellers cheque in Thailand but basically refunded on a slightly higher exchange rate.

Plus if you use an overseas card here your at the mercy of your banks exchange rate rather than the better rate you'll get in Thailand.

well then the ATM fee on $500 is only about 1%

Its not so much the ATM fee but from a UK bank you get hit with a non Sterling transaction fee on top of that & a exchange rate well below par.

I don't know about US bank policy.

[noendtoit]

Everyone else, you've been very helpful. It sounds like I'll be paying Bangkok Bank a visit soon. There's a branch here in NYC that can probably give me information about accounts in Thailand.

That is the best option as you can do transfers from your US account through the NYC Bangkok Bank as it is a correspondent bank and will arrive in your account here. The fees are reasonable and it is quick.

The cost for this service is a $10 fee charged by BKK Bank to receive the funds in NY, and then a 200 baht (about $6US) fee charged by BKK Bank to deposit the funds to your Thai account. On top of that would be any fees your US bank charges to initiate the transfer. Another problem with this method is that you get Bangkok Bank's exchange rate. Banks often use exchange as another profit center.

You can avoid these fees and get the best possible exchange rate by doing a debit card "Visa cash advance" at the counter of the Thai Bank where you have your account (I use TMB Bank). However, most US banks (but not Schwab) charge a hefty fee for this. You get the official interbank exchange rate minus 1/2 point. It is the best exchange rate available to a non-bank (rate for 06/23 was $1:32.38341). You can see it here: http://usa.visa.com/personal/card-benefits/travel/exchange-rate-calculator.jsp

If you plan to come here, far and away the BEST US bank to use is Charles Schwab Bank. You will see nothing but kudos for them on this forum. They reimburse all international ATM fees, there is no charge for counter debit card visa cash advances and you get the best possible international exchange rate, there is no charge to deposit to the NY branch of BKK Bank, and they have complete computer banking services allowing you to do everything sitting at your desk. Schwab also has a truly toll free number that I can call from my Thai cell phone 24/7 absolutely free and get a live person. You should seriously look into an account with Schwab; you'll be happy you did.

By the way, if you open a Schwab account, it is a good idea to make it a "domestic account" with a US address. They have an "international" option, but it is plagued by the euphemistically named Patriot Act, and you lose a lot of services such as the free bill pay service (Schwab will send a check to anyone anywhere free). It's not Schwab's fault; it's the impact of this intrusive law. You will find that your lovely government assumes that all expats are some how connected to terrorism, drug dealing, money laundering or all three.

Also, here, TMB Bank has a very nice "no fee account." I like the bank's "no fees" for making computer interbank transfers of money, etc. I hate all the bank fees charged in this country. They are not necessarily high, but there is one for everything and by the time you add them all up the cost is not insignificant. Thais don't know any better and just accept it. I don't..

You asked about using US checks here. Forget it. This is a cash society. People like to be paid in cash. The second choice seems to be to be paid by bank transfer -- that is, you transfer money from your bank account to theirs (You can do it from your computer, at an ATM or by walking into your bank.). This is a good way to pay your monthly rent, and there is no fee with a TMB "no fee account."

The only problem you might have with TMB is that I heard a rumor that they were no longer opening new accounts from Americans. Don't know if true ort not. Many banks around the world resent the extension of Uncle Sam's long cock to their rear ends via the new FATCA law that requires every bank in the world to report certain accounts held by American citizens to the IRS.

There is very little violent crime here. People routinely walk around with huge wads of cash in their pockets and purses. I've been in banks many times and watched some women in line in front of me pull a million or more baht out of her purse for deposit -- right in front of everybody. I've also watched them withdraw it, stuff the cash into a bag or purse and saunter out into the street. I never worry about carrying cash.

Edited June 23, 2014 by noendtoit

[noendtoit]

I am a veteran so I may look into USAA. Thank you for the advice. Others have recommended USAA to me before.

I was hoping I could make a monthly transfer of about $3,000 USD from my US account to my Thai account but 5% of that is $150 which is a LOT in fees to be paying...

This is really random but... can you Western Union money to yourself? I have sent money to a friend in Thailand before, the fee is $15 if done through an agent location. Would I not be able to pay for that through my US Visa card, thus avoiding the massive fees? Seems like a very simple work-around... does anyone have any experience with this?

If you have a Schwab account with a debit card, you can do what I do every month and PAY NO FEES AT ALL TO ANYONE. Open a TMB Bank account (or Thai bank of your choice). Walk into your Thai bank. Call Schwab on their toll free number and request a temporary increase to your daily transaction limit to allow a $3200 counter visa cash advance (llow some cushion for exchange). Go to the counter and request a 97,150 baht ($3,000 at today's rates) visa cash advance for DEPOSIT to you bank account. This last part give the bank incentive to process the transaction for you. You're done. It's a hassle going in for the cash advance every month, but there are NO FEES AT ALL and you get the best exchange rate possible. THIS is the best way, if "best" means cheapest. If, to you, "best" means fastest and easiest, then go to an ATM and or use the Bangkok Bank NY branch and pay all the hefty fees.

[Tywais]

Some argumentative posts removed.

[Pib]

I am a veteran so I may look into USAA. Thank you for the advice. Others have recommended USAA to me before.

I was hoping I could make a monthly transfer of about $3,000 USD from my US account to my Thai account but 5% of that is $150 which is a LOT in fees to be paying...

This is really random but... can you Western Union money to yourself? I have sent money to a friend in Thailand before, the fee is $15 if done through an agent location. Would I not be able to pay for that through my US Visa card, thus avoiding the massive fees? Seems like a very simple work-around... does anyone have any experience with this?

Not sure where you are getting your 5% figure, but if you were to obtain a bank account at USAA the cost to send $3000 via ACH to a Bangkok Bank account in Thailand using the Bangkok Bank NY branch routing number, would be as follows:

USAA ACH Sending Fee: $0

Bkk Bk NY Branch Fee: $10

Bkk Bk Branch in Thailand Receiving Fee: Bt239.2 (or $7.48 at Bt32/USD). Note: Fee structure is: 0.25 (Bt 200 min, Bt500 max) of amount received. $2,990 rec'd so the fee is applied to that amount...remember the NY branch sliced off its $10 fee as the funds flowed through them on the way to the Thailand branch)

Total in Fees: $17.48 or 0.58% of the $3,000

Now since the New York branch has a sliding scale fee, the fee jumps to $10 when sending "over" $2,000...even one penny over $2,000....but at $2000 it drops to $5. So, lets look at fees for a $2,000 transfer.

USAA ACH Sending Fee: $0

Bkk Bk NY Branch Fee: $5

Bkk Bk Branch in Thailand Receiving Fee on $1995 arriving: Bt200 (or $6.25)

Total in Fees: $11.25 or 0.56% of the $2,000

Please note neither of the Bangkok Bank fees will appear anywhere as they are applied "prior" to the funds being posted to your account. This fools some folks in thinking no fees were applied anywhere along the way but the fees were indeed applied. Also, many U.S. banks do not charge an ACH Sending fee for a standard couple days funds transfer...no ACH sending fee is not unique to USAA. However, there are plenty of more fee-hungry banks that do charge an ACH sending fee fee. Also, regarding the USAA debit card, it charges a 1% foreign transaction fee and only reimburses up to $15/mo...and don't be surprised if you have problems in getting the foreign ATM withdrawals reimbursed as the USAA system may not reflect/breakout the ATM fee which USAA will use as an excuse to not reimburse until you provide them a copy of ATM receipt showing the fee. I'm a USAA bank member and went through that pain in my one test transaction with my USAA debit card which now lives in my safe. Now USAA is a "good, expat friendly" bank...they are one of my primary banks...it's just their debit/credit cards still carry a foreign transaction fee. Now, other banks which also do not charge any ACH sending fee like Schwab also provide a no foreign transaction fee debit card and do not have an monthly reimbursement limitation....but highly recommend you don't abuse the Reimbursement Golden Goose (too many withdrawals/reimbursement per month) or Schwab may just find a way to offload you. I'm also a happy Schwab customer.

In closing, also recommend you get a "no foreign transaction fee" credit card such as a Capital One credit card...or Pentagon Federal Credit Union credit card...recommend a Visa card over a Mastercard card because usually the Visa exchange rate is a little better than Mastercard's. Why get a credit card? Well, to reduce the amount of cash you need to bring into Thailand and continue to build your U.S. credit rating. I use my U.S. credit cards (no foreign fee cards) almost daily here in Bangkok...reduces my in-Thailand cash needs and the cards also have nice cash back reward plans like the CapOne QuickSilver cards that pay 1.5% cash back on anything/everything you buy. Plus, with the U.S. cards you are covered by U.S. Consumer Protection Laws versus the weaker Thai Consumer Protection Laws for Thai credit/debit cards....not to imply you could even get a Thai bank unsecured credit card whch almost always requires a work permit, good salary, and working for at least 6 months in Thailand...now you can get a "secured" Thai credit card easy but it requires an accompanying locked deposit (deposit amount will usually equal your line of credit) to offload the bank of all credit risk such as you not paying the balance, skipping the country...you can't get your deposit back until the card is cancelled and balance paid in full.