Getting money into Thailand? Best way?

[mrastoney]

Hi all,

Just wondering what ways people get money into Thailand. I am here mostly 9 months of the year. Every year, I have a Thailand bank account. Would you say the cheapest way to get it over is electronic transfer? I would prefer to transfer 9 months of living every year, and If it is, what are the costs involved, ie how much does the bank take etc? Is there a limit? Has any body done this method?

Thanks all

[enuff said]

.

Banks charge differently for electronic funds transfer all over the world. Some have a low fee but give a poor exchange rate and vice-verse.

It can take days for funds to actually show up in the account, however.

Barring the delay and the sometimes wild swings of the pendulum rate/fee wise, I think it is the safest, cheapest, most convenient over-all. Some banks allow you to use your phone for transfers.

'nuff said

~

[96tehtarp]

Electronic transfer is the best. SWIFT.

Send foreign currency to your Thai bank. In other words do not buy Thai baht from your overseas bank and and send baht electronically to Thailand. Instead send Dollars/Euros or whatever you have to your Thai bank and let your Thai bank exchange them for you into baht.

Split the fees between banks. Outgoing bank pays the outgoing fee, incoming bank pays incoming fee.

Make sure to ask your Thai bank for a TT3 so you can get your money out of Thailand electronically at a later date with no hassle if you want to.

This has been discussed in these forums many times.

Many people are able to find no-fee ATM solutions with various companies however it is getting more difficult to find those deals IMO.

[kannot]

Well how much do you want to bring?? for quite a few years I brought cash and changed it here at vasu or others

[eggers]

Use Amex Forex, excellent rate, charge $10 irrespective of amount & tfrd to Thai bank in 3-4 days.

Thai bank (K bank) charges 750 bht.

All in all, it's fairly cost/time effective.

[glegolo]

Strange that it is different information that I have for Sweden to give you than. I will tell you to transfer the money via SWIFT no doubt there.... BUT by all means always buy thaibaht

from your sending bank. they will give you the absolutely best currency rate.

My bank in Sweden charge 130 baht for this transfer.... All transfers that goes from Sweden to Thailand MUST PASS THROUGH Bangkok bank who add a charge of something like 250-350 baht

for each transfer, and than on top of that your own thaibank, if you not have Bangkok bank, will also debit you some 300 baht per transfer...

This goes for swedish transfers to Thailand...... That stuff to deal with FOREX is a big NONONO,,, lousy rate of exchange, really bad...

Glegolo

[elgenon]

Why not just bring a check made out to your Thai bank? The money is creditied in a few days.

Anyone know any downsides?

[96tehtarp]

Why not just bring a check made out to your Thai bank? The money is creditied in a few days.

Anyone know any downsides?

No downsides but a few days can be a few weeks (21+ days) plus fees. It would still likely be cheaper than WU. IMO.

[khunPer]

Done transfers for many years, both when partly staying here and the last 8+ years living here. I use Bangkok Bank as it only takes about 3 (to 4) banking days for a normal transfer (some recommends Kasikorn better exchange rate, but should take one day more to transfer).

I use electronic transfer via the Internet bank in my home country; pay only local charges and forward foreign charges to the receiving bank in Thailand. Even if you pay all charges, you will still be deducted some in Thailand – my experience was, that they deducted the same no matter what had been paid for in my home country Bank. I have a fixed transfer fee of about 9$ (5.50£) in my Internet Bank, so I often transfer sums for 3 or 6 months living costs, or even a whole year in one go.

I always transfer in my home country’s currency and let the Thai bank do the exchange into baht, which seems to give a slightly better exchange rate than when transferring Thai baht; well at a period the difference were several percent.

In the receiving Thai bank a small fee is deducted (think it’s a basic fee + some minor percentage, probably with a minimum and maximum); not any amount to be worried about. Works very smooth, if I transfer a Monday the money is available on my ATM account for withdraw Thursday.

When I transfer larger amounts for more than 3 month, for example a half or whole year, I use to move some money into a bond Fund Book account; leave them there for 3, 6 or 9 month and then sell funds for 2-3 month expenses at the time. Gives slightly better interest than a 12-month fixed deposit and can be “cashed” anytime without interest loss (selling bonds from one bank day to the next) and the gain is not taxed (interest of fixed deposit has a 15 percent withholding tax).

[norbra]

Hi my first experience in SWIFT transfer was a disaster as I sent baht from my Australian bank, cost a fortune.THB 1000+

I now transfer A$ to kbank via SWIFT and most times it is available same day at extremely good exchange rates and fees.

Bangkok bank via SWIFT 2 or 3 days.

Edited July 9, 2014 by norbra

[ironbark]

I agree. Aust. banks charge outrageous fees and lousy ex. rates.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

[shaurene]

I have done TT transfers many times but if you do it through your bank ask them do they use a third party bank like City Bank if so try and do it by buying the Thai Baht through a currency exchange company as if your bank uses City Bank they screw you with very bad exchange rates. This bank does the exchange into Thai Baht because they say cannot send in your own currency unless you have a currency account with your Thai bank in your own currency, which is not true, your Thai bank will accept the foreign currency and exchange it to Baht this way you get a better rate.

You can go onto Google and tap in Bank exchange rates Thailand you will get a list of the Thai banks tap onto your Thai bank and you will get their TT rate.

[sturdyd]

I've brought in cash but didn't feel good carrying all that money. Done swift, too, but just transferring from my home bank to my Bangkok Bank account (via NY branch internet banking) is painless and the only way I do it now.

The bigger question -- to me -- is how do I get my 800,000 baht out of Thailand should I elect to pack it in over here?

[ironbark]

Done transfers for many years, both when partly staying here and the last 8+ years living here. I use Bangkok Bank as it only takes about 3 (to 4) banking days for a normal transfer (some recommends Kasikorn better exchange rate, but should take one day more to transfer).

I use electronic transfer via the Internet bank in my home country; pay only local charges and forward foreign charges to the receiving bank in Thailand. Even if you pay all charges, you will still be deducted some in Thailand – my experience was, that they deducted the same no matter what had been paid for in my home country Bank. I have a fixed transfer fee of about 9$ (5.50£) in my Internet Bank, so I often transfer sums for 3 or 6 months living costs, or even a whole year in one go.

I always transfer in my home country’s currency and let the Thai bank do the exchange into baht, which seems to give a slightly better exchange rate than when transferring Thai baht; well at a period the difference were several percent.

In the receiving Thai bank a small fee is deducted (think it’s a basic fee + some minor percentage, probably with a minimum and maximum); not any amount to be worried about. Works very smooth, if I transfer a Monday the money is available on my ATM account for withdraw Thursday.

When I transfer larger amounts for more than 3 month, for example a half or whole year, I use to move some money into a bond Fund Book account; leave them there for 3, 6 or 9 month and then sell funds for 2-3 month expenses at the time. Gives slightly better interest than a 12-month fixed deposit and can be “cashed” anytime without interest loss (selling bonds from one bank day to the next) and the gain is not taxed (interest of fixed deposit has a 15 percent withholding tax).

I agree. Aust. banks charge outrageous fees and lousy ex. rates. Never send baht (when Aust banks make the change) send AUD and let the Thai bank change it. The difference' can be as much as 3%.

I actually bring cash whenever I can. Itis quite legal to bring in up to $10000 without declaring it and deposit it in my Thai bank. That is generally enough to last me several months. When that runs out I just make a single telegraphic transfer as they call it (online transfer) for what ever I need until my next trip home.

I believe it is quite legal tO bring in larger cash quantities but you have to declare it and I guess prove it is legal.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

[maswov]

If you have a US bank account you can open a Bangkok Bank account here. You can set up an external bank link from your US bank to BKK Bank's routing number for their New York branch and your account number here. Then you just do an ACH transaction and the most they will charge you is 500 baht. I think this can be done from UK too.

[JacChang]

The CHEAPEST method as requested by the OP. Is your own personal cheque.

It's the only method I am working with now, and I have researched and done what all the others have suggested. But this method is the cheapest guaranteed.

Go to your local bank and open up a foreign currency account if you want, entirely up to you. Deposit your US dollar cheque or whatever currency your foreign bank is. This is called a "Bill Collection" by the banks, and they will charge you around 20-25 dollars. The middle bank is supposed to charge 20-25 dollars too, but just last month, I was only charged 5$!! Your bank in the US or wherever, will have no charges usually. Check with your bank, mine doesn't, as it is just honoring their own cheque, not asking them to make a SWIFT transfer.

Total cost?

700ish Baht from kbank/bbl

Correspondent Bank 20-25$ (But just last month's cheque deposit, I was only charged $5)

Home bank : Free

Total cost = Less than 0.5% of original principal amount with reference to XE interbank currency exchange rates (The best of the best exchange rate)

Total time? 35-40 days from the date of deposit. The money will be deducted from your home account in 2 weeks precisely.

Forex, and other online international companies do not work. They are made for those who failed at math. True cost is by taking your principal multiplying by the "best exchange rate (interbank rate)", and any deviations from that compared to your actual received amount. Don't fall for the 2$ fees only, low TRANSFER 5$, those are for fooling you.

Best and cheapest? Cheques

Pros : Cheapest Cons: Slow, 5 weeks delivery.

I'm open for any other suggestions that online companies are cheaper, give me the website, I'll do the analysis, and get back to you. If it is indeed cheaper, I'll promote it. But for now, I haven't seen 1 single company that is cheaper for balances of 10,000USD +

[JacChang]

I've brought in cash but didn't feel good carrying all that money. Done swift, too, but just transferring from my home bank to my Bangkok Bank account (via NY branch internet banking) is painless and the only way I do it now.

The bigger question -- to me -- is how do I get my 800,000 baht out of Thailand should I elect to pack it in over here?

For cash, make sure you only sell/buy with superrich Thailand. They are the only company I am aware of that offers better than TT rates.

For cash, that is exchanged at banks, quoting from Kasikornbank at 9-Jul-14, their cash spread for USD stands at 2%. Which means it is 1% off from the 'best of the best exchange rate". Everytime you exchange with them, you incur a 1% fee. TT spread are usually half of that, I'm about to go eat so lazy to do another check. But if TT's incur a 0.5% deviation from the "best of the best exchange rate", you may benefit by doing SWIFT instead of cash, as it has a cheaper cost if you transfer a bigger balance. So cash is not always the winning situation if you think you are evading the transfer costs but then you get a higher exchange cost.

How do get it out?

Welcome to the rich world. Nothing can NOT be done. Always a way. Should I tell you? I don't promote illegal activities.

Rich people don't use SWIFT, etc.

*wink wink* Two local transfers happen in two different countries. Both happy sides. Just need connections.

[slygeeza]

bitcoin

[dao16]

I've brought in cash but didn't feel good carrying all that money. Done swift, too, but just transferring from my home bank to my Bangkok Bank account (via NY branch internet banking) is painless and the only way I do it now.

The bigger question -- to me -- is how do I get my 800,000 baht out of Thailand should I elect to pack it in over here?

For cash, make sure you only sell/buy with superrich Thailand. They are the only company I am aware of that offers better than TT rates.

For cash, that is exchanged at banks, quoting from Kasikornbank at 9-Jul-14, their cash spread for USD stands at 2%. Which means it is 1% off from the 'best of the best exchange rate". Everytime you exchange with them, you incur a 1% fee. TT spread are usually half of that, I'm about to go eat so lazy to do another check. But if TT's incur a 0.5% deviation from the "best of the best exchange rate", you may benefit by doing SWIFT instead of cash, as it has a cheaper cost if you transfer a bigger balance. So cash is not always the winning situation if you think you are evading the transfer costs but then you get a higher exchange cost.

How do get it out?

Welcome to the rich world. Nothing can NOT be done. Always a way. Should I tell you? I don't promote illegal activities.

Rich people don't use SWIFT, etc.

*wink wink* Two local transfers happen in two different countries. Both happy sides. Just need connections.

Check the limits of what you can carry on a plane. In most countries it is around 10,000 USD or about that equivalent in the local currency. When I came here I know I carried a substantial amount in travelers checks (take the precautions of writing down the numbers in a different place and saving them in case you lose them, store them in two or three different groups in different places so you don't get stuck without at least some of them). Of course, the rest of the money would have to find another route (you DO NOT want to get caught over the currency limits leaving or entering any airport, as they usually have laws saying they can confiscate it all plus other penalties).

So, do some searches online and check the limits and then you can move under the undeclared limit on your person (also, remember that the limits are usually per family) and then find another way for the rest of it. Alternatively, I know that some people actually take over the "limit" but then declare it on their customs form. Again, all this is country dependent, but legal if done correctly, so do your research.

[GoNavy]

I have mine sent by electronic transfer. I have it sent by my stock market company directly to my Thai bank. Over 3 times per year they charge $25 each. So, I try to keep it to under that amount. Social Security of the USA doesn't have a contract to deposit directly into a foreign bank. I have mine go into my stock market account and they transfer, No problem. You can do it automatically by setting it up with them, or you can call and have a one time transfer whenever you want.

[Lostpack3t]

There are many different views on this.

My experience moving money from my Aus account to my Thai account is by using Ozforex.

Exchange rate is generally .24 to .40 baht lower than the spot rate and there are no fees from any institution as I pay òzforex via electronic transfer feom my australian account and receive funds in thai baht into my Kasikorn account. Takes about 3 days.

If im in a hurry I transfer directly from my australian account to my thai account. Takes 1 to 2 days however there is about a 10 to 15 dollar fee (australian side) and the rate is generally 1 to 1.5 baht below the spot rate.

Better exchange rates have been found on the street booths in the last 12 months so I have asked friends to carry cash over with them the last few months and I have just exchanged AUD as required.

Hope this info has helped.

[The Deerhunter]

I use Sri Ayutthaya (yellow) to receive it here. I do it by internet from my computer & home wifi. on tne ANZ (Australia New Zealand bank) and it depends on the time of day sometime 18 hours, sometimes less than 30 minutes. Charges about 600 baht at the other end regardless of amount. Rate is OK but I have given up shoppig around. It is so easy this way. My Sri Ayutthaya people send me a text when it arrives

[ChrisKC]

Whilst I am not talking about money transfers per se, I would like to say if it helps anyone that I have money in the form of Government pension and two private pensions paid direct when they are due every month to my account here in Thailand and have done so for quite a few years. They are always on time. If the due date falls on Saturday or Sunday they pay early on the Friday. usually at about 3 or 4am Thai time.

My government pension is paid without charge from UK or at the receiving Bank in Thailand and when checking the exchange rate for the day it shows that I am enjoying a very favourable rate. E.G If the rate is B55.55 for each GBP then I am receiving B55.25.

With my Private pensions they charge equal to B150 to send and no charge at the receiving bank and the rate is slightly less favourable but is nothing I wish to complain about.

[Greg Nixon]

I do not keep money in Thailand. I prefer to take money by ATM every month. I let my Thai wife know this and tell her the longer I stay healthy, the better off you will be. It is kind of a LIFE insurance.

I did however make an electronic transfer recently and my bank did it for free. Some banks do. I read recently that some Canadian banks have stopped service charges to seniors.

[kannot]

I've brought in cash but didn't feel good carrying all that money. Done swift, too, but just transferring from my home bank to my Bangkok Bank account (via NY branch internet banking) is painless and the only way I do it now.

The bigger question -- to me -- is how do I get my 800,000 baht out of Thailand should I elect to pack it in over here?

For cash, make sure you only sell/buy with superrich Thailand. They are the only company I am aware of that offers better than TT rates.

For cash, that is exchanged at banks, quoting from Kasikornbank at 9-Jul-14, their cash spread for USD stands at 2%. Which means it is 1% off from the 'best of the best exchange rate". Everytime you exchange with them, you incur a 1% fee. TT spread are usually half of that, I'm about to go eat so lazy to do another check. But if TT's incur a 0.5% deviation from the "best of the best exchange rate", you may benefit by doing SWIFT instead of cash, as it has a cheaper cost if you transfer a bigger balance. So cash is not always the winning situation if you think you are evading the transfer costs but then you get a higher exchange cost.

How do get it out?

Welcome to the rich world. Nothing can NOT be done. Always a way. Should I tell you? I don't promote illegal activities.

Rich people don't use SWIFT, etc.

*wink wink* Two local transfers happen in two different countries. Both happy sides. Just need connections.

Check the limits of what you can carry on a plane. In most countries it is around 10,000 USD or about that equivalent in the local currency. When I came here I know I carried a substantial amount in travelers checks (take the precautions of writing down the numbers in a different place and saving them in case you lose them, store them in two or three different groups in different places so you don't get stuck without at least some of them). Of course, the rest of the money would have to find another route (you DO NOT want to get caught over the currency limits leaving or entering any airport, as they usually have laws saying they can confiscate it all plus other penalties).

So, do some searches online and check the limits and then you can move under the undeclared limit on your person (also, remember that the limits are usually per family) and then find another way for the rest of it. Alternatively, I know that some people actually take over the "limit" but then declare it on their customs form. Again, all this is country dependent, but legal if done correctly, so do your research.

you can bring over the limit of 10000 euros just as long as you can prove its legit form the Uk anyway

[angelbat]

From my USA bank account I transfer via my Internet banking using "Personal Pay" (aka PopMonay) to Bangkok Bank in New York, and then they do the transfer to Bangkok Bank in Thailand. Whopping $1 fee. Takes a few days to a week for the money to make it into the Thai bank account. Hope this helps.

Angela

[ukrules]

Agreed with a few above.

Send a SWIFT transfer in foreign currency, don't send it as Thai Baht.

If you convert it to Thai Baht during the transfer process you will lose out possibly by a significant amount due to the way currency rates work with THB, it's different outside Thailand than it is inside Thailand.

When the foreign currency arrives in your local account it will be automatically converted to Baht at the true and current rate.

I have one incoming transfer being 'processed' right now from Lloyds in the UK to a Kasikorn savings account. In reality Lloyds sends the money instantly and Kasikorn receive it seconds later but for some reason they (Kasikorn) like to keep ahold of it for themselves for up to one week before they credit it my account.

I've done this plenty of times and never had a problem, I've been using the SWIFT system every month for nearly 20 years now. You have to pay a fee which varies massively form bank to bank depending on how greedy your bank is but if you transfer at least a few thousand USD worth of money it will work out much cheaper than using ATM's. If you're transferring tens of thousands of USD/equivalent then it's very worthwhile to do it this way on an occasional basis.

Edited July 9, 2014 by ukrules

[leafmould]

As with angelbat above if you have a UK bank and a bangkok bank account in Thailand (easy to get), you can transfer to bangkok bank in london from your own account and as its a UK to Uk transfer there are no fees, they then charge you 20 quid and send it to your Thai bank account using TT rate in a couple of days. Its almost as good a rate as bringing cash. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

[aussiebrian]

The CHEAPEST method as requested by the OP. Is your own personal cheque.

It's the only method I am working with now, and I have researched and done what all the others have suggested. But this method is the cheapest guaranteed.

Go to your local bank and open up a foreign currency account if you want, entirely up to you. Deposit your US dollar cheque or whatever currency your foreign bank is. This is called a "Bill Collection" by the banks, and they will charge you around 20-25 dollars. The middle bank is supposed to charge 20-25 dollars too, but just last month, I was only charged 5$!! Your bank in the US or wherever, will have no charges usually. Check with your bank, mine doesn't, as it is just honoring their own cheque, not asking them to make a SWIFT transfer.

Total cost?

700ish Baht from kbank/bbl

Correspondent Bank 20-25$ (But just last month's cheque deposit, I was only charged $5)

Home bank : Free

Total cost = Less than 0.5% of original principal amount with reference to XE interbank currency exchange rates (The best of the best exchange rate)

Total time? 35-40 days from the date of deposit. The money will be deducted from your home account in 2 weeks precisely.

Forex, and other online international companies do not work. They are made for those who failed at math. True cost is by taking your principal multiplying by the "best exchange rate (interbank rate)", and any deviations from that compared to your actual received amount. Don't fall for the 2$ fees only, low TRANSFER 5$, those are for fooling you.

Best and cheapest? Cheques

Pros : Cheapest Cons: Slow, 5 weeks delivery.

I'm open for any other suggestions that online companies are cheaper, give me the website, I'll do the analysis, and get back to you. If it is indeed cheaper, I'll promote it. But for now, I haven't seen 1 single company that is cheaper for balances of 10,000USD +

I have tried many ways but by far the cheapest, easiest and safest way I have found, if you are Australian is when you are in Australia, go to Citibank, apply for a debit account Visa, with NO FEES from the Australian side when you make a withdrawal overseas.. No interest either. I transfer money on the net from my interest bearing account into my Citibank when I need to withdraw, usually takes 1 working day, Some ATM's here still only charge 150 Baht but even if it is 180 baht no problem. You can withdraw at some ATM's 30,000 baht, this depends both on the rate at the time of the Aussie $ and the bank ATM you withdraw from. If the $Au is Under about 30 baht to the $A then it would be over $1000 for a 30000 baht withdrawl and you can only get out under $1000 per transaction. So then try 29000 baht.

I then put this into my Thai bank account. Some ATM's here will only let you take out 20,000 baht. The rate I get, even withdrawing only 20000 baht including the 150 or 180 baht charge, is a better rate, than what I could get with cash at any money changer. The exchange rate varies a little bit with what bank you withdraw from, but never had any bad rates.

Total charge 180 Baht Maximum for a 30000 withdrawal, with a great exchange rate.

Total time taken, if you have money in your Citibank account, 1 minute.

My Commonwealth Bank used to rip me off worse than a Thai jet ski operator!!

Enjoy!

Edited July 9, 2014 by aussiebrian

[hugh2121]

ukforex.co.uk ozforex.co.au

Zero charges

Good exchange rate almost same as Thai bank.

Krung Sri charge 500 THB but K bank charge more.

All transfers to Thailand will take 3-4 working days. All other countries 1-2 days.