Getting money into Thailand? Best way?

[CMSteve]

For smaller amounts, find a local expat trying to send money home. Meet in the middle and cut out all the fees. check out www.IntExpatFX.com

Edited July 10, 2014 by CMSteve

[oTwoPies]

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.

It can be done from the UK as well. I have a Bangkok Bank Sterling account and do xfers direct from my UK bank to my Bangkok Bank Sterling account. As the needs arise or when the exchange rates are good I then xfer monies from my Bangkok Bank Sterling account to my Bangkok Bank Baht account (there are no charges for this xfer). The only slight drawback, though an extremely good security measure, is the Sterling to Baht xfer has to be done in person with passport ID.

Cest la vie

p.s. xfer = transfer.

[Gonsalviz]

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

Anyone know any downsides?

I would like to know where you experienced a Thai Bank cashing a foreign check and having the money in a few days?

[Gonsalviz]

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).

Been using Kasikoren for years. Money arrives overnight. SWIFT transaction. $25 from my bankand 500 Baht from Kasikorn are the charges.

[whitethai]

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.

I need an international bank account yes?

[whitethai]

So when should I use a Credit card with direct debit o full payment at end of each month?

[louse1953]

Bring cash and go to Superrich.

[louse1953]

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.

Just go to Wat in your country or Asian super market.

[Shurup]

... 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 heard it's because they receive your money at one rate but then wait out until the rate drops and make a deposit to your account. They keep the difference. I've also heard the wait can be longer than "up to one week".

[sgtsabai]

I use US debit card/Thai ATM. AEON while not free anymore is 150 baht and good exchange rate. No charge from my credit union. The amount of time it takes varies on the line of people using ATM. Long wait time for money to show up, Thai bank charge and 25 USD fee for SWIFT. To not even pay the 150 bht I go to the main Kasikorn Bank in town and they run the debit card for me, shows up like a purchase not ATM and if I need more I can then go to ATM. Frankly unless I have other business in town, the hassle of driving, parking, waiting at bank isn't worth the savings.

I'm not sure how one poster gets a check, especially a personal check cashed at any Thai bank. Kasikorn certainly wouldn't touch a US Treasury (Veterans Affairs) check I just wanted deposited to my account there.

[ironbark]

Ihave just done a quick calculation on doing aTT of 4000 AUD worth of baht. from my Aust bank into my Thai bank vs sending 4000 AUD.

The difference was nearly 200 AUD in exch. rates and charges.

Screw Aussie banks.

no wonder they are the most profitable in the world, and sailed thro' the GFC.

But I will still keep my shares in them,

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

[Naam]

... 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 heard it's because they receive your money at one rate but then wait out until the rate drops and make a deposit to your account. They keep the difference. I've also heard the wait can be longer than "up to one week".

= complete BS²

[Shurup]

= complete BS²

That's what I heard, I don't make it up.

How do YOU explain their need to wait a week before deposition your money?

[Gonsalviz]

= complete BS²

That's what I heard, I don't make it up.

How do YOU explain their need to wait a week before deposition your money?

I have been using Kasikorn for yearsand they have never held my monry for even 1 day.

[ukrules]

= complete BS²

That's what I heard, I don't make it up.

How do YOU explain their need to wait a week before deposition your money?

I have been using Kasikorn for yearsand they have never held my monry for even 1 day.

This week the SWIFT payment left my Lloyds account on Monday as I did it on Sunday evening using the internet banking and it arrived in my Kasikorn account on the morning of Thursday the 10th so it only took 4 days to process this time which isn't too bad I guess.

Allowing for time differences I know for sure Kasikorn received my money by Tuesday morning yet they didn't credit it to my account until Thursday so they kept it for 2 days. I don't know why they do this but they certainly do it.

Edited July 12, 2014 by ukrules

[Shurup]

= complete BS²

That's what I heard, I don't make it up.

How do YOU explain their need to wait a week before deposition your money?

I have been using Kasikorn for yearsand they have never held my monry for even 1 day.

This week the SWIFT payment left my Lloyds account on Monday as I did it on Sunday evening using the internet banking and it arrived in my Kasikorn account on the morning of Thursday the 10th so it only took 4 days to process this time which isn't too bad I guess.

Allowing for time differences I know for sure Kasikorn received my money by Tuesday morning yet they didn't credit it to my account until Thursday so they kept it for 2 days. I don't know why they do this but they certainly do it.

Coincidence?

Doesn't look like much, but processing thousands of transactions per day, each penny adds up.

You can go pretty far back and check your previous transactions.

http://www.xe.com/currencycharts/?from=GBP&to=THB&view=1W

[JacChang]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

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. alt=giggle.gif>

Rich people don't use SWIFT, etc.

*wink wink* Two local transfers happen in two different countries. Both happy sides. alt=clap2.gif> 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.

Wrong.

That is the declaration amount, you are free to carry more if you wish, but just have to declare it to customs and answer their questions truthfully. Certain currencies have restrictions, mostly own currency from the country.

Travelers cheque is a poor choice nowadays, with regards to cost. They charge you a fee during buying/selling ranging to around 1%. The exchange rate may also be different from the TT rate.

If your post was directed at me, my recommendation is personal cheques. And I still don't see how your post is relevant to my post for the quoting.

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.

0.24 to 0.4 is already around 1% in fees, without taking in the fees involved yet.

[JacChang]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

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.

Nothing is free in this world. What they remove from fees, is evident in the poor exchange rates. One must consider both, before coming to a conclusion.

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!! alt=rolleyes.gif>

Enjoy!

That atm withdrawal charge alone is already almost 1%. I fail to see your logic there how that is cheaper.

Your post did not indicate clearly the exchange rate, except that it is better than cash at any money changer. Have you heard of superrich before? I doubt it.

You state the exchange rate depends on which bank you withdraw from? Then clearly it's a lousy rate. That is atleast 0.5% spread from the "best exchange rate". Most likely it is 1%.

Total of your method is close to 2% charge.

For the sake of TV members, I have to strongly oppose your recommendation. As it is clearly, not for the good intentions of our members, with regards to cost.

For your sake, I recommend HSBC premier. Instant global transfers, no withdrawal fees for atms abroad, etc.

[whitethai]

... 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 heard it's because they receive your money at one rate but then wait out until the rate drops and make a deposit to your account. They keep the difference. I've also heard the wait can be longer than "up to one week".

= complete BS²

Reason they keep it is interest

Like that Paypal who freeze accounts for no reason and make a billion a month interest.

They did it to me and I only had £600 in my account. I called them &lt;deleted&gt; and they reinstated my account back

There you learned something today

[Shurup]

http://www.thaivisa.com/forum/topic/719596-bringing-over-20000-usd-in-cash-anyone-tried-whats-the-procedures/

[Naam]

... 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 heard it's because they receive your money at one rate but then wait out until the rate drops and make a deposit to your account. They keep the difference. I've also heard the wait can be longer than "up to one week".

= complete BS²

Reason they keep it is interest

Like that Paypal who freeze accounts for no reason and make a billion a month interest.

They did it to me and I only had £600 in my account. I called them <deleted> and they reinstated my account back

There you learned something today

when i make a transfer from SG to TH on a monday i get a call from Siam Commercial HQ on tuesday morning informing me that x-amount of y-currency was transferred. then i am offered an exchange rate which i can accept or reject. rejecting gives me a period of up to 6 weeks to make up my mind and exchange when i think the rate is favourable (i have used this option only once a few years ago). usually i negotiate and get a few Satangs more and after agreeing to a rate i am told "the amount will be available not later than 15.00 hrs.

there, you learned something today

[nidieunimaitre]

= complete BS²

That's what I heard, I don't make it up.

How do YOU explain their need to wait a week before deposition your money?

All banks in the world do this.

Money is transferred nationally and internationally within seconds.

It means the banks have free money to play with.

[aussiebrian]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

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.

Nothing is free in this world. What they remove from fees, is evident in the poor exchange rates. One must consider both, before coming to a conclusion.

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!! alt=rolleyes.gif>

Enjoy!

That atm withdrawal charge alone is already almost 1%. I fail to see your logic there how that is cheaper.

Your post did not indicate clearly the exchange rate, except that it is better than cash at any money changer. Have you heard of superrich before? I doubt it.

You state the exchange rate depends on which bank you withdraw from? Then clearly it's a lousy rate. That is atleast 0.5% spread from the "best exchange rate". Most likely it is 1%.

Total of your method is close to 2% charge.

For the sake of TV members, I have to strongly oppose your recommendation. As it is clearly, not for the good intentions of our members, with regards to cost.

For your sake, I recommend HSBC premier. Instant global transfers, no withdrawal fees for atms abroad, etc.

I am glad I never studied maths at your school. I am sorry, but you clearly don't know what you are talking about. If I make a withdrawal of 30000 Baht and I have a fee that totals 150 Baht That is a fee of.05% not 2%.

Where do you get 2% from?

If you want to find what bank gives the best rate, check this site. http://bankexchangerates.daytodaydata.net/default.aspx Then you will get the best possible exchange rate from you can.

The above site is where I look if I have the time to check.

Yes, I have heard of superrich (as you can see from the above site) but there are no branches in Phuket, and it would cost me far more to fly to Bangkok to get the best exchange rate. I would be happy to know where you don't get the 150 baht fee that I am paying, but 150 baht over 30000 baht isn't going to give me sleepless nights.

​You used to get free withdrawals at Aeon, but unfortunately you don't any more.

Yes, right,JacChang, from HSBC site Australia http://www.hsbc.com.au/1/2/hsbcpremier/get-in-touch

You are able to access the HSBC Premier benefits if you have:

A minimum of AUD500,000 in loans*; or

A minimum of AUD200,000 in savings and investmentsˆ; or

A combination of loans*, savings and investmentsˆ totalling a minimum of AUD500,000 with HSBC Bank Australia Limited; and

You must maintain an HSBC Premier Cash Management Account. A $35 Premier Monthly Service fee applies.

So don't tell me you opened a HSBC premier account to save 150 baht fee? Really?

Even if you get reimbursed the 150 baht transaction, my maths tells me that unless you make more than 7 withdrawals a month the $35 monthly fee doesn't make that worthwhile, let alone having to have a balance of $200000. But if you like HSBC so much I won't talk you out of it.

With my Citibank there are no fees or no minimum balance. I will leave it up to TV members as to what course they will take, Citibank or HSBC hmmm

[aussiebrian]

I should have given you this link so you can make your own minds up. http://whirlpool.net.au/wiki/citibank_plus_transaction_account

Also when the money is received into my citibank account, I receive an SMS on my Thai sim stating what has been deposited. When more than $500 is withdrawn an SMS is also received stating how much was withdrawn.

Also, when you logging into your Citibank account, for security after you have put your password into the citibank site, an SMS with a 6 digit pin is sent to your Thai phone which you need to put in before you can go any further with transactions.

Edited July 14, 2014 by aussiebrian

[aussiebrian]

= complete BS²

That's what I heard, I don't make it up.

How do YOU explain their need to wait a week before deposition your money?

All banks in the world do this.

Money is transferred nationally and internationally within seconds.

It means the banks have free money to play with.

(I think I will have to get a pay cheque from citibank, but read my above posts.) Money transferred on-line from my Australian Commonwealth account to my Australian Citibank account is able to be withdrawn out the following business day using my ATM card in Thailand.

Edited July 14, 2014 by aussiebrian