Best way to transfer money from Overseas

[Bernard Flint]

Allow me to carry it for you.

To Mexico no doubt

[bangkapi]

It always depends on the amount and urgency. "My friend" uses a variety of techniques to move money all over the world.

[hugh2121]

I use ukforex the only charge 7-00 pounds per transfer. send an email to Melonie Triffet [email protected], she will set it up for you regards David Dyson

I also use ukforex and I can't understand your £7 transfer charge. Transfers over £1,000 (I think) are free, i.e. no commission or service charge.

[hugh2121]

I use www.ozforex.com.au to transfer money every month. A fee of $15 & a far better exchange rate than the banks. I put a USA friend onto them . He was paying very high fees & a lousy exchange rate. He told me he is getting approx. another $50 of thai BHT. There system is user friendly & problem free. Good Luck.

ozforex and ukforex are the same company. No fees apply.

[fxe1200]

Outsmart all banks!

If you stay in Thailand for a long time, it is worthwhile to look for a company, which is importing goods from your home country to Thailand. They do need your currency for their purchases abroad, whilst you need Thai Baht. Upon an agreement, you just transfer a certain amount of your home currency to their account in your home country, and they will transfer Thai Baht to you in Thailand always using the actual foreign exchange reference rate of the European Central Bank (http://www.ecb.europa.eu/stats/exchange/eurofxref/html/eurofxref-graph-thb.en.html ). This is a win-win situation for both parties, as there are ZERO fees and ZERO losses, due to an always correct conversion rate. No bank can earn anything, except may be the 12 THB for the inter Thailand transfer.

I know of some smart guys, doing it exactly as described above.

Edited August 8, 2014 by fxe1200

[Bountyhuntr]

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I use ukforex the only charge 7-00 pounds per transfer. send an email to Melonie Triffet [email protected], she will set it up for you regards David Dyson

I use www.ozforex.com.au to transfer money every month. A fee of $15 & a far better exchange rate than the banks. I put a USA friend onto them . He was paying very high fees & a lousy exchange rate. He told me he is getting approx. another $50 of thai BHT. There system is user friendly & problem free. Good Luck.

Stinks of advertisement. 1-2 posts each

[maccastime]

Thanks guys, I over heard a conversation in which this guy was using a FX agent. There are no fees involved and you buy the the thai baht at the current spot price. this is like a trading account for spot currency. This is what I am hoping to find.

I am getting funds from Canada.

Thank you

I transfer monies from Australia to my Bangkok bank acct i always use ozforex they are really good,fee $15. money arrives 1-2 days after transaction.All done on line very smooth

[Friendly Stranger]

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Thanks guys, I over heard a conversation in which this guy was using a FX agent. There are no fees involved and you buy the the thai baht at the current spot price. this is like a trading account for spot currency. This is what I am hoping to find.

I am getting funds from Canada.

Thank you

I transfer my funds from Canada, monthly by CIBC personal cheques. How much are you transferring? We could probably work something out.

Hey guys, maybe we can do 3-way lol. But seriously, would like to know how you both are doing it from Canada?

[khunPer]

I use Internet banking and transfer to my Thai bank account, withdraw with Thai ATM.

I have a flat fee, about 9$/5£, in my homeland bank and pay a small fee of a few hundred baht in my Thai Bank (Bangkok Bank), partly based of the amount transferred. I never transfer too small amounts, rather 2 to 6 month budgeted use – also because the bank account interest is a bit higher in Thailand than at home, where it’s next to zero.

I always transfer in my homeland currency and let the Thai bank do the exchange, which normally is a slightly better rate. Don’t look at the fees only, also look at the exchange rate – a low fee but bad exchange rate may cost more than a higher fee and an optimal exchange rate – even a few percent differences can mean a lot over a whole years budget. If I feel it’s a good rate right now and I have the cash available, I transfer for future usage; sometimes the baht exchange rate can deviate 10 percent or more over a year. I did that with most of the money budgeted for my planned house, even I left the money in Thailand for a couple of years; if I had waited and done the transfer later, I would have lost about 20 percent in exchange, and I got a fairly good interest while the cash was “parked” in a Thai bank.

Some banks may have a special Internet option for “flat fee foreign transfer”, and even if you shall pay a minor annual fee for that service it may be the cheapest way to make transfers.

[cchina184]

i opened an account with bangkok bank new york (can do from here with a little trouble) the tfr to my bb acct here is free. currency haircut reasonable and visible. way better than what my u.s. bank was taking out in fees and dollar conversion, plus treating me like a mushroom.

[JacChang]

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Thanks guys, I over heard a conversation in which this guy was using a FX agent. There are no fees involved and you buy the the thai baht at the current spot price. this is like a trading account for spot currency. This is what I am hoping to find.

I am getting funds from Canada.

Thank you

I transfer my funds from Canada, monthly by CIBC personal cheques. How much are you transferring? We could probably work something out.

Hey guys, maybe we can do 3-way lol. But seriously, would like to know how you both are doing it from Canada?

What banks do you use in Canada? CIBC doesn't seem to allow other account transfers online except that email interact transfer thing, but the cost is high in my opinion so I rarely use it. Right now, I deposit my cibc personal cheques around asia, and it's by far the cheapest method, cheaper than any forex company or TT. The funds get deducted from your cad bank account in 2 weeks, and actual cash arrives 3 weeks later after that. Expect 35-40 days total.

Of course, the cheapest method would be personal transfers. I have too much cash right now in Thailand, so wouldn't mind any offers to people who need cash in Thailand. So yea, maybe we 3 can work something out lol, save the costs, and get the mid exchange rate.

i opened an account with bangkok bank new york (can do from here with a little trouble) the tfr to my bb acct here is free. currency haircut reasonable and visible. way better than what my u.s. bank was taking out in fees and dollar conversion, plus treating me like a mushroom.

I like the way you talk mushroom and haircut

[elgordo38]

I use Forex. They are global and can be reached 24/7. I call them and get a quote. If I am happy with the quote I lock the rate in for X number of dollars. Then I have a couple days to transfer the money from my savings account into my checking account. I pay around 1% of the transaction and the money appears in my BKK bank account a couple days later.

[hobobo]

HSBC has recently reduced all TT from £17 to £4 per transaction. I used to transfer Sterling to my bank here (Baht account), but recently opened FCD account with Krungsri Bank (Bank of Aythaya) as this allows me to change Pounds whenever I want, as much (or as little) I want. With Krungsri Bank you can open an FCD with as little as US$500 equivalent in over 11 major currencies. Wish I'd done this years ago...

[Pib]

In my opinion no charges doesn't mean a lot. It is the exchange rate that can cost the most.

And that's how a lot of money exchanger/transfer companies work. They have a low or no direct/upfront fee, but get you with their lower exchange rate of a few percent...a few percent can add up to a big fee bite especially on larger transfer amounts of a couple thousand USD/Euro/GBP/AUD/etc. Their main webpage may show a Forex midpoint rate exchange which is what the big money Forex traders (i.e., banks, financial companies, etc) get, but it's not what the average customer gets...the site will have an exchange rate calculator usually called Customer Exchange Rate Calculator which gives you the rate "you" will get and usually it's 2 to 3% lower than the Forex rate or Thai bank TT Buying Rate.

Yeap, a person needs to determine what exchange rate will be given and the see how that compares to other rates like the Thai bank TT Buying Rate used for incoming transfers. The direct/upfront fees is just the worm; the exchange rate can be the big hook that hurts.

[smotherb]

I just deposit money in my account in Malta then go to scb bank here with my visa debit card and tell them I want to withdraw money from this Visa card and place in my account with scb my wife holds. I only get charged 3 euros and 0.33% per transaction from the Maltese bank. Thai banks do not charge me anything. This is the easiest and best way I have found. Sometimes different branches refuse to swipe the card and tell me to use their ATM. I just go to another branch as from the ATM I get charged 180 baht + 3euros + 0.33% for every 20000 baht withdrawn.

I just use my debit card at any ATM, can get US$1,000/day--my bank reimburses the charges--and if I need more, a simple skype call and a free wire TX to a bank here. I am not sure you can get the free wire tx anymore--I am grandfathered in with my benefits, but several financial institutions still reimburse ATM fees.

[starky]

If you have a Thai account use a foreign exchange trader. Im an Aussie and for us its ozforex.com the transfer fees are nominal and its free if transferring any amount over $10 000 I have always gone this way you won't get a better exchange rate it's far better than the banks and if your not in a rush you can keep an eye on the exchange rate then jump when it is favourable. They normally give you 3 days to pay and the money automatically will be transferred into your Thai account in Thai baht on the agreed upon amount. Banks and other institutes are thieves who charge you exorbitant transfer fees and rob you blind on exchange rates and anyone that would use western union needs to get their head read they are the worst of all

[Maggusoil]

I use Citibank to do fee free international transfers anywhere.

They also utilise exchange rates which are better than the daily average

and

you can elect whether or not you take on the receiver's banks charges, if any.

Having make that election I have not been charged by the receiver's bank.

Free use of their ATMs anywhere. No fees for that in foreign countries.

[Hornell]

I've been using Moneycorp for years to transfer money from the UK to Thailand. never had a problem and the charges are far lower than those of my bank - Lloyds.

[delgarcon]

I transfer money frequently from Australia and UK. I have found it is very important to transfer the money in the local currency so that it gets converted to Baht in Thailand. I use Bangkok bank. Be aware some overseas banks will convert to baht before they send it even though it has been ordered in the local currency. (Australia) and it takes a great deal of pulling strings to overcome this. I discovered this when I opened an Australian dollar account at Bangkok Bank and found that the money was converted baht before it was deposited. Having the overseas currency account here in Thailand means that you can look at the exchange rate and transfer immediately when

I agree, I transfer money from the Natwest UK now and again and I always transfer the sterling. I pay a one off fee of around £20 in the UK and the Thai banks give an extremely good exchange rate (only 1% below commercial rates) and there is no fee.

[Doc46]

Depends where you from, I am from Australia for me TorFx in Australia is the best. No bank and international Bank fees only a few Baht for Bangkok Bank to receive the money in Baht and a very good exhange rate.

[Jaggg88]

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I use Citibank to do fee free international transfers anywhere.

They also utilise exchange rates which are better than the daily average

and

you can elect whether or not you take on the receiver's banks charges, if any.

Having make that election I have not been charged by the receiver's bank.

Free use of their ATMs anywhere. No fees for that in foreign countries.

I've only seen there ATMs in Bangkok

[slipperylobster]

XE (free draft on your account and they convert to a baht rate you lock in). Then 21 usd wire from XE TO BBK. I do 100,000 once every two months.... and then no ATM required. My ATM fee is 180 plus an International fee...on every 18,000 baht.....so instead of six visits to the ATM every two months (60 usd in charges) I pay only 21 usd instead. Saving 40 usd every two months, or 240 usd a year.

[talisman01]

I use moneycorps.com which charges about £8 to send £400 to Thailand from the UK. The site is easy to use and everything can be done online.

[Bountyhuntr]

I transfer money frequently from Australia and UK. I have found it is very important to transfer the money in the local currency so that it gets converted to Baht in Thailand. I use Bangkok bank. Be aware some overseas banks will convert to baht before they send it even though it has been ordered in the local currency. (Australia) and it takes a great deal of pulling strings to overcome this. I discovered this when I opened an Australian dollar account at Bangkok Bank and found that the money was converted baht before it was deposited. Having the overseas currency account here in Thailand means that you can look at the exchange rate and transfer immediately when

I agree, I transfer money from the Natwest UK now and again and I always transfer the sterling. I pay a one off fee of around £20 in the UK and the Thai banks give an extremely good exchange rate (only 1% below commercial rates) and there is no fee.

That's to withdraw from an ATM here? That's not more than £500. They charge £5 cap for using their service and like 3% for exchange fee. You also pay £3 to withdraw from any atm here. no thanks

Edited August 8, 2014 by liamstevens111

[bangkoken]

If you have an account at Bangkok Bank in Thailand.You should be aware that they have an office in New York. You can transfer whatever you want to the New York Branch and BBK will transfer to your account in Thailand free. The only fee I pay is $3.00 to the BOA for such service. Cheaper than that you will not find anywhere. I have been doing it this way for years and have never encountered any problems.Expect the funds to be transfer to take 5-7 business days to reach your account in Thailand.

[Maggusoil]

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I use Citibank to do fee free international transfers anywhere.

They also utilise exchange rates which are better than the daily average

and

you can elect whether or not you take on the receiver's banks charges, if any.

Having make that election I have not been charged by the receiver's bank.

Free use of their ATMs anywhere. No fees for that in foreign countries.

I've only seen there ATMs in Bangkok

We're so sorry, I'll have a word to them about it, but if you have a look and READ the poster's question

" .. . Hi I have been doing bank to bank TT but the fees are really high. Any ideas on ways to save money transfer fees, perhaps forex or is there any services that do this for less money than banks, and western union?

Thank you in advance.. . ."

There is no mention of ATM's. . . . . OK?

[barnsleyman]

" .. . Hi I have been doing bank to bank TT but the fees are really high. Any ideas on ways to save money transfer fees, perhaps forex or is there any services that do this for less money than banks, and western union?

Thank you in advance.. . ."

Depends from which country that you are transfering funds from, and the may ways of doing it.

I transfer funds from my UK bank ( HSBC ) in Sterling, to my Thai bank account online, & the new rates are:-up to a maximum of 30,000 pounds per 24 hour period & the fee is 4 pounds, + you get approx 1 Baht ( = 2p approx ) extra after the money is converted to Baht for a small fee by your Thai bank.

The time from bank to bank takes around 4 hours ( but once,& only once ) it took 18 hours.

[TallGuyJohninBKK]

If you have an account at Bangkok Bank in Thailand.You should be aware that they have an office in New York. You can transfer whatever you want to the New York Branch and BBK will transfer to your account in Thailand free. The only fee I pay is $3.00 to the BOA for such service. Cheaper than that you will not find anywhere. I have been doing it this way for years and have never encountered any problems.Expect the funds to be transfer to take 5-7 business days to reach your account in Thailand.

I think you need to look into the details of your funds transfers a bit more closely. The transfers are not "free" in terms of Bangkok Bank charges.

For Americans, the BKK Bank route via New York is one of the best ways to transfer funds to Thailand.

However, for all but very small transfers, the New York branch charges a sliding scale handling fee on the transfer, and then upon arrival in Thailand, BKK Bank on the Thailand end takes a 0.25% commission on the transferred funds, minimum 200 and maximum 500 baht. The details are listed on the BKK Bank website that describes the New York branch transfer option.

Still, even with those charges, it's a more economic route that most international wire transfer options.

BTW, BofA can charge the $3 fee for ACHing the funds from your BofA account to BKK Bank's New York routing number. But, a lot of U.S. banks and credit unions offer no fees on domestic ACH transfers such as the one going to BKK Bank New York. You can't avoid some fees on the Thai end, but you certainly can avoid the fee on the U.S. end, depending on the bank you use to send the funds.

[TallGuyJohninBKK]

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I use Citibank to do fee free international transfers anywhere.

They also utilise exchange rates which are better than the daily average

and

you can elect whether or not you take on the receiver's banks charges, if any.

Having make that election I have not been charged by the receiver's bank.

Free use of their ATMs anywhere. No fees for that in foreign countries.

I've only seen there ATMs in Bangkok

The situation with Citibank appears to depend in part of what country is hosting your Citibank account.

For Americans, for example, Citibank international funds transfers are NOT free, and do have foreign currency fees assessed on debit card use, unless you're a CitiGold or higher status account, meaning something like $500,000 or more in deposits/loans, etc.

I've had members here from some other countries, one in particular I can think of (I wanna say Australia???), say they can use the Citibank ATMs in Bangkok without being assessed fees. But that certainly isn't the case for regular U.S. accountholders with Citibank.

[jcnbkk]

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http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

Seemless and efficient.

That's the way to go from US.