Most cost-effective way of accessing funds outside of Thailand from inside of Thailand?

[hermespan]

Context: I use DBS (Singapore, in SGD), CIBC (Canada, in CAD), Hang Seng (Hong Kong, in HKD). I want to get at a small amount of cash (hundreds not thousands of dollars) within 3 days. After three says I will be in Phnom Penh.

I expect to pay for access but wish to reduce costs. Every time I take money multiple fees and percentages reduce what I have.

I have heard that if one us willing to wait, costs can be reduced - e.g. instead of using any old ATM, use specific affiliate bank ATMs. Instead of using ATMs at all, go *into* the bank and use debit card for cash. Clearly, carrying actual banknotes withdrawn in person at bank of origin, and exchanging at private money changers in Singapore or Cambodia is the best value, but that is not always practical - for example, now I am broke in *Bangkok*, with an empty BKK Bank and an empty SCB bank account. I want to top up both for making online Thai purchases (e.g. BKK Air ticket) and have some 'mad money' (petty cash).

I am not going to get into my opinion of the disadvantageous FXS rates, the ethics of this and that charge, what I think of the non-open Thai banking system or the role of private Central banks in money supply and subsequent national debt interest in all nations except Cuba, North Korea and Iran. No, this is a practical business question!

In my circumstances how to keep more of my money in my pocket rather than the banks?

Edited September 9, 2014 by hermespan

[hermespan]

There appears to be no Hang Seng or DBS fully finctioning bank in Bangkok (with ATM)

DBS does have on in Taipei. That reduced my costs withdrawing money.

Moving from the practical to the political - is it true that the establishment families of Thailand don't want competition from foreign banks unless they get a cut? Can anyone recommend a good book on the realities and history of banking in Thailand? I am curious why one American (?) bank - CITIbank has a presence here but Bank of America left. I suspect they are not businesses tied with any nation (i.e. 'American' bank is a fiction just as much as to call 'Barclay's' a 'British' bank is fiction). And also monetary policy of Thailand and answers to questions such as 'Does the Thai Miltary actually control TMB?' (not saying thus is good ir bad, but I want to learn the unvarnished truth about economics and finance from various perspectives - anarchist, libertaruan, conservative and Marxist. Both Thai and foreign writers. I was shocked to learn that the Bank of Canada does not lend the money to the government of Canada but that instead it comes from private bank (RBC). So national debt is due to paying interest. Not saying I totally understand what is going on with Central banks, IMF etc but my sense is tgat something stinks and the tax paying working man is paying the bill.

[vincent13]

I use internet banking to transfer money from my Australian bank account to my Thai bank account. I ALWAYS transfer Australian dollars and let the receiving bank convert to Thai baht. That guarantees a good exchange rate. Some fees are involved at both ends but I have found this is the best and cheapest way for me to access money from overseas. The money is transferred within 6 - 8 hours.

[ubonjoe]

If I recall correctly a Canadian bank can transfer funds to a US bank using the US ACH system.

If correct you could send funds to your Bangkok Bank account via their branch in New York.

The fee for $2000 or less is $5 in NY and 200 baht for the transfer.

Info: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[Anon999]

Do some maths and work out which is the most cost effective way for the small amount you need to transfer. It's not difficult but does require a bit of time and effort.

[Strangebrew]

I found using citibank in thailand to get cash from my citibank in US is easy as pie no ATM fee charge just exchange rate charge But that is free you have the amount that is in my account.

[Pib]

Since you need the money within 3 days using a bank card is probably your only choice, assuming you have a debit/credit card from any of those foreign banks you mentioned. Disregarding whatever "card-issuing bank" fees may apply for use of the card such as foreign transaction fees or cash advance fee if using a credit card, you can withdraw funds via an ATM withdrawal which incurs a Thai bank/AEON foreign card fee of Bt150 to 180....or take your debit/credit into a full service branch vs some mini-branch in a mall and do a "counter withdrawal." With a counter withdrawal the Thai bank does not charge a fee and you get the Visa/Mastercard exchange rate just like the money came out of an ATM....the only applicable fees are those which may be charged by your card-issuing bank.

Now depending on the branch they may or may not do a counter withdrawal for a debit card....many do but some don't...and some will only accept a debit card if it exceeds the amount provided by their ATM which ranges form Bt20K to Bt30K depending on the bank. But all branches should do a counter withdrawal for a credit card.

[charliebadenhop]

Vincent,

When you say you use internet banking to transfer money, do you mean you access your account in another country by using their website platform?

So go on the internet to Bank X which you have an account with, and then follow the steps to send money to you or someone else?

Is that it?

[bigyin]

Transferring money online from (in my case) my UK bank (HSBC) to my Thai bank (Kasikorn) is easy and relatively cheap for large amounts. Also quick as in next day but for smaller amounts in the low hundreds of pounds it can be expensive as the Thai bank seems to charge a set fee however much is transferred. I think they get you however you do it especially for small amounts.

[chiang mai]

Get a credit card from each of your foreign banks and load/credit each one with its respective currency, no cash advance charges involved.

[vincent13]

Vincent,

When you say you use internet banking to transfer money, do you mean you access your account in another country by using their website platform?

So go on the internet to Bank X which you have an account with, and then follow the steps to send money to you or someone else?

Is that it?

Yes, I logon to my bank in Australia and do an "International transfer" in Australian dollars to my Thai bank account or any other overseas account I wish to stipulate.

[JDGRUEN]

If one is an American the American Express Bluebird Card (Prepaid Debit / ATM) has a number of benefits and features far beyond just transferring money ...

My recent experience with AMEX Bluebird... previously posted

http://www.thaivisa.com/forum/topic/752565-180-baht-charges-for-atm/page-10#entry8357992

[Notowork]

I was bank transferring online from My Aust account to my Thai bank here at a total fee cost of around $40

There are hidden middle bank charges involved!! Way too expensive!

Am now online transferring small amounts to my Thai bank account with Western Union at a total transfer cost of $10

MUCH cheaper and the exchange rates are almost the same, very happy!

[DogNo1]

The best way that I've found is to use a no-foreign-transaction-fee credit card and withdraw cash over the counter at Bangkok Bank. I then immediately pay off the charge on the credit card using my checking account's bill pay function. I sometimes have to pay a day or two's interest on the money that I withdraw but there are no other charges and I get a great exchange rate.

[joespnet]

If your cash needs can be met by the amount you can withdraw from ATMs, about $600 per transaction, here is a strategy that does not result in any fees.

Locate a bank with checking account that has a debit card option that reimburses foreign (international) ATM fees. In the US one such bank is State Farm Bank, but there must be others out there.

Before traveling deposit enough funds to meet your needs (or set up transfer connections with your other banks so you can add funds while traveling) into the account. You should not have any fees for moving money like this into your State Farm Bank account.

While traveling, use any bank's ATM machine that is convenient. You may run into the per swipe transaction limit (20,000 Baht I think) on many ATMs, but if you need more you could find another ATM for another transaction, or be prepared to withdraw what you need on successive days.

You will see the 150 Baht fee disclosed on the ATM screen, however on the monthly State Farm statement, all such transaction fees are credited back in full, so in the end you don't pay any ATM fees.

State Farm Bank reimburses up to $10 in ATM fees per statement cycle, but if you have a direct deposit going into the State Farm Bank account during the statement cycle in question, they reimburse without limit.

So you can set up a small direct deposit from any of your other accounts into your State Farm Bank account during the months you will be traveling, and all your ATM fees will be reimbursed in any amount.

[charliebadenhop]

Thanks to everyone!

Joespnet, I use Ally Bank in the States and they refund foreign ATM charges.

But I was guessing when you take money via ATMs that you likely get a lousy exchange rate, no?

I want to buy a vehicle and I need to fund a retirement visa, so was thinking of maybe needing to transfer $40,000, which is of course different that you were suggesting....

But again, any ideas on exchange rates when sticking to the $600 a day limit?

TIA,

Charlie

[Pib]

But again, any ideas on exchange rates when sticking to the $600 a day limit?

TIA,

Charlie

Thai bank/AEON ATMs provide the Visa/Mastercard exchange rate which is plus or minus a few stang the Thai bank TT Buying Rate used for incoming wire transfers. You can check the Visa/Mastercard exchange rates at their exchange rate webpages. And of course "if" the Thai bank ATM happens to offer a DCC withdrawal option possibly called Bank Rate, Home Rate or some other warm & fuzzy name (most don't offer DCC but some do) say No to that because you get a lower exchange rate...just continue on and do a regular withdrawal which gives you the Visa/Mastercard exchange rate minus any fees your "card-issuing bank" (Ally) may apply.

Of course, if your card-issuing bank applies any foreign transaction fee that would lower your effective exchange rate...but since you say Ally Bank reimburses ATM fees then their is a good chance they don't charge a foreign transaction fee. Do you know if your Ally card charges a foreign transaction fee?

But lets say your card does not charge any foreign transaction and like you mentioned reimburses ATM fees, this means you can get money immediately in-hand at plus or minus a few stang of the TT Buying Rate and get that money absolutely free of any transfer fees. But of course at $600/day it will take you a little while to build up a big amount, whereas with a wire/ACH transfer you could transfer a large amount but incur some transfer fees.

[charliebadenhop]

Regarding Ally Bank-

I take money from a foreign ATM, for instance $600 here in Thailand.

The ATM might charge say $2 for the transaction.

Ally Bank reimburses whatever the fee is, and I show exactly $600 being deducted from my account.

Or to be more accurate, if I am remembering correctly, whatever ATMs I have used here, require that you enter an amount in Baht, and whatever amount I enter gets converted into US$. If you are telling me that the rate is just a few satang less than a TT, that is very encouraging.

Thanks Pib!

And, sorry if this is simply covering old ground. but..

Money wise, what tends to be the difference between a TT transfer and an ACH transfer?

Again, TIA,

Charlie

[Obb]

If I recall correctly a Canadian bank can transfer funds to a US bank using the US ACH system.

If correct you could send funds to your Bangkok Bank account via their branch in New York.

The fee for $2000 or less is $5 in NY and 200 baht for the transfer.

Info: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Presumably, were it correct, incurring a second forex fee for CAD to USD ...