Larger Money Transfers

[202marcellus]

I am purchasing a home for future retirement in a liitle more than a year. I would like to know the best way to transfer larger amounts of money like say 500,000 bt. I transfered a smaller amount of 32,000 bt and my g/f account was only credited for 28,700 bt. I transferred money from USA and my bank charged 45.00 US and apparently her bank deducted almost 10%. I am sure there has to be a way around paying 10% to the Thai bank which really seems excessive.

[OldAsiaHand]

Your total wire fees should not exceed something like $50.

The originating bank usually charges about $25 and the receiving bank generally charges another $10 or so (on inbound wires to Thailand, many up into eight figures, I have never paid more than B500 to the receiving bank). In between, clearing banks through which the wire is routed willl usually skim off $10-20.

All in then, a total of $50 in fees is about right. Without knowing more about the circumstances, it's hard to say exactly why you were charged so much, but it's way out of line with the norm.

[Jimbo551]

Your total wire fees should not exceed something like $50.

The originating bank usually charges about $25 and the receiving bank generally charges another $10 or so (on inbound wires to Thailand, many up into eight figures, I have never paid more than B500 to the receiving bank). In between, clearing banks through which the wire is routed willl usually skim off $10-20.

All in then, a total of $50 in fees is about right. Without knowing more about the circumstances, it's hard to say exactly why you were charged so much, but it's way out of line with the norm.

Agreed. We regularly receive large inbound funds from both Europe and the USA and we have never had charges in excess of Baht 1,500. The usual amount depending on the amount being transferred is either Baht 520 or Baht 850.

[LoveDaBlues]

I am purchasing a home for future retirement in a liitle more than a year. I would like to know the best way to transfer larger amounts of money like say 500,000 bt. I transfered a smaller amount of 32,000 bt and my g/f account was only credited for 28,700 bt. I transferred money from USA and my bank charged 45.00 US and apparently her bank deducted almost 10%. I am sure there has to be a way around paying 10% to the Thai bank which really seems excessive.

You're not transferring baht; you're transferring USD. Where are you getting your figures from? How much USD did you xfer and what was the exchange rate at the time of xfer? I think you've made a mistake somewhere along the line; no way a Thai bank charging you 10% (at least I've never heard of it).

Anyway, I use Netbank and xfer from United States to Krung Thai bank in Thailand. An intermediary bank is used in the states (Krung Thai in Los Angeles). Netbank charges me 20 USD

and the Krung Thai intermediary bank charges me 20 USD. After that there is a small fee charged by Krung Thai in Thailand (minumum charge of 200 baht and maximum of 500 baht). So to xfer a large amount the total fees are 40 USD and 500 baht. BTW, with Netbank there is NO upper limit on the amount you can xfer; only limited by your account balance.

Also, Netbank ATM card when used in Thailand......no fees!

[Jimbo551]

Also have in mind that to obtain a Foreign Exchange Transaction Certificate the funds MUST be sent in foreign currency and converted to Thai Baht here. The amount must also be excess of $20,000. For larger amounts of money this is important if you want to repatriate the funds easily at a later date. For amounts less than the minimum it does not seem to be a problem provided you have the documentation that the funds were remitted through the banking system.

All the inbound funds I referred to in an earlier post were transferred in foreign currency and the charges I quoted related to those transfers.

Edited September 13, 2006 by Jimbo551

[Maestro]

I transferred money from USA and my bank charged 45.00 US and apparently her bank deducted almost 10%.

Please don’t get upset now, but in a case like this you may want to consider the possibility that your lady friend is skimming off some money.

If you are going to remit large sums to Thailand in future and you wish to have the option of repatriating the funds at a later date:

1. Open a savings account in your own name in Thailand

2. Make each remittance not less than 20K US dollars

3. For each remittance, ask your Thai bank to give you the Foreign Exchange Transfer Form and keep this form in a safe place (I suggest a safety deposit box in your name at your Thai bank)

---------------

Maestro

[202marcellus]

Thanks for all the reply's. I found out the problem. When I went to the bank I told the bank rep I wanted to transfer the US equivalent of 32,000 bt which she told me was something like $864.00 US which I knew was in the ball park. After reading some of the earlier posts I decided to recheck my paperwork and found that the amount transferred was actually $782.00. I verified this by logging onto my account. Not sure why the mixup with my bank occurred but we are all human. I am glad to have this resolved simply. I appreciate all the attempts to help me.

[naka]

For larger amounts do a bank to Bank (account) electronic transfer

using SWIFT.

First open a savings account, Kasikorn seem farang friendly at the moment.

Find out their SWIFT code, e.g. Kasikorn Bank is KASITHBK

Advise your overseas bank to transfer

X Dollars

to

Account Name

Account Number

Account Type

Bank name

Bank Branch

Swift Code

And DO NOT forget to instruct your US bank that the funds are to

be sent to Thailand in DOLLARS (better rate ).

Naka.