Cheapest way to transfer larTH sum money EU to TH

[sup3r1or]

I wanted to ask what is the most cost effective way to transfer large sum of money to Thailand from EU country? In this case its 3 million baht.

[MJCM]

SWIFT Transfer.

From which European Country ?

[Roadman]

The most cost effective way as MJCM says is send via a SWIFT transfer but not to send Thai Baht but your currency to a Thai bank account. You will lose a heck of a lot less exchanging your currency in Thailand than you will exchanging your currency to Thai Baht in your country. Assuming you have a partner of someone trustworthy with a Thai bank account.

[fvw53]

Sending EURO sums by T/T from my EU account BNPParibas to SCB bank ...I always indicate that all expenses will be paid by my EU account so that I can verify more easily where the "bank fees" are applied.

I always get exchange rate which is average 1.5 Baht per Euro less than the T/T amounts indicated on the website BNPParis as well as SCB bank (on day of transfer)

Why this bad exchange rate ?

What is the experience of other TVF members?

[topt]

Sending EURO sums by T/T from my EU account BNPParibas to SCB bank ...I always indicate that all expenses will be paid by my EU account so that I can verify more easily where the "bank fees" are applied.

I always get exchange rate which is average 1.5 Baht per Euro less than the T/T amounts indicated on the website BNPParis as well as SCB bank (on day of transfer)

Why this bad exchange rate ?

What is the experience of other TVF members?

Something not quite right there or are you including the costs of transfer in the overall exchange rate?

1.5 baht per Euro is over 3/4% differential

Whenever I have sent TT to SCB, the exchange rate, after deducting the standard 520 baht (min 300 max 500 plus 20 baht for transfer out of Bangkok, has always been close to one of the rates on the day it is converted to my account. Current rates here http://www.scb.co.th/scb_api/index.jsp

Sending bank charges vary hugely by bank. One issue you need to be careful of is any Intermediate or Correspondent bank charges in between your bank and the Thai bank. No use talking to your Thai bank about this as it is nothing to do with them and sometimes difficult to get from your sending bank. There have been several threads on this recently relating to UK banks.

OP if you have a Thai bank account then for that amount (70k plus Euros) they will probably contact you to ask what it is for. Irrespective you should contact them and negotiate for a better than the current published TT amount at the time they convert.

The other option is to consider a forex specialist but you need to research who has a good rep in your country. Comments above then would not apply as you would agree the rate with them. I am not 100% sure but if you are buying a property this may not be an option as you need a form to show the money has come in from abroad especially if you want to potentially transfer it out again.

In summary would help if you gave more details..........