I'm transferring a large sum of money out of Thailand after selling some vehicles, and looking to find the best way to transfer it out of Thailand into Australia. I'm not currently living in Thailand (anymore), although I still have a Kasikorn Bank account, but I'm not sure if the card works in Australia.

 

This is largely going to be opinion, but what way do you think is the cheapest (best exchange rate) to transfer money out of Thailand?

 

I would imagine it would be Telegraphic Transfer using the SWIFT system, and just finding out which bank is best, but what do you think?

If you are not in Thailand, I presume you are going to use Kasikorn online banking. Is international transfer even an option in their online banking ? I always thought international transfers had to be done at a branch, and you can only export as much as you have a FET for the money coming in. There are often threads about hard to export money, and thats within Thailand.

Well, the money is in a close friend's bank account. I withdrew it out of Kasikorn and gave it to her in cash before I left, as I didn't trust the bank (yeah) to handle it.

Maybe something like western union ? Otherwise the friend will need to bank it and then maybe have trouble exporting. 

I think Western union will be expensive. Let your friend try to do a swift transfer or else try your ATM card.

Yeah, you're right. I've heard (and experienced) many trust issues with banks not allowing their customers to do what they want with their money, like transferring it overseas or even domestically. Thankfully, my friend already banked it a few months ago. It looks like the Bangkok Bank rate for buying AUD for telegraphic (SWIFT) transfer today is 26.40, not quite as good as the cash rate from SuperRich, which is 26.10. Not as bad as I thought it might be though.

 

Thanks Peter

Western Union has a cheap option these days

Use your Credit/ Debit card to pay and allow about 7 days to transfer to a bank account you have in any country

Check out World First.  You can find them online and can call them on 1800 835 506 in Oz to discuss your requirements in detail.  They were fantastic and I used them a few times about 3 years back to transfer money from Oz to Thailand.   back then their fees were $15 under 10,000AUD and free over that.  They're international, based in the UK and I found they offered reasonable exchange rates too.  I believe transfer from Thailand to Oz is also possible and think they are in with HSBC in Thailand. 

 

You may also want look at if it is better / possible to convert to aud in Thai account before sending or sending Thai baht and having your bank in aus do the conversion. I have found Thai rates in general are better than aus.

 

Fees for transfer are one thing - exchange rate variance can make a large difference to your end result. Also keep a track of the aud to TB. The aud is fairly low, but occasionally dips quite a bit.

19 minutes ago, ncc1701d said:

You may also want look at if it is better / possible to convert to aud in Thai account before sending or sending Thai baht and having your bank in aus do the conversion. I have found Thai rates in general are better than aus.

 

Fees for transfer are one thing - exchange rate variance can make a large difference to your end result. Also keep a track of the aud to TB. The aud is fairly low, but occasionally dips quite a bit.

You can't be certain of course and I am no expert (maybe others with more knowledge can comment further?) about the dips and rises of the rates but I check them daily. It seems to me that recent rises in the THB against AUD seem to occur over an average of 1-3 days.  

Absolutely no guarantees but if it were me I would look for day 2 of a period of rise and consider what is happening back in Oz or here at the time that may affect it.  In the end it's all just a gamble to me.....  No doubt others will disagree with me on that but as I said I am no financial wizard.

try:

Worldwide Currencies Ltd 55 King William Street – London – EC4R 9AD
t +44 (0)20 3326 4444
d +44 (0)203 326 4525: James Russell, Senior FX Consultant
f +44 (0)20 7113 2241
e [email protected]
w http://www.worldwidecurrencies.com

 

They transfer your Thai Baht into AU$ , you pay them in THB from your Thai bank account and get your AU$ in your Australian bank  ( when the Thai bank allowes any transfer out )  or opposite.

 

Other alternative: www.Ebury.com

Dirk Croonen FX Dealer  

+31 (0)20 795 66 90

dirk[email protected]

or

Esther Snoeren
Client Service Executive

Ebury UK
42-44 Grosvenor Gardens
London SW1W 0EB

T +44 (0) 845 519 1009
D +44 (0) 203 468 7751
F +44 (0) 845 519 1005
[email protected]

 

I have used transferwise and ofx.

 

both have rates and fees , well, well below the banks.