Large Sum Transfer

[wonder6281]

I currently I conduct a bank to bank fortnightly transfer which works fine for sums up to 1500 AUD.

 

Next year I want to transfer over 100K.

 

I am asking for experience as to the best rate option to conduct the transfer. Cheque, TT or ??

 

Your advice is welcomed.

[blackcab]

Are you transferring foreign currency into Thailand from Australia?

[Peterw42]

I find the best rate is to send AU$ to thai bank and they do the conversion. I recently brought in money for a condo and if I asked the comm bank to send thai baht the exchange was 25.xx, Australian dollar to thai bank (BKK) and the TT exchange rate was over 26.

[4MyEgo]

10 hours ago, Peterw42 said:

I find the best rate is to send AU$ to thai bank and they do the conversion. I recently brought in money for a condo and if I asked the comm bank to send thai baht the exchange was 25.xx, Australian dollar to thai bank (BKK) and the TT exchange rate was over 26.

 

Hey Pete

 

I have been using a mob in Thai town Sydney (Haymarket area) who transfer money into my account here in Thailand for no charge, if your transfer is over $1,000, just saying in case someone wants to tell me otherwise. Today's rate is 25.30AUS to the Thai baht, there is also another mob called Istudy who is usually about .20 baht more on any given day Vs Xwing, however don't guarantee you the rate when you call in and say I am transferring you the $'s now, e.g. they usually get it the next day, so if the baht is down, you rate of exchange goes down, but Xwing honour the rate as at the time you call them and say I am transferring the $'s now.

 

My question is, how much does CBA charge you to transfer the money in AUS to your Thai bank account, and does the Thai bank also charge you to transfer it to Thai baht ? 

Edited September 15, 2016 by 4MyEgo

[chiang mai]

I don't mean to be seen as telling anyone how to suck eggs but many people don't realize that:

 

there are three different cost factors involved in making international transfers and the three of them need to be totalled in order to compare which is the most cost effective, they are - the sending costs, the receiving costs and the exchange rate. Many forex transfer companies these days advertise a low headline sending cost but their exchange rate is usually very poor - those that advertise the best exchange rate typically have higher sending fees. Important to remember that banks and forex transfers are in business to make money, they don't do these things for free and if the deal seems too good to be true, it probably is.

 

Also worth noting is that some banks levy a surcharge to receive larger than normal amounts, all Thai banks will charge for receiving the funds. The upside is that with a larger than normal amount, the bank will typically negotiate with you on the rate and it should be better than normal - always send foreign currency to Thailand, never send THB.

[Peterw42]

17 minutes ago, 4MyEgo said:

 

Hey Pete

 

I have been using a mob in Thai town Sydney (Haymarket area) who transfer money into my account here in Thailand for no charge, if your transfer is over $1,000, just saying in case someone wants to tell me otherwise. Today's rate is 25.30AUS to the Thai baht, there is also another mob called Istudy who is usually about .20 baht more on any given day Vs Xwing, however don't guarantee you the rate when you call in and say I am transferring you the $'s now, e.g. they usually get it the next day, so if the baht is down, you rate of exchange goes down, but Xwing honour the rate as at the time you call them and say I am transferring the $'s now.

 

My question is, how much does CBA charge you to transfer the money in AUS to your Thai bank account, and does the Thai bank also charge you to transfer it to Thai baht ? 

I cant recall, nothing outragous, maybe $20 Aus end and 200baht Thai end.

[Pib]

Be sure to send in your home country currency....don't let your home country Sending bank covert/exchange the funds to baht while sending as the exchange rate they provide will be several percent lower (worst) than the Thai bank exchange rate using for incoming international transfer (they call it the TT Buying Rate).  

 

Thai baht is a exotic/minor/practically not used currency outside of Thailand so its exchange rate is worst outside of Thailand when dealing with banks; hard to beat the in-Thailand Thai bank TT Buying Rate for incoming international transfers.  

 

Generally, the Thai bank receiving fee for international transfers is 0.25% (Bt200 min, Bt500 max)...some Thai banks will vary from the general fee but it's minor variation....just plan on a Bt200 to Bt500 Thai bank receiving fee. 

 

Any other fees you experience will be your Sending bank fees or Intermediary bank fees the Sending bank may have to route the funds through to your Thai bank.  Don't blame any Sending/Intermediary fees on the Thai bank (but many people still do since they don't understand where the fees are coming from)....the Thai bank will only charge its receiving fee.

[meatboy]

how do you normally transfer, 

who is your thai bank.

we use scb,and the 3times we have sent a large sum we have always had a better rate than the time of arrival.[scb.ring us.]

it covers a lot more than the cost of sending.

also make sure you say what its for,and get a certificate of the transfer[international money trans] from the receiving thai bank.

then if you ever need to take that money out of thailand the certificate will allow you to.

[alfieconn]

1 hour ago, chiang mai said:

I don't mean to be seen as telling anyone how to suck eggs but many people don't realize that:

 

there are three different cost factors involved in making international transfers and the three of them need to be totalled in order to compare which is the most cost effective, they are - the sending costs, the receiving costs and the exchange rate. Many forex transfer companies these days advertise a low headline sending cost but their exchange rate is usually very poor - those that advertise the best exchange rate typically have higher sending fees. Important to remember that banks and forex transfers are in business to make money, they don't do these things for free and if the deal seems too good to be true, it probably is.

 

Also worth noting is that some banks levy a surcharge to receive larger than normal amounts, all Thai banks will charge for receiving the funds. The upside is that with a larger than normal amount, the bank will typically negotiate with you on the rate and it should be better than normal - always send foreign currency to Thailand, never send THB.

 

My FX Company always  send in Thai baht, do not charge for sending any amount and you get the rate at the time you do the trade, unlike having the money sent by bank TT where you don't know what rate  your getting until 3 or 4 days later.

 

Their rate at the moment is 20 basis points better than you will get on some of the BIg Banks TT rate.

 

 

 

 

[chiang mai]

5 minutes ago, alfieconn said:

 

My FX Company always  send in Thai baht, do not charge for sending any amount and you get the rate at the time you do the trade, unlike having the money sent by bank TT where you don't know what rate  your getting until 3 or 4 days later.

 

Their rate at the moment is 20 basis points better than you will get on some of the BIg Banks TT rate.

 

 

 

 

 

I'm surprised they don't pay you as well!

 

Regardless, I couldn't actually find any information on the web for "My FX Company", do you have a link.

[alfieconn]

12 minutes ago, chiang mai said:

 

I'm surprised they don't pay you as well!

 

Regardless, I couldn't actually find any information on the web for "My FX Company", do you have a link.

 

Only the rate they have today 

Selling:	GBP 1,000.00
Buying:	THB 46,024.20
Rate:	GBP/THB 46.0242

 

SCB TT RATE 45.72375

BANGKOK BANK  TT RATE 45.80250

Krungsri bank  TT  Rate  45.74374

Edited September 15, 2016 by alfieconn

[chiang mai]

Just now, alfieconn said:

 

Only the rate they have today 

Selling:	GBP 1,000.00
Buying:	THB 46,024.20
Rate:	GBP/THB 46.0242

 

I asked for a link to the company rather than the rate they  use currently, are you saying you don't have one?

[alfieconn]

2 minutes ago, chiang mai said:

 

I asked for a link to the company rather than the rate they  use currently, are you saying you don't have one?

 

No

[chiang mai]

14 minutes ago, alfieconn said:

 

No

 

Oh, OK then!!!!!!

 

Edited September 15, 2016 by chiang mai

[alfieconn]

 

The rate has changed now 

Selling:	GBP 2,000.00
Buying:	THB 92,034.20
Rate:	GBP/THB 46.0171

 

[alfieconn]

23 minutes ago, chiang mai said:

 

I'm surprised they don't pay you as well!

 

Regardless, I couldn't actually find any information on the web for "My FX Company", do you have a link.

 

They do but only after i have paid them 

[alfieconn]

OP, iv'e sent you a link for the company i use !

[chiang mai]

1 hour ago, alfieconn said:

OP, iv'e sent you a link for the company i use !

 

Why not share with the entire community alf, unless it's secret that is.

[alfieconn]

56 minutes ago, chiang mai said:

 

Why not share with the entire community alf, unless it's secret that is.

 

Anyone who want's the link only has to ask cm and i will send them a PM, obviously you think it's a joke so you won't want one 

[chiang mai]

 

11 minutes ago, alfieconn said:

 

Anyone who want's the link only has to ask cm and i will send them a PM, obviously you think it's a joke so you won't want one 

 

I think you're bored and you're trolling, again! Out.

 

Byee!

[alfieconn]

28 minutes ago, chiang mai said:

 

 

I think you're bored and you're trolling, again! Out.

 

Byee!

 

You think what you want 

[DUS]

I hope it is ok if I "hijack" this thread with a very similar question. 

 

So far, I have been using transferwise.com for all my money transfers from the UK to TH. Back in the UK I am banking with Halifax and I just wondered if using their international money transfer wouldn´t actually be the better/cheaper option. I will soon want to make a transfer between 30 - 50k (GBP). At the time of writing this message, transfering 40k using transferwise would cost me as follows:

 

 

Fee GBP 410.81

Exch. rate: 46.0685

To be received: TBH 1,823,814.60

 

Now, I admit that the exchange rate is decent but the fee appears high.

 

The Halifax charges a flat rate of GBP 9.50 per transfer. If I transfered 40k in pound sterling to my account at Krungthai Bank, shouldn´t I expect to receive more than the 1,823,814.60? Or will the exchange rate at this end of the transfer (i.e. Krungthai) make it a bad deal? Any ideas?

 

Thank you and apologies again for hijacking this thread.

 

Cheers

DUS

 

Edited September 15, 2016 by DUS

[manfredtillmann]

5 minutes ago, DUS said:

I hope it is ok if I "hijack" this thread with a very similar question. 

 

So far, I have been using transferwise.com for all my money transfers from the UK to TH. Back in the UK I am banking with Halifax and I just wondered if using their international money transfer wouldn´t actually be the better/cheaper option. I will soon want to make a transfer between 30 - 50k (GBP). At the time of writing this message, transfering 40k using transferwise would cost me as follows:

 

 

Fee GBP 410.81

Exch. rate: 46.0685

To be received: TBH 1,823,814.60

 

Now, I admit that the exchange rate is decent but the fee appears high.

 

The Halifax charges a flat rate of GBP 9.50 per transfer. If I transfered 40k in pound sterling to my account at Krungthai Bank, shouldn´t I expect to receive more than the 1,823,814.60? Or will the exchange rate at this end of the transfer (i.e. Krungthai) make it a bad deal? Any ideas?

 

Thank you and apologies again for hijacking this thread.

 

Cheers

DUS

 

a poster on a similar thread seems to agree with you - do a quick search, you'll find it/

[topt]

2 hours ago, DUS said:

I hope it is ok if I "hijack" this thread with a very similar question. 

 

So far, I have been using transferwise.com for all my money transfers from the UK to TH. Back in the UK I am banking with Halifax and I just wondered if using their international money transfer wouldn´t actually be the better/cheaper option. I will soon want to make a transfer between 30 - 50k (GBP). At the time of writing this message, transfering 40k using transferwise would cost me as follows:

 

 

Fee GBP 410.81

Exch. rate: 46.0685

To be received: TBH 1,823,814.60

 

Now, I admit that the exchange rate is decent but the fee appears high.

 

The Halifax charges a flat rate of GBP 9.50 per transfer. If I transfered 40k in pound sterling to my account at Krungthai Bank, shouldn´t I expect to receive more than the 1,823,814.60? Or will the exchange rate at this end of the transfer (i.e. Krungthai) make it a bad deal? Any ideas?

 

Thank you and apologies again for hijacking this thread.

 

Cheers

DUS

 

I only checked quickly but https://www.exch.ktb.co.th/ExRateKTB/ExCounterRate.do?action=currentRate seems to be current rates.

Simple answer is allowing for Nationwide fee and KTB fee you should be about 8/9k baht better off - as long as Nationwide don't have to go through an intermediary bank but even then you will be better off. Just do the math

[chiang mai]

9 hours ago, DUS said:

I hope it is ok if I "hijack" this thread with a very similar question. 

 

So far, I have been using transferwise.com for all my money transfers from the UK to TH. Back in the UK I am banking with Halifax and I just wondered if using their international money transfer wouldn´t actually be the better/cheaper option. I will soon want to make a transfer between 30 - 50k (GBP). At the time of writing this message, transfering 40k using transferwise would cost me as follows:

 

 

Fee GBP 410.81

Exch. rate: 46.0685

To be received: TBH 1,823,814.60

 

Now, I admit that the exchange rate is decent but the fee appears high.

 

The Halifax charges a flat rate of GBP 9.50 per transfer. If I transfered 40k in pound sterling to my account at Krungthai Bank, shouldn´t I expect to receive more than the 1,823,814.60? Or will the exchange rate at this end of the transfer (i.e. Krungthai) make it a bad deal? Any ideas?

 

Thank you and apologies again for hijacking this thread.

 

Cheers

DUS

 

 

Just to give you an idea:

 

If I were to do that transfer it would cost me as follows:

 

Sending Fee: HSBC UK, 4 Pounds Sterling

Rate: negotiable with the receiving bank Treasury Dept. because of the larger amount but never more than Spot Rate less 35 Satang.

Receiving Rate; 450 baht with UOB Thailand.

[meatboy]

13 hours ago, DUS said:

I hope it is ok if I "hijack" this thread with a very similar question. 

 

So far, I have been using transferwise.com for all my money transfers from the UK to TH. Back in the UK I am banking with Halifax and I just wondered if using their international money transfer wouldn´t actually be the better/cheaper option. I will soon want to make a transfer between 30 - 50k (GBP). At the time of writing this message, transfering 40k using transferwise would cost me as follows:

 

 

Fee GBP 410.81

Exch. rate: 46.0685

To be received: TBH 1,823,814.60

 

Now, I admit that the exchange rate is decent but the fee appears high.

 

The Halifax charges a flat rate of GBP 9.50 per transfer. If I transfered 40k in pound sterling to my account at Krungthai Bank, shouldn´t I expect to receive more than the 1,823,814.60? Or will the exchange rate at this end of the transfer (i.e. Krungthai) make it a bad deal? Any ideas?

 

Thank you and apologies again for hijacking this thread.

 

Cheers

DUS

 

i use royworld express, 30gbp.sent to thailand within the hour,only other fee is scb.max.500bht.so normally i watch the ex.change rate and when it satisfies me i send.

always use a rate your happy with,DONT BE GREEDY.

[wonder6281]

On 14/09/2016 at 9:07 PM, blackcab said:

Are you transferring foreign currency into Thailand from Australia?

Yes AUD. Not converting it prior to its sending. I learnt that lesson early.

[wonder6281]

On 15/09/2016 at 10:25 AM, meatboy said:

how do you normally transfer, 

who is your thai bank.

we use scb,and the 3times we have sent a large sum we have always had a better rate than the time of arrival.[scb.ring us.]

it covers a lot more than the cost of sending.

also make sure you say what its for,and get a certificate of the transfer[international money trans] from the receiving thai bank.

then if you ever need to take that money out of thailand the certificate will allow you to.

I transfer through Internet banking ANZ to Kasikorn AUD to THB. Next day service but my exchange rate never matches the rate on the Kasikorn website even after I deduct their 203 baht fee. It's close though. I do this every 2 weeks but will soon be transferring a lump sum and I'm exploring different processes to get the best bang for my AUD. 

[wonder6281]

Thanks to all for your replies. 

[Pib]

4 hours ago, wonder6281 said:

I transfer through Internet banking ANZ to Kasikorn AUD to THB. Next day service but my exchange rate never matches the rate on the Kasikorn website even after I deduct their 203 baht fee. It's close though. I do this every 2 weeks but will soon be transferring a lump sum and I'm exploring different processes to get the best bang for my AUD. 

I see ANZ has a subsidiary in Thailand called  ANZ Thailand.   I wonder if ANZ is sending the funds to their ANZ subsidiary in Thailand, who then converts the funds to Thai baht at their TT Buying Rate which would probably be plus or minus a little bit of other Thai bank TT Buying Rate such as Kasikorn and then the ANZ  Thailand does a domestic transfers over to the Kasikorn.  Since it would then be a domestic transfer their would be no receiving fee by Kaiskorn, but ANZ Thailand might have charged one.  

 

I know ANZ is not a retail bank in Thailand but their website does say they do transaction banking which could include acting as an intermediary bank to receive foreign transfers and pass along to Thai banks.

 

You might want to call Kaiskorn one day and ask them how much foreign currency arrived for transaction so and so....if they say they didn't get any foreign currency as it arrived in baht then ANZ at some point accomplished the currency exchange.