Best way to transfer Aussie $'s from Australia to Aussie $'s in a Thai bank account

[4MyEgo]

Gents, apologies in advance as I am sure this has been dealt with before, but I failed to find the post.

 

I used to use a mob called Xwing in Sydney to transfer Aussie $'s to my Thai bank account for a known advertised Thai baht, e.g. if they advertised today at 26 baht, I would transfer Aussie $'s from my account in Sydney to theirs and then ring them and quote them the amount and they would transfer the $'s to my Thai bank account the next day for a zero fee and at the advertised 26 baht for an Aussie dollar do to speak, however I only found out today that they are no longer doing it that way, you have to come in personally, suffice to say I now live her in Thailand.

 

I did see somewhere that someone said you can transfer Aussie $'s as Aussie $ into a Thai bank account for a small fee, can anyone elaborate on how this is done please as I will require to build up my Thai account slightly for the renewal of my retirement visa.

 

Thanks in advance

Edited October 13, 2016 by 4MyEgo

[MalandLee]

Mate I sent via ANZ. Last week or so,

 

I did the online transfer in the AM and was in my Thai account in the PM - same day. Cost $18.00.

 

Keep the transfer below $AUD5,000 per day and it will be a breeze. (Exchange controls kick in over this).

.

ON THE DAY - the "interbank" rate was 26.310 - (I sent Aussie dollars) I got 26.10 (TT Rate). No other fees that I am aware of.

 

Right now the TT rate is 26.39

 

NEVER EVER convert money in OZ - always send AUD.

 

[4MyEgo]

11 hours ago, MalandLee said:

Mate I sent via ANZ. Last week or so,

 

I did the online transfer in the AM and was in my Thai account in the PM - same day. Cost $18.00.

 

Keep the transfer below $AUD5,000 per day and it will be a breeze. (Exchange controls kick in over this).

.

ON THE DAY - the "interbank" rate was 26.310 - (I sent Aussie dollars) I got 26.10 (TT Rate). No other fees that I am aware of.

 

Right now the TT rate is 26.39

 

NEVER EVER convert money in OZ - always send AUD.

 

 

Thanks MalandLee

 

Can you elaborate on (Exchange controls kick in over this), please.

 

Also do I have to open an account here in Thailand to receive it in Aussie $'s, I have an account with Siam that I opened and use here in Thai currency. 

 

Sorry for the questions, totally new to this way of sending money from Australia.

Edited October 14, 2016 by 4MyEgo

[MalandLee]

Your account with SCB is fine, you will get a TT rate 0f 26.22625 Baht to the dollar as I type.

 

Above $AUD9999.00 you need to declare the reasons for transfer, my bank (ANZ) advised me to keep my transfers to $5000 or less and it will be a fast process. I really do not know ALL the details as to why, but, over time I have followed their advice and experienced seamless transfers at a quite reasonable rate.

 

Others will no doubt advise you differently - All I am doing is telling you how it is for me.

 

Good luck

[MalandLee]

IF you use ANZ you will have a choice - at the time of transfer - to send Thai Baht OR AUD. If you live in Western Australia you will find all the nutters who transferred their money in Thai Baht, in Graylands Hospital in Mount Claremont - that's where they belong.. 

 

Why would ANYBODY donate vast sums of money to their bank, (sending in Thai Baht) if they are not MAD?

 

Good luck Mate

[4MyEgo]

7 hours ago, MalandLee said:

Your account with SCB is fine, you will get a TT rate 0f 26.22625 Baht to the dollar as I type.

 

Above $AUD9999.00 you need to declare the reasons for transfer, my bank (ANZ) advised me to keep my transfers to $5000 or less and it will be a fast process. I really do not know ALL the details as to why, but, over time I have followed their advice and experienced seamless transfers at a quite reasonable rate.

 

Others will no doubt advise you differently - All I am doing is telling you how it is for me.

 

Good luck

 

That's for the heads up, that's got to be costly at $18 per transaction.

 

I think anything over $10,000 the banks have to send off a notice to the ATO, if they want to investigate, its up the ATO, to do with money laundering, link below:

 

https://www.hsbc.com.au/1/PA_ES_Content_Mgmt/content/australia/common/pdf/about/aba-fact-sheet.pdf

[4MyEgo]

7 hours ago, MalandLee said:

IF you use ANZ you will have a choice - at the time of transfer - to send Thai Baht OR AUD. If you live in Western Australia you will find all the nutters who transferred their money in Thai Baht, in Graylands Hospital in Mount Claremont - that's where they belong.. 

 

Why would ANYBODY donate vast sums of money to their bank, (sending in Thai Baht) if they are not MAD?

 

Good luck Mate

 

I just checked online with my bank, they use OFX, link below, it appears their current exchange rate is 26.88 baht to the AU $, and don't charge their normal $15 fee of its over $10k, sounds too good to be true, my bank did say that they receive a fee from them, so how is it that these guys don't charge me a fee, give me a good rate, and also give my bank a commission, like I said, sounds too good to be true.

 

I would like to transfer AU $'s, but only to top up for my retirement visa which is coming up for renewal in a few months, but at 26.88 baht to an AU $ I wouldn't mind as it appears to be an exceptional rate for what I am doing, suffice to say my $'s stay back home earning 2.75% at call at the moment.

 

https://www.ofx.com/en-au/

Edited October 14, 2016 by 4MyEgo

[4MyEgo]

20 hours ago, MalandLee said:

IF you use ANZ you will have a choice - at the time of transfer - to send Thai Baht OR AUD. If you live in Western Australia you will find all the nutters who transferred their money in Thai Baht, in Graylands Hospital in Mount Claremont - that's where they belong.. 

 

Why would ANYBODY donate vast sums of money to their bank, (sending in Thai Baht) if they are not MAD?

 

Good luck Mate

 

Further update.

 

Having spent considerable time on this last night reading about 4 pages of 10 pages of a previous post, I came up with a mob called bahtsmart, they bank with ANZ, they don't charge a fee for you to send your money over to Thailand, and the rate appears to be good too, I think 26.22 baht when I checked last night, and you don't get charged the $18 by ANZ, and the Thai bank doesn't charge you for the direct deposit into your account either, so you are ahead, because if you include the $18 and Thai bank entry fee, you are going backwards on the rate of the baht because its a cost that must be equated into the end rate, however they transfer is in Thai baht, not AU to AU, and they specialise in smaller amounts and appear to be very competitive.

 

Regarding the AU to AU, you could email them and ask them if they do AU to AU as they are with the same bank as you, but they might charge for that ?

 

I haven't used them yet, but sent them an email wanting clarification that the rate at the time of transfer would remain the same when it arrived in my account as there were some teething issues when I read on the old forum/post, as they were a new company at the time (2014) and they replied:  Yes we now do fixed rate transfers for any amount. Rate is fixed at time you enter transfer on our online system.

 

So I sent them another email wanting further clarification, e.g. if your rate at the time I use your system says 26 baht for argument sake, will it arrive into my account at 26 baht without any market fluctuations, so I am waiting for that confirmation before I give them a go, remember I am only wanting to top up my Thai account for the renewal of my retirement visa, all my money stays in Australia, safer and government guarantees $250,000 of your money per bank account, so spread it around, wouldn't park it here in Thailand as the banks don't protect you against fraud, or if they go belly up, the government will wash its hands, that and the rates are far better in AUS.

 

Cheers