Transferring monies from Australia to Thai bank account , using western union or other similar company .

[sloperating]

2 hours ago, Simons3 said:

I too have used transfer wise  and am really happy with them. they asked me a few questions the first time around until i explained that the account i was sending to was my wife's, then they've been good ever since ( i think the  coming from the USA the  government checks are quite stringent).

what i've found is.... you will not get a better exchange rate! It can take a week for the transfer to complete( but some of that I think is a hold up at the Thai bank end). Up to $5K US you can have the money automatically withdrawn from your bank account and wired to the receiving bank account, very convenient!.

 

I just checked TransferWise site and sending $1000 AU today would cost $14.95 AU in Fees and the recipient would receive  26,328.32 Baht

 

cheers

 

The current BahtSmart rate is 25.9609 so your 1,014.95 AUD would see 26,349 THB in the recipient account (no fees).

[Cynical Sailor]

Can you transfer in $A or must convert to baht in Australia?

You BPay Bahtsmart in Aussie dollars from your AU account. They deposit Baht into your Thai account.

[Peterw42]

25 minutes ago, Cynical Sailor said:

Bahtsmart has no fees. You'll get a better rate than bank to bank transfers. You BPay from your AU account to them and they deposit into your Thai account. No bank fees at either end.

 

I just checked and Bahtsmart rate for $AU is 25,954.42 and the BKK Bank TT Buy rate is  26.31500 .

You dont get a better Rate, thats how these companies make money.

 

[Stevemercer]

I have used OFX for nearly two years. Once you have registered and made your first transaction (needs to be confirmed over the phone) you can do all your transfers over the internet direct from your bank. OFX usually has the best exchange rate. It costs $15 for amounts under $10,000 and takes 3 or 4 business days. 

 

I like that you can transfer money as a 'bill' payment so there are fewer restrictions and transfer limits. 

[sloperating]

On 11/12/2016 at 4:23 PM, glenn88 said:

I use bahtsmart for small amounts ($500 to $5000) no fee,and use OFX for larger amounts over $10,000 no fee. 3 to 4 days to arrive at my Bangkok Bank acc no problems at all :)


Sent from my iPhone using Thaivisa Connect

Good one!! Your 10K (AUD) gets 267,048THB from OFX compared with BahtSmart's 259,936THB. A very significant difference. Thanks.

[Peterw42]

3 minutes ago, sloperating said:

Good one!! Your 10K (AUD) gets 267,048THB from OFX compared with BahtSmart's 259,936THB. A very significant difference. Thanks.

 

For a $10,000 transfer the bank would probably beat both of them, even after banks fees.

[bra]

I use online transfer in AUD from my WESTPAC bank in Australia to Bangkok Bank accounts - they do the conversion. WESTPAC fee is AUD20, and BKK Bank fee is bt200. Provided the transfer is done before 2 pm AEDT the money is in the BKK bank by 3 pm Thai time same day. Good service and never had any problems.

 

The Western Union instant transfer fee is much higher but normally their exchange rate is better - but the bank transfer is cheaper. The only advantage with WU is that its almost instant but you have to go to a WU agent to collect.

 

But I will check out the Smart Baht system as their exchange rate looks better. Any comments on how long the transfer takes?

[aussiebrian]

2 hours ago, johnno2 said:

i live in Bangkok so this only applies to Bangkok people, I opened a Citibank account in Australia and set up a high daily withdrawal limit so i can withdraw large amounts if i need it, I don't get any interest on amounts in this account. so when I want money here, i transfer from my Westpac to my Citibank account. i can then go to any Citibank atm here and withdraw for NO transaction or foreign exchange fees, which is why i don't get interest on amounts in my Citibank account. you can also send funds to your Thailand bank account but this involves fees. i have also used www.worldremit.com to transfer to my UOB account. the fees are wayyyyyyyyy less than western union. you have to set up a worldremit account first.

 

Get a Citibank debit card when in Australia. Then anywhere in Thailand you get the Thai rate as it is converted here

and if you are not in Bangkok, any ATM is good but you do have the fee of 200 Baht the Thai Bank charges. I have been using this for 6 years and it is very easy. You also get an SMS on your phone when ever any amount has been withdrawn and when more than Australian $500 is put in your account. You can also use the card for transactions like petrol, and no fees (unless store charges fees) and conversion done in  Thailand.

[patrick1968]

On 11/12/2016 at 9:31 PM, vincent13 said:

I use internet banking to transfer money from Australian bank to K Bank. Costs $20 for each transfer which usually takes 1 business day. Transfer as Australian dollars and let Thai bank do the conversion to get the best exchange rate.

Hi mate , juat like to know the costs for transfer from comm../to k bank is it $20 for any amount or more you tranfare more you pay , because i use my comm/th car to take money from ATM the more i take out more they charge me , thanks mate 

Edited November 14, 2016 by patrick1968

[Peterw42]

7 minutes ago, aussiebrian said:

 

Get a Citibank debit card when in Australia. Then anywhere in Thailand you get the Thai rate as it is converted here

and if you are not in Bangkok, any ATM is good but you do have the fee of 200 Baht the Thai Bank charges. I have been using this for 6 years and it is very easy. You also get an SMS on your phone when ever any amount has been withdrawn and when more than Australian $500 is put in your account. You can also use the card for transactions like petrol, and no fees (unless store charges fees) and conversion done in  Thailand.

 

What is the advantage ? Any Australian debit card, I get the option to convert to Baht at the ATM, usually at a low rate.

Do you have any idea what exchange rate is being used?

[gwynt]

On 12/11/2016 at 9:31 PM, vincent13 said:

I use internet banking to transfer money from Australian bank to K Bank. Costs $20 for each transfer which usually takes 1 business day. Transfer as Australian dollars and let Thai bank do the conversion to get the best exchange rate.

Or open a Aus$ acc in the Thai bank then you can change to Baht as you want.

I have GBP and $US Acc  with SCB.

[Cabra]

I leave my Australian Debit Card with my Lady here and transfare what She requires into it.....ATM cost for one time transaction.....200 Baht...EASY!!!!!!!

[Cynical Sailor]

Any comments on how long the transfer takes?

I usually transfer on Wednesday night (Thai time) and it's always in my account by Friday. Occasionally it's there on a Thursday. Doing the same with OFX it usually doesn't happen until Monday.

[sloperating]

35 minutes ago, Peterw42 said:

 

For a $10,000 transfer the bank would probably beat both of them, even after banks fees.

What rate can you get and what bank fees would you pay? Every time (20 - 30) I've done the comparison BahtSmart comes out well in front of Bangkok Bank & Citibank. Help us with some numbers to back up your opinion, please.

[Peterw42]

6 minutes ago, Cabra said:

I leave my Australian Debit Card with my Lady here and transfare what She requires into it.....ATM cost for one time transaction.....200 Baht...EASY!!!!!!!

200 baht is the cost at the Thai end. Have you checked your Australian Bank statement, they charge anything up to $20 per transaction.

[bridge2bridge]

As Vincent13 said, only way to go.

Been doing it for EIGHT years, never had a problem.

NEVER send in Thai Baht.

ALWAYS send Aussie Dollars.

The bank will rip you off with a LOW exchange rate.

 

[bridge2bridge]

10 minutes ago, Cabra said:

I leave my Australian Debit Card with my Lady here and transfare what She requires into it.....ATM cost for one time transaction.....200 Baht...EASY!!!!!!!

You must have an HONEST Thai lady.

LUCKY MAN.

Wish i could find one.

After eight years and five Thai women.

I have given up.

 

[Elkski]

I joined transfer-wise but have not used it.   I only sent 300$ US once bit by chase bank transfer they charged me 50$ US.  But the exchange rate was bad so for 350$ US the recipient got under 10 k ฿.     Transfer rare sends me daily exchange rate and it is at a high now since Trump of 35.4.   transfer-wise doesn't transfer actual money internationally.   They find a matching person who wants to send money the other way.  So your money goes to their person and theirs goes to where you want it without international transfer.  Someone correct me it I'm wrong.   I can't imagine there are so many transfers going on that this concept works?    But losing 50$ on 350$ just won't work as a retirement method.   

[Peterw42]

3 minutes ago, sloperating said:

What rate can you get and what bank fees would you pay? Every time (20 - 30) I've done the comparison BahtSmart comes out well in front of Bangkok Bank & Citibank. Help us with some numbers to back up your opinion, please.

 

I posted todays rates earlier

 

"I just checked and Bahtsmart rate for $AU is 25,954.42 and the BKK Bank TT Buy rate is  26.31500 .

You dont get a better Rate, thats how these companies make money."

 

If transfering $50, yes the lower bahtsmart rate is cheaper than bank fees (around $30). Once you start transfering 1,000s then the Bank TT rate is better than bahtsmart, and the fee is still $30

 

[Saan]

I just used both Bahtsmart and Transferwise to calculate an AUD2000 transfer to Thailand and Transferwise was better by about 650 baht.

[4MyEgo]

2 hours ago, Cynical Sailor said:

I use Baht Smart. Cheaper and faster than Ozforex. No complaints.

 

And they don't charge for their service, the higher the amount you transfer, the higher the rate, have used them twice, money is in within a couple of days, at the rate quoted at the time of transfer. Will be using these guys as its smooth sailing, and there is no charge at my end at the bank, because its a transfer.

 

Bahtsmart bank with ANZ so you shouldn't have any issues, not that there would be any 555

[4MyEgo]

2 hours ago, Spock said:

Do you have to reside in Thailand to use it?

 

No, just check in and become a member on line, follow the simple procedures and transfer as you would in a normal environment, they will give you a code to put in as a reference on your transfer, so they can identify who the money is from, real easy stuff, even for me 555

[4MyEgo]

1 hour ago, Peterw42 said:

 

I just checked and Bahtsmart rate for $AU is 25,954.42 and the BKK Bank TT Buy rate is  26.31500 .

You dont get a better Rate, thats how these companies make money.

 

 

I just took off $20AUS from his bank and 300 baht from the banks end over here and that gives you 25.51 baht, is there something I missed ?

 

[Peterw42]

2 hours ago, Lazybones said:

I use CBA to SCB. $22 transfer fee plus bht200 this end. Get SCB TT rate. Next day transfer. 20 years no problems.

 

And the TT rate will always be higher than Bahtsmart etc rate.

[sloperating]

Just now, 4MyEgo said:

 

I just took off $20AUS from his bank and 300 baht from the banks end over here and that gives you 25.51 baht, is there something I missed ?

 

No. And Peterw42 is underestimating the charges from both banks for a TT.

[4MyEgo]

57 minutes ago, bra said:

I use online transfer in AUD from my WESTPAC bank in Australia to Bangkok Bank accounts - they do the conversion. WESTPAC fee is AUD20, and BKK Bank fee is bt200. Provided the transfer is done before 2 pm AEDT the money is in the BKK bank by 3 pm Thai time same day. Good service and never had any problems.

 

The Western Union instant transfer fee is much higher but normally their exchange rate is better - but the bank transfer is cheaper. The only advantage with WU is that its almost instant but you have to go to a WU agent to collect.

 

But I will check out the Smart Baht system as their exchange rate looks better. Any comments on how long the transfer takes?

 

Usually a day or two at the most I have found,and the rate quoted is the rate you get, the more you transfer, the higher the exchange rate

[4MyEgo]

4 minutes ago, sloperating said:

No. And Peterw42 is underestimating the charges from both banks for a TT.

 

So what are you saying ?

[Peterw42]

20 minutes ago, 4MyEgo said:

 

I just took off $20AUS from his bank and 300 baht from the banks end over here and that gives you 25.51 baht, is there something I missed ?

 

On what amout are you transfering ? Once you get over a couple of thousand dollars, the $30 is less than the lower rate that bahtsmart is giving you. Transfer $100 dollars and bahtsmart is cheaper, transfer $5000 and the bank is cheaper.

 

Bahtsmart $10,000 = 259,540 baht in your account

 

TT Rate $10,000 = 263,150 baht, less 1000 baht fees =262,150 baht in your account

 

Thats a couple of hundred difference

Edited November 14, 2016 by Peterw42

[Peterw42]

6 minutes ago, sloperating said:

No. And Peterw42 is underestimating the charges from both banks for a TT.

 

Commonwealth bank $20, BKK bank 200 Baht.

[Elkski]

I just know my chase bank transfer fees on 350$ ended up being 20% after I calculated the fee and bad exchange rate.    

If I remember the fee structure on transfer-wise it did go up as the amount goes up but % wise the fee is lower the more you send.