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

[4MyEgo]

3 minutes ago, Peterw42 said:

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 = 236,150 baht, less 1000 baht fees =262,150 baht in your account

 

Thats a couple of hundred difference

 

Hey Pete can you run those numbers again, because they don't add up, I am assuming its a typo, e.g. 236,150 less 1000 = 262,150 ?

[Peterw42]

9 minutes ago, 4MyEgo said:

 

Hey Pete can you run those numbers again, because they don't add up, I am assuming its a typo, e.g. 236,150 less 1000 = 262,150 ?

Sorry, Yes a typo (i will edit it)

262,150 in your account, but its still more than 259,540

 

 

Edited November 14, 2016 by Peterw42

[4MyEgo]

4 minutes ago, Peterw42 said:

Sorry, Yes a typo (i will edit it)

235,150 in your account, but its still more than 259,540

 

 

 ?

[Peterw42]

2 minutes ago, 4MyEgo said:

 ?

try again, lol

I haven't had 2nd coffee yet

14 minutes ago, Peterw42 said:

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

 

[4MyEgo]

16 minutes ago, Peterw42 said:

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 = 236,150 baht, less 1000 baht fees =235,150 baht in your account

 

Thats a couple of hundred difference

 

Don't take this the wrong way Pete, but I take math wasn't something you got an "A" in, do you mean that TT give you 26.615 vs BahtSmart 25.954 ?

[Peterw42]

1 minute ago, 4MyEgo said:

 

Don't take this the wrong way Pete, but I take math wasn't something you got an "A" in, do you mean that TT give you 26.615 vs BahtSmart 25.954 ?

 

Yes, that is todays rates, at 11am

[4MyEgo]

6 minutes ago, Peterw42 said:

 

Yes, that is todays rates, at 11am

 

Questions for you

 

1) OFX state that if you send over $10,000AUD, they do not charge you a fee

 

2) Do you receive the same rate that you were quoted at the time of transaction ?

 

3) Does your bank charge you a fee for the money being deposited into your account ?

Edited November 14, 2016 by 4MyEgo

[Peterw42]

3 minutes ago, 4MyEgo said:

 

Questions for you

 

1) OFX state that if you send over $10,000AUD, they do not charge you a fee

 

2) Do you receive the same rate that you were quoted at the time of transaction ?

 

3) Does your bank charge you a fee for the money being deposited into your account ?

 

1) not familiar with OFX, but that sound right, no fee but the rate will always be less than TT rate

 

2) the private transfer companies usually lock in a rate when you send, but again its less than TT rate

 

3) there is usually no bank fee at the thai end with private company, as its a thai bank to bank transfer

[4MyEgo]

3 minutes ago, Peterw42 said:

 

1) not familiar with OFX, but that sound right, no fee but the rate will always be less than TT rate

 

2) the private transfer companies usually lock in a rate when you send, but again its less than TT rate

 

3) there is usually no bank fee at the thai end with private company, as its a thai bank to bank transfer

 

So in essence you are saying that TT gives a better rate than BahtSmart and the bank doesn't charge for the conversion, although there is a charge at the Australian end of say $20 for argument sake ?

[StevieAus]

I have used OFX formerly know as ozforex for about 5 years to transfer funds from Australia to Thailand and also Australia to UK easy to use with everthing carried out online

Never had any problems and good exchange rate three other Aus expat friends now use and again no problems

[Peterw42]

1 minute ago, 4MyEgo said:

 

So in essence you are saying that TT gives a better rate than BahtSmart and the bank doesn't charge for the conversion, although there is a charge at the Australian end of say $20 for argument sake ?

 

Bahtsmart, no fees either end. (lower exchange rate) it comes into your account as a local Thai transfer.

 

TT, (higher exchange rate) $20 at Australian end and 200 baht at the Thai end.

 

If you transfer over a couple of thousand, the TT rate works out cheaper.

[DUNROAMIN]

Your own bank is Oz should provide secure international transfers, I transfer my money via NAB, Fee: $22 for any amount from $1-20000.

My Thai bank here charges me about $5 for the transfer. Never had any problems, just remember to conduct your transactions during normal banking days. My transfers take about 3 - 5 hours to be processed.

[Dene16]

On 12/11/2016 at 8:07 AM, Baht bus said:

Would appreciate any input or experiences people may have encountered transferring money this way . 

 

 

I, as many others here, use transfer wise. 

usually takes 3 days to transfer but overall provides the best exchange rate when charges are included. There is no charge from your thai bank as they deposit baht.

The price they quote is the price you get. The rate they quote is always better than the TT rate from whichever thai bank you will use.

There has been many discussions on this subject here   and i have always looked at other op's suggestions but no one has yet to better transferwise if you don't mind waiting the 3/4 days

 

A couple have offered a slightly better rate but this has only been for a certain amount or time 

Edited November 14, 2016 by Dene16
additional information

[kkerry]

I'm surprised it takes hours or days for some of you to transfer your money from Australia to Thailand. I use CBA-SCB, $22 for up to $20k. I transfer before 11AM Thai time and it is in my SCB account in less than five minutes. I always tick the box that lets you transfer in AUD for conversion in Thailand. The rate to let CBA do the conversion is usually 2 baht per dollar less.

[Peterw42]

9 minutes ago, Dene16 said:

 

I, as many others here, use transfer wise. 

usually takes 3 days to transfer but overall provides the best exchange rate when charges are included. There is no charge from your thai bank as they deposit baht.

The price they quote is the price you get. The rate they quote is always better than the TT rate from whichever thai bank you will use.

There has been many discussions on this subject here   and i have always looked at other op's suggestions but no one has yet to better transferwise if you don't mind waiting the 3/4 days

 

Looking at the transferwise website, the exchange rate is slightly better than bank TT rate, but the fee to transfer $10,000 is $150. Fees like that negate any good exchange rate.

[Peterw42]

14 minutes ago, kkerry said:

I'm surprised it takes hours or days for some of you to transfer your money from Australia to Thailand. I use CBA-SCB, $22 for up to $20k. I transfer before 11AM Thai time and it is in my SCB account in less than five minutes. I always tick the box that lets you transfer in AUD for conversion in Thailand. The rate to let CBA do the conversion is usually 2 baht per dollar less.

 

I have noticed similar, if you are in the window when both banks are open, it comes through straight away.

[Dene16]

12 minutes ago, Peterw42 said:

 

Looking at the transferwise website, the exchange rate is slightly better than bank TT rate, but the fee to transfer $10,000 is $150. Fees like that negate any good exchange rate.

 

I have to concur with your observation. However when sending smaller amounts as i and many others do the fees are less than the transfer cost from your bank.

Also i am also from the UK (UK banking system) not Australia and have not come across anything better at the moment but, i as others, are always looking for better options and maybe some more will come in this thread

 

[Peterw42]

1 minute ago, Dene16 said:

 

I have to concur with your observation. However when sending smaller amounts as i and many others do the fees are less than the transfer cost from your bank.

Also i am also from the UK (UK banking system) not Australia and have not come across anything better at the moment but, i as others, are always looking for better options and maybe some more will come in this thread

 

 

Yes, for small amounts, under $1000, the private companies are cheaper. Once you transfer over a couple of thousand then most of the time the TT rate and fees, is a cheaper option. 

[vincent13]

4 hours ago, Spock said:

And do you also get hit with a fee at the Thai end? 300 - 500 baht? When I send money from my NAB account, I am asked about a fee that can be taken from the money I send at the Thai end or from my account. I have always nominated the money I send without realising how much I lost in fees to the Thai bank (money not sent to me). Are these extra fees avoided if using an FX company to transfer to a Thai bank account? 

 

No fees showing up at the Thai end on my bank statement. Will have to pay more attention next transfer.

[namoi]

ok, i have been trying to follow and understand it all, maths was my worst subject way back when, i am going to send $5000 to my gf's account so from what can work out i might as well just go to suncorp and do the transaction when i get home next month

[ripstanley]

I have been using OFX for 5 years. I find them good and okay for me.

I just looked at Baht Smart  and their exchange rate was 25.97 for transferring 4,000 Au$ while OFX was 26.31.

The only problem with OFX is they transfer through Bangkok Bank. Bangkok Bank then transfer to whichever other bank you use. Bangkok Bank charge extra for this service. When I discovered this I opened up an account with Bangkok bank and saved money.

 

Edited November 14, 2016 by ripstanley

[ncc1701d]

I can not believe how much Australian banks rip off people. You may not be paying a "fee", but the exchange rates are terrible. 

[kkerry]

14 minutes ago, ncc1701d said:

I can not believe how much Australian banks rip off people. You may not be paying a "fee", but the exchange rates are terrible. 

 

If you let the bank in Thailand do the conversion, then the rate won't be the cheapest you can find but I don't know I would call it terrible.

 

If someone would like to do a direct comparison tomorrow morning with some of the non-bank tranferers mentioned in the topic, and based on the latest SCB TT rate here: http://www.scb.co.th/scb_api/index.jsp I'd be interested in seeing how it all works out. Let's compare say 2K, 10K & 20K AUD. CBA charge a $22 flat rate and SCB tack on say 300 baht at this end so you would need to add the transfer & any local bank charges for it to be a meaningful exercise.

 

I have a nice parcel of Aussie bank shares which have perked up nicely since Trump won so I can't complain either way :)

[electric]

2 hours ago, namoi said:

ok, i have been trying to follow and understand it all, maths was my worst subject way back when, i am going to send $5000 to my gf's account so from what can work out i might as well just go to suncorp and do the transaction when i get home next month

 

Hi namoi ... presumeably you have a Suncorp account back in Oz. Login to Suncorp, and they should be able to give you a firm rate for $5000 transfer today to Thailand. You don't have to commit to the transfer, but it'll give you an idea of how much better, or worse, the Oz banks are compared to FX companies.

 

When doing your sums, don't forget to add in the fees from Suncorp, and the fees that the Thai bank will charge this end. You can check that with your girlfriends' bank. (eg.Bangkok Bank charge 0.25% fee on all incoming foreign transfers, which is automatically deducted before BKK Bank credit your Thai account with the final figure)

 

Another alternative is .... as you're going home next month, why not bring $9999 cash with you from Oz when you return. ($10,000+ you have to declare it at Oz airport)

 

Any big Bangkok Bank branch will exchange AUD$5000 over the counter, no fees, no questions asked for 25.97 baht to $1AUD, on todays rates. You walk out of the bank with 129,850 baht cash.

 

That's not a bad rate, considering no hassle, no fees, no setting up FX accounts etc.etc. and it's not that far short of what you'll ultimately get if you go the FX company route.

 

Having said all that ... I'm with OFX (Ozforex). If I committed to a $5000 transfer right this minute, I'd receive 131,595 baht, less 329 baht Bangkok Bank fee (0.25%) giving me 131,266 baht. (OFX would also charge $15 for this T/F, as it's under $10,000, so effectively, you're cost is AUD$5015)

 

So what the above means, is I'll receive 131,266 baht for AUD$5015 ,which in reality is 26.1746 baht to $1

 

Hope all the above is helpful.

 

 

 

 

Edited November 14, 2016 by electric

[namoi]

34 minutes ago, electric said:

 

Hi namoi ... presumeably you have a Suncorp account back in Oz. Login to Suncorp, and they should be able to give you a firm rate for $5000 transfer today to Thailand. You don't have to commit to the transfer, but it'll give you an idea of how much better, or worse, the Oz banks are compared to FX companies.

 

When doing your sums, don't forget to add in the fees from Suncorp, and the fees that the Thai bank will charge this end. You can check that with your girlfriends' bank. (eg.Bangkok Bank charge 0.25% fee on all incoming foreign transfers, which is automatically deducted before BKK Bank credit your Thai account with the final figure)

 

Another alternative is .... as you're going home next month, why not bring $9999 cash with you from Oz when you return. ($10,000+ you have to declare it at Oz airport)

 

Any big Bangkok Bank branch will exchange AUD$5000 over the counter, no fees, no questions asked for 25.97 baht to $1AUD, on todays rates. You walk out of the bank with 129,850 baht cash.

 

That's not a bad rate, considering no hassle, no fees, no setting up FX accounts etc.etc. and it's not that far short of what you'll ultimately get if you go the FX company route.

 

Having said all that ... I'm with OFX (Ozforex). If I committed to a $5000 transfer right this minute, I'd receive 131,595 baht, less 329 baht Bangkok Bank fee (0.25%) giving me 131,266 baht. (OFX would also charge $15 for this T/F, as it's under $10,000, so effectively, you're cost is AUD$5015)

 

So what the above means, is I'll receive 131,266 baht for AUD$5015 ,which in reality is 26.1746 baht to $1

 

Hope all the above is helpful.

 

 

 

 

g`day electric

yea thanks for that, it makes it a bit clearer now, I sat here last night and read the bartsmat link but there was a bit of toing and throwing so just not sure about that idea, I have been thinking of the walk in with the cash but I don't know how long ill be home 10 days, 10 weeks or 10 months so I was just looking for what is the best way to go about it, I have never had to transfer before so its all new to me, again thanks.

[Thai-Aust]

If you live in Sydney, the easiest and cheaper way is to go to an agent shop on George st, near Chinatown. The exchange rate is the same as those in Thailand which means better value than Aust banks. Best of all, it's free, no commissions. I don't know why.

 

The money will be in your Thai bank account within 24 hrs. 

[Elkski]

150$ on 10000$ ,So that is a 1.5% charge but if the rate is 1.6% better than using a bank? My exchange rate using CHase was a joke and they made another 7% on me...  You really need to check the rates.. 

As I understand the Delay using TW its because it takes some time to find a matching person wanting to send the money the other direction. 

[kkerry]

7 hours ago, electric said:

Another alternative is .... as you're going home next month, why not bring $9999 cash with you from Oz when you return. ($10,000+ you have to declare it at Oz airport)

 

Any big Bangkok Bank branch will exchange AUD$5000 over the counter, no fees, no questions asked for 25.97 baht to $1AUD, on todays rates. You walk out of the bank with 129,850 baht cash.

 

That's not a bad rate, considering no hassle, no fees, no setting up FX accounts etc.etc. and it's not that far short of what you'll ultimately get if you go the FX company route.

 

 

I've done similar myself a few times, but for that amount you are better off going to somewhere like Super Rich head office where you get an even better rate. On yesterday's rate AUD$5000 would have got you 133,000 baht cash, they will even change the whole 10k for you. Just make sure the notes are in very good condition. Get $100 notes as $50's get bulky. 

[bangkok19]

I've been using X-WING to send money to my BKK BANK account. They're situated in Lower Pitt St, Sydney just three doors up from the Thai Pub. If you want to know their current rate just check out the VASU (Bangkok) rate (online) ,,,   X-WING are usually 0.5 baht less than VASU's rate.  Western Union and our Aussie Banks transfer rates are a rip-off.

If you make your payment to X-WING in the morning, it is usually always in the BKK BANK account by 6pm that evening (Thai time). 

[Baht bus]

I really am glad that I started this topic as is seems many people can and will benefit from all the helpful info provided . I'm shocked that so many people are using ATM cards and just drawing from Australia! 

 

I have joined all of these companies mentioned and I am shopping daily for the best deal before I send my money . 

I compared a transfer  of $1000 Aus today betweeen bahtsmart and OFX : there was a $4 saving using bahtsmart over OFX . 

26303 baht with OFX minus the $15 fee 

or 

26009 with bahtsmart . No fee .

 

 

they are all very similar . 

 

 

 

Note ; If you are using your Aus ATM here in Thailand you are ripping yourself hundreds of dollars over a year period if you calculate all of the fees and include them into your conversion rate . 

 

Last $1000 I drew from an ATM in Thailand converted to 24.4 baht , once you included the fee in Aus and the 200 baht here . when I can send $1000 and receive with any of these companies and receive up and over 26 baht Why would i line the rich banks pockets anymore . 

Ill help the small companies any day . 

 

I appreciate all of the information people have provided and for those still Using Australian bank transfer to try this method , as you can save loads of money .