transfer money from the USA

[riclag]

So if I transfer 100k via my bank in the states to BKK bank NY ,I would only pay $20 and 500 bht . Not including the fee for the USA bank. Is this correct?

[lopburi3]

If your home bank allows that much in one ACH transaction - highly doubtful.  Although believe you can increase believe normal limit would be in the $5,000 range at many banks.

[Berkshire]

OP, you should try this and let us know how it turns out.  I'm considering transferring over the same via ACH and was curious to know if the Thai financial system would allow (or even my own US bank).  I remember a few years ago, there was some sort of restriction for transfers over $30k...but that was some time ago. 

[riclag]

1 hour ago, lopburi3 said:

If your home bank allows that much in one ACH transaction - highly doubtful.  Although believe you can increase believe normal limit would be in the $5,000 range at many banks.

So how does one transfer  enough money to buy a house,exchange companies(transferwise) ?

Edited December 21, 2016 by riclag

[lopburi3]

Most people would likely use SWIFT transfer for a single transfer directly to the bank in Thailand.  SWIFT fee would likely be $45 or less so not a big deal and money would be in account almost immediately.

 

The ACH thru New York method suits frequent smaller transfers as fee is less as a proportion of the total transfer and easy to set up for most banks.  No reason you could not make more than one transfer however if you can not do a SWIFT (some banks might require in-person paperwork).

 

((edit:  appears you are in USA so SWIFT should be easy to do - you do have a BBL Thai bank account?)) 

 

If you need record of foreign transfer for condo type purchase in your name check with others for paperwork requirements as have never done that process.  

Edited December 21, 2016 by lopburi3

[riclag]

14 minutes ago, riclag said:

So how does one transfer  enough money to buy a house,exchange companies(transferwise) ?

I'm reading how banks don't give the real exchange rate. I'm reading into some of these exchange companies can save people  money when transferring large sums,is this a option? And can they be trusted?

[lopburi3]

BBL provides the real exchange rate adjusted for the time of day it is received - the rate is always available on there website.  The key factor is to always send foreign currency and have it converted to Baht here in Thailand.

 

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

[riclag]

44 minutes ago, lopburi3 said:

BBL provides the real exchange rate adjusted for the time of day it is received - the rate is always available on there website.  The key factor is to always send foreign currency and have it converted to Baht here in Thailand.

 

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

Sorry what does BBL stand for Bangkok Bank London?

[lopburi3]

Almost - Bangkok Bank Public Company Limited

 

Bangkok Bank, a Thai commercial bank (Stock symbol: BBL)

https://en.wikipedia.org/wiki/BBL

[riclag]

2 hours ago, lopburi3 said:

Most people would likely use SWIFT transfer for a single transfer directly to the bank in Thailand.  SWIFT fee would likely be $45 or less so not a big deal and money would be in account almost immediately.

 

The ACH thru New York method suits frequent smaller transfers as fee is less as a proportion of the total transfer and easy to set up for most banks.  No reason you could not make more than one transfer however if you can not do a SWIFT (some banks might require in-person paperwork).

 

((edit:  appears you are in USA so SWIFT should be easy to do - you do have a BBL Thai bank account?)) 

 

If you need record of foreign transfer for condo type purchase in your name check with others for paperwork requirements as have never done that process.  

Yes ,I have a Bangkok Bank Account.I have been using the NYBkkB via my BofA  for small transfers.So it sounds like your saying for sending  large amounts of money from the states,Its less costly and  better through a (swift transfer )directly into my Bangkok Bank Account in Thailand .

[lopburi3]

I suspect it would be easier but you might check with BoA as to there limits on ACH wire transfers.  I have never had the need to transfer large amounts so can not advise on that.

[riclag]

4 hours ago, Berkshire said:

OP, you should try this and let us know how it turns out.  I'm considering transferring over the same via ACH and was curious to know if the Thai financial system would allow (or even my own US bank).  I remember a few years ago, there was some sort of restriction for transfers over $30k...but that was some time ago. 

I won't be transferring money anytime soon. I'm researching the less expensive way to go about it.Its all so confusing

[riclag]

22 hours ago, lopburi3 said:

BBL provides the real exchange rate adjusted for the time of day it is received - the rate is always available on there website.  The key factor is to always send foreign currency and have it converted to Baht here in Thailand.

 

http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

Are you saying, send the money in (dollar-foreign)  from the USA to Thailand ? Or buy Thai bht  at B oF A and send it ?

Edited December 22, 2016 by riclag

[lopburi3]

Yes I am saying send the money in (dollar-foreign)  from the USA to Thailand. 

[Gary A]

My US bank is Citibank. I have no love for that bank but I can make wire transfers with no hassle doing it entirely online. The fee is a flat $30 but they sneak an extra $15 in for an intermediate bank. That bank is naturally also Citibank. I think Siam Commercial Bank charges 500 baht. The most I have wired was $35,000. I normally wire money about twice a year. Even with the extra $15 snuck in, that makes the actual percentage per dollar quite small.

 

As has been mentioned, it is always better to send US dollars.

Edited December 22, 2016 by Gary A
More information

[Pib]

OP, 

Correct regarding the transfer fees for an ACH transfer to Bangkok Bank via ACH.   You'll need to check your maximum ACH transfer limit(s) with BoA as they can vary from individual to individual.  

 

Or you could use SWIFT/Wire from BoA at a higher BoA fee...probably getting up to around $50.     If using SWIFT then you would only incur the 0.25% (Bt200 min, Bt500 max) fee on the Bangkok Bank end.

 

IMPORTANT: Send in dollars....DO NOT let BoA accomplish the currency exchange on their end as you'll get a significantly lower exchange rate than what you will get from Bankgok Bank.   Letting your home country sending bank convert the funds is almost always a bad idea...but of course your home country bank will steer you in that direction like making the currency selection/exchange method vague in how to send the funds.  

 

And after the funds arrive, get with Bangkok Bank to get a Foreign Exchange Transaction form so you can fully document the entry of this large sum of money into Thailand as it will be key in having this form if you want to repatriate the funds back to the U.S. in the future.

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/GPSD/FXTransactionForm_15032011.pdf