Canadian funds to Thailand

[Danthefarang]

Hi, I just moved here recently and moved a years worth of money to my Bangkok Bank account and the fees made me sick to my stomach.

 

I'm hoping to do only one transfer per year, my visa required amount is squared away and will remain untouched. 

 

My question is, is there a way to avoid swift etc charges and get a good lump sum sent to me every year or is bank to bank and all it entails the only route ?

 

Thanks for your help,

 

Danny

[ubonjoe]

Perhaps check to see if your bank can transfer the funds to Bangkok Bank's branch in New Your to your account by ACH.

Info about ACH is here:  http://www.achnetwork.com/introtoach.html

[Seligne2]

I bank at TD in Canada and BB here. In the past, when I asked TD to  wire funds to BB they tell me to visit a branch. Clearly not possible. They will not  do it over the internet (or they would not the last time I checked). I resign myself to once a year trips to Canada. My snap judgement is that Canadian banks are local banks that provide little in the way of international services. Please tell us if you have any luck.

Edited December 31, 2016 by Seligne2
Add sentence

[theguyfromanotherforum]

Also banking with TD. You will get killed on transfers, no matter what. Just bring a pile of cash or travelers cheques once a year and for the rest use a forex free credit card from Chase or Rogers and you'll be fine. That's what I do.

[Banana7]

I too am disgusted by the bankster's rates and make the trip back to Canada and bring a pile of cash. If you transit through USA, be sure to claim amounts over USD$10K with a fincen105 for US customs, to avoid confiscation. On arrival in Thailand, also declare cash equivalent in excess of USD$20k. Cash exchange rates in BKK are much better than the TT rate, especially after the wire transfer handling charges.

 

For best current exchange rates, check here: https://daytodaydata.net/

and here http://siamexchange.co.th/

 

Edited January 1, 2017 by Banana7

[Danthefarang]

Wow, thanks for the quick responses.

 

is there duty to be paid on bringing more than $10,000 Cdn into Thailand???

 

Using ACH don't you get dinged changing into US funds and then again into Thai baht ??

 

I've used WASU on Suhkimvet before and the rates were so much better than the banks.

 

I used to transfer funds from TD to Bangkok Bank using visa debit card, but again the exchange is awful, $8 Cdn per transaction and $2000 max per transaction........backers should wear a mask like real robbers hahahah

[ubonjoe]

2 hours ago, Danthefarang said:

Wow, thanks for the quick responses.

 

is there duty to be paid on bringing more than $10,000 Cdn into Thailand???

 

Using ACH don't you get dinged changing into US funds and then again into Thai baht ??

 

I've used WASU on Suhkimvet before and the rates were so much better than the banks.

 

I used to transfer funds from TD to Bangkok Bank using visa debit card, but again the exchange is awful, $8 Cdn per transaction and $2000 max per transaction........backers should wear a mask like real robbers hahahah

There no duty for bringing cash into the country. You have to declare it you bring in more the $20,000 US into the country.

I don't know how transfers from Canada to the US by ACH are handled. I think you would need to buy the US dollars before sending it.

 

[Banana7]

Avoid using your TD debit card in Thailand too. Last time I checked, it was CAD$5 per transaction for TD plus the Thailand ATM fee (some are 100B about CAD$4), and finally, the less than optimal exchange rate.

 

Try a TD bank SWIFT transfer, you'll burn more $$. Last time I paid CAD$30 to TD for amounts up to CAD$10,000 and anything over CAD$10K was CAD$50. You also get hit with the receiving bank fees here in Thailand, which can amount to another CAD$50 or more. Last time I transferred CAD funds TD to Kaskikorn (Pattaya Branch) total cost was about CAD$100. Also transferred USD from TD to Kasikorn the transfer fees were even more due to a third bank being involved.

 

Finally, avoid using your TD visa credit card in Thailand. TD charged me 2.5% commission on the Visa official visa rates. The VISA exchange rate is reasonable, but still less optimal than using cash

in BKK. Also, the transaction doesn't clear on the day the transaction is performed, the currency is exchanged on a later date usually to your disadvantage - banksters optimizing their profits.

 

I've learned my lesson the expensive way - now I just bring cash.

 

 

 

 

[theguyfromanotherforum]

Avoid using your TD debit card in Thailand too. Last time I checked, it was CAD$5 per transaction for TD plus the Thailand ATM fee (some are 100B about CAD$4), and finally, the less than optimal exchange rate.
 

 
 
 
 

Not if you keep $5000 in your checking account.

[Banana7]

30 minutes ago, theguyfromanotherforum said:

 

Not if you keep $5000 in your checking account.

I don't have type of checking account.

 

From the TD website:

A wire transfer takes approximately 3-5 business days to be processed. Transfer cost is between $30-$80, depending on the currency and amount, and may also be subject to a fee by the receiving bank, as well as any intermediary banks.

 

[theguyfromanotherforum]

I don't have type of checking account.
 
From the TD website:
A wire transfer takes approximately 3-5 business days to be processed. Transfer cost is between $30-$80, depending on the currency and amount, and may also be subject to a fee by the receiving bank, as well as any intermediary banks.
 

I was talking about ATM fees

[Danthefarang]

Thanks for all the advice gentlemen, it's much appreciated.

[Pib]

OP, 

   I sure hope you didn't knowingly or  unknowingly  let TD accomplish the currency conversion as you would have got a rate several percent below the Thai bank TT Buying Rate used for incoming international transfer.   Basically, an indirect fee.  When transferring a big sum of money that can amount to some serious money.   Always send in your home country currency; DO NOT let your Sending bank convert the funds.

 

  The only fee Bangkok Bank charges is the receiving fee of 0.25% (Bt200 min, Bt500 max).   All other fees are from your sending bank or the intermediary bank they may have had to use to get the funds to Thailand.

[Danthefarang]

1 hour ago, Pib said:

OP, 

   I sure hope you didn't knowingly or  unknowingly  let TD accomplish the currency conversion as you would have got a rate several percent below the Thai bank TT Buying Rate used for incoming international transfer.   Basically, an indirect fee.  When transferring a big sum of money that can amount to some serious money.   Always send in your home country currency; DO NOT let your Sending bank convert the funds.

 

  The only fee Bangkok Bank charges is the receiving fee of 0.25% (Bt200 min, Bt500 max).   All other fees are from your sending bank or the intermediary bank they may have had to use to get the funds to Thailand.

Hi, I'm going to look into that next time I do a transfer.......TD exchange rate for Thai baht is awful.

 

[gerry1953]

I posted this earlier in May 2016 and I still feel it is MY best longterm solution for moving money from Canada to Thailand.  I think it pertains to this subject on how to transfer money most efficiently.  In the interim I have used Transferwise which gives a good rate BUT charges a 1.5% fee.  They are also listed as a payee on my Canadian Bank so it is easy to initiate here in Thailand, I believe they have a $9,500 CAD maximum per transaction.

 

My experience as a Canadian resident who is spending up to 2 years outside of Canada (allowed once every 5 years I believe) is it is very difficult to use Canadian Banks to SWIFT money over if you are not present.

My Royal Bank of Canada refuses outright. I found a few ways of getting around this by using the International Remittance or Transfer which was a good rate at $13.50 for up to $2,500 CDN. The problem is that RBC converts your CDN dollars to USD at that days rate (the other day was over $1,800 USD) and refuses to send Canadian dollars - guess who gets stiffed on the exchange rate? You do - once converting to USD and another exchange fee again by the receiving bank in Thailand. The $13.50 good rate RBC gives you has now ballooned to $100!! When I contacted RBC they claimed Thai banks can only receive this money in USD yet I have had not problem sending large sums thru RBC using SWIFT thru a friend in CAD? I suspect this is RBCs way of lining it's own pockets while advertising a great rate.

I am now setting up an account with a Forex company which is a payee at RBC online banking for transfers. I can do a transfer online at RBC from Thailand to my forex account, then have them exchange CAD to THB at a really good rate, then send it to my Thai bank. The forex company charges no fees, my Thai bank now doesn't have to exchange CAD or USD into baht as they received THB. They will charge the usual receiving fees though.

This is a much cheaper, faster alternative and I don't have to be in Canada. There are a few hassles setting up Forex accounts as they have to follow rules to determine you are legitimate, not a terrorist or laundering money. Once you are set up a Forex account you can use them repeatedly and they are less expensive and more convenient than our Canadian Banks. IMO our banks have had it too easy for too long and I welcome competition to exchange money.

[Banana7]

37 minutes ago, gerry1953 said:

I posted this earlier in May 2016 and I still feel it is MY best longterm solution for moving money from Canada to Thailand.  I think it pertains to this subject on how to transfer money most efficiently.  In the interim I have used Transferwise which gives a good rate BUT charges a 1.5% fee.  They are also listed as a payee on my Canadian Bank so it is easy to initiate here in Thailand, I believe they have a $9,500 CAD maximum per transaction.

 

My experience as a Canadian resident who is spending up to 2 years outside of Canada (allowed once every 5 years I believe) is it is very difficult to use Canadian Banks to SWIFT money over if you are not present.

My Royal Bank of Canada refuses outright. I found a few ways of getting around this by using the International Remittance or Transfer which was a good rate at $13.50 for up to $2,500 CDN. The problem is that RBC converts your CDN dollars to USD at that days rate (the other day was over $1,800 USD) and refuses to send Canadian dollars - guess who gets stiffed on the exchange rate? You do - once converting to USD and another exchange fee again by the receiving bank in Thailand. The $13.50 good rate RBC gives you has now ballooned to $100!! When I contacted RBC they claimed Thai banks can only receive this money in USD yet I have had not problem sending large sums thru RBC using SWIFT thru a friend in CAD? I suspect this is RBCs way of lining it's own pockets while advertising a great rate.

I am now setting up an account with a Forex company which is a payee at RBC online banking for transfers. I can do a transfer online at RBC from Thailand to my forex account, then have them exchange CAD to THB at a really good rate, then send it to my Thai bank. The forex company charges no fees, my Thai bank now doesn't have to exchange CAD or USD into baht as they received THB. They will charge the usual receiving fees though.

This is a much cheaper, faster alternative and I don't have to be in Canada. There are a few hassles setting up Forex accounts as they have to follow rules to determine you are legitimate, not a terrorist or laundering money. Once you are set up a Forex account you can use them repeatedly and they are less expensive and more convenient than our Canadian Banks. IMO our banks have had it too easy for too long and I welcome competition to exchange money.

RBC is full of BS. I use TD and they will send CAD to Kasikorn without involving an intermediate bank. TD will send USD from a TD USD bank account to Kasikorn but Kasikorn does not have USD clearing facilities, so TD was instructed by Kasikorn to send the USD to an intermediate bank, then onto Kasikorn. Kasikorn does play a game in that they won't credit your account immediately upon receipt. For me, they waited until the CAD/USD was less favourable for me, and then credited my account. Once it took 10 days to get the funds into my Kasikorn account.

 

I am truly tired of getting ripped off by the banks and now having to carry large sums of cash from Canada.

 

What Forex company do you use?

 

1.5% sounds rich. Did you compare the exchange rate to cash in BKK on the same date? Especially at siam exchange and super rich 1965.

 

 

 

Edited January 2, 2017 by Banana7

[gerry1953]

I am tired of getting ripped off also.  I will use the Canadian Forex company, it is owned by the Oz Forex.  I return to Canada in April and will set the account up there.  Doing it from here you MUST go through the Oz Forex (in Australia) and that is a pain as Thai documents they require must be translated, notarized etc.  To get the best rate sometimes we have to jump thru the hoops but once set up transactions can be done anywhere on your computer.

The 1.5% Transferwise charges seems "rich" but you get a much better rate to offset that.  When they send you Thai baht the Thai bank can't hold it, there are no SWIFT fees, no receiving fees etc.  Compared to a bank it is cheaper as they (in Canada or Thailand) take a much greater percentage.  I agree with your statement that banks will hold onto your money longer to maximize their profits, they could give a rats arse what's best for you..

Transferwise is OK but a good Forex Company that is a payee at your Canadian bank that gives great exchange rates is IMO the best route and in both cases you can set your rates.

I have travelled with large sums and exchanged them at Vasu Exchange in Bangkok but on larger purchases here I need more than $10 or 20K CAD.

[Banana7]

Siam exchange always has a better exchange rate CAD to Thai baht than Vasu. Sometimes super rich 1965 and Grand Super rich in BKK will match Siam's exchange rate. Very easy to get to both Siam super rich by BTS in BKK. Please verify using their websites - they will all open on Wednesday Jan. 4 (check after 10am, can change several times a day). Their websites have their addresses.

 

In Toronto, I use http://www.knightsbridgefx.com/

for exchanging money, especially CAD to USD.

You can also use https://www.oanda.com/

if you really want to play the exchange rates.

 

[lovelomsak]

is it possible to write a cheque to your account in thailand from your account in canada and get money?

[gerry1953]

a 2018 update - things change!

 

I only use Transferwise now as they lowered their rates on most transactions as of May 17th.  I use my direct debit to transfer money to them for free and on a $5,000 CAD they charge $42 CAD  ($4.50 fee plus .75%).  If you use the bank transfer method for larger amounts it goes down to .5% (plus $11.50) and you get a great exchange rate.

 

The other OFX company I had planned on using charges 0 percent fees but the exchange rate is so bad that Transferwise is a far better deal.  When I use the OFX general site the exchange rate looks reasonable BUT when you process the transaction the rates are much worse?  Sometimes the cheapest is not the least expensive!

 

 

 

 

[Banana7]

Just checked transferwise. For CAD$5,000 I see 7.25 + 29.07 =  CAD$36.32 and an exchange rate 24.95B which is competitive with Grand Superrich in BKK.

 

I'm concerned about the Thai bank fees for receiving the money. Kasikorn had about 5 different fees for one transfer using SWIFT.

[gerry1953]

On ‎5‎/‎22‎/‎2018 at 8:59 PM, Banana7 said:

Just checked transferwise. For CAD$5,000 I see 7.25 + 29.07 =  CAD$36.32 and an exchange rate 24.95B which is competitive with Grand Superrich in BKK.

 

I'm concerned about the Thai bank fees for receiving the money. Kasikorn had about 5 different fees for one transfer using SWIFT.

 

Trust me Banana7 that Kasikorn charges zero fees when using TransferWise as I have sent about $60K CAD in the last 2 years.  They convert your CAD to THB in Canada and it gets sent as baht (at a decent rate too).  Kasikorn doesn't add a receiving fee and they don't add exchange fees as it arrives in their own currency.  Over the last 2 years TransferWise dropped their fee from 1.5% to as low as .5% (may 17th) and kept the exchange rates reasonable unlike the banks in Thailand and in Canada.  For me it is the only way to go.