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Posted

$11.7 USD if you include Bangkok Banks rate compared to the market rate. 

 

Is there a cheaper and equally faster way to send money through ACH?

 

I'm thinking one way is to have my friend send me a new debit card from the states and just withdraw the money from the ATM (continue without conversion so I get visa rates which is better) and be charged the 150 baht? 

Posted

The ATM fee is now 200 Baht and I understand set to rise to 220 Baht (about $6.30) and you still have to suffer all those annoying overseas transaction fees your bank adds.

 

$250 is a fairly small transfer (less than 9,000 Baht), could you transfer larger amounts less frequently, most banks cap their fees so once you hit the cap the fees become relatively smaller.

 

If you are stuck with occasional small transfers have a look at PayPal or Western Union, but I suspect the ATM solution will be the cheapest (depending on what the bank in the US charges).

 

 

 

Posted

The SIAM COMMERCIAL BANK Patong Beach Branch charged me Bath 1600 which was then 44$ US for transferring 900$ Singapore to Singapore. When I mentioned it to them they told me to transfer somewhere

else if I don't like it.

  • Like 1
Posted

How is it that people cannot figure out to get an account with a financial institution (bank, brokerage) where all there ATM fees worldwide are refunded?

 

There are many such institutions in North America that offer this and all done online.

  • Like 2
Posted

I concur with Lavender19... transferwise is great! you get the published exchange rates on the day you  order the transfer, they can move money straight from your bank to the recipients bank and fees are minimal compared to anywhere else ( I think I paid $8.00 US the last time I transferred $1,000.00 US ). the only drawback is the wait, normally takes 3-5 days to complete the transaction ( the majority of which I suspect is with the Thai bank not processing and releasing the funds promptly)

  • Like 1
Posted
1 minute ago, bluebluewater said:

How is it that people cannot figure out to get an account with a financial institution (bank, brokerage) where all there ATM fees worldwide are refunded?

 

There are many such institutions in North America that offer this and all done online.

 

How receptive are those US institutions to non-US clients without a US address? Not very, I suspect. There may be many such possibilities in the US (though I'm not sure that's true) but certainly elsewhere there are few.

 

For an upcoming trip outside of Thailand I have just obtained two prepaid cards that use the official Visa/Mastercard rate, and one makes no charge for ATM withdrawals either. They will save me about 3% on each transaction so worth doing, but getting these cards involved also getting a UK SIM, the use of a UK address and quite a lot of inconvenience. When used in the US I will still have to pay the ATM charge imposed by the ATM operator (if any).

 

For my expenditure here I just have large sums sent by my UK bank which charges nothing for that service. Here I only pay the standard 0.25% (capped at 500B) for incoming transfers, and I negotiate the exchange rate with my Thai bank.

Posted

I spend $10 at USA bank to send up to $10,000 by ACH and the receipt fees at BB for this maximum amount are only $16.33. I use a FX dollar account to receive funds at BB. I stopped using BB- New York years ago. This transfer is done online.

Posted
1 hour ago, KittenKong said:

 

How receptive are those US institutions to non-US clients without a US address? Not very, I suspect. There may be many such possibilities in the US (though I'm not sure that's true) but certainly elsewhere there are few.

 

For an upcoming trip outside of Thailand I have just obtained two prepaid cards that use the official Visa/Mastercard rate, and one makes no charge for ATM withdrawals either. They will save me about 3% on each transaction so worth doing, but getting these cards involved also getting a UK SIM, the use of a UK address and quite a lot of inconvenience. When used in the US I will still have to pay the ATM charge imposed by the ATM operator (if any).

 

For my expenditure here I just have large sums sent by my UK bank which charges nothing for that service. Here I only pay the standard 0.25% (capped at 500B) for incoming transfers, and I negotiate the exchange rate with my Thai bank.

True enough that they are not very receptive to non-US clients without a US address but the OP seemed to be talking about transferring money from the US, implying that he is (or was) able to open accounts in the US.  However it is also true that for US citizens who do have a US mailing address there are a number of options for ATM cards that refund fees and for credit cards that do not charge a foreign transaction fee.

Posted

I've been using Bangkok Bank's NY ACH transfer for well over a year and have no complaints at all. The fees they charge are quite reasonable for this service - compared with the other options. Both my US Banks don't charge a fee to transfer to BKK Bank NY. I usually have the funds in Thailand in 2 to 3 days (BKK Bank will actually show the funds on the weekend unlike US Banks).

For those crying about Evil Banks and their fees, recognize they are in business to make a profit and they are providing a service to you. In case of BKK Bank, they've been doing it quite well so I'm happy to pay a modest fee for that. 

If you are only dealing with relatively small amounts, maybe look into PayPal. 

  • Like 1
Posted
3 hours ago, 1sickpuppy said:

Do not know what your complaining about, i pay the 200 baht plus fee as well as $30 Australian for taking money out of a branch abroad, you got it easy

Same here.  Some banks in Aussie charge $30, others $20.00.    Costs me $30 for a transfer fee for my pension, and at the Thai end. BKK bank charges around AU$40.00.    Some months it works out cheaper to use the ATM if I don't need the full pension.

Posted
20 minutes ago, Pib said:

Lord no, not PayPal or Western Union, for transferring money to Thailand.  While their sending fee may be low or zero, their exchange rate sucks...the low exchange rate is basically an indirect fee and is where they make their killing.

Thanks for that. I've only used PayPal in the US so I haven't dealt with their exchange rate nonsense. 

Posted
29 minutes ago, phkauf said:

Thanks for that. I've only used PayPal in the US so I haven't dealt with their exchange rate nonsense. 

Yea, sending money within the states is free/cheap....I do it occasionally with some U.S. relatives.  But that is USD to USD transfer.

 

Do a USD to THB transfer and he's what would occur for a $250 transfer like the OP did via Bangkok Bank.  Compared to this the Bangkok Bank TT Buying Rate used for incoming international transfers which is Bt34.75 at time of this post, PayPal would have only give an exchange rate of 33.81 or a whooping 2.7% lower than the Bangkok Bank rate.  And then there would be an additional 0.5% sending fee....we are now up to 3.2% in fees.  And there still may be a receiving fee for the receiver, like if you were sending the money to your Thai PayPal account or a friend with a Thai PayPal account.   Fees...fees...fees...PayPal slides them in left and right on some types of transfers, especially for international transfers/payments.    However, but, PayPal is a great, cheap, and fast way to send money "within" the U.S. when sending money to family/friends.

 

Some snaphots/quotes from PayPal regarding international funds transfers.  (Note:  Now, there is another set of fees (not reflected below) for those folks receiving payments of goods which they sell on PayPal....those exchange rate fees are even more scary.)

 

Capture.JPG

 

 

Capture.JPG

 

Quote


What are the fees for PayPal accounts?

Opening an account: 

PayPal doesn't charge a fee to open a PayPal account.

Sending money – Personal payments: 

It's free within the U.S. to send money to family and friends when you use only your PayPal balance or bank account, or a combination of their PayPal balance and bank account.

There is a fee to send money as a personal payment using a debit card or credit card. The fee in the U.S. is 2.9% plus $0.30 USD of the amount you send. For example, if you send $100.00 USD by credit card, the fee would be $3.20 USD ($2.90 + $0.30). For personal payments, the sender can pay the fee or pass it on to the recipient. If the recipient doesn't want to pay the fee, they can choose not to accept the payment.

Receiving money – Personal payments: 

It's free to receive money from friends or family in the U.S. when they send the money from the PayPal website using only their PayPal balance or their bank account, or a combination of their PayPal balance and bank account.

If you receive a personal payment made from a debit card or credit card, the sender has the option to pay the fee or pass it on to you. If you don't want to pay the fee, you can choose not to accept the payment.

If the fee is passed to you, it is 2.9% plus $0.30 USD of the amount you receive. For example, if you are sent $100.00 USD by credit card, the fee would be $3.20 USD ($2.90 + $0.30).

This fee also applies if you click Request Money on the PayPal website and request money from friends and family.

Goods and services – Purchase payments:

There’s no fee to use PayPal to purchase goods or services. However, if you receive money for goods or services (such as from selling an item on eBay), the fee for each transaction is 2.9% plus $0.30 USD of the amount you receive.

International payments: 

There is a fee when you send a payment to someone in another country or if you receive a payment from someone in another country. Please note that exchange rate fees also apply if there is a currency conversion. The Fees section of the PayPal User Agreement has specific information. You can find the User Agreement by clicking Legal Agreements at the bottom of any PayPal page.

Note: It is currently not possible to send or receive a personal payment to and from India using PayPal. If you’re sending money for a personal payment to India, we ask that you find another way, we currently recommend Xoom.com.

Withdrawing money: 

You can withdraw money from your PayPal account to your bank account at no cost. If you prefer to receive a check, there is a $1.50 fee.

 

 

  • Like 1
Posted
3 hours ago, themerg said:

All Banks charge for services. It is how they steal money and control economies.

This is the truth just check their annual and quarterly statements. 

Posted
2 hours ago, Pib said:

But if  you setup Free SMS Remittance that Bangkok Bank SMS will basically show the amount arriving from Bangkok Bank NY (will reflect a lower amount than the original starting amount due to the NY branch fee already applied), the  TT Buying Rate used, the local receiving fee, and the final amount posting to your account at X-time of day.

Yes, for relatively small monthly transfers i.e. in the region of $2000, I'm charged $5 in NY and Baht 200 in Thailand and that information is itemized in the SMS I get, along with the exchange rate used, the total Baht deposited to my account and the resulting balance.

 

Seems quite reasonable to me. My US bank charges me nothing for the domestic transfer to Bangkok Bank branch in NY.

 

As shown in the charts you supplied, both the NY and Thai charges can be higher for larger amounts, but that also means the charges as a percent of the amount transferred is actually lower.

 

Never had a problem with the service. Been using this method for around 15 years. Reliable and cheap.

 

 

  • Like 2
Posted
5 hours ago, 1sickpuppy said:

Do not know what your complaining about, i pay the 200 baht plus fee as well as $30 Australian for taking money out of a branch abroad, you got it easy

I pay $22 to send it to thailand no fees when it lands in thailand.

but has to be over $400 

Posted
6 hours ago, lavender19 said:

Use a money transfer company like TransferWise . You get a better rate but you still charged a fee. The banks hate these companies  TransferWise are running a campaign at the moment disclosing how much banks over charge for disgusting exchange rates.The more people who use these companies the better

Yep the only way to go.. Transfer wise not only a very competitive rate but reasonable fees too. When I did my first transfers ANZ were having a big feed on my bank account in AU. $30 just for arranging a swift transfer. Then a piss weak rate in the bargain.

Posted

I can give you cash if you are in BKK and you transfer your dollars to my account in the US. I exchange at the official exchange rate. Send me a private message if you are interested.

Posted

If you want to transfer pocket money, then use a debit card. 
If you are transferring a lump sum used for monthly expenses, than ACH is the least expensive option if you're home country is the US.  $250 ACH transfer?  That's not really a cost effective way to use ACH.  You'll need to check BKK Banks ACH rates vs bank ATM rates and then do your own cost benefit breakdown.  It's not rocket science.  Best of luck,

Posted
20 hours ago, masuk said:

Same here.  Some banks in Aussie charge $30, others $20.00.    Costs me $30 for a transfer fee for my pension, and at the Thai end. BKK bank charges around AU$40.00.    Some months it works out cheaper to use the ATM if I don't need the full pension.

Yep they have it cheap in America - Aussie fees Anz $18 for $0 to  any amount & as mentioned $30 for Australia's own bank (Commonwealth) + the usual Thai end which can ad up as well EG 500 bht ($20) for a $2000 (always tranfer Aud)

Also the $30 charge for using your Atm overseas for purchase of goods or cash + the Thai end (I only use if have to since I transfer to my Bkk account from Auss )

Posted
14 hours ago, connda said:

If you want to transfer pocket money, then use a debit card. 
If you are transferring a lump sum used for monthly expenses, than ACH is the least expensive option if you're home country is the US.  $250 ACH transfer?  That's not really a cost effective way to use ACH.  You'll need to check BKK Banks ACH rates vs bank ATM rates and then do your own cost benefit breakdown.  It's not rocket science.  Best of luck,

I requested my US bank to transfer $2000 to the Bangkok Bank New York Branch yesterday morning at 8:30 AM Thai time and received notification from Bangkok Bank today at 8:33 AM that money had been transferred and is available

 

Transfer.png 

 

 

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