Transfering Funds From USA to Thailand

[PigDogg]

I transfered money from my local bank in the USA to Kasikorn Bank and got hit with a number of fees along the way including JP Morgan Chase taking an intermediary bank fee.

I hear the most cost effective way to transfer funds from the USA is to issue an electronic check from an ING Electric Orange account, which is free to setup, (maybe other USA bill pay is OK, not sure) to Bangkok Bank because Bangkok Bank has a New York office with an ACH routing number.

It seems the total fee for a transfer of 2K-50K USD would be 10 USD plus 500 baht from Bangkok Bank, no fees from ING, and no intermediary banks involved.

I have not done this transfer myself but others have and say it works great.

Bangkok Bank Transfers From USA

Note, if you're on a short holiday just use your ATM card and no need to bother with a transfer.

[pampamsam]

I made several large transfers last year and only paid USD40 with Citibank acct to a Bangkok Bank acct and USD35 with a HSBC acct to a Bangkok Bank acct.

[jadeite]

The devil is in the exchange rate. You need to look at more than just the upfront fixed cost. More important is how much they rake in from you by using poor exchange rates, onshore/offshore rate to their advantage. That makes all the difference in the world between a great deal and getting reamed.

[PigDogg]

Big difference in onshore/offshore rate, but here's a quote from the website which implies they're using the onshore rate:

"You will enjoy a better exchange rate because the USD amount will be converted to Thai Baht at the daily Bangkok Bank exchange rate in Thailand."

[Ladyboy_Loser!]

I bank with Bank of America in California and Bangkok Bank here in Thailand. Costs me thirty dollars for every money transfer. Maybe I can find something a little cheaper but I am very satsified with the service over the past three years. I think the key for me is to transfer a sufficient amount each time and to utilize my ATM card from BofA for other situations as they arise. Once a month transfers into my account, use my Bangkok Bank ATM card for cash withdrawals and I am O.K.

[SamplerDoc]

My ATM works just great for large amounts or even small. No fees at all and you get the best market rates at the moment. So if the rate was 33 thb to the usd. Then withdraw 100 usd is 3300 thb.

[thaibound]

you have an American bank which allows ATM withdrawals in thailand with NO fees?
i can find from 3% down to 1%, and that requires dodging Visa user fees, but if you've found a card from a bank with 0% fees of any kind i would love to know what bank!
thanks.

[Guest]

Many brokerage account ATM cards (such as Fidelity or E-trade) refund transaction fees. Don't know if that would apply internationally though.

[PigDogg]

(PogueMahone @ Jun. 10 2008,09:17) I bank with Bank of America in California and Bangkok Bank here in Thailand. Costs me thirty dollars for every money transfer.

Of the 30 bucks how much is a BoA fee and how much is the Bangkok Bank fee? Do you use the Bangkok Bank New York ACH routing number?

[Ladyboy_Loser!]

No idea how the fees are split up. On my monthly statement from BofA there is a 30 dollar fee for the wire transfer.. Nope, I call BofA's wire transfer 800 number, punch in my code and other info. get it verified by a live person and that's it. The money goes directly from my account to the main Bangkok Bank in Thailand, then is credited to my Surin Branch account. From reading on the Thaivisa Forums in the past, there is a way if you are a BofA customer in the U.S. and use Bangkok Bank in Thailand of reducing the fees quite a bit. I tried to use these tips but got even more confused so I stuck to the manta that helps out in Thailand, "Keep it simple, stupid."

[Guest]

I just bring shitloads of cash.You are stung by a poor exchange rate for transfers, you are stung for ATM transactions. I got 31.14 last week on $20,000 aud.

[pacman]

      $20,000 !!  If you are not set for a drinking buddy, who ya gonna call ??

                 H.R.H Heronimus Gaylord Pacman the III ....... at your service        

[SukhumvitRoad]

(nigelr69 @ Jun. 18 2008,12:44) I just bring shitloads of cash.You are stung by a poor exchange rate for transfers, you are stung for ATM transactions. I got 31.14 last week on $20,000 aud.

No, you've got it backward. The FX rate for a wire transfer is always better than the cash rate (assuming the same date and time), sometimes very significantly so. Cash requires physical handling and storage and banks charge you for that. Wires are simple electronic conversions.

That said, ALWAYS wire your local currency (whether USD, AUD or whatever) to Thailand and let the receiving bank here sell you baht. Thai FX rates are generally posted with one of the lowest publicly available spreads I have ever seen anywhere in the world. The THB purchase rates I have seen in the US, by contrast, are extortionate.

[Guest]

Hi pacman,I am sure we will catch up one day.However I use the money to finance my lifestyle in Thailand.
A Thai wife, who incidentally puts no financial pressure on me whatsoever, a large house in Isan, a condo being built in Hua Hin and my BMW 330.I have been very lucky in my entertainment businesses back in Oz and am looking to live like a King in Thailand, to end my days.Hopefully a long way off!!!
I must be a bit confused SukhumvitRoad as when I go to my bank in Oz and get the exchange rate for sending money across to Thailand it is always about 3.5 baht less than exchanging cash in LOS.
I did get a bank cheque in AUD once and then put it in a thai account at the local rate, but it was the same as cash.

[rossco]

Nigelr69 I think you may have misread Sukumvitroad's post in reply.

Transfer money from your home bank in YOUR local currency. Do NOT let your home bank do the exchange. When the transfer arrives into your bank in Thailand you will get a much better rate here.

I have helped 2 people out with transfers here- one in UKP - he was quoted (last year) 68 Baht to the pound. Transferring in UKP he actually got 71. Another guy with Euros - same - he was quoted by his Euro bank 46 - the money arriving here in Euros he got 49.

On small amounts this may not make much difference but, if buying a house/condo, or transferring a significant amount, for an extended stay, a difference of 5% in your favor is worthwhile.

Transfer funds, from your Home country, in your local currency and let the Thai bank do the exchange.

Using an ATM card from your home country is normally not a good deal but useful for smaller amounts. I only speak for UK and Europe.

An obvious tip, for people planning to move here, try and retain a good credit card from your home country. A Gold, or better, credit card can be a lifesaver - literally. If you suddenly need to pay a large bill - medical, or whatever, the card limit enables you to pay then and there giving you time to sort out any funding issues.