Wiring large sums to Thailand

[Marc26]

I use Wise to send the normal 20-50k baht

 

But how do you send 2-3mil baht? What is your experience on the rate you receive at the Thai bank in Thailand?

 

Because to send 2mil baht on Wise it will be pretty much spot rate but they charge 497cad in fees

 

Thanks

[Naanlaew]

I usually use an international wire transfer from my financial institution through the Bangkok Bank in NYC into my Bangkok Bank acct. in Thailand. The Baht rate received is the TT transfer rate in effect  at the time the funds are received in BKK.

[Marc26]

9 minutes ago, Naanlaew said:

I usually use an international wire transfer from my financial institution through the Bangkok Bank in NYC into my Bangkok Bank acct. in Thailand. The Baht rate received is the TT transfer rate in effect  at the time the funds are received in BKK.

Thanks so it is not much different

 

Because by sending 2mil baht, I would pay 497cad on Wise

If sending my bank to Bangkok Bank, the TT rate ends up paying around 490cad in exchange rate....

 

Thanks

 

The one advantage with Wise is the rate is guaranteed.......I know when I send it

[Naanlaew]

That seems like a rather high commission or transaction fee. I receive the wire transfers for free so only incur the Bangkok Bank fees which are rather negligible, especially for larger deposits.

[Marc26]

Just now, Naanlaew said:

That seems like a rather high commission or transaction fee. I receive the wire transfers for free so only incur the Bangkok Bank fees which are rather negligible, especially for larger deposits.

But you are still paying on the TT exchange fee

 

So in this instance above

 

The actual exchange rate CAD/THB is 25.4808

The Bangkok Bank TT exchange rate is 25.1625

 

So yes, your fee is negligible but Bangkok Bank is making 490cad off the exchange rate

 

Where as Wise charges you a fee and does the exchange rate flat(basically)

 

So in the end, it comes out to paying pretty much the same amount

[Naanlaew]

If the transfer costs are nearly equal , then I would opt for the process that is safest & most simple to implement. Arai gor dai !

Edited February 14, 2022 by Naanlaew

[Guest1]

Wise is transparent, you know what you get before you send it. And quickest, imho.

The bank transfer is often a surprise, a delay on the way, how ever that happens, can drop the fx rate.

The cheapest  for lower amounts, (30k at krungsri) is (may) still (be) a ATM run with a visa card that is not charging extra but just the 220 baht.

Because visa is telling you too, how their fx rate will be 

https://www.visaeurope.com/making-payments/exchange-rates 

Did that this way with 200k that I needed quickly, once.

But 70-100 times a ATM run, plus depositing in CDM?

And perhaps needing the proof that it comes from overseas?

Wise it is, methinks. Also it seems that the transfer is a bit cheaper, as 67 times 220,  for 2 mill, anyway.

 

[LoongFred]

I don't know where you're from. I have social security direct deposit into my account in Thailand. There are no fee and the rate is the rate of the day. I transfer about 100k baht per month and don't have to think of it. I'm not one to watch exchange rates though.

[Marc26]

5 hours ago, Guest1 said:

Wise is transparent, you know what you get before you send it. And quickest, imho.

The bank transfer is often a surprise, a delay on the way, how ever that happens, can drop the fx rate.

The cheapest  for lower amounts, (30k at krungsri) is (may) still (be) a ATM run with a visa card that is not charging extra but just the 220 baht.

Because visa is telling you too, how their fx rate will be 

https://www.visaeurope.com/making-payments/exchange-rates 

Did that this way with 200k that I needed quickly, once.

But 70-100 times a ATM run, plus depositing in CDM?

And perhaps needing the proof that it comes from overseas?

Wise it is, methinks. Also it seems that the transfer is a bit cheaper, as 67 times 220,  for 2 mill, anyway.

Yeah I was thinking that the Thai Bank TT rate would actually be a bit better

 

Because I do find that they don't try and rip you off on exchange rates as much in Thailand 

 

Although I think paying 490cad on 79k CAD is reasonable 

 

Just was wondering if it was a bit cheaper

 

But yes, I would just go with Wise then so I know exactly what it will be when I send 

[Marc26]

1 minute ago, LoongFred said:

I don't know where you're from. I have social security direct deposit into my account in Thailand. There are no fee and the rate is the rate of the day. I transfer about 100k baht per month and don't have to think of it. I'm not one to watch exchange rates though.

Canada

 

But yes you will be paying exchange rates but as I said above, I find that banks in Thailand are pretty reasonable on their exchange rate

 

Unlike Canada and the US banks who rape their customer on exchange rates 

 

I did the math on 100k baht  and you pay about 38usd on the exchange rate

 

That's great about the direct deposit 

Saves you a bank transfer fee

[LoongFred]

29 minutes ago, Marc26 said:

Canada

But yes you will be paying exchange rates but as I said above, I find that banks in Thailand are pretty reasonable on their exchange rate

Unlike Canada and the US banks who rape their customer on exchange rates 

I did the math on 100k baht  and you pay about 38usd on the exchange rate

That's great about the direct deposit 

Saves you a bank transfer fee

Works like clockwork. The 3rd or 4th of each month it's there. I also use it for my yearly visa extensions. 

[Bertik]

On 2/15/2022 at 12:18 PM, LoongFred said:

Works like clockwork. The 3rd or 4th of each month it's there. I also use it for my yearly visa extensions. 

Why do you use it for annual extensions?  Cost of annual is only 1900 BHT.  For import of SS via direct deposit I can understand because of the substantially higher amount of $ being transfered.

[Marc26]

1 hour ago, Bertik said:

Why do you use it for annual extensions?  Cost of annual is only 1900 BHT.  For import of SS via direct deposit I can understand because of the substantially higher amount of $ being transfered.

I took it as that shows his income per month for extension purposes