Transfer $100,000

[Hamzah1985]

Has anyone transferred a similar amount? I need to transfer $100k to Thailand from the USA. Can I do it with the Wise app or do I need to do it with the bank? 

 

Thanks

[Faz]

That depends on which Thai bank you use and any limitations on transfers from your US bank if using Wise.

[gazmo16]

maybe better to transfer the total in smaller amounts for a couple of reasons,

first you can take advantage of the fluctuating exchange rates to try and maximise your funds .

Second you may run foul of the money laundering laws which can stall your access to the funds until the bank is completely satisfied where the funds have come from.

Third by slowing the process down you can really make sure you want to send all that money rather than send a chunk now and live on it then top up again when your funds are reduced in Thailand assuming this transfer is for personal use and not a business deal (in which case ignore this).

Fourth point, once the funds are here you will stop earning interest on it and it's costly to try and get it back out of the country should you change plans at a later date. 

smaller transactions don't cost you anymore but do give you more options as what is the best way to maximise and use such a large sum of money. Just saying. 

[butterfly]

On 6/14/2022 at 9:22 PM, Hamzah1985 said:

Has anyone transferred a similar amount? I need to transfer $100k to Thailand from the USA. Can I do it with the Wise app or do I need to do it with the bank? 

Thanks

if you do this in one shot, the transfer might be blocked somewhere along by some corresponding banks

break that transfer down to 5 small transfers of 20K each

[Scarface]

For a small amount like that it won't be an issue.

[Faz]

3 minutes ago, Scarface said:

For a small amount like that it won't be an issue.

Incorrect, it depends on which Thai bank he's transferring to through Wise.
Bangkok bank, Kasikorn and SCB have no limit, but others have a 50,000 THB limit in a single transaction.

[Scarface]

2 hours ago, Faz said:

Incorrect, it depends on which Thai bank he's transferring to through Wise.
Bangkok bank, Kasikorn and SCB have no limit, but others have a 50,000 THB limit in a single transaction.

I was being jovial, i'd take 100k baht right now. But yea I did see about that, makes little sense.

[Faz]

4 minutes ago, Scarface said:

I was being jovial, i'd take 100k baht right now. But yea I did see about that, makes little sense.

The OP stated $100,000 USD, over 3.5 million BHT.

[Marc26]

I transferred 97k cad in May

I was going to use WISE but you can't do that much from your bank in one shot on the app

So it was basically would be me transferring to WISE domestic account in Canada and then wiring the money into Bangkok Bank from their Canada account at the rate I booked online

 

I decided to just send CAD dollar from my bank to Bangkok Bank

 

No issues at the end at Bangkok Bank

 

As for AML

I did have to go with my wife to sign AML affidavits at the land transfer office when she was buying a house

[Thaidup]

On 6/15/2022 at 8:22 AM, Hamzah1985 said:

Has anyone transferred a similar amount? I need to transfer $100k to Thailand from the USA. Can I do it with the Wise app or do I need to do it with the bank? 

Thanks

Did you ask "Wise"? I would suggest asking them first. (he sais sarcastically)

[Chaimai]

17 hours ago, Faz said:

Incorrect, it depends on which Thai bank he's transferring to through Wise.
Bangkok bank, Kasikorn and SCB have no limit, but others have a 50,000 THB limit in a single transaction.

 

 

WISE have a Thai Baht limit of 2,000,000 Baht per transfer.

 

WISE will be significantly better on net costs of transfer than a home bank.

 

(nothing to stop the OP doing 2 transfers - his own bank limits for transfers to WISE may also be an issue, again no problem for multiple transfers into WISE if necessary).

[Marc26]

13 minutes ago, Chaimai said:

WISE have a Thai Baht limit of 2,000,000 Baht per transfer.

WISE will be significantly better on net costs of transfer than a home bank.

(nothing to stop the OP doing 2 transfers - his own bank limits for transfers to WISE may also be an issue, again no problem for multiple transfers into WISE if necessary).

Actually if you transfer your home currency into your Thailand bank, the costs are very similar 

 

But you are exposed to an FX movement in the time it takes to hit the Thai Bank

 

But if the rate stayed the same

The FX that the Thai bank makes from the currency change is not too far off the % that WISE charges 

[Faz]

5 minutes ago, Chaimai said:

WISE have a Thai Baht limit of 2,000,000 Baht per transfer.

True, unless you pre-approve a larger sum, or just make two transfers.
His US bank may also have a single transfer limit unless he gets pre-approval for a larger sum.

My UK bank has a limit of, £10K per transaction without pre-authorisation.

[Faz]

13 minutes ago, Marc26 said:

Actually if you transfer your home currency into your Thailand bank, the costs are very similar 

But you are exposed to an FX movement in the time it takes to hit the Thai Bank

You're also exposed to any home bank and intermediary bank charges for an International transfer.

[Chaimai]

2 hours ago, Marc26 said:

Actually if you transfer your home currency into your Thailand bank, the costs are very similar 

But you are exposed to an FX movement in the time it takes to hit the Thai Bank

But if the rate stayed the same

The FX that the Thai bank makes from the currency change is not too far off the % that WISE charges 

 

Marc, the difference is quite big.

 

I did a survey a year or so ago and even on large transfers WISE come out best.

 

 

Simple example:-

 

Transfer funds from the UK to Thailand - 2,000,000 Baht. (Obviously you NEVER convert with your home bank).

 

WISE: Exchange rate 44.0927, fees to transfer £ 236.66 - amount required to receive 2m Baht  =  £45,595.64.

Note: No UK or Thai bank charges incurred.

 

KASIKORN BANK:  Remit £45,595.64 from the home bank to Thailand. K Bank convert at 43.60898 (you MAY be able to negotiate a slightly better rate in view of the amount)  =  1,988,379 Baht.

 

Difference in favour of WISE  =  11,621 Baht. 

 

That difference increases once you add the home bank SWIFT transfer fees (£ 20/30) and K Bank inward payment charges (at least 520 Baht - probably more because they used to have an uncapped additional charge of 0.1%  =  2,000 Baht on these figures).

 

[Marc26]

2 hours ago, Faz said:

You're also exposed to any home bank and intermediary bank charges for an International transfer.

That's why you insist on sending your home currency

Thailand's banks have much better rates than western banks

 

When I transferred the 2.5mil baht I sent CAD and Bangkok Bank converted it

 

Versus the much better rate on WISE u paid about 600cad in FX fee

 

On WISE now, if didn't it from my babk ir would be 785cad

If chose domestic wire it would be 585cad 

 

So there isn't a ton of difference 

[Faz]

17 minutes ago, Marc26 said:

That's why you insist on sending your home currency

I send £ to my Wise account, which is paid into my Thai bank in the local currency.
The Wise fee includes all charges, very transparent.

It's really for the individuals to explore the best option for them with larger sums of transfers, with many factors to take into account, such as is their home bank an authorised intermediary bank, to avoid any intermediary bank charges.

42 minutes ago, Marc26 said:

Thailand's banks have much better rates than western banks

Agreed, it's always best to send foreign currency and allow the Thai banks to convert to the local currency.

[Chaimai]

7 minutes ago, Faz said:

 

Agreed, it's always best to send foreign currency and allow the Thai banks to convert to the local currency.

I was in banking for over 30 years. The adage was NEVER convert in your home country  

[Scarface]

19 hours ago, Faz said:

The OP stated $100,000 USD, over 3.5 million BHT.

Yes I know...I'm saying I was being jovial when I said 100k USD is small money and that I'd be happy with 100k BAHT right now.. 

[Thaidup]

On 6/15/2022 at 8:22 AM, Hamzah1985 said:

Has anyone transferred a similar amount? I need to transfer $100k to Thailand from the USA. Can I do it with the Wise app or do I need to do it with the bank? 

Thanks

I may be an uneducated person, but my line of thinking is that I would ask the people at "wise" about transferring my money before relying on anonymous people on an internet website, But that is just an opinion I have.

<comment on Moderation removed as per the FG's>

Edited August 6, 2022 by KaptainRob
Wise up mate!

[KaptainRob]

3 hours ago, Thaidup said:

I may be an uneducated person, but my line of thinking is that I would ask the people at "wise" about transferring my money before relying on anonymous people on an internet website, But that is just an opinion I have.

$100k is a modest sum for Wise to handle given the millions they handle daily, if not hourly.  Their FX rates and speed of service is excellent,

I recently referred a friend to use Wise for a sizable $ tfr. 

In the past he'd sent $ to his Thai a/c and Kasikorn did the fx.  I went through an exercise with him and it showed a small saving this way when compared to home-country fx before sending.  IIRC it was in the order of 2,000 baht ... not to be sniffed at, but .... the Wise tfr showed a substantial saving, or close to 5,000 baht extra into his a/c.

[DesperateOldHand]

On 6/14/2022 at 8:21 PM, gazmo16 said:

maybe better to transfer the total in smaller amounts for a couple of reasons,

first you can take advantage of the fluctuating exchange rates to try and maximise your funds .

Second you may run foul of the money laundering laws which can stall your access to the funds until the bank is completely satisfied where the funds have come from.

Third by slowing the process down you can really make sure you want to send all that money rather than send a chunk now and live on it then top up again when your funds are reduced in Thailand assuming this transfer is for personal use and not a business deal (in which case ignore this).

Fourth point, once the funds are here you will stop earning interest on it and it's costly to try and get it back out of the country should you change plans at a later date. 

smaller transactions don't cost you anymore but do give you more options as what is the best way to maximise and use such a large sum of money. Just saying. 

Wise and reasonable advice.

Should be noted.