General Reports

[Kerrstar]

That's a lot of sick water buffaloes!

Your home bank should not be charging you money to transfer money, especially if your account has sufficient funds to handle withdrawals of $10-12 k per month.

It's an account I have in Singapore that I get paid through and then on-transfer some money to Australia. It's all a bit complex to explain here, it's for tax, income splitting and asset protection reasons. I'm self employed and work overseas. I get paid in UD $ and use my Singapore account for my day to day living as my debit card doesn't have fees and I don't pay ATM fees in China.

Banks generally charge for sending money out, just the fees vary. Receiving banks also have fees but you can either elect to pay them from your account or not. If you don't then the fee just comes off what has been sent, so you wouldn't notice it.

[Nyezhov]

That's a lot of sick water buffaloes!

Your home bank should not be charging you money to transfer money, especially if your account has sufficient funds to handle withdrawals of $10-12 k per month.

Did you ever see a Bank branch manager turn white when you say. Really going to charge me that $20 fee? Yes sir I'm sorry its policy. OK, well I'd like to close my account, here. Sir we don't have that amount of cash here. Well start making phone calls then bud, I'm in a hurry. Well sir maybe we can talk more about the fees? Sure lets talk to your boss when he has to to start pulling cash from 6 branches. No need sir, how about we just waive the fee. In the future too? No problem then, sure.

[Etaoin2003]

So prostitution is illegal. Anyone get busted for it before. What they haul you off to jail and you pay a fine? Just trying to manage the risk if it happens.

More likely you'll suddenly sprout wings.

[Goyo61]

So prostitution is illegal. Anyone get busted for it before. What they haul you off to jail and you pay a fine? Just trying to manage the risk if it happens.

[ShimShimHeyo]

Found this place called "Seoul Barber Shop" while getting some dry cleaning done. It's near Asoke Station a little off Sukhumvit on Soi 15.700 Baht got me a hair wash, foot scrub, back massage, manicure and pedicure, face massage, face mask and a straight razor shave. The shave was not as good as Tew's in Siam but I was not disappointed as it was super close to my hotel. The ladies are cute but there is no happy business here, which was just fine by me.

[Banana Boi]

The fee is $26 outgoing from my bank and $30 ingoing to the Currencyfair bank. I usually transfer between $10,000 and $12,000 per month

That's a lot of sick water buffaloes!

Your home bank should not be charging you money to transfer money, especially if your account has sufficient funds to handle withdrawals of $10-12 k per month.

[Syzygies]

That sounds about right. It is BofA that is making the foreign transfer to TransferWise and why they (BofA) charge $20.04 USD for doing that. And it is why TransferWise only charges $3.23 USD for what they do on their end.

In the previous ACH method, BofA only charged $3.00 USD for doing essentially the same thing TransferWise does (a 3-day domestic bank to bank transfer). But it was Bangkok Bank's New York branch that took another $5.00 USD out of it to deposit it into my Thai account as a "Foreign Transfer." My Thai account then took another 200 baht out of it, apparently to make the USD to THB exchange, not sure why else.

If TransferWise could figure out a way to flag and notify Thai banks that the money they deposit for us did indeed come from a foreign account and should be noted as such that would solve the issue and, BTW, greatly expand their retired expat customer market as well.

Hmmm. I don't see any charge at my home country bank when transfer money to TW account (presumeably that is also in my home country), unless it is hidden in the amount which I assumed is a TW fee deducted. Perhaps BofA is special, trying to defeat TW. TW tries to have the very best exchange rate but still makes a charge Fee. Obviously they have to make a profit somehow. The total fee is normally well under $20 for transfer of much larger amount than 100 dollars. The fee is higher if do not first Xfer to TW account.

Transferwise has multiple techniques of paying. Transfer firstly to TW account is the most cost effective. No credit fee or Eftpos fee.

Before I used a bank to transfer in my home currency, since their exchange rate was woeful, and Thai bank gave a better exchange rate. Overall I do better with TW, but possibly neither of those is best for transfer of a very small amount, and neither was instantaneous. Transfer to Bangkok Bank takes a day or 2.

For small money instantaneous I can use Western Union. I found a Thai video and groceries shop catering especially for Thais to use WesternU in home county that had a much lower xfer fee than normal. I would only go that path in emergency. Not totally convenient.

Bit Coin might be the answer eventually if buy and sell overheads can be low (I don't know what they are) since xfer is digital and instantaneous, and assumes bitcoin valu is reasonably stable (ha ha).

I have heard of companies with lower overhead than Transferwise, but also reports of them being unreliable.

[Kerrstar]

That sounds about right. It is BofA that is making the foreign transfer to TransferWise and why they (BofA) charge $20.04 USD for doing that. And it is why TransferWise only charges $3.23 USD for what they do on their end.

If TransferWise could figure out a way to flag and notify Thai banks that the money they deposit for us did indeed come from a foreign account and should be noted as such that would solve the issue and, BTW, greatly expand their retired expat customer market as well.

All these transfer companies work the same, they don't move money internationally unless they are short. It's basically a matching system that offsets people in country A sending to be with people doing the opposite.

Currencyfair allow you in add a line in as a reference to show where the money is coming from.

[Kerrstar]

The cost of $56 makes little sense unless you indicate what it is a percentage of the total transfer. Sounds high but not if you are transferring 10000 dollars. I agree important to get the best exchange rate so that the remaining fees can be considered to be realistic fee amount. No fees but a bad exchange rate can be much worse.

The fee is $26 outgoing from my bank and $30 ingoing to the Currencyfair bank. I usually transfer between $10,000 and $12,000 per month, so the fee is small and I usually make up more than that on the better exchange rate. I get an email from currencyfair after the transfer saying how much I saved, it's usually arounf EUR 400.

[EihTooms]

Not an expert being so might not explain it properly here.

When it comes to TW, the reason their exchange rate is high because they aren't wiring money from your country to your Thai Bank. The Baht they are putting into your account is already here in another local account so once TW has confirmed your foreign funds they place the Baht into your account reason it doesn't come across as FTT, how it was done in the past not sure I heard a number of reasons but last year prior to the changes all my ACH transfers came across FTT.

That sounds about right. It is BofA that is making the foreign transfer to TransferWise and why they (BofA) charge $20.04 USD for doing that. And it is why TransferWise only charges $3.23 USD for what they do on their end.

In the previous ACH method, BofA only charged $3.00 USD for doing essentially the same thing TransferWise does (a 3-day domestic bank to bank transfer). But it was Bangkok Bank's New York branch that took another $5.00 USD out of it to deposit it into my Thai account as a "Foreign Transfer." My Thai account then took another 200 baht out of it, apparently to make the USD to THB exchange, not sure why else.

If TransferWise could figure out a way to flag and notify Thai banks that the money they deposit for us did indeed come from a foreign account and should be noted as such that would solve the issue and, BTW, greatly expand their retired expat customer market as well.

[Mua Tur]

Whenever I need to use my Debit card which is several times a month I plan ahead and use only the Aeon ATM, in Pattaya there are only two locations, Big see extra on Pattaya Klang or Pattaya Nua, inside the Lotus Mall, gives good rates and only 150 baht.........

You are correct. I use standard Chartered Bank debit and credit card both. Generally I use my card at same bank booth at Thong Lo, Bangkok; Other than that I use Aeon located in some BTS in Shukhumvit. Yes both the bank charge only 150 bht and rate very near to cash exchange rate of the small booth at Soi 3/1 (there cash exchange rate I found best in the area).

[LittleBigMan]

Not an expert being so might not explain it properly here.

When it comes to TW, the reason their exchange rate is high because they aren't wiring money from your country to your Thai Bank. The Baht they are putting into your account is already here in another local account so once TW has confirmed your foreign funds they place the Baht into your account reason it doesn't come across as FTT, how it was done in the past not sure I heard a number of reasons but last year prior to the changes all my ACH transfers came across FTT.

[EihTooms]

...

Re not showing up as a foreign transfer, I can understand that, as just shows as internet transfer from another bank.

But every ACH Foreign Transfer I previously made from BofA to Bangkok Bank was an internet transfer from another bank. How else would I make a transfer if not through the internet on my computer? Or maybe I misunderstood your comment. And they were all labeled "Foreign Transfer" on my statement, which is what I need to show Thai Immigration. However, that does not happen when I use TransferWise. With TransferWise, it is simply called a "Transfer from another bank," which is useless to me in terms of providing income verification to Thai Immigration. Same source bank in the USA, same destination bank in Thailand, same computer, same internet. Just different names for it when the money arrives.

New problem now is my wire transfer from BofA directly to my account in Bangkok Bank was returned because, according to an email I received from BofA, I need to enter a new "8 digit BIC/SWIFT code" for the recipient (me) since Bangkok Bank is no longer using the "12 digit BIC/SWIFT code". Except that I HAVE been using the "8 digit BIC/SWIFT code" as provided by Bangkok Bank, never the "12 digit" one. So I'll have to wait until Monday to go into my Bangkok Bank in person to try to work out what exactly is suddenly not right about the "8 digit BIC/SWIFT code" I have been using successfully for about 7 years now.

I am foreseeing at least two or three multi-hour visits to my bank and several meetings with at least 10 different bank managers, one at a time, to figure this out.

It's fun to solve all these weird new banking and money transfer issues in Thailand.

[LittleBigMan]

A trap for beginners I found at the ATM today, I draw out 10,000 bht from my bank account linked to visa card. The TMB (Thai Military Bank) ATM first off charges an extra 220 bht for a foreign card, then offers to do an exchange rate deal on your withdrawal, it offers me $529 in my home currency, including 5. 5% commission, so I say no, and the debit to my bank account is $483.

The buggers get you coming and going, all banks are bastards.

I reported this about two years ago and recently Mr. Enternational reported it again. It depends on the card you are using some cards go directly to the International rate or whatever they call it like my Charles Schwab or Wells Fargo Debit card when using I don't get this message but my Credit Union M / see I do and when it happens I just push NO.

Whenever I need to use my Debit card which is several times a month I plan ahead and use only the Aeon ATM, in Pattaya there are only two locations, Big see extra on Pattaya Klang or Pattaya Nua, inside the Lotus Mall, gives good rates and only 150 baht.

Unless an emergency I stay away from all the other Thai banks ATM, I stay away from the Bangkok Bank ATM now I noticed several times regardless of card they just provide you with the lower rate which is what they want it to be the crooks don't even provide you the notice or choice.

If you need to change money now at the Big see Extra in Pattaya, Pattaya Klang they just open a T. T. Exchange booth across from KFC, prior inside was on Bangkok Bank lower level, Friday rate, T. T. Offering 100 bills 30.20. Bangkok Bank 29.85.

[AussieDoug]

A year and a half ago I needed to make some large transfers but from Thailand, a coffee buddy Brit always used TransferWise told me the best rate and fees but only for small amounts monthly to live.

I research on the Internet and got all the major companies doing transfers a few advertised no fees but in the end, their rates were lower no need to explain why?

Some wouldn't do large amounts especially since I wasn't doing it from my home USA After all the research I ended up where I started TransferWise they do in fact have the best rates no matter how I added up things they came out the best in the end. I remember a company World First refusing unless done in the USA?

Sometimes like BF you got to do what you got to do to get what you need?

A trap for beginners I found at the ATM today, I draw out 10,000 bht from my bank account linked to visa card. The TMB (Thai Military Bank) ATM first off charges an extra 220 bht for a foreign card, then offers to do an exchange rate deal on your withdrawal, it offers me $529 in my home currency, including 5. 5% commission, so I say no, and the debit to my bank account is $483.

The buggers get you coming and going, all banks are bastards.