禁漫天堂

WISE聽 聽Transfer App聽 should do the transfer of Funds

@kdonn123聽 I'm trying to use the Bangkok website to transfer money so there is no or less fees.聽 Wise will have fees both directions.聽 I already have a Western Union account, but again, the fees on large transfers are punishing

Going out deemoney is the option.

Coming into Thailand Wise .

Fees are high but compare rates..and make the calculation

Create a multi currency account to process more quick...

USD to my EU and THB ACCOUNT takes seconds...same for EU in both directions

Talk to your US Bank, with a certain sum to transfer they might reduce the fee or give a better rate

Read this on how to. You need to register to be able to transfer outside thailand and pick a good reason......

Banks usually charge way more than WISE

@Paul_Adams

I use Bkk bank with my apply every month and no problem

@rbakker I can only speak for the USA. I transfer money in and out of my accounts with multiple banks and there are no fees whatsoever as long as I do it online on their website. If I go to Western Union or wise, there are fees for sure. This is what I鈥檓 trying to find out from all of you. how does Bangkok Bank work these out for out of country transfers?

@Paul_Adams

Rbakber is not exactly correct. Wise charges higher fees and lower exchange rates. There is the advantage.

In your case with money out from Th to any country, the fee is fixed at 150 through ebanking and 300 with document at the teller.

The rates are published and shown on their site. This is the same for all banks.

Deemoney charges a higher fee, but lower rates...

@Paul_Adams

hi Paul, i鈥檓 mew to Thailand and to Bank of Bangkok and up until 2 days ago i only transferred money from my American babk ac to Bang of Bangkok (seriously sign up for a Wise.com account to facilitate transfers from US to Thai) in 16 hours and after the first transfer within seconds literally).

the other day i opened my Bank of Bangkok mobile app on my iphone and hit the transfer icon and got nowhere.

So open app, on the bottom right hand corner you will see three dots in the form of a triangle above the word 鈥滿ore Services鈥�. Scroll down slightly to 鈥滻nternational transfers鈥�.

Selecting 鈥漇wift鈥� is the first option and yet i have not been able to get it to work. As soon as I open SWIFT 鈥漊NABLE TO PROCEED鈥� message appears. Dont聽 bother calling the phone number down displayed.

Then I backed out and selected PromptPay. I scrolled down clicked on ACCEPT and moved to the next field where I changed the Country Code to United States, input my Verizon cell phone number but the app is not converting from a THAI amount to US dollars, but only displays Signapore dollars so I鈥檝e been getting an error message on this process as well. i wont sign up for Western Union with you myst do in a branch so I鈥榤 stuck like you. if anyone can help or Paul if you ate successful somehow please let me know. thanks Doug

@martinoo2002

"Rbakber is not exactly correct. Wise charges higher fees and lower exchange rates."

Since Wise seems to charge the same as the exchange rate shown on Google, I can't see how any bank can have better exchange rates. The fees could be different but in my experience banks are crooks and Wise is wisely stealing their business by charging low fees and the best rates. But everyone should check this for themselves.

@Paul_Adams

" I can only speak for the USA. I transfer money in and out of my accounts with multiple banks and there are no fees whatsoever"

Yes, of course if you're talking moving money within a country then exchange rates don't come into it and fees are often zero. I think we're all more interested in international transfers. What some banks charge is simply outrageous, especially in Canada and I'm willing to bet it's not much better in the US.

@obeiddoug172

You're trying to transfer money out of Thailand? Is that something you think you'll be doing often?

@rbakker

no martin Wise dos NOT charge high transfer rated or low exchange rates. I鈥檓 sorry you are wrong. my experiences with Wise in the US to my EU IBAN account (Portugal, Spain and Italy) and my聽 US and EU experience to Brasil and Thailand has without exception be above sny competitors and id excellent compared yo any other bank account I have had in the US,聽 Portugal, Spain, Italy, Brasil and now Bank of Bangkok. Martin i know you have a lot if knowledge and experience as an expat but your dead wrong on Wise.

@rbakket

no, absolutely not UNLESS i get approval to open a Thai Checking Account that will permit my SS聽 monthly income be directly deposited into the Bank of Bangkok checking account (right now with my Retirement visa i was only permitted to open the direct deposit checking account then yes every month i will need to transfer back to my american bank account to pay my American mobile phone service, my American credit cards and to cover a few monthly recurring charge related to a short-term loan (12 months). Doug

@rbakker

Funny. When I transfer from my EU bank direct to TH is pay 9 euro costs. If I transfer with Wise from my EU bank to TH costs are higher.

Still I receive more THB with the Wise transfer.

I imagine this is because of a sharper rate, the middle rate..

But I can be wrong.

And what would be the reason for using wise if the regular bank transfer gives more thb??

@martinoo2002

"Still I receive more THB with the Wise transfer."

"And what would be the reason for using wise if the regular bank transfer gives more thb??"

Sorry, I'm confused. Which one gives you the most THB - bank or Wise?

Go with whatever gets you the most THB in the end of course. It could depend on the amount you're transferring. With smaller amounts then the costs are more important but with larger amounts the better exchange rate comes into play, in a big way.

聽 聽 @martinoo2002
"Still I receive more THB with the Wise transfer."
"And what would be the reason for using wise if the regular bank transfer gives more thb??"

Sorry, I'm confused. Which one gives you the most THB - bank or Wise?

Go with whatever gets you the most THB in the end of course. It could depend on the amount you're transferring. With smaller amounts then the costs are more important but with larger amounts the better exchange rate comes into play, in a big way.
聽 聽

聽 聽 -@rbakker

Wise gives more thb despite higher fees. Their fx rate is based on middle rate as they are a money mover only....

Doug

Only when you move same currency from a to b there are no fees, but then why use wise...??

@martinoo2002

Sorry for the confusion, I thought you were saying that banks were a better option for transferring money into Thailand than WISE. I see now I was mistaken. By WISE having a "lower exchange rate" I think you meant "better exchange rate".

In summary for anyone reading this: when transferring money into Thailand, look at WISE first, it will most likely get you the most THBs.

@rbakker

Sorry for my part as well.... better FX rate is the better word

@rbakker

wise gives the best transfer rates amc lowest fees

@rbakker

hey i was just in s branch of bank of bangkok and you can use the SWIFT service in your mobile app to send money to your bank in US or Europe etc. BUT you have to do it during 8:30

am to 5 pm local Thai time. i was always trying at night so it wouldnt work. but at 9 am it worked flawlessly. fee was 300 THB so dont want to do a transfer back to my US bank often

@obeiddoug172

For outgoing transfers Deemoney is the 'Wise' option

Register and have the same benefits as Wise

聽 聽 @obeiddoug172You're trying to transfer money out of Thailand? Is that something you think you'll be doing often?聽 聽 聽 聽 -@rbakker

1. The amount of interest lost by leaving 800,000 in a Thai bank equates to $100 US dollars per month
2. I like to keep my finances fluid and flexible. It allows me to take advantage of last minute investment deals
3. i plan on spending time in the USA and Thailand.聽 From a financial standpoint, it would be foolish to put myself in a position where i couldn鈥檛 move money anywhere I need it from anywhere I am located.聽 聽 It鈥檚 a matter of finding the easiest and most economical way of doing this

To all:聽 great responses!聽 thanks!

@Paul_Adams

I thought about moving the 800k out to try and earn something on it but it's not easy getting a return that makes it worthwhile (a 5% annual return for a 10-month investment). Then there are the inevitable fees for moving it out and back in again. Also, I'm not clear on what the rules are for having that money in the bank - it has to be in Thailand 2 months before the yearly renewal and maybe also a few months after (not sure). Also, I heard that they want to see a full year's worth of bank statements and they may not like me taking the money out. Anyway, not for me but well done if you manage to make it work.

@rbakker

for money in bank method it's 800k for two months prior to application + 3 months after application and not below 400k in remaining months

You can ask your bank for a deposit account in which you set your lower level to 400K, not a lot of return but still better than nothing

I prefer the simplest option - put the money in the bank and just leave it. No fuss, no problems. No way for me to mess it up!

@obeiddoug172

paul i posted a second reply but just to folliw up the SWIFT and the Pay International work streamlessly and quickly in the Bank if Bangkok mobile app under More Services but myst be used between 8:30 am snd 5 pm Thai time. i use Wise connecred to my Capital One account and use Wise to get money from Capital One, then convert dollars to THB and then Send THB to my Bank of Bangkok all in seconds with ~39 THB.

it best if you use wise to send them a pdf to their customer support (for me it was a copy of my signed intent to rent with a 1 month deposit with real聽 estate agent) before i did the transfer so they shared if with their Audit Department for transfers so they released the transfer in seconds instead of holding it for 3 days.

hope this is helpful

More info for wire transfers.聽

For large sums of money it is better for me to wire from my local bank for a flat fee of $50.00 (other banks even less) and get the actual US Treasury exchange rate.聽 Other Companies like Western Union and Wise will reduce the exchange rate and make money that way with a teaser of a $.99 fee.

Example for $20,000 to BAHT

Local Bank total cost $50.00

Wise cost $122.00, Receiver gets 734,290 baht

Western Union Receiver get even less 728,446 (lower exchange rate)

This does not consider any fees that the Thai bank may charge

"my local bank for a flat fee of $50.00 (other banks even less) and get the actual US Treasury exchange rate"

Which local bank is that? My local bank charges absolutely eye-gougingly high fees for international transfers.

"Wise will reduce the exchange rate"

What does that mean, make the exchange rate worse or better? In any case it's not true, they give the middle rate.

Always be sure to compare exactly how much left your overseas account and how much arrived in your Thai bank. For me, Wise wins every time but I'd be glad to hear of any system that is even better.

Always be sure to compare exactly how much left your overseas account and how much arrived in your Thai bank. For me, Wise wins every time but I'd be glad to hear of any system that is even better.
聽 聽

聽 聽 -@rbakker

For me the same thing, smaller or bigger amounts

I heard from a fellow country man the bank would negotiate the rate when you transfer larger sums

Tried it, fat chance...

聽 聽 "my local bank for a flat fee of $50.00 (other banks even less) and get the actual US Treasury exchange rate"
Which local bank is that? My local bank charges absolutely eye-gougingly high fees for international transfers.
"Wise will reduce the exchange rate"
What does that mean, make the exchange rate worse or better? In any case it's not true, they give the middle rate.

Always be sure to compare exactly how much left your overseas account and how much arrived in your Thai bank. For me, Wise wins every time but I'd be glad to hear of any system that is even better.
聽 聽

聽 聽 -@rbakker

i simply went to the Wise site and ran the numbers and it gives the calculation.聽 Do it for yourself and you can see with your own eyes what the fees are and the exchange rate and then compare it to the US treasury rate of the day.聽 I don鈥檛 want to argue about actual facts.聽 I聽 try to pass on what i learn as others have done for me.聽 聽 聽

聽 聽 "my local bank for a flat fee of $50.00 (other banks even less) and get the actual US Treasury exchange rate"Which local bank is that? My local bank charges absolutely eye-gougingly high fees for international transfers."Wise will reduce the exchange rate"What does that mean, make the exchange rate worse or better? In any case it's not true, they give the middle rate.Always be sure to compare exactly how much left your overseas account and how much arrived in your Thai bank. For me, Wise wins every time but I'd be glad to hear of any system that is even better.聽 聽 聽 聽 -@rbakker

perhaps poor wording on my part.聽 most of these companies have an exchange rate lower than the market rate.聽 when I say reduce the exchange rate I mean the market may be 36:1 but they give you 35:1

again, look at the treasury department exchange rate and compare to Wise and Western Union rate聽

"i simply went to the Wise site and ran the numbers and it gives the calculation."

But that doesn't tell me what *your* bank would charge. I would love to find a bank that has a flat fee of $50 and uses the middle exchange rate. And other banks charge even less you say! Please, tell me the name of one of these banks.

聽 聽 "i simply went to the Wise site and ran the numbers and it gives the calculation."
But that doesn't tell me what *your* bank would charge. I would love to find a bank that has a flat fee of $50 and uses the middle exchange rate. And other banks charge even less you say! Please, tell me the name of one of these banks.
聽 聽

聽 聽 -@rbakker

oZK聽 bank聽 ask for their wire center

@rbakker聽 I just completed a test run using OZK Bank and Western Union on the same day.聽 These are real numbers, not guessing or speculating for the Non-Believer.

The exchange for dollar to Baht was as follows for $20k

with OZK Bank聽 1:36.91

Western Union 1:36.5

The difference in amount received is baht 8200 or $227.00 received.

OZK, clearly the winner for large transfers that only cost $50.00 and gives real world exchange rate.聽 YMMV

You send exactly

20,000 USD

25.97 USD Connected bank account (ACH) fee

126.56 USD Our fee聽

152.53 USD (0.76%)Total fees

19,847.47 USD Total amount we鈥檒l convert

脳 37.0075

Recipient gets

734,505.25 THB

Seems that Wise gives more

WU is crap

I agree with Martin, WU is always a no-go don鈥檛 know OZK so, for me, Wise works best.

Banks are terrible for sending funds overseas but Western Union is always worse.

I thought we were comparing to Wise, not WU.

Thanks @Paul_Adams, could you say exactly what day you did that test?

Maybe next time you could send half with OzK and and half with Wise and then we'll know for sure!

Your bank sounds pretty good.

The speed in which you want to receive the funds are a cost factor as well at Wise, the quicker the higher the cost