Transferring $$$$ to Thailand

[aussie_]

I am back in Australia and have just transferred my boyfriend's allowance from my Australian bank account to the Bangkok Bank near his home in Thailand. I was charged $A20 (500 baht) by my bank for the transfer and the Bangkok Bank also charged 800 baht in fees. :angryfire:

There must be a better way to send money from overseas and I am sure there are many on this forum doing the same so I would appreciate any advise as to the best method to save on the excessive fees.

I am back in Australia and have just transferred my boyfriend's allowance from my Australian bank account to the Bangkok Bank near his home in Thailand. I was charged $A20 (500 baht) by my bank for the transfer and the Bangkok Bank also charged 800 baht in fees. :angryfire:

There must be a better way to send money from overseas and I am sure there are many on this forum doing the same so I would appreciate any advise as to the best method to save on the excessive fees.
Next trip to Thailand open a bank account. Make sure you have an account that has internet banking available. You can then make monthly transfers to your boyfriend's account for 10 or 20 baht. You can fund your Thai bank account by bringing cash or traveler's checks or a wire transfer. Up to you.

[mahjongguy]

I am back in Australia and have just transferred my boyfriend's allowance from my Australian bank account to the Bangkok Bank near his home in Thailand. I was charged $A20 (500 baht) by my bank for the transfer and the Bangkok Bank also charged 800 baht in fees. :angryfire:

There must be a better way to send money from overseas and I am sure there are many on this forum doing the same so I would appreciate any advise as to the best method to save on the excessive fees.

1) Did you send $A or THB? $A20 is actually pretty cheap for an origination fee if you sent $A. If you sent baht, then your bank surely gave you a real corn-holing on the exchange rate but it might explain the cheapish fee.

2) Kasikornbank Bank charges 500 baht to receive incoming baht. If Bangkok Bank charged you 800 baht then it's not a competitive rate. You said "fees". More than one fee?

3) In any case, as you can see, there is no cost-effective way to send an amount of this size on a regular basis. You need to open you own Thai account, wire in half a year's dough, set up online banking, and every month you can move X amount to his account for free. Bangkok Bank may not want to set you up for this, but Kasikorn Bank is generally more accommodating.

[aussie_]

1) Did you send $A or THB? $A20 is actually pretty cheap for an origination fee if you sent $A. If you sent baht, then your bank surely gave you a real corn-holing on the exchange rate but it might explain the cheapish fee.

2) Kasikornbank Bank charges 500 baht to receive incoming baht. If Bangkok Bank charged you 800 baht then it's not a competitive rate. You said "fees". More than one fee?

3) In any case, as you can see, there is no cost-effective way to send an amount of this size on a regular basis. You need to open you own Thai account, wire in half a year's dough, set up online banking, and every month you can move X amount to his account for free. Bangkok Bank may not want to set you up for this, but Kasikorn Bank is generally more accommodating.

I sent $A and I was not worried about the $A20 standard fee here but i did not realise the Bangkok Bank would charge one large 800 baht fee.

Opening the Thai bank account looks a good option if they will let me open one.

[jimnbkk]

I have an account at Siam Commercial Bank (SCB). They don't charge a fee when I wire money into the account, but charge when I transfer money from my account to bf scb account. It's only 5 baht usually, although they charged 5.5 once when I transferred a larger amount. I don't know the fee schedule. I do all my transactions online (look at www.scbeasy.com (http://www.scbeasy.com)).

I never have to go into a bank branch in Thailand. Very convenient. There are SCB ATMs all over in Pattaya, and manned kiosks also where they usually don't mind breaking down the 1000 baht notes into smaller notes, especially when I show my SCB ATM card when I ask.

Setting up the account is easy, but u need to have a visa, an address in Thailand, and a letter from the Immigration. It's a little bit involved, but didn't take long to get it. Of course, I had a willing Thai helper to walk me through the steps. I've had the account for about 5 years, with never a problem.

[Bob]

I have an account at Siam Commercial Bank (SCB). They don't charge a fee when I wire money into the account, but charge when I transfer money from my account to bf scb account.


Jim, I also have a SCB account and my bf has an account there which has been "linked" to my account (all that essentially means is I can transfer funds from my account to his account, using the internet, and there's never been a charge for doing that). My guess is you could stop by your original SCB branch and have them "link" the account and get rid of those charges. I'd also note that "linking" doesn't allow bf to see or get into my account.

[vnman]

Open an account in your country and give boyfriend the debit card, easy and cheap i think.

[francois]

Open an account in your country and give boyfriend the debit card, easy and cheap i think.

This is a good option. In your country you can link the two accounts and make transfers from your account to the secondary account on line. Your secondary account should just be an ATM card from Savings. This way the bf can only make cash withdrawals and not charge items to card. Also when ATM card is lost (yes when, not if) it cannot be used unless finder has PIN. Suggest you use PIN as last four digits of the bf cell number so he does not forget. It may be possible to get the bf's name on a secondary card.

[kodiak]

My Bank Washington Mutual...Now Chase....does not charge if you have a Platinum account for Int. Wire Transfers...!!

My Bank Washington Mutual...Now Chase....does not charge if you have a Platinum account for Int. Wire Transfers...!!

Hello kodiak,
I also have the same account but unfortunately I had to go in to the bank
to sign a wiring transfering request for international wiring. Has that changed? Can U do it online now?

Now I have an investment account with Vanguard, I can wire money into my SCB account online. Vanguard does not charge if the amount is over US$5000 but the intermediate bank HSBC takes US$15.

[kodiak]

Hi Blue , you are correct.......You have to go in to office and sign in person....no online

[Smiles]

" ... I'd also note that "linking" doesn't allow bf to see or get into my account ... "
He certainly does have access to our account with his ATM card ... as long as he's depositing money to it.
How often does THAT happen?? Hahahahahahahahahhahah :cyclopsani: :cyclopsani: :cyclopsani: :cyclopsani: :cyclopsani: :cyclopsani:

[Bob]

" ... I'd also note that "linking" doesn't allow bf to see or get into my account ... "
He certainly does have access to our account with his ATM card ... as long as he's depositing money to it.
How often does THAT happen?? Hahahahahahahahahhahah :cyclopsani: :cyclopsani: :cyclopsani: :cyclopsani: :cyclopsani: :cyclopsani:

So far, hmmmm......either once or never. But, of course, once he graduates and gets a substantial job and starts supporting me, there should be many. I am hedging my bets by buying lotto tickets.....