Transferring Money to Thai Bank Account

[pattaya paul]

Hi Guys,

I've been thinking for a couple of weeks now whether I should transfer a reasonable sum of money to my Thai bank account now, considering the exchange rate is going well at the moment.

Underlying thought is that I have heard that you need to show income or 800,000 baht in a Thai account to gain a fulltime visa or if I decide against that I can just draw against this account on my regular trips.

The exchange rate is as high as I have seen (Australian dollars) for 18months or so.

Therefore, opinions please, good idea? bad idea? any risk involved?

[Sexyfarangman]

You may have to pay a high fee if you are transferring from an Aussie bank to an LOS bank. Better to just exchange cash or TC in Patts and then make the deposit.

[Scumbag]

I tranfer money from my ANZ account to my Thai account regularly using internet banking. At $24 a time it is better than either TCs or taking cash. Just make sure you send Australian dollars and do not have the Australian bank convert it for you.

 

If you are planning to stay long term I would strongly suggest talking to your local embassy/consulate. I don't know what Sydney is like but getting a non-immigrant type-O visa in Perth is very easy. All reports indicates that you can not get one after coming to Thailand or in any of the nearby countries.

[stevxpl]

Transfer or deposit cash either way you get screwed, transferring is a lot easier and you don't have the hassle of carrying around cash or travellers cheques.

 

As for when, transfer now or wait for the rates to get better it is a case of flipping a coin IMO - if you can forecast future exchange rates then you could make a Mint out of doing so. I work with 5 currencies at the moment and just take it as what they are at the time and don't even think about how much I could have made more if I had of just transferred the money the week before or what in two weeks time.

[Scumbag]

Transfer or deposit cash either way you get screwed..

No, you do better by transferring. According to SCB the rate you will get by transferring funds today is 29.56 and for cash 29.39. I know that doesn't sound much but if you only want to send/take $1000 you would get 29 560 Baht by transferring as opposed to 29 390 Baht. So as long as you transfer about $4000 or more it costs you about the same. Then there is the issue of what happens should you loose the cash. Taking TCs will probably cost you more.

[george671]

For the long term visa part of your post...You may not have to transfer all your money to a Thai acount...If you have a steady income over 65,000 bht per month the large deposit may not be necessary. In the past some immigration officers accepted proof of deposit in a foreign bank account...This could save you a lot of hassle... Any way chk out Stickmans website on visa requirements it may help.

 

www.stickmanweekly.com/ThailandVisa/ThailandLongTermVisa.htm

 

 

Cheers

Edited April 25, 2010 by george671

[woundedinlove]

You are right, the Australian dollar is very high at the moment. It might go higher but historically it is at a high level so now is a good time to send money overseas.

There is a risk that the aussie might go higher. You never know with foreign exchange rates.

 

As to how to send it, your bank will charge more than other institutions. You might like to look at the prices of soemthing like

http://www.ozforex.com.au/

There are three ways the main banks rip you off.

Firstly the charges for transferring. The ANZ cost is quoted above as $24. Others such as ozforex are probably cheaper.

Secondly the Thai bank (or intermediate bank) could charge something. For some reason the Australian bank will not mention this.

Thirdly the bank will exchange at a high rate than others. I know ANZ chareged a lot more that others for foreign exchange transactions. You can check online now and look at the all up cost.

Good Luck.

[Scumbag]

You are right, the Australian dollar is very high at the moment. It might go higher but historically it is at a high level so now is a good time to send money overseas.

There is a risk that the aussie might go higher. You never know with foreign exchange rates.

 

As to how to send it, your bank will charge more than other institutions. You might like to look at the prices of soemthing like

http://www.ozforex.com.au/

There are three ways the main banks rip you off.

Firstly the charges for transferring. The ANZ cost is quoted above as $24. Others such as ozforex are probably cheaper.

Secondly the Thai bank (or intermediate bank) could charge something. For some reason the Australian bank will not mention this.

Thirdly the bank will exchange at a high rate than others. I know ANZ chareged a lot more that others for foreign exchange transactions. You can check online now and look at the all up cost.

Good Luck.

I use the ANZ to tranfer cash to my Thai account. While the fee is a little high there are no other fees in transfering the money or by my Thai bank. However, I make sure that they send Australian dollars to Thailand. Under no circumstances let them do the conversion for you.

 

The cheeky pricks at ANZ recently changed the transfer system making it easy to make a mistake which allows them to convert the money to Baht. You need to select that you want to send Australian dollars and then further down the page reconfirm that you want to transfer Australian dollars. If you do not do the second bit they will convert it.

 

I had a look at your like and unfortunately they will not transfer to Thailand: OzForex does not provide transfer of funds to the Russia, Phillipines, Thailand, Indonesia, Malaysia and a range of other countries. (source)

[Sandra W]

I had a look at your like and unfortunately they will not transfer to Thailand: OzForex does not provide transfer of funds to the Russia, Phillipines, Thailand, Indonesia, Malaysia and a range of other countries. (source)

 

Hi,

 

We do provide transfer of funds to Thailand, Philippines, Indonesia and Malaysia. This is outdated information on our website and will be corrected shortly. With many new currencies on board the new version should read: OzForex does not provide transfer of funds to Russia, Cuba, North Korea and some other countries.

 

Apologies for any confusion.

 

Best regards,

Sandra Witzel

OzForex

[ron2mutt]

I'm looking for a banker like this one to do some business with. Anyone know which bank offers something similar:

 

http://www.businessinsider.com/debrahlee-lorenzana-could-be-fired-from-chase-2010-6

 

If you aren't sure click on the last sentence that says: This slideshow of pictures sent to the Village Voice shows her posing provacatively in her lawyer's office, which really stirred the media's pot.