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Need help avoiding ATM fees so need low cost wiring money from USA account to Thai savings account


ronnier888
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need hep avoiding atm fees so need low cost wiring money from usa account to thai savings acoount. right now i have a chase usa account and my dad has been helping by wiring my monthly income to me from my chase usa account to my scb thai savings account. last year wire free, this year 45/40$. i would electronic wire myself but chase requires you to go to branch. jp morgan chase has a bangkok branch, but not pattaya, according to a phone representative. i heard wells fargo wire fee is 20$, but not as convenient for dad. i am looking into paypal, their phone rep. says they will charge 2-3% for an int'l transfer from my usa paypal to a thai paypal i must set up, but at least i could do that myself online. paypal is still a bit pricey. don't forget hidden fees in exchange rates, wire fees, and extra transaction charges. thanks for any help or ideas, ron

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Isn't there a US bank that allows you to transfer using internet banking? If not that sucks!! What ever you do just make sure that you can sent $US and not have the US bank convert it to Baht. The Paypal appears expensive but I guess it depends on how much you are sending each time. Don't forget to factor in Paypal's exchange rates.

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Can you not use a specialist currency broker? In the UK there are a number of companies, the one I use is Custom House Currency Exchange. I use them for other transactions but also to send sterling to Thailand when necessary (as Scumbag says don't convert the money beforehand otherwise you will be breaking Thai banking regulations).

 

As money transfer is the custom brokers main business they should give you much better charges than a bank. Once you have an account set up you will just have to send your money within the US to the currency brokers account (which you should be able to do via the internet) and then they will do the rest.

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need hep avoiding atm fees so need low cost wiring money from usa account to thai savings acoount. right now i have a chase usa account and my dad has been helping by wiring my monthly income to me from my chase usa account to my scb thai savings account. last year wire free, this year 45/40$. i would electronic wire myself but chase requires you to go to branch. jp morgan chase has a bangkok branch, but not pattaya, according to a phone representative. i heard wells fargo wire fee is 20$, but not as convenient for dad. i am looking into paypal, their phone rep. says they will charge 2-3% for an int'l transfer from my usa paypal to a thai paypal i must set up, but at least i could do that myself online. paypal is still a bit pricey. don't forget hidden fees in exchange rates, wire fees, and extra transaction charges. thanks for any help or ideas, ron

Since you've said Wells is not convenient for your dad, I'd say your best option would be to have your dad call around or visit banks that are easy for him to use and ask them specifically about their fees related to international wire transfers.

 

Before I moved to Asia the bank I used in the US was the same as you indicate - a visit to the bank was necessary to make a wire transfer. So I changed banks. I use Key bank and get my wire transfers (once about every three months) for free. But to get this for free you have to maintain a certain balance with them. Also all I have to do to make the transfer take place is call them (from where ever I am at the time), followed up by a confirmation e-mail. Recently they changed the policy and now they also have to call me back (at my Thai number) but that is not a problem.

 

The way I have things set-up now works fine for me so I have not done any other leg work. But I think a number of the financial companies (Fidelity, Chase, Schwab, etc) have various accounts that allow for international ATM withdrawles where they will refund any ATM fees. Fairly certain Fidelity has this. But here again most of them will likely have some kind of minimum balance/ investment requirements. HSBC for example has a decent set-up for world banking, but you pretty much have to be a premier member ($50,000 US or 50,000 pounds worth of deposits) to get the benifits.

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I use Swift bank to bank. :GoldenSmile1:

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  • 1 month later...

a friend told me about wells fargo bank. in the usa you can set up the ability to wire transfer by phone but not internet while overseas. you have to set up the account info while in usa. then you get a phone pin and can wire to your thai bank account via phone for $!5-20.

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my fiance is in thailand waiting for a visa atm , i send her a little bit of money to help pit with expenses and what not , i just sent her home with an atm card from a seperate account that i opened and is sttached to my interent banking , i just put some money in there everyweek ( automatically ) and ihave told her to try and only go to the bank once a month , that way she pays 150 b at the atm and my bank charges 4 bucks on top of that , all up costs about 6 dollars per her withdawreal , however it costs nothing for me to transfer and is virtually immediate..oh and there is a 10 dollar per month account keeping but thats just the nature of my bank ...i serached so many alternatives and this was the cheapest way i could find ..i did some reaerch inot paypal and as far as i can tell it only allows you to use that money to buy stuff with paypal , not actual money ..but australia might be different ..even though i have a US based paypal as Australia diddnt have a paypal service when i first started using it ..

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my fiance is in thailand waiting for a visa atm , i send her a little bit of money to help pit with expenses and what not , i just sent her home with an atm card from a seperate account that i opened and is sttached to my interent banking , i just put some money in there everyweek ( automatically ) and ihave told her to try and only go to the bank once a month , that way she pays 150 b at the atm and my bank charges 4 bucks on top of that , all up costs about 6 dollars per her withdawreal , however it costs nothing for me to transfer and is virtually immediate..oh and there is a 10 dollar per month account keeping but thats just the nature of my bank ...i serached so many alternatives and this was the cheapest way i could find ..i did some reaerch inot paypal and as far as i can tell it only allows you to use that money to buy stuff with paypal , not actual money ..but australia might be different ..even though i have a US based paypal as Australia diddnt have a paypal service when i first started using it ..

I have a westpac account,i transfer money via international transfer using swift on the internet into my kasikorn thai bank,it costs $20 aus for any amount,you should be able to transfer to her thai bank as well.

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I have a westpac account,i transfer money via international transfer using swift on the internet into my kasikorn thai bank,it costs $20 aus for any amount,you should be able to transfer to her thai bank as well.

 

 

Hi Cairns , umm 20 dollars is more than 5 dollars insnt it ?

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Hi Cairns , umm 20 dollars is more than 5 dollars insnt it ?

Do you pay a foreign exchange fee with your bank this can be $20 a time as well as other fees??,also every time i make a withdraw from my kasikorn bank no atm fees.If not which bank do you use i would be interested at looking at better alternatives.Im transferring 5 to 10000 aus at a time.

cheers

if you are paying $4 your end and 150bht($4.50) this end,plus $10 a month account fees its pretty close to a $20 one off fee,is there a max you can send,i'm surprised theres no foreign exhange fee as well

Edited by cairns8
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]

Do you pay a foreign exchange fee with your bank this can be $20 a time as well as other fees??,also every time i make a withdraw from my kasikorn bank no atm fees.If not which bank do you use i would be interested at looking at better alternatives.Im transferring 5 to 10000 aus at a time.

cheers

if you are paying $4 your end and 150bht($4.50) this end,plus $10 a month account fees its pretty close to a $20 one off fee,is there a max you can send,i'm surprised theres no foreign exhange fee as well

kasikorn charge fee also for receiving the transfer, even in the far past i send money to a Tg (stupid that time still :Oops1: ) and she also paid fee costs even i choose on my bank to pay for the costs , so double fee money , after i just send little more with costs payed by receiver , so only 1 time fee

Now i use moneybookers.com My link

 

Fee calculator;My link 2

Edited by david555

   Non native English writing poster, not using a spell checker !! 

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the international withdrawel fee is $4.00 , and she gets charged 150 baht for withdrawel at her end .. my bank charges 10 a month account keeping fees but i am sure if you shop around you could get a better deal . there is no limit becuase its just another account in you name ..it makes it easier for me to budget if i put in a set amount each week and becuase i rarely send big amounts it worked out better for me ..when i was doing an international transfer into her accoutn i think i was charged $26.00 so i had to make the transfer a bit bigger to make it worth while .. as long as she only goes to the bank once a month it works out well for me ..

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Can't help with the transfer, but...Charles Schwab and PNG Bank (a large bank based in Pittsburgh, I believe, with branches all over the midwest for sure--I live in Michigan), both charge no fee (and no percent) for international exchanges (i.e., withdrawing money out of an ATM in currency other the US dollar). They both will repay you for any ATM fee charged by the bank where you with withdraw the money, but...it must be broken out in the transaction, and to my knowledge, Bangkok Bank, Kasikorn, etc, do not break out the 150 baht charge but simply fold it into the total exchange. With Schwab, you need to open a trading account (but you don't have to trade) and then open the bank account. Check out their web site if you are interested.

 

Second, if you want to avoid the 150 baht, do ATM withdrawals at AEON ATM's. They do NOT charge the 150 baht. I do not know their locations in Pattaya, but in BKK they are at many Big C's, Lotus, Carrefours, Paragon, MBK, etc. I am up in Phitsanulok right now and they have ATM's and a bank at Big C and Lotus. You can find further ATM locations around Thailand at the following URL (but I don't know how up-to-date the info is):

 

http://www.aeonthailand.com/lang/en/menu/Service_Location/region/Bangkok#soutput

 

If you are going to do bank transfers, one of the reasons for personal appearance might be the fact that you must report (and sign a document) for any transfers of $10,000 or above. They are not illegal and the bank won't stop them, but you have to report them.

 

I think Wells Fargo was mentioned in this thread. I also have an account with them, but a few years ago, you could not use their debit card in Thailand, they blocked it because of account thefts, etc. Don't know if that is still in play. Most banks bill have some locations where they will not let you use your ATM/Debit card, always check with the bank for restrictions.

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need hep avoiding atm fees so need low cost wiring money from usa account to thai savings acoount. right now i have a chase usa account and my dad has been helping by wiring my monthly income to me from my chase usa account to my scb thai savings account. last year wire free, this year 45/40$. i would electronic wire myself but chase requires you to go to branch. jp morgan chase has a bangkok branch, but not pattaya, according to a phone representative. i heard wells fargo wire fee is 20$, but not as convenient for dad. i am looking into paypal, their phone rep. says they will charge 2-3% for an int'l transfer from my usa paypal to a thai paypal i must set up, but at least i could do that myself online. paypal is still a bit pricey. don't forget hidden fees in exchange rates, wire fees, and extra transaction charges. thanks for any help or ideas, ron

 

I know you are from the US but if you have internet banking(only so you can check it),just once, if you live in Thailand and have a debit card try withdrawing money from one of those exchange kiosks that are about.

 

if i need to bring money from the UK i use my debit card there,no atm fees and same rate as they display when i chek online.

 

give it a try for just 1 time and see if it helps you,if it works out cheaper.

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So I am making the big move to BKK in a few weeks, and even though there are a lot of things I'm closing here in the states, my bank account will not be one of them. My only issue was those damn 150 baht ATM fees per transaction that really pissed me off, but after doing some searching (I love Google), I found some banks that totally reimburse you. This really only applies to Americans since these banks are in The States, but they could also be in your home country as well. Anyway...

 

I was looking for banks that offered the lowest transactions fees, and stumbled on this website (http://trans-america...ard-fees-travel). If you scroll down to the bottom, you will see a table with a list of banks offering different rates for foreign transactions fees. Fortunately for me, my bank was bought out by Capital One Bank, which seems to be the only bank that doesn't screw its customers with those nasty fees. Unfortunately, they do have a $10 max per month on ATM fees :(

 

Don't worry guys, it gets better. After doing more research, I stumbled onto a blog where the topic being discussed was about ATM fees. One member in particulate was an expat living in Thailand. He said that he uses an Charles Scwchabb, an online brokerage and banking service company. They have very little physical locations, but that just cuts cost of overheard for them, so I guess the savings are passed onto its customers...In other words, they don't have to be as blood sucking as some other banks. CHARLES SCHWAB LINK

 

Anyway... I looked into them, and they actually do have a banking service. One of their perks is that they have No ATM fees, and they will completely reimburse you for any fees any banks charge you. SWEET! I opened one today, and my card is being sent to me as I write this. I will be funding that account with my Capital One Bank account when I need extra cash, which can all be done online. This way I can protect my main account. To all of you, who would like to stay with your current Banks, I guess you can just sign up with Charles Swchabb and link your existing accounts to there.

 

So there you have it. One way we can get around those ATM fees. To some of you, I know the 150 baht may be nothing, but they add up, especially on those nights when you realized you didn't take out enough the first time. LOL! Enjoy my brothers!

Edited by Helios
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