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[ozzieovaseas]

Has anyone got advice on a method of transfering funds from Australia without paying a small fortune in fees?
I recently had to transfer money from an Aussie bank directly into an account in Thailand.I was advised this would be relatively hassle free...
I was charged a $22 base fee
Got a very ordinary exchange rate

AND the icing on the cake...funds arrived into thai bank 650 bt short....with the added hassle of having to arrange a secong payment for the shortfall.

So it seems you are at the mercy of the Thai bank or some unknown intermediary money changer to charge whatever they want on this end..without disclosure,as a previous thread pointed out.
SO i was wondering in particular how Australians go about getting their cash from home??

I have a basic access savings account i can load up.Can my card be used at the ATM's here?

I am thinking i could load the visa credit card with a larger amount and draw cash advances?

No doubt they will catch you which ever way you go though

[Simmo]

If your ATM card has the Maestro or Cirrus logo it will work with local ATM's. Depending on your bank you'll be charged an ATM fee + a % Currency Conversion fee.

For larger amounts T/T Transfer works out the most economical.

Cash advances via Visa get a 3% surcharge last time I did it.

[samuibeachcomber]

either way transferring money from an overseas account is going to cost.

(1)internet transfer fee bank to bank 20 aussie dollars

(2) telegraphic transer bank to bank 35 dollars.

(3) if you instruct your bank to send in aussie dollars you will probably lose less than sending in thai baht from australia.

(4)the final suck is the exchange rate cos it depends on the thai banks exchange rate at the time they receive and convert.

(5) the most expensive way is using your atm card in thailand,i think minimum transaction fee is around 7 dollars for a withdrawal of only a few thousand baht,but it depends on how much you are converting.

Edited by samuibeachcomber, 2009-02-24 12:09:16.

[ozzieovaseas]

thank you both for the advice...

will definately try the tip on sending over in Aussie dollars beachcomber...It might be hard if having to pay a pinpoint amount for services but definately worth a try for personal funds..thanks for that

[mc2]

sounds like you are with the comm bank, they got me with a 22 dollar transfer fee also.

yes...... absolutely send in farang dollars. NOT thai baht.

doing like this is only good if you make largish transfer amounts.

as far as the intermediatary banks go, its a bitch, they will skim somehting off if it passes through them.
i rang up and only after lengthy enquiry found the intermeditary bank.

[mc2]

i was hit with a $10 ATM charge for each cash withdrawal. crappy exchange rate also

[mc2]

bringing in a big wad of cash everytime you come in isnt such a bad idea, then deposit it in the bank after arriving.

[neverdie]

Using your funds from Australia and withdrawing from an ATM as you need it is a mugs game, will cost you a fortune in fees.

Open a savings account here in thailand that you can use internet banking to send funds via. & Always exchange Aussie Dollars onshore here in Thailand for the best rate, hasnt failed me yet, ie: send aussie dollars.

Look for a credit card (Mastercard) that doesnt charge fees for overseas transactions or a percentage of the transaction & make sure you pay its balance off every month so you don't pay interest. I would only use it in reputable locations & you will find at the moment the rates used for mastercard exchange between Oz & THB are nearly as good as the rates offered for exchange here onshore with the major banks & better than the exchange rates of the banks offered in Oz.

[tango]

Simmo, on 2009-02-24 12:01:01, said:

If your ATM card has the Maestro or Cirrus logo it will work with local ATM's. Depending on your bank you'll be charged an ATM fee + a % Currency Conversion fee.

For larger amounts T/T Transfer works out the most economical.

Cash advances via Visa get a 3% surcharge last time I did it.

I concur that TT transfer is probably most optimum. Cost for me is 20 dollars; low because it comes from a credit union as opposed to a bank. Check your bank site, compare daily; TT is usually the best rate. ATM fees are usually very high; I use them only in an emergency. Note too that you pay more overall in travellers cheques fees, the lower their denomination.
Here is today's mid-day rate at KK bank:
http://www.kasikornbank.com/portal/site/KB...00056f8f30aRCRD

If difficult to bring up go to their main site klik 'Investor Relations' at the bottom, then 'Rates & Charges' on the left and finally 'Foreign Exchange Rate'. I've compared KK rates to others and am satisfied I get a better deal at KK.

[stumonster]

I think ATM card is the most cost effective as long as you go to an ATM and take 25k baht out each time.

7-10 dollars and then the onshore exchange rate

using TT used to cost me up to 100$ after both banks had taken their scam.

unless you have to transfer 10K+ $ I would just make multiple 25K baht ATM withdrawals

[chiangmaibruce]

As you can see now, there is no one right answer due to the variables, particularly:

which financial institution here
which financial institution there &
the amount being transferred &

Note that ANZ Bank charges $24 transfer fee for any amount $1 to $10,000

Still with ANZ, for a 5,000 baht ATM withdrawal in Thailand you will pay AUD$5 "transaction fee" plus approx AUD$7 "overseas transaction fee" plus whatever exchange rate they hit you with

[mijan24]

samuibeachcomber, on 2009-02-24 05:07:38, said:

either way transferring money from an overseas account is going to cost.

(1)internet transfer fee bank to bank 20 aussie dollars Sorry $22 is the cost.
(2) telegraphic transer bank to bank 35 dollars.

(3) if you instruct your bank to send in aussie dollars you will probably lose less than sending in thai baht from australia. Correct instruct your bank to send Aust dollars otherwise you get the exchange rate in Oz not the current rate in Thailand which can often cost you 3 nor 4 baht per Ozzie dollar.

(4)the final suck is the exchange rate cos it depends on the thai banks exchange rate at the time they receive and convert. yes but Thai exchange rate is always better than the Oz exchange for Thai baht.

(5) the most expensive way is using your atm card in thailand,i think minimum transaction fee is around 7 dollars for a withdrawal of only a few thousand baht,but it depends on how much you are converting. There is a minimum fee for using a non Oz Bank (read here same as your own bank) plus an international conversion fee & now the Thai bank charge 20 baht ATM useage fee.

The cheapest I have found is international netbank transfer $22 I will keep reading hoping someone has a better solution always willing to learn

Edit had to correct No3 I misread sb's advice hence changed from Not Correct to Correct.

Edited by mijan24, 2009-02-24 20:51:09.

[mijan24]

neverdie, on 2009-02-24 06:54:53, said:

Using your funds from Australia and withdrawing from an ATM as you need it is a mugs game, will cost you a fortune in fees.

Open a savings account here in thailand that you can use internet banking to send funds via. & Always exchange Aussie Dollars onshore here in Thailand for the best rate, hasnt failed me yet, ie: send aussie dollars.

Look for a credit card (Mastercard) that doesnt charge fees for overseas transactions or a percentage of the transaction & make sure you pay its balance off every month so you don't pay interest. I would only use it in reputable locations & you will find at the moment the rates used for mastercard exchange between Oz & THB are nearly as good as the rates offered for exchange here onshore with the major banks & better than the exchange rates of the banks offered in Oz.

neverdie Are you saying they do not "charge fees" for an overseas transaction nor a "percentage of the transaction" ?? This is a question not a challenge to your statement as I am very interested to explore any cheaper means of getting money when I need it.

Edited by mijan24, 2009-02-24 20:59:51.

[jtp]

The CONNONwealth bank (Commonwealth) practically rape you when sending money to LOS,Money paid into my account in Australia gets here at about 21 Baht,then 50 Baht to check the account,then 300 Baht to withdraw....And it's never the right amount,there is always some fee here and there...

[ozzieovaseas]

Thanks all,ive definately learnt something here today..

A few different approaches to consider...Shopping around aussie banks for a tailored account would be ideal (if in Australia)
but a pretty hard ask when your over here..

I think ill stick with the devil bloodsuckers i know, do larger Internet transfers to a bank account here,IN AUSSIE dollars, and use credit card for certain purchases whenever convenient.

[Mighty Mouse]

mijan24, on 2009-02-24 13:43:38, said:

samuibeachcomber, on 2009-02-24 05:07:38, said:

either way transferring money from an overseas account is going to cost.

(1)internet transfer fee bank to bank 20 aussie dollars Sorry $22 is the cost.

The cheapest I have found is international netbank transfer $22 I will keep reading hoping someone has a better solution always willing to learn

St George Bank charge AUS $20 for internet transfer.

Always transfer in Oz $$$'s to save on conversion rate.

Edited by Mighty Mouse, 2009-02-25 04:31:31.

[mijan24]

tritexengineering, on 2009-02-24 13:56:35, said:

The CONNONwealth bank (Commonwealth) practically rape you when sending money to LOS,Money paid into my account in Australia gets here at about 21 Baht,then 50 Baht to check the account,then 300 Baht to withdraw....And it's never the right amount,there is always some fee here and there...

I will go back and check my transaction statements but at the moment I have found the Commonwealth to be the best, sent money 12/2 arrived on 13/2 credited to my Siam Commercial account atr 22.4 to the dollar quite pleased. If you are having your "Pay" credited into an Oz bank and automatically transferred to a Thai bank CHECK they are sending it to Thailand in Aust dollars.

Its worth noting a friend took Oz bank to task about sending in Thai Baht and gained money back as apparently it is their responsibility to advise you of the most benefical (to you the customer) way to transfer the money. The other way sending in Thai baht the bank oif course gaine the benefit.

Thanks for that $20 at St George.

[neverdie]

mijan24, on 2009-02-24 20:55:34, said:

neverdie, on 2009-02-24 06:54:53, said:

Using your funds from Australia and withdrawing from an ATM as you need it is a mugs game, will cost you a fortune in fees.

Open a savings account here in thailand that you can use internet banking to send funds via. & Always exchange Aussie Dollars onshore here in Thailand for the best rate, hasnt failed me yet, ie: send aussie dollars.

Look for a credit card (Mastercard) that doesnt charge fees for overseas transactions or a percentage of the transaction & make sure you pay its balance off every month so you don't pay interest. I would only use it in reputable locations & you will find at the moment the rates used for mastercard exchange between Oz & THB are nearly as good as the rates offered for exchange here onshore with the major banks & better than the exchange rates of the banks offered in Oz.

neverdie Are you saying they do not "charge fees" for an overseas transaction nor a "percentage of the transaction" ?? This is a question not a challenge to your statement as I am very interested to explore any cheaper means of getting money when I need it.

Yes, I have a credit card, mastercard which does not charge atm fees for overseas transactions nor do they take a percentage as a fee for purchases. They do however start making interests from the day you withdraw the cash, so you can either use internet banking (bpay) and send money from your savings account as soon as you make the withdrawal OR do like I do, top up your credit card so its in credit before you make the withdrawal and that way you don't lose any doish in interest. As the rate they charge is the same as the xe site, which for example today is 23.2299 baht to the Oz $. Bangkok banks rate today for swapping cash is only 22.7 or 23 baht for money draft via TT. So the credit card rate is good too.

There is a little catch with this, but easily overcome, but I will PM those details to avoid upsetting any of the mods.

I havent had to change any cash over recently because last june/july I realised I was onto a good thing and sent myself a wad of money and got exchange rates of 32.02 - 32.2 they were the days.

[mc2]

neverdie, on 2009-02-25 09:06:07, said:

mijan24, on 2009-02-24 20:55:34, said:

neverdie, on 2009-02-24 06:54:53, said:

Using your funds from Australia and withdrawing from an ATM as you need it is a mugs game, will cost you a fortune in fees.

Open a savings account here in thailand that you can use internet banking to send funds via. & Always exchange Aussie Dollars onshore here in Thailand for the best rate, hasnt failed me yet, ie: send aussie dollars.

Look for a credit card (Mastercard) that doesnt charge fees for overseas transactions or a percentage of the transaction & make sure you pay its balance off every month so you don't pay interest. I would only use it in reputable locations & you will find at the moment the rates used for mastercard exchange between Oz & THB are nearly as good as the rates offered for exchange here onshore with the major banks & better than the exchange rates of the banks offered in Oz.

neverdie Are you saying they do not "charge fees" for an overseas transaction nor a "percentage of the transaction" ?? This is a question not a challenge to your statement as I am very interested to explore any cheaper means of getting money when I need it.

Yes, I have a credit card, mastercard which does not charge atm fees for overseas transactions nor do they take a percentage as a fee for purchases. They do however start making interests from the day you withdraw the cash, so you can either use internet banking (bpay) and send money from your savings account as soon as you make the withdrawal OR do like I do, top up your credit card so its in credit before you make the withdrawal and that way you don't lose any doish in interest. As the rate they charge is the same as the xe site, which for example today is 23.2299 baht to the Oz $. Bangkok banks rate today for swapping cash is only 22.7 or 23 baht for money draft via TT. So the credit card rate is good too.

There is a little catch with this, but easily overcome, but I will PM those details to avoid upsetting any of the mods.

I havent had to change any cash over recently because last june/july I realised I was onto a good thing and sent myself a wad of money and got exchange rates of 32.02 - 32.2 they were the days.

those were the days indeed.
in hindsight i was stupid not to done a big tranfer then ! but im learning

can you send PM me info regarding credit card, that sounds like quite a good option

[bensalu]

when you transfer from st george it is 20 dollars for any amount to 50k but also if you are putting it in a kasikorn bank they will charge up to 500 baht

email i recd from kasikorn

Thank you for using Inward Remittance services of KASIKORNBANK PCL. We are pleased to provide you the information you have enquired as follows:

We would like to recommend you the most and widely accepted method, which is SWIFT Transfer. The transferor has to contact and give the following information to the bank.

1.Bank’s name, which is KASIKORNBANK PCL, and the name of the branch you would like
to transfer money to
2.Full name of the account of the beneficiary
3.The account number of the beneficiary
4.SWIFT CODE of KASIKORNBANK, which is “KASITHBK” (This code can
be used for every branch)
5.Any Special Command (if any)

To transfer funds from overseas,It will take 3-7 working days depending on the time zone, and the clearness of the information.We suggest you to contact K-Contact Center at Tel. 662 888 8800 press0 press3 to check the transaction you Inward Remittance.

The correspondent bank will charge the sender of funds; the charge rate will depend on the conditions of the correspondent bank. The beneficiary will also be charged by KASIKORNBANK on the rate of 0.25% of the transferred amount (minimum 200 baht and maximum 500 baht). Therefore if you want the beneficiary to receive the full amount of money, you should add some extra amount for the fee when you make the transaction.


However, to transfer money from abroad to Thailand, please kindly contact the banks have coordinated with our bank in order to easy for transfer your money.

The Correspondent Bank's Services (Australia)
- Bank : Australia & New Zealand Bank (H.O.) City : Melbourne
- Bank : National Australia Bank (H.O.) City : Melbourne
- Bank : Westpac Australia's First Bank (H.O.) City : Sydney


Should you need further information, please do not hesitate to contact K-Contact Center at Tel. (66) 2888 8800 press0 press3 "Account Services and Banking Services"

We wish to have an opportunity to be of your service in the near future.

[bensalu]

one note also is that to do a swift transfer you need to call them first to get the phone sms security de activated as they will not send a sms to international mobiles

[think_too_mut]

bensalu, on 2009-02-25 19:49:34, said:

one note also is that to do a swift transfer you need to call them first to get the phone sms security de activated as they will not send a sms to international mobiles

Bangkok Bank sends SMS OTP (one time password) only when registering the 3rd party account, first time.

We registered 3 accounts while in BKK and now SWIFT works from Japan via the Internet without that SMS and without calling anyone.

[think_too_mut]

ozzieovaseas, on 2009-02-24 13:53:49, said:

Has anyone got advice on a method of transfering funds from Australia without paying a small fortune in fees?

Not only they will charge their fees, you will be conscripted to bail them out when they run the bank (and pretty muct the whole world) aground.
As our American, British and European tax paying friends already enjoy.

[ozzieovaseas]

hey all ...thanks for the info..

I did an internet transfer with the ANZ to my bank account here for AU$1000, (billed at $1024 with fee) arrived a day later and recieved 22813 baht

quite happy about that. Seems the exchange rate is heading up over the last few days..lets hope for more of the same

[actiondell4]

I walked past the THAI BANK in Sydney yesterday and noticed they are charging $20 AUD for transfer to thai bank accounts of over $1000 aud.
They were actually quite busy ,with many young thais lined up ready to transfer money.
You can actually deposit money here but i dont think you can open a thai bank account,im not sure,i will have to pop in when its not so busy.