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BANGKOK 15 November 2018 00:56
bluesofa

Regular bank transfer from US to Thai bank account

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From what I remember reading here past, there seem to be various ways to move funds on a regular monthly basis from a US bank account to a Thai account?

Talking of about 60-70K Baht per month.

 

Do I remember correctly that if you use online banking to transfer from your US account to a Thai bank within the US, that is a purely US transaction? The Thai bank will then transfer it to your account at your branch in Thailand, as a Thai internal transfer (not international), at minimal cost?

 

Also, will the US based Thai bank use the Thai banking exchange rate from US$ to THB, rather than (I assume) a not-so-good US bank exchange rate?

 

Can I ask if anyone knows what are typical fees for each part of the process?

 

If this is possible, I take it you would therefore need to open a Thai bank account in the US branch, or is it possible to transfer the US$ (in Baht) directly to your Thai account in Thailand?

 

Which Thai banks have branches in the US, and are there any recommended?

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The bank's exchange rate is to be avoided, I use TransferWise as you get the best bang for your dollar after exchange rates and fees are taken into account.

Sent from my SM-T530 using Tapatalk

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OP, I've cut and pasted your original post below and added in some Answers.

Quote

 

From what I remember reading here past, there seem to be various ways to move funds on a regular monthly basis from a US bank account to a Thai account?  Talking of about 60-70K Baht per month.

 

Do I remember correctly that if you use online banking to transfer from your US account to a Thai bank within the US, that is a purely US transaction? The Thai bank will then transfer it to your account at your branch in Thailand, as a Thai internal transfer (not international), at minimal cost?

Answer: If doing an "ACH" transfer only one Thai bank has ACH Receiving capability and that is Bangkok Bank by routing it through their New York branch/using the NY branch ABA/ACH routing number.  This method has been in use for decades but unfortunately is coming to an end 1 Apr 19 as Bangkok Bank will require all ACH transfers to be sent in "International ACH Transfaction (IAT) format which US bank/credit unions do not use for "retail" accounts line you and I have.   If using this ACH method the Bangkok Bank NY flow-thru fee is $5 or $10 for typical amounts...and then there is another 0.25% (Bt200 min, Bt500 max) fee on your in-Thailand Bangkok Bank branch end.   You can also do an International Wire (a.k.a., SWIFT) from your Sending bank...you will need to ask your Sending bank what their fee is but usually it's in the $20-45 range.  You can send to any Thai bank using SWIFT....and once again they will charge a receiving fee of approx 0.25% (Bt200 min, Bt500 max).  And when using SWIFT there may be an "intermediary/correspondent" bank fee if your Sending bank must use such a bank to reach your Thai bank....such fees usually range around $20.

 

Also, will the US based Thai bank use the Thai banking exchange rate from US$ to THB, rather than (I assume) a not-so-good US bank exchange rate?

Answer:  The Thai bank will use their "TT Buying Rate" for incoming international transfers which will definitely be better than any rate your home country sending bank will give you.  DO NOT allow your sending bank to exchange from USD to THB on their end....you'll get a lower rate than what the Thai bank gives.  "Always send in your home country currency...USD in your case...DO NOT allow your sending bank to convert.

 

Can I ask if anyone knows what are typical fees for each part of the process?

Answer:  See earlier answers above.

 

If this is possible, I take it you would therefore need to open a Thai bank account in the US branch, or is it possible to transfer the US$ (in Baht) directly to your Thai account in Thailand?

Answer: No, you do not need to open a Thai bank account in the U.S.  For the Bangkok Bank ACH sending method thru their NY branch you simply use their routing number....no need to open an account with them--nor could you if your tried as they only open account for corporate customers.  As answered earlier always send USD.  If using ACH you an only send USD anyway....if sending via SWIFT you sending bank could convert for you but "DO NOT" let them as you'll get a crappy exchange rate (it's like an indirect fee)....yes, you can send USD or any currency to a Thai bank.  

 

Which Thai banks have branches in the US, and are there any recommended?

Answer: N/A....see earlier answer.


 

 

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