Money Transfer Methods

[Pdoggg]

I'm looking for a backup method to transfer money to myself here in Thailand from the USA.

I am concerned about ease of setup from Thailand and the fees involve.

https://www.fidelity.com/cash-management/mobile-payments

Wondering about the pros and cons of Apple Pay, Apple Pay Cash, Google Pay, Samsung Pay, Paypal, Transferwise, Square Cash, Venmo, and others.

 

[stoolpusher]

I used WU until I set up my Australian bank so I can transfer on line ( Not ID Line ) to Bangkok Bank . The downside was that the fees got higher and higher when I sent over more than $1,000 , My Australian bank only charges a $30 dollar flat rate .   

[cobber32]

I'm buggered (so to speak) in as much as I must have an Australian bank account to get my army super. Then I do an "international money transfer" on the internet from that bank to my Thai bank. If I do it around 10.00 pm, it is in my Thai account by lunchtime. The Aust bank charges me $6.00 to send around $1,000.00. However somewhere before the money hits my Thai account a further fee - anything up to 620 baht - has come out. Such is life.

[RandiUno2]

A friend bringing a briefcase with cash should work!  

[seven]

Just started using Transferwise and  impressed so far. The ladyman gets my hard earned within seconds. A lot lower cost than your traditional bank crooks which also usually takes 2-3 bank days. Everything can be done with an app. 

[dixon cox]

I've used Wise (formerly known as Transferwise) for years and have never had any issue. All completely transparent regarding fees etc..

Here is an example of the most recent transaction to my Bangkok Bank account using Wise. Initiated on 3rd February 2021, the money transfer completed the same day. The time taken is usually less than an hour, if not just an hour or two.

Transfer Overview
Amount sent - 2,500 GBP
Converts to - 102,016.53 THB
Fee - 13.49 GBP
Exchange rate - 41.0280

No further fees at either end and the exchange rates are extremely favourable. Total transfer cost was 13.49 GBP.

If you're considering joining you can use this affiliate style link provided to me by Wise:

https://transferwise.com/invite/u/michaelb89

Once joined you will also have your own link to share.

Just to add, the money sent above was directly from my Wise account, which can be held in a selection of different currencies, to my Bangkok Bank account in Thailand.

To load my Wise account from my UK bank account (in my case Natwest) is free because it is a UK bank to UK bank money transfer, not an overseas transfer. I made an online transfer just now at no cost from Natwest to Wise and it was instant. Wise has accounts in many, many different countries and currencies for this purpose.

It is a 3-step process. Domestic bank account -> Wise -> Thai (foreign) bank account, or any overseas individual's bank account.

[markm]

On 2/25/2021 at 11:56 AM, dixon cox said:

I've used Wise (formerly known as Transferwise) for years and have never had any issue. All completely transparent regarding fees etc..

Here is an example of the most recent transaction to my Bangkok Bank account using Wise. Initiated on 3rd February 2021, the money transfer completed the same day. The time taken is usually less than an hour, if not just an hour or two.

Transfer Overview
Amount sent - 2,500 GBP
Converts to - 102,016.53 THB
Fee - 13.49 GBP
Exchange rate - 41.0280

No further fees at either end and the exchange rates are extremely favourable. Total transfer cost was 13.49 GBP.

If you're considering joining you can use this affiliate style link provided to me by Wise:

https://transferwise.com/invite/u/michaelb89

Once joined you will also have your own link to share.

Just to add, the money sent above was directly from my Wise account, which can be held in a selection of different currencies, to my Bangkok Bank account in Thailand.

To load my Wise account from my UK bank account (in my case Natwest) is free because it is a UK bank to UK bank money transfer, not an overseas transfer. I made an online transfer just now at no cost from Natwest to Wise and it was instant. Wise has accounts in many, many different countries and currencies for this purpose.

It is a 3-step process. Domestic bank account -> Wise -> Thai (foreign) bank account, or any overseas individual's bank account.

do the same good service great rates 

[Jamesbert]

Also recommend TransferWise. Used them for the first time recently to pay my rent and the money arrived in my land lords account within a few mins.

Fee was less than the cost of a taxi to the bank and back, and much less hassle

[seven]

How will this work out?  While I welcome getting rid of filthy notes, I find it hard to see implemented in soi 6/1.

I have a friend who stashes his  500b  note in his shoe  5x100b all over his outfit when cruising soi 6/1 at 4am, and has a real aversion to smartphones. How will he pay now?

Thailand CBDC Trial to Test Use as Cash Substitute

https://finance.yahoo.com/news/thailand-retail-cbdc-trial-test-085620489.html

The Bank of Thailand said its central bank digital currency pilot program planned for the second quarter of next year will test its use as a cash-like payment system.

• The central bank will test the CBDC for “cash-like activities within a limited scale,” such as paying for goods and services, Assistant Governor Vachira Arromdee saidThursday.

• A CBDC could become an alternative payment option in the future as a partial substitute for cash and e-money, with demand increasing over time.

• Involvement will be sought from the private sector and technology developers, with the Bank of Thailand deciding the criteria for participation.

• The bank said that the CBDC would be non-interest bearing and would be distributed to the general public by intermediaries like financial institutions. Conditions or limits on the amount of CBDC that can be held will also be established.

• Arromdee said in a news conference that a CBDC wouldn’t affect monetary policy or money supply in the system, according to a Reuters report.

[Pdoggg]

On 2/24/2021 at 11:09 PM, seven said:

Wise

We're increasing our fees for international USD transfers.
Sending USD to accounts outside of the US? You may be affected by some fee changes.

Why are they changing?
We’re constantly reviewing our fees to make sure we’re offering you the fairest deal possible. So when our costs go down, our fees do too.
But the reverse is also true. And because our operational costs to send USD internationally have increased, so have our fees.
We’ll be updating our fees on 27 September 2023. We know it’s not the best news, but we’re working on ways to improve this.

[seven]

This used to be so easy. Screw em.

We’re getting back in touch because we need a bit more info to keep your account working.

Because of the way we’re regulated in the EU, we’re required by law to collect this additional information from you. Unfortunately there’s still a bit more we need to complete the process. Here’s what you need to know: The button below will take you directly to Wise to provide us with the documents requested  Provide the information we need — we may ask for your photo ID, proof of address and some other personal details  No drivers licences are accepted - the best photo ID will be your passport  Make sure your proof of address document is no older than 3 months - see how Wise verify your address That’s it — as soon as we verify your information you’re all set  How does Wise verify my address? We might ask to verify your address when you use Wise. We’re a financial institution, so we need to know who’s using our service and where they live. It helps us combat money laundering, and keep everyone’s money safe.  When we verify your address, we ask you to share a document that has the same address that you have on your Wise account.  Documents we accept  We’ll ask you to provide a high quality photo or scan of a document showing your valid address. It should show: Your full name: must match the name on your Wise account Your full personal address: must match the address on your Wise account Date of issue A logo, or clear name of the sender: like your bank, your local authority, your utilities provider, etc The nature of the document: like the type of bill, subject of the letter, etc A valid proof of address document can be: Utility bills: gas, electric, or landline phone (no mobile phone bills) A bank or credit card statement (photo/scan of a physical letter or PDF of statement) A council tax bill, or a HMRC notification Vehicle registration or tax Photo driving licence showing your address and expiry date Any other government or financial institution-issued document Important information to note: Your bank statement, utility bill or council tax bill cannot be older than 3 months You can also submit a document from a Local Authority or FCA authorised institution which was issued within the last 12 months. For example, a yearly council tax bill or a letter confirming the opening of a bank account Your address cannot be a PO Box, as this will not be accepted If we have requested an ID document and an address document, these must be separate documents The address proof must be issued to your personal address. We cannot accept address proofs that have been issued to a business If you live in a country that recognises both registered addresses and residential addresses, please use your residential address on your Wise account. If we don’t hear back from you before 11 October 2023 your account will be suspended and you won't be able to send, spend or receive money with Wise. After that, you’ll still be able to give us this info to verify. When we’ve done that, your account and card will start working again How can I tell this email is from Wise? So you know this isn’t a phishing email, you’ll also find this link in the Inbox in your Wise account. You can use the link from this email or the inbox message. We’re really sorry about this. With your help, we can keep your Wise account working normally. Thanks, The Wise Team

[Splaten]

3 hours ago, seven said:

This used to be so easy. Screw em.

We’re getting back in touch because we need a bit more info to keep your account working.

Because of the way we’re regulated in the EU, we’re required by law to collect this additional information from you. Unfortunately there’s still a bit more we need to complete the process. Here’s what you need to know: The button below will take you directly to Wise to provide us with the documents requested  Provide the information we need — we may ask for your photo ID, proof of address and some other personal details  No drivers licences are accepted - the best photo ID will be your passport  Make sure your proof of address document is no older than 3 months - see how Wise verify your address That’s it — as soon as we verify your information you’re all set  How does Wise verify my address? We might ask to verify your address when you use Wise. We’re a financial institution, so we need to know who’s using our service and where they live. It helps us combat money laundering, and keep everyone’s money safe.  When we verify your address, we ask you to share a document that has the same address that you have on your Wise account.  Documents we accept  We’ll ask you to provide a high quality photo or scan of a document showing your valid address. It should show: Your full name: must match the name on your Wise account Your full personal address: must match the address on your Wise account Date of issue A logo, or clear name of the sender: like your bank, your local authority, your utilities provider, etc The nature of the document: like the type of bill, subject of the letter, etc A valid proof of address document can be: Utility bills: gas, electric, or landline phone (no mobile phone bills) A bank or credit card statement (photo/scan of a physical letter or PDF of statement) A council tax bill, or a HMRC notification Vehicle registration or tax Photo driving licence showing your address and expiry date Any other government or financial institution-issued document Important information to note: Your bank statement, utility bill or council tax bill cannot be older than 3 months You can also submit a document from a Local Authority or FCA authorised institution which was issued within the last 12 months. For example, a yearly council tax bill or a letter confirming the opening of a bank account Your address cannot be a PO Box, as this will not be accepted If we have requested an ID document and an address document, these must be separate documents The address proof must be issued to your personal address. We cannot accept address proofs that have been issued to a business If you live in a country that recognises both registered addresses and residential addresses, please use your residential address on your Wise account. If we don’t hear back from you before 11 October 2023 your account will be suspended and you won't be able to send, spend or receive money with Wise. After that, you’ll still be able to give us this info to verify. When we’ve done that, your account and card will start working again How can I tell this email is from Wise? So you know this isn’t a phishing email, you’ll also find this link in the Inbox in your Wise account. You can use the link from this email or the inbox message. We’re really sorry about this. With your help, we can keep your Wise account working normally. Thanks, The Wise Team

I have wise and never had a problem....check properly...could be a scam email ( for sure ) 

[seven]

1 hour ago, Splaten said:

I have wise and never had a problem....check properly...could be a scam email ( for sure ) 

Now you got me worried. I've used it many times for a few years. I honestly didn't think of a scam though I'm well aware its everywhere now. Thanks.

[Pdoggg]

17 hours ago, seven said:

11 October 2023

A European friend received a similar email and when he opens his Wise app he sees a similar warning.

Using my laptop, I see no such warning on Wise and did not receive an email.  Perhaps because I'm American.

For those coming to Thailand this year, perhaps do a Wise transfer this month.

Btw, bringing Scando cash will get you a horrible rate at exchange booths. If you must bring cash the tightest Buy-Sell spread for cash is USD 100 dollar bills.  Euro has a decent spread.  Bottom line, exchange Scando currencies for dollars or Euros at home.

The tightest spreads and best cash arte by far is at the main branch of Super Rich Thailand (green) in Bangkok.  Spread percentage for USD is about 0.15% which is extremely good.  For Euros about 0.3% which is also quite good,  for SEK a whopping 27%.  Swedes, Norwegians, and Danes should not bring paper money to Thailand. Exchange rates in Pattaya are even worse.  

I did receive an email about a month ago that fees for USD transactions will increase on September 27th so Yanks may want to send money before that date.

[seven]

11 hours ago, Pdoggg said:

Perhaps because I'm American.

EU is mentioned at first yes. Maybe I can ask my English friends? Oh wait....

11 hours ago, Pdoggg said:

exchange Scando currencies for dollars or Euros at home.

Our currency is piss poor to most others, almost as bad as the pound. I have no idea about these things, never been interested. What can you do.

11 hours ago, Pdoggg said:

should not bring paper money

I never have and never will.   Probably just bring krypto.

https://www.reuters.com/legal/co-founder-fake-cryptocurrency-scheme-sentenced-20-years-us-prison-2023-09-12/

 A federal judge in New York sentenced the co-founder of the purported cryptocurrency OneCoin to 20 years in prison on Tuesday for what prosecutors called a $4 billion fraud.

U.S. District Judge Edgardo Ramos in Manhattan sentenced Karl Sebastian Greenwood, a dual citizen of Sweden and the United Kingdom, who pleaded guilty to fraud and money laundering charges in December 2022.

Ramos also ordered Greenwood to forfeit $300 million.

Greenwood has been detained in New York since his 2018 arrest in Thailand and extradition to the United States over his role in promoting OneCoin.

 

[Splaten]

You can open also a British account in pounds on wise. I have both.

[duke007]

4 hours ago, Splaten said:

You can open also a British account in pounds on wise. 

Yep, I have a Wise account with Pounds, the transfers to Thai Baht seem pretty reasonable too imho. 

[Ashoka]

Hey @Pdoggg Happy New Year to you.

Did you ever find a better transfer route? Supposedly Schwab cash management is better for overseas from what I've heard.

 

The thing I'm most curious about is.. how do you get a debit/ credit card mailed to you in Thailand.. because that was my #1 issue if you don't travel back stateside.. how do you get access to new cards that you might sometimes need because I don't know of any that mail it overseas.

 

And if anyone has an answer to this.. how do you do direct transfer on your US Social Security payments to a Thai Bank or do you have to use a US intermediary that receives payments and then it's transferred? (like the Fidelity you stated originally)