Jun wrote:Christian PFC recommended Transferwise for moving money to Thailand.
I've not used it for sending cash to Thailand, but do send money to a certain ASEAN financial centre. The money is in my overseas account within 30 minutes and my total loss on fees & forex spread is just a fraction under 0.5%.
Are saying you use Transferwise to send funds to the ASEAN financial centre? If another means, could you elaborate, e.g., is this something those of us in Thailand set up and use to replace our transfers through Bangkok Bank NY branch? If we can, how should we go about it?
I have had a few people recommend Transferwise and as previously mentioned tried it for myself. I signed up with Transferwise (VPN on this time, just in case) and sent a few hundred dollars last Friday to test it. The money was received in baht on Monday - Bangkok Bank did send me an SMS or a foreign source deposit even though it was in baht and there was no charge by Bangkok Bank. Transferwise will send the funds once they receive them from your source, which can be bank account (after you set up ACH protocol so they can pull funds), debit to bank account, debit card, or credit card. Had I sent the funds on Monday, they probably would have arrived the next business day.
A different fee is charged for the source used to fund the transfer with ACH pull the lowest and credit card the highest then there is the fee itself for conversion to and transmission of baht (exchange rate is slightly less than Bangkok Bank's rate) which depends on the amount sent (can be quite high if sending a large amount, so depending on your expected transfer amount, you may be able to find a lower cost service or may even find your bank's International Wire Transfer fee to be less - likewise, using a debit card in ATMs, especially if you have one of those brokerage/bank account that doesn't charge a fee and reimburses for the Thai ATM charge).