Banking and Transferring funds to Thailand

[Karee 4,190]

I think I am going to get a charles schwab debit account and send the card to TH for free instant ATM withdrawl. The TT rates it pays are higher than bank rates, you basicly lose nothing. I can fill the debit account from my CC using amazon pay (1,000 free per month) and get 2% rewards on top.

That should work fine if you're just sending money to one person. I have to pay for my niece's school and occasionally send her spending money. Also, the MIL asks for a few bucks now and then. So I have to send cash to multiple people.

Also, as stated above if you ever want to get a Non-O visa, the bank account will be there ready to go with the funds.

[AaronLV 12]

I think I am going to get a charles schwab debit account and send the card to TH for free instant ATM withdrawl. The TT rates it pays are higher than bank rates, you basicly lose nothing. I can fill the debit account from my CC using amazon pay (1,000 free per month) and get 2% rewards on top.

For the most part I use my Schwab account for spending money and such, but when moving any large amounts of money it is not practical because you are limited to only so much withdrawal per day and you cannot get the foreign certificate of funds when using an ATM card or over the counter withdrawal. The certificate allows you to bring the same amount of money out of Thailand, also the certificate can be asked for when purchasing land, house. condo and/or car. I have also heard some immigration offices ask for the certificate on your first extension of stay to prove that the funds in your account came from overseas.

[Karee 4,190]

The $50 I sent using Google Wallet just showed up in my Bangkok Bank account as 1407 THB. Looks like it took roughly 3 business days. The exchange rate looks to be 28.14. Not so good, although there was no transfer fee.

[Karee 4,190]

When I use Bangkok Banks online FX tool, it comes out to 1594.50, so seems someone took 187 THB somewhere along the way. Comes out to about 10-11%. I'll be curious if it still comes out to 10% when I transfer a larger amount

[AaronLV 12]

When I use Bangkok Banks online FX tool, it comes out to 1594.50, so seems someone took 187 THB somewhere along the way. Comes out to about 10-11%. I'll be curious if it still comes out to 10% when I transfer a larger amount

I am going to guess it has something to do with Google Wallet. If you used a debit card or credit card to fund your GW account they tack on a 2.9% fee. We have the same issues with Paypal and different currency.

The Daily BB rate has been no where near 28.14 in the past week, so there is some other fee being tacked on by GW. I have always gotten close to the exact rate posted on the website.

[Karee 4,190]

I am going to guess it has something to do with Google Wallet. If you used a debit card or credit card to fund your GW account they tack on a 2.9% fee. We have the same issues with Paypal and different currency.

The Daily BB rate has been no where near 28.14 in the past week, so there is some other fee being tacked on by GW. I have always gotten close to the exact rate posted on the website.

I fund the Google Wallet account using ACH and not a credit card. I've sent money to other folks and also had them send money to me. I've never seen them take a penny when done via ACH. Like you said though, if you do use a credit card to fund the account, I think they charge 2.9%, because that's what the credit card companies charge.

Edited April 29, 2014 by Karee

[Thane 8]

That exchange rate is worse than what you'd get through WU.

[Karee 4,190]

That exchange rate is worse than what you'd get through WU.

Yeah that's a good point. I'll call them tonight and find out the amount they received in USD, and if it was $50 ask them what was the exchange rate when the transfer was made. Something does seem fishy.

[Thane 8]

Is there a fee on the receivers end? Maybe a 150 baht fee like what happens with ATMs?

[Karee 4,190]

Is there a fee on the receivers end? Maybe a 150 baht fee like what happens with ATMs?

Bangkok Bank is pretty good about listing all the fees when you login to your account, and I don't see a fee. I'm going to call them tonight and find out the deal.

[slowlyman 118]

Yup 150 on the recipients end. At least that is what happens when we send money to Jin's daughter through Bangkok Bank.

[Thane 8]

Hrm, I just checked with my fiancee on the three transfers that I've done since December, all of them had a 200 baht charge on the recipients end. This was Citi -> BKK Bank

[Karee 4,190]

Hrm, I just checked with my fiancee on the three transfers that I've done since December, all of them had a 200 baht charge on the recipients end. This was Citi -> BKK Bank

Bingo. Just called them and they said it's a .25% fee. Minimum 200 baht, maximum 500 baht.

[Karee 4,190]

So seems like I should send a large amount to my BKK Bank account next time I do a transfer.

[Thane 8]

So the exchange rate was about 32.14 then. Looking at Oanda, the rate on the 25th (I'm guessing this was the date) was 32.30. That's definitely a better rate than what I get from Citi.