TotallyOz Posted April 23, 2021 Posted April 23, 2021 I have multiple Thai bank accounts. I need to send some funds to the USA to a friend. What is the best way to do this? Wire Transfer? Paypal? Other ways? Quote
reader Posted April 23, 2021 Posted April 23, 2021 I've been quite satisfied with service and fees from Wise (formerly known as Transfer Wise). Although it's great for USA outgoing transfers, I've never tried to use it to move funds out of Thailand. You can choose a bank transfer or ACH (automated clearing house) methods. You can view all fees before approving transfer. (I've only used this for USA to SE Asia transfers.) https://wise.com t0oL1 and TotallyOz 2 Quote
Guest Posted April 23, 2021 Posted April 23, 2021 Paypal is in my experience, obscenely expensive and they triple dip on the charges. ie They charge a fee for sending, a markup on the exchange rate and then they will charge the receiver as well. They will not be at all transparent about this. They are absolute ****s and I hope you can rule them out and find something better. Unfortunately, last time I looked, Transferwise did not offer transfers out of Thailand. Hopefully someone will offer some good suggestions. If not a little research might be time well spent, as once a good forex service is found, it can often be used for years. Quote
JimmyJoe Posted April 23, 2021 Posted April 23, 2021 A friend of mine uses this outfit. It seems to be similar to Wise (which I use a lot to send money to my Thai bank), but for transfers from Thailand. I haven't used them, though. https://www.deemoney.com/send-money-from-thailand-to-france/ TotallyOz 1 Quote
Guest Posted April 23, 2021 Posted April 23, 2021 Quite a few people mention DeeMoney on Thai Visa, but a lot of the posts are repetitive and full of praise, without actually mentioning the total loss on the transaction. Looks suspiciously like their marketing department has been at work. Here's a quote from one of the dissenters: "After having a look though their transaction history it looks like the only time they ever got close to the average thai banks TT selling rate was when they originally setup an account in branch and did their first transfer in person. Every other transfer they have since done via the DeeMoney app as ended up with a bad rate. They have been doing transfers in the 100,000 to 200,000 Baht range so each time they seem to be loosing between £50-£100 compared to the average thai banks TT selling rate. I understand the rates change all the time throughout the day but the rates they are getting seem too far off." They might be competitive, but to confirm that I'd either like to see an explicit explanation of the TOTAL charges on the website, or proper review of all the costs by independent & real customers. Quote
anddy Posted April 24, 2021 Posted April 24, 2021 Just checked (Transfer)Wise again, not possible. Of course Western Union comes to mind, but they are notoriously expensive of course. Just a wire transfer from a Thai Bank maybe? The TT rates don't seem so bad, dunno what fees they might charge on top. Certainly doesn't cost anything to inquire with the banks Would be interesting to know in case it ever becomes necessary for other members TotallyOz 1 Quote
JimmyJoe Posted April 24, 2021 Posted April 24, 2021 On 4/23/2021 at 6:50 PM, z909 said: Quite a few people mention DeeMoney on Thai Visa, but a lot of the posts are repetitive and full of praise, without actually mentioning the total loss on the transaction. Looks suspiciously like their marketing department has been at work. Well that certainly doesn’t sound good. Complete transparency was the whole reason I began doing business with Transferwise in the first place. If DeeMoney is just a marketing ploy it seems like a Thai bank might be a better bet. I wonder if a Transferwise mult- currency account would be helpful to transfer from Baht to another currency. One other thing I wonder about is, if one day I do need to transfer money out of Thailand, how much of a hassle are currency controls. I mean, I think they require you prove the money wasn’t “ill-gotten“ in Thailand. How can I prove the (foreign) provenance of the Thai funds if I originally brought the money into the country via Transferwise which shows up at Krungsri as domestic transfer... TotallyOz 1 Quote
Guest Posted April 24, 2021 Posted April 24, 2021 1 hour ago, JimmyJoe said: Well that certainly doesn’t sound good. Complete transparency was the whole reason I began doing business with Transferwise in the first place. If DeeMoney is just a marketing ploy it seems like a Thai bank might be a better bet. I wonder if a Transferwise mult- currency account would be helpful to transfer from Baht to another currency. One other thing I wonder about is, if one day I do need to transfer money out of Thailand, how much of a hassle are currency controls. I mean, I think they require you prove the money wasn’t “ill-gotten“ in Thailand. How can I prove the (foreign) provenance of the Thai funds if I originally brought the money into the country via Transferwise which shows up at Krungsri as domestic transfer... Ideally we would keep this thread on topic, as Transferwise is much discussed elsewhere and is a perfectly good way to transfer money INTO Thailand. As with a lot of the countries which have some level of currency controls, Transferwise is not an option for the outbound direction. So that's a more difficult challenge. This guy (link below) says the total costs on his Dee money transfer were 1350 baht on 100,000, but didn't say if there was an additional fee on the receiving side. That's 1.35%, so it's some distance away from my standard "target" of 0.5%. However, money transfers can get much worse than that, like over 3% with UK bank transfers overseas and far worse with the greedy bastards at Paypal. https://www.thethailandlife.com/transfer-money-thailand Quote
