Send in dollars to Thailand and let Thai bank convert?

[Shonen]

I forgot which way is the best way to get the better conversion. I’m sending a wire from my USA bank to a Thai bank. I think it’s better to send in dollar to Thai bank and let them convert it, instead of having my USA bank convert it and send it in Thai baht. Am I right? 
 

 

[floridarob]

1 hour ago, Shonen said:

I forgot which way is the best way to get the better conversion. I’m sending a wire from my USA bank to a Thai bank. I think it’s better to send in dollar to Thai bank and let them convert it, instead of having my USA bank convert it and send it in Thai baht. Am I right? 
 

 

Check what the sending bank gives as a rate...then check the receiving bank to see what their USD conversion is, plus any potential fees.....then make the decision.

It's not a universal number....some banks are bigger rip off's than others and exchange rates can vary, considerably,  that it'll hurt if the transfer is large enough.

[bkkmfj2648]

Hi @Shonen, I do my inbound $ transfers into Thailand via the WISE app, as they give me the benefit of:

• fair near interbank rate,
• low fees,
• fast - can be same day if you get the timing correct {bank cutoff in Thailand is respected} or by next business day,
• --> most importantly, I can attach the reason onto the transfer to show that this transfer is for retirement purposes - the Thai immigration people like to see this designation when we go to renew/extend our retirement visas.

https://wise.com/gb/currency-converter/usd-to-thb-rate

 

[Shonen]

Yes, Wise has a good rate. I’m sending a million baht though, so I don’t feel comfortable sending that much through an app. I don’t mind paying a $50 wire fee to my bank as it’s fairly straightforward. They told me if it goes to a wrong swift account it’s lost. So my bank has the right swift number and of course my bank account number of my Thai bank, but the spelling doesn’t match with the street address .

My bank has it as Rutchadapisek road, but it’s really Rachadapisek road. So I called Siam bank and they said it would be ok as long as the swift code and account number is correct. Probably just a mistake in translation.

 

[MaxBKK]

5 hours ago, Shonen said:

think it’s better to send in dollar to Thai bank and let them convert it, instead of having my USA bank convert it and send it in Thai baht. Am I right? 

Yes, that's the best way to send the wire.

[Moses]

Rate will always better in bank where you change to it home currency. THB are home currency for Thai banks, so best way is to make exchange in Thai bank.

[thaiophilus]

2 hours ago, Shonen said:

the spelling doesn’t match with the street address .

My bank has it as Rutchadapisek road, but it’s really Rachadapisek road.

According to the Royal Thai General System of Transcription it's Thanon Ratchadaphisek, but the government frequently doesn't use its own system, so that's moot.

It's "really" ถนนรัชดาภิเษก . Beyond that, there's no such thing as a "correct" way to latinize Thai.

 

[stijntje]

I also use WISE to send money from Europe to Asia. They have the best rates and you are sure about the amount in THB the receiver will get.

[floridarob]

12 hours ago, Shonen said:

I’m sending a million baht though

Many  of the guys when I ask how much, they reply "one million baht"......I hope you didn't fall in love 😝

That's enough to ask the receiving bank what the exchange rate is....and ask a couple of banks.

My 1st large transfer to Mexico I sent in USD thinking like @Moses logic.... but each bank has a different exchange rate, not as standard as you'd think and I got screwed. Had I used Chase exchange rate and sent pesos, I would've been better off.

Doesn't hurt to ask first.... sucks to find out later you got screwed.... like the DCC at ATM machines, lol

[Shonen]

Thanks, that makes sense.

[Shonen]

So I was too lazy to check rates. I sent 15,000 to both my banks. I received about $70 more from Siam commercial bank over Kasicorn bank. So kudos to Siam. About 33 baht to dollar. Better than having my USA bank covert my dollar into Thai baht I’m certain.

[floridarob]

On 10/21/2024 at 7:03 AM, Shonen said:

Better than having my USA bank covert my dollar into Thai baht I’m certain.

you can check before sending...then you'll know for sure.