Reader Submission: Free Money Transfer to Thailand
Dear readers,
I found a way to send your money to Thailand for almost free (today I even got more than I sent) where you control everything yourself. You do need a PC and internet, and in the beginning also some perseverance to understand and use the new material. Below is the story:
A long time ago, here on Thailandblog, people were asked about methods to send cheap money to Thailand. I think I have found a solution that is not only cheaper, but sometimes even makes money.
Some time ago I started a so-called high yield investment program, in which you can earn very well if you can play the rules of the game. The problem with the investments you make is that you have to pay high costs when you invest through your bank. Especially when you invest with small amounts you have to look for an alternative.
For example, there are companies such as OKPay or AdvanceCash that function as a kind of intermediary. There are other such companies, but I will not go into them now.
The point is that you transfer your money via SEPA to, for example, ADVCash and then you can put your money into your investment program for free. Now I had the problem that some investment programs work with other institutions. But almost all with Bitcoin, the cryptic currency, which had risen so much recently.
So I looked for it and sure enough, here in Thailand I found a Bitcoin portal that also works with my bank, the Bangkok Bank.
And now it gets really exciting. I have now transferred 70 Euro in Bitcoins from my ADVCash account to my Bitcoin account in Thailand. That took about 5 to 10 minutes. Result: I have no extra costs. On the contrary, I was even converted 4 cents more in value on this 70 Euro.
If you can send money directly to a bitcoin account with your bank, it is even easier. Otherwise, like me: Money to my ADVCash account, then to my Bitcoin account, then back to my Thai account. This will cost you between 25 and 35 Thai baht.
There are no currency conversion costs, no expensive bank charges, the money is in your account in minutes! The only slow factor in my case was the transfer from my bank to ADVCash. That took two days! Everything else in minutes.
You can pay for a lot of things in Thailand with bitcoins: internet, top up your phone, etc. But of course you can also get Thai baht. I dare to say that you save at least 30 euros per month and more with this system.
The nice thing about Bitcoin is that it continues to rise. It sometimes goes down a little, but in the long run it goes up. Different from the Euro! So it is also interesting to leave your money in your Bitcoin account and only use it when you need Baht. You get more interest than in the bank.
If anyone wants to know how I registered with ADVCash and also OKPay, please send me an email at sjaaks at hotmail. I can help you if needed, because the beginning is a bit complicated, but in the end, this kind of banking is no more complicated than with a regular bank.
If there are even better ideas to send your money to Thailand, without significant costs, I would also like to know.
Best regards,
Sjaak
Editor's note: Placing this submitted article does not imply that we support Sjaak's initiative and see it as a good option to transfer or earn money. If you choose to participate, this is entirely at your own risk.
With bitcoin you have to deal with an increase or decrease in value. You say the value will go up in the long run. Nothing is guaranteed . You are always at risk. Now it's going well and next week you put money on it.
Hi Jack,
I find it a bit cumbersome and not entirely risk-free if you work via Bitcoin.
Still, thanks for sharing this 🙂
But don't lose sight of it : Bitcoins are virtual currencies, which offer no security at all and have also crashed seriously in the past… Very speculative and not for everyone, I would say !!!
Bye Sjaak, too nice not to try. The bitcoin account where do you open it online? https://bitpay.com/get-started ?
regards
Hi Ambiorix, here is the thai bitcoin portal: https://coins.co.th. You can buy bitcoins through almost every Thai bank. It takes some getting used to, but you get used to it quickly. I don't know what it's like in the Netherlands, because I don't have an account there. Since I get my money from a German employer, I wanted to do it through my German bank… I was unable to open a bitcoin account, as I am no longer registered there either. And that was not possible through my bank… they are a lot further here in Thailand… 🙂
If you buy bitcoins in the Netherlands, send them directly to your 'Thai' bitcoin address and immediately sell them again, the exchange rate risk is minimal. You can buy, send and sell again within an hour. It seems to me an interesting option to explore, I have sent you an email Sjaak.
Yes, that is true, but if you look at the Euro in recent years, it has only fallen in value. Put your money on your Euro account, it will only cost you money.
Then: within a few minutes you can transfer all the money that you have put into your bitcoin account to your Thai account. Whether the bitcoin is worth 10 euros or 1000 euros at that time does not matter in itself. The value also persists for the Baht…
Then the bitcoin is also worth proportionally in Thai Baht….
Compared to this morning, I already have 20 baht in added value from Bitcoin…. (I only have a value of about 5000 baht on that account - I'm not crazy that I put everything I have on it.
It's not speculative at all. There was also a good reason why Bitcoin crashed. And the fact that he had picked up such momentum again at the end of December was because people in China and India started buying Bitcoin like crazy because of problems with their own currencies. There is simply a limited number of Bitcoins in circulation and the more people who buy them, the higher the value will be.
What was the value of the Euro a few years ago? When I came to live in Thailand four years ago, I think I got 42 Baht for a Euro. Now it's less than 38 baht!
It is speculative when you leave your entire income in your bitcoin account in the hope that it will be worth a few thousand baht more, but then you only have half the value in the event of a sudden price drop. If you do it like me: on and off it will have to be very strange that you have a huge price drop…
With money matters, my position is: If I don't fully understand something right away, I don't start it.
By the way, the word Bitcoin immediately makes me feel uncomfortable.
100% speculative. Who would want to send a serious amount of money this way? You do. I certainly never.
There is no one who feels the need to make you money if you transfer money.
That means that if you get more money than you send one time, it could be different the next time.
By the way, I have no idea about the costs of sending money, I transfer money once a year to maintain my account in Thailand and all I know is how many Euros I have sent and how many Baht I have received .
Everything in between is a black hole as far as I'm concerned, which I'm not going to delve into.
So it could be cheaper.
But in any case, it can never be without risk, the moment you can receive even more money than you send.
And I don't know those risks either.
Bitcons for laymen: don't touch!
Another person who invented it. Lots of words, complicated story, currencies that we don't find in our wallets. Just through your own bank, transfer money in a decent way and then you don't have to cry afterwards. Most of us are not rich and never will be.
Being able to sleep with peace of mind is worth more than the turmoil of vaguely complicated transactions.
You may not find it interesting to transfer money cheaply. But if someone has found a clever and cheap method and wants to share it, I can only appreciate it. Everyone can decide for themselves what to do with it. I am somewhat familiar with bitcoins, but did not know about a Thai 'bitcoin bank', so I am happy with Sjaak's tip.
A completely wrong idea!! You save a little on transfer costs, but you run a risk. with bitcoin And indeed, as other people have already written: bitcoin has crashed before, so where the claim that it will go up in the long term comes from, I have no idea. And an amount of E 70, to go to all that trouble for that, you can take that amount with you when you fly to Thailand, right? Ruud
uh, hello.
is the euro so reliable then?
Is an alternative such as Bitcoin not worth investigating?
Typical Dutch trait. What the farmer does not know, he does not eat. But level it with the ground.
I think that everyone can decide for themselves what they do with this information.
Bitcoin is the terror of every central bank and a blessing especially for people who do not have a bank account (3rd world countries). It is also a major threat to Westen Union and PayPal, which charge between 3 to 6% commission. Bitcoin is super fast sending money to, for example, family in 3rd world countries without an intermediary stealing money from you with his fingertips and thereby collecting hefty bonuses for himself.
Ask yourself: why does there need to be an intermediary (e.g. bank) to send money from person A to person B? With Bitcoins you are your own bank; super fast, without commissions and privacy guaranteed.
Yes, the price of Bitcoin is volatile and if you can't handle that, you can still easily send money with it. Exchange euros into Bitcoins and then exchange those Bitcoins into, for example, Thai Baht. All can be done in 10 minutes, so exchange rate risk is virtually nil.
Bitcoin is still young (2009) and there are certainly risks. But compare this with the central banks that have their money machines on the highest setting and go crazy printing worthless paper money, causing purchasing power to diminish. With Bitcoin, the number of Bitcoins in circulation is fixed. The supply is therefore limited, while your euros can be printed unlimitedly by Draghi and the ECB.
The Bitcoin is now a boon for sending money easily, quickly and cheaply all over the world. In the future, it could also play an important role as a world currency. The euro may collapse, America is up to their throats in debt. In short, the current monetary system is shaky. Bitcoin, like gold, is a good investment for those who, like me, have lost faith in the current bankrupt debt system
Who guarantees that the number of bitcoins will remain fixed forever?
Who put the money in his pocket, for which the first bitcoins were exchanged for other currencies?
Who guarantees that bitcoins will always be accepted?
Who controls how many bitcoins actually exist?
How do you know if the intermediaries don't spend a bitcoin ten times over? After all, it's just a number on a computer.
Bitcoin is just a currency that is not endorsed by any government.
Even less so than the worthless banknotes of the governments.
Bitcoin will only hold its value as long as everyone plays along.
As soon as that stops, a bitcoin has no value at all.
Immerse yourself in the blockchain, the technology behind bitcoin, and you will get answers to many of your questions.
You can also ask all the questions you ask for the euro or US dollar
Your comment: 'Bitcoin only holds its value as long as everyone plays along' also applies to paper currencies. Everything is based on trust. Why are more and more central banks restricting cash? Did you know that if 3% of all bank balances are withdrawn, the entire banking system would crash?
The question I think you should ask yourself is: Who do I trust more governments and central banks that undermine purchasing power and saddle the world with an unpayable mountain of debt or a money system based on a ledger system, where the balance is always in balance? and each individual is his own bank?
There was a separation of church and state for 500 years, until then this was considered impossible. It is now time for a separation between State and money so that wealth is distributed more equally.
Well... so you see... what the farmer doesn't know, he won't eat.
When I went on the internet at Compuserve years ago and often looked up information from the internet, many colleagues told me…. what do I do with it, do I not need it, is for freaks, I have a telephone and television… and so on. And now? Hardly anyone can do without it. We all live here in Thailand thanks to the internet. A minority that does without… we keep in touch with the homeland via the internet, with family and friends, book our trips, search for information about the latest gadgets or even how to repair a lawnmower, connect a switch box and so on.
Bitcoin….brrrr virtual, I can't touch… So no MP3 listening either, but only LPs. No downloading movies, but nice to buy in the store, because you can't touch everything. Reading books on an e-book reader??? Oh dear, no, we have to cut down trees, make paper and hold it in our hands, because of the “fragrance”… instead of carrying a few hundred books in one device, no, rather just two or three books – more becomes too much. heavy…
Folks, life is an evolution… wake up. The digital age has been going on for a long time. Everything is digitized. Money too.
Do you think your money in a bank is real money? Those are just zeros and ones too… banks have long been trading money in digital form.
Why do I have to wait three days for my money and also pay more than 30 Euro for it? That's how I handle it myself.
The next step is coming…. mark my words… soon we will all pay in one form or another of crypto. Be it bitcoins, Onecoins, Lightcoins or whatever.
Dirk, you don't have to get rich. Nor have I written this for the benefit of people who like to pay 30 Euros or more and have no problem waiting a long time for their money. The reason I wrote this…. just go back to the blog… people who were looking for cheap ways to transfer money. This is a possible solution. I just write how I did it. What you do with it is up to you. I don't earn anything from it.
Nor are they vague transactions. I find the transactions that my bank makes to make me wait three days for my money vague. The associated costs are also vague.
It is also vague when someone is standing at an ATM here in Thailand and wants to withdraw money from his home country: it already costs 200 Baht. Then the option is given to have the currency converted by the local bank or by your home bank… that is also not very clearly displayed. The easy way turns out to be the more expensive way… you have to let the home bank calculate it. And how much you get depends on how the Euro is.
No… I think I found a good way. Anyway. So I've been dealing with it for a while now. You have to learn everything, don't you? A few months ago I had no idea.
Now I learn more every day…
At least I sleep much better if I only have to wait a few minutes for my money and not three days!
As far as I know, the number of Bitcoins is not yet fixed.
Don't want to sound negative, but it is certainly speculation from a point of view of holding funds in Bitcoins, in my opinion no more than you can miss money for a long time.
The thought that Bitcoin could become the new world currency? Don't think so, the number is limited, not practical, perhaps having to work with 0,000001 Bitcoin is 1.000 Euro, etc.
There could just be someone else who comes up with something similar and better and there goes the price of Bitcoin.
Incidentally, I also think I know that Bitcoin is banned in Thailand by the Central Bank, am I right?
Nico B
A maximum of 21 million bitcoins can be “mined”. So the number is fixed.
21 million bitcoins.
The price of bitcoin is around $1000.
So someone created $21 billion out of thin air with no backing.
At least a bank still has its equity as cover.
Jörg, I meant that the number of Bitcoins is not yet fixed, the number of Bitcoins as of today, the final number is fixed.
Mining is still ongoing and may be detrimental to the value of Bitcoin holders as of today. It's a bit like the Central Banks printing money.
Nico B
Beats. Roughly 21% of the 75 million bitcoins that can circulate in the system have already been mined. The more that has been mined, the more computing power is needed to also solve the latest riddles and therefore more investment. The Ordos Cloud Computing Park of Fintech company Smart Hash is located in China. There the mathematical riddles are solved, those solutions are rewarded with bitcoins, about 12,5 pieces every day (source fd.nl).
Of course there are more of those mining factories.
I assume that as long as the yield of a bitcoin is higher than the required investment, they will continue to 'mine' up to and including the last bitcoin. However, the costs of mining are getting higher, which is obviously not the case with printing money.
Where did you hear that? Do you have the source of that? How is it possible that I can simply buy bitcoins online or also via mbanking or also at the bank itself? If it were forbidden, they would not cooperate…
On July 29, 2013, the Central Bank of Thailand granted no banking licenses to Bitcoin Co Ltd, in other words, no license whatsoever to use bitcoins, which, in a roundabout way, makes bitcoins illegal in Thailand.
Bitcoin Co Ltd claims that that decision is illegal.
At the beginning of Feb 2014, the central bank of Thailand made an adjustment of its position.
Bitcoins are no longer illegal, but funds may only be converted to Baht.
However, a few days later, at the end of Feb 2014, that position was withdrawn and replaced by;
The bank actually gave 2 points of view;
Position 1: Can bitcoins be compared to money?
The Central Bank of Thailand, and other banks, are sending a strong warning that Bitcoins are not money, they are just digital data. You therefore lose all rights if you use bitcoins as a means of payment. Example, you order something online and pay with bitcoins, and there is no delivery, you can't file a complaint, because you didn't pay with real money.
Whether the merchant where you parked the bitcoins disappears with the sun, you cannot file a complaint for theft of money, for Thailand, bitcoins are just a game.
Additionally, if a bitcoin account is hacked, it is not considered theft of funds because bitcoin is not a real currency.
It is also a kind of pyramid scheme, people with bitcoins will try to convince others to also use bitcoins, in order to positively influence their own value of bitcoins.
Position 2 : about use illegal or not.
Here is still the discussion between Bitcoin Co Ltd and the Central Bank of Thailand.
It was first assumed that the Central Bank made an opening in 2014 and that using Bitcoins was legal in Thailand, but because Bitcoin Co Ltd does not have a Thai banking license, they are basically not allowed to carry out banking activities, and if they convert to baht or other coins, they do, and they are illegal activities.
Later, Thailand's Foreign Exchange Administration and Policy Department issued a note to Bitcoin Co Ltd that it is illegal.
This is the text in English:
It is illegal to buy or sell bitcoins, exchange bitcoins for good or services, or send and receive bitcoins outside of Thailand.
However, Thailand has not (yet) taken any action against bitcoin users.
Conclusion : Technically speaking, the use of bitcoins in Thailand is illegal, but no actions have been taken (yet) against the use of bitcoins.
Yes Eddy, it's a power game, and whoever wins will determine the future. Because the banks and governments are simply afraid that they will be taken away from power by cryptocurrencies.
It is crazy to let loose that a government that is short of money will quickly print more money. More money comes into circulation, it becomes less valuable, products become more expensive and who is once again the victim? Correct!
But that this would now be a pyramid scheme is the very latest! Recently a piece of mine was not posted because the editors said the same thing.
That word is now very quickly used in the mouth. Network Marketing has always been “accused” of being a pyramid scheme. As long as no goods are sold and people are only recruited who then have to invest a lot of money from which they get nothing back, then that is also the case. But here in Thailand a lot works in a Network Marketing way.
My wife earns a few baht by selling soaps that she recommends to people in the area. More and more orders come through word of mouth. She has no shop and buys on order… now the so-called pyramid system comes into effect: there are also people who want to sell that soap themselves. Then they come to my wife and do it through her….
Very simple, but that's how it works a lot here in Thailand. Through mouth advertising.
But that this would happen to Bitcoin??? haha….
At least I don't make any money from it! Not to bitcoin..
Sjaak S, with what I say ” By the way, I also think I know that Bitcoin in Thailand is banned by the Central Bank, am I right? ” I asked nothing more and nothing less than what I say there, even with another question mark. What I thought I knew is also correct, see Eddy's detailed explanation below, for which I thank you.
Nico B
Have already sent money to Thailand a number of times via the following website. https://azimo.com/en/
No extra transaction costs and the next day they have the money in the bank account :).
Great, this was also reported by an acquaintance. I will certainly check this out, because as I wrote, my method is cheap, but understandably not ideal because of the two intermediate positions.
However, if you want to earn money online (from Thailand or also Europe) through these (yes, speculative) programs, you will hardly get around a cryptocurrency. Bitcoin is not alone, there are many others. But Bitcoin is currently the largest and most well-known.
Another advantage of paying with Bitcoin is that you immediately see whether the money has arrived at the destination account. You will be notified immediately.
That's what bothers me the most about online payments through an official money institution, you never know when the money is in the account and whether it is there.
No transaction costs, but a much worse exchange rate! The exchange rate they charge was just 36.59, while the Bangkok bank still pays 37.12 for your euro!
Want to know more about bitcoin?
Watch this video on YouTube.
https://youtu.be/lc-k-3zz1P4
If you deposit the bitcoins and transfer and withdraw them immediately, the exchange rate risk is virtually nil.
For people who are very keen on money and understand how it works, it can save money in some cases.
In any case, it makes more sense than traveling halfway across Bangkok to find a branch of the right color of the Super Rich Exchange.
I would certainly not recommend Sjaak's method to everyone, but I do like it and I appreciate sharing this knowledge.
Even if I do not always agree with Sjaak, it is a substantiated opinion, a possibility, and not a commandment or dogma, which can also yield money.
So nice, in my opinion.
Jack,
How wonderful that you have taken the initiative to find out how to transfer money cheaply. I really appreciate this. Although I've never done anything with bitcoins, I think the risk suggested earlier here is minimal. We're talking about a very short time that you own them.
Sjaak, a big, very big kudos to you!
Lion.
Saving 30 euros per month assumes that you transfer every month. Longstayers have money in a Thai bank and do not transfer money until the exchange rate is right, which is then many thousands of euros or more. The transaction costs are then negligible and you have the certainty of doing business with reliable banks and world currencies and not with a price-sensitive bitcoin that can be banned here and there because of its shadowy nature.
When I read that a transaction is made with up to 70 euros, I have trouble keeping my laughter; I suspect that this amount is prompted by uncertainty about the reliability of the system. It is not for nothing that the editors of this blog warn against the risks that are downplayed by the writer.
If you keep your eyes open and follow the prices, that cumbersome and risky method is not necessary.
Erik, you laugh that I want to save 30 euros on 70 euros?
I am a long-stayer and still receive a salary every month on my account in Germany.
I always transfer almost everything to my Thai bank, but I still had a little on ADVCash and I did a little test with that 70 Euro…
How much do you think I should have sent?
From me you can laugh and fall off your chair too…. you know…who has the last laugh…
You always transfer almost everything to your Thai bank. With this you choose the most expensive method, if you transfer once a year you save a lot of money. This puts your confidence in the bitcoin method at risk because of your own words.
Sjaak will also have read that the Tax and Customs Administration imposes a remittance base on pensioners in Thailand.
I wonder whether the system touted here will be adopted by ABP, Zwitserleven and other 'lives' and by the pension funds.
I don't think so (and not only because of the laboriousness) and then you will be stuck with at least the costs on the Thai side and possibly costs from Dutch banks. Then the bitcoin kite will not go up.
Hi Sjaak, a cool story I want to try, thank you very much for finding out and sharing.
Greetings Cees
Money transfer is also possible with
http://www.transwise.com
Not free, but cheaper and safe.
Success.
Other
Hello Sjaak,
I think you've written a good story, but you shouldn't worry too much about the negative comments because most readers don't understand anything about it, but they do have criticism, as is often the case with us Dutch people.
But I am contacting you because I would like to learn a little more about the procedure.
Aad
I regularly transfer money with transferwise costs almost nothing, maybe not that fast, but still usually within 3 days.
Wonderful that story about bitcoins.
Just this week I transferred € 5500 from my Dutch to my Thai bank.
Duration: 2 days. Costs: € 5,50. That's 0,1%.
What are we talking about!!!
Dear William,
You forget to tell us that you also have to pay costs on your Thai account, so you have lost about 12 euros in total!
To all the negatives, even if you only benefit 1 euro…it's also the fun you get from avoiding the established values that get deeper into your pockets every day because 3% return on their capital is not enough, while they are your oblige you to invest in funds that their staff are not explained to themselves or oblige you to buy shares that you can lie awake on in your old age next to a younger chicken who also does not need a few percent and then has to invest a few more percentages on the corner for some fun. There is no one who should be ashamed of having the courage to tap other possibilities and show them Sjaak.
And Willem, you also forget to mention the exchange rate used, or how much baht did you get exactly for that € 5.500?