Casimiro PT / Shutterstock.com
I think most people know what banks in the Netherlands and Thailand charge for transferring your AOW and pension. That is four bank handling costs (2x in the Netherlands and 2x Thailand + number of % of amounts that are sent. In my case, that costs approximately 135 Euros per month in total.
It can be slightly cheaper if you can keep the Dutch bank account in the Netherlands and transfer both at once. But then you cannot escape 1 times handling costs at the bank and 1 times in Thailand. Also about the number of % sent amounts, which you also have to pay here and in Thailand, you cannot escape that.
I tried that once with such an exchange website, Transferwise.com and it works fine. The costs are only 1 percent, so for me 17,50 Euro per month. I say 1%, that's if you send small amounts, but it was actually a little less. Because the more money you send with Transferwise, the lower the costs. This is only possible if you still have a Dutch or EU bank account. My RegioBank allows me to keep my account. I can also use my Thai address. Only required to use a Dutch postal address. Another advantage of using www.Transferwise.com.
I have been going to Thailand to my wife for about 10 years now. I usually change my money at Siam exchange. Occasionally Superrich Thailand in the center of Bangkok near MBK. When you are at MBK, cross diagonally via the footbridge. Also a tip for people who are on holiday in Thailand. Of course you have to have cash with you. But these money exchange offices will give you the most Baht for your Euro. For example, if you exchange 500 euros, you will soon have earned 400 baht. Can be a little less at times, but also more. The rate is revised 4x a day, so keep this in mind.
Then the last. I doubt whether I will keep my bank in the Netherlands, because with Transferwise you can also take a borderless account. You will also receive a master card if you want. You can open an account in all currencies. Since I receive my AOW and pension in Euros, I naturally take a borderless account in Euros. And it's easy you can leave Euros on it, if you get the same every month you can automatically enter this amount that you want in Thailand in Thai baht. But I'm not doing this. I also want to own Euros. You can and do not have to enter the total amount you receive each month if you want to have it transferred automatically. You can of course also enter less or decide for yourself which amount you want to exchange each month. NB. In almost all countries in the world you can withdraw money from an ATM with their master card. But read this for yourself just to be sure.
Why can they work like this? Of course I also asked Transferwise about this. That's the way it is. For example, they have an office in Germany. So they have a German bank. Money transferred from the Netherlands does not cross the border. It stays in Germany or the EU. They also have an office in Thailand and it actually pays out your money in Thai baht. I tried it with 500 Euro. Please note the exchange rate at that time. It is also advisable not to do this at the end of the week, because it takes 2 working days for it to be transferred to your Thai account, it can also be 3. Why am I saying this? Because with a day delay, which can happen in the weekend, the exchange rate is different. Transferwise does guarantee that the exchange rate remains valid for 48 hours from the moment you transfer euros to their bank. My 500 Euros have been deposited in Thai baht into my Thai wife's account (BangkokBank). Cost very little less than 1% that was all.
This went through my Regiobank. Because I haven't emigrated yet. I would prefer to keep RegioBank, but I'm not sure about negative interest rates on savings.
Submitted by Ferry
The last time I transferred money via transferwise, last week, it was in my Thai bank account within half an hour. If you transfer money on Friday afternoon, it may take longer, but you should never have to wait longer than 1 day during the week.
Why not have the state pension and/or pension sent directly to your account in Thailand
They charge significantly less than the bank. AOW does it for 0,48 euros and thai bank charges around 100 baht for changing from euro to bath.
What you say doesn't make sense to me. I don't know what bank you use.
But in the Netherlands, for example, I can get out of it with a PME pension
my PME pension is transferred via iNG. I called ING myself and how
is with it. ING explained to me how much money is transferred for handling costs
from ING Bank nothing. now in 2019 25 Euro and some transferred 1% on the amount transferred.
That's what I was told.
Then in Thailand handling costs around 15/20 Euro. I myself am at a large branch of BangkokBank
been. near the street where the Dutch embassy is located. Here they charge extra handling costs
what she told me 2% of what is left of money sent from the Netherlands, Then the
exchange rates about 1 bath less per Euro. than at Siamexchange or superrichThailand. Do you want to spend Euros
get a Euro account deposited in Thailand. you also have to get about this with Euros
to exchange somewhere else. you also pay money for this. Usually this is more because Euros
not just available in Thailand.
You can be right about one thing with AOW. This is what I ask this week at AOW. But even then they send for 48 Euro cents in Thailand, you are left with the handling costs and % of the amount transferred.
Did you forget to tell the last one.
With Transferwise only 1% is one-off and if more than 500 Euros even very little less. Normally
their exchange rates are usually equal to Siam exchange or Superrich but ever much lower than 0,10BTh.
Keep an eye on the time and hour at Siamexchange and Superrich. So is always cheaper. Make no mistake and don't get everything mixed up. Handling costs/number of % of money transferred/exchange rate.
That's why I ask you. which bank do you have. I went to the counter at BangkokBank.
Of course if you're right I'll admit it. But want to overcome even with your Thai Bank information first. I only put my message that I started with that there is only a grab from all sides and politics in our AOW and Pension. I want to keep as much of AOW and Pension as possible, so that I can do more with it and I hope that it will also be of use to all other pensioners. Politics and banks are not helping us. So we should help each other as much as possible if I, you or someone else has a better thing. So for all people who read your message, you want to mention for them and me, Thai bank who you use for receiving AOW and Pension.
I will then inform your bank myself to be sure and not just for me. Sorry, of course you don't have to mention Bank with name and street. This is personal. But please only name of Bank.
I see this as a gain for everyone else and myself if you were right
Why not have the state pension and/or pensions sent directly to your bank in Thailand?
The AOW charges 0,48 euros for transfer and the Thai bank for euros to baht around 100 baht.
Pension funds are close to this with their remittance prices.
You may want to consider the Bunq payment account / credit card. For more information about this http://www.consumentenbond.nl/betaalrekening/bunq-travel-card
Hi Ferry, thank you so much for a meaningful and absolutely informative article.
I wonder where you get those € 135 in costs from. With AOW and pension I end up at about € 24!
Then comes the advantage you have because the tax in Thailand is much lower and there is also a large exemption. So net you have more left over.
Dear Henk, unfortunately this does not apply to the AOW and if you have ABP pension, it will not be taxed in the Netherlands either.
In fact, some even pay extra tax in Thailand on their state pension.
Double charge.
Jan Beute.
You are right Jan, regarding the AOW. I have indeed also read that there are people whose state pension is also taxed in Thailand, a drunken situation.
From everything that has been written about this before, including by Lammert de Haan, I have distilled:
If your Aow is transferred monthly to Thailand, Thailand is allowed to transfer that Aow
levy income tax. In the Netherlands you can then reclaim the IB paid to Thailand on the Aow to prevent double taxation, but never more than the IB paid in Thailand.
If you initially have the Aow transferred to your Dutch bank in the Netherlands and transfer it to your Thai bank account in arbitrary amounts the following year, you will not pay any tax on it in Thailand, of course you will in the Netherlands.
I myself think that Ferry means € 13,50, converted I have lost this amount to have my pension transferred directly by the SVB to my bank in Thailand, I have considered Transferwise, but that actually makes too little difference, so don't bother to have my pension transferred through a European bank, my pension will come directly.
Ferry, you should not hesitate to close your account with the RegioBank because of the possible levying of negative interest. Firstly, that will most likely not happen and secondly, the percentage would still be so low that it would be negligible. Incidentally, the RegioBank falls under the Dutch bank guarantee system, so your savings are insured up to 100.000 euros. This does not apply to amounts on a borderless account with Transferwise. But again for your money on a free account with the German online bank N26. The latter bank, N26, also uses Transferwise for transfers to a Thai bank account. The costs of Transferwise when transferring to Thailand depend on your payment method. For example, when paying from your credit card, the percentage is slightly higher than paying from your bank account. The costs are clearly indicated in advance to the decimal point and you immediately see what amount is credited to the Thai bank account. There are no costs from the Thai bank.
Thank you very much for your advice. Of course the start with negative interest rates will start low. but with 1% when they start it won't be long in coming. But then I will be in the Netherlands with my account. Cancellation must always be done personally. Before RegioBank I was at ABN and they can also be difficult. Suppose I have been to the Netherlands for cancellation. something goes wrong.supposedly. what happened to me. Should I go to ABN again. That is not possible when you are back in Thailand. I am very satisfied with RegioBank. but with an account open I also pay an amount every month. At RegioBank it is half cheaper than at ABN. But not to go into this any more. Not all Banks will accept you once you have emigrated. Oh of course I'll keep an eye on this too. I mean I would like to have some Euros to pay for things if I were to be in Europe again or book a trip from the Netherlands to another country. Tickets in Thailand cost much more than in Europe (Netherlands.belgie/Germany). I have a Thai wife. I know that in Thailand people also have to pay tax on Thaibath. But my wife explained to me. if you have above 1.000.000,00bth you pay tax. But if you stay below it and open a 2nd bank account and if you stay below 1000,000,00 you do not have to pay taxes and you can have multiple Bank accounts if you stay below 1.000.000 per bank account. Still, I'll take a look at your advice. I'm glad people react that way. It helps us all if we can discuss such things with each other. N26 it if true is a good tip. But if it uses Transferwise. I don't think it matters to me personally. By keeping Euros I don't mean all my savings a few thousand
Dear Ferry, no thanks for my tip, that's what Thailandblog is for. Only you decide whether or not to stay with Regio Bank. You can of course also take out an account with N26, all the more so because it is free. If you like it, keep the account, otherwise just cancel it. You will receive a German (DE) Iban account number and, as I wrote in another response, you will receive both a MasterCard (a prepaid credit card, debit card with a credit card number) and a regular Maestro debit card from them. Registration and identification takes place entirely online (arranged in 10 minutes) so no visit to an office anywhere. With their MasterCard you can also withdraw money in Thailand for free, up to 5 times a month, after that € 2. With other credit cards you always pay a certain amount for this, usually € 4,50 (I don't know if that is also the case with the Regio Bank). The exchange rate surcharge of the debit card amounts is limited to 1,7% at other banks, this can rise to 2%. Of course you pay the ATM costs of the Thai bank (up to 220 Baht). N26 is an online bank that falls under the European guarantee system. No visits to offices for identification or card collection/setting. The disadvantage is that the passes are not (yet?) sent to Thailand. You must have an address in a Eurozone country, where a postal address (p/a) is also accepted. Good luck in Thailand!
Your wife is wrong then.
I have 800k in a deposit account for my visa at the bangkok bank and every time after my renewal I close that account to put it on a new deposit for 8 months. Then the interest is calculated and 15% tax is immediately deducted.
Then why Han do you close that account every year.
I have had a deposit account with the TMB for years and years and use it every year for renewal.
Interest is credited twice a year, the immi officer sees the same booklet every year, only I deposit another 1000 baht on the day of my visit to the immi.
This is because the bank book must be up to date on the day of the visa extension.
Jan Beute.
At Bangkokbank you can opt for a fixed term and you will receive more interest. 4,7 or 11 months. I wrote 8 months but that should be 11. After those 11 months I can just leave that money on that booklet and also make an additional deposit, but if you commit it again for a fixed period you will receive a higher interest.
Incidentally, I now have a deposit with a term of 2 years, which gives an even better interest rate, but I was not sure at first whether immigration would accept it for visa extension because it is “fixed”.
With the 11-month deposit, it was always "released" a few weeks before the renewal, after the renewal I committed it again.
Sorry for comment above was you
I use Transferwise to transfer money to New Zealand and Australia and vice versa
And have very good experiences with Transferwise
I have been living in Thailand for 3 and a half years now.
I have been completely deregistered in the Netherlands.
I did keep my account at Rabobank with a Thai address.
I get my benefits and my pension paid into it every month.
I transfer this monthly to a Thai account in Euros.
The costs for this transfer are 7 Euro each time.
The transaction falls under world booking.
So I don't think it's cheaper.
The exchange rate is also done in Thailand, so a better rate than in the Netherlands.
Yesterday (4/10) Jacques responded to a posting from Thursday regarding the ING stopping the tancodes. Sometime in September he had transferred € 2250 from his ING account to his account in Thailand at the Bangkok Bank. The costs would be € 6 and Jaques had expected to receive 75.551 baht. In reality, he received 73.903 baht, so 1648 baht less than expected. (According to him, converted at that time € 49,10). The difference was caused on the one hand because ING is not transparent about the costs, € 21.= less was transferred, and on the other hand because the Bangkok Bank calculated a worse rate (33,24) than Jacques' app had indicated (33,57 ). Your comment that the exchange rate is done in Thailand and therefore yields a better rate does not apply in his case. Incidentally, ING now advises not to transfer in euros, but in Thai baht! The ING would calculate a more favorable exchange rate than the Thai bank. Jacques may have used the rate shown in his app and therefore received a little more baht. If I were to transfer € 5 to a Thai account today (10/2250) with Transferwise, the total costs for a so-called Low Cost transfer would be € 15,38 and the guaranteed exchange rate would be 33,4036. 74.644,35 is therefore credited to the Thai bank account. I don't know if Rabobank can match this. Below, Jan de Rooie and Jan Beute express their reservations about Transferwise and in particular about when something would go wrong. For several years I have been transferring money monthly via Transferwise to Thailand and I have not had any negative experiences myself. Transferwise contacted me twice by email because the transferred amount would arrive in Thailand a day later than indicated and apart from apologizing, no costs (up to 20 euros) were charged for the next transfer. Excellent service in my eyes. It is precisely when you transfer money to Thailand every month that it is worthwhile to compare. The savings could be a lot more than a few euros!
a comment first.
I think you're missing something somewhere.
Because you should look Monday or Tuesday.
I personally don't think you've even been on Transferwise.
here link of today bangkok bank
https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates
you get TT buying rates here, but what you don't see are the handling costs ING and Thai bank
I know ING because I checked myself, at the beginning of the year 25 Euro and 1% on money spent. An employee of ing told me this.. So don't start now. That is not possible. Besides this and I also know this because I went to Bangkok bank last year, the transaction fee is 500bth and if you say 0.25% on the amount transferred. let me assume iNG would have been over % mistaken and would have been 0,1%. If you still follow it, you will receive the following with a 1000 Euro transfer. Friday exchange rates. And I did find out what they charge for with Transaction Fees. Is already higher 31 Euro than 25 eur what I mentioned. Rabo bank gives less but transaction costs 14,52 Euro and another template with transfers you get the slightly cheaper TT Buying rates
So I give 3 equations I will put everything neatly in if I see that I am wrong. Then I'll say sorry
ING RABO Transferwise
exchange amount Euro 1000 1000 1000
handling costs 31,00 – 14,52 – 7,68
————– ————– ————-
969,00 985,48 992,32
0.01% on remaining amount 9,69- 9,8548- none
————– —————- ————–
959.31 975,6252 992,32
BangkokBank TT Buying rates
33.09750THB exchange rate 31.750,7627 32.390,7550
33,40360THB 33.147,06
0.025% amount transferred 793,7656- 809,7689 none
BangkokBank handling fee 500,00- 500,00- none
—————– —————– —————
rounded to bangkok bank 30.457,00 31.080,99 33.147,06
found on the internet transfer costs ING 31 Euro and requested ING 0.01% Handling costs
found on the internet transfer costs RaboBank 14,52 Euro
informed at the relevant Bank BangkokBank 0,025% fee
Handling fee 500Bath. So don't just call something that can't be. While I did speak to an employee of ING and BangkokBank. one cannot ask ING what BangkokBank charges. They can and should not. Only BangkokBank is allowed to do this itself. Often this is done to influence people. So I don't get why you're saying my story is correct. These are the numbers after my information at ING and BangkokBank. Am I wrong. then respond. After this I will send an email to the relevant banks for information Bangkok Bank and I will also call ING. I also call SVB because the question remains do they send money themselves or do banks do it for them. I know everything about my PME pension goes through ING and they have no influence on that. So the only thing that can be if SVB has this agreement with their bank that sending money costs about 1 euro to Thailand. I will let you know here and adjust amounts
Your story above is somewhat correct with the calculation of RaboBank, transfer costs would be approximately 1 Euro. Then if you look closely, Transferwise is cheaper because if you start with 2250, it is the amount he expected. I am afraid that Jacques does not know everything that has to be paid. Transferwise has a currency calculator and it works perfectly. What kind of app did Jacques use? Again no handling costs with transferwise Only 1% fee and you would not even transfer 2250 Euro.
Dear Ferry, on the SVB page you can find the amount charged 0,48 euros
They transfer the state pension by bank, I thought now the ING
The state pension and pension funds have a special deal with the bank(s) for transferring money, which the bank will not tell you what it is.
If you call the head office just before the money is deposited into your account, you will receive the euro amount received by them and the amount they will deposit in baht and if you ask nicely when it will be deposited, they will give you the time (hour). ) when it is on your account.
With the amounts given and knowing the amount transferred from the pension fund/aow and the exchange rate of euros/baht, you can calculate the expenses. In doing so I came to the 100 baht expense.
My bank is TMB and if the state pension is paid on the 15th, it will be on my account (except weekends) on the 17th
head office is bank in thailand
Dear Ferry,
I use the easy currency converter and the Thai baht exchange apps.
For your information, I have called ING bank customer service for an explanation and have been to my Bangkok bank branch for an explanation. From the Bangkok bank I received a neat printout of my transaction with all amounts on it, so that I saw that instead of 2250 euros, only 2229 euros had been sent by the ING bank, in contrast to the amount that had been transferred from my account, namely 2250 euros. as was submitted. So this is not correct. ING has charged me 21 euros by not sending everything as they do appear on my account statement. When asked about this, the customer service representative could not give me an explanation. She denied that ING had charged costs and I had to go to the Bangkok bank for an explanation. When I pointed out the own cost calculation on their site (minimum of 6 euros and maximum of 50 euros), she answered why I ask if I already know??? She also had to keep asking her colleagues and I to wait with the expensive phone call, no that was not pleasant.
Dear Leo TH
I also went through the information from Transferwise via their site and as you put it, it is indeed understandable that it costs less to have it arranged by them. The shipping method is completely different and therefore cheaper for both parties. However, there are advantages and disadvantages that will be different for everyone.
As you know, you can send in three ways at the ING bank.
I had listed them before.
Option 3 the Beneficiary option has proven to be the most beneficial to me. I used to use option 2 the shared option, but that turned out to be even more unfavorable financially. Hence the switch.
What surprises me and then I come to the part that the ING bank advises to send money with bahts, is that the block that appears with internet banking with world shipping, already defaults to bahts, after I have chosen the Thai flag option for shipping to this country. So when I type in the amount in this way, it is indicated in bahts. I then have to convert this back into Euros, because I have had this advice in the past. If I would have it shipped in bahts, the disadvantage is that I first have to calculate how much that 2250 euros is in bahts and then I will not receive this amount in Thailand. The Bangkok bank is of course still participating in this for its favorable actions. Think of that 200 baht (fixed amount according to the information given to me) and exchange costs. Whether the latter still takes place if the amount already arrives in bahts on my Bangkok bank account would surprise me, but nothing worldly is strange to me.
I have copied and pasted the ING world payments below from their site.
Costs World Payment
ING charges a fixed amount of 6 euros for sending and receiving World Payments.
In addition to ING's costs, the receiving bank charges costs:
For assignments for which you bear all costs (OUR), an amount has been set per country (costs per country).
For cost-sharing orders (SHA), the recipient pays this rate and is determined by the receiving bank.
Cost distribution Outgoing via My ING Incoming
Our cost (OUR) €6 + costs per country €0
Shared cost (SHA) €6 (mandatory in EU countries, among others) €6
Beneficiary cost (BEN) € 0 € 6 + rate of client bank
Our (OUR): You bear all costs, both those of ING and those of the receiving bank. No fees may be deducted by the intermediary bank. The full amount will arrive at the beneficiary's bank. In some cases, the beneficiary bank may deduct additional costs. ING has no influence on these costs.
Shared (SHA): you are charged a rate for this by ING and the recipient is charged by his bank. Additional costs may be charged by intermediaries.
Please note: for payments to EEA countries, it is only possible to process payments with shared cost sharing due to legislation (PSD2). This applies to all currencies. Read more about the PSD2 legislation here.
Beneficiary (BEN): ING will not charge you anything for this. The beneficiary will bear all costs, including those incurred by ING. ING deducts these costs from the amount that is transferred.
The rate for requesting a World Payment is €30.
As you can read, ING indicates that with option 3 no costs are charged, everything is for the beneficiary. In this case, this is me and I will therefore be charged costs. Incidentally, they are therefore calculated because the ING bank also states the 6 euros and rate of the client bank. So that 0 euros makes no sense in my case. It turned out that the ING bank charged me 21 euros on the amount of 2250 euros for shipping.
With option 1 (OUR) it is even more interesting because it says on the ING site:
OUR storage: rates per country
The PLR surcharge is an amount on top of the regular transaction fee. This amount will be charged if you indicate in the payment order that, in addition to the ING rate, you also pay the costs of the recipient's bank (cost division OUR). The OUR surcharge is a fee for the amount charged by the recipient's bank. With the surcharge rates, ING is as close as possible to the actual costs charged by the recipient's bank.
The OUR rates below do not apply to World Payments within the European Economic Area (EEA). Due to legislation and regulations, orders to an EEA country can only be processed on the basis of shared cost allocation (SHA), which applies to all currencies.
With this option (OUR), ING will therefore already think of what the receiving bank will charge and this will be passed on to you. So pre-deduction. They do not write 25% coverage themselves, but apparently they do know what is being calculated. There are also rates that are calculated in accordance with the ISO code. So for Thailand this is: XNUMX euros.
Finally, some information for transfers from or to your account where a conversion to another currency takes place, ING uses buying and selling rates.
Which rate do we use?
We set the exchange rates for buying and selling foreign currency twice a day. Namely at 2 and at 13.30. Both rates are published daily after 16.00:16 PM on this page. We usually process payment orders that we receive before 00 am on the basis of the exchange rate of 11.40 pm. Will we receive your payment order between 13.30 and 11.40? Then we normally process your order at the rate of the second determination at 13.40 p.m. As a rule, we process payment orders that we receive after 16.00 pm on the basis of the exchange rate of the first determination on the next working day. The timelines mentioned only apply if you enter the payment order completely and correctly, so that the payment order can be processed automatically and immediately. Did we not receive the payment order completely and correctly? Then we can process the order on the basis of a later price, because the previously determined price is no longer valid at that time. ING uses an exchange rate margin on these exchange rates. You will see the actual calculated rate after processing on your statement or account statement in Mijn ING or Mijn ING Zakelijk. You cannot derive any rights from the processing times mentioned above.
Note: When entering a transaction in My ING, you will receive a transaction offer with an indication of the total amount, including all costs. This amount may differ from the reservation on your account and the actual booking. The exchange rate used for the transaction offer is indicative and may lead to a different amount, especially with higher amounts.
An overview of the exchange rates of the past 30 days can be found in the exchange rates overview. This can therefore be viewed for the enthusiast on their site. The ING bank can't make it any easier, but it will take you a while.
Dear Jacques, when I used ING for my transfers to Thailand, I always entered the amount in euros for the same reason as you. Nowadays, however, on the ING site, under the World Payments chapter, it says: 'We advise you to transfer in the currency of the receiving account. This prevents the application of an exchange rate by the receiving bank. In any case, ING suggests that their exchange rate is more favorable than the exchange rate of your Thai bank. Why do you think, despite the advice of your bank, ING, that you should state the amount to be transferred in euros? This may be due to the fact that it is particularly unfavorable to exchange Thai cash for euros in the Netherlands, but banks use different rates and surcharges for transfers. The disadvantage you mentioned, that you first have to calculate how much Thai baht corresponds to 2250 euros, seems to me to be hardly a disadvantage in your case: after all, you are sender and receiver at the same time, so a small deviation does not matter that much . With your last transfer you received less Thai baht than expected. Apart from the fact that € 21 was deducted from the amount you indicated, this may also have been caused by the fact that you nevertheless chose to state euros in your payment order. I also wonder whether that amount of € 21 also includes the costs of € 6 for world payments or whether those costs were still charged separately, as was the case with me in the past. You also mentioned that you used the 3rd (BEN) option for your transfer, beneficiaire
Dear Jacques, when I used ING for my transfers to Thailand, I always entered the amount in euros for the same reason as you. Nowadays, however, on the ING site, under the World Payments chapter, it says: 'We advise you to transfer in the currency of the receiving account. This prevents the application of an exchange rate by the receiving bank. In any case, ING suggests that their exchange rate is more favorable than the exchange rate of your Thai bank. Why do you think, despite the advice of your bank, ING, that you should state the amount to be transferred in euros? This may be due to the fact that it is particularly unfavorable to exchange Thai cash for euros in the Netherlands, but banks use different rates and surcharges for transfers. The disadvantage you mentioned, that you first have to calculate how much Thai baht corresponds to 2250 euros, seems to me to be hardly a disadvantage in your case: after all, you are sender and receiver at the same time, so a small deviation does not matter that much . With your last transfer you received less Thai baht than expected. Apart from the fact that € 21 was deducted from the amount you indicated, this may also have been caused by the fact that you nevertheless chose to state euros in your payment order. I also wonder whether that amount of € 21 also includes the costs of € 6 for world payments or whether those costs were still charged separately, as was the case with me in the past. You also mentioned that you used the 3rd (BEN) option for your transfer, of course ING also charged costs for this. Anyway, Jacques, I wonder if you will continue to make future transfers via ING and if so, will you stick to entering euros or will you transfer the amount in Thai baht after all. Maybe you want to share that on Thailandblog in due course? Of course I wish you as many 'bahtjes' as possible for your euros!
Dear Leo Th, thank you for your response and I wish everyone as many bahts for euros as possible. An amount of 2250 euros has been debited from my payment account using the shipping method described by me. More is not visible. When shipping under Shared costs
I was always debited the amount and 6 euros. At the Bangkok bank I found out that only 2229 euros had been transferred by the ING bank. So the total withheld is 21 euros and if the ING bank still calculates that 6 euros without reporting this separately, then this is intertwined in this amount.
I have little confidence in transferring money with bahts from my ING account to my Bangkok bank account. I'll try it sometime.
In total, as I indicated with my app rates, I came to 49,10 euros that had evaporated and ended up in the pockets of the banks. Bangkok bank charges 200 baht costs, say 6 euros and then the costs that remain = 49-21 = 28 – 6 = 22 euros. Bangkok bank charged with a lower exchange rate namely 33.24500 instead of 33.57
The net amount in my Bangkok bank account ended up being 74,102.11 bah – 200 baht = 73,903.11
It is possible that next month it will be lead to scrap iron and the ING bank will have more advantage and the Bangkok bank a little less, but it will not differ much at all. I'm going to ask the Bangkok bank for a printout again and I'm curious what the ING bank has sent.
What surprised me was that the shipment apparently took place via the Deutsche Bank Ag as stated on the Bangkok bank document. I don't know if they make any money from it.
I have to say that you are telling me something that actually sounds incredulous to me. and why. Transfer costs as you say is possible, but believing is something else. Of course I know one RaboBank is not the other. Each RaboBank is part of a whole. but are separate banks. Mortgage interest can be higher at one RabBank than the other. So maybe also your world booking. I have used Rabobank several times for world booking. is quite cogic otherwise your money will not arrive in another part of the world. with some European countries outside the EU, world booking also applies. To return to transfers in 2009/2010 4x money transferred due to getting married with Rabo account transfer costs in the Netherlands 10 Euo each time. In Thailand around then also around 10/11 Euro. So already 22 euros. And you are certainly right in the Netherlands is just outrageous if you want to buy Thai bath if I remember correctly there was a difference of around 8 Bath with a bank in Thailand. But Transferwise it saves about 1 bath more what you get for your euro with eg BangkokBank or KrungthaiBank in those days of transferring money was a lot of money if you know that I sent about 6000 Euro each time. So siamexchange and superrich always give the most for your Euro. So Transferwise is cheaper if you calculate correctly no transfer costs 7 Euro and you get about 1% more. Of course you have to deduct 15 from money that has been sent.
Folks this is very easy to calculate. If I'm wrong I'll gladly correct it
Make sure your exchange rate is on the same day. Bank has 1 rate per day
But Transferwise can have several. so look for Transferwise at least 2 times
when it is daytime in Thailand
With Rabo Account
You know what you pay in the Netherlands If I believe 7 Euro
But you also pay handling costs in Thailand and GGM van Osch has forgotten this
Then what remains is to calculate the amount of thaiBath with the exchange rate of that day from ..
with transferwise
enter the same amount you start with when you start with RaboBank and see what remains.
Amount that is stated will also be charged to your account
No handling costs, because money stays in Germany, does not cross the border.
Thai departmentTransferwise will transfer this amount to your account. So no handling costs need to be paid. not sending from the Netherlands because money stays in the EU and not receiving.
Before responding to this. try this for a week now and let us know.
If I have time I will do it myself but I know that BangkokBank charges 500BTH for handling fee
So this is okay. everything is at a standstill during the weekend, so start Monday
If I understand correctly, you no longer want a NL bank, but have your AOW and pension transferred directly to Transferwise account.
Is this possible , does the SVB and your pension institution cooperate ?
Yes, as long as it has an Iban number and of course from an EU country. and you can write down your thai address,. but you are also required to have a postal address in the Netherlands. But you also have to do this if you continue to hold a Dutch Bank Account. I think generally required. at least with Regio Bank and AOW, I thought my pension could also be mandatory. I forgot this called so many times. not only for this but also for emigration. Comes with a bit more than I thought. and people who have already emigrated know this better than I do.
I do not have a Dutch postal address and no authority has ever asked for it. My two Thai bank accounts have been at a Thai address for 12 years.
I have been living in Thailand for 43 years now and I have never been asked for a postal address by, first the Postbank and now the ING bank. Another thing is that if you are deregistered from the Netherlands you are no longer even allowed to have a bank account in the Netherlands because “then you are not really gone. So this is blindly admitted. Just ask the SVB.
Especially with higher amounts, transferwise is much and much too expensive. And if something goes wrong with the transfer, you will not have your money back yet and/or at the destination, which can become a real headache with transferwise. Google transferwise reviews! No, nothing beats the service of a Dutch bank.
Yes you are right. If something goes wrong, you get nothing back. But that's with all banks. Dutch banks once sent from your account to Thailand is not a bank that reimburses you. because that's your own fault. Requested information about this in the past from Rabo Bank and ABN Even if I instruct a desk clerk to help me. Because I was also afraid if something goes wrong. Shame about the money. Then get this explanation. I have also sent money like this several times. But for the past 8 years I have always carried cash just for the reason you say about Transferwise. But now when I emigrate it becomes more difficult. so I have to transfer money somehow and then for ME Transferwise is best option so far. Just for the reason I've already told you. Once money has been debited from your account to Thailand and then something goes wrong. No Bank in the Netherlands will refund you this money. Only if something happens to it in the Netherlands. I dare not say also within the EU, because I don't know
Does anyone have experience with REVOLUT????
Is a new way of paying online in any currency you can set yourself.
Also issue a VISA or MASTER CARD to use anywhere.
I don't have it myself, but you can read information about it on the internet if you type in revolut and consumer association together.
I regularly read on this weblog about transferwise.
Now I would like to know how things go if something really goes wrong with a transfer or something like that at transferwise.
And who is transferwise anyway.
I myself am also at the Regiobank, for many years and I like banking because they work with agencies (insurance and brokerage) that often also know you personally.
Should anything ever go wrong, a phone call to my agency and everything will be arranged flawlessly.
In addition, you quickly have someone on the phone and not first a robot voice plays a program, with you want to enter 3 and later listen to a piece of music of about 10 minutes
Why take a risk with something like transferwise for a few euros more. Two years ago I had my digipas battery empty after years, thing broken open new button battery but then it no longer works. Just a call to my agency, a familiar voice at the office on the phone, and a new one was sent to me in no time.
That is why I sometimes wonder if the overbooking or transfer costs are already going to cost you, is it still wise to stay in Thailand.
Jan Beute.
I'm not saying it's killing me. But I'm fed up. I had to work hard for everything.
If I go, I can also manage for 5 years or more without using my pension.
But I prefer if something happens to me, my wife has something more. I don't know if you are married.
And yes, you don't have everything for it. But I have one more comment. I am also very satisfied here
Netherlands a great bank. But RegioBank also asks money for transfers. handling costs,
but if you transfer directly, yes exchange rate is also much less. If you continue to hold an account, whichever bank in the Netherlands. I still recommend using Transferwise. If something were to happen, the same thing would happen as in the Netherlands. Once sent, it is removed from your account and no bank will reimburse this money if something happens between the bank and the Thai bank. Can't usually trace them back. So no Bank reimburses your sent amount. And I want to make a phone call. I know what calls cost if you call from Thailand. Payable, yes, but it also quickly adds up, even if it is perhaps 1,75 euros per minute. Even if I have money I look after all the little ones. Many little ones that catch up with each other just become a big bill. I'm not sure yet either. my Regiobankcard also costs money. But still useful. I doubt. But you are quick to jump to conclusions. As if you know how I stand financially. If you follow Thailand blog well, then you know that through discounts on anything. payroll tax credit or pension. people get into trouble. Also in Thailand. So PLEASE think before jumping to conclusions. I'm just doing this to help people. I also get advice and you also get advice from other people. Like a comment and that person wrote about N26. I think this contributes more to what I wrote. I really liked Transferwise, but I'm open to people posting comments like that. This contributes to issues people have with all that cutting. How you bring it and how you see it and from which side you look at it. Sending money from RegioBank directly to Thai Bank also costs money. Maybe less. So I do agree with you on one thing. I can only underline what you write about RegioBank. People often speak the same language/dialect as the people who live in this place and surrounding area. It is simply a very good Bank, especially compared to ABN and Rabo. I also doubt whether or not to take this into account for this reason. But if I keep my account, I will transfer money via Transferwise. Why spend more money when you can do it for less. I am also sure that you know that there is something wrong with transferring money that no bank will reimburse you for this money. once written and sent to Thailand it cannot be traced. So is the fault with you, because you also do this with internet banking, don't you?
Dear Ferry, I don't draw any conclusions, but why take a risk with transferring your hard-earned money. And I myself once transferred money during a transaction to the USA that did not arrive. But thanks to the ABN AMRO everything turned out again, it took six months.
They call it tracking or something like that, but you don't lose your money when you write.
And why is everyone in a hurry that the money has to be in the bank account in Thailand the next day, is there a fire or something.
As a fellow blocker already wrote and referred here, read the reviews about transferwise.
I'd rather play it safe than ever have to sit on the financial blisters.
And yes, I am also married with two stepchildren.
And as far as shortening is concerned, that is thanks to the great politics that we have had in the Netherlands in recent years.
Just like for the people who are double taxed here in Thailand for their AOW and ABP pension.
There seems to be no rush to change this from the Netherlands after consultation with the Thai tax authorities.
But if they want to earn money in Thailand through the Dutch business community, they are there like the chickens.
Wasn't the Dutch ambassador recently also on tour with a group in Thailand, Cambodia and Malaysia.
But for the people who get caught here twice, they don't bother.
And calling to the Netherlands for 1,75 euros per minute is expensive.
With Happy Dtac via mobile phone (004) 10 bath per minute and fast connection with TOT home telephone (009 or 008) about 5 bath per minute
And on top of that, mutual contact with the Regio bank agency can also be done by e-mail and that costs nothing.
Jan Beute.
To this day, I use my ING account to transfer funds monthly to my account at Kasikorn Bank in Thailand. Because of the high costs and the lower exchange rate that people use, I wish to use “Transferwise” in the future.
Nowhere do I read how the monthly funds can be transferred from ING-Bank to my Transferwise account and how many days do these transactions take?
Thanks for your help.
Dear Willy,
I periodically transfer money via Transferwise to my love in Thailand. You only need to create a user account (your own) at Transferwise. It's a bit of work, but you'll get there. And then you can create a recipient (profile) with the bank details of your account in Thailand (account number + name + SWIFT code, etc.). When I transfer money, I only have to log in to my account at Transferwise and then send the click on the profile of the recipient. You definitely do not have to enter all (Thai) bank details for every transfer. I do not have a bank account with Transferwise but pay the amount to be transferred via IDEAL (from my Dutch ING NL account). The transfer takes a maximum of 2 working days. So the payment is made in the morning, then the next working day at the latest on my love's bank account. And the bank costs via Transferwise are considerably cheaper than a foreign transfer at ING. On the first screen of Transferwise. com you can fill in an example and see how much THB you will get for your Euros if you were to make a transfer at that moment. not necessary because making a transfer is really simple.
Good luck!
You cannot exchange Thai Bath into Euros via Transferwise from your Thai Bank Account and then transfer it to your Dutch bank account.
Your Aow can be transferred directly to your Thai account by the SVB, costs 0,01 per month. The Bangkok Bank then charges 0,25% with a minimum of 200 and a maximum of 500 Thai Bath and exchanges via their more favorable rate TT Buying Rate.
Anyone who knows how to book money to the Netherlands from Thailand?
When withdrawing money from the machine with the master card, an amount must also be paid each time, right?
I understand that outside Europe all banks ask for money from debit European cardholders.
Maybe bunq is something for you. You can find information about this on the Consumers' Association.
I have a borderless account with Transferwise
Euro, US and also linked to my THB account
Money transfer between those accounts takes seconds, except with THB of course it can take an hour or more
Minimal costs and a much better exchange rate than traditional banking
In addition, an N26 account for transfers within Europe or if I am on holiday there for the ATM
Everything in preparation for cancellation of ABN account by ABN
For all those in the Netherlands who, in their opinion, transfer money monthly via bank or Transferwise to a loved one in Thailand at a high cost, in their opinion:
Open a new bank account with a Dutch bank, transfer the money (within the Netherlands) to this account and let your loved one withdraw the money from the ATM with the bank card of the new (Dutch) account. The costs are related to the number of times the loved one withdraws money and are therefore controllable. You also keep an overview of your loved one's expenses.
Very bad advice! In addition to the extra monthly costs for a 2nd bank account, you also pay fixed costs for every debit card withdrawal in Thailand, both to your Dutch bank (currently € 2,25 at ING) and to the Thai bank (usually 220 baht, about € 6,60). .1,1) and variable costs in the form of an exchange rate surcharge, at ING 500% on the withdrawn amount. Assuming a withdrawal from a Thai ATM of € 2,25.= (the maximum amount to be withdrawn at a time), you will therefore have € 6,60 + € 5,50 + € 1,1 (14,35%) = € lost 33,4065. In addition, regardless of which Thai bank you use, a less favorable exchange rate is used than Transferwise. The exchange rate at Transferwise is currently 500 and the total costs with them for a transfer of € 5,20 are 'only' € XNUMX (easy transfer).
Transferwise is still the cheapest way to transfer money from the Netherlands or Belgium to Thailand.
I read many messages here that talk about costs, but never the net amount that they receive in Thailand on their account, forget about the costs and see how much you get NET in Thailand on your account, then Transferwise comes head and shoulders as the cheapest out.
If you transfer 1000 euros today with transferwise, you will have a net amount of 33140 baht on your Thai account
If you transfer with a normal bank transfer, you will always have less
Pinning with a Dutch or Belgian bank card is completely hopeless, then you were lucky to be able to pin 31000 Baht for 1000 euros
My income is simply deposited into a Dutch account. My sister or brother comes on vacation once or twice a year. They withdraw cash in the Netherlands and take the euros with them (max. 10.000 euros). Here in Thailand I exchange my euros into Baht at the best rate and put it on my Thai account. Cost of all this is zero, comma, zero.
I used to do that too, but the rate of Transferwise is much better than that of exchange offices here (TT Exchange or SuperRiche) that even with the Transferwise costs on balance it doesn't matter anymore. The advantage of Transferwise is that you no longer have to leave the house.
Cost zero point zero, until the moment they lose your money somewhere or get rolled somewhere.
Then the costs outweigh the benefits.
Traveling with a lot of cash is not very smart.
Jan Beute.
A man who suffers most from the suffering he fears. I don't know anyone who has been rolled or lost money (other than through their own stupidity.
Following all the posts above, I put it to the test yesterday, transferred a small amount of € 700 via Transfarewise to here (Thailand), judgment is up to you.
Hello A
23.204,92 THB sind auf dem Weg zu A. Das Geld sollte heute, am 7. Oktober, auf dem Bankkonto ankommen.
The EUR zu THB-Kurs was at 33.4283. Die Gebühr was 5,83 EUR.