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Home » Reader question » Reader question: What is the cheapest way to transfer money to Thailand?
Dear readers,
I transfer money every month by bank to Thailand. I do that in euros. All costs are also for my account. All together that is certainly 35 euros every time. Not such a point in itself, but I would rather transfer that money to my girlfriend. Is there a way where you can transfer money to Thailand free of charge or at a low cost, say less than 10 euros?
I'd like to know.
Thanks in advance and regards,
Tom
Hello Tom
Probably haven't read the blog properly yet.
the blog is already full of this topic, you can search for it!
Succes
Bart
Wells Fargo is probably cheaper
send a Dutch passport
In, 6 euros
Hi Leon,
Narrate!!!
ING 6 euros??
1 – how do you do that?
2 – what is the amount?
The last time we did this, to our bangkok bank, ING was able to calculate more than 50.– euros.
please?
LOUISE
Purchase,
I pay almost nothing… yes yes almost nothing Thailand ..{my dear friend).
You as a thailand goer will have to know that.
Come on Louise.
'Tell me how you do that, with me ING charges 50 euros (maximum)
Louise and Henk: very simple: ING internet banking and then transfer money as SHA or BEN. See also my message of 10:36 in which I explain the costs of Rabo (will cost you a tenner) + Thai bank costs), ING (6 euros + Thai bank costs), ABN (5,5 euros + Thai bank costs) and Krungthep bank (due to costs of the receiver) mention. The web links with the cost statement from the banks are also there.
Perhaps other NL banks will be even cheaper (ASN for example: "Normal payment with shared costs (SHA): 0,1% with a minimum of € 5 and a maximum of
€ 50,-.”) but to now state their costs of sending and receiving from all NL (and BE) banks between here and Thailand is a bit much.
Via Western Union or GWK is more expensive (bad rate and storage). Do other options remain, such as via PayPal, I have no idea. With some googling you will also come across companies (for example “transfermate”) that claim to be able to send money from country A to B much cheaper than banks, unfortunately they do not mention amounts. Obviously, the cheapest cash in large denominations is to take to Thailand and exchange there.
I assume you have a Dutch bank account, for example ING.
Apply for a second debit card. Personal advice: set the limit to 0 euros. Give her that debit card.
Deposit some money into that second account (which is and remains in your name), for example the equivalent of 20.000 baht. She can then withdraw that amount. Cost: 150-180 baht per transaction.
Good tip. Does she have to withdraw euros or Thai baht there? What about exchange rate losses?
No, just Thai baht. And just the rate that the bank uses. So the only 'loss' is that 150 or 180 baht.
Hi Eric,
Only 150-180?
Firstly, banks use/calculate/steal an extra minimum of 2% above the then prevailing rate.
–the first profit__
I know from VISA that they use 1.25%, but otherwise they do not charge anything.
The banks charge a fixed amount plus in some cases also a percentage.
Or whatever denominators they use.
The cheapest way.
Friends/family/acquaintances, especially if they travel with several people, whom you trust, ask if they want to bring 10-15.000 euros for you, which you have deposited into his/her bank account.
To an exchange office (the best rates in bangkok - Superrich - Linda) and you're done.
It can't be cheaper.
LOUISE
My experience is; transfer from my ING account to my Thai bank account (euro) and then shared costs.
Just keep an eye on the exchange rate on the ING website.
Then it will be in THB on the Thai account.
Succes
Do not transfer per month. I leave it in NL for months and then transfer it to here for 6 or more months. Then you can also wait for a nice course.
If you make over, then do costs 'sha' or 'ben', then it will be cheaper for you. The ING is not that expensive, is it? 35 euros per month, that is very, very much. I'm also at ING and always book costs 'ben' (after all, it goes from my account to my account) and then the costs are low. Costs 'ben' and costs 'sha' are the same at ING.
At ING it depends on the amount to be transferred, up to a maximum of € 50.
Correct: already written about it many times on this blog. I myself have ABN / AMRO in NL and transfer monthly. Costs 5,50 euros per time (shared costs). People who use their NL bank card forget that not only Thai banks charge money, but also NL banks deduct a hefty amount at a time.
In Belgium, Beobank (formerly Citibank) does not charge any fees for foreign transfers, provided you are a Gold member. You must then have a certain total amount at the Beobank in various accounts.
In Thailand, a one-off transfer fee is also deducted (I thought 250 Bath per transfer - probably also depending from bank to bank). Partly for this reason, it is better to transfer money only once at times when the exchange rate is favorable (such as now). See also Erik's advice above. Probably not so suitable for your girlfriend's monthly maintenance, but for personal use and much cheaper than debit card, which is about the most expensive but easiest method.
The Belgian bank Argenta does not charge any costs for transfers abroad.
Right, the Belgian bank Argenta does not charge a penny for transfers to BVB. Thailand. I regularly deposit a sum of euros on SCB and they don't deduct a penny either.
Via SNS bank
cost €5
My solution: If possible, go to a border exchange office at a station for you.
You can go through the West Union bank (does it GWK) and transfer money. Up to €50 euros it costs €4,98 transaction. Within an hour the money is in the other party's bank.
I also transferred money to ING, € 25,00 transport costs and € 6,00 service costs. So don't do it at ING.
Good luck with all those tips.
Jan
Western Union is a very expensive option that is only suitable for emergencies.
With less than 50 euros, the costs are not too bad, although it is 10% of the amount, but with larger amounts (200-300 euros or more) those costs are correspondingly higher. I don't know why, because overwriting is overwriting. But apparently they have figured out at Western Union what they can just make. Recipients do sometimes receive a gift, which can lead to phone calls or e-mails from a friend to preferably transfer the money via Western Union.
So when transferring money monthly, I continue to advise the second card. If you go to Thailand yourself, take a lot of cash with you. Exchanging euros at an office is now much cheaper than using a debit card.
I often transfer 150 euros via my SNS credit card to my girlfriend's bank account (Bangkokbank). She then receives more money on her account than I transfer it via the snsbank. The transaction costs me 7,90 euros. (just checked) I think that's not too bad. I do it via the internet and not via a Western Union office. You can already see how much Bath she will get before you complete the transaction.
Sending money through the bank is not the most advantageous (see previous topics about sending/exchanging money for use in Thailand). But if you send be aware of the costs and exchange rate. In my experience, it is cheaper to start with sending an amount in euros and having the Thai bank convert the amount to baht.
The best bank to send to depends of course on the costs and exchange rate charged by the sending bank and the receiving bank. Given the calculation methods in terms of costs and exchange rate, it is cheaper to send a large amount 1 at a time than to send a small or medium amount several times. If you send 5x 200 euros you will be more expensive than in 1x 1000 euros.
Unfortunately, I don't think there is a site with current conversion programs/tools. Calculating rates therefore takes some time and find work.
What does the Dutch bank charge if you send via internet banking (transfer card costs more!)?
ING bank:
OUR:0,1% of the amount (min € 6, max € 50) + 25 euros.
SHA: 0,1% on the amount (min €6, max €50)
BEN: costs (see SHA) to be paid by recipient.
Received 0,1% on the amount (min €5, max €50) + commissioning bank rate
http://www.ing.nl/particulier/betalen/buitenland/buitenland-betaling/wereldbetaling/index.aspx
Rabobank:
OUR: 0,1% of the amount to be sent (min € 7,5 , max € 75) + 10 euros.
SHA: 10 euros
BEN: Costs (see SHA) to be paid by recipient.
Received: 10 euros.
https://www.rabobank.nl/particulieren/producten/betalen/betalen_buitenland/wereldbetaling/
ABN Amro:
OUR: costs SHA + costs foreign bank.
SHA: 0,1% of the amount minus € 4 (minimum 5 euros, maximum 55 euros).
BEN: Costs (see SHA) to be paid by recipient.
Received: 0,1% (between €7 and €70)
https://www.abnamro.nl/nl/prive/betalen/tarieven/betaalopdrachten.html
What does the Thai bank charge?
Krungthep bank (see half way, tab “fees”):
Received: 0.25% of the transfer value (minimum 200 Baht, max 500 Baht)
OUR 1,150Bt
SHA: fee of 400Bt per transaction to send abroad from branch and 300Bt if via the internet.
BEN: €0
http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/Pages/TransferringintoThailand.aspx
Siam bank:
-? can't find anything about it on the site?-
http://www.scb.co.th/en/personal-banking
Then it's time to calculate: determine the amount you want to send, calculate what your Dutch bank charges you in costs if you send OUR / SHA / BEN, calculate what the Thai bank charges for receiving. Due to the minimal costs charged by the bank, you can already see that it does not matter whether you send 50, 100, 500 or 1000 euros, it is equally expensive. So it is better to send 1 euros in 1000 time than several times less. From my point of view, it makes little difference whether you send SHA or BEN, although there will be a difference due to the exchange rate in costs. With an amount of 0 – 1000 euros, Rabo is more expensive than ING, ABN seems even cheaper.
Example: 1000 euros to send:
AT:
€ 16,00 OUR + costs Thai bank
€ 6,00 SH
€ 6,00 BEN costs (sha) to be paid by the recipient.
Rabobank:
€ 17,50 OUR + costs Thai bank
€ 10,00 SH
€ 10,00 BEN costs (sha) to be paid by the recipient.
ABN - just quickly calculated whether this is correct, I'm not sure, big difference compared to rabo!!):
€ 5,50 OUR + costs Thai bank
€ 5,50 SH
€ 5,50 BEN costs (sha) to be paid by the recipient.
Of course, there are also the costs of the receiving bank…
And it's really 0 Euro because I did the test together with BPost and Argenta and I actually got even more baht on my account from Argenta than from BPost.
ING: Transfer amount in Euros, costs receiver, is approx. 400 Baht. So increase the desired amount by EUR 400 Baht. Total transfer costs 5€ + 400/45 = approx. 9 euros.
@,
If I read everything here, then transferring euros to your euro account is the cheapest way here.
Only everyone knows that the exchange rates between banks and exchange offices make a huge difference and with a nice amount this can have a huge impact.
We had a euro bill, but canceled it.
So having it taken with you is the cheapest and for the rest we are all cozy with our backs against the wall.
Greetings,
LOUISE
Dear Tom,
The best way to transfer money and without having to pay too much costs is ING and simply have the costs paid by the recipient, although it's not that much!
Best regards
Lung
I lost 20.50 euros to transfer about 2500 euros via ABNAMRO. All costs for me of course. Viewed via Visa, it would be 3% of the amount, so about 70 euros.
I have been transferring money online monthly from my Bangjkok bank account to my ING account for a year now.
Costs (already 13 months): 300 Baht charged to my Bangkok bank account; 5 Euro debited from my ING account and 12 Euro for 'international services'. The ING cannot tell me for what or who gets this 12 Euro…………
If you are in Thailand, bring cash, exchange in Thailand and place in a Thai bank account to be opened by you. Then live internet banking from the Netherlands.
Just try to open an account with Kasikorn. Works perfectly and costs nothing. Nothing to do with exchange rate fluctuations and transfer costs.
I am Belgian and live in Thailand, I have an account in Belgium with citibank, now taken over by beobank and also have an account with citibank in Bangkok, so you can transfer and collect money without any problems and free of charge, provided you have a bank card from citibank in Thailand and this completely free.
Greetings ALEX
Dear bloggers, now that it's about money again, I'll climb back into the pen. I've already posted that several times
Calculating the rate in Thailand is a mess.I arrived in bkk last year Nov 5th.Have until Feb 1st
Exactly followed the bath. Assumed forex. the euro exchange ratio. U.S. dollar. Thai bath.not only
There is nothing wrong with it, but every Friday evening, also this week.?????A lower rate is stated and
Nicely taken over by the exchange offices. This lower rate will be on Monday in Australia and beyond
In Thailand immediately put up. ie all people who switch during this time are flipped (famed)
Same trick applied at Christmas and New Years (both of which fell midweek. Hopefully understand the blog
Readers read this and will not change from Friday to Monday at 10 am, except those who only change 25 euros
No one can tell me how this is possible……or is it????????? I'm curious.
Nice money exchange…….. But not on weekends.
Morning Theovan,
You are absolutely right.
We therefore always change as the last day of the week on Thursday and the best time is shortly after 16.30 pm.
Weekend it crashes.
I also always look at the race every day, but there is no strings attached.
Arrival tourists on Friday, go to exchange office.
Too bad they don't disclose profits from these offices.
I'm just really curious about it.
LOUISE
Hi Tom,
I am a Dutchman who has been living in Thailand for 15 years, and I help all my friends who have a Thai girlfriend and want to transfer an amount to the girlfriend every month.
I give them my Bank account number and they transfer the amount to it , and I debit it here including those 180 baht ectra costs in Thailand and then I transfer the amount to their girlfriend 's account here in Thailand .
This is really the cheapest way for my friends in the Netherlands, these are usually amounts from 10.000 baht, I then withdraw 10180 baht from the Netherlands, which costs 230.05 euros at this rate today. and the friend pays that in the Netherlands.
Greetings and success
Josh from Pattaya
For someone from Belgium who is retired and lives in Thailand, the pension can be transferred directly from the pension service to a Thai account. That is cheaper than having to withdraw 25.000 ฿ each time. After all, one pays 150 or 180฿ bank costs per collection in Thailand and the bank in Belgium charges approx. 12 euros (BNP-Parisbas). 3x Collection is then already max 240฿ + 36 euros. At the current domestic exchange rate, that is 41,42 euros. With a direct transfer from the pension service, that is: 17 euros costs in Belgium and after settlement in THB, the bank charges 1.8% costs here. With a pension of, for example, 2.000 euros, that is: 2.000 – 17 = 1.983 euros x 44,25฿/eu (the current domestic exchange rate according to Kasikorn bank) = 87.747.75 THB – 1.8 % = 86.168,29 ฿ or 1.749,31 .2.000 euros; 88.500 euros = 88.500 ฿. Cost: 86.168 – 29 = 2.331,71 THB. Pinning with the Belgian bank card gives that: 4 x 180 ฿ = 720 ฿ and in Belgium: approx. 4 x 12 euros (2.124 ฿), so together approx. 720 + 2.124 = 2.844 THB. So the difference is 512,29 THB/month (2.844 – 2.331,71 THB) that it is cheaper with direct transfer from the pension service. Agreed, it is not much, but I think it is a nice bonus and no more expenses at the ATM, at least not at Kasikorn bank if you have an account there and you always have direct access to the full monthly pension amount. For direct transfer, one must download a form from the pension service, fill it in and have it signed by the bank in Thailand where one has or opens an account and send that form by registered mail to the pension service, do not forget to mention from the date you want to see your pension transferred. This might be a bit off topic, but I think it's interesting enough to mention. I will start next month.
Roger, would you be so kind as to let us know the rate charged when your first transfer comes into your account through your pension fund. Only then will we be able to calculate exact costs, because sometimes there are hidden costs that can be found. I also intend to have my pension paid directly into my Kasikorn account. But it's the uncertainty about the right costs that holds me back
@henry: OK I'll let you know. Another thing: if you are now paid at the beginning of the month, it will also be at the beginning of the month that it is transferred here from the pension service and then it may take another 4 or 5 working days before it is actually paid on the account state. If you are paid at the end of the month, it will be on the account at the beginning of the next month, so add 4 or 5 working days, it can also be earlier depending on where you live. It is sent from the pension service to the main bank in Bangkok and only then from the main bank to the local bank where you have your account. So I was told at the local Kasikorn office here in Dan Khun Thot. For me that means transfer to Thailand on April 28 and expected on the account on May 2, including Saturday and Sunday. The last payment on my Belgian account will be made on March 24. The costs have been communicated to me by a friend who lives in Phuket, but has not yet transferred that way, he is also waiting for me and it will indeed only be with the first transfer that I will know whether the correct costs will be which he has informed me.
@henry: could you give me your e-mail address? After all, it's still a good month before the first transfer will happen and then it's long gone from the Blog I suppose. My email address is: [email protected].
Roger
Quite a calculation, but I think you typed a number incorrectly somewhere.
Isn't 86.168,29 Baht 1.947,31 instead of 1.749,31…….. otherwise it would be an expensive affair, right?
@RonnyLatPhrao: Indeed, it should be 1.947,31. Sorry!
have just deposited money via bpost (Belgium) but now fall dead but have increased their rate to 17 € instead of 12 € in 2013!
Fortunately, I only do it quarterly to feed our leave budget, and with a rate of 44,76 / € it is a nice bonus.
Well, I'm going to ask Argenta anyway because I also prefer to have 4×17 per year in my pocket 🙂
thanks for the golden tip here on Thailandblog.nl and say that I already read the news here around 4 AM Belgian time when I arrive at work (5:30 AM-13 PM) but it's Saturday then I stay in bed "a little" later stupid he should have read everything first ……;-)
@pratana: Keep in mind that the bank in Belgium can always charge a lower rate than the indicated rate.
Usually 0,6 ฿/eu less is charged, so 44,76 ฿/eu then becomes 44,16 ฿ !!! I have often experienced.
Answer Theo van: it is true that the exchange rate is “fixed” on Friday afternoon and adjusted to the actual value on Monday morning, the same applies to public holidays. The reason lies in the fact that the stock market is closed during that period and no trading takes place, a “safe” rate is then chosen so that the bank certainly does not lose.
Follow Theovan's advice and exchange during normal business hours.
I transfer money via Paypal. Low transfer costs (less than 1 euro).
Unbelievable that this question comes up again on this blog. Also unbelievable that so many readers respond without really answering and straying from the real question again.
But go ahead. My answer.
Transfer money from, for example, ING to a Thai bank account.
Choose to transfer in euros. choose to share costs. The sender pays 6 euros.
The Thai bank converts the euros into Thai bath. (This is more favorable than when you transfer Thai bath.) The Thai bank charges a small amount for commission.
Don't let anything else fool you. This is the cheapest way to transfer money. You will then lose less than 10 euros in total.
You think everything is incredible, but I'm not convinced.
You say: “opt for sharing costs. The sender pays 6 euros.” But then the recipient also pays 6 euros. So 12 euros.
A little later you say: "The Thai bank charges a small amount for commission.". My question: what small amount?
Finally, you say: “Don't let anything else fool you. This is the cheapest way to transfer money. You will then lose less than 10 euros in total.” I'd rather be fooled, because your calculation is already wrong. But no doubt this is also unimaginable.
I myself use the prepaid credit card from Skrill, formerly moneybookers.
Easy to apply for as a Dutch citizen and to top up free of charge via Ideal and other options.
Then give this card (if for the partner) to him/her with which they can debit or pay directly, such as at the Tesco lotus or any store. Same costs as with pins.
Info on skrill.com, the advantage is that you can also use it for internet banking via their app or website. Ideal! If I put money on it via Ideal, it will be on it within 1 minute, free of charge.
I also used moneybookers.com (skrill now) previously for this, to great satisfaction, but since it became Skrill (takeover) my last transfer has become 5 days instead of. 24 hours, their fees have also been adjusted upwards, but I'm not sure you can pay with them in TEsco (haven't tried yet.
Putting money on the card is instantaneous, but transfers generally take several days longer, many complaints online…. just google it..!!
New owners who apparently want to get their takeover price out faster ...!!
Moneybookers was GREAT
Dear David, you can use the card practically anywhere, I have 2 cards, one of which is in my wife's name. Switching from one card to another is done in an instant and at no cost (beyond the annual fee of 10 euros for the card)
I fill up with it at eg Ptt, esso and shell, pay at tesco, big c, robinson. My tickets for Thai airways, klm and China airlines. The card works everywhere where the mastercard logo is or where you can pay with a credit card and of course all ATMs for cash.
If you only have one card, I would give that card to the partner, because you can then deposit money on it via the Dutch bank.
My personal experience with transferring money from the Netherlands. I have been doing this for 9 years and come to Thailand 3 times a year. The most advantageous is to deposit 1xper period when you go to Thailand into my wife's account IDG and give her a bank card to the bank mentioned and to set a maximum amount to be withdrawn at once, or to trust your wife or girlfriend and not set limit.
This does not work in all cases on BVI I have 2 children who receive child benefit from the Netherlands, when I do this as above, the NVS does not accept that payment as proof that I spend this on the children, although I can prove 1x or 2 times a year to transfer this in one go for a whole year at a time. No, the NVS wants me to transfer this every 1 months in the amount of 3 euros and I then have to pay for this per transfer, excluding costs of exchange rate difference 450 and 25,00, and if I check the exchange rate here on WISSELKOERS.NL, then it is the rate is always 6,00% less than the official rate, even if it is higher on the statement date. This is how the bank gets its high profit and this is supported by the Dutch government
First find out whether the bank you are sending to is connected to international banking, if so, you have to find out what the BIC code is of the head office (probably located in Bangkok) The code of the branch is then the BIC code of the head office + 3 extra letters. If you know this, the transaction will cost a maximum of 18 EURO.
greetings and success
@rudolf: The Kasikorn bank is connected to international banking anyway, for the BIC code you only have that code: KASITHBK and no additional letters. I got that code from my local bank in Dan Khun Thot + their address. To carry out a transaction from Belgium via internet banking, for example (which will probably also be the case in the Netherlands), you must have a Belgian mobile phone number. The bank then sends a code there, which you must enter in your transaction order. That is the so-called electronic signature. I have tried to enter a cell phone number from Thailand, but it is not accepted. You can therefore only carry out a transaction from Belgium with a valid Belgian mobile phone number. Internet banking from Thailand does not work if you do not have that Belgian mobile number.
Yes you are right they prefer to let the money come to KASITHBK. If they book it to the right branch office, it will generate extra money for kasikornbank. Total costs approx. 25 euros. If you forward it directly to the right branch office, this will save you a fee. And for that you need the extension.
Oh yes by the way I worked for a few years for banking (also internationally) and I think I know how best to transfer money. If you know the structure you can use it. By the way, they prefer not to tell you because that saves money, so income for the bank.
@Hemelsoet Roger
bit confusing…;, understand that you instruct KK online banking from Belgium that that Belgian. Need a mobile phone for verification SMS, but if you are in Thailand it will definitely be your Thai number that you have to enter I would think (never done it) I live in Thailand and have a KK account and assume that when ordering from Thailand a Thai cell phone number is needed…(?)
@David Hemmings: No, a Thai cell phone number is not accepted from Thailand either. I've already tried all possible ways, but invariably reference is made to a Belgian GSM number. Only that is accepted. I've also been living here in Thailand since 2008 and I haven't had a Belgian cell phone number for a long time. I sent an e-mail about this to my bank in Belgium last week, but have not yet received a reply.
Thought you meant Thai bank, hence...
At the first best promotion of Mobistar, request a prepaid SIM card online from Thailand and have it sent to family (and then to you), you will have your Belgian number in no time, I have 2 at Mobistar who receive 10 euros of top-up money every year and thus receive a work for years…
@David Hemmings: just to be clear: I have internet banking with my Belgian bank, not with Kasikorn or any other Thai bank and with that internet banking from Thailand I tried to order a transaction from my Belgian account to my Thai account. Transaction orders from Thailand, from my Belgian account to another Belgian account have never been a problem.