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Home » Reader Submission » Reader Submission: Save on bank charges when transferring money to Thailand
Dear readers,
I always hear about exchange rates here, what banks charge in the Netherlands and here in Thailand. Perhaps it is a tip to transfer your money much cheaper via transfer.
I'll add the link and maybe people can benefit from it here: transferwise.com/
I have already successfully used it.
Yours faithfully,
Or
Well, just for fun, I also tried it and for 1000 € you get 38.400 bht, when you exchanged this cash at a good office (just search and compare) in Bangkok, you got almost 39.000. Conclusion exchanging cash remains the cheapest.
A day difference is now almost impossible to compare, yesterday morning average rate 39.15, afternoon 38.83 and this morning 38,63
Also consider the costs (so in addition to the exchange rate), you pay € 1.000 for 9,90 euros to be paid to Transferwise.
Exchanging money is the best option, but if you live in Thailand you have few euros in your pocket…
At the ing I pay 6 euros transfer costs and here almost 10 euros!
they continue to follow the same course.
but cash is and remains the cheapest regardless of the daily exchange rate
In terms of transfer costs you are right, but the same exchange rate is not used. ING assumes the mid-market rate, but with an exchange rate margin. On the ING site you can see what the exchange rate has been used for the past 30 days and on January 8, the exchange rate for 1 euro transferred was 37,88 Bath.
In addition, the receiving bank in Thailand also charges some costs. ABN-AMRO charges an exchange rate surcharge of 1,5% in addition to the transfer costs. Transferwise therefore seems more advantageous. And of course cash exchange is the most profitable, but that's not what this was about. It was about transferring money from the Netherlands to Thailand.
Argenta does not charge anything. The euros are transferred at the daily exchange rate. The bank here gives me a few more days to decide when to deposit the money.
Greetings,
Jan
I want to transfer money to Thailand WITHOUT via the bank and without registration with a passport / driver's license here in the Netherlands, of course that person in Thailand must identify himself.
I'm thinking about Western Union but not sure about "no registration". Getting more and more difficult. money laundering.
The cheapest I've found is the combination abn/bangkok bank.
Abn is the only company that applies a fixed rate of 5,50 euros without percentages. Then you also get the middle rate neatly. The Bbk charges 200B. So the more you transfer at a time, the cheaper it is. The transfer takes about 3 working days
Please check again.
Hi Aad, you just forget to tell us that the Bangkok Bank also charges 15,00.
I pay a total of 20,50 via ABN for every normal transaction.
That's right, I've been doing it this way for years, you know where you stand. Very clear and quickly transferred.
Good tip, Lub. You write that you have already transferred money to Thailand in this way, could you say how long it took before the money was credited to the Thai account? Thank you very much.
Seems like a cheap way to transfer money. Yesterday (Jan 8, 2015) accidentally found out how much it costs to buy 100.000 THB:
RABOBANK: € 2896,58
ING : € 2833,12
GWK: €2969
ABN: € 3086,71
TRANSFERWISE: €2,597.29
This makes a considerable difference compared to the Dutch banks.
There must be another catch in the grass.
Dear Johan,
Just looked at megarich. And there I get 38,22 at BKK bank. (my bank in Th.) At transferwise I get 38,4 as you say. That's already 200 baht per 1000 euros. In addition, I also have to pay ABN 5,50 (also 200 baht) for a foreign transfer. (Note, do this with the costs for the beneficiary. Otherwise it will be even more. Also make sure that you have the correct BIC address of your bank in Th, this also costs more money if you do not have it.) And then the BKK bank also incurs additional costs. Believe it is 10 or 12,50. (again 400 to 500 baht. Maybe there is someone who knows exactly how much it is..) And that's on top of the commission costs. So I think you save around 25 euros with transferwise. Just use it next time. And yes, of course, exchanging money is the cheapest option. You must do this at Linda exchange on Phradipat road. (BTS saphan kwai, walk south and then right.
Yours faithfully,
Kwaipuak
I would like to explain it again to everyone who uses internet banking, if you bank before 4 o'clock Dutch time, be careful to transfer the money before winter time at 10 o'clock in the evening, it will be in your bank account in Thailand the next morning (SCB). Bank) and the costs are 5.50 euros and nothing more at the ABNAMRO bank costs are charged to your bank account, and have never had any problems.
Hell I have to agree that Transferwise is the best option, I use it many times, to USA, Thailand and Indonesia.
1) highest rate and lowest costs (I have both ING and ABNA)
2) the recipient receives an email to indicate where, when by bank or check and whether he/she wants the money.
3) the client is continuously informed by email every day, and ... if the recipient takes too long to arrive, Transferwise asks if you want the amount back or something else (such as waiting a few days)
4) sender and client receive a message, on which day and WHAT TIME the money will arrive !!!!
Hello Eddie,
That sounds good! Would you like to give us a cost calculation / time for a transfer of say 500 and 500 euros to Thailand and the possible costs / time of a transfer from NL to Transferwise?
mrsgr
Sorry Eddy that should be 500 and 5000 euros
Hello Leon,
The BBK charges me 200 Bt. There's something out of order here somewhere. Could it be that you have the money transferred to your foreign currency account because then the BBK charges 1%, but not if you have it transferred to your current account?
The Ing charges 6 euros, choose share, transfer of euros and Bangkok Bank charges 0,25% with a minimum of 200 and maximum of 500 bath. The conversion rate used at Bangkok Bank is on their website. After payment, you will receive a text message from Bangkok Bank if you have activated it. The duration of the transfer is 1 day, provided the transfer is made before 4 pm in the Netherlands. Mi is the cheapest, rate controllable, fastest and customer-friendly method.
Nico B
Hello Lub, Yesterday (20/1) and today it was not possible to transfer money to Thailand via Transferwise. The Thai Bath no longer appears in the list of currencies. Have you experienced that before and is it temporary, as far as you know? Hope you respond, regards, Leo
Hallo,
1 euro is now 37,6950 baht! in a month so 1 baht less Going well again!
What a thorn in the eye is the euro!
Thought let me know. 😉
Greetings.
Well if only it was such a party December 28 arrived and then got almost 40 (39 or so) now today after two days of slight increase it dropped again to 8, so that saves a good 37 baht per (pl)Euro (p). Last same period, I received 5 baht on the first day, but this fell within a few days like an old pair of underpants whose elastic is broken.
@kwaipuak: It's not too bad. Would also have happened without the Euro, and with the NL florin and the D-mark. Only the Swiss Franc is doing well, aided by artifice.
A year ago, January 2014, the euro stood at over 44,19 (Bkb 24jan). That rate fluctuated downwards and is today at 37,23 (Bkb). On average over the past 13 months we received 42 baht for every euro. According to my data: 41,993. Not bad in my opinion. Or this gem. course can also be achieved in 2015 remains to be seen. The messages are bleak. It is predicted on this blog that the euro will be 1:1 with the US dollar at the end of this year. Today it does 32,15. If so, let's go down a little bit. Eyesore? That's going to be picking for you!