Bank transfer from USA to Thailand?
This is a question for USA expats, particularly retired expats living in Thailand. I am planning to obtain a retirement visa and live in Thailand in a few years. I need some rather specific information about personal finances. I have a checking account with a bank checking card here in the USA. I use the bank card just like a credit card. For safety, I have a $200 per day limit on the card. My retirement check is direct-deposited to that account every month. I can use the bank card in Thailand, but there are fees. On a future visit I plan to open a bank account in Thailand. So, here’s the question: How can I transfer money from my bank account in the USA, say every 1 to 3 months, to a Thai bank account, without paying fees, or at least having to pay the minimum of fees? And, since I am thick as a brick, you can bet you'll see me posting this question several times, in altered forms. So..Khun Bob...what bank are you using that charges only 1% for international transactions?
Public Comments
- First off your going to pay fees somewhere along the line. I am retired over here and this is what I do. I have established a bank account at a bank that only charge 1% iINTERNATIONAL fee for using the ATM and credit card, most banks want 3%. Most banks you need to be present to transfer funds. I have done this a few times. I also have my son on my account, so if I needed a large sum of money, he would go to the bank and make the transaction for me to my Bangkok Bank account here. The fee is about $30. To transfer money you need the Correct name on the account, the account number and swift code for the Thai Bank. All my income is also like you direct deposit into my account when I need money I use my ATM card. Also, be sure you have online banking. I would recommend you increase your daily limit also. Another thing to keep in mind is Thai Banks love to charge fees for everything. It's something you have to accept. Good luck with your plan. Jonny - When I talk about transferring funds I am talking about 10,000 to 20,000 US dollars not $600. Plus you get the higher exchange rate. So $30 isn't really bad. I use Pentagon Federal Credit Union. https://www.penfed.org/
- I have 2 paypal accounts (4 debit cards) which allow me to transfer $400 at 1 shot, so its a 10,000 baht pull at a Thai ATM ($300 or so) the accounts are tied to my bank account in case I need to transfer funds. No way am I going to pay $35 to transfer funds when I can do $600 at a time in a day. Cost is $1 for ATM usage and for some reason I bypass the Thai ATM fees?
