Assuming you're living here or spending significant amounts of time here, it makes sense to open a Thai bank account here if you haven't already.
You may read on other forums that "Thailand is not safe for money", "don't bring here more than you can afford to lose blah blah blah". While I used to listen to that in my early days, after the best part of two decades living here and banking as well as investing in Thailand, I now prefer to ignore the those type of "expert" expats naysayers who make those comments. Mainly it comes down to their lack of understanding how things work, and as they never try they remain paranoid about it. I've also spent a fair bit of time working in foreign and Thai banks, and have no qualms putting money in most Thai banks. Stick to the Big4, Krungrsi. TMB etc and you should be fine.
Once you have a Thai bank account it really increases your options of getting your money to Thailand.
If you happen to have a Bangkok Bank account in the US, they have a cheaper way of getting money to Bangkok Bank in Thailand than most other methods. Aside from that:
For all methods always exchange your money in Thailand to get the best rate.
1)Transfer via SWIFT: For most people on large amounts a SWIFT (/TT) transfer will be the most cost effective method. i.e transfer from your Canadian/ overseas account to your bank account in Thailand. Plus:
- When asked about the charges (paid by sender, beneficiary or shared), shared method is usually cheapest (SHA) of forms. Thai charges are paid Thai end and foreign charges on foreign end. Thai charges are usually around 400 to 500 baht this end. Your foreign charges will vary according to your bank
- Although there is a charge for SWIFT you will get a decent rate
- It may also be worth contacting your
- As a Canadian sending from Canada. Always send CAD and get the more converted into your Thai bank account onshore into THB. Never get your Canadian Bank to convert to THB and then send. The demand for THB outside Thailand is very low and hence rates outside are poor. Always convert onshore
For your pension depending on the amounts, and how often paid, it may pay you to save a few payments up and transfer in one go to reduce fees
2) Companies like Transferwise can be a decent option for transferring. Their charges are less than SWIFT but their rate is generally worse. On smaller amounts you may end up with more in your account. The no/little fee compensates for the worse exchange ratte on say a few hundred dollars. Start getting into thousands though and although SWIFT charges a fee the better rate more than compensates. There's usually a breakeven point when comparing SWIFT to these money transfer companies
3) Western Union is a rip off, high fees crap rates. Avoid like the plague unless no other choice
4) Taking out from a Thai bank using your foreign ATM/debit card if say a visa logo can be an OK option for tourists and people doing infrequently or need instantly. You will pay around 220 baht in fees plus whatever your Canadian bank charges. Check that. So withdraw the max you can, each time, which is usually around THB 20k, or your foreign bank limit if lower. 220 baht on 20k isn't too bad as you will get the visa rate (approx 1%), but your own foreign bank account may sting you. Some foreign banks rebate overseas charges but you likely won't escape the 220 baht. While bearable on 20k it really isn't a good idea on smaller amounts say 1,000 so try and do the max each time.
Swift or Transferwise will usually often more cost effective because of the 220 baht charge this end. This is why it pays to open a Thai bank account, transfer money into your Thai account from overseas, convert into THB in Thailand and use your Thai bank ATM card, so as to avoid the 200 baht
5) If you ever bring cash, Superich, which has branches in many malls like Central gives about the best rate for notes
Cheers
Fletch
