International transfer using XE.com

[chameleonic 4]

I am about to transfer money and just opened an account with Kasikorn bank.

 

The obvious way to transfer money would be from one account to another but I noticed that at XE.com one can also make transfers.

 

Has anyone done this before and how does it compare to the alternative?

 

Here's a link for more info at XE.com

 

http://www.xe.com/xetrade/?utm_source=internal&utm_medium=TL&utm_content=NOGEO&utm_campaign=XETrade_TransfMonXETrade_HomeTL

 

 

Xe.com does require to set up a membership with them and they do ask for verification of home address and identity, ie. copy's of passport and a bank statement/utility bill to verify one's address which can all be sent via email or post. I haven't done that yet but could easily complete the process.

 

They say that provide FREE international transfer options unlike my bank that charges a fee. What I would like to figure out is if I would end up with a better exchange rate than what a bank would provide.

 

 

So, anyone have first hand experience? Please share the knowledge.

 

 

Thanks.

 

C.

[s77656769 5]

Remeber that anything free is worth what you pay for it.

 

"free" probably means you suffer poor exchange rate and/or poor flexibility and/or the receiving back charges a fee.

 

I would be interested to hear back when you have chased down what it actually costs.

 

I recently did a swift transfer of 4 weeks holday money, and my banks charged AUD22 + THB1400, so a bit over 1% on fees, with a 31.95 exchange rate.

 

XE app was quoting 32.2 at the time. I wonder how their app quote rate relates to the transfer rate, and what the hidden costs are?

Edited September 27, 2012 by s77656769

[picoman 1]

They use a different exchange table when you do a transfer, which is much lower. It comes out to about a 3% fee to do a free transfer.

[Grandpollo 364]

Note you have to do a wire transfer to them first which is not likely to be free.

 

If you live in a bigger city look for a foreign exchange bureau (not the tourist ones, a real one) and see what they charge to do the transfers and their rates. Often very competitive and you can just go in person to attend to them.

Edited September 27, 2012 by Grandpollo

[Evil Penevil 7,610]

 

XE app was quoting 32.2 at the time. I wonder how their app quote rate relates to the transfer rate, and what the hidden costs are?

 

The rates you see on the XE.com Web site are not transactional rates (buy and sell rates), but indicative mid-point rates gleaned from interbank trading of lots equivalent to at least US$100,000 (minor currencies) or US$1,000,000 (major currencies). The rate you will be quoted for retail transactions will be worse.

 

From the XE.com site:

 

"The rates in our free information services are neither "buy" nor "sell" rates. Instead, they are mid-market rates derived from the mid-point between the "buy" and "sell" rates from global currency markets. Our free information services always list the mid-market rate because it indicates the value of a currency that is not weighted towards buying or selling.

"Buy" and "sell" rates include overheads and profit margins that are independently set by foreign exchange providers; their rates can vary a lot and will differ from the mid-market rate, so we recommend you shop around."

 

Evil

[Severn 109]

You might want to take a look at this Thread which was live for much of August. It may give you some ideas.

 

 

Money Transfers from UK to Thailand. Topping up a Thai bank account

 

http://www.pattayatalk.com/forums/topic/59137-money-transfers-from-uk-to-thailand-topping-up-a-thai-bank-account/page__hl__severn

[chameleonic 4]

You might want to take a look at this Thread which was live for much of August. It may give you some ideas.

 

 

Money Transfers from UK to Thailand. Topping up a Thai bank account

 

 

http://www.pattayata...age__hl__severn

 

Thanks for the link to the previous thread. I never read it as it is titled: ... From the UK and I'm from AUS.

Read it and it answered all my questions.

 

I'll do my transfer from my AUS account to Kasikorn.

 

Thanks for all the reply's everyone.

 

C.

[expat67 5]

You might want to take a look at this Thread which was live for much of August. It may give you some ideas.

 

 

Money Transfers from UK to Thailand. Topping up a Thai bank account

 

 

http://www.pattayata...age__hl__severn

 

I can't read your comments because of the distraction-that thing bouncing from side to side.

[tomcat76 327]

'Need to pick this up again... I apologize in advance, and feel free to something already posted somewhere, but the more specific one's question, sometimes the more difficult to execute a focused search. OK - my question has to do with setting up a Thai bank account into which I want to be able to transfer funds from my US bank using the internet.

 

I'm seeing that Bangkok Bank is about the only Thai bank with a branch in the US, and it's really an "interbank" branch in NYC, and not a place where you can "open a Thai bank account". Instead, it's the "link" between you & your US bank, and a Bangkok Bank account you set up in Thailand. Using SWIFT or ACH you can transfer funds from your US bank account to your Bangkok Bank account via this interbank branch in NYC.

 

Now from reading the threads posted here at PT, I was under the impression that if I opened an account at say, Kasikorn Bank, in Thailand, I would then be able to transfer funds into it from my US bank account by going online, making the transfer, and then perhaps having to verify it via a OTP rcvd via SMS & a local Thai phone no.. My US bank is not an "international bank" like HSBC or Citibank - it's a credit union.

 

Will I be able to go forward with my plan to open an account after I arrive there AND be able to immediately begin using the internet to direct the transfer of funds into it, or do I need an account at an "international bank"? I'll be asking my CU of course about international transfers, but in attempting to connect these two dots, I sense I need advice WRT both ends of this thing.

Edited November 2, 2012 by tomcat76

[jacko 8,578]

The procedure your USA bank requires is specific to that bank. Generally USA banks are not as geared up to international stuff as many from other countries. You should investigate that yourself. A OTP on a Thai phone number should not be required to transfer into that Thai account. Your Thai account may well verify it has received money using an SMS, or you can verify by viewing that account on-line.

 

You do not need an international Bank, just a Thailand bank account with a major Thai bank be it Kasikorn, Bangkok Bank or SCB. How long it takes to get internet services associated to it after opening it may vary. I did so somewhat later as it was so long ago, but recall it didn't take long. Get here and get the account opened, then internet services organised, but don't depend on having transfer facilities up and running for that vacation's 'needs', IE bring some cash/TCs to deposit.

 

I am thinking you will find the Thai end easier than the USA end.

Edited November 2, 2012 by jacko

[tomcat76 327]

'Seems like the only practical way to do this, and definitely the cheapest, from my bank is via wire transfer. They weren't sure but their guess was that Kasikorn uses a "correspondent bank" in the US (possibly JP Morgan Chase or B of NY). 7-10 business days & $25 fixed fee. The corr bank gets a small fee on ea transaction (~0.2%?), and I have to ID them to my bank, but otherwise transparent to me. Won't really be able to do via "internet service" apparently. Can fax a request form to my bank (or upload it to my bank's website), or can call them, but no way to execute a xfr by just going online somewhere.

[jacko 8,578]

Sounds like your USA bank is a problem here.

 

If an intermediary bank gets used you can bet they want their piece of the action.....

 

I would find a bank that is 'sure' about a few things.

[tomcat76 327]

Well, the only thing they weren't sure about is what Kasikorn uses for their correspondent bank. I can probably live with the 7-10d wait. I've been pretty happy with my bank (which is a CU). 'Don't think I want to open another account with a national bank just for this. Maybe I'll change my mind if the whole thing proves unworkable or ends up costing more per transaction. I would've liked to have been able to execute the transfers just by going online, but I can manage.

[jacko 8,578]

Not sure what being a CU represents, but I do recall from my time in the USA being surprised at the small local banks and their lack of worldly services. In the little UK we have National banks who are experienced and accommodating to international needs.

Buy travellers cheques!

[tomcat76 327]

Credit Union. It's definitely not one of the national banks (yes, we have those, too...), but up until now (and that's a lot of years) has met most of my needs nicely (& cheaply). Yeah, I'll have some TCs; I usually do. Can't get them online or no-fee as advertised though (even though I have a gold AMEX).