What is the best way to transfer funds from a USA bank to a Thailand bank, considering fees and reliability of Thai banks?

Case Study: Transferring Funds from the USA to Thailand

The original case presents a scenario where an individual, who holds investment funds in the USA, is looking to transfer money to Thailand from time to time. The main considerations for this individual are the reliability of Thai banks, the fees involved in the transfer, and the best USA and Thailand banks to use for this purpose.

According to Baan Smile, the simplest solution for international money transfers would be to use the US bank where the funds are held and the Thai bank where the individual has an account, provided both institutions have a SWIFT code. However, they caution that some US banks might require an in-person visit for large overseas transactions to prevent fraud, so it's crucial to keep the local branch manager informed.

For transferring money to Thai banks from US banks, Baan Smile recommends using Wise, or a similar money exchange transfer service. This option minimizes fees and rate conversion costs, although there will still be 'acceptance' fees charged by the Thai bank. They suggest having accounts with two or three Thai banks as a contingency plan due to Thai banks' provincial operation nature and their differing reliability compared to Western banks.

Baan Smile recommends Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank for receiving transfers from Wise. However, they note that Siam Commercial Bank has more fees and charges. An important tip given is to open an account at the largest branch of the chosen bank(s) in the province where the individual plans to live. This is due to the provincial-based operation of Thai banks, which could require dealing with issues at the branch where the account was opened.

Lastly, they warn against keeping large amounts of money in Thai banks due to a reduction in government protection for bank deposits. The Thai government only guarantees 1 million Baht per customer in each bank, a decrease from the previous 15 million.

In conclusion, Baan Smile can provide valuable guidance for individuals planning to transfer funds from the USA to Thailand. Their extensive knowledge of Thai banking operations and international money transfer options can help individuals navigate these processes smoothly and efficiently. Baan Smile's expertise can ensure that their clients make informed decisions about which banks to use and how best to transfer their funds.