Money Transfers From The Uk

[astral]

I have just been having a barney with my bank in the UK.

I asked them to send a sum of sterling over to the Krung Thai bank. My bank in the UK decided to convert it for me and send baht. I was livid as it cost me 8000 baht in lost funds, as the exchange rate was not nearly as good as here.

To say nothing of the difficulties I might have here, where certain depts, like immigration like to see foregn currency coming in.

I know one poor chap who transfered money to buy a condominium and his bank sent baht. It was no good as the rules require foreign currency for such purchases.

My bank informs me that it "is policy" to convert funds before transfer, where the amount is less that 20,000 Pounds, unless otherwise stated.

I am writing this to warn other forum members who will be transfering funds.

Spell it out that you require a Sterling transfer.

Fortunately I have a little clout and my bank has agreed to refund the difference.

You may not be so lucky.

[JimGant]

This holds true in the US too. The first time I wired money to Thailand, I was puzzled by the two check blocks: 'US Currency' and 'Foreign Currency.' Fortunately, the clerk knew which one to check for best exchange rate. Without her explanation, I would have been hard pressed to figure it out myself.

So, if you're getting a lot less wired than you had expected, suspect the 'foreign currency' block being checked.

having a barney

We've been learning a bit of Aussie here lately. How about a "British" lesson (the context gives away its meaning -- but what about its derivation)?

[RDN]

I asked them to send a sum of sterling over to the Krung Thai bank.  My bank in the UK decided to convert it for me and send baht.  I was livid as it cost me 8000 baht in lost funds, as the exchange rate was not nearly as good as here.

I am writing this to warn other forum members who will be transfering funds.

Spell it out that you require a Sterling transfer.

I always use a SWIFT transfer form to transfer from a UK bank or building society to my Thai bank (which is also Krung Thai). The form has a space for the currency and I always select British Pounds and have had no trouble with yearly visa extensions that require 800,000 baht to be transferred.

Although it costs £20 at the UK end for the transfer, I got a rate of 71.36 baht/pound, which I thought was preetty good!

[OldAsiaHand]

Given the way things usually work around here, it is odd but true.

Thai banks are the most generous international financial institutions I have ever encountered with respect to the foreign exchange rates they offer on bank transfers, and for that matter, even on the buy-sell spreads they set for ordinary tourist currency exchanges. In the twenty years or so I have been effected by such matters, one was always better off, sometime vastly so, bringing foreign currency into Thailand and buying baht here or buying foreign currency here and sending it out than to deal with overseas banks in FX transactions involving the baht. I hope the local banks never work out how other international banks routinely rape their clients with FX rates and fees.

[cutethaigirl]

it is simply down to ticking the right box in the UK.

ALWAYS tick the one that says transfer UK Sterling as the rate is way better when exchanged in THailand.

What the bank told the original poster is rubbish and is probably an excuse to cover up a lazy clerk's error.

[Up2U]

I use Lloyds. Although they are an extraordinary pain in many ways (such as the initial transfer) I now have them sending a regular quarterly payment for my rent - far less than the £20 grand mentioned. Always in sterling.

My salary, or part of it, gets transferred from my employer, whether Arab or European (currently German) in the currency of my contract.This without asking. But British banks are the most contrary people I know. Problems to transfer to Thailand, because of the fear of money-laundering, but no problems transferring to Dubai, which is the money-laundering capital of the world.

[Emuu]

For transactions of 20 - 50 Thousand Baht per day at good exchange rates, I find using the local ATM for a Lloyds Isle of Man debit card a very convenient way to do business.

It also leaves no paper or electronic trail opento anyone other than the bank which is in a confidential haven.

[lopburi3]

It also leaves no paper or electronic trail opento anyone other than the bank which is in a confidential haven.

It is also worthless for extension of stay proof of foreign funds transfer so if that is the reason for transfer it would not be a good option.

[Up2U]

For transactions of 20 - 50 Thousand Baht per day at good exchange rates, I find using the local ATM for a Lloyds Isle of Man debit card a very convenient way to do business.

It also leaves no paper or electronic trail opento anyone other than the bank which is in a confidential haven.

But Lloyds will not send any debit card or credit card to me in Thailand, because it is 'not safe'.

So I asked them to send it to my sister in UK. It never arrived at my sisters address, but someone used it (without the PIN registration) to empty my account.

I do have problems with Lloyds, even though I still use them.

They are just your average UK High Street bank. No better and no worse than the others, but out of touch with the needs of people who do not live within walking distance of the nearest branch.

[GuestHouse]

But Lloyds will not send any debit card or credit card to me in Thailand, because it is 'not safe'.

Odd that because they have always sent my cards to Tailand, admitedly to my employers address but it has never been a problem

[RDN]

Lloyds will not send any debit card or credit card to me in Thailand, because it is 'not safe'. So I asked them to send it to my sister in UK. It never arrived at my sisters address, but someone used it (without the PIN registration) to empty my account. I do have problems with Lloyds, even though I still use them. They are just your average UK High Street bank. No better and no worse than the others, but out of touch with the needs of people who do not live within walking distance of the nearest branch.

- very true (being out of touch), and many institutions are like that, I'm afraid. My International Driving Permit never arrived in Thailand and the only way to contact the department of the AA that issued it, is to telephone them! The call will cost more than the damm IDP!

And my credit card runs out soon - but they will send it to my mum's address in England. She has strict instructions not to send it to me here because I'm sure it will get stolen. I will pick it up the next time I go home. (Next time? - I haven't been back once yet ).

[RDN]

See also the thread: Getting Money to Thailand From the UK started by Simbo.

After several trips to Thailand and using my NatWest ATM card, I read in the Mail on Sunday about Nationwide Building society charging nothing for ATM cash withdrawals. So I got an account and card and did some tests:

Here are the comparisons of Nationwide vs. National Westminster bank:

10,000 baht: NatWest £162.83, Nationwide £154.23

5,000 baht: NatWest £81.69, Nationwide £77.30

- it's like getting a rate of 66.5 baht/£ instead of 70 (or getting 6,650 baht out of the ATM instead of 7,000).

The above figures were true at the end of 2001. I used both cards in the same ATM on the same day and checked the charges when I got back to England.

Thank you Nationwide and Mail on Sunday!

[KevinN]

It does not make any difference to immigration or your bank book whether they transfer US dollars,spanish dubloons, or pound sterling, It is coded in your book that XXX TBH was deposited to your acct. and the code is currency,transfer or what,and the code they put in the book is an O'seas cash transfer code. I have never had any problems at immigration and I have always deposited with a VISA DEBIT/CHECK card and it is made in TBH from my bank in the usa.and I have always got the daily exchange rate as of that time, and the transfer from start to finish is less than 5 minutes and costs me 60 baht service fee.and I go down and check at the ATM and my money is there.

[astral]

But Lloyds will not send any debit card or credit card to me in Thailand, because it is 'not safe'.

Royal Bank of Scotland will send my ATM cards here,

but the Ba.....ds in Southend will not send credit cards.

[astral]

It does not make any difference to immigration or your bank book whether they transfer US dollars,spanish dubloons, or pound sterling, It is coded in your book that XXX TBH was deposited to your acct. and the code is currency,transfer or what,and the code they put in the book is an O'seas cash transfer code. I have never had any problems at immigration and I have always deposited with a VISA DEBIT/CHECK card and it is made in TBH from my bank in the usa.and I have always got the daily exchange rate as of that time, and the transfer from start to finish is less than 5 minutes and costs me 60 baht service fee.and I go down and check at the ATM and my money is there.

Wrong!!

it can be the difference between 69 and 71 baht to the pound, and that is worth having.

For immigration I always ask the bank for the record of the exchange,

a printed sheet showing the incoming currency and the date.