Nationwide Building Society UK - Sending money to Thailand

[simoh1490]

The OP says he transferred THB so he doesn't have to worry about the exchange rate, I wonder if he could tell us what the exchange rate was? By far the cheapest way to transfer money to Thailand is to transfer GBP and let the Thai bank make the currency conversion, buying THB at Nationwide in the UK and then transferring that is an extremely expensive way to go.

[kamma]

@simoh1490

 

2 minutes ago, simoh1490 said:

The OP says he transferred THB so he doesn't have to worry about the exchange rate, I wonder if he could tell us what the exchange rate was? By far the cheapest way to transfer money to Thailand is to transfer GBP and let the Thai bank make the currency conversion, buying THB at Nationwide in the UK and then transferring that is an extremely expensive way to go.

 

The rate was 42.9580 Baht to the Pound. Plus 20 GBP fee for the transfer.

 

After one week money still hasn't arrived.

[simoh1490]

3 minutes ago, kamma said:

@simoh1490

 

 

The rate was 42.9580 Baht to the Pound. Plus 20 GBP fee for the transfer.

 

After one week money still hasn't arrived.

That's an amazing rate from NW, a week ago the GBP buy rate in Thailand was 43.28, wow - https://www.bot.or.th/english/statistics/_layouts/application/exchangerate/exchangerate.aspx

 

I suspect the royal cremation plays a role in your delay since the banks were closed a part of the week.

 

[kamma]

2 minutes ago, simoh1490 said:

That's an amazing rate from NW, a week ago the GBP buy rate in Thailand was 43.28, wow - https://www.bot.or.th/english/statistics/_layouts/application/exchangerate/exchangerate.aspx

 

I suspect the royal cremation plays a role in your delay since the banks were closed a part of the week.

 

I have an alert set up with Transferwise where they e-mail me when the Baht-GBP rate hits a certain threshold. So I usually make my exchanges when I get the alert.

 

As regards the royal cremation. I had considered that too. But they said only the 26th would be a national holiday...

 

Yeah well. Hopefully by next week.

[simoh1490]

1 minute ago, kamma said:

I have an alert set up with Transferwise where they e-mail me when the Baht-GBP rate hits a certain threshold. So I usually make my exchanges when I get the alert.

 

As regards the royal cremation. I had considered that too. But they said only the 26th would be a national holiday...

 

Yeah well. Hopefully by next week.

Ah, so it's a Transferwise rate, not a Nationwide rate, now I understand.

[kamma]

@simoh1490

 

No. The rate I quoted was the one I got from Nationwide when I made the SWIFT transaction.

 

But I use the Transferwise alert as a general indicator of the going rate. 

 

I also exchange GBP to Baht using REVOLUT and have found that when I get a Transferwise alert I also get favourable rates through REVOLUT.

 

Hope I'm making myself clear.

[KittenKong]

3 hours ago, kamma said:

After one week money still hasn't arrived.

 

Have you called Nationwide?

[kamma]

@KittenKong

 

Yes.

 

I first messaged them on Thursday. Got a response back Friday saying the money should have arrived Thursday (02/11) latest, and if not to let them know so they can begin a trace.

 

So I messaged back right away instructing them to start a trace but I haven't heard back from them yet, probably 'cos it's the weekend.

 

And today I called their 24HR help line and the lady vaguely said something about the money being in a holding account on the receiving end...she said she didn't have much information so I should call back later when their 'CHAPS & SWIFT Team' are available.

 

I've called back twice since but can't get past the automated teller that has had me on hold forever.

[trd]

[mention=182914]KittenKong[/mention]
 
Yes.
 
I first messaged them on Thursday. Got a response back Friday saying the money should have arrived Thursday (02/11) latest, and if not to let them know so they can begin a trace.
 
So I messaged back right away instructing them to start a trace but I haven't heard back from them yet, probably 'cos it's the weekend.
 
And today I called their 24HR help line and the lady vaguely said something about the money being in a holding account on the receiving end...she said she didn't have much information so I should call back later when their 'CHAPS & SWIFT Team' are available.
 
I've called back twice since but can't get past the automated teller that has had me on hold forever.

If it's in a holding account in Thailand then you know who you should be calling.

[kamma]

18 minutes ago, trd said:

31 minutes ago, kamma said:

[mention=182914]KittenKong[/mention]
 
Yes.
 
I first messaged them on Thursday. Got a response back Friday saying the money should have arrived Thursday (02/11) latest, and if not to let them know so they can begin a trace.
 
So I messaged back right away instructing them to start a trace but I haven't heard back from them yet, probably 'cos it's the weekend.
 
And today I called their 24HR help line and the lady vaguely said something about the money being in a holding account on the receiving end...she said she didn't have much information so I should call back later when their 'CHAPS & SWIFT Team' are available.
 
I've called back twice since but can't get past the automated teller that has had me on hold forever.

If it's in a holding account in Thailand then you know who you should be calling.

 

Could you explain please?

 

What is the significance of it being in a holding account in Thailand?

Edited November 4, 2017 by kamma

[trd]

 

Could you explain please?

 

What is the significance of it being in a holding account in Thailand?

Well if it's in a holding account in Thailand there is no point in talking to NW any more. The funds have been sent. It sounds like the Thai Bank has not received an explanation of use of funds. This happened to me a few months ago when I transferred a large sum to my Thai account. The money had been sent but it wasn't in my Thai account. I got a telephone call from the bank asking what the funds were for. Ten minutes later it was in my account. It was obviously being held in a holding account pending approval. You really are making this complicated. Call the bank. If you don't they will send it back to the UK.

 

[kamma]

9 minutes ago, trd said:

3 hours ago, kamma said:

 
Could you explain please?
 
What is the significance of it being in a holding account in Thailand?

Well if it's in a holding account in Thailand there is no point in talking to NW any more. The funds have been sent. It sounds like the Thai Bank has not received an explanation of use of funds. This happened to me a few months ago when I transferred a large sum to my Thai account. The money had been sent but it wasn't in my Thai account. I got a telephone call from the bank asking what the funds were for. Ten minutes later it was in my account. It was obviously being held in a holding account pending approval. You really are making this complicated. Call the bank.

This is not my Thai account I'm sending money to.

 

It is a payment to someone else and I've made this clear in my previous post.

 

I can't just call some random Thai bank that I have no account or connection to. I have contacted the payee and they keep saying that payment has not arrived.

 

Besides, the customer help I spoke to at Nationwide was very vague. She mumbled holding account. wrong account and some other nonsense. I need to first talk to the relevant department, ie. CHAPS & SWIFT to fully understand what is going on.

 

And in any event. I think it is very relevant to stay on top of things with Nationwide as I can always instruct a recall of my money.

Edited November 4, 2017 by kamma

[trd]

This is not my Thai account I'm sending money to.
 
It is a payment to someone else and I've made this clear in my previous post.
 
I can't just call some random Thai bank that I have no account or connection to. I have contacted the payee and they keep saying that payment has not arrived.
 
Besides, the customer help I spoke to at Nationwide was very vague. She mumbled holding account. wrong account and some other nonsense. I need to first talk to the relevant department, ie. CHAPS & SWIFT to fully understand what is going on.
 
And in any event. I think it is very relevant to stay on top of things with Nationwide as I can always instruct a recall of my money.

Then ask the payee to call the bank.

[KittenKong]

10 hours ago, kamma said:

What is the significance of it being in a holding account in Thailand?

 

In my first post in this topic last Thursday I explained this.

 

" Are you aware that Thai banks often dont apply transfers directly to an account, particularly larger transfers: the money stops at their head office and they wait for the recipient to agree the exchange rate (which is negotiable). Maybe they haven't been able to contact the recipient for some reason? "

[kamma]

6 hours ago, KittenKong said:

 

In my first post in this topic last Thursday I explained this.

 

" Are you aware that Thai banks often dont apply transfers directly to an account, particularly larger transfers: the money stops at their head office and they wait for the recipient to agree the exchange rate (which is negotiable). Maybe they haven't been able to contact the recipient for some reason? "

@KittenKong

 

But there should be no exchange rate as I sent Thai Baht.

 

Well tomorrow's Monday hopefully something gets done? I let the payee (recipient) know last Friday to contact their bank and check but they didn't respond to me...probably took an early weekend?

 

I really do hope things work out tomorrow?

 

Supposed to be a simple transfer really.

[simoh1490]

29 minutes ago, kamma said:

@KittenKong

 

But there should be no exchange rate as I sent Thai Baht.

 

Well tomorrow's Monday hopefully something gets done? I let the payee (recipient) know last Friday to contact their bank and check but they didn't respond to me...probably took an early weekend?

 

I really do hope things work out tomorrow?

 

Supposed to be a simple transfer really.

Call me thick if you want for not understanding and call me lazy for not re-reading every post in the thread, but I'm still confused! You set up an alert with Transferwise to tell you when there was a good rate, then you bought Baht and you transferred to Thailand using Nationwide, however, does all that come together! The rate that Transferwise gave you was their rate and has nothing to do with any rate that Nationwide might have. So since you transferred Baht via Nationwide, presumably you bought the baht from them?

[kamma]

2 minutes ago, simoh1490 said:

Call me thick if you want for not understanding and call me lazy for not re-reading every post in the thread, but I'm still confused! You set up an alert with Transferwise to tell you when there was a good rate, then you bought Baht and you transferred to Thailand using Nationwide, however, does all that come together! The rate that Transferwise gave you was their rate and has nothing to do with any rate that Nationwide might have. So since you transferred Baht via Nationwide, presumably you bought the baht from them?

@simoh1490

 

Correct.

 

I simply use Transferwise as an indicator of the going rate. That's it.

 

Transferwise has a convenient alert system to tell me when the GBP-BAHT reaches a certain level.

 

I don't use Transferwise to make the actual exchange. Just as an alert system.

 

Of course when I use my banks (Nationwide, Natwest etc) to make the exchange the rate will be different. But I've found that because Transferwise is very popular and competitive it is a good indicator of the going GBP-BAHT rate.

 

Hope that helps?

[simoh1490]

5 minutes ago, kamma said:

@simoh1490

 

Correct.

 

I simply use Transferwise as an indicator of the going rate. That's it.

 

Transferwise has a convenient alert system to tell me when the GBP-BAHT reaches a certain level.

 

I don't use Transferwise to make the actual exchange. Just as an alert system.

 

Of course when I use my banks (Nationwide, Natwest etc) to make the exchange the rate will be different. But I've found that because Transferwise is very popular and competitive it is a good indicator of the going GBP-BAHT rate.

 

Hope that helps?

Understood, thanks. For future reference: next time you want to make a transfer from UK Pounds to THB in a Thai bank, transfer Pounds and let the Thai bank make the currency exchange, there's no additional charge but you will save loads on the exchange rate, use the daytoday link I posted earlier to see what the rate is in real time.

[KittenKong]

1 hour ago, kamma said:

But there should be no exchange rate as I sent Thai Baht.

 

Indeed, but it still could have stopped at their head office for whatever reason. This would explain why Nationwide mentioned a holding account.

 

The point is that if the recipient is just checking his balance online then he could wait indefinitely for the money to be credited if the bank is trying to contact him unsuccessfully about it. He has to ask his branch.

 

Good luck with it anyway.

[kamma]

@simoh1490

 

Thank you for the tip simoh.

 

@KittenKong

 

Thanks kittenkong I will make sure to tell the recipient to get in touch with their bank instead of just checking the balance.

 

 

Edited November 5, 2017 by kamma

[partington]

Yep this seems a bad way to go about it - no help now but you'll know in future.

 

First always send GBP for best rate

 

Second if you need to pay someone a fixed amount in baht, send GBP to your own Thai account first and transfer the payment in baht to your payee from your Thai bank after all transfer and conversion has occurred successfully.

Edited November 5, 2017 by partington

[KittenKong]

7 hours ago, partington said:

Second if you need to pay someone a fixed amount in baht, send GBP to your own Thai account first and transfer the payment in baht to your payee from your Thai bank after all transfer and conversion has occurred successfully.

 

For me the most important part of this is that if you transfer first to your own Thai Baht account, and then on to someone else's Thai Baht account, you do have a documentary trail of proper local evidence that the transfer was made and received, and exactly to which account it was made, and the name of the account holder.

 

Anything coming direct from abroad is much less transparent.

[The Fat Controller]

On 05/11/2017 at 2:24 PM, simoh1490 said:

Understood, thanks. For future reference: next time you want to make a transfer from UK Pounds to THB in a Thai bank, transfer Pounds and let the Thai bank make the currency exchange, there's no additional charge but you will save loads on the exchange rate, use the daytoday link I posted earlier to see what the rate is in real time.

WRONG !

All major Thai banks have a charge of 0.25 % with a max of 300-500 Baht on incoming foreign currency.

You won't see it itemised but I can assure you that for the last 13 years it has been taken, last time Krung Thai also charged 50 Baht to transfer the funds from Head Office in Bangkok to the branch in Ubon.

All on their website.

[simoh1490]

38 minutes ago, The Fat Controller said:

WRONG !

All major Thai banks have a charge of 0.25 % with a max of 300-500 Baht on incoming foreign currency.

You won't see it itemised but I can assure you that for the last 13 years it has been taken, last time Krung Thai also charged 50 Baht to transfer the funds from Head Office in Bangkok to the branch in Ubon.

All on their website.

It's an absolute mystery to me at this point why I wrote there is no other charge, I've been here 15 years and I know full well that Thai banks levy a receiving charge (although that is true regardless of whether THB or GBP is remitted)! I must have had some thought in my mind when I wrote it, god only knows what it was....apologies to all if it was misleading.

[kamma]

An update:

 

To all those interested.

 

On the phone for almost an hour with Nationwide.

 

Many of you were correct. As Nationwide uses 'Agent banks' for international transfers the money had arrived on 02/11 and has been sitting in this third party account.

 

The payee (recipient) who happens to be Thailand Elite (yes that was what the payment was for) refuses to simply understand this and just keeps stating that the money hasn't arrived in their account yet.

 

I've kept telling them that they need to be proactive and confirm the incoming payment, as Nationwide has instructed me to tell them, but Thailand Elite keeps repeating, '...money not yet arrived into our account...'?!

 

Therefore, I can't be asked to deal with this back and forth.

 

I've simply instructed Nationwide to recall my money...and I'll reconsider what I'll do with the cash once it gets back into my account.

 

(And yeah I'm gonna get stung on the exchange rate back to Sterling).

 

Will keep you all posted.

Edited November 6, 2017 by kamma

[JAS21]

51 minutes ago, kamma said:

An update:

 

To all those interested.

 

On the phone for almost an hour with Nationwide.

 

Many of you were correct. As Nationwide uses 'Agent banks' for international transfers the money had arrived on 02/11 and has been sitting in this third party account.

 

The payee (recipient) who happens to be Thailand Elite (yes that was what the payment was for) refuses to simply understand this and just keeps stating that the money hasn't arrived in their account yet.

 

I've kept telling them that they need to be proactive and confirm the incoming payment, as Nationwide has instructed me to tell them, but Thailand Elite keeps repeating, '...money not yet arrived into our account...'?!

 

Therefore, I can't be asked to deal with this back and forth.

 

I've simply instructed Nationwide to recall my money...and I'll reconsider what I'll do with the cash once it gets back into my account.

 

(And yeah I'm gonna get stung on the exchange rate back to Sterling).

 

Will keep you all posted.

Do I understand correctly that you used Nationwide?  edit sorry didn't see above

 

You mention earlier Revoult and TransferWise.  I looked at Revoult's site but I couldn't make it match the TransferWise offer. At present I am surprised  that anyone sending money from the UK to Thailand uses anyone other that TransferWise.

 

I have asked before if anyone knows a company that overall gives a better exchange rate and takes around two days please let me know ... we seem to get through quite a lot of money each month ... but fortunately quite a bit less than many on this site .................  

Edited November 6, 2017 by JAS21

[kamma]

2 minutes ago, JAS21 said:

Do I understand correctly that you used Nationwide?

 

You mention earlier Revoult and TransferWise.  I looked at Revoult's site but I couldn't make it match the TransferWise offer. At present I am surprised  that anyone sending money from the UK to Thailand uses anyone other that TransferWise.

 

I have asked before if anyone knows a company that overall gives a better exchange rate and takes around two days please let me know ... we seem to get through quite a lot of money each month ... but fortunately quite a bit less than many on this site .................  

 

@JAS21

 

Yeah well. Once my money arrives back into my Nationwide account I might consider retrying for Thailand Elite through Transferwise?

 

Not sure though. The customer service I've received thus far from Thailand Elite doesn't feel so 'elite'? But maybe it's just the particular sales contact that I'm dealing with?

 

We'll see.

[JAS21]

Just now, kamma said:

 

@JAS21

 

Yeah well. Once my money arrives back into my Nationwide account I might consider retrying for Thailand Elite through Transferwise?

 

Not sure though. The customer service I've received thus far from Thailand Elite doesn't feel so 'elite'? But maybe it's just the particular sales contact that I'm dealing with?

 

We'll see.

I have always found TW Customer Service very helpful ... in the past TW never seemed to do the two days, but in the last year or so they have been very good ... I did suspect that it was actually my Thai Bank who held onto the money just a little .... 

 

You may be interested in reading thailandstarterkit.com many useful articles and of course I wrote the TransferWise article ..... 

[Phuket Man]

I stopped transferring from Nationwide a couple of years ago after I realised it was costing me around £50 after HSBC added their cut.

Transferwise is much cheaper.

 

[kamma]

@JAS21

 

Hey thanks for the link dude.