Nationwide Swift Transfer

[Phil_ne_uk]

I am about to make a swift transfer from my Nationwide account in the UK and am confused so have a couple of questions.

Please can anyone tell me if it’s best to transfer the money into a Thai Baht account, or should I have a pounds sterling account?

Also can I transfer the funds from my e savings account or do I have to transfer it to my flex account?

Cheers

Phil

[jbaldwin]

You can only make a SWIFT transfer from your flex account. You can download the form from the internet. They will only accept hard copy.

You general get much better rates by transferring Sterling and allowing the Thai bank to convert.

If you are transferring fairly small amounts, you get a better rate by using an ATM (£300 per day max). This is because, unlike other UK banks, there are no overseas ATM charges

[Phil_ne_uk]

Thanks for the info Jbaldwin, one more thing, does that mean I do need to open a sterling account at the Bangkok bank where I already have a Thai Baht account?

cheers

Phil

[reasonstobecheerful]

Thanks for the info Jbaldwin, one more thing, does that mean I do need to open a sterling account at the Bangkok bank where I already have a Thai Baht account?

cheers

Phil

I can answer that Phil....it may be well worth your while opening a GBP account at BKK bank and it's easy. They actually pay pretty good interest, 3% instant access, about 3.5% one month, and you can then change to baht account as and when you find necessary and you get the TT rate, also very fair.

I am interested in something from you.....I also have a Natwide acct. I brought some Swift forms to Thailand ready to send three years ago. When my sister went in to deliver one I filled out they would not do the transfer something about terrorism and money laundering and I had to go in person. Please could you PM me your experience I would very much like to know...thankyou.

BTW I although Natwide are by no means a full service bank i recommend them to all highly they are very fair in everything.

[naka]

Thanks for the info Jbaldwin, one more thing, does that mean I do need to open a sterling account at the Bangkok bank where I already have a Thai Baht account?

cheers

Phil

No you do not need a sterling account.

Simply tell the sending bank that you want the funds transferred in Sterling.

Funds will then be changed automatically into Baht at the receiving bank

( Cos your account is a Baht account ).

As someone else said SWIFT is best for larger transfers as there is a fixed

cost of about 30 pounds regardless of how much you transfer.

Naka.

Edited January 23, 2007 by naka

[Baht Simpson]

Last year I needed to transfer BHT 800,000 to my Kasikornbank account to cover my Non-Imm O "retirement" permit. I have a flex account with Nationwide and asked if I could remit them the Swift form for the transfer as I was already in Thailand. They insisted that I come the branch in person to fill out the form for money-laundering purposes. Unfortunately this wasn't possible so I had to transfer the money to my brother to send from his bank. Everything went fine with the transfer and I got a pretty good rate.

This year I have to transfer the money in February to allow the three months period for renewal. Unfortunately to get a good rate on my savings I fixed my money in until May, two weeks before my renewal when I would be back in the UK to transfer the cash to Thailand. I have barely enough liquid funds to cover the transfer. I accounted for an increase to the "retirement" amount but I'm afraid I didn't see the three month requirement coming. Ah well, looks like I'll have to get an overdraft for three months.

[Phil_ne_uk]

Thanks for the replies guys.

Funds will then be changed automatically into Baht at the receiving bank

( Cos your account is a Baht account)

I understood that by transferring into a sterling account I can then choose when to either transfer to sterling or withdraw funds here when the exchange rate is higher. If the money is transferred to Baht when it gets here, that means I don’t have any control of the rate at that time, yes/no??

As someone else said SWIFT is best for larger transfers as there is a fixed

cost of about 30 pounds regardless of how much you transfer.

The money is to buy a house. Incidentally Nationwide's fee is £20

One thing, I have a Thai Baht account already, if I open a sterling account, are these current accounts or savings accounts??

cheers

Phil

[Phil_ne_uk]

Oh well, I guess nobody knows the answers to my questions

[luckyluke]

Oh well, I guess nobody knows the answers to my questions

According to my experience , as a farang you can not open an account here in Thailand in other valuta than bath.

[Phil_ne_uk]

According to my experience , as a farang you can not open an account here in Thailand in other valuta than bath.

Not true actually. I went to my bank today (BKK bank) and opened a sterling account, I just had to show my passport which shows my non imm O visa. I just have to wait two days for the account number.

[Khun Bob]

Be interested to hear on peoples experience of opening non-baht accounts in thailand and of transferring funds to them - specifically, GBP, USD, EUR, MYR, CHF and LAK (some very good interest rates on these - my public bank veintaianne account pays 16%++ on LAK... Shame about the currency though!)

[naka]

Thanks for the replies guys.

Funds will then be changed automatically into Baht at the receiving bank

( Cos your account is a Baht account)

I understood that by transferring into a sterling account I can then choose when to either transfer to sterling or withdraw funds here when the exchange rate is higher. If the money is transferred to Baht when it gets here, that means I don’t have any control of the rate at that time, yes/no??

As someone else said SWIFT is best for larger transfers as there is a fixed

cost of about 30 pounds regardless of how much you transfer.

The money is to buy a house. Incidentally Nationwide's fee is £20

One thing, I have a Thai Baht account already, if I open a sterling account, are these current accounts or savings accounts??

cheers

Phil

I assume you mean Sterling Fixed Deposit account ... I could be wrong but I have

never heard of foreign currency savings/current accounts.

Anyway, up to you if you really think you have an insight into

the future Baht/Pound exchange rate.

Naka.

Edited January 25, 2007 by naka

[topfield]

Thanks for the replies guys.

Funds will then be changed automatically into Baht at the receiving bank

( Cos your account is a Baht account)

I understood that by transferring into a sterling account I can then choose when to either transfer to sterling or withdraw funds here when the exchange rate is higher. If the money is transferred to Baht when it gets here, that means I don’t have any control of the rate at that time, yes/no??

As someone else said SWIFT is best for larger transfers as there is a fixed

cost of about 30 pounds regardless of how much you transfer.

The money is to buy a house. Incidentally Nationwide's fee is £20

One thing, I have a Thai Baht account already, if I open a sterling account, are these current accounts or savings accounts??

cheers

Phil

I assume you mean Sterling Fixed Deposit account ... I could be wrong but I have

never heard of foreign currency savings/current accounts.

Anyway, up to you if you really think you have an insight into

the future Baht/Pound exchange rate.

Naka.

Dear Naks

Sure are foreign currency a/cs here in Thailand. Take a look at the Bangkok Post and you will see the f/d rates of TWO local Thai banks . Very low rates with 15 percent withholding tax to boot so not recommended !