Transferring money from UK to Thailand

[jakestevernson]

Hi guys,

 

Just a quick question. Does anyone know how much money you can transfer from the UK to a Thailand without being charged tax?

 

I am looking to transfer around £10,000 from my account in England to my account in Thailand.

 

Any advice would be appreciated.

 

Thanks JS

 

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[Oxx]

Who do you think will be charging you tax? Odd notion.

[jakestevernson]

Thai government for bringing money in.

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[OJAS]

The worst that, I think, could happen would be for your Thai bank to ask you to complete a foreign exchange transaction form - but only if the amount which you were transferring exceeded the equivalent of 50,000 USD, which £10,000 most certainly does not!

 

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/GPSD/FXTransactionForm_15032011.pdf

[jakestevernson]

Ojas, thank you for the reply.

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[nanglong218]

Check out forex companies for a better rate than bank to bank. 

[Pib]

Thai banks don't tax/withhold a portion incoming funds.   You might have read some really really old post or heard some old stories from the late 1990s financial crisis over in this part of the world. 

 

During that financial crisis Thailand did briefly implement some capital controls like withholding 30% of incoming funds for a period but this applied for BIG, BIG multimillion dollar/pounds/etc., transfers relating  to stocks and currency trading. 

 

It did not apply to a person transferring in X-million or less say to buy a condo, buy a car, periodic living expenses, etc.   

 

Summary: send 10K pounds and it will all arrive to the account you are sending it to.

[jakestevernson]

Thanks Pib,

I appreciate the info.

JS

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[thaiscot]

Try transferwise , if you dont know about it google it , gives better exchange rate & you only get charged once ( some banks charge you at both ends) and also quick and easy

[johnson36]

5 minutes ago, thaiscot said:

Try transferwise , if you dont know about it google it , gives better exchange rate & you only get charged once ( some banks charge you at both ends) and also quick and easy

 

Does the thai bank not charge any fee for receiving money from Transferwise ?

How much would they charge for receiving britsh pounds from my normal Uk bank account ?

[Carlosm]

Use currency solutions of London. You'll need to register, its fairly easy, but you get a way higher rate of exchange, you'll be registered under the money laundering act and dont pay any tax. Minimum transfer 10k. They have literally made me 10's of thousands over the years.

[thaiscot]

4 minutes ago, johnson36 said:

 

Does the thai bank not charge any fee for receiving money from Transferwise ?

How much would they charge for receiving britsh pounds from my normal Uk bank account ?

You only get charged by transferwise not by the thai bank and its less than any bank charges , ive used them loads have the app on my phone & tablet

[ersl]

bitcoin

[petermik]

I transfer money online using my Halifax account £9.50 charge for any amount (I make sure I do the transfer in GB pounds) to my Kasikorn account here (money transfer live daily exchange rate) they then take between 300-500 baht in fees......takes just 3 days

[PMZ]

17 minutes ago, johnson36 said:

 

Does the thai bank not charge any fee for receiving money from Transferwise ?

How much would they charge for receiving britsh pounds from my normal Uk bank account ?

I also agree that the best way to transfer funds is through Transferwise.

In your case, they will take a local payment of GBP to a UK bank and they will pay THB from a Thai Bank to your Thai bank. You know the transfer rate upfront, no other fees to be added. Faster than usual international transfers too.

I send money every month to Thailand, this saves me a fortune.

[Fontane]

50 minutes ago, thaiscot said:

Try transferwise , if you dont know about it google it , gives better exchange rate & you only get charged once ( some banks charge you at both ends) and also quick and easy

I also use TranferWise which is the Best for Rate & Quickness when I send money to my Thai Bank from the U.K. 

Download the App & is easy to set up an Account. Much better Rate than Forex & WorldRemit by comparison which I’ve used in the past until I discovered TransferWise & have recommended to Family & Friends. 

[helloagain]

Years ago i transfered £300000 here no problem

[simoh1490]

It's all well and good saying to use Transferwise but what are you going to do if you want to transfer the money back out of Thailand at some point, where will you get your FET from, Transferwise doesn't issue them! So when you decide in the future to send that money back overseas again, the bank you try to use for that purpose (you can't use Transferwise for outbound transfers) will ask, yes sir, certainly sir, FET please sir...oops.

[Jip99]

7 minutes ago, simoh1490 said:

It's all well and good saying to use Transferwise but what are you going to do if you want to transfer the money back out of Thailand at some point, where will you get your FET from, Transferwise doesn't issue them! So when you decide in the future to send that money back overseas again, the bank you try to use for that purpose (you can't use Transferwise for outbound transfers) will ask, yes sir, certainly sir, FET please sir...oops.

 

 

To be fair, most of us using Transferwise to move money from the UK are looking at a one-way Street..

 

Sound advice though for anyone moving larger amounts of capital that might go back again........I can’t think of too many of those situations either.

[Peterw42]

4 minutes ago, simoh1490 said:

It's all well and good saying to use Transferwise but what are you going to do if you want to transfer the money back out of Thailand at some point, where will you get your FET from, Transferwise doesn't issue them! So when you decide in the future to send that money back overseas again, the bank you try to use for that purpose (you can't use Transferwise for outbound transfers) will ask, yes sir, certainly sir, FET please sir...oops.

Also transferwise wont give you an FET to buy a condo

[scubascuba3]

 
 
To be fair, most of us using Transferwise to move money from the UK are looking at a one-way Street..
 
Sound advice though for anyone moving larger amounts of capital that might go back again........I can’t think of too many of those situations either.

I regularly read threads about guys trying to transfer money out of Thailand.

From what I've read over the years, for larger amounts its better to send GBP using your UK Bank, then the Thai Bank can convert to THB.
For smaller amounts companies like Transferwise are better.

For small amounts less than £10k I'd just use my clarity card where I'd easily get a better rate

[Jip99]

It is NEVER better sending money via a UK bank for conversion at a Thai bank. 

[Peterw42]

10 minutes ago, Jip99 said:

It is NEVER better sending money via a UK bank for conversion at a Thai bank. 

I have always found the local TT rate higher than the home bank rate. BKK bank TT rate today is 42.89250, lloyds is 41.79

Edited May 15, 2018 by Peterw42

[Jip99]

8 minutes ago, Peterw42 said:

I have always found the local TT rate higher than the home bank rate. BKK bank TT rate today is 42.89250

 

Indeed....but that is not what I am saying Peter. Nobody in their right mind sends Baht from a UK Bank.

 

If you simply want to compare rates, TW is currently 43.16.

 

Obviously more to it as well...TW charge less than £7 and it is free to move funds to them. With the bank transfer there will be home bank charges plus the standard Thai bank charge of 0.25% etc

Edited May 15, 2018 by Jip99

[scubascuba3]

It is NEVER better sending money via a UK bank for conversion at a Thai bank. 

Never better Sending THB from a UK bank i agree, but it is better sending GBP from a UK bank

[Jip99]

5 minutes ago, scubascuba3 said:

28 minutes ago, Jip99 said:

It is NEVER better sending money via a UK bank for conversion at a Thai bank. 

Never better Sending THB from a UK bank i agree, but it is better sending GBP from a UK bank

 

 

No.... it is better sending money the likes of TW or currency trader.

[peterb17]

Why does everyone turn to ThaiVisa it’s transferring a relativity small amount of money .

What you look for - security , speed of transfer - you can do this on-line - money will arrive the next day. 

 

Saving £5  

[Golden Brown]

I use HSBC, they charge GBP4.00 for any amount sent and it arrives within 1 to 2 hours of sending.   I always send in GBP and get an excellent exchange rate when it arrives in my Kasikorn Bank account.

[RichardColeman]

You're going to be extremely popular in the bars..................for a week or so !

[scubascuba3]

 
 
No.... it is better sending money the likes of TW or currency trader.

If you can provide backup to your claim then maybe someone will believe you. But when guys have done a comparision,sending £ by UK bank was better.

There's no point you keep saying No, we'll just agree to disagree