Transferring money from UK to Thailand

[Carlosm]

7 hours ago, Carlosm said:

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.

Sorry, alcohol related answer.... currency solutions.. cannot go wrong if 10 + ... seriously, exchange rate is way way better than any other !!

[Jip99]

5 hours ago, scubascuba3 said:

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

 

 

Trust me, I used to be a bank manager and I don’t incur any charges for sending by UK bank.

 

I use TW .

 

 

Work that one out for yourself.

[Tidybeard]

I use Transferwise every few months for my living expenses ... very quick and efficient service with best exchange rates - check it out. 

[Chivas]

Transferwise will beat virtually anyone for amounts up to around £3500 because of using interbank rates and no landing fee at the Thai account but it is an ever increasing senders fee rather than fixed say with Halifax or wherever

 

There comes a point that the fixed fee for the transfer landing at TT rates including landing fee beats Transferwise. When I was doing dummy transfers with the Halifax verses Transferwise the Halifax bottom line started to exceed transferwise bottom line at around £3600.

 

Your own bank will charge different fixed fees some £25 etc so Transferwise would certainly be a better bet up to £7000 or more. You need to do do a few dummy transfers to see what best for you

 

I use Transferwise period

Edited May 15, 2018 by Chivas

[simoh1490]

4 hours ago, Sumarianson said:

 

FET ( Foreign Exchange Transaction)  was only relavent to Condo purchase, only a letter from your bank is required now.

1

The FET is ALSO relevant if you want to send the funds out of Thailand once again.

[jacko45k]

On 5/14/2018 at 1:43 AM, jakestevernson said:

£10,000

That should not raise any eyebrows,

[jakestevernson]

Thanks every one. I think I will use TransferWise.

Sent from my Moto G (4) using Tapatalk

[Antiparovian]

23 hours ago, petermik said:

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

Use the Halifax Clarity card. Zero charges and on average just 0.16 Baht/£ less than the MMR.

[simoh1490]

5 minutes ago, Antiparovian said:

Use the Halifax Clarity card. Zero charges and on average just 0.16 Baht/£ less than the MMR.

What is MMR?

[Oxx]

2 hours ago, simoh1490 said:

What is MMR?

 

Mid-Market Rate.

[simoh1490]

Just now, Oxx said:

 

Mid-Market Rate.

aka "midpoint", got it, thanks.

[scubascuba3]

Use the Halifax Clarity card. Zero charges and on average just 0.16 Baht/£ less than the MMR.

I totally agree, i have 2 cards, so easy to make a withdrawal at probably the best rate available with no charges and then deposit it in your Thai bank account. The only limit is the credit limit

[rickudon]

I use my Clarity card. Exchange rate you get is about the same as Transferwise, and about 0.4 baht better than TT rates. The only problem is ATM fees (which i have been unable to avoid in Udon, hard to find a bank that will do a counter withdrawal unless they add a fee too!). But still cheaper than a Swift transfer from Halifax bank unless i send over 2000 GBP (depends on TT rate, sometimes it would take a lot more for SWIFT to be better). So, Clarity is best for my monthly expenses, only use SWIFT for large amounts. Just have to remember to pay off the card after a transfer. Also, i only get money as i need it, no need to plan days ahead.

[JAS21]

I frequently ... too frequently in fact! use TransferWise to send £9999 from the UK to my Thai Bank account. I don't send £10K because my banks fraud team for some reason lock my account when I do, so I send £1 short.

 

You might not be wise to send money that you have not earned in the same calendar year. A way around this is to have another account with money in and send money into that account and then send money back to the original account. Then how can anyone tell when the money you send here was earned. 

[johnson36]

On 15/05/2018 at 9:48 AM, Golden Brown said:

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.

how much does the Kasikorn Bank account charge as a fee for receiving GBP ? is it a fixed fee for any amount of money ?

[Chivas]

3 minutes ago, johnson36 said:

how much does the Kasikorn Bank account charge as a fee for receiving GBP ? is it a fixed fee for any amount of money ?

Cant be certain for kasikorn but SCB charge 300-500 baht depending on level of transfer albeit with Transferwise those fees dont exist

Edited May 17, 2018 by Chivas

[simoh1490]

You have to consider the sending fee, the receiving fee and the exchange rate, the total of which will give you the overall charge - BUT, as a percentage of the amount sent it will vary according to how much you do send. For larger amounts, HSBC wins hands down, on smaller amounts, Transferwise or the equivalent makes sense.

[johnson36]

I have just done a check at 11.00am.

 

If I was to send £10000 from my HSBC to a Kasikorn bank account I would get a rate of 42.79 after taking off the £4 (171 baht) HSBC fee and the 500 baht Kasikorn receiving GBP fee I would receive 427232 baht.

 

Sending £10000 from transferwise at the same time 11.00am would have got 430748 baht into the thai bank. 3516 baht more.

 

The transferwise rate is fixed at the time of sending BUT the GBP from HSBC would be converted to baht in a couple of days time at the rate on that day, so if there was a drop of 0.5 baht after you clicked send then you would receive another 5000 baht less.

 

Edited May 17, 2018 by johnson36

[simoh1490]

41 minutes ago, johnson36 said:

I have just done a check at 11.00am.

 

If I was to send £10000 from my HSBC to a Kasikorn bank account I would get a rate of 42.79 after taking off the £4 (171 baht) HSBC fee and the 500 baht Kasikorn receiving GBP fee I would receive 427232 baht.

 

Sending £10000 from transferwise at the same time 11.00am would have got 430748 baht into the thai bank. 3516 baht more.

 

The transferwise rate is fixed at the time of sending BUT the GBP from HSBC would be converted to baht in a couple of days time at the rate on that day, so if there was a drop of 0.5 baht after you clicked send then you would receive another 5000 baht less.

 

3

And if there was an increase of 0.5 baht after you clicked you might receive 5,000, more which makes it a better deal, a gamble either way.

[johnson36]

12 minutes ago, simoh1490 said:

And if there was an increase of 0.5 baht after you clicked you might receive 5,000, more which makes it a better deal, a gamble either way.

correct. BUT an increase of 0.5 baht would and a gain of 5000 baht would only make you better of by 1484 baht (5000 - 3516)... A drop of 0.5 baht would make you worse off by 8516 baht. It's an easy decision, I will open a TW account.

[Antiparovian]

21 hours ago, rickudon said:

I use my Clarity card. Exchange rate you get is about the same as Transferwise, and about 0.4 baht better than TT rates. The only problem is ATM fees (which i have been unable to avoid in Udon, hard to find a bank that will do a counter withdrawal unless they add a fee too!). But still cheaper than a Swift transfer from Halifax bank unless i send over 2000 GBP (depends on TT rate, sometimes it would take a lot more for SWIFT to be better). So, Clarity is best for my monthly expenses, only use SWIFT for large amounts. Just have to remember to pay off the card after a transfer. Also, i only get money as i need it, no need to plan days ahead.

Am based in Nong Khai. Bangkok Bank do not charge for in bank cash advances on Clarity card. N.B. technicaly you have to be a UK resident to use a Clarity card.

[rickudon]

Technically, I an still UK resident, as have address in the UK, Taxed in the UK, and spend some time there every year. But that is a grey area, depends on who sets the rules (I am fairly sure that i meet the rules the banks set). 

[johnson36]

I have opened a Transferwise account today and sent a small amount or money to my wifes daughter to test how long it takes to get in her bank. It took just 10 minutes to set up an account and send the money.

As the daughter is now a saved recipient the next transaction is very simple as I will not need to input bank account detail etc.