Minimising Banking Expenses

[Penkoprod]

Okies...... i am making a few plans prior to retiring, and coming to live in Thailand, hopefully next year

My company pension will cover the required ammount of cash needed for retirement visa, so thats not a problem ammount wise. But one thing that concerns me is getting it from my bank in UK over to Thailand. The last time i transferred any money over there my bank hit me for £18 charges !!!!

While this wasnt too bad as it WAS a fairly large, one-off ammount, i cant see myself being too happy with having to pay upwards od 1500TBH each and every month, just to get at my money each month

What do you guys in similar circumstances do to minimise this expense? I am currently with HSBC bank in UK, but dont want to leave 50,000 GBP lying around in a Premier account with them just to qualify for free services.

I know about The Nationwide account, but thats ok for ATMs and suchlike, but not so good to qualify for a retirement visa !!

Any suggestions gratefully recieved

Forgive me if this has been covered before, but..........it gets a bit busy in here, lol !!!!

Penkoprod

[niggle]

Okies...... i am making a few plans prior to retiring, and coming to live in Thailand, hopefully next year

My company pension will cover the required ammount of cash needed for retirement visa, so thats not a problem ammount wise. But one thing that concerns me is getting it from my bank in UK over to Thailand. The last time i transferred any money over there my bank hit me for £18 charges !!!!

While this wasnt too bad as it WAS a fairly large, one-off ammount, i cant see myself being too happy with having to pay upwards od 1500TBH each and every month, just to get at my money each month

What do you guys in similar circumstances do to minimise this expense? I am currently with HSBC bank in UK, but dont want to leave 50,000 GBP lying around in a Premier account with them just to qualify for free services.

I know about The Nationwide account, but thats ok for ATMs and suchlike, but not so good to qualify for a retirement visa !!

Any suggestions gratefully recieved

Forgive me if this has been covered before, but..........it gets a bit busy in here, lol !!!!

Penkoprod

I am in a similar position, although plan to move in a few months. I also bank with HSBC and was advised by the bank manager - yes there are real ones - flesh and blood ! when you can get to them, that the best way would be to hold the majority of savings in an account in the UK with the best interest rate you can find. The fees for transferring money to Thailand are based on the amount sent so transfer from high interest account to HSBC, then transfer money the least number of times as possible, maybe enough to last say 6 months at a time, this will minimise charges but you need to calculate the amount of lost interest for say 6 months against the fees paid.

Another option is to change your HSBC account to a Plus account, fees payable monthly but no charge from ATMs. Swings and roundabouts I guess.

Would be interested in any other ideas from readers - always looking to save a few quid.

[lopburi3]

The fees for transferring money to Thailand are based on the amount sent

Not in my experience. There is a fixed charge for wire transfer at originating bank. A fixed charge at intermediary bank. And a sliding rate at Thai bank that ranges from 200 to 500 baht or thereabouts. So you make few, large transfers of foreign currency and have it converted at the Thai end. The higher amount you send the lower the percentage of charge. I regularly use a US account with a high fee of $45 + $5 as exchange and about $15 at Thai end. So total cost would be less than $65 for my normal $9000 transfer or well less than one percent. The exchange rate used is full TT rate.

[Penkoprod]

Its not the "extras" i am talking about, but the month by month pension transfers that concern me

Most of my savings will be in yearly income bonds, and not with HSBC, but the interest accrued on them (and my pension) will be.....or at least thats how i plan it at present, subject to other suggestions

Penkoprod

[lopburi3]

You do know there is no requirement to bring the money in monthly? Every 3 or 4 months would help to lower the percentage you pay in fees. Unless you are really getting high interest rates.

[niggle]

I agree with lopburi - that is the advice given to me by HSBC. Do not transfer in monthly. The larger the amount in one go, the cheaper % wise it will be

[paulsmithson]

similar position and I bank with the bank of scotland. one fee of £17.50 per transaction regardless of the amount.

I shall do this once a year

[naka]

Just because you get paid your pension monthly does not mean

you have to transfer it monthly.

Do an electronic transfer to your Thai account only once or twice a year.

Send funds in foreign currency and have it converted at the Thai end.

Naka.

Edited February 1, 2007 by naka