UK to Thai transfer of funds

[mrjohn]

I need to move £10,000 from the UK to Bangkok bank.
My bank (Nationwide) charges a flat fee of £20
Does anybody know what Bangkok bank charges to receive it? Their website is somewhat ambiguous.
Or should I just use Transferwise?

Transferwise have a "compare prices" feature on their website which appears to undercut all banks by a substantial amount, even allowing for their roughly 2% fee.

Any advice would be gratefully received.

[Esso49]

I use transfer wise as they are lower cost but more importantly it is a far quicker transaction.

[ubonjoe]

5 minutes ago, mrjohn said:

Does anybody know what Bangkok bank charges to receive it?

It is .25% with a minimum of 200 baht and a maximum of 500 baht.

Source: https://www.bangkokbank.com/-/media/Files/Personal/Other-Services/Transferrring-intoThailand/TransactionFees_En.ashx?la=en&hash=31119F2779C9DCB8EF3C37852FA0D586C0DAA0EB

[CharlieH]

Just for reference, Halifax is £10 and HSBC £4.

 

 

[naboo]

Bank transfers are better than Transferwise for amounts over about GBP4000.

Edited September 23, 2018 by naboo

[mrjohn]

"Bank transfers are better than Transferwise for amounts over about GBP4000."

Thanks but could you explain why?

[naboo]

1 minute ago, mrjohn said:

"Bank transfers are better than Transferwise for amounts over about GBP4000."

Thanks but could you explain why?
 

Transferwise fees are a percentage of the transfer. With banks, you pay flat fees totalling about GBP30. Above GBP the Transferwise fee keeps growing, but the bank transfer fee stays the same.

[Esso49]

2 minutes ago, naboo said:

Transferwise fees are a percentage of the transfer. With banks, you pay flat fees totalling about GBP30. Above GBP the Transferwise fee keeps growing, but the bank transfer fee stays the same.

So the sensible approach is to limit the amount of the transfer but use a few transfers . And by the way the exchange rate is often better than the banks so that should be taken into consideration also .

[simoh1490]

19 minutes ago, Esso49 said:

So the sensible approach is to limit the amount of the transfer but use a few transfers . And by the way the exchange rate is often better than the banks so that should be taken into consideration also .

Only if you don't want an FET from the receiving bank, if you do, don't use an FX company, use a Thai bank.

[Esso49]

5 minutes ago, simoh1490 said:

Only if you don't want an FET from the receiving bank, if you do, don't use an FX company, use a Thai bank.

Strange I have never had any such issues over the last year and I am talking significant transfers. But there again I have no vested interests other than to get the fastest transactions.

Edited September 23, 2018 by Esso49

[simoh1490]

16 minutes ago, Esso49 said:

Strange I have never had any such issues over the last year and I am talking significant transfers. But there again I have no vested interests other than to get the fastest transactions.

Has your bank in Thailand given you an FET for those significant funds you've transferred here using TW?

Edited September 23, 2018 by Rimmer
baiting

[owl sees all]

There are a few to compare:

 

TransferWise

Azimo

Currency fair

Currency  direct

 

Plug in the amount on each web site and compare.

 

[simoh1490]

6 minutes ago, owl sees all said:

There are a few to compare:

 

TransferWise

Azimo

Currency fair

Currency  direct

 

Plug in the amount on each web site and compare.

 

I hate to be repetitive but those company's don't provide FET's either.

[lopburi3]

4 minutes ago, simoh1490 said:

I hate to be repetitive but those company's don't provide FET's either.

Poster did not mention any need for FET and his bank or company would not be providing in any case.  Transfers using Transferwise are clearly marked as "International Transfer" when received in Thai account (but have had no need to ask for FET so can not answer if available or not).  

 

[simoh1490]

2 minutes ago, lopburi3 said:

Poster did not mention any need for FET and his bank or company would not be providing in any case.  Transfers using Transferwise are clearly marked as "International Transfer" when received in Thai account (but have had no need to ask for FET so can not answer if available or not).  

 

Fair enough that the OP doesn't say he requires an FET or not, the point is though that people expecting to be able to export those same funds again at some point will be disappointed unless they get one.

[owl sees all]

6 minutes ago, simoh1490 said:

Fair enough that the OP doesn't say he requires an FET or not, the point is though that people expecting to be able to export those same funds again at some point will be disappointed unless they get one.

No money gets exported with any of the peer-to-peer companies. The money doesn't leave the country. Maybe the money gets sent to the same bank.

[simoh1490]

6 minutes ago, owl sees all said:

No money gets exported with any of the peer-to-peer companies. The money doesn't leave the country. Maybe the money gets sent to the same bank.

Yes we agree, the funds the OP receives in Thailand appear to originate in Thailand and therefore are not easily exported out of the country. That may be fine for the OP and for others (or it may not) but for those people expecting to transfer them out again at a later date it is a major consideration.

[Esso49]

32 minutes ago, lopburi3 said:

Poster did not mention any need for FET and his bank or company would not be providing in any case.  Transfers using Transferwise are clearly marked as "International Transfer" when received in Thai account (but have had no need to ask for FET so can not answer if available or not).  

 

I do not need an FET as the question of requiring to transfer out of Thailand again is irrelevant for me. If I was needing to transfer out again I would not have transferred into Thailand in the first place

Edited September 23, 2018 by Esso49

[owl sees all]

3 minutes ago, simoh1490 said:

Yes we agree, the funds the OP receives in Thailand appear to originate in Thailand and therefore are not easily exported out of the country. That may be fine for the OP and for others (or it may not) but for those people expecting to transfer them out again at a later date it is a major consideration.

The transfer is simply done in the other direction. 

 

The money going from UK (say) to Thailand (say) equals the amount going from Thailand to UK.

[mrjohn]

Just to make it clear, I will be transferring the money to support a retirement extension by the combination method.

So if I use Transferwise will that cause any problems?

[lopburi3]

2 minutes ago, mrjohn said:

Just to make it clear, I will be transferring the money to support a retirement extension by the combination method.

So if I use Transferwise will that cause any problems?

Should not as said Bangkok Bank clearly indicates that it is an international transfer so even if an officer demanded foreign funds it is listed as such.

[Esso49]

Just now, mrjohn said:

Just to make it clear, I will be transferring the money to support a retirement extension by the combination method.

So if I use Transferwise will that cause any problems?

As I am sure others will say, the money required for a retirement extension (800,000 baht) will need to be seasoned in a Thai bank for 2 months prior to application for extension.   Now will you be spending that money or saving that money in Thailand or will you be wanting to send it out again.   If you keep it here,  then for that amount I would send in 2 lots. But the way the pound is fluctuating at the moment be mindful.  I just checked and transfer wise is still the most attractive for these 2 amounts. 

 

  If you instigate the transfer AM UK time then generally you will receive it in your Thai bank PM the next day .  I  bank with Kasikorn normally and like a clock it hits my account between 1:30 pm and 2 pm the next day.  Once I had it the same day but only ever that once.

[mrjohn]

Esso49
Just curious, why would you send it in two lots?
I don’t envisage having to send the money out of the country since my pension will be paid into my UK bank and after the seasoning period I can use the £10,000 for living expenses.

Edited September 23, 2018 by mrjohn
typo

[simoh1490]

10 minutes ago, lopburi3 said:

Should not as said Bangkok Bank clearly indicates that it is an international transfer so even if an officer demanded foreign funds it is listed as such.

It will be interesting to see if the likes of Bangkok Bank will issue a letter confirming those are foreign funds (for use when buying property for example) that were received and whether they will be prepared to export them once again. As things stand TW is not allowed to transfer funds out of Thailand, I wonder if BB is prepared to export since they appear to say they are foreign funds.

[Esso49]

8 minutes ago, mrjohn said:

Esso49
Just curious, why would you send it in two lots?
I don’t envisage having to send the money out of the country since my pension will be paid into my UK bank and after the seasoning period I can use the £10,000 for living expenses.

 

Because simply for 800,000 baht equivalent they may ring you to ask the source of the funds.  Not always, but for me sometimes they did.  Now that is no problem for me but if, as is usual I miss many of my calls, then by the time I ring back it is after banking hours so it means that particular transfer does not hit my account until the next day.   With small amounts below 500,000, then in my experience they never ring so it is just one less hassle for me, simple as that.  The cost is the same.  You could also argue perhaps that by dividing it into smaller amounts you spread the risk of any particular transaction going astray , but then again that has never happened to me  (fingers crossed).

Edited September 23, 2018 by Esso49

[mrjohn]

I have used Transferwise a few times in the last 6 months to transfer small amounts and have always been impressed with the service. Always in my account within 24 hours.
I also like being able to get an instant quote showing the actual amount I will receive.
I doubt if my UK bank would supply me with that information.

So I’m relying on the Transferwise website to give me the figures from my own bank.

Currently this is:
TransferWise 42.4103 Fee 56.19 GBP 421,719.97 THB
Nationwide 41.5451 Fee 20.00 GBP 414,620.10 THB

So despite the apparently higher fee from Transferwise, I am still saving 7,000 THB

[Esso49]

Just now, mrjohn said:

I have used Transferwise a few times in the last 6 months to transfer small amounts and have always been impressed with the service. Always in my account within 24 hours.
I also like being able to get an instant quote showing the actual amount I will receive.
I doubt if my UK bank would supply me with that information.

So I’m relying on the Transferwise website to give me the figures from my own bank.

Currently this is:
TransferWise 42.4103 Fee 56.19 GBP 421,719.97 THB
Nationwide 41.5451 Fee 20.00 GBP 414,620.10 THB

So despite the apparently higher fee from Transferwise, I am still saving 7,000 THB

And that is exactly why I also recommend them

[simoh1490]

3 minutes ago, mrjohn said:

I have used Transferwise a few times in the last 6 months to transfer small amounts and have always been impressed with the service. Always in my account within 24 hours.
I also like being able to get an instant quote showing the actual amount I will receive.
I doubt if my UK bank would supply me with that information.

So I’m relying on the Transferwise website to give me the figures from my own bank.

Currently this is:
TransferWise 42.4103 Fee 56.19 GBP 421,719.97 THB
Nationwide 41.5451 Fee 20.00 GBP 414,620.10 THB

So despite the apparently higher fee from Transferwise, I am still saving 7,000 THB

When you quote Nationwide at 41.5451, are you inferring that you exchange Pounds into Baht using Nationwide?

[wgdanson]

57 minutes ago, simoh1490 said:

Fair enough that the OP doesn't say he requires an FET or not, the point is though that people expecting to be able to export those same funds again at some point will be disappointed unless they get one.

Will that money not have been spent here long before any talk of exporting back. Mine will.

[The Fat Controller]

If you send via Nationwide (or any other UK bank) , DO NOT USE THEIR RATE, send in STERLING and let the receiving bank convert your funds.

 

I have been using NW for years, as another poster mentioned, once above a certain amount the SWIFT transfer does become cost-effective as compared to the likes of Transferwise.

 

Money laundering regulations can be a pain if you want to send large amounts via transfer companies, proof of ID etc may be required on registration.