Best way to transfer funds to meet visa requirements

[baansgr]

1 hour ago, Jip99 said:

 

 

Are you sure the WU exchange rate is good ?

yes it's very comparable. Do a comparison  with Transfer wise, anything  over a few thousand is better.  Only issue it can sometimes take 5 days to arrive... Bank to bank

[Jip99]

7 minutes ago, baansgr said:

yes it's very comparable. Do a comparison  with Transfer wise, anything  over a few thousand is better.  Only issue it can sometimes take 5 days to arrive... Bank to bank

 

 

I did the comparison on post #28... ????

[marcusb]

2 hours ago, rwill said:

I have given the Thai bank a check from my US bank for deposit.  With SCB it took about 3 weeks to clear.  With KTB about 6 weeks to clear.

I

I am curious about this,  would like to write a cheque for about 35,000 CDN $. What kind of fees were incurred? Time isn't a big concern, saving money is. 

[simoh1490]

5 minutes ago, marcusb said:

I am curious about this,  would like to write a cheque for about 35,000 CDN $. What kind of fees were incurred? Time isn't a big concern, saving money is. 

I used to use CIMB to clear my US tax return cheque and it took about one month and the cost was THB 1,000 - be aware that some Thai banks will not deal with any American onshore banks in any way, UOB being one.

[marcusb]

4 minutes ago, simoh1490 said:

I used to use CIMB to clear my US tax return cheque and it took about one month and the cost was THB 1,000 - be aware that some Thai banks will not deal with any American onshore banks in any way, UOB being one.

Thanks, I'll talk to the bank here see what they say. Cheers

[Tanoshi]

1 hour ago, Jip99 said:

Does that evidence have to be a FET - or can it be the remittance statement.

 

The letter should state it was a foreign transaction.

The code in the Passbook will show as FTT (Foreign Transfer Transaction)

 

When doing a conversion to a Non O, as in the OP's case, WU and Transferwise pay funds locally, which is not proof of an FET.

 

If the OP opened an account with Bangkok Bank, and as he's from the UK, I'd suggest he transfers through the London branch of Bangkok Bank. https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-UK-to-Thailand-via-London-Branch

 

Thereafter use Transferwise.

[baansgr]

2 hours ago, Jip99 said:

 

 

I did the comparison on post #28... ????

Did you do more than 500 sterling? 

[Jaggg88]

5 hours ago, Tanoshi said:

 

The letter should state it was a foreign transaction.

The code in the Passbook will show as FTT (Foreign Transfer Transaction)

 

When doing a conversion to a Non O, as in the OP's case, WU and Transferwise pay funds locally, which is not proof of an FET.

 

If the OP opened an account with Bangkok Bank, and as he's from the UK, I'd suggest he transfers through the London branch of Bangkok Bank. https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-UK-to-Thailand-via-London-Branch

 

Thereafter use Transferwise.

Bangkok Bank in London charged £25 last time I checked whereas his Halifax Bank charge £20 and he can send straight to his Thai bank in sterling and get a better rate than Bangkok Bank in London.

[wgdanson]

On 9/26/2018 at 11:47 PM, simoh1490 said:

A transfer using TW will show up in your passbook as being an International transfer but that wording is put there by TW and is not necessarily supported by the receiving bank so be careful with that, Bangkok Bank for one has a disclaimer on that wording and others probably do also. 

 

The cheapest and best route I have found over the years is HSBC UK which charges four Pounds to send the funds as GB Pounds, plus a receiving fee of up to THB 500 by your bank in Thailand. The variables in that include the exchange rate of the day, which determines what the value of that THB 500 receiving fee is, and, the amount that you choose to send at one time. If the amount sent is small there is no chance to negotiate a rate with the receiving bank. Plus, the sending and receiving fees as a percentage of small transfers can look huge.

£4 plus Bht 500 is over £15. Depends how much you are transferring, but T Wise is £6.95 for £1000......0.695% and shows on my Bkk Bank Savings Account as International Transfer. My QROPS pension company will transfer any amount to my Foreign Currency Account in GBP for £12.

Edited September 28, 2018 by wgdanson

[Jip99]

4 hours ago, baansgr said:

Did you do more than 500 sterling? 

 

 

I did a rate comparison....the amount is irrelevant.

 

TW is ALWAYS better than WU on exchanges rates.... and on fees..... ergo..... the more you send the more you win -  send less, you win less..... but you still win.

[ADS1]

Thanks for all the input and advice guys. To be safe "hopefully" I have transferred in GBP direct from my Halifax account to my Thai account, even though I have lost some money this way. In the future, I will consider Transferwise though.

[simoh1490]

1 hour ago, wgdanson said:

£4 plus Bht 500 is over £15. Depends how much you are transferring, but T Wise is £6.95 for £1000......0.695% and shows on my Bkk Bank Savings Account as International Transfer. 

 

Please read post 22.

 

Please also note that, as said and discussed far too many times already, the notation in the bankbook is put there by TW, NOT by the bank and is almost certainly not supported by them either.

Edited September 28, 2018 by simoh1490

[baansgr]

53 minutes ago, Jip99 said:

 

 

I did a rate comparison....the amount is irrelevant.

 

TW is ALWAYS better than WU on exchanges rates.... and on fees..... ergo..... the more you send the more you win -  send less, you win less..... but you still win.

With Western Union, if you transfer over 500 Sterling you get about 80 Satang more, so the amount is relevant. Fees with Transfer wise are far more, Ive just looked at both to transfer 10,000 Sterling.

 

Western Union  420758.44THB

Transferwise     ฿ 418,395.35 THB

 

Western Union you get 1,650 THB. more.

[Jip99]

19 minutes ago, baansgr said:

With Western Union, if you transfer over 500 Sterling you get about 80 Satang more, so the amount is relevant. Fees with Transfer wise are far more, Ive just looked at both to transfer 10,000 Sterling.

 

Western Union  420758.44THB

Transferwise     ฿ 418,395.35 THB

 

Western Union you get 1,650 THB. more.

 

 

What are the WU fees on a £10,000 transfer to Thailand...the website is sh!te for trying to find the costs.

[baansgr]

17 minutes ago, Jip99 said:

 

 

What are the WU fees on a £10,000 transfer to Thailand...the website is sh!te for trying to find the costs.

2.90

[Jip99]

9 minutes ago, baansgr said:

2.90

 

 

Can you you give me a link for that baansgr....buggered if I can find it. 

 

 

 

[a977]

On ‎9‎/‎28‎/‎2018 at 7:00 AM, a977 said:

Have this morning at 6.52am authorised transfer of aud 1,000 to my account here, was given a guarantee rate of 23.36978 (overnight rate at Kasikorn was 22.64.) Time 6.54am have just been informed by TransferWise they have received my money are starting to process. Me thinks pretty good service. Will let you know tomorrow what time money arrived here at Kasikorn.

 

On ‎9‎/‎28‎/‎2018 at 6:17 AM, a977 said:

Have been using TransferWise for the past 12 months no problems you do your thing on computer they tell you when they take money out of your, in my case Australian bank account, and they tell you when they are processing it and when to expect the money in your Thai bank account usually within 7 hours of me hitting the go button. You get a set rate when they take money from your account, they keep you informed of the transaction during the whole process.  If you worried about where the money came from don't be because Immigration only worried you have enough money in Thai account to cover seasoning period  

Further to my posts yesterday I received confirmation at 8.28am that TransferWise had converted my money to Thai baht and money was on way to my account. 1.57pm 28/9 received message from Kbank 23,369.78 had been deposited to my account exactly what was quoted me at the beginning luckily as the exchange rate this morning is not to chipper. The cost for this mammoth transaction a whopping $aud 9.75. Normally I send 3400$aud at a cost of 24.75$aud Overall a damn good service thankyou TransferWise. P.S. since I started using TransferWise Westpac have dropped their fee from $20 to $5

[wgdanson]

10 hours ago, simoh1490 said:

Please read post 22.

 

Please also note that, as said and discussed far too many times already, the notation in the bankbook is put there by TW, NOT by the bank and is almost certainly not supported by them either.

My Bkk Bank Passbook, and my online statement both show FTT for a T'wise deposit. I'm sure the Immigration man will accept that, if he ever asks.

[baansgr]

9 hours ago, Jip99 said:

 

 

Can you you give me a link for that baansgr....buggered if I can find it. 

 

 

 

https://www.westernunion.com/gb/en/send-money-to-thailand.html

[Tanoshi]

I have noticed a decline in the exchange rate given by Transferwise within the last 12 months.

 

I've always compared their rate with Bangkok banks TT rate and they were always .8-.9 better.

Today BKK TT rate = 41.865, Transferwise 42.130 (WU 41.97)

 

After a quick calculation WU is currently the best deal (by 765 baht on £10,000) bank to bank.

It depends if your worried about nickels and dimes over a long period.

[Jip99]

4 hours ago, Tanoshi said:

I have noticed a decline in the exchange rate given by Transferwise within the last 12 months.

 

I've always compared their rate with Bangkok banks TT rate and they were always .8-.9 better.

Today BKK TT rate = 41.865, Transferwise 42.130 (WU 41.97)

 

After a quick calculation WU is currently the best deal (by 765 baht on £10,000) bank to bank.

It depends if your worried about nickels and dimes over a long period.

 

I doubt that the BKB rate is “live”..... compare again on Monday morning when they revise their rates:-

 

http://bankexchangerates.daytodaydata.net/default.aspx

[simoh1490]

4 hours ago, Tanoshi said:

I have noticed a decline in the exchange rate given by Transferwise within the last 12 months.

 

I've always compared their rate with Bangkok banks TT rate and they were always .8-.9 better.

Today BKK TT rate = 41.865, Transferwise 42.130 (WU 41.97)

 

After a quick calculation WU is currently the best deal (by 765 baht on £10,000) bank to bank.

It depends if your worried about nickels and dimes over a long period.

 

When I walk past a Thai bank that displays currency exchange rates I always quickly eyeball the spread, the difference between their buy and sell rates. I can't prove it but I've got the idea that banks have been increasing that spread over the past twelve months so perhaps that accounts for the declining gap that you've seen.

[prakhonchai nick]

The Bangkok Bank TT rate of 41.865 was fixed yesterday afternoon (round 3) Since then the exchange rate aganst the pound has dropped, with XE currently showing  42.1079 THB.  If Bangkok Bank were trading today, I would expect the TT rate to be about 41.60. They are usually some 50 points below XE, and they are one of the better ones. SCB usually finishes close to bottom.