Transfer money from the U.K. - Bangkok London Branch or Transferwise?

[skorts]

I have been using Transferwise for several years for my transfers of funds from the UK to Thailand (£Sterling to Thai Baht) and always been really pleased with their exchange rates, fees etc.

 

Just wondering if anyone has compared Transferwise’s fees/exchange rates to using Bangkok Bank’s London Branch?

 

At lower transfer amounts I think Transferwise is better but not so sure for larger amounts.

 

I tend to make one large transfer a year (I use the 800,000 savings route for my annual extensions and live off this and then top it up 3 months before my renewal date) and several smaller transfers.

 

Any feedback appreciated including whether Bangkok Bank converting £Sterling to Thai Baht in the U.K. with no fees in Thailand is better than Bangkok Bank London transferring £Sterling to Thailand and then converting by my Bangkok Bank Branch in Thailand using the local rate available but subject to local fees.

 

Due to the ID verification requirements it seems like a bit of hassle to open the Bangkok Bank London Account so I am keen to understand if it is worth pursuing.

 

Many thanks.

 

 

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[Mark1066]

If you have the money converted to Baht in London, you’ll get the offshore rate, which is much lower than the rate you will get by converting the money in Thailand. I’m not sure what local fees you are referring to: you’ll be charged a 500 Baht transaction fee by the Bangkok Bank in Thailand whether you send the money in Baht or Sterling. For larger amounts, Bangkok Bank in London told me they can only accept CHAPS payments, not Faster Payments. It costs £15-20 to make one of those from a UK bank, depending on who you bank with, and Bangkok Bank in London charge a fee from £30-60 I think, when forwarding the money to Thailand. So..I’m assuming the maximum fee will be charged: £60 + £15-20 + ฿500 is the total cost. You don’t have to open an account with Bangkok Bank in London to do this; I don’t even think that’s possible.

Edited November 21, 2018 by Mark1066

[OJAS]

On 11/21/2018 at 3:02 PM, skorts said:

At lower transfer amounts I think Transferwise is better but not so sure for larger amounts.

Prior to switching from BKKB London Branch to TransferWise about 18 months ago, I did some rough calculations which indicated that TransferWise were the cheaper up to around £5,000.

[Mark1066]

2 hours ago, OJAS said:

Prior to switching from BKKB London Branch to TransferWise about 18 months ago, I did some rough calculations which indicated that TransferWise were the cheaper up to around £5,000.

I just checked for £110,000 and Transferwise still works out cheaper comparing to Bangkok Bank TT rates (even without taking Bangkok Banks fees into account). However, it’s academic really as Transferwise seem to have a 2 million baht limit.

[skorts]

Thanks Mark and OJAS for your replies.

Below are the details and process on Bangkok Bank’s web site for setting up transfers direct from your U.K. bank account - think I will stick with Transferwise. Maximum transfer I will do will never be above 800,000 Thai Baht.

I guess transfers over 2 million baht would likely be for property purchase in which case as a foreigner you need to transfer your foreign currency into Thailand and then get it converted into Thai Baht to enable you to get the necessary Foreign Exchange forms for use at the land registry office.

Bangkok Bank London Branch

“You can send money from your UK Bank account to a Bangkok Bank account in Thailand. You may also send money to any other bank in Thailand. In order to use our service you will need to register with Bangkok Bank’s London branch to obtain a unique reference code to send money via Bangkok Bank’s London and Faster Payments or BACS, using your UK’s bank Online Banking or Counter Services.

Process

You will need to first register and obtain a unique reference code from Bangkok Bank’s London branch to send funds to Thailand via Bangkok Bank’s London branch.

Complete the Client Remittance Registration Form to sign up the service with Bangkok Bank’s London branch and submit the form with two forms of identification as listed in Bangkok Bank’s London branch’s Identity Verification Guide.

Visit Bangkok Bank’s London branch with the original documents or send the verified copies of your completed Client Remittance Registration Form and identity documents to Bangkok Bank’s London branch at Exchequer Court, 33 St. Mary Axe, London EC3A 8BY, UK.

Upon receipt of your completed details and after the registration process, Bangkok Bank’s London branch will contact you and provide you with your unique reference code and payment instructions.”


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[skorts]

£ sterling converted to Thai baht using the London branch's exchange rate has a flat £15 fee and no 500 Baht transaction fee.

£ sterling converted to Thai baht using the daily TT buying rate in Thailand has a £20 fee deducted by Bangkok Bank London Branch plus 0.25% of the transferred amount min. 200 Baht, max 500 Baht deducted by Bangkok Bank in Thailand.


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[Mark1066]

5 hours ago, skorts said:

£ sterling converted to Thai baht using the London branch's exchange rate has a flat £15 fee and no 500 Baht transaction fee.

£ sterling converted to Thai baht using the daily TT buying rate in Thailand has a £20 fee deducted by Bangkok Bank London Branch plus 0.25% of the transferred amount min. 200 Baht, max 500 Baht deducted by Bangkok Bank in Thailand.


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OK, I stand corrected on the fee differences but it’s still much much better to convert into Thai Baht at this end and not in London. I had a transfer of £4,000 wrongly converted into THB before being sent to Thailand (not by Bangkok Bank) and this mistake cost me around £130. I’d have much rather paid £16.69 extra in fees! 

Edited November 23, 2018 by Mark1066