Money Transfer

[stuandchris]

Hi

Could any of the financial whizz kids here tell me the best way to transfer sterling into THB to get the best possible rate, I am in the UK at the moment but am relocating to Phuket in April.

Many thanks

Stuart

[Pattaya46]

Hi stuandchris,

Depends of the amount. If equivalent to 20.000 euros or less, the best rate is to take UK Notes with you and to change them at Super Rich when you arrive in Bangkok.

[Lucifer]

Hi stuandchris,

Depends of the amount. If equivalent to 20.000 euros or less, the best rate is to take UK Notes with you and to change them at Super Rich when you arrive in Bangkok.

Super Rich?...where's that?

[Maestro]

change them at Super Rich when you arrive in Bangkok.

I don’t know about Super Rich and Google can’t help me.

To the OP: presumably, you already have an account with a Thai bank and I suggest that you order your UK bank to transfer GBP. If your Thai bank has a website, you can look up the exchange rate on their site. Obviously, the bank cannot give you a rate for a date in the future. The rate you get will be the rate for the day when your money arrives in your Thai bank.

--

Maestro

[Pattaya46]

I don’t know about Super Rich and Google can’t help me.

Oh Maestro !

Do you only know Google search ? Don't you know ThaiVisa search ?

http://www.thaivisa.com/forum/index.php?ac...lite=super+rich

Pattaya46

[stuandchris]

change them at Super Rich when you arrive in Bangkok.

I don’t know about Super Rich and Google can’t help me.

To the OP: presumably, you already have an account with a Thai bank and I suggest that you order your UK bank to transfer GBP. If your Thai bank has a website, you can look up the exchange rate on their site. Obviously, the bank cannot give you a rate for a date in the future. The rate you get will be the rate for the day when your money arrives in your Thai bank.

--

Maestro

Hi

I do have a Thai a/c but if I transfer a sterling amount [£50,000] would the Gov keep 30% for a year?

Many thanks

[JAS21]

change them at Super Rich when you arrive in Bangkok.

I don’t know about Super Rich and Google can’t help me.

To the OP: presumably, you already have an account with a Thai bank and I suggest that you order your UK bank to transfer GBP. If your Thai bank has a website, you can look up the exchange rate on their site. Obviously, the bank cannot give you a rate for a date in the future. The rate you get will be the rate for the day when your money arrives in your Thai bank.

--

Maestro

Hi

I do have a Thai a/c but if I transfer a sterling amount [£50,000] would the Gov keep 30% for a year?

Many thanks

I just transferred £60K from my UK bank to bangkok bank. Costs were £27 in UK for swift and 500 Baht locally.

Can't remember exactly how much I got 69.1 something I think. Bangkok Bank phoned and ask what I wanted money for. it was a car..they wanted to see contract for car..deposit etc..if you transfer more than equiv $20000 they are interested..see my post and comments a few days ago. They didn't keep 30%..........

[Maestro]

Do you only know Google search ? Don't you know ThaiVisa search ?

http://www.thaivisa.com/forum/index.php?ac...lite=super+rich

I still see no link to a website of Super Rich with the exchange rates offered by Super Rich.

A comment like “If the amount is less than EUR 20,000, bring it in cash and change it at Super Rich” is just not good enough for me.

--

Maestro

[old wanderer]

Hi stuandchris,

Depends of the amount. If equivalent to 20.000 euros or less, the best rate is to take UK Notes with you and to change them at Super Rich when you arrive in Bangkok.

I am familiar with "Super Rich". Why do you say 20,000 or less?? I have never heard any limit on the amount they will change.

There is also another place close by that has slightly better rates, but it is at home, so don;t remembe the name right now.

[Maestro]

I am familiar with "Super Rich". Why do you say 20,000 or less?? I have never heard any limit on the amount they will change.

Because of this post:

Depends of the amount. If equivalent to 20.000 euros or less, the best rate is to take UK Notes with you and to change them at Super Rich when you arrive in Bangkok.

--

Maestro

[topfield]

The answer to the question can be given in one word TIMING

Early last week the rate for the pound was around 70 onshore . Now it is now 62.99 offshore !

The onshore rate gave us an extra 4/5 baht per pound over the offshore rate when it started at Xmas.

At that time the rate was pegged at 36 to the dollar even though the baht was at 33 on offshore markets. This bonus was narrowing on an almost daily basis until the baht shot up in the last two days. The peg is today at 35.25 and the offshore rate is around 32 to the dollar.

Today the onshore pound rate is 67.80 ( Bangkok Bank) and the offshore rate 63 (Bloomberg) so the bonus has widened again.

Clearly therefore it makes sense to buy onshore baht NOW or you could end up by getting five baht per pound less next month . Why ? Because the current onshore bonus may no longer be available next month and could be withdrawn at any moment.......

Any one disagree ?

[pampal]

You can exchange any amount in chinatown's many gold shops and travel agencies.

they will even transfer the money from the UK for you , cheaper and easier to deal with than the banks in BKK

[Khun Bob]

Super Rich is opposite the kasikorn (thai farmers) bank near to Big C opposite world trade - it is very close to bangkok city inn hotel - they give good rates but dont ask too many questions about where the Thai Baht came from. Topfield has mentioned another place close by - i think close to pantip plaza that also gives good rates.

If you have a nationwide account with a visa debit card, you can just go into your thai bank and ask them to swipe the card and do a transfer for whatever amount into your thai bank account - this way there is no bank transfer fee and you can ask what exchange rate will be used or check on the visa website as well - i havent used this method but have attempted to tap the body of knowledge here for actual experience of this method - wihout a single bite - but search the forum as a few people have reported using this method successfully and not being limited to the ATM limits - of course for large amounts you may want the docs that come with a bank transfer if you want to take the money out of thailand later, officially. I'm not sure if the swipe visa debit card in branch method would give you this - it just potentially gives you a good rate and saves on transfer fees.

HTH

[Naam]

The answer to the question can be given in one word TIMING

Any one disagree ?

no disagreement topfield. TIMING is the alpha & omega for ANY investment.

[Matthew31140]

I need to send over about £20,000. The rate in UK is currently around 63 but 66 in Thailand. It would probably work out to be more cost effective for me to take the travellers cheques over and change them myself. But time is obviously an important factor as is patience.

[EdWinDows]

What about when you take 450.000 euro ??????

Whats the best way???

[gmac]

The answer to the question can be given in one word TIMING

Clearly therefore it makes sense to buy onshore baht NOW or you could end up by getting five baht per pound less next month . Why ? Because the current onshore bonus may no longer be available next month and could be withdrawn at any moment.......

Any one disagree ?

I don't disagree and have just cashed a chunk at the onshore rate but your comment about withdrawal of the onshore bonus intrigues. Do you have some specific knowledge of its imminent withdrawal or is your comment born out of caution?

gmac

[Khun Bob]

Send a swift/wire transfer for £20K with the reason and in GBP to a thai bank account and you will get the better onshore rate - of course ask for the charges and what exchange rate will be used if the transfer is immediate (should be for the cost of the transfer £10-£30) - if they cant give it to you just ask what it is currently and then you can compare to sources like oanda (offshore spot) and bangkok bank (onshore retail - not sure where to get onshore spot) to see how it compares

This aplies for any currency to be sent to Thailand - dont send in THB as you will get the worse offshore rate.

I need to send over about £20,000. The rate in UK is currently around 63 but 66 in Thailand. It would probably work out to be more cost effective for me to take the travellers cheques over and change them myself. But time is obviously an important factor as is patience.

[longway]

You can exchange any amount in chinatown's many gold shops and travel agencies.

they will even transfer the money from the UK for you , cheaper and easier to deal with than the banks in BKK

not sure what u mean. all u need is passport and ur atm card. the local bank charges nothing. u just get the market buy rate.

just saw kb's post. i use this method every now and tehn as it avoids the atm charges. the largest i hv transferred is 800,000 using this method. i called my bank in the uk to confirm details before i made the transfer. as far as i can remember the neither my uk bank not the local bank had any charges. but i am not 100% sure about the uk bank, its been a while.

Edited March 10, 2007 by longway

[Matthew31140]

Send a swift/wire transfer for £20K with the reason and in GBP to a thai bank account and you will get the better onshore rate - of course ask for the charges and what exchange rate will be used if the transfer is immediate (should be for the cost of the transfer £10-£30) - if they cant give it to you just ask what it is currently and then you can compare to sources like oanda (offshore spot) and bangkok bank (onshore retail - not sure where to get onshore spot) to see how it compares

This aplies for any currency to be sent to Thailand - dont send in THB as you will get the worse offshore rate.

I need to send over about £20,000. The rate in UK is currently around 63 but 66 in Thailand. It would probably work out to be more cost effective for me to take the travellers cheques over and change them myself. But time is obviously an important factor as is patience.

Thanks mate, that's what I've done in the past. But I'll probably go over myself this time anyway.

[Khun Bob]

not sure what u mean. all u need is passport and ur atm card. the local bank charges nothing. u just get the market buy rate.

just saw kb's post. i use this method every now and tehn as it avoids the atm charges. the largest i hv transferred is 800,000 using this method. i called my bank in the uk to confirm details before i made the transfer. as far as i can remember the neither my uk bank not the local bank had any charges. but i am not 100% sure about the uk bank, its been a while.

If your in Thailand using your atm card in a bank where they swipe it should be about the cheapest way for largeish amounts. But few people talk about this on TV - longway care to tell us more - thai bank used, atm card used, day done on, exchange rate given, overall experience... hope you get the picture

thanks

[Maestro]

What about when you take 450.000 euro ??????

Whats the best way???

Make a SWIFT transfer in EUR. Depending on the reason for the transfer, a 30% reserve may be withheld for one year.

--

Maestro

[old wanderer]

Be a bit careful about the ATM card thing. Earlier this year I set up with my bank to raise my limit starting on a given day for a specific amount. I went to the bank and wanted to withdraw 1,000,000 baht.

1st bank refused as my signature was worn, 2nd bank refused as my signature on my card did not match my signature in my passport in their opinion, 3rd bang agreed, but the card did not authorize the transfer.

Lucky for me I do have some friends in Thailand and was able to borrow the money for a week until I returned and transfered it to their bank account.

You have a similar problem if you or your wife has an account with a usual balance that is 5 figures. Suddenly you transfer 5 million baht and the next week go and try to withdraw it...get hit with a daily limit.

If you already have an account, it used to be OK, but with the $20,000 limit it now poses problems.

I recently did a land deal when the baht was at 37, I now need to finish paying for the land, and moving the funds is a PIA>

I have to order the money from my bank 5 banking days in advance, declare it when I leave, make sure I do not have any problems until it is a safety deposit box in Thailand....

Life used to be simple

With "large" amounts of money, the exchange here is worth about 3%. You need to decided if it is worth it too you for the risks involved.

[up-country_sinclair]

i've read all these threads about currency exchange and money transfers, and i'm about to have an aneurism.

here's my situation....

i have approx. 100k of purchases to make in the next week, but like a jackass i've let my thai bank account to drop to half of that.

i've been waiting for the last few weeks for the baht to depreciate but it just hasn't happened. btw, i'm in thailand now, will be in the US in a week, and back in thailand a month later---my current plan in this regard is to bring back the max. legal limit in cash and do a SWIFT transfer when rates improve.

does that make sense, and do you think i should use the credit card, ATM, or SWIFT transfer for current purchases?

[up-country_sinclair]

bump....because time in running out.

[sonicdragon]

Send a swift/wire transfer for £20K with the reason and in GBP to a thai bank account and you will get the better onshore rate - of course ask for the charges and what exchange rate will be used if the transfer is immediate (should be for the cost of the transfer £10-£30) - if they cant give it to you just ask what it is currently and then you can compare to sources like oanda (offshore spot) and bangkok bank (onshore retail - not sure where to get onshore spot) to see how it compares

This aplies for any currency to be sent to Thailand - dont send in THB as you will get the worse offshore rate.

You need to be very careful with this because in the UK the banking code of practice now says that unless you specify the correspondent bank the remitting bank will convert pounds into local currency before sending to the receiving bank.

I made a transfer from the UK last month and this is exactly what happened.

Full payment instructions should specify the correspondent bank.

[Chris.B]

Send a swift/wire transfer for £20K with the reason and in GBP to a thai bank account and you will get the better onshore rate - of course ask for the charges and what exchange rate will be used if the transfer is immediate (should be for the cost of the transfer £10-£30) - if they cant give it to you just ask what it is currently and then you can compare to sources like oanda (offshore spot) and bangkok bank (onshore retail - not sure where to get onshore spot) to see how it compares

This aplies for any currency to be sent to Thailand - dont send in THB as you will get the worse offshore rate.

You need to be very careful with this because in the UK the banking code of practice now says that unless you specify the correspondent bank the remitting bank will convert pounds into local currency before sending to the receiving bank.

I made a transfer from the UK last month and this is exactly what happened.

Full payment instructions should specify the correspondent bank.

Can you let me know where the UK Banking Code says the above? Thanks.

[boatguy]

If you have a nationwide account with a visa debit card, you can just go into your thai bank and ask them to swipe the card and do a transfer for whatever amount into your thai bank account - this way there is no bank transfer fee and you can ask what exchange rate will be used or check on the visa website as well - i havent used this method but have attempted to tap the body of knowledge here for actual experience of this method - wihout a single bite - but search the forum as a few people have reported using this method successfully and not being limited to the ATM limits - of course for large amounts you may want the docs that come with a bank transfer if you want to take the money out of thailand later, officially. I'm not sure if the swipe visa debit card in branch method would give you this - it just potentially gives you a good rate and saves on transfer fees.

HTH

Does anyone have more info on this subject of using a visa debit card to obtain Thai funds??

1)....from a Thai bank

2)....or from a Thai merchant

I was looking at wiring monies but I've put extra security blocks on my USA accounts to protect from ID theif or lose of Visa card. If I can get the 'card limits' raised for a short period then I might visit wife's Thai bank and get funds for new car via check card.

Edited January 24, 2008 by boatguy