Barclays (UK): GBP Transfer to TH

[DUS]

Hi,

 

I still have some money in an account with Barclays. I logged in to check something earlier today and then noticed a banner or something referring to their international money transfer service. I clicked on it and was surprised when it said:

 

*Online Banking fee £0
(with option to pay recipient fee)
*Thai baht arrives next day if sent by 9.15am
*GBP, EUR, USD arrives same day if sent before 6pm for GBP, 3pm for EUR & 5.30pm for USD

 

If you wanted to pay the recipient fee that would be £8.

 

Now, I usually use Transferwise for my GBP to THB transfers but wondered what I am missing w.r.t. Barclays´ offer. If I transfer GBP and let my local Thai bank do the conversion, where does Barclays make money on the transfer? This "Online Banking fee £0" surely cannot mean that their are no other charges involved but I failed to find anything on their website indicating what other fee(s) they charge. Does anyone use Barclays for sending GBP to Thailand and can fill me in on the fee structure? Thank you!

 

DUS

 

[blackcab]

They make money on the exchange rate. You need to compare what Barclays and TransferWise are offering.

 

Perhaps a member might be able to help you compare the total cost.

[CharlieH]

Does "online banking" fee actually mean "International transfer" ?? 

 

I dont bank with them but to me it just means that the online banking facility/use is free of charge, Nothing to do with other services they offer such as  International transfers. (IMHO)

[KittenKong]

1 hour ago, blackcab said:

They make money on the exchange rate.

Not if they send in GBP.

 

Two of my banks dont charge anything for international transfers in GBP either. Presumably they see it as a way of attracting customers.

[potless]

1 hour ago, DUS said:

Does anyone use Barclays for sending GBP to Thailand and can fill me in on the fee structure? Thank you!

Last year, I went into Barclays to transfer money In Sterling, to my Sterling FCD account in Thailand. The cost was 25 GBP. The lady told me that if I did it via online banking there would be no charge. {i dont use online banking for my own reasons}. i had the recipient bank fee deducted from the Thai account. Charged 11 pounds 86 pence. 

[userabcd]

Is this something new? every time I've transferred money with them in GBP they charge 17 Pounds for their part and its 8 pounds extra if I select the option to pay for the receiving end fees as well.

[potless]

1 minute ago, Benroon said:

I think its free for Premier accounts

I just have a basic current account.

[DUS]

This is the link to the page I referred to in my OP: https://www.barclays.co.uk/ways-to-bank/international-payments/s-t/

 

It confirms the GBP 25 branch fee mentioned in one of the posts above but says 0 for the online transfer. If I send GBP to my Thai bank account and have my local bank do the conversion this seems to be a highly competitive way of transferring money to TH. Very unusual for a UK bank to offer such a competitive option, hence, my continued doubts. :-))

[chickenslegs]

I bank with Barclays in the Uk and with Bangkok Bank here in Thailand.

I looked into the Barclays "No fee" online international transfers and compared it to Transferwise (which I have been using for a few years now).

 

Barclays: You can send GBP with no fee. When it arrives at BKK Bank it is converted to THB at their selling rate - which right now is 39. They also apply a Receiving Fee of 0.25% (Min 200THB - Max 500THB). So, for a transfer of 1,000 GBP I would receive 38,800 THB.

 

Transferwise: Rate quoted 2 minutes ago was 39.830. The fee is 6.81 GBP. So, for 1,000 GBP, the amount I would receive is 39,559 THB. No fees are applied by Bkk Bank.

 

Of course, other Thai banks will have their own exchange rates and fees.

 

Edited to add: For larger amounts of GBP it could work out cheaper to use Barclays, as TW fees increase considerably with the amount sent. You always need to do the comparison before deciding.

Edited June 1, 2019 by chickenslegs

[Kwasaki]

19 hours ago, DUS said:

Does anyone use Barclays for sending GBP to Thailand

Can I fill you in on the fee structure, no I have only a clue or sort of experience getting money into Thailand now.

 

I don't have Barclays anymore and now have First Direct online and it's either £8 or £6 to send money to Thailand now on-line, I use to have to telephone them.

I haven't tried them yet but I will because Transferwise was expensive IMO.

 

Maybe UK banks don't regard baht as an exotic currency anymore as Transferwise does, they will only send money from UK to Thailand Monday to Fridays when trade markets are open in Australia. 

 

Definition of an exotic currency is a foreign exchange term for a thinly traded currency, exotic currencies are illiquid, lack market depth and trade at low volumes.

Trading an exotic currency can be expensive, as the bid-ask spread is usually large.  

[SheungWan]

Consider always the total fees and rates at both ends. Free Barclays + (Transfer fee and conversion rate at Thai bank) may still be higher than TW.

TW is effectively TW fee + (free transfer at Thai bank end)

 

[SheungWan]

20 hours ago, Kwasaki said:

Can I fill you in on the fee structure, no I have only a clue or sort of experience getting money into Thailand now.

 

I don't have Barclays anymore and now have First Direct online and it's either £8 or £6 to send money to Thailand now on-line, I use to have to telephone them.

I haven't tried them yet but I will because Transferwise was expensive IMO.

 

Maybe UK banks don't regard baht as an exotic currency anymore as Transferwise does, they will only send money from UK to Thailand Monday to Fridays when trade markets are open in Australia. 

 

Definition of an exotic currency is a foreign exchange term for a thinly traded currency, exotic currencies are illiquid, lack market depth and trade at low volumes.

Trading an exotic currency can be expensive, as the bid-ask spread is usually large.  

The fastest time to transfer is when both the UK and Far Eastern markets are open, so that is effectively around 8-10am right now.

[SheungWan]

On 6/1/2019 at 4:16 PM, chickenslegs said:

I bank with Barclays in the Uk and with Bangkok Bank here in Thailand.

I looked into the Barclays "No fee" online international transfers and compared it to Transferwise (which I have been using for a few years now).

 

Barclays: You can send GBP with no fee. When it arrives at BKK Bank it is converted to THB at their selling rate - which right now is 39. They also apply a Receiving Fee of 0.25% (Min 200THB - Max 500THB). So, for a transfer of 1,000 GBP I would receive 38,800 THB.

 

Transferwise: Rate quoted 2 minutes ago was 39.830. The fee is 6.81 GBP. So, for 1,000 GBP, the amount I would receive is 39,559 THB. No fees are applied by Bkk Bank.

 

Of course, other Thai banks will have their own exchange rates and fees.

 

Edited to add: For larger amounts of GBP it could work out cheaper to use Barclays, as TW fees increase considerably with the amount sent. You always need to do the comparison before deciding.

I doubt the Barclays method is ever cheaper. The TW fees are proportionate and so would the exchange rate * total amount exchanged be at the other end with the Barclays route.

[Kwasaki]

1 hour ago, SheungWan said:

Consider always the total fees and rates at both ends. Free Barclays + (Transfer fee and conversion rate at Thai bank) may still be higher than TW.

TW is effectively TW fee + (free transfer at Thai bank end)

 

I sure that may be the case, my UK bank has changed things from before so I'm gonna test it out, I will send the same amount by both and see out of interest what the difference is.