Euro pound sterling account

[Harveyboy]

I read a post on here some time ago. But can't find it.. As we all know now isn't time to change currency but I'd like to transfer euro and pound sterling to Thailand   question does it remain in original currency untill I change it into Thai or withdraw it.. Is there a charge for each transaction putting in or taking it out a standing charge or a percentage.. Does anyone have a count like this.. Is it easy to manage I'm thinking about Bangkok Bank I have an account there for my thai currency. Thanks for any help 

[CharlieH]

If you do not have a foreign currency account any money you send will be converted into A Thai baht when it arrives, this is the better rate doing it this way than converting at origin.

If you have the respective foreign currency accounts you can hold in that currency.

[ThaiPauly]

10 hours ago, CharlieH said:

If you do not have a foreign currency account any money you send will be converted into A Thai baht when it arrives, this is the better rate doing it this way than converting at origin.

If you have the respective foreign currency accounts you can hold in that currency.

This is true, but of course if you transfer pounds sterling and you change to baht you will only get the rate that day, less of course the banks charges which I have found to be around half a baht on whatever the rate is.

 

On the plus side , they will pay you 0.5% on foreign currency they are holding for you...well SCB will anyway, my bank HSBC pays nothing on cash I hold offshore

[Pdavies99]

Most UK Banks no longer charge for transfers aroad, but you should ask beforehand.  (If you request a same day transfer, then that costs you, however a standard overseas transfer takes about 1-5 days, and at little or no charge)

 

You should state you want a sterling transfer, other wise they may make a Thai exchange rate in the UK which is always much lower (about 3-5 baht worse a rate)

 

Your money will arrive usually in a Bangkok clearing bank and then transferred to your local Thai bank in Thai Baht, charges are usually absorbed within the rate given on the day and the effective rate is often slightly above the cash rate that day.   

[Harveyboy]

19 hours ago, CharlieH said:

If you do not have a foreign currency account any money you send will be converted into A Thai baht when it arrives, this is the better rate doing it this way than converting at origin.

If you have the respective foreign currency accounts you can hold in that currency.

So i could open a foreign currency account i can transfer the cash with online banking Barclays sain no chare if i do it only if they do..but will this arrive and stay in my account as pounds and not converted as i have a considerable amount to transfer but not into baht ..sorry for all the questions that might seem simple to people in the know ...sadly im not one of them ha 

[CharlieH]

4 minutes ago, Harveyboy said:

So i could open a foreign currency account i can transfer the cash with online banking Barclays sain no chare if i do it only if they do..but will this arrive and stay in my account as pounds and not converted as i have a considerable amount to transfer but not into baht ..sorry for all the questions that might seem simple to people in the know ...sadly im not one of them ha 

First secure the "Sterling account" then you can keep and hold that currency. Transfer into a baht account at your descretion.

[yodsak]

24 minutes ago, Harveyboy said:

So i could open a foreign currency account i can transfer the cash with online banking Barclays sain no chare if i do it only if they do..but will this arrive and stay in my account as pounds and not converted as i have a considerable amount to transfer but not into baht 

If you have a sterling account and send pounds then it will stay in pounds.

 

 

 

 

 

 

 

Edited July 31, 2019 by yodsak

[sawadee1947]

Sure you can have a pound or an euro account. Go to Krungsi as I did. 

[DaRoadrunner]

You can have £ or $ or other currency accounts with Bangkok Bank. Known as an FCD account. Not every branch has this facility so you may have to try a couple of branches.

 

You can also link this to a Thai Baht account with the same bank.

 

Unlike Thai Baht, funds in other currencies are NOT guaranteed by the Bank of Thailand.

[Harveyboy]

On 7/31/2019 at 1:48 PM, yodsak said:

If you have a sterling account and send pounds then it will stay in pounds.

 

 

 

 

 

 

 

Tks

[Harveyboy]

Just now, Harveyboy said:

Tks

 

On 7/31/2019 at 2:03 PM, sawadee1947 said:

Sure you can have a pound or an euro account. Go to Krungsi as I did. 

my wife has an account tnere also ...ill look into tks

[Harveyboy]

On 7/31/2019 at 1:29 PM, CharlieH said:

First secure the "Sterling account" then you can keep and hold that currency. Transfer into a baht account at your descretion.

Tks mate 

[denby45]

Be careful with foreign currency accounts and find out all the information before sending money there. May not be applicable here but I once was moving 80,000 GBP to Dubai and noticed the exchange rate GBP/AED was terrible with the bank (Barclays Dubai) versus the likes of Habib Exchange. It was a real rip off. So I checked if I could open a GBP account with them and transfer the funds without changing it to AED. There were no costs at all setting it up accepting GBP into that account. Obviously (I thought) this was spot on I could then get the cash out and use Habib. Job done. When I got the confirmation that the funds had arrived I duly went along to withdraw the cash. They handed over 78,400 quid, 1,600 quid short. Where is the rest says I? Oh sorry we forgot to mention, if you take foreign cash we charge you 2%.

<deleted>!!! Anyway as it turned out I was still slightly better off doing it this way. 

 

Always be careful when dealing with banks. They are leeches.

 

Den   

[Harveyboy]

Thanks mate ill look into this ive been told some take a % and some a fixed rate ...ill check what BKK bank do 

[Harveyboy]

On 7/31/2019 at 4:46 PM, DaRoadrunner said:

You can have £ or $ or other currency accounts with Bangkok Bank. Known as an FCD account. Not every branch has this facility so you may have to try a couple of branches.

 

You can also link this to a Thai Baht account with the same bank.

 

Unlike Thai Baht, funds in other currencies are NOT guaranteed by the Bank of Thailand.

Do you know what charges there are on withdrawing is it a % or a fixed sum just been reading a post here where an op was charged 2% to draw out his cash cost him 1600 quid ..

[Handsome Gardener]

On ‎7‎/‎31‎/‎2019 at 12:23 PM, Harveyboy said:

So i could open a foreign currency account i can transfer the cash with online banking Barclays sain no chare if i do it only if they do..but will this arrive and stay in my account as pounds and not converted as i have a considerable amount to transfer but not into baht ..sorry for all the questions that might seem simple to people in the know ...sadly im not one of them ha 

Yes you can but makes no financial sense. Leaving aside you will be holding a fastly depreciating currency, and widely predicted to go a whole lot lower, if you do ever want to change it to baht you will be raped by the bank rates, and on a large amount that will add up.

 

As an example I recently looked into transferring £140,000 here from UK

 

via TransferWise - fee £940.

 

Then looked at just sending the sterling over to a sterling account at Bangkok Bank - fee free from Barclays (but be warned intermediary banks CAN get involved with no control from you whatsoever, charging their own fees along the way) - but then once I converted to Thai Baht would have cost me £2,313.

[Harveyboy]

16 minutes ago, Handsome Gardener said:

Yes you can but makes no financial sense. Leaving aside you will be holding a fastly depreciating currency, and widely predicted to go a whole lot lower, if you do ever want to change it to baht you will be raped by the bank rates, and on a large amount that will add up.

 

As an example I recently looked into transferring £140,000 here from UK

 

via TransferWise - fee £940.

 

Then looked at just sending the sterling over to a sterling account at Bangkok Bank - fee free from Barclays (but be warned intermediary banks CAN get involved with no control from you whatsoever, charging their own fees along the way) - but then once I converted to Thai Baht would have cost me £2,313.

Perhaps i need to

 look into more thats a lot more than i expected to pay would be cheaper flying back for a visit and bring out 10k a time as im only looking at about 30k thanks for the info mate 

[Handsome Gardener]

27 minutes ago, Harveyboy said:

Perhaps i need to

 look into more thats a lot more than i expected to pay would be cheaper flying back for a visit and bring out 10k a time as im only looking at about 30k thanks for the info mate 

I even thought of doing that - however there are now currency sniffer dogs at Heathrow - I remember a Heathrow fly on the wall programme and they stopped a woman with £4k cash and gave her a right grilling as to its source.

 

You need to provide clear evidence where it came from (to the handler not the dog ????) - 'from my bank account' doesn't cut the mustard. If you can't they can take it off you

[yodsak]

2 hours ago, Harveyboy said:

Do you know what charges there are on withdrawing is it a % or a fixed sum just been reading a post here where an op was charged 2% to draw out his cash cost him 1600 quid ..

It's a %.   You don't draw cash out of a sterling A/C,   You transfer it out of your sterling A/C into your baht A/C .  The bank will give you the TT rate. Around 0.5 baht lower than the interbank rate.

  The same rate as transferring  sterling from the UK into a baht A/C.

And remember every year your £ is worth less against the baht.  33% down in 4 years.

10% down since May.    

[Nowisee]

On 8/1/2019 at 11:59 PM, denby45 said:

Where is the rest says I? Oh sorry we forgot to mention, if you take foreign cash we charge you 2%.

 

Bangkok Bank charges a 0.25% or 500 baht max going in and 0.25% going out, 500 baht min and no max.  IF you want to send it back to home country, that will be another 1%.  These are in USD.

Other fees could apply if using other forms of transfer or if an intermediary bank is involved.

 

[Harveyboy]

On 8/4/2019 at 5:45 PM, Handsome Gardener said:

I even thought of doing that - however there are now currency sniffer dogs at Heathrow - I remember a Heathrow fly on the wall programme and they stopped a woman with £4k cash and gave her a right grilling as to its source.

 

You need to provide clear evidence where it came from (to the handler not the dog ????) - 'from my bank account' doesn't cut the mustard. If you can't they can take it off you

Lucily i can take 10 k from my bank with a statement showing the withdrawl ..hoping to move permanant this or next year retire spend time with my family but dont want to leave cash in UK or French banks i trust them about as far as i thrust thai but better the devil you know ..alo withbthe event of anything happening to me ..no teenager now it would be a lot easier for my famiy to access the funds ..english banks are a rip of  but French are thieving robbing B.......ds and would dobanything to to find a reason not to let the funds go  mthoight being already inthailand easier ..if the euro and pound were no so <deleted> id transfer it into baht but as we all know impossible..with the rate ..i have an account at BKK bank and k bank my wife went to ask about details this week   BKK 2%  withdrawl..K bank 1% but cannot take it out in cash can only change into baht so with the <deleted> rate and 1% not good especially with the low rate banks give compared to changing on the street ..  dont know whatvthe solution is except as insaid fly back and take it but thats a lot of flights eh  ha ...tks for the reply and any other info is appreciated