Urgent Question Please....GBP to BAHT

[nomad2019]

hi all

       i need to get rid of some of my sterling ,   i have a kasikorn account in hau hin.

       i need transfer 20k sterling from my bank in ukj into my kasikorn bank.

       can i make a TT transfer and keep this 20k GBP in my thai bank for say 3 years ?    rate at minute is a bummer

       can i withdraw it at anytime ?

       how much is the charge for kasikorn holding this sterling ? if any charge at all ?

 

       any advice much appreciated

       i will travel to hau hin from uk on monday this week

 

      CHEERS

[Jan Dietz]

https://www.kasikornbank.com/en/personal/Account/Pages/foreign-currency.aspx

[Mavideol]

don't you think it would be much easier to contact the bank directly, they do have account representatives that speak English and can you help better than any of us here at TV

[Peter Denis]

If you decide to do the transfer from your UK bank to your Kasikorn account (GBP to THB), it would be worthwhile to check out the costs your UK bank will charge you and what exchange-rate they will use.

And then compare this with using TransferWise for the transfer (almost certainly that would be a better deal, with same or next day having the funds in your KK-account).

[topt]

5 hours ago, Peter Denis said:

If you decide to do the transfer from your UK bank to your Kasikorn account (GBP to THB), it would be worthwhile to check out the costs your UK bank will charge you and what exchange-rate they will use.

And then compare this with using TransferWise for the transfer (almost certainly that would be a better deal, with same or next day having the funds in your KK-account).

Reading the OP to me it suggests he wants to keep it in GBP which is not possible with the solution you suggest.

 

He would also need to open a Foreign Currency Account prior to transferring although he could hand carry the currency.  If doing so he would need to make sure of having the requisite proof of funds at the UK end and declaring it on entry to Thailand (the latter is just a formality).

 

5 hours ago, Mavideol said:

don't you think it would be much easier to contact the bank directly, they do have account representatives that speak English and can you help better than any of us here at TV

Would you try ringing a Thai bank branch from the UK if you did not speak Thai........hard enough in person sometimes and the conversation could still be misinterpreted......

[Guest]

I have a PayPal account that allows me to elect whether to book funds as USD or THB.  I have all my USD funds sent USD, and it just sits there, paying USD based bills (Example: Skype) and waiting for a 20% appreciation in the THB (36:1) which will happen eventually.  It is not money I need for day to day ... so it is a way to get funds out of your bank, have it liquid, and not have to keep it in a Thai Bank.

[Hotrudester]

Over the last 10 years when I need to transfer I have used Halo Financial who when compared to 4-6 other establishments always come up with the best deal and very quick gtransfer. Plus they keep you posted on everything which is happening during the transaction. They have been 5 Star to me and some friends so this may help you as the give advice for free etc,   Check out there website:  https://www.halofinancial.com/ The Gent my wife and I always dealt with was Chris Horsley

 

hope this helps you

 

[Straight8]

17 hours ago, Mavideol said:

don't you think it would be much easier to contact the bank directly, they do have account representatives that speak English and can you help better than any of us here at TV

I  can concur. I had a small issue once and called them up, and spoke to a gentlemen with very good English. Very polite and helpful. I am of course referring to Kasikorn here...

[Jaxxper]

Just had the conversation with the SCB and they offer a foreign currency account where you can deposit/ transfer and keep foreign currency in. Fees are modest, but interest is very low. Would check the actual specifics with Kasikorn, or if no joy try Bangkok Bank or SCB.

 

[essox essox]

17 hours ago, Mavideol said:

don't you think it would be much easier to contact the bank directly, they do have account representatives that speak English and can you help better than any of us here at TV

you took the words out of my mouth...the BANK is the place to go...not here !!

[esclub]

2 hours ago, essox essox said:

you took the words out of my mouth...the BANK is the place to go...not here !!

Thanks for sharing...!!

[Jen65]

With Bangkok Bank you can have either a sterling deposit account or a sterling fixed interest rate account.

With the deposit account you get no interest or very little but can withdraw at any time however with fixed term you can not access your sterling until end of the term but better interest ( yes interest rates are miserly ) 

[brianthainess]

Why not bring it with you and declare it on leaving the UK or is it not legal money.

[nomad2019]

On 9/27/2019 at 9:00 AM, Jen65 said:

With Bangkok Bank you can have either a sterling deposit account or a sterling fixed interest rate account.

With the deposit account you get no interest or very little but can withdraw at any time however with fixed term you can not access your sterling until end of the term but better interest ( yes interest rates are miserly ) 

thanks

           can you withdraw sterling back out when ever you want ??????

[nomad2019]

On 9/27/2019 at 1:35 AM, bangkokequity said:

I have a PayPal account that allows me to elect whether to book funds as USD or THB.  I have all my USD funds sent USD, and it just sits there, paying USD based bills (Example: Skype) and waiting for a 20% appreciation in the THB (36:1) which will happen eventually.  It is not money I need for day to day ... so it is a way to get funds out of your bank, have it liquid, and not have to keep it in a Thai Bank.

thankyou 

                  how much GBP pounds can i keep in paypal

 

[mrwebb8825]

On 9/29/2019 at 7:10 PM, nomad2019 said:

thankyou 

                  how much GBP pounds can i keep in paypal

 

Nothing over a billion. ???? If you don't want it tracked and will not use it to buy a condo just put it in your pocket (not wallet-too easy to lose) and board the plane. You'll impress the hell out of the IOs at the airport here.

If you just want it available for online purchases then put it in PayPal. They will charge current exchange rates to whatever currency your purchasing country uses. I keep THB in mine and spend Euro on and online game so I get charged Euro to THB rate. (from yesterday) 

From amount฿699.60 THB

To amount€19.99 EUR

Exchange rate: 1 THB = 0.0285733 EUR

Current tax treaties will track it in a UK bank or a Thai bank unless you opened the account in Thailand over 10 yrs ago so consider that with the BKK Bank options mentioned earlier.

[topt]

6 minutes ago, mrwebb8825 said:

Current tax treaties will track it in a UK bank or a Thai bank unless you opened the account in Thailand over 10 yrs ago

What tax treaties are you referring to and if you opened the account over 10 years ago how does it make a difference?