Changing Baht To Gbp In The Uk

[chiang mai]

As luck would have it I need to be back in the UK next week for a few days and since I have sold my condo here in Thailand and want to repatriate some Baht into GBP this could be an opportunity to make an exchange in the UK - yes, I know about the limits of Thai Baht that can be taken outside Thailand!

Question is though, where do you exchange Baht for GBP in the UK at a rate that is reasonable? Travelex and HSBC UK web sites show a sell rate of 64 Baht per GBP and a buy rate of Baht at 75. If you try to deposit the currency as a credit to a UK bank account in GBP presumably they will use the lower derisory rate? Any helpful feedback is gratefully received.

Edited March 24, 2007 by chiang mai

[Martin_F]

I would do it in Thailand.

In BKK there are some places in Phatumwan that will do it. Search for Rich something.

[PhilHarries]

Try the good old Post Office.

[chiang mai]

With an offshore rate of around 63 per GBP, how can you actually get that rate, seems to me you cannot! If that's the case what ever have all these miles and miles of postings on TV for past weeks been for?

[Maestro]

With an offshore rate of around 63 per GBP, how can you actually get that rate

You are talking about selling Thai currency (banknotes) to a bank in the UK. Out of curiosity, I looked up the latest quote of NatWest for this type of offshore trading:

Bank buy rate: 74.9518, ie the bank pays you 1 Pound for every 74.9518 Baht

Bank sell rate: 62.6870, ie the bank gives you 62.687 Baht for 1 Pound

Which goes to prove that the offshore rate of around 63 per GBP really exists also for cash trading, but it works in the bank’s favour, not in your favour (as was to be expected)

--

Maestro

[chiang mai]

With an offshore rate of around 63 per GBP, how can you actually get that rate

You are talking about selling Thai currency (banknotes) to a bank in the UK. Out of curiosity, I looked up the latest quote of NatWest for this type of offshore trading:

Bank buy rate: 74.9518, ie the bank pays you 1 Pound for every 74.9518 Baht

Bank sell rate: 62.6870, ie the bank gives you 62.687 Baht for 1 Pound

Which goes to prove that the offshore rate of around 63 per GBP really exists also for cash trading, but it works in the bank’s favour, not in your favour (as was to be expected)

--

Maestro

Agreed on all points Maestro. But as far as this forum is concerned and all the chatter therein regarding onshore versus offshore, the only number that applies is the rate at which non Thailand based folks can buy Baht - would be currency smugglers and wanna get rich kids should simply face up to the fact that it isn't dooable. You know the more I delve into this subject the more it makes me think that something isn't right with this scenario but at a level higher than just a national one! Far too much for my pea brain!

[sabajja]

Why not change the Thai baht in Thailand to GBP and then bring with you ?

There are no limits to how much foreign currency you can take out.

If you bought the condo and got the tortor 3(I think the name is) from your bank, proofing you brought the funds in from abroad to purchase the condo.

You should be able to wire the money back to Britain.

I assume that would give you the best exchange rate.

Edited March 26, 2007 by sabajja

[chiang mai]

Why not change the Thai baht in Thailand to GBP and then bring with you ?

There are no limits to how much foreign currency you can take out.

If you bought the condo and got the tortor 3(I think the name is) from your bank, proofing you brought the funds in from abroad to purchase the condo.

You should be able to wire the money back to Britain.

I assume that would give you the best exchange rate.

Yes partially true except, regardless of how much money you brought into the country and regardless of how much money is shown on the Tor Tor Sam, you can only export the sales proceeds amount on which you have paid tax at the land office. I hadn't realized this was the case and when I sold my condo I followed the time honored practice of allowing the land office to set the sales amount and paid tax on that figure accordingly. Unfortunately their figure was only one third of the actual sales price. So, one third of the sales proceeds have been wired out, one third has been exchanged over time for GBP in country and passed to the UK and I'm currently working on the final third.

[sabajja]

Why not change the Thai baht in Thailand to GBP and then bring with you ?

There are no limits to how much foreign currency you can take out.

If you bought the condo and got the tortor 3(I think the name is) from your bank, proofing you brought the funds in from abroad to purchase the condo.

You should be able to wire the money back to Britain.

I assume that would give you the best exchange rate.

Yes partially true except, regardless of how much money you brought into the country and regardless of how much money is shown on the Tor Tor Sam, you can only export the sales proceeds amount on which you have paid tax at the land office. I hadn't realized this was the case and when I sold my condo I followed the time honored practice of allowing the land office to set the sales amount and paid tax on that figure accordingly. Unfortunately their figure was only one third of the actual sales price. So, one third of the sales proceeds have been wired out, one third has been exchanged over time for GBP in country and passed to the UK and I'm currently working on the final third.

Your experience should be a lesson to anyone thinking of investing here.

Simply put: Don't do it !

[topfield]

The question posted in EXCEEDINGLY interesting ..especially as if a good rate for baht could be obtained a lot of money can be earned/saved.

Here are my suggestions.

1. Try Bangkok Bank in the City.

2. Try the ten exchange offices in Praed St Paddington. One called Mercury gave a good rate.You can negotiate as they are Indians...no offence meant. Indians are good businessmen !

3. Try the Swiss banks in London...if a large amount they could send the notes to Zuerich for a better rate.

Zuerich, Bahnhofstrasse is the centre foe exotic note dealing in Europe....might even be worth a trip there.

In the 80's I used to buy up there all the Icelandic kroner available throughout Europe !

NB FYI It is illegal to export more than Bt 50000 in notes (except to a neighbouring country when its 500000)

[sonicdragon]

You should bear in mind that normally the rate that banks will buy foreign currency notes is a lot worse than the rates they will buy wired money. It might be worse than the onshore rate.

I am also interested to know the results of this.

[GallopingMajor]

As luck would have it I need to be back in the UK next week for a few days and since I have sold my condo here in Thailand and want to repatriate some Baht into GBP this could be an opportunity to make an exchange in the UK - yes, I know about the limits of Thai Baht that can be taken outside Thailand!

Question is though, where do you exchange Baht for GBP in the UK at a rate that is reasonable? Travelex and HSBC UK web sites show a sell rate of 64 Baht per GBP and a buy rate of Baht at 75. If you try to deposit the currency as a credit to a UK bank account in GBP presumably they will use the lower derisory rate? Any helpful feedback is gratefully received.

Don't know about exchange rates. However,iIf you brought in GBP to buy your condo from the UK into Thailand, and have proof of this, you should be able to repatriate all of it. Proof could be a copy of the TT form, the original of which your bank sends to Thai Central Bank when money is transferred from abroad. I've never exercised this privilege, but was told to ask for and retain a TT form when I brought money in some 15 years ago to buy my condo.

[topfield]

As luck would have it I need to be back in the UK next week for a few days and since I have sold my condo here in Thailand and want to repatriate some Baht into GBP this could be an opportunity to make an exchange in the UK - yes, I know about the limits of Thai Baht that can be taken outside Thailand!

Question is though, where do you exchange Baht for GBP in the UK at a rate that is reasonable? Travelex and HSBC UK web sites show a sell rate of 64 Baht per GBP and a buy rate of Baht at 75. If you try to deposit the currency as a credit to a UK bank account in GBP presumably they will use the lower derisory rate? Any helpful feedback is gratefully received.

Don't know about exchange rates. However,iIf you brought in GBP to buy your condo from the UK into Thailand, and have proof of this, you should be able to repatriate all of it. Proof could be a copy of the TT form, the original of which your bank sends to Thai Central Bank when money is transferred from abroad. I've never exercised this privilege, but was told to ask for and retain a TT form when I brought money in some 15 years ago to buy my condo.

Dear Friend

You miss the whole point. If you buy pounds in Thailand you will pay around 69 baht for each pound. If the baht notes are outside Thailand you may only have to pay 65 for a pound !!

[topfield]

You should bear in mind that normally the rate that banks will buy foreign currency notes is a lot worse than the rates they will buy wired money. It might be worse than the onshore rate.

I am also interested to know the results of this.

Sonic you are of course 100 percent right as usual.

HOWEVER I understand from previous postings...although I have not seen written BOT rules....that no baht can be tt'ed out of Thailand.

Can some one not check this out ? Is there really a complete ban/prohibition on tt baht leaving Thailand ?

What about those Thai workers with baht a/c's in Singapore at Bangkok Bank, Cecil St. Are they prohibited from adding to their baht a/c's in Sing ??

[chiang mai]

As luck would have it I need to be back in the UK next week for a few days and since I have sold my condo here in Thailand and want to repatriate some Baht into GBP this could be an opportunity to make an exchange in the UK - yes, I know about the limits of Thai Baht that can be taken outside Thailand!

Question is though, where do you exchange Baht for GBP in the UK at a rate that is reasonable? Travelex and HSBC UK web sites show a sell rate of 64 Baht per GBP and a buy rate of Baht at 75. If you try to deposit the currency as a credit to a UK bank account in GBP presumably they will use the lower derisory rate? Any helpful feedback is gratefully received.

Don't know about exchange rates. However,iIf you brought in GBP to buy your condo from the UK into Thailand, and have proof of this, you should be able to repatriate all of it. Proof could be a copy of the TT form, the original of which your bank sends to Thai Central Bank when money is transferred from abroad. I've never exercised this privilege, but was told to ask for and retain a TT form when I brought money in some 15 years ago to buy my condo.

Yes and I was told the same thing. But, somewhere in between us both being told and today things have changed. The Thai banks now seem to act as an agent for BOT and probably others also in that they want to see that Land Office tax has been paid on the sale for which the money was brought in for originally. If the tax has not been paid the money cannot go out. In my case I brought in 6.5 mill baht (in GBP and exchanged at Bangkok Bank) and obtained all the necessary paperwork to support the incomming funds. I naturally went to Bangkok Bank when I wanted to send the money out and the rest is history as they say. I have checked this point with other banks and they all give the same story - tax paid and the money goes out, tax not paid and it stays.

[chiang mai]

As luck would have it I need to be back in the UK next week for a few days and since I have sold my condo here in Thailand and want to repatriate some Baht into GBP this could be an opportunity to make an exchange in the UK - yes, I know about the limits of Thai Baht that can be taken outside Thailand!

Question is though, where do you exchange Baht for GBP in the UK at a rate that is reasonable? Travelex and HSBC UK web sites show a sell rate of 64 Baht per GBP and a buy rate of Baht at 75. If you try to deposit the currency as a credit to a UK bank account in GBP presumably they will use the lower derisory rate? Any helpful feedback is gratefully received.

Don't know about exchange rates. However,iIf you brought in GBP to buy your condo from the UK into Thailand, and have proof of this, you should be able to repatriate all of it. Proof could be a copy of the TT form, the original of which your bank sends to Thai Central Bank when money is transferred from abroad. I've never exercised this privilege, but was told to ask for and retain a TT form when I brought money in some 15 years ago to buy my condo.

Dear Friend

You miss the whole point. If you buy pounds in Thailand you will pay around 69 baht for each pound. If the baht notes are outside Thailand you may only have to pay 65 for a pound !!

Actually if you try to buy GBP with Baht outside Thailand the rate will be considerably higher, as stated earlier the UK banks are quoting 75 to 1 GBP although I haven't tried some of the more exotic banks mentioned by Topfield. Also, HSBC in Hong Kong is funded with Baht and they will take a Thai bank cashiers check and convert it into pounds but the rate they offer is more or less in line with the 75 baht per pound figure.

[chiang mai]

The question posted in EXCEEDINGLY interesting ..especially as if a good rate for baht could be obtained a lot of money can be earned/saved.

Here are my suggestions.

1. Try Bangkok Bank in the City.

2. Try the ten exchange offices in Praed St Paddington. One called Mercury gave a good rate.You can negotiate as they are Indians...no offence meant. Indians are good businessmen !

3. Try the Swiss banks in London...if a large amount they could send the notes to Zuerich for a better rate.

Zuerich, Bahnhofstrasse is the centre foe exotic note dealing in Europe....might even be worth a trip there.

In the 80's I used to buy up there all the Icelandic kroner available throughout Europe !

NB FYI It is illegal to export more than Bt 50000 in notes (except to a neighbouring country when its 500000)

Thanks for that Topfield, I'll give them a try as I depart for London via KL!