Sick of bank charges

[Stephen Zevon]

So fed up with atm rip off every time I want to get some cash. Therefore my Thai lady will open a new bank account for my use. What I would like to know is the best way of transferring from my English account to this new account in Thailand. Rates, fees, timing...much appreciated. 

(NOT requiring warnings about Thai lady taking all my money etc, thank you ????)

 

[Curt1591]

You will be hit with fees any way you import funds.

Next time you are back in your home country, open an account that will refund the ATM fees.

[petermik]

Halifax (Lloyds Banking Group) charges me £9.50 to transfer money online to my Thai Bank...takes 3/4 days and I transfer the money in UK pounds

Edited November 11, 2019 by petermik

[scubascuba3]

Can't you just pay her using her bank account?

 

Open your own bank account when next in Thailand.

 

For Transfers Transferwise is good

[kingofthemountain]

32 minutes ago, Stephen Zevon said:

Therefore my Thai lady will open a new bank account for my use. What I would like to know is the best way of transferring from my English account to this new account in Thailand

Why don't you open a bank account in YOUR name?

No offense but you 'll not be the first after you have transferred a lot of money

on HER new account she is not anymore your lady and goodluck for having your money back.

If you open YOUR bank account here in Thailand you have no more fee when you use the ATM

[BRUFC]

To answer the OP. I just checked Transferwise, which I've been using monthly for 18 months. To Transfer £1700 pounds today would cost you £11.04 in fees, so they'll covert £1688.96 and 'your' account will receive 65562.39 baht. Whether the Thai bank will charge for receiving I couldn't say. Mine doesn't. Without fail the baht are here the next working day, although I've read here on TV that some members have had their money within hours.

[CharlieH]

Several Off topic remarks removed.

No one asked for relationship commentary or advice.

 

 

[KhunBENQ]

46 minutes ago, BRUFC said:

Whether the Thai bank will charge for receiving I couldn't say. Mine doesn't.

No they won't. Same for me.

A fee does not occur as the actual transfer is in Thai Baht from within the country.

 

[sillyfool]

use crypto coins.

[scubascuba3]

16 minutes ago, sillyfool said:

use crypto coins.

i bet you've got OneCoin

[sillyfool]

28 minutes ago, scubascuba3 said:

i bet you've got OneCoin

don't know that one. 

[Tayaout]

10 minutes ago, sillyfool said:

don't know that one. 

A ponzi scheme that use cryptocurrencies. Some people like to equate cryptocurrencies to scam because they don't understand them. 

[Lacessit]

In Thailand, IMO the best way to utilize your money is to have a savings passbook. Withdrawals and deposits are free, provided you are banking in the same province as where you open the account. I deal in cash only, have a debit card for emergencies.

I use a telegraphic transfer of fairly large sums once or twice a year. Fixed fee of $30, plus the exchange rate imposed by the Thai bank.

Under no circumstances try to transfer from your home country in Thai baht. You are then subject to Dynamic Currency Conversion ( DCC ), which is the polite way of saying we are going to rob you blind.

[CharlieH]

Just now, Lacessit said:

In Thailand, IMO the best way to utilize your money is to have a savings passbook. Withdrawals and deposits are free, provided you are banking in the same province as where you open the account. I deal in cash only, have a debit card for emergencies.

I use a telegraphic transfer of fairly large sums once or twice a year. Fixed fee of $30, plus the exchange rate imposed by the Thai bank.

Under no circumstances try to transfer from your home country in Thai baht. You are then subject to Dynamic Currency Conversion ( DCC ), which is the polite way of saying we are going to rob you blind.

Unless you bank with TMB and there are NO charges for out of province use.

[Lacessit]

Interesting, I didn't know that. Thanks.

[Moonlover]

From the info that I can glean from your post @Stephen Zevon TransferWise is your best option. (see link below) Charges are up front so you know what you're paying. The exchange rate is mid-market which is better than any bank can offer and there will be no charges when your money arrives. I have never in 15 months of use had a transfer take longer 24 hours and providing you initiate the transfer in the morning, they are usually here within a few hours.

 

ATM really is 'pants' when it comes to drawing money from abroad.

 

https://transferwise.com

 

 

Edited November 11, 2019 by Moonlover

[sillyfool]

1 hour ago, Tayaout said:

A ponzi scheme that use cryptocurrencies. Some people like to equate cryptocurrencies to scam because they don't understand them. 

i was thinking more along the lines of tether. 2 bank accounts, 2 ledgers, pretty pain free and totally legal. 

 

scuba steve must not have read up on modern times.

[baansgr]

Transferwise or WU...compare what rate and charges are which will depend on amount sent. Also can SWIFT but rate will be lower than above

[billd766]

9 hours ago, BRUFC said:

To answer the OP. I just checked Transferwise, which I've been using monthly for 18 months. To Transfer £1700 pounds today would cost you £11.04 in fees, so they'll covert £1688.96 and 'your' account will receive 65562.39 baht. Whether the Thai bank will charge for receiving I couldn't say. Mine doesn't. Without fail the baht are here the next working day, although I've read here on TV that some members have had their money within hours.

BKK Bank does not charge fees for TransferWise transfers.

[Moonlover]

7 minutes ago, billd766 said:

BKK Bank does not charge fees for TransferWise transfers.

No bank makes a charge.

[MikeN]

3 hours ago, sillyfool said:

use crypto coins.

With your user name do you think anybody is going to heed your advice ?

[MikeN]

3 minutes ago, Moonlover said:

No bank makes a charge.

That depends on the destination bank and branch. If Transferwise send the money via BKK Bank, but then they send it on to a different bank in Nakorn Nowhere you may have to pay the normal fee for a domestic transfer for an interbank/inter province transaction

[sillyfool]

27 minutes ago, MikeN said:

With your user name do you think anybody is going to heed your advice ?

judge much ? 

 

i see you are not well informed. crypto and blockchain is the future. sillyfool is the name of a popular thai rock band. 

 

a few minutes research would show you that tether is a stable coin tied to the USD. with generally less than 1% change in price at any given time. this coin could be bought through a bank account in england and sent to a ledger. then resend the coins to another ledger tied to a newly opened thai bank account. then send the money into the thai bank. a few accounts on a exchange like coinfield and your good to go. 

 

i am only using tether as an example of what is possible. 

 

you'll have those chime in about the process.... but they can't see the forest for the trees. 

[Tayaout]

7 hours ago, sillyfool said:

judge much ? 

 

i see you are not well informed. crypto and blockchain is the future. sillyfool is the name of a popular thai rock band. 

 

a few minutes research would show you that tether is a stable coin tied to the USD. with generally less than 1% change in price at any given time. this coin could be bought through a bank account in england and sent to a ledger. then resend the coins to another ledger tied to a newly opened thai bank account. then send the money into the thai bank. a few accounts on a exchange like coinfield and your good to go. 

 

i am only using tether as an example of what is possible. 

 

you'll have those chime in about the process.... but they can't see the forest for the trees. 

Soon everyone will be using them without even knowing it. 

 

https://www.independent.co.uk/life-style/gadgets-and-tech/news/eu-cryptocurrency-bitcoin-facebook-libra-china-european-union-a9187451.html

 

https://www.technologyreview.com/f/614314/china-is-about-to-launch-its-own-digital-currency-heres-what-we-know-so-far/

 

https://beincrypto.com/tunisia-becomes-first-country-to-issue-a-central-bank-digital-currency/

 

To try stay on topic, I think wire transfer or transferwise is still easier for most older people to wrap their head around. However if the OP needs to send regular small amount then those options are probably more expensive than using USDT, USDC or DAI to transfer assets without exposure to traditional cryptocurrencies volatility. 

[Moonlover]

9 hours ago, MikeN said:

That depends on the destination bank and branch. If Transferwise send the money via BKK Bank, but then they send it on to a different bank in Nakorn Nowhere you may have to pay the normal fee for a domestic transfer for an interbank/inter province transaction

No one on this forum has yet reported their bank making a charge for receiving a T/W payment. When inter bank transfers are made in Thailand it is the sending bank that makes the charge, not the receiving bank. I've made enough of them to know.

 

When you make a transfer using TransferWise it really is a case of 'what you see is what you get'.

 

 

Edited November 12, 2019 by Moonlover

[falankuk]

BRUFC which bank do you have?

[jimn]

I use my no fees Halifax Clarity card whenever I can over here. Whenever I buy petrol for the car, shop in Big C or Tesco Lotus or go out for a meal. The exchange rate is the Mastercard rate which is very competitive, I pay no fees and I pay the bill direct from my UK bank account once a month. I only use cash in bars and shops/market that doesnt take cards. No need to keep sending tons of cash over. In the UK spending on credit/debit cards has overtaken cash. There are even bars and venues that are cashless now, all transactions are on card.

[Proboscis]

22 hours ago, scubascuba3 said:

Can't you just pay her using her bank account?

 

Open your own bank account when next in Thailand.

 

For Transfers Transferwise is good

THe big issue when transferring money to Thailand is your bank in your home country charging extremely adverse exchange rates. UK banks are particularly bad.

 

Transferwise is very good at this and they charge you the mid-point of the exchange rate. They quote you exactly what it will cost first, including the transfer fee.

 

To get Transferwise you need to register with them online. This is a little onerous but well-worth your time.

[AsiaCheese]

TransferWise is the way to go - most definitely, and for several reasons:

 

- you have full knowledge/control of fees and exchange rate

- your transfer from your bank to TransferWise in your home country is free to negligible (local bank transfer)

- there's no transfer/landing fee in Thailand (local bank transfer)

- the exchange rate is fixed when you initiate the transfer with TransferWise, and it's way (WAY!) better than anything you could get from any bank, in either country. Thai banks give you a "TT" (telex transfer) rate that's better than their street (note) exchange rate, but that doesn't mean it's in any way fair! Plus they never show you the catalog of expenses unless you ask for a detailed print-out - you'll be surprised what you find there...

[kevin612]

I am sick of these high atm fees on us, robbing from us.