Taking Advantage Of The Baht To Sterling Rate

[thequietman]

It seems logical for me to transfer a significant amount of money back to the UK to take advantage of the rate.

 

Transferwise always seems to be recommended on here, but others have said a swift transfer from Thai bank to UK bank is best.

 

Any advice please as to what method I should choose, should I pay the fees this end and should I send baht and let my bank change it there, or chage it here and send sterling?

 

Many thanks in advance for any advise. Please tell me if you think it is a bad idea and your reasons. ????

[treetops]

Transferwise can not send Thai baht out the country.

[Swen]

Why don’t you just open a currency account in £. It can be done with most major banks. 

[Katipo]

14 hours ago, treetops said:

Transferwise can not send Thai baht out the country.

Is that right? How do people send money out of Thailand then?

[legend49]

24 minutes ago, Katipo said:

Is that right? How do people send money out of Thailand then?

You are not a Thai HISO?

[phantomfiddler]

58 minutes ago, Katipo said:

Is that right? How do people send money out of Thailand then?

They don,t ! I tried to send $20 to an American account for a birthday present, and the documentation required was so severe I dropped the whole idea ???? You can check in but you can,t leave !!

[userabcd]

20 minutes ago, phantomfiddler said:

They don,t ! I tried to send $20 to an American account for a birthday present, and the documentation required was so severe I dropped the whole idea ???? You can check in but you can,t leave !!

For such an amount could you not have used western union?

[scubascuba3]

Try Deemoney, people were recommending it quite a lot a few months ago. There's an app on android. Check the reviews though as some issues recently

[Tapster]

In the next year or so, we hope to be sending money to the UK.

I haven't thought about it too much, but I have some ideas:

 

First, it helps if you have a Foreign Currency Transaction Certificate (it's called something like that) for the original transfer of money into Thailand in the first place. This assumes that maybe you brought money into Thailand to buy a condo or something, and now you've sold it you want the money back in the UK.

 

Ah, but you're just doing it to benefit from the exchange rate. Mmmm... if you can prove the money came into Thailand you'll have a much easier time getting it out again. I read a while back that there can be problems taking money out of Thailand if you made the money here.

 

If you have a Thai wife life may be a bit easier. I don't.

 

What'd I'm going to do is get a bit of advice from our friendly Western lawyer in Phuket. Maybe  you might benefit from getting advice from a lawyer. Of course you should probably start by asking the bank.

 

Let us know how you get on. I'd really like to know anyway.

 

Good luck.

 

Excuse rambling stream of consciousness!

 

????

[Liba]

I use transferwise all the time to send money in and out of thailand I would highly recommend it, you'll save huge amounts on handling fees and the conversion rates are the best on the market, sometimes even better than shown on Xe convert. If you want to send say £1000 it will only cost you around 240THB to do so compared to 1500-2000THB for bank transfers. You'll need to create an account with them and provide certain id but once you've done that you can send money really easily and usley within 1 day, depending if its the weekend or not. Its a no brainer really. 

[Phulublub]

1 hour ago, Tapster said:

In the next year or so, we hope to be sending money to the UK.
 

 

For you and OP.  If you have truested friends here, who have need to trasnfer from UK to Thailand, why noy have them deposit GBP from their bank into yours in UK, and you do the same here in THB - bank to bank or cash. 

 

Sut out the middleman entirely

 

PH

[THE LONG ROAD HOME]

I have sent money from my Thailand Kasikorn savings account to my stock brokerage account in Los Angeles a few times this year. Both times I had to show the paperwork from way back in 2008 when I originally brought copious amounts of US dollars into Thailand. Swift code in and also swift code out. The fee was around 800 baht each time. My local Kasikorn bank branch staff are loathe to see me come in the door. They despise doing money transfers via Swift Code. Too much paperwork they say. They recently said something about international transfers made easy by using their new Online App. I just checked it yesterday and it said it could not process any transactions at the moment and to try again later. We'll see how it works out next time I try it online. I have a feeling I'm going to be back in the branch causing the staff more consternation. Oh joybells! I'll be taking everthing out in the very near future as I am switching retirement countries and taking mak-mak millions with me. Laughing all the way. Bye bye Thailand. It's been mediocre. 

[ronaldo0]

44 minutes ago, Liba said:

I use transferwise all the time to send money in and out of thailand I would highly recommend it, you'll save huge amounts on handling fees and the conversion rates are the best on the market, sometimes even better than shown on Xe convert. If you want to send say £1000 it will only cost you around 240THB to do so compared to 1500-2000THB for bank transfers. You'll need to create an account with them and provide certain id but once you've done that you can send money really easily and usley within 1 day, depending if its the weekend or not. Its a no brainer really. 

How are you doing this ? I have an account with them and send money to here from uk no problem but when I tried to send 15000 bht to uk it said they don’t send to uk from here . Thanks 

[metisdead]

An inflammatory post has been removed. 

[HHTel]

Transferwise CAN NOT send Thai baht out of Thailand. Anyone claiming to have done so are mistaken.

[scubascuba3]

1 hour ago, Liba said:

I use transferwise all the time to send money in and out of thailand

Talk us through how you sent money out of Thailand, you may be the first

[treetops]

1 hour ago, scubascuba3 said:

Try Deemoney, people were recommending it quite a lot a few months ago. There's an app on android. Check the reviews though as some issues recently

As of around a month ago, Dee money could not send from Thailand to the UK - they'd fallen out with a partner or something - but I believe the intention was to resume the service when possible.

[Hotrudester]

We have used their services on many occasions and they have always been up to 4% better than your bank rate plus their services are quick, without problem and excellent personal service. Get a free quote from them.

 Contact the Private Client Team:
T +44 (0) 207 350 5474
E [email protected]

 

This company is excellent. Our mian contact is Charlie Horsley

 

Good luck

 

[Hotrudester]

Apologies I mistyped the email address:

 

[email protected]

[allanos]

If the Thai monetary authorities woke up, just a little bit, and made outgoing exchange control less onerous on the banking system, they would realise that, instead of crying that the Baht is too strong, every single transfer of Baht out of the country weakens Baht strength a little.  The more, the merrier, in fact.  Its Forex 101 really.

[Onrai]

Is the question sending thai bhat out of the country or sending $US or Pound sterling out of the Thailand. If you can’t send $US or other currencies out of the country how do importers pay for the goods they are importing? 

[wgdanson]

1 hour ago, Liba said:

I use transferwise all the time to send money in and out of thailand I would highly recommend it, you'll save huge amounts on handling fees and the conversion rates are the best on the market, sometimes even better than shown on Xe convert. If you want to send say £1000 it will only cost you around 240THB to do so compared to 1500-2000THB for bank transfers. You'll need to create an account with them and provide certain id but once you've done that you can send money really easily and usley within 1 day, depending if its the weekend or not. Its a no brainer really. 

Read treetops no 2 post. Transferwise CANNOT send THB back to UK.

 

[wgdanson]

I have GBP in a Bkk Bank Foreign Curreny Account. Anyone know if it is possible to repatriate some of those pounds easily.

I know, ask Bkk Bank! 

[PETERTHEEATER]

35 minutes ago, wgdanson said:

I have GBP in a Bkk Bank Foreign Curreny Account. Anyone know if it is possible to repatriate some of those pounds easily.

I know, ask Bkk Bank! 

Yes. Just go to the branch with which you have your account. Ask for a couple of Outward Remittance forms. These are in duplicate with a carbon copy duplicate. The first form is marked Page 1 in small print and is the bank's copy, the second, Page 2 is the Customer Copy. I mention this because if you download the Forms from the Bangkok Bank website you can end up presenting your branch with the Page 2 version which they will reject.

 

The Forms are usually in a rack next to the banks Customer Service desks.

 

I recommend that you take the forms away somewhere quiet to fill them in. It's straightforward but you need the IBAN, SWIFT and BIC codes for the receiving account. Making an error of just one digit will fail the transmission.

 

Give the form to the Customer Service desk. If you are using Thai Baht it will be converted to the stated  Foreign Currency at the prevailing BBL rate. They should show you this. There is also a bank charge which you can select to be paid from your account or the receiving bank.

 

The bank clerk will disappear into a back room and make the transfer by secure network. If successful you get Page 2 of the OR form stamped and dated.

 

Sounds complicated but once you have had the first successful transmission any future ORs just copy the same details to the new application.

 

The maximum DAILY transmission rate for an individual is 15000 US dollars equivalent so transmitting large amounts is a pain unless you can show the source of the money.

 

The Bank of Thailand has, from the 8th of November 2019 increased the maximum amounts that can be sent offshore by individuals and companies and I recommend you visit their website and trudge through the English language version to locate Outward Remittances.

 

Unsurprisingly, many bank branch employees seem unaware of the BoT rules and faced with you questions will often tell you 'Cannot do' rather than admit they don't know. I have printed out the Thai and English versions of the BoT rules to show reluctant staff.

 

Hope this helps

 

All high street banks do Outward Remittances but there individual forms can vary.

 

 

 

[wgdanson]

3 minutes ago, PETERTHEEATER said:

Yes. Just go to the branch with which you have your account. Ask for a couple of Outward Remittance forms. These are in duplicate with a carbon copy duplicate. The first form is marked Page 1 in small print and is the bank's copy, the second, Page 2 is the Customer Copy. I mention this because if you download the Forms from the Bangkok Bank website you can end up presenting your branch with the Page 2 version which they will reject.

 

The Forms are usually in a rack next to the banks Customer Service desks.

 

I recommend that you take the forms away somewhere quiet to fill them in. It's straightforward but you need the IBAN, SWIFT and BIC codes for the receiving account. Making an error of just one digit will fail the transmission.

 

Give the form to the Customer Service desk. If you are using Thai Baht it will be converted to the stated  Foreign Currency at the prevailing BBL rate. They should show you this. There is also a bank charge which you can select to be paid from your account or the receiving bank.

 

The bank clerk will disappear into a back room and make the transfer by secure network. If successful you get Page 2 of the OR form stamped and dated.

 

Sounds complicated but once you have had the first successful transmission any future ORs just copy the same details to the new application.

 

The maximum DAILY transmission rate for an individual is 15000 US dollars equivalent so transmitting large amounts is a pain unless you can show the source of the money.

 

The Bank of Thailand has, from the 8th of November 2019 increased the maximum amounts that can be sent offshore by individuals and companies and I recommend you visit their website and trudge through the English language version to locate Outward Remittances.

 

Unsurprisingly, many bank branch employees seem unaware of the BoT rules and faced with you questions will often tell you 'Cannot do' rather than admit they don't know. I have printed out the Thai and English versions of the BoT rules to show reluctant staff.

 

Hope this helps

 

All high street banks do Outward Remittances but there individual forms can vary.

 

 

 

Thanks Peter, very helpful. However I was led to believe that a Foreign Currenct Account is kept at Bkk Bank's head office. I shall go speak to the lovely girls at my P'lok branch. 

The reason I ask is that my 800k is still in GBPs, and I would rather have 400k of that back in the UK where I can invest to get some return for 7 months, then send it back.

[emptypockets]

8 minutes ago, wgdanson said:

Thanks Peter, very helpful. However I was led to believe that a Foreign Currenct Account is kept at Bkk Bank's head office. I shall go speak to the lovely girls at my P'lok branch. 

The reason I ask is that my 800k is still in GBPs, and I would rather have 400k of that back in the UK where I can invest to get some return for 7 months, then send it back.

Hope it is still 800k. If you are only going to keep 400k equivalent in GBP keep an eye on the exchange rate. You don't want any surprises when you to extend.

[wgdanson]

5 minutes ago, emptypockets said:

Hope it is still 800k. If you are only going to keep 400k equivalent in GBP keep an eye on the exchange rate. You don't want any surprises when you to extend.

Thanks, yes I know the implications of the exchange rate. I work on 850k and 450k.

[A Los for words]

Easy. K Bank have an app. Any amount for THB 250 to the UK bank of your choice, instantly. Just need work permit and passport to open an account.

[Max69xl]

6 hours ago, Katipo said:

Is that right? How do people send money out of Thailand then?

Normally we never do. You can repatriate money if going home, by swift transfer bank to bank. 

[Max69xl]

2 hours ago, Onrai said:

Is the question sending thai bhat out of the country or sending $US or Pound sterling out of the Thailand. If you can’t send $US or other currencies out of the country how do importers pay for the goods they are importing? 

Don't compare an individual foreigner with importers/exporters.