Taking Advantage Of The Baht To Sterling Rate

[Scott Tracy]

I use Western Union online regularly. 99 baht WU transfer fee and 16.05 baht 'convenience fee'. Reasonably good exchange rate. About 2% difference between Transferwise into Thailand and Western Union out to UK. Direct from Thai bank to UK bank. Normally in less than a few hours, dependent on the time of day.

 

I registered at Central in Ubon. 

[Max69xl]

5 hours 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 !!

If using the Kasikorn Bank app K+ international transfers are now possible. Now it's about 20 countries to choose from,but they will add more countries. This possibility just recently came up. 

[Max69xl]

2 hours ago, scubascuba3 said:

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

He's not sending baht,that's for sure. Because that's not possible.

[Captain 776]

8 hours ago, legend49 said:

You are not a Thai HISO?

I simply have Bangkok Bank do wire transfer to my bank in USA.

Very easy.

[Onrai]

20 hours ago, treetops said:

Transferwise can not send Thai baht out the country.

I don’t know where you are getting your information but I used TRANSFERWISE to transferred $US to Thai Bhat at Bank of Bangkok and just transferred 10,000 thai bhat back to my account in US. No problem.

[Max69xl]

5 hours ago, Tapster said:

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!

 

????

You can sell a condo and then transfer the money back to let's say UK. No law against that. Just talk to your bank. BoT now allows international transfers out of Thailand using thai banks apps. Kasikorn Bank is one of the first. If using their app K+ there's about 20 countries to choose from, and they will add more in the near future. Google it.

[HHTel]

25 minutes ago, Onrai said:

I don’t know where you are getting your information but I used TRANSFERWISE to transferred $US to Thai Bhat at Bank of Bangkok and just transferred 10,000 thai bhat back to my account in US. No problem.

The information is from Transferwise:

 

Quote

TransferWise can only deliver THB to bank accounts based in Thailand.

We send THB out via domestic transfers within Thailand.

Currently TransferWise can't send money from Thailand.

Source: https://transferwise.com/help/11/getting-started/2571942/what-countries-can-i-send-to#Thailand

[Fairynuff]

8 hours ago, Swen said:

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

I’ve looked into this twice at a few different banks, both times I concluded that these accounts are just too expensive to operate

[Fairynuff]

6 hours 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 !!

You’re either trying to be funny or you don’t know what you’re talking about.

[HHTel]

I've transferred money from Bangkok Bank several times, the biggest being almost a million baht, to the UK.

 

I've stipulated the reason as:

 

Family Expenses

Education Costs

Medical Expenses.

 

I've used one of the above several times with no problem.  I accept there are forms to complete but I've always had a bank employee to do that.

[Matzzon]

7 hours ago, Katipo said:

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

Ooh, Maybe it can be so simple as they use another service. Just a thought.

[Max69xl]

1 hour ago, Onrai said:

I don’t know where you are getting your information but I used TRANSFERWISE to transferred $US to Thai Bhat at Bank of Bangkok and just transferred 10,000 thai bhat back to my account in US. No problem.

You can't even choose THB as 'sending' currency when transferring money. Only as 'receiving' currency. So,how do you do it? 

[beautifulthailand99]

4 hours ago, allanos said:

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.

Yes that would be the logical way to go about things. ????

[Suradit69]

4 hours ago, allanos said:

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.

 

And you assume being a farang you must know this and no one in Thailand does?

 

Quote

 

BOT Press Release No. 66/2019

The BOT relaxes rules to facilitate capital outflows and lessen pressure on the Thai baht

 

 

          The Thai baht has been under pressure due to imbalanced capital flows in the current environment of highly uncertain and volatile external conditions, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht. Such relaxations include allowing exporters to keep foreign currency proceeds overseas, allowing retail investors to invest in foreign securities without going through a Thai intermediary institution and allowing businesses and individuals to transfer funds abroad more freely. These relaxations will be effective 8 November 2019,

 

https://www.bot.or.th/English/PressandSpeeches/Press/2019/Pages/n6662.aspx

 

[nickmondo]

9 hours 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 !!

what a load of absolute codswallop

of courset you can send money back to your home country.

[shy coconut]

On 11/19/2019 at 4:14 PM, treetops said:

Transferwise can not send Thai baht out the country.

What use would Thai Baht be in any other country?

[scubascuba3]

9 hours ago, Onrai said:

I don’t know where you are getting your information but I used TRANSFERWISE to transferred $US to Thai Bhat at Bank of Bangkok and just transferred 10,000 thai bhat back to my account in US. No problem.

we are talking about Transferwise, i guess you are referring to transferring money from your Bangkok Bank account to your US account? Not Transferwise, people get so confused over this, not sure why

Edited November 20, 2019 by scubascuba3

[Jaxxper]

21 hours 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 !!

You need to change banks!! I send money via SWIFT to our daughter in the US for her upkeep whilst she's studying there and there is no problem at all. 

[Max69xl]

13 hours ago, nickmondo said:

what a load of absolute codswallop

of courset you can send money back to your home country.

He didn't say that. He said it wasn't worth it because of the paperwork. He could have used Western Union,of course. Let's say you want to send a chunk of money back home using Bangkok Bank, the paperwork is a pain in the ass, unless Customer Service does it for you. 

[Dingo1170]

TransferWise definatlydoes not send thai baht out of the country, Ronaldo is on drugs dude

[treetops]

On 11/20/2019 at 1:03 PM, Onrai said:

I don’t know where you are getting your information but I used TRANSFERWISE to transferred $US to Thai Bhat at Bank of Bangkok and just transferred 10,000 thai bhat back to my account in US. No problem.

Please go back and repeat what you actually did when you think you transferred money out of Thailand using Transferwise.  One of the first actions will be to select the currency you are sending.  In your case that'll be Thai Baht.  Please take a screenshot of that selection similar to the one I've shown here for US Dollars.

I'm sure many here will be interested given our inability to select Thai baht here and Transferwise's comments posted above.