Transferring money from the UK (or elsewhere) into Thailand

[Europeanguy]

I get my UK pension in a UK bank account rather than a Thai account. I have 2 reasons: it will not be considered as a Thai taxable income and I keep control on how, with who and when to transfer.

 

My initial question is to the moderators: I have experience of 3 online companies to transfer money, all 3 with subtle differences. If I was to publish a comparative study - sorry, big pompous words ???? -. can I give the companies name? It is not worth doing if I can't really.

 

I think it is a worthwhile endeavor as I know now that I have lost some money not knowing. 

 

Best regards

[Europeanguy]

Thank you. I will wait for the moderators answer though.

 

As far as having any interests with any of the companies, it is a disappointing thought. I haven't got any interests invested in them, only interests and share thoughts for the people on this site if it was useful to them.

 

Actually, if I get any aggravation, I will just drop it and keep happy. I know what I am doing, it is only if it help others. 

 

Best regards

[lopburi3]

12 minutes ago, Europeanguy said:

Thank you. I will wait for the moderators answer though.

 

As far as having any interests with any of the companies, it is a disappointing thought. I haven't got any interests invested in them, only interests and share thoughts for the people on this site if it was useful to them.

 

Actually, if I get any aggravation, I will just drop it and keep happy. I know what I am doing, it is only if it help others. 

 

Best regards

Not all messages are read by moderators, or in any set time.  Was just thinking of links that pay those providing to others (added code) which are normally not allowed.  Moderators are not going to be upset with you and we all stand to gain by such knowledge - but defer to you wanting to wait.

[Europeanguy]

Good answer, thank you. It is so difficult here on this site where people get so worked up on anything. They forget sometimes that it should be a helpful site for the community.

I will publish in 24 hours waiting to see if I get any answers from moderators.

Best regards

[Henryford]

Isn't Transferwise by far the best?

[RichCor]

1 hour ago, Europeanguy said:

and I keep control on how, with who and when to transfer.

You may already be aware that there are generally no issues transferring funds 'into' Thailand (so long as you use regulated financial instruments or methods, or declare the amounts beforehand if doing hand carry).

 

Taking funds 'out' of Thailand is another process. It's here that you'll want to maintain a paper trail so that any funds transferred in can then be transferred out.

 

Many existing ThaiVisa threads exist on the topic, which can be found using either the ThaiVisa search or Google Search utilizing the following format:  Site:thaivisa.com {search text goes here}  

[Europeanguy]

8 minutes ago, Henryford said:

Isn't Transferwise by far the best?

As of today, yes

When I will produce some facts in 24 hours, it will show exactly that.

I still check all my 3 providers every time though, things do not stay still.

Best regards

[Europeanguy]

7 minutes ago, RichCor said:

You may already be aware that there are generally no issues transferring funds 'into' Thailand (so long as you use regulated financial instruments or methods, or declare the amounts beforehand if doing hand carry).

 

Taking funds 'out' of Thailand is another process. It's here that you'll want to maintain a paper trail so that any funds transferred in can then be transferred out.

 

Many existing ThaiVisa threads exist on the topic, which can be found using either the ThaiVisa search or Google Search utilizing the following format:  Site:thaivisa.com {search text goes here}  

It is a very interesting take on the question. One which is close to my heart too. A different subject altogether though. We want the best to get money in Thailand but also the best on how to take it out back to Europe or wherever.

Why it is important? It is about bringing back properties money like houses to children still in the UK.

I keep records and copies of all transactions. I also have bank statements clearly showing the international transactions. I have doubts though that it will be easy to transfer back to my children as my Thai stipulates.

I take your point on searching older threads but they are, if you allow me, older in a rapidly change of scene recently.

I will publish my thoughts on getting money in Thailand from abroad in 24 hrs, waiting for moderators comments if any. 

Best regards

[CharlieH]

No problem, do not provide website links.

 

Thanks for asking first.

[Europeanguy]

So I have the green light from one of the moderator to name companies. Thank you.

One limit assigned to me is not to give links. I will obey that. But there is a point I want to make: I have NO interests in any of those 3 companies, I only have an interest in getting the best deal for myself and you. It has been quick for someone to say that I might have an untowards bias/ financial interest, a post removed by the way. If I get any aggravations from posters (as I can see so often from some people on Thaivisa), I will just drop out of the conversation as I have no time for these behaviours.

I share this information for this community, again of no interest for myself, just if it helps you possibly getting better deals.

So what are the 3 companies? Moneycorp, TorFX and Transferwise.

I started with Moneycorp, happy as a bunny, completely unaware of what the game was.

I found out about Torfx later with much better rates (I am talking of an extra 1,800 Bahts on a £3,000 transfer)

Moneycorp was quick to realise and "switched me" to a preferential rate which was much closer to Torfx - it shows how those people make money at their pleasure. It also shows it is worth pitching them against each other.

And you probably guessed it, I did get in touch with Torfx and they "switched me" too, a flick of a button for them, a meal in a restaurant paid for as far as I am concerned ...

But the story does not end there ... I learned about Transferwise - yes! through the Thaivisa pages! I found out even better deals.

I have used Transferwise for the last 3 months. I still check the deals of the 3 companies every time I transfer - it only takes 3 minutes. So far Transferwise has been the best,but things move along, Moneycorp was a better deal than TorFX last time for example.

So what is the same between those 3 companies?

They all take credit/debit cards but also direct transfer from your UK or other country bank. I found the latter a much better option as you have full control. You made them a recipient online and just transfer. They give you the bank details together with a reference/ personnal account number and that's it. 

Using a card is not so reliable - I was refused once because Barclaycard did not like it - what the hell Barclaycard has got to do with my Royal Bank of Scotland account is anyone guess - I guess it is because my RBS card is a VISA card. Lesson: use online bank transfer, not a card.

So, what is different?

Moneycorp quote you a rate and * the amount is what you get in the Thai account.
They automatically provide an MT503 form.

TorFX quote you a rate and * the amount is what you get in the Thai account minus 0.25% capped to 500 Bahts charged by the Thai bank. Apparently it is because of the way money is send. It can be seen on the MT503 form that is not automatically sent by TorFX, you have to ask for it - I attach one of this MT103 which shows the clause "71A: OUR", meaning the Thai bank will charge you - Bangok Bank and Kasikorn charge the same (0.25% capped to 500 Bahts) An MT103 from Moneycorp will show the clause "71A: SHA" meaning you will not be charged by the Thai bank

Transferwise works differently: it gets you a much better exchange rate but charge a fee. So to compare,it is (amount-fee)*rate. It has consistently be a final better outcome than Moneycorp or TorFX in the last 2 months. Money quoted is what you get in the Thai bank, no charge from the Thai bank.

Find attached my last transfer comparison. Not much difference but I wish I had known all this when I transferrd from the UK to buy my house here in Thailand. I must have lost thousands of Bahts then.

Another difference is that Moneycorp and TorFX provide a personal account manager. Transferwise is much more on the online frontier.

Transferwise keeps you up to date regularly on when the money will arrive or why there is a delay. Deal in the morning in Thailand and it will usually be there the same day - talking of several days with the other two.

A previous poster introduced a very different issue: transferring back to the UK or somewhere else. I thought of opening a new thread for this but I will keep it here. The reason is that it is imperative to keep records of money transferred from the UK (or elsewhere) - why I did talk of MT103 for example. Without that, you have no chance whatsoever to bring it back. So I keep these records but I also get Thai bank statements showing international transfers. I am talking of property purchases here, not monthly pensions.

So how do I feel about that? Very guilty as I am not sure that I can get the property money back to my children. I would be extremely interested by other's experiences on that subject as I have none. 

 

2 files attached if it helps.

 

Best regards
Bernard

 

  

example of transfer.pdf

[treetops]

Do a comparison with Xendpay too.  You'll find they are very close to Transferwise and for some amounts even better.  Good to keep an eye out for their special offers for no/reduced commission deals too.