Tranferring Pounds From Hsbc To Hsbc Thailand

[dsfbrit]

Because I always wanted to be sure of the exchange rate I would get, I have always converted from Pounds to Baht at my HSBC UK branch.

This money was then sent to my HSBC Thailand account.

The rate has always been about 1 baht lower than the published TT rate in Thailand, but at least I knew what I was getting!!

I was thinking of transferring in pounds and converting to Baht in Thailand.

This is mainly due to getting a poor rate from HSBC in the UK this time (63Baht) and the fact I can no longer talk to anyone at the branch to confirm the rate on the day of the exchange. I now talk to someone in a call centre in India - very helpful for many things, but bl**dy useless for 'real time' currency exchanges!

I ask them the exchange rate and they say they will have to put me through to the branch - the branch is always busy and they ask me to call back later ! until now there has not been a problem with the exchange rate though ...

I have made a formal complaint about this latest rate, but whether I win or lose my claim (when it no doubt eventually goes to the Banking Ombudsman), I still no longer trust my method of transfer.

I have read various comments on TV about SWIFT - maybe that would be the way to go, but just transferring in Pounds to HSBC Thailand would be easier.

Any help would be grealy appreciated

Edited May 7, 2007 by dsfbrit

[Naam]

Any help would be grealy appreciated

the same question is asked daily a zillion times and that since several months. but TV-members are always polite, patient and extremelyhelpful.

to make it short: don't transfer Baht @ ~64, transfer GBP @ ~69.

[mosquitoman]

Better exchange rate if you transfer pounds

MM

[dsfbrit]

Mosquitoman and Dr Naam - thanks for your replies ... and your patience.

I will do this in pounds in future.

I have read a lot of posts in the last 24 hours and realise there is the offshore/onshore rate issue - groan.

With pounds transfer I get the onshore rate.

As a additional point, I currently send the money to HSBC Thailand and then transfer to Thai Farmers Bank in Pattaya.

I did this initially some years ago as I had no knowledge of whether the transfer to Thai Farmers bank would be OK (I was new to Thailand then) and thought HSBC (uk) - HSBC (th) would be safer.

However, having read lots of posts I intend to make the next transfer to Thai Farmer directly and if OK then shut down the HSBC account in Bangkok.

Can you think of any downside to this plan?

[Naam]

Mosquitoman and Dr Naam - thanks for your replies ... and your patience.

I will do this in pounds in future.

I have read a lot of posts in the last 24 hours and realise there is the offshore/onshore rate issue - groan.

With pounds transfer I get the onshore rate.

As a additional point, I currently send the money to HSBC Thailand and then transfer to Thai Farmers Bank in Pattaya.

I did this initially some years ago as I had no knowledge of whether the transfer to Thai Farmers bank would be OK (I was new to Thailand then) and thought HSBC (uk) - HSBC (th) would be safer.

However, having read lots of posts I intend to make the next transfer to Thai Farmer directly and if OK then shut down the HSBC account in Bangkok.

Can you think of any downside to this plan?

you won't have any problems. get the SWIFT code from Thai Farmers and instruct HSBC U.K. to transfer directly to your account. transfers take usually 48 hours from Europe and 24 hours from any bank in Asia.

[dsfbrit]

Thanks Dr Naam for the prompt reply.

I will make the next transfer to Thai Farmer.

[bendix]

I've just come back from a business trip to the UK where another company was paying my expenses. They asked me to pay for flight (124,400 baht) and hotel (around 200 pounds a night for three nights, but paid for in US dollars over a hotel website) and submit them an invoice in sterling for them to reimburse.

I did so. I submitted my invoice using the offshore UK / ThB exchange rate of around 64.5 to convert to a sterling amount. They paid that. When i checked this morning, the sum had come through to my account at around 69.3 baht, an almost 9% gain.

Lovely jubbly.