Transferring 150K GBP To Bangkok Bank

[Hindy]

HI

I am looking to transfer the above,for a condo or house purchase,i normally use Transferwise

but they are saying only 2 million Baht max per transfer,i know i can do separate transfers

but has anyone got better ideas or recent experience of the above.

many thanks

[scubascuba3]

2m baht is what I read too. You could use your regular bank and swift instead

[dick turpin]

That's a big bunch of money to risk on a single transfer, whatever

the options better to spread the payments, sounds as if you have

not even got as far as choosing a property, so plenty of time.

[Pib]

Just go with a SWIFT transfer....be sure to transfer GBP...don't let your sending bank convert to baht as you'll get an exchange rate several percent below the Thai bank TT Buying Rate used for incoming international transfers.  And TransferWise can get kinda pricey for large transfer as their sending fees are high for large amounts.   Use to be at around 15K USD equivalent a SWIFT transfer would work out a little better due to the high Transferwise sending fees.

 

About a dozen years ago I SWIFTed a little over 200K USD from the US to Bangkok Bank to buy our house/dirt here in Bangkok....money arrived next day...no questions....no problems

[Yellowtail]

At least from the US, over (I think) about US$10K bank transfer is the better value, and the larger the amount the much greater the savings as the bank charges a flat rate. As other have advised, do not let your home bank send Baht or they will rape you. 

 

That said, at least with Chase Bank in the US, setting up the international transfer the fist time is something of a PITA. After the first time it's cake...

 

Also, both Krunsri and and Kasikorn call me when the transfer comes in, let's me know what the rate is and askes if I want to do the conversion at that rate or if I wan to wait. No sure how long you can wait as I always just accept the rate. 

 

 

Edited February 15, 2021 by Yellowtail
added text

[scubascuba3]

To prevent a disaster send a small test amount to start with

[Madgee]

Transfer money from the UK to Thailand via Bangkok Bank’s London branch

 

Worth checking out for large amounts.

 

 

[sanuk711]

44 minutes ago, Pib said:

be sure to transfer GBP...don't let your sending bank convert to baht as you'll get an exchange rate several percent below the Thai bank

I have done that amount (and more)  Hindy, correct what Pib says about who does the exchange--- also they will phone you and ask what the money is for-- Condo is fine, but ask the bank for the paper which allows you to take the money back out the country if you wish to do so latter.

 

Your get the usual "Don't do it stuff" I brought nearly 20 years ago now---not paid a penny in rent for 20 years,  the house is  worth about 180% more then I paid + I don't have those problems that I read about here---"will I get my bond back etc"

Please Let us all know how close the Bank rate was to Transfer wise etc.

[jacko45k]

8 hours ago, sanuk711 said:

Please Let us all know how close the Bank rate was to Transfer wise etc.

The bank rate will never be anywhere close to what Transferwise claim to offer,  and I say 'claim' because they quote their rate not inclusive of their charges. My bank has a fixed charge, Transferwise seems to have a percentage charge, and up to $30.000 the better Transferwise rate always won out. Transferwise rate is fixed once you initiate the transfer, whereas SWIFT it will be at the time it lands. 

 

[CharlieH]

Off topic removed.

[papa al]

Western Union does bank to bank transfers

cheapest.

[sanuk711]

40 minutes ago, papa al said:

Western Union does bank to bank transfers

cheapest.

That's a surprise papa al...because their exchange across the counter is one of the worst.....

[papa al]

39 minutes ago, sanuk711 said:

That's a surprise papa al...because their exchange across the counter is one of the worst.....

WU will indicate how much will be deposited in your Thai bank account before finalising x-fer.

[Yellowtail]

Just now, papa al said:

WU will indicate how much will be deposited in your Thai bank account before finalising x-fer.

 

So if the Baht weakens before you get the funds you lose money, and it it strengthens you make money, yes?

 

Someone has to pay for that risk. It is hard to believe that for a large transfer WU can a swift transfer. 

 

How does it work, is it an app similar to TransferWise?

[JimmyJ]

2 hours ago, papa al said:

Western Union does bank to bank transfers

cheapest.

Extremely surprised to read this - WU has always had insanely high fees in my experience.

[Yellowtail]

Looking at the WU website it appears their "no fees" transfer rakes about a half-point using the exchange rate so ~$50 on a $10K transfer.

[KannikaP]

1 hour ago, papa al said:

WU will indicate how much will be deposited in your Thai bank account before finalising x-fer.

So will Transferwise. If say, you tell them to send THB100,000, you will get a total cost including fees. Divide THAT figure by 100,000 and you have the actual exchange rate.

Edited February 16, 2021 by KannikaP

[Boycie]

[Chivas]

2 hours ago, papa al said:

Western Union does bank to bank transfers

cheapest.

 

Tescos finest coffee has just gone spraying across the laptop......

[cucme]

Try Azimo, best rates no fee.

[Estrada]

If you are not currently in Thailand you will have the same problem as I had due to the amount of transfer (AMLO regulations). Whether you are in Thailand or not, you also will need to visit Bangkok Bank Silom head office to fill out the AMLO declarations.

[GreasyFingers]

I have brought over a similar amount in AUD through OFX. They give a transfer rate that you can yes or no at the time. They operate in the UK so have a look at their website, no fees and mostly a competitive exchange rate.

[scubascuba3]

This is ideal for a scam website in the future, easy money, better to stick with well known names after doing research

[khunPer]

On 2/15/2021 at 12:11 PM, Hindy said:

i know i can do separate transfers

but has anyone got better ideas or recent experience of the above.

You would probably be best off with a normal SWIFT-transfer in GBP to Bangkok Bank and register the foreign transfer, and keep the receipt (you might get it a week or two later), which will make you eligible to transfer the same amount out of Thailand, if that one day should be necessary.

 

I think the foreign currency transfer registration today is equivalent to $50,000, when I did my larger transfers for property it was $20,000.

 

You might be asked questions to check that you are not white-washing...????

[Regyai]

OP doesnt say UK or Thai banking institutions so hard to research costs

 

but TW (ex UK)

 

 

You'll need to compare how a received 6.2M THB for a loss of £712.41 minimum fee compares with your UK bank's International Transfer Fee (varies between banks but seldom into double digits and never into the heady realms of TW fees) plus the difference with what £150K returns using your Thai bank's TT exchange rate and handling fee (usually an irrelevant couple o hundred baht or so).

 

As an aside (assuming the monies being in GBP denotes that you are UK) a lot of the USA's draconian fiscal fetters the yanks allude to are for you irrelevant

[orchidfan]

Try TorFx

Located in Penzance. 

Adam Solomon. 

Good company,  works well.

 

Cheers 

[hansnl]

On 2/15/2021 at 7:52 PM, Pib said:

Just go with a SWIFT transfer....be sure to transfer GBP...don't let your sending bank convert to baht as you'll get an exchange rate several percent below the Thai bank TT Buying Rate used for incoming international transfers.  And TransferWise can get kinda pricey for large transfer as their sending fees are high for large amounts.   Use to be at around 15K USD equivalent a SWIFT transfer would work out a little better due to the high Transferwise sending fees.

 

About a dozen years ago I SWIFTed a little over 200K USD from the US to Bangkok Bank to buy our house/dirt here in Bangkok....money arrived next day...no questions....no problems

That said the banks will will charge you a percentage and deduct it from the amount.

Even with the steep transfer costs of TW it might be better to transfer portions via TW.

[hansnl]

Just now, hansnl said:

That said the banks will will charge you a percentage and deduct it from the amount.

Even with the steep transfer costs of TW on bigger sums it might be better to transfer portions via TW.

 

[Artben]

This is a great source for financial miss information.  Most US banks charge a flat fee for an international wire transfer (SWIFT) and it is quick and safe.  Never paid more than $45.00 USD for a transfers the largest was over the amount mentioned.  

[orchidfan]

42 minutes ago, Artben said:

This is a great source for financial miss information.  Most US banks charge a flat fee for an international wire transfer (SWIFT) and it is quick and safe.  Never paid more than $45.00 USD for a transfers the largest was over the amount mentioned.  

I understand he wants to transfer English Pounds??

So I assume he wants to transfer fro UK to Thailand....not from a US bank.??

Hence recommended he tries TorFx in the UK.