Transferring 150K GBP To Bangkok Bank

[upu2]

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

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

I transferred about the same when we bought our house. Had the money trnsferred by Telex, was not a problem

[mjakob007]

On 2/15/2021 at 6:11 PM, Hindy said:

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

 

https://www.astoncurrencymanagement.com/

london based, competitive with transferwise and Xe.com, when it  comes to large transfers.

 

but for condo purcahse, are we not supposed to bring in forex to thai banks to obtain FETC?

 

[SCOTT FITZGERSLD]

8 hours ago, Estrada said:

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.

can you elaborate on that? what is the AMLO declarations and for what amount is it needed?

and is it only bangkok bank that requires visit to the branch and signing those declarations?

and what if you declare one thing on the form, and than it is found to be untrue? will it give the bank

an easy way to block your account or fine you?

[SCOTT FITZGERSLD]

2 minutes ago, mjakob007 said:

but for condo purcahse, are we not supposed to bring in forex to thai banks to obtain FETC?

what means? what is FETC?

[mjakob007]

5 minutes ago, SCOTT FITZGERSLD said:

what means? what is FETC?

foreign exchange transfer certificate.

requirement to prove forex was imported for purchase of condo.

FETC will come handy should you wish to sell condo and export forex in future.

[thornton39]

Hello Hindy.  I'm in the UK with funds in Thailand, but I can't get to them as my Thai SIM and debit card are both expired and I there's no possible way for me to return to Thailand for the foreseeable future. I'd be happy to come to a safe arrangement to exchange my Baht for GBP.

 

* phone number and address edited out*

[potless]

On 2/15/2021 at 6:11 PM, Hindy said:

I am looking to transfer the above,for a condo or house purchase,

Please correct me if I am mistaken. As far as I am aware, If a foreigner wishes to purchase a condominium in Thailand, the money has to be transferred to Thailand in foreign currency. At least for a first time purchase. I had to to get proof that I had done so from my Thai bank that I had transferred money into Thailand via a Foreign Currency Account that I had opened with a Thai bank. I sent money from my UK bank via Swift transfer, in Sterling to my Thai bank. Also better to say "property purchase" as a reference on the transfer. I had put "house purchase" on mine and then the bank manager said, "You have problem because you not buy house, you buy condo" Got there in the end though.

[Scott]

The post has been edited.  Please use the PM function for personal information. 

 

[Pravda]

On 15/02/2021 at 8:44 PM, sanuk711 said:

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"

 

Who owns the house? 

[scubascuba3]

9 hours ago, Regyai said:

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

What did the pink/red area say? it's blocked out, it probably says 2m max. 

 

As for comparing with swift it's impossible to be exact because different dates involved and exchange rates can move 1% a day. At the moment GBP is rising so using swift may turn out cheaper than TransferWise, but maybe not. Someone could use swift then see what TW rate they would have got but don't complete the transaction

[Tropposurfer]

19 hours ago, sanuk711 said:

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

Western Union cheap !!!!!??????

[ianguygil]

If you are transferring this amount you should contact the Bangkok Bank branch in the UK and they can give you a better rate than the street rate. You can contact direct or I can put you in touch. for 150K GBP you can definitely get a few points better than the street rate. Contact me via PM. Thanks

[Yellowtail]

5 minutes ago, ianguygil said:

If you are transferring this amount you should contact the Bangkok Bank branch in the UK and they can give you a better rate than the street rate. You can contact direct or I can put you in touch. for 150K GBP you can definitely get a few points better than the street rate. Contact me via PM. Thanks

 

A few percentage points? 

[ianguygil]

1 hour ago, Yellowtail said:

 

A few percentage points? 

No. Basis points

[ianguygil]

Just now, ianguygil said:

No. Basis points

It is the difference between buying Retail and Wholesale. While not a large amount from the Banking perspective, 150K GBP is larger than the street rate. Anything over 50K USD you should always consider asking for a special rate. A little bit times a large number can be significant. 

[RichardColeman]

Agree with an above poster, transferring such a huge amount whilst the baht is still pretty much ballistic seems crazy

[durhamboy]

I am also looking to do a similar transfer via transferwise. I get the same message from transferwise about there being a B2m limit on transfers into a Thai bank. However when I look into my Thai bank's (Bangkok Bank) rules they say under FAQ :-

 

 

What is the largest amount I can transfer into a Bangkok Bank account in Thailand?

There is no limit to the amount of funds that can be transferred from abroad into a Bangkok Bank account.

 

However, senders must specify the purpose of the money transfer for every transfer, as commercial banks are required to report this to the Bank of Thailand on the client’s behalf.

 

So will the Transferwise system allow me to transfer over THB 2 million? 

 

Btw, I don't agree with the previous poster that it is crazy to transfer now "whilst the baht is still pretty much ballistic" The rate is the rate and always will be. Anyone who can forecast future rates is either kidding themselves or should be making a fortune by trading currencies. The best thing to look at is recent history of the baht v sterling. Sterling has appreciated since the post Brexit trade deal was done and the baht has depreciated due to the effect of covid on tourism. I would hardly call that ballistic.

[ianguygil]

4 minutes ago, durhamboy said:

I am also looking to do a similar transfer via transferwise. I get the same message from transferwise about there being a B2m limit on transfers into a Thai bank. However when I look into my Thai bank's (Bangkok Bank) rules they say under FAQ :-

 

 

What is the largest amount I can transfer into a Bangkok Bank account in Thailand?

There is no limit to the amount of funds that can be transferred from abroad into a Bangkok Bank account.

 

However, senders must specify the purpose of the money transfer for every transfer, as commercial banks are required to report this to the Bank of Thailand on the client’s behalf.

 

So will the Transferwise system allow me to transfer over THB 2 million? 

 

Btw, I don't agree with the previous poster that it is crazy to transfer now "whilst the baht is still pretty much ballistic" The rate is the rate and always will be. Anyone who can forecast future rates is either kidding themselves or should be making a fortune by trading currencies. The best thing to look at is recent history of the baht v sterling. Sterling has appreciated since the post Brexit trade deal was done and the baht has depreciated due to the effect of covid on tourism. I would hardly call that ballistic.

As I mentioned to the original poster, 150K GBP is not a large amount from the banking perspective. We will do all the required KYC and AML checks anyway to prevent things like Terrorist Financing, but as an amount this is not large (though it may well be from an individual standpoint). We deal with single transfers many times this every day. Products like Transferwise and WU are designed for the normal consumer space. Not for a transfer like this. 

 

You also want to prevent intermediaries because they may all take a clip

 

And as the posters say, you need to move this into Thailand in GBP (non THB). Not have it deposited into a THB account. And you need to make it clear that this is for the purchase of a property. I posted all of this from our Website already.

 

I have no comments on the amount, this person's decision to invest in a condo or the rights and wrongs of taking a position in THB. That is his life to live. I have lived here a long time, and it is a fine place to live. And my wife is not Thai. So people should probably just give him help and answer the questions that he has asked rather than making judgements about what he wants to do.

 

Ian

[scubascuba3]

3 hours ago, RichardColeman said:

Agree with an above poster, transferring such a huge amount whilst the baht is still pretty much ballistic seems crazy

You realise the exchange is up the last couple weeks, maybe 2 year high

[Regyai]

10 hours ago, scubascuba3 said:

What did the pink/red area say? it's blocked out, it probably says 2m max. 

 

As for comparing with swift it's impossible to be exact because different dates involved and exchange rates can move 1% a day. At the moment GBP is rising so using swift may turn out cheaper than TransferWise, but maybe not. Someone could use swift then see what TW rate they would have got but don't complete the transaction

Indeed so on rechecking, TW in respect of transfers exceeding 'holiday beer vouchers' is patently 'mickey mouse'

 

Another point to consider is the payment's routing into the receiving Thai bank - for the necessary certification for condo purchase etc. Matters if future reinstatement of monies back to the UK becomes an issue in the future. Transfers via TW are routed and remitted directly from their Thai bank account - Thai bank to Thai bank. Grounds for possible heart ache down the line.

 

Keeping it simple and all ducks in a row is always the best policy in the LOS

[scubascuba3]

47 minutes ago, Regyai said:

Indeed so on rechecking, TW in respect of transfers exceeding 'holiday beer vouchers' is patently 'mickey mouse'

 

Another point to consider is the payment's routing into the receiving Thai bank - for the necessary certification for condo purchase etc. Matters if future reinstatement of monies back to the UK becomes an issue in the future. Transfers via TW are routed and remitted directly from their Thai bank account - Thai bank to Thai bank. Grounds for possible heart ache down the line.

 

Keeping it simple and all ducks in a row is always the best policy in the LOS

TransferWise would be fine, you just need to ensure the transaction is International then get the bank to print the letter off, easier with Bangkok Bank

[Yellowtail]

8 hours ago, ianguygil said:

It is the difference between buying Retail and Wholesale. While not a large amount from the Banking perspective, 150K GBP is larger than the street rate. Anything over 50K USD you should always consider asking for a special rate. A little bit times a large number can be significant. 

 

If I transfer from Chase Bank in the US to either Krungsri or Kasikorn, who would would I ask? The banker that calls me when it lands?

 

I also have BKK bank, but I do not have it set up to accept transfers...

[ianguygil]

20 hours ago, Yellowtail said:

 

If I transfer from Chase Bank in the US to either Krungsri or Kasikorn, who would would I ask? The banker that calls me when it lands?

 

I also have BKK bank, but I do not have it set up to accept transfers...

Taking the second item first, you don't have to setup an account to receive transfers

 

On the first item, you would have to ask Chase as they know who they use as their preferred Correspondent bank for the USD-THB corridor. I would imagine it may come to us and then go to KBANK via local clearing. I am not sure about Krungsri because they are a part of MUFG a larger Japanese entity.

[Yellowtail]

3 hours ago, ianguygil said:

Taking the second item first, you don't have to setup an account to receive transfers

 

On the first item, you would have to ask Chase as they know who they use as their preferred Correspondent bank for the USD-THB corridor. I would imagine it may come to us and then go to KBANK via local clearing. I am not sure about Krungsri because they are a part of MUFG a larger Japanese entity.

 

I'm sorry I was not clear. I do not have the BKK bank account included in my list of international accounts I can transfer too using Chase online banking. I don't imagine it would be difficult to add, but as I'm not a fan of my local branch I quit trading with them. I just update the book now and then.

 

When I transfer to K-Bank and Krungsri they call me, advise me of the rate and ask is I want to move ahead with converting it or wait. At that point it would be too late to negotiate a better rate, yes?

 

MUFG indeed...

 

[topt]

1 hour ago, Yellowtail said:

At that point it would be too late to negotiate a better rate, yes?

No that is the point I normally ask for a better rate. I am usually offered only a couple of satang but depending on the size of transfer is worthwhile. They cannot obviously offer a better rate in advance as the rate can move multiple times a day. 

[ianguygil]

2 hours ago, Yellowtail said:

 

I'm sorry I was not clear. I do not have the BKK bank account included in my list of international accounts I can transfer too using Chase online banking. I don't imagine it would be difficult to add, but as I'm not a fan of my local branch I quit trading with them. I just update the book now and then.

 

When I transfer to K-Bank and Krungsri they call me, advise me of the rate and ask is I want to move ahead with converting it or wait. At that point it would be too late to negotiate a better rate, yes?

 

MUFG indeed...

 

Honestly I don't know the practice of KBANK. I really can't comment.

PM me and I will put you in touch with the man who runs our Global Payments. We have all kinds of alerts and notifications. If it is high value transfer you will get the chance to ask for a rate. If it is a smaller one you will get the street rate. In the case of buying a condo you should ask for a rate as you will need to move from your USD account to THB as a separate transaction once it is recorded in the original currency account. 

 

As for all the discussions about Transferwise, WU etc. the way to tell what is best is simple. Divide the number of THB you will get after all fees - including intermediaries - by the number of USD you will transfer. That will give you the rate. Otherwise these companies can hide their spreads and "commissions" and other ways to take funds. 

Enjoy

[SCOTT FITZGERSLD]

On 2/16/2021 at 4:04 PM, mjakob007 said:

foreign exchange transfer certificate.

requirement to prove forex was imported for purchase of condo.

FETC will come handy should you wish to sell condo and export forex in future.

WON'T IT  be enough to have the banks records? any transfer is recorded in both banks

records and can be kept as proof of the transfer...makes me wonder why i want to transfer

funds to a country that does not make it easy on me to transfer funds back outside.

[SCOTT FITZGERSLD]

On 2/18/2021 at 3:30 PM, ianguygil said:

about Transferwise, WU etc. the way to tell what is best is simple

WESTERN UNION gives the worst rate, simple does not worth it to even think about them.

TRASFERWISE usually gives better rate than the banks.

[Chivas]

4 minutes ago, SCOTT FITZGERSLD said:

WESTERN UNION gives the worst rate, simple does not worth it to even think about them.

TRASFERWISE usually gives better rate than the banks.

 

Transferwise dont "usually" give a better rate than the banks..  They use interbank and there is no higher rate

 

Some of the mickey mouse outfits I see Thaivisa posters (in general) recommending are just mind boggling on the bottom line

[SCOTT FITZGERSLD]

On 2/17/2021 at 8:04 AM, durhamboy said:

I am also looking to do a similar transfer via transferwise. I get the same message from transferwise about there being a B2m limit on transfers into a Thai bank. However when I look into my Thai bank's (Bangkok Bank) rules they say under FAQ :-

 

 

What is the largest amount I can transfer into a Bangkok Bank account in Thailand?

There is no limit to the amount of funds that can be transferred from abroad into a Bangkok Bank account.

 

However, senders must specify the purpose of the money transfer for every transfer, as commercial banks are required to report this to the Bank of Thailand on the client’s behalf.

 

So will the Transferwise system allow me to transfer over THB 2 million? 

 

Btw, I don't agree with the previous poster that it is crazy to transfer now "whilst the baht is still pretty much ballistic" The rate is the rate and always will be. Anyone who can forecast future rates is either kidding themselves or should be making a fortune by trading currencies. The best thing to look at is recent history of the baht v sterling. Sterling has appreciated since the post Brexit trade deal was done and the baht has depreciated due to the effect of covid on tourism. I would hardly call that ballistic.

when trasfering such large amount, what you have to worry about is weather the transaction

will be approved by both banks and will not be blocked for investigation.

such block might take weeks and cuase much stress.

so why are you so worried about the 2M baht limit? it is propably the transfer wise limit.

if you need to transfer , say, 6 M baht, than better do it in 3 TW payments, and if the amount is larger, than better use the BANKS swift system.

anyway fees are not the main worry here.