Confusion Over How To Transfer Money Efficiently From The UK To Thailand

[khunjeff]

17 minutes ago, clivebaxter said:

Last time I used swift Tanachart charged for the transfer fee even though Nationwide had already charged for it, so I paid twice. Even Nationwide could not get an answer to their emails over it.

Fees from the sending and receiving banks have nothing to do with each other - each charges whatever they want (or don't charge anything). As far as I know, all Thai banks charge for incoming foreign transfers, with a minimum fee of 200 baht and a maximum of 500.

[Rimmer]

An abusive post has been removed

[khunjeff]

11 minutes ago, itsari said:

I believe that there is no charge from banks in Thailand for incoming funds from companies such as wise because the baht you are buying is already here in Thailand .

That's correct - the incoming money from Wise isn't seen as a foreign transfer (which is also why some people have issues when they WANT it to be classified as a foreign transfer).

 

13 minutes ago, itsari said:

That is the reason for the lower charges and better rates .

That's one factor, but a pretty minor one for large transfers (since the fee on the receiving end caps out at 500 baht). It's more a matter of the different business models.

[fangless]

If you ever intend transferring the money back out of Thailand make sure you have a paper trail showing that the funds came from overseas.  If using Wise for instance make sure you select "funds for long term stay" and that your receiving bank in Thailand shows the transfer in as a foreign transaction.

[clivebaxter]

1 hour ago, khunjeff said:

Fees from the sending and receiving banks have nothing to do with each other - each charges whatever they want (or don't charge anything). As far as I know, all Thai banks charge for incoming foreign transfers, with a minimum fee of 200 baht and a maximum of 500.

Incoming bank charged the NW fee of 25 pounds, despite NW having changed it to 20 months before, so it was 45 pounds for the tansfer plus the intermediary HSBC charge, I have never been charged 200 baht by any Bank here for a transfer.

[chilly07]

3 hours ago, falang1969 said:

I use Wise all the time, you are always better off using Wise rather than from your UK bank to your Bank here.

 

I have done the numbers many many times.

 

Wise is not a bank, you just transfer the money from your UK bank to Wise. I have done maybe 80-100 transactions with them, never had an issue.

 

The alternative, as someone else suggested, is to open a Foreign Currency account with Bangkok Bank (which I also have) and have the money sent over from your UK bank as GBP. The money then sits in that Bangkok Bank account as GBP with the added benefit it can be sent back to the UK at any time. You just convert into THB to your "normal" Thai bank as and when you need it.

 

If you send money over direct from your bank, make sure it is sent as GBP and converted here eg. you will get a 43.1 exchange rate from Lloyds if they convert in the UK. A HUGE difference, but UK banks are sometimes reluctant to mention that!

 

You are getting hung up on the fees. It's the exchange rate that matters! 

 

eg. GBP 44,200

= Bangkok Bank THB 1,986,348 (They also charge a fee when converting you GBP to THB as well!)

= Wise THB 2,008,890 Less THB 10000 fee THB 1,998,890

 

THB 12500 better off!

 

Also, just to be safe, I would do 4 instalments of 10k as if goes over 20k Wise normally asks a few money laundering questions which can delay the transfer.

For information Wise is now a bank as well but you will need a UK address if you want a debit card which does work in Thailand 

[itsari]

1 hour ago, khunjeff said:

That's correct - the incoming money from Wise isn't seen as a foreign transfer (which is also why some people have issues when they WANT it to be classified as a foreign transfer).

 

That's one factor, but a pretty minor one for large transfers (since the fee on the receiving end caps out at 500 baht). It's more a matter of the different business models.

Business models ? What i have learnt is when conventional foreign bank transfers occur the money is being sent from where ever the bank is located . This is a more expensive process than using money that is already in the country of the receiver . That is the different business model you mention .

The maximum 500 baht for a transfer in Thailand  is neither here nor there , more a tax than anything  else . Like the 200 baht ATM charge . 

[billd766]

2 hours ago, khunjeff said:

Fees from the sending and receiving banks have nothing to do with each other - each charges whatever they want (or don't charge anything). As far as I know, all Thai banks charge for incoming foreign transfers, with a minimum fee of 200 baht and a maximum of 500.

When I transfer money from Wise to Bangkok bank, Wise charges me a small amount but Bangkok Bank charges nothing for receiving the money.

[Jip99]

1 hour ago, clivebaxter said:

Incoming bank charged the NW fee of 25 pounds, despite NW having changed it to 20 months before, so it was 45 pounds for the tansfer plus the intermediary HSBC charge, I have never been charged 200 baht by any Bank here for a transfer.

 

I bet you have.

 

For incoming Sterling payments every bank charges a fee + whatever their exchange rate is at that time.

 

For incoming Baht from overseas (why would anyone do that?) they just charge a fee.

[fangless]

6 minutes ago, Jip99 said:

For incoming Sterling payments every bank charges a fee + whatever their exchange rate is at that time.

BKK do not charge for bank transfers from a UK bank via Wise.  

See also Bild766's post immediately B4 your post.

Edited September 16, 2021 by fangless
"via wise" added!

[Jip99]

17 minutes ago, fangless said:

BKK do not charge for bank transfers from a UK bank.  

See also Bild766's post immediately B4 your post.

 

Bill did not say that - he referred to a transfer from Wise to Thailand (which most smart people do).

 

My comment was to clivebaxter who claimed not to have been charged a Thai bank fee on transfer from a UK bank. (NW in his case). BKK do charge.

 

Try this from the horses mouth.

 

 

What fees are payable to receive funds from abroad? The fee is 0.25% of the total amount (minimum fee of 200 baht and a maximum fee of 500 baht). However, an intermediary bank (between the sending bank and Bangkok Bank) may also deduct an additional handling fee before sending funds to us.

 

FAQs about transferring funds into Thailand

https://www.bangkokbank.com 

 

Edited September 16, 2021 by Jip99

[Upnotover]

7 minutes ago, fangless said:

BKK do not charge for bank transfers from a UK bank via Wise.  

See also Bild766's post immediately B4 your post.

That is because a Wise transfer is a domestic transfer as far as BKK Bank is concerned, not a transfer from a UK bank.

[ray richards]

Be careful using Bangkok Bank, I transferred £16,000 sterling from my HSBC in uk & after I had a blazing row because they said they take 1.25% for commission which amounted to over 12,000 thai bahts deduction.

[khunPer]

I use my Internet bank platform to transfer funds from my Danish bank to Thailand - quite similar to British Internet banking, I one also had an account with Lloyds Bank some years ago - I stopped using Wise (Transferwise) for amount higher than what's equal to £1,200,as Wise now charge too high fees compared to my bank's fixed fee of little less than £6, and the exchange rate don't make up for it; I did two identical transfers same day, one by bank and one by Wise, my bank gave me a tiny bit more money into my Thai bank account.

 

Transferring more than equivalent to $50,000 needs to be reported to Bank of Thailand, I don't know what you need to report in Britain. The benefit for reporting in Thailand is that you will be eligible to transfer a similar amount out of Thailand (keep the copy of the reports), if that should be needed. You could use the terms "investments" and/or "buying property/ondo" as valid explanation.

 

For FTT (Foreign Telegraphic Transfer) you need you Thai bank account number; name and address of the receiver; and your bank's SWIFT-code, which for example for Bangkok Bank would be BKKB TH BK (BKKBTHBKXXX), and for SCB be SICO TH BK (SICOTHBKXXX).

 

Always transfer in foreign currency, the exchange rate for baht is slightly better in Thailand than abroad, which might matters when transferring a larger sum.

????

 

Edit/addition: Pay only home country fees in sending bank, and let receiving bank charge their fee, they'll charge it anyway.

Edited September 16, 2021 by khunPer

[xtrnuno41]

On 9/15/2021 at 9:32 AM, Moonlover said:

Many folks are now using 'Wise' to transfer money from UK to Thailand. I've been a customer for over 2 years now and I'm very pleased with their service.

 

Visit their web site here Wise money transfers

Yesterday i red in other forum indeed Wise. But just moving all in one 125 kpounds wouldnt be possible. It would be 50000 euro/transaction, so in 3 transactions it could be done. Also red Thai banks have to report such big incoming money to BoT, Thai central bank, for check ups.

Wise would be cheaper in transactions then normal bank, as your bank could also do transactions.  

 

Also saw a docu about airports and there was an American travelling with 300000 dollar in a bag pack.

He had all papers, so he couldnt get into trouble. But he needed it for business and decided it to carry around. Guess you have balls then.  

Edited September 16, 2021 by xtrnuno41
additional text

[Chris.B]

6 hours ago, chilly07 said:

For information Wise is now a bank as well but you will need a UK address if you want a debit card which does work in Thailand 

Wise now have a digital debit card available as well. You can request and access this through 'Settings'. I don't know about needing a UK address though.

Edited September 16, 2021 by Chris.B

[ray richards]

200 to 500 bahts for Thai bank charges is not true, each bank charge whatever they want to charge on the day, I've never been charged 200 to 500 bahts for transferring from the UK.

They never show the transfer charge they just show the total per transaction available in the account, mine is always £40 (1700 bahts) less than expected & that's allowing for a lower bahts rate than showing in currency index.

[billd766]

5 hours ago, Upnotover said:

That is because a Wise transfer is a domestic transfer as far as BKK Bank is concerned, not a transfer from a UK bank.

I have just checked on my BBK statements for the year, and all the transfers from Wise are marked as International Transfers and all the transfers to my KBank account are marked as Interbank Transfers.

 

BBK also charges me 15 baht per month as a Commission/Annual fee. A total of 180 thb per annum.

[bje2000]

Many years ago I worked in the International Department of an Oz bank, so things may have changed, and/or maybe a bit different in the UK. However, SWIFT was solely an encrypted messaging system between banks, with the sending bank instructing the receiving bank to do something, ie pay SCB with SWIFT code SICOTHBKXXX account number 123456 Name Joe Bloggs GBP50,000. The initial transaction is done at your bank, or a bank that you choose eg HSBC and you pay the funds to them. they will then send the instruction to SCB, and make a THB payment to them. SCB will in turn credit your account, less any fees. Bear in mind that the sending bank is making their money from the spread in the exchange rate, plus the initial fee, which may be a percentage of the about being sent. It could be that your bank does not have correspondent arrangements with your SBC, or even a Thai bank, sound would need to go through an intermediary bank, eg Halifax -> HCBC UK -> HSBC TH -> SCB. The transfer used to take a couple of working days (yep with the bank retaining the interest). Wise or AirWallex would likely be cheaper, but as mentioned, you would need to complete it in several amounts. It may also depend on your daily transfer limit with your bank. A bank draft, ie a bank cheque in THB may also work if you bring it with you (check with your bank and SCB about them first), if they are still a thing these days. Drafts may take several days to a week (or more) to clear.

[topt]

8 minutes ago, ray richards said:

200 to 500 bahts for Thai bank charges is not true,

Have a look at this document from Bangkok Bank and other fees on the right hand side -

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_1oct2018_en.pdf?la=en&hash=79B20040E93B7E09A24DB64299A9F4BF96D48EAB

 

I can confirm that SCB used to have the same charging structure except they used to charge me an extra 20 baht because my account was outside Bangkok. On the form I received after the conversion was done it showed 520 baht as a commission charge.

35 minutes ago, ray richards said:

I've never been charged 200 to 500 bahts for transferring from the UK.

I don't know what bank you were using as I have and I also have the paperwork to prove it up to 2018 - after which I changed how I was sending. 

However it does very much depend on how the transfer was set up - who pays charges etc and as the poster above mentions whether there is an intermediary/correspondent bank involved in the middle.

 

 

[pixelaoffy]

6 hours ago, Upnotover said:

That is because a Wise transfer is a domestic transfer as far as BKK Bank is concerned, not a transfer from a UK bank.

I have had email contact with Wise and they keep telling me I cannot transfer Uk sterling to Thai bank only Thai baht.. Its madness

[pixelaoffy]

I get email from wise customer service telling me I cannot transfer Uk pounds to Thai bank  . its madness why do they say this 

[Upnotover]

3 minutes ago, pixelaoffy said:

I have had email contact with Wise and they keep telling me I cannot transfer Uk sterling to Thai bank only Thai baht.. Its madness

I think they are telling you they can't/wont transfer GBP to a GBP foreign currency account in Thailand.  A regular bank can do that of course if that is what you want.  

[Stocky]

17 minutes ago, pixelaoffy said:

I get email from wise customer service telling me I cannot transfer Uk pounds to Thai bank  . its madness why do they say this 

Because that's their business model. They're a peer to peer bank, they don't physically transfer money, rather they match transfers with partners in Thailand. Your GBP transfer from the UK would be matched with someone wanting to move THB to the UK.

So your GBP stay in the UK and move to recipients in the UK, whilst the person in Thailand's money remains in Thailand and goes to your account. You change GBP to THB and the other person changes THB to GBP without any money crossing borders.

 

.

Edited September 16, 2021 by Stocky

[natway09]

All I know is NEVER EVER let your overseas bank do the conversion to Baht.

The big 5 Thai banks will give you a far better rate than the robbing banks overseas

[Moonlover]

8 hours ago, chilly07 said:

For information Wise is now a bank as well but you will need a UK address if you want a debit card which does work in Thailand 

From where did you get that information?

 

'And while Wise has not secured a banking license – and expressed no plans to do so – the company was granted a license from the Financial Conduct Authority last summer to offer investment services to retail customers'.

 

https://finovate.com/better-as-a-bank-three-takeaways-from-transferwises-rebrand-as-wise/

[Autonuaq]

i use wise to transfer and keep the transfer always below the 1.000.000 thb. because of the account coverage incase the bank gets broke.

 

the website of Wise is https://wise.com. They are fast and transparent.

never click links or short links always them them yourself to be sure you get to the right website. did add screenshot of the website.

 

success

[Autonuaq]

1 hour ago, pixelaoffy said:

I get email from wise customer service telling me I cannot transfer Uk pounds to Thai bank  . its madness why do they say this 

you have to follow the instructions and startto tranffer a small amount first to understand the concept.

 

when you do you will see you can transfer direct to you thai bank account.

the will collect first the payment in your currency, then they will transfer it to you bank account.

all works easy and smooth.

 

try with just sending 10 GBP and you will see all works smooth

 

[CartagenaWarlock]

On 9/15/2021 at 8:28 AM, Upnotover said:

The CHAPS fee Is £20. Not worth worrying about. Its the difference in rates you need to focus on.

The best option is to see which method gives you more money in THB, if time is not a concern for you, in my opinion. Also, I would be little worried to transfer all the amount to Thailand unless you need it at once. For day-to-day maintenance, I prefer monthly transfer on a specific day preferably on the 1st of the month. I prefer 10% of my total cash assets in a Thai bank and rest in my home country. 

[brianthainess]

On 9/15/2021 at 5:04 PM, Upnotover said:

Assuming Nationwide will actually send GBP then the Bangkok Bank T/T rate today is 44.94, 1% worse than the WISE rate.  There will also be some small charges to receive the transfer.  I reckon you'll be about THB 12-15k worse off using Nationwide.

But Nationwide have a set £20 transfer fee, whatever the amount, yes they do send in £ you get whatever the B Bank Ex-rate is minus up to 500B fee.