Sending Thai baht back to the UK

[Chopper]

I have just sold a condo and have the paperwork to remit the sale proceeds back to the United Kingdom through my bank which is Bangkok Bank. To get the best exchange rate do I send THB back to the UK or ask Bangkok Bank to change it to sterling and then remit sterling back?

 

Many thanks.

 

[blackcab]

Option 2. Remit sterling to the UK.

 

If you remit baht and let a UK bank exchange it you will lose out.

[Chopper]

4 minutes ago, blackcab said:

Option 2. Remit sterling to the UK.

 

If you remit baht and let a UK bank exchange it you will lose out.

Thanks very much.

[Kwasaki]

Last time I did it in my Bkk bk they told me as black cab said the best way. 

[DaLa]

3 minutes ago, blackcab said:

Option 2. Remit sterling to the UK.

 

If you remit baht and let a UK bank exchange it you will lose out.

Absolutely agree. I run a business here and pay my (UK) invoices at the bank here by letting them change Baht to Sterling.  An even better exchange rate is cash at Superich. The spread between buying and selling is minimal and there are no bank charges at either end. You can take back sizeable amounts , however you have to declare it at the UK airport before you pass through customs.

[blackcab]

8 minutes ago, DaLa said:

Absolutely agree. I run a business here and pay my (UK) invoices at the bank here by letting them change Baht to Sterling.  An even better exchange rate is cash at Superich. The spread between buying and selling is minimal and there are no bank charges at either end. You can take back sizeable amounts , however you have to declare it at the UK airport before you pass through customs.

 

You are absolutely correct. The best rate is hand carrying cash. If that is an option there is a detailed how-to post about it here:

 

 

[rak sa_ngop]

I am thinking of carrying a large pile of cash (£10,000 more) to the UK soon. It sounds like passing through Thai and UK customs should not be a problem if the amount is declared in both countries.

I am just a bit worried about depositing the cash into my UK bank account. Does turning up with £10,000 or more look a bit suspicious? Will questions be asked and proof of source of funds needed?

Or can you just feed the money through a cash deposit machine with no questions asked?

 

Seems like Russian oligarchs can transfer millions with no questions asked, but the little guy gets picked on by bank compliance teams.

[Polar Bear]

Check how your bank handles overseas deposits as well. I got stung by the Co-op Bank because they charge a fee to accept an incoming payment from overseas, even if it is sent in sterling. I transfer to Starling Bank now because they don't charge if the payment is sent in sterling. 

[DaLa]

21 hours ago, rak sa_ngop said:

I am thinking of carrying a large pile of cash (£10,000 more) to the UK soon. It sounds like passing through Thai and UK customs should not be a problem if the amount is declared in both countries.

I am just a bit worried about depositing the cash into my UK bank account. Does turning up with £10,000 or more look a bit suspicious? Will questions be asked and proof of source of funds needed?

Or can you just feed the money through a cash deposit machine with no questions asked?

 

Seems like Russian oligarchs can transfer millions with no questions asked, but the little guy gets picked on by bank compliance teams.

I took £10k ( actually more) and paid it into a building society. They froze the account, however I complained and sent them my business documentation including my VAT registration. They apologised (sort of) and paid me compensation.