Moving UK Sterling 100K plus to Thailand

[Negita43]

I'm thinking of moving funds as above and I wonder if anyone has had any experience of doing this and what  issues that may have generated in the UK (or Thailand)

 

Thanks

[scubascuba3]

No issues in UK, of course if it's income or capital gains then you need to take account of that. No issues in Thailand as it's just a cash transfer.

 

Interest rates on deposits are much higher in UK than Thailand if you plan to leave in a bank account 

[OneMoreFarang]

The Thai bank will maybe ask you where it comes from and what you want to do with the money.

But it seems you don't have to answer in any specific way.

 

If you want to buy property in Thailand with that money, then you should make that clear. And in that case make sure the exchange is done in Thailand and not at the sending bank. 

[Chelseafan]

And just be wary of any charges (bad exchange rates, bank fees etc). It pays to shop around.

I assume you are not transferring ALL your finances to Thailand as it's always good to spread your risk.

 

 

[dick turpin]

Your name not Farage by any chance......

[Yellowtail]

Assuming it the works the same as from the US, transfer GBP, and have the bank do the exchange to THB here. 

 

In the US my bank charges a $45 fee, which makes Swift a better value than Wise and whatnot for transfers over about $10K. Small transfers Wise or some-such is often better. 

 

I always say it's for real-estate purchase, regardless of what it's for. 

 

On larger transfers, the bank always calls me, lets me know what the rate is, asks if it's okay of if I want to wait. 

[Negita43]

2 minutes ago, Yellowtail said:

On larger transfers, the bank always calls me, lets me know what the rate is, asks if it's okay of if I want to wait. 

Thai bank or US bank and if Thai which one?

 

[Yellowtail]

1 minute ago, Negita43 said:

Thai bank or US bank and if Thai which one?

 

The receiving/Thai banks, both Kasikorn and Krungsri. 

 

The sending/US bank has nothing to do with the conversion, as they charge a flat rate for the transfer, and they transfer dollars. 

 

[Isan Farang]

4 minutes ago, Yellowtail said:

Assuming it the works the same as from the US, transfer GBP, and have the bank do the exchange to THB here. 

 

In the US my bank charges a $45 fee, which makes Swift a better value than Wise and whatnot for transfers over about $10K. Small transfers Wise or some-such is often better. 

 

I always say it's for real-estate purchase, regardless of what it's for. 

 

On larger transfers, the bank always calls me, lets me know what the rate is, asks if it's okay of if I want to wait. 

I assume you have a $ account with your Thai bank to hold that funds, if you want to wait and exchange at a later date ?

[Yellowtail]

4 minutes ago, Isan Farang said:

I assume you have a $ account with your Thai bank to hold that funds, if you want to wait and exchange at a later date ?

No, I do not have a dollar account. 

 

And they also reconfirm it is for a real-estate purchase when they call. .

 

 

Edited July 2, 2023 by Yellowtail
added text

[Isan Farang]

23 minutes ago, Yellowtail said:

No, I do not have a dollar account. 

 

And they also reconfirm it is for a real-estate purchase when they call. .

 

 

If you do not have a $ account whare is the funds held if you wish to wait to perform the exchange at a later date 

[Yellowtail]

14 minutes ago, Isan Farang said:

If you do not have a $ account whare is the funds held if you wish to wait to perform the exchange at a later date 

I'm sure I don't know. 

[sammieuk1]

Yes moved 110k last year via wise in transactions of £5000-£9900 it will be slower this year if you have a Siam or Kbank account keep it under 10k ????

[topt]

3 hours ago, Negita43 said:

and what  issues that may have generated in the UK

When I did this some years ago for a similar amount I had to set it up in advance with my UK bank with an actual fax giving permission to transfer. I had been in the UK some months before it and saw my local bank manager so he was prepared for it.

 

I stress this was some time ago and things may have changed but worthwhile asking them especially if doing it from here.

[topt]

2 hours ago, Isan Farang said:

If you do not have a $ account whare is the funds held if you wish to wait to perform the exchange at a later date 

They simply hold it in their $ account until you want to change it. SCB for example used to be able to hold it for I think at least 30 days although that may have changed. I never managed to last longer than 10 days......... 

[blackcab]

5 hours ago, Isan Farang said:

If you do not have a $ account whare is the funds held if you wish to wait to perform the exchange at a later date 

 

The bank will hold the money in a suspense account.

[BenStark]

7 hours ago, OneMoreFarang said:

The Thai bank will maybe ask you where it comes from and what you want to do with the money.

I think the western bank will be a bigger concern in that regard.

 

Couple of years ago my banks in EU started to ask questions what I needed the money for when I wanted to send large sums over to an account in my name in Thailand, although my Thai address was registered with them.

They even asked for invoices etc.

Later they even proceeded to close my accounts because I lived in Thailand.

 

I see the same happening with UK citizens, as it is mentioned in threads on this forum.

 

Western banks are scum, and always have been, in my opinion

 

7 hours ago, scubascuba3 said:

Interest rates on deposits are much higher in UK than Thailand if you plan to leave in a bank account 

In all my years, I have never known any bank paying high interests, when they didn't need to, so expect the pound to devalue in the future.

 

Many on this forum have been caught on that when Australian and Iceland banks paid high interests. Ask them how it all ended

Edited July 2, 2023 by BenStark

[NextG]

6 hours ago, Yellowtail said:

Assuming it the works the same as from the US, transfer GBP, and have the bank do the exchange to THB here. 

 

In the US my bank charges a $45 fee, which makes Swift a better value than Wise and whatnot for transfers over about $10K. Small transfers Wise or some-such is often better. 

 

I always say it's for real-estate purchase, regardless of what it's for. 

 

On larger transfers, the bank always calls me, lets me know what the rate is, asks if it's okay of if I want to wait. 

I’m sure that I don’t believe that you are correct in your assertion about Wise… or some such. 
US$10,000 with Wise gets you 350,091 baht

Via Swift/Kasikorn 349,916 baht. 
Unless you are considering US$10,000 as a “small amount”. 

[OneMoreFarang]

16 minutes ago, BenStark said:

I think the western bank will be a bigger concern in that regard.

 

Couple of years ago my banks in EU started to ask questions what I needed the money for when I wanted to send large sums over to an account in my name in Thailand, although my Thai address was registered with them.

They even asked for invoices etc.

Later they even proceeded to close my accounts because I lived in Thailand.

 

I see the same happening with UK citizens, as it is mentioned in threads on this forum.

 

Western banks are scum, and always have been, in my opinion

In my personal experience my "western bank" never asked why I sent money to my own account in Thailand.

 

I think what some people forget is that also banks have to follow the laws. They have to make sure they are not involved in money laundering, terrorist financing, and other such things. So, banks make sure they ask and maybe block (initially) so that they can say: we followed those laws.

[scubascuba3]

3 hours ago, BenStark said:

In all my years, I have never known any bank paying high interests, when they didn't need to, so expect the pound to devalue in the future.

It's about the central banks base rate, UK 5%, Thailand 2%, so for deposit accounts, can get 4-5% in UK, Thailand 1%, we aren't talking about Iceland high rates

[Yellowtail]

6 hours ago, NextG said:

I’m sure that I don’t believe that you are correct in your assertion about Wise… or some such. 

A lot of people here would agree with you. 

 

6 hours ago, NextG said:

US$10,000 with Wise gets you 350,091 baht

Via Swift/Kasikorn 349,916 baht. 
Unless you are considering US$10,000 as a “small amount”. 

The OP is asking about transferring US$127,000 plus, so in comparison, US$10,000 is a "small amount".

 

What I said was that for transfers under about US$10K, Wise was the better value, because the bank typically charges a flat rate (US$45 at my bank) for a swift transfer, while Wise makes it from the rate. Your numbers actually bear that out, as at US$10K, there is only a US$5 difference, and the Swift transfer fee was much more than that. 

 

In my opinion, Wise is great for making monthly transfers to satisfy immigration or whatnot, but not great for transferring US$127,000. 

 

It's not really that hard to figure out the break-even point between Wise and Swift by comparing them in a spreadsheet and increasing the transfer amount until they meet. Above that amount, Swift will be the better value. 

 

 

[Yellowtail]

3 hours ago, scubascuba3 said:

It's about the central banks base rate, UK 5%, Thailand 2%, so for deposit accounts, can get 4-5% in UK, Thailand 1%, we aren't talking about Iceland high rates

I'm getting ~3% at my US (Chase) bank now, while only about 1% in Thailand. A few years ago it was about 2% in Thailand and 0.01% at the US bank, 

[Yellowtail]

6 hours ago, OneMoreFarang said:

In my personal experience my "western bank" never asked why I sent money to my own account in Thailand.

 

I think what some people forget is that also banks have to follow the laws. They have to make sure they are not involved in money laundering, terrorist financing, and other such things. So, banks make sure they ask and maybe block (initially) so that they can say: we followed those laws.

I can make Swift transfers online from my US bank, and they have a page in the process when you have to select a reason.

 

Banks have always been good to me and if I have to answer a few questions or fill out a form now and then to make think more secure or to help fight crime so be it.