Transfering Money From The Uk

[lowprofile]

Has anyone any experience of their bank in The UK screwing up money transfers to Thailand? Specifically doing the currency changeover in The UK at 63 to the Pound amd transferring that Baht when they should send Sterling to Thailand and converting it here at 68 to the pound?

I've just had Lloyds Bank do that supposedly because their transfer system wouldn't do the transfer in Sterling. Barclays Bank had no problem with the same transaction.

Thanks

LP

[Mobi]

Never had any problems in instructing banks to send funds in sterling.

All banks will do this - and I've used several. It's standard banking transfer practice to provide the option to either convert into foreign currency before transferring or to transfer in original currency(GBP)

Either you didn't instruct the bank clearly, or they are trying to worm out of their mistake.

Did you do this over the phone, or did you instruct by mail or did you fill out a form? If you did it by phone, it will be more difficult to prove, but to my knowledge all phone instructions are recorded as evidence for just such an eventuality.

If you are sure you instructed them correctly, I would pursue the bank with vigour

Good luck.

[johnsurin]

I have used Lloyds TSB many times and always send in sterling, and never had a problem.

On your transfer sheet... No.3 PAYMENT AND CURRENCY you have 3 options.........

1 Currency.

2 Currency equivalent.

3 Sterling.

Box number 3 should be crossed and the amount wrote in £'s. Check your receipt and if this is done your money should be converted at the thai end.

I just transfered some money two weeks ago it cost £20 and took 2 working days to clear, (but you have to send it before a certain time of the day).

Good luck if Lloyds have turned you over.

John

[ace]

Not so far, but am transferring a shed load of cash shortly and so expecting an almighty cock-up!

If you go into the branch in the UK and fill out the form there is an option to specify currency.

I am transferring by letter as not in UK so expecting the dimwit in the UK to just randomly transfer some money to some account somewhere and if I'm really lucky it might be mine....

[Kimera]

Not so far, but am transferring a shed load of cash shortly and so expecting an almighty cock-up!

If you go into the branch in the UK and fill out the form there is an option to specify currency.

I am transferring by letter as not in UK so expecting the dimwit in the UK to just randomly transfer some money to some account somewhere and if I'm really lucky it might be mine....

Dimwit? have some faith! Its simple you arrange transfer with your bank IN sterling to your selected account, this account HAS to be identifed correctly BY YOU, name, account, bank, address, IF you get ANY of it wrong your money WILL be returned from the recieving bank with a charge.THAT you will have deserved for wasting their time, you understand?

[johnsurin]

Not so far, but am transferring a shed load of cash shortly and so expecting an almighty cock-up!

If you go into the branch in the UK and fill out the form there is an option to specify currency.

I am transferring by letter as not in UK so expecting the dimwit in the UK to just randomly transfer some money to some account somewhere and if I'm really lucky it might be mine....

Dimwit? have some faith! Its simple you arrange transfer with your bank IN sterling to your selected account, this account HAS to be identifed correctly BY YOU, name, account, bank, address, IF you get ANY of it wrong your money WILL be returned from the recieving bank with a charge.THAT you will have deserved for wasting their time, you understand?

Hmmm. Sounds like somebody who works in a bank.

[Kimera]

Not so far, but am transferring a shed load of cash shortly and so expecting an almighty cock-up!

If you go into the branch in the UK and fill out the form there is an option to specify currency.

I am transferring by letter as not in UK so expecting the dimwit in the UK to just randomly transfer some money to some account somewhere and if I'm really lucky it might be mine....

Dimwit? have some faith! Its simple you arrange transfer with your bank IN sterling to your selected account, this account HAS to be identifed correctly BY YOU, name, account, bank, address, IF you get ANY of it wrong your money WILL be returned from the recieving bank with a charge.THAT you will have deserved for wasting their time, you understand?

Hmmm. Sounds like somebody who works in a bank.

Ah now are you sure maybe its the voice of experience

[johnsurin]

I have the experience also, however I didn't find the need to be condescending. I think the OP was hoping for constructive answers.

[ThaiPauly]

I transfer money through HSBC.

I used to transfer in baht but now I do it in pounds

Just a simple fax stating the amount and the currency seems to do the trick.

Surely you had to have put it in writing anyway?

[cmsally]

Don't do it by phone. Make sure you have written proof of transfer details.

I have done by fax and also online, never had a problem.

I have had the banks screw up on things but have always had written proof to correct the problem.

I always find it safer to assume they will screw up and proceed from there.

By the way if you do a transfer online a lot of the systems don't recognise the Thai swift codes but you can put that in the details section at the bottom. Make it clear it is the swift code.

Internet transactions are done manually anyway so they will see it there.

You make it clear to send the money in pounds, I always fill out the form or write fax accordingly and put it again at the bottom that money should be sent in pounds and not exchanged until it reaches destination bank.

[JohnC]

Not so far, but am transferring a shed load of cash shortly and so expecting an almighty cock-up!

If you go into the branch in the UK and fill out the form there is an option to specify currency.

I am transferring by letter as not in UK so expecting the dimwit in the UK to just randomly transfer some money to some account somewhere and if I'm really lucky it might be mine....

Why write? you can download the form and fax it along with copy of your passport and uk driving licence and its done that day charge £20 alternatively you can go into your Thai bank , produce your UK bankcard which is probably visa and ask them to transfer any amount ! no £20 charge and you get a good exchange rate!

[ace]

...... you can go into your Thai bank , produce your UK bankcard which is probably visa and ask them to transfer any amount ! no £20 charge and you get a good exchange rate!

Really? I can take my cash card into the Thai bank and transfer 000's of UKP with no charge, at on-shore ex. rate? Are you sure? Seems almost too easy.

(BTW I lost faith in the level of expertise of banking staff in the UK some time ago.)

[lotus eater]

...

alternatively you can go into your Thai bank , produce your UK bankcard which is probably visa and ask them to transfer any amount ! no £20 charge and you get a good exchange rate!

Never heard of this method. If you mean that essentially you are drawing cash on your visa card (which will be restricted to your remaining limit on the card), then you will pay the cash+overseas fees to visa - probably turn out to be more than £20.

But you may have something else in mind. Please elaborate.

[Mobi]

I am assuming that you all aware that there will be 30% retention for 1 year if the amount transferred exceeds the equivalent of US20,000.

Just thought I'd mention it.

[sukanyacondo]

First time I used Lloyds TSB been with em for 20 years and they screwed me good and proper they made £900 giving me a crap rate, never told me the best way was to send stirling then charged me £20 for the pleasure of doing it and then on top of that asked me if i wanted to pay the charges at my wifes end (Thailand) and I said yes another £20!!!!!!! After I found out bank charges in thaoland on this would have been peanuts.

Second time I used a currency broker which gave a good rate and no bank charges and now I bring cash inj ££££££s and go to a currecny exchange place with only £50 notes. They give me the best rate anyplace.

Also depends on how many £000's you intend to bring??

I hate banks!!

[Monkeypants]

I am assuming that you all aware that there will be 30% retention for 1 year if the amount transferred exceeds the equivalent of US20,000.

Just thought I'd mention it.

Thankyou Mobi,

Any chance of providing a link, I am in the process of organising the sending of £30,000 around 2 mill baht.

[Mobi]

I am assuming that you all aware that there will be 30% retention for 1 year if the amount transferred exceeds the equivalent of US20,000.

Just thought I'd mention it.

Thankyou Mobi,

Any chance of providing a link, I am in the process of organising the sending of £30,000 around 2 mill baht.

There's no link - it's a new rule, introduced some time ago to prevent the Baht appreciating.

The only way round it is to send the money in small tranches - each under the equivalent of 20K US Dollars. I never sent more than 8K GBP at one time to be on the safe side. You can send as many individual transfers as you like, although I would restrict them to one per day to be on the safe side. It costs a bit on transfer fees, but better than letting them get their hands on 30% of your money for one year, and then the hassle of trying to recover it.

[Monkeypants]

I am assuming that you all aware that there will be 30% retention for 1 year if the amount transferred exceeds the equivalent of US20,000.

Just thought I'd mention it.

Thankyou Mobi,

Any chance of providing a link, I am in the process of organising the sending of £30,000 around 2 mill baht.

There's no link - it's a new rule, introduced some time ago to prevent the Baht appreciating.

The only way round it is to send the money in small tranches - each under the equivalent of 20K US Dollars. I never sent more than 8K GBP at one time to be on the safe side. You can send as many individual transfers as you like, although I would restrict them to one per day to be on the safe side. It costs a bit on transfer fees, but better than letting them get their hands on 30% of your money for one year, and then the hassle of trying to recover it.

Thanks for the info Mobi,

Your help has been appreciated

[rott]

I've always used the Halifax and transferred in sterling, but two weeks ago they told me they've had too many problems with this and will now only transfer in baht (at a very painful rate).

[ace]

I think we need to get some facts straight here:

1. Transfer can be done in a Thailand bank branch through Visa credit card which will be treated as a cash withdrawel and charged interest at the cash rate, which is usually very, very high. You are limited to your card limit, and as I would never actually do this I don't know if it will be on or off shore rate, but personally, I'd assume the worst. As far as I know debit card transactions are limited to between 10k or 20k THB per day.

2. Transaction specified as being for a condo purchase on the transfer form are not liable for the 30% with-holding.

That's my understanding and I am actually doing it and am not prone to throwing away cash.

Please feel free to prove me wrong.

[Mobi]

I think we need to get some facts straight here:

1. Transfer can be done in a Thailand bank branch through Visa credit card which will be treated as a cash withdrawel and charged interest at the cash rate, which is usually very, very high. You are limited to your card limit, and as I would never actually do this I don't know if it will be on or off shore rate, but personally, I'd assume the worst. As far as I know debit card transactions are limited to between 10k or 20k THB per day.

2. Transaction specified as being for a condo purchase on the transfer form are not liable for the 30% with-holding.

That's my understanding and I am actually doing it and am not prone to throwing away cash.

Please feel free to prove me wrong.

You are quite correct about condos - provided that it is one of 49% allowed by farangs and is in the name of the transferee. It is is as well to contact the bank and alert them of the transfer and its purpose, and submit documentary evidence as required.

You can never be too careful in Thailand.

[Humphrey Bear]

Not so far, but am transferring a shed load of cash shortly and so expecting an almighty cock-up!

If you go into the branch in the UK and fill out the form there is an option to specify currency.

I am transferring by letter as not in UK so expecting the dimwit in the UK to just randomly transfer some money to some account somewhere and if I'm really lucky it might be mine....

Dimwit? have some faith! Its simple you arrange transfer with your bank IN sterling to your selected account, this account HAS to be identifed correctly BY YOU, name, account, bank, address, IF you get ANY of it wrong your money WILL be returned from the recieving bank with a charge.THAT you will have deserved for wasting their time, you understand?

Dream world, old son.

I have problems with Lloyds two or three times a year. As I only visit UK about once every three or four years it is all done by letter. As I am running multi-million dollar projects I am very precise in my instructions, whether on the job or personally. Currently Lloyds have twice transferred a quarterly rent to my former landlord, despite my moving out in February and cancelling the payment by mail immediately. I could forgive the first error, maybe five weeks was not enough time to cancel an order, but another thousand pounds has just been transferred, so my wife'll have to chase the landlord again.

The sterling payments has never been a problem, but how do you know you'll get 68 to the pound when it reaches Thailand? The banks here are not working in minimal margins - if they think they can lower the rate, they will.

[Humphrey Bear]

I think we need to get some facts straight here:

1. Transfer can be done in a Thailand bank branch through Visa credit card which will be treated as a cash withdrawel and charged interest at the cash rate, which is usually very, very high. You are limited to your card limit, and as I would never actually do this I don't know if it will be on or off shore rate, but personally, I'd assume the worst. As far as I know debit card transactions are limited to between 10k or 20k THB per day.

2. Transaction specified as being for a condo purchase on the transfer form are not liable for the 30% with-holding.

That's my understanding and I am actually doing it and am not prone to throwing away cash.

Please feel free to prove me wrong.

You are quite correct about condos - provided that it is one of 49% allowed by farangs and is in the name of the transferee. It is is as well to contact the bank and alert them of the transfer and its purpose, and submit documentary evidence as required.

You can never be too careful in Thailand.

At the beginning of this year I transferred in 60k pounds for a house purchase. This purchase is in my wife's name - but that's another story.

I asked the bank to state on the remittance that this was for property purchase. I did not specify what property or in who's name.

The bank let the whole package through without question or deduction, although the witholding had been in force for a few weeks then - Krung Thai Bank, where I have had an account for years.

[ace]

You can never be too careful in Thailand.

For sure - I am preparing to unleash my lawyer on the condo selling agency due to them trying to now fob me off with a different condo to that which was contracted! TiT

BTW - Anyone know if there is a limit on transferring money out of Thailand? I heard there may be a 50k thb limit ??

[Kimera]

I have the experience also, however I didn't find the need to be condescending. I think the OP was hoping for constructive answers.

Well now what is your experienced constructive answer or will you make another comment

[phutoie2]

What is this 30% withholding rule and which bank or authority is applying it??

In February and May this year I transferred 10,000 GBP from my Nationwide account in the UK to my local Bangkok bank and apart from 20 GBP fee for the "swift application" in Uk and another 20 GBP fee from Bangkok Bank (London) there were no problems.

You can also call Bangkok bank HQ & confirm that funds have been transferred correctly too.

You are sounding alarm bells with this 30% business, I am intending to transfer 45,000 GBP in September to pay off the amount owed on my house construction. In fact I am going to give Bangkok bank main branch a call after my breaky.

[phutoie2]

Just called Bangkok bank international funds department (02 685 7777) and a nice Thai lady who spoke very clear and concise English informed me that for foreign currency coming into Thailand, the limit was up to that particular country.

In my case 45/50,000 GB pounds to be sent in sterling.

On the swift transfer form make it clear what the reason it is for, and when the money arrives in Bangkok they will require documentary evidence to be faxed to them before the money is sent to my local Bangkok bank.

A copy of the land chanote or contract from the builder will suffice in my case.

I asked about the 30% and she again replied " as long as we have reason for money"

Hope this helpful

Reg

[true blue]

iused hsbc to transfer money from uk to los over the phone of 6k and i checked my internet banking account with bangkok bank and it was there in 2 days