Best way to transfer money out of Thailand ?

[Barry864]

Hey guys, what is the best way, if needed,  to transfer money out of Thailand from a Bangkok Bank Account to a UK account ?

I have a foreing currency account in GBP and the bank process for the transfer  is changing GBP to THB and then THB to GBP again, so you're losing twice in the exchange. I have also  this Deemoney app for a couple of years but I never really used it before. TIA for your replies

[bravo19]

2 hours ago, Barry864 said:

Hey guys, what is the best way, if needed,  to transfer money out of Thailand from a Bangkok Bank Account to a UK account ?

Deemoney

[RupertIII]

7 hours ago, Barry864 said:

Hey guys, what is the best way, if needed,  to transfer money out of Thailand from a Bangkok Bank Account to a UK account ?

I have a foreing currency account in GBP and the bank process for the transfer  is changing GBP to THB and then THB to GBP again, so you're losing twice in the exchange. I have also  this Deemoney app for a couple of years but I never really used it before. TIA for your replies

That only applies if transferring online. If going to the branch that holds your FC a/c, or head office, you can transfer GBP although there is an additional charge over and above the normal transfer costs, I think 0.5%.

[Barry864]

9 minutes ago, RupertIII said:

That only applies if transferring online. If going to the branch that holds your FC a/c, or head office, you can transfer GBP although there is an additional charge over and above the normal transfer costs, I think 0.5%.

Last year I asked at my brach and they told me that GBP would be exchanged to THB before transfering it to UK. So they making money out of it in more than one way. I think they mentioned that fee too.

 

[jayceenik]

Talk about a FCD at Bangkok Bank! I have a very satisfactory FCD EUR at Citibank SIN since 2001 but I thought I would transfer it to a FCD EUR at the BBK for ease of inheritance for my Thai wife so I went to BBK Silom HQ last Friday with intent to open a FCD EUR. By God! Their FCD is a joke! First I'd have to open a THB savings account to which Citi SIN could transfer my EUR. These THB which would then be changed into EUR to go to my BBK FCD EUR account. So change incoming TT EUR into THB then change those THB into EUR for the FCD account. Costly double exchange.

Citi accepts EUR TT remittances straight into my account and transfers whatever amount in EUR wherever I want at no cost and without any change into SGD first. And I can change the FCD currency whenever I want.

My first FCD was in USD with SCB SIN eons ago when I was working in Indonesia and paid in USD. I changed to Citi in 2001. Absolutely no transfer problems.

[RupertIII]

14 hours ago, Barry864 said:

Last year I asked at my brach and they told me that GBP would be exchanged to THB before transfering it to UK. So they making money out of it in more than one way. I think they mentioned that fee too.

 

I transferred using GBP to my UK insurance company for several years, up until late 2022, this was at the Emporium Branch, BKK. They were the ones who told me that doing it online had to be first converted to THB when I queried why I was unable to transfer online, but from the branch no problem with GBP to GBP. I would suggest you try calling the head office and ask them.

[john donson]

take out cash and bring home to the legal limits ?

[G_Money]

Use your BB debit card back home daily until you get what you want.

[KannikaP]

20 minutes ago, john donson said:

take out cash and bring home to the legal limits ?

Can you take GBP in cash out of a Foreign Currency account?

[KannikaP]

15 minutes ago, G_Money said:

Use your BB debit card back home daily until you get what you want.

Subject to Bkk Bank's exchange rate of course.

[G_Money]

4 minutes ago, KannikaP said:

Subject to Bkk Bank's exchange rate of course.

of course.  But the convenience outweighs the the minor difference.  IMO

[Barry864]

28 minutes ago, john donson said:

take out cash and bring home to the legal limits ?

It's a foreign currency account, so to do that I would need to exchange the amount twice

[Barry864]

24 minutes ago, G_Money said:

Use your BB debit card back home daily until you get what you want.

Never used my card before outside Thailand. I need to find out what the bank exchange rate would be and what fees do they impose on cash withdrawal from overseas, daily withdrawal limit etc. Probably not practical if someone needs to withdraw a large amount

[KannikaP]

12 minutes ago, G_Money said:

of course.  But the convenience outweighs the the minor difference.  IMO

What IS the minor difference between selling your GBP to Bkk Bank, then re-buying them in order to send to UK?

[bkkdriller]

With the recent and upcoming changes in Thai income tax laws it may become more attractieve to make a deal with someone you trust in Thailand. You send your baht to a trusted friend in Thailand and he makes a transfer from his foreign account to your UK account. This was you will get a better exhange rate (and no transfer costs) and your trusted friends can avoid potentail income tax in Thailand. I would be very interested to do such a deal.

[Doctor Tom]

3 minutes ago, bkkdriller said:

This was you will get a better exhange rate (and no transfer costs) and your trusted friends can avoid potentail income tax in Thailand. I would be very interested to do such a deal.

Yes, what could possibly go wrong !

[G_Money]

9 minutes ago, KannikaP said:

What IS the minor difference between selling your GBP to Bkk Bank, then re-buying them in order to send to UK?

I used Kasikorn and used my debit card to make a few withdrawals while in the USA.

 

Same principle with BB.

 

Exchange rates were irrelevant.  I prefer the convenience.

[Barry864]

I have contacted Deemoney today and they said they can do transfers overseas only from a Thai bank account that is kept in THAI BAHT

[AsiaTraveler1234]

I use the Wise app for this exact purpose and have never had any issues.

[novacova]

7 minutes ago, AsiaTraveler1234 said:

I use the Wise app for this exact purpose and have never had any issues.

For transferring funds outside of TH? How I wonder?

[AsiaTraveler1234]

4 minutes ago, novacova said:

For transferring funds outside of TH? How I wonder?

You basically open an account with Wise and transfer money from your Thai bank to your Wise account, all in Thai Baht (THB).

 

Next, the Wise app lets you convert from THB to GBP at the closest rate you will get to the mid-market spot forex rate.

 

Lastly, you transfer from Wise to your UK account, all in GBP.

 

You can use Wise to move and convert money in this manner for myriad different currencies.

[fredwiggy]

Western Union is what I use because Bangkok Bank to my bank in the states charges a lot more.

[bravo19]

4 hours ago, AsiaTraveler1234 said:

You basically open an account with Wise and transfer money from your Thai bank to your Wise account, all in Thai Baht (THB

Absolut not possible!

[Mike Lister]

On 6/13/2024 at 11:20 AM, KannikaP said:

Can you take GBP in cash out of a Foreign Currency account?

Yes you can but you may have to give advance notice in order for them to collect the amount from their branches and this could take time, depending on the amounts involved..

[Mike Lister]

8 minutes ago, bravo19 said:

Absolut not possible!

Delete

Edited June 14 by Mike Lister

[treetops]

2 hours ago, bravo19 said:

Absolut not possible!

 

It is possible, but it's an inefficient way of doing it due the fees involved.  Set it up for example as a GBP to GBP transfer to your "home" account and fund it using your Thai bank debit card.  Wise will add an extra fee due to it being a non GBP card.

 

The Thai bank sees it as an overseas currency transaction and processes it accordingly with their regular fees, just as if you were drawing cash out of an ATM when in the UK (in the case if GBP) using your Thai bank card.

 

[Mike Lister]

11 minutes ago, treetops said:

 

It is possible, but it's an inefficient way of doing it due the fees involved.  Set it up for example as a GBP to GBP transfer to your "home" account and fund it using your Thai bank debit card.  Wise will add an extra fee due to it being a non GBP card.

 

The Thai bank sees it as an overseas currency transaction and processes it accordingly with their regular fees, just as if you were drawing cash out of an ATM when in the UK (in the case if GBP) using your Thai bank card.

 

I think you are confused. Wise can transfer funds to Thailand but it does not have a banking license that permits it to transfer funds out to other countries, perhaps you are thinking of DeeMoney.

[treetops]

6 minutes ago, Mike Lister said:

I think you are confused. Wise can transfer funds to Thailand but it does not have a banking license that permits it to transfer funds out to other countries, perhaps you are thinking of DeeMoney.

 

No, it's been done to prove the point on a Wise Facebook group.  When you think of it, it's no different from the bank's point of view as you withdrawing at an ATM in the UK, USA, Eurozone etc, or purchasing a service in these areas.  They're pleased to facilitate it as it makes them money in charges.

 

I've not thought it all through but it could also be that Wise is not transferring money out of Thailand (that's not their MO) but just taking payment for their service within Thailand and using their funds elsewhere to finalise the deal, but I think it's the former scenario (like an overseas purchase) as the guy got charged transaction fees by BBL.

[Mike Lister]

2 minutes ago, treetops said:

 

No, it's been done to prove the point on a Wise Facebook group.  When you think of it, it's no different from the bank's point of view as you withdrawing at an ATM in the UK, USA, Eurozone etc, or purchasing a service in these areas.  They're pleased to facilitate it as it makes them money in charges.

 

I've not thought it all through but it could also be that Wise is not transferring money out of Thailand (that's not their MO) but just taking payment for their service within Thailand and using their funds elsewhere to finalise the deal, but I think it's the former scenario (like an overseas purchase) as the guy got charged transaction fees by BBL.

Wise does not transfer money out of Thailand, end of.

[bravo19]

7 hours ago, treetops said:

It is possible, but it's an inefficient way of doing it due the fees involved. 

It is not possible to add a Thai account or Thai debit or credit card to my Wise account!