Transfering Sums From Uk And Getting On Shore Rates

[batami]

I would welcome some advice; I know this topic has been raised in various threads so please forgive me starting a new one - but it is a very specific situation and hopefully will help others.

this is the situation. I have recently learned that my pension company in the UK transfer my pension in sterling to the Bank of New York, who then convert to ThB and send ThB to my bank account. So, obviously, they are using an offshore rate.

There are only two options open to me (1) the current system - via BNY (which penalizes me by 7 percent verses on shore rates) or (2) to have my pension paid into a UK bank account and then transfer the sterling into a sterling account at Bangkok Bank -- assuming I can have such an account (I thought I read recently that it was possible) and convert at on shore rate.

My question is this: does any member have good experience (by which i mean low cost) of transferring sterling to sterling accounts in Thailand -- if so, which bank, and what kind of costs are incurred. My first inquiry to a UK bank was to be told I have to pay a commission charge of 1.5% and a transfer fee (i think GBP 50 per transaction)

Advice welcomed - and BTW - I cannot negotiate for my pension company to pay sterling to Thailand - that's not in their rule book - so will not happen.

[true blue]

barclays or hsbc will do it just make sure you in form them you want sterling transfered though it is first question on form i have bangkok bank account aon its pretty straight foreward both accounts have to be in your name though barclays charge 20 quid per 5000 quid and hsbc 21 quid and no limit barclays is 5000quid limit bangkok bank charge 6 quid to recieve money they say transfer take 6 days but ive done many time and never have to wait more than 2 days

[pgs]

You will find a number of references here: http://www.thaivisa.com/forum/index.php?ac...amp;s=&f=13

[gennisis]

I would welcome some advice; I know this topic has been raised in various threads so please forgive me starting a new one - but it is a very specific situation and hopefully will help others.

this is the situation. I have recently learned that my pension company in the UK transfer my pension in sterling to the Bank of New York, who then convert to ThB and send ThB to my bank account. So, obviously, they are using an offshore rate.

There are only two options open to me (1) the current system - via BNY (which penalizes me by 7 percent verses on shore rates) or (2) to have my pension paid into a UK bank account and then transfer the sterling into a sterling account at Bangkok Bank -- assuming I can have such an account (I thought I read recently that it was possible) and convert at on shore rate.

My question is this: does any member have good experience (by which i mean low cost) of transferring sterling to sterling accounts in Thailand -- if so, which bank, and what kind of costs are incurred. My first inquiry to a UK bank was to be told I have to pay a commission charge of 1.5% and a transfer fee (i think GBP 50 per transaction)

Advice welcomed - and BTW - I cannot negotiate for my pension company to pay sterling to Thailand - that's not in their rule book - so will not happen.

If its any help Nationwide,either the UK bank or the International bank in the Isle of Man(offshore)can transfer Sterling to your Thai Bank and you get the currency conversion onshore rate. Nationwide charge 25 pounds for the transfer and you can instruct them over the internet once you register with them for internet service.Transfers seem to be the following day in my experience.

I think I also read that Bangkok Bank now offer Sterling/Dollar accounts.

[torrenova]

The above answers are valid as would be to have a THB account with Bangkok Bank in London or a multi currency account from Citibank.

[batami]

this is a quick thank you to the people who have posted replies - I will follow up and I appreciate the advice.

cheers

[Tafia]

I would welcome some advice; I know this topic has been raised in various threads so please forgive me starting a new one - but it is a very specific situation and hopefully will help others.

this is the situation. I have recently learned that my pension company in the UK transfer my pension in sterling to the Bank of New York, who then convert to ThB and send ThB to my bank account. So, obviously, they are using an offshore rate.

There are only two options open to me (1) the current system - via BNY (which penalizes me by 7 percent verses on shore rates) or (2) to have my pension paid into a UK bank account and then transfer the sterling into a sterling account at Bangkok Bank -- assuming I can have such an account (I thought I read recently that it was possible) and convert at on shore rate.

My question is this: does any member have good experience (by which i mean low cost) of transferring sterling to sterling accounts in Thailand -- if so, which bank, and what kind of costs are incurred. My first inquiry to a UK bank was to be told I have to pay a commission charge of 1.5% and a transfer fee (i think GBP 50 per transaction)

Advice welcomed - and BTW - I cannot negotiate for my pension company to pay sterling to Thailand - that's not in their rule book - so will not happen.

If its any help Nationwide,either the UK bank or the International bank in the Isle of Man(offshore)can transfer Sterling to your Thai Bank and you get the currency conversion onshore rate. Nationwide charge 25 pounds for the transfer and you can instruct them over the internet once you register with them for internet service.Transfers seem to be the following day in my experience.

I think I also read that Bangkok Bank now offer Sterling/Dollar accounts.

You could also use the Nationwide Debit card at ATM getting favourable exchange and no fees

[Humphrey Bear]

You could also use the Nationwide Debit card at ATM getting favourable exchange and no fees

Do Nationwide send cards to Thailand or do you have to have someone in UK to forward card / PIN to you?

I realise the dangers, but seldom return to UK.