Getting Money From Uk To Thailand Regularly.

[Richb2004v2]

Can anyone recommend an alternative method for me to manage my expenses? I don’t mean the amount that I spend but the way that I get it.

I am British and live in Thailand. I bank with a high street bank in UK and keep all my money there. I make all transactions and withdraw money in Thailand using my Visa card, which of course I am charged for. I am sure that there must be a better, less costly and safer way to get money. At the moment I am considering making a standing order with the UK bank to transfer a set amount each month into my Thai bank. This might cut down on charges and reduce my usage of the Uk Visa card.

Does anyone have any other suggestions?

I apologies if this is a repeated topic.

[youngkiwi]

I feel your pain! Sending a wire is the best bet if you intend to send large amounts on an infrequent basis. Wires are slow however and usually take around three days to hit your bank in Thailand.

I use my ATM card to withdraw funds from ATM's and although the international ATM fee is rather high, I withdraw the maximum allowed per day (20,000 baht) and find using the ATM card to be hasslefree. I have two ATM cards linked off separate accounts in case a card goes faulty, and you can always transfer funds using internet banking.

[Morden]

Get yourself a Nationwide Flexaccount when your next in the UK. You can use the Visa debit card at an ATM, inside a bank for large withdrawals and in shops - no charge by Nationwide but, as you probably know, shops may charge.

Also, you can manage your account online. Nationwide will give you an electronic savings account. You can earn interest and move funds online to your current account whenever you want.

Works a dream!

[Thanyaburi Mac]

Can anyone recommend an alternative method for me to manage my expenses? I don't mean the amount that I spend but the way that I get it.

I am British and live in Thailand. I bank with a high street bank in UK and keep all my money there. I make all transactions and withdraw money in Thailand using my Visa card, which of course I am charged for. I am sure that there must be a better, less costly and safer way to get money. At the moment I am considering making a standing order with the UK bank to transfer a set amount each month into my Thai bank. This might cut down on charges and reduce my usage of the Uk Visa card.

Does anyone have any other suggestions?

I apologies if this is a repeated topic.

Check about two threads down, and here:  

http://www.thaivisa.com/forum/index.php?showtopic=143263

You might also look into writing a personal check each month for an amount, I use the $$$ equivalent of baht 65,000.  Good bank rate, SCB charges baht 203 for the transaction.

Only "drawback," which isn't much of one with ATM backup, is that they hold access to the baht funds for 45 days.

Mac

[Richb2004v2]

Get yourself a Nationwide Flexaccount when your next in the UK. You can use the Visa debit card at an ATM, inside a bank for large withdrawals and in shops - no charge by Nationwide but, as you probably know, shops may charge.

Also, you can manage your account online. Nationwide will give you an electronic savings account. You can earn interest and move funds online to your current account whenever you want.

Works a dream!

That sounds good. I am in the UK in a few weeks and plan on making some changes to my banking. So I can use a Nationwide Visa card here in Thailand without being changed at ATM's? That sounds to good to be true.

[Khun Bob]

What you need is the Nationwide Flex Account with a Visa **Debit** card (not the credit card) - this will give you

Fee free withdrawls from ATM's outide of the UK

Some of the best exchange rates - close to interbank

The ability to go into a Thai bank, swipe your visa debit card and have the money put into your thai bank account. This can be large sums - over 500K baht - and not have to pay transfer fees and get a good rate of exchange

To get this you need to have a uk address and some sort of a positive credit history in the UK. It would be better to apply from a branch and explain your situation and have some evidence of being creditworthy or having assets in the UK. I tried to get a 6th flex account (yes I have quite a few - and still want more) and despite holding several K GBP with them, they wouldnt give it to me. I've got some other avenues to explore and I am now passing more money in the UK through the accounts - which I think was a concern of theirs that I had so many accounts and wasnt really doing much with them, Time to try again.

Another solution may be the Post Office credit card. If you transfer money to this so you are in credit - ie a positive balance - and then use this to withdraw from atm or the swipe in the Thai bank and credit your Thai bank trick, this may work. Despite raising this nearly a year ago and starting a few threads I dont know if this works. There is an Australian credit card where this works - and I did some investigation into the Post Office credit card usage this way, but have not actually tried this. I know the Post Office card is a must have for foreign transactions as there is only this card and Nationwide that offer fee free foreign currency usage (there are some others - Lombard Direct and I heard about a Capital One card) but they are no longer available.

Hope this helps.

PS Nationwide, in my experience can be sh1tty, and you cant speak directly to the underwriters who decide on flex accounts being opened - if you cant get a visa debit card just go for a maestr cash card - this will still give you fee free usage but it may not give you the onshore exchange rate that you will get with a visa card (apparently maestro is associated with master card and they use the offshore rates - not 100% on this now - since Topfield was banned the best source of information on this has dried up - WHY did Topfield get banned - he added SO MUCH value to TV!)

Edited September 21, 2007 by Khun Bob

[Theyreallrubbish]

What I was planning to do was get Travellers checks in sterling from the HSBC office in Bangkok then change them at booths exactly as if I was a tourist.

I'm an HSBC Premier customer so get travellers checks for free. The reason is that on the £100 checks the fees for changing at the booth are less than the amount I lose due to the lower exchange rate I'm given withdrawing from an ATM. (Although no fees at the ATM, just an exchange rate about 4 Baht lower)

No problem with getting enough checks to last a month as if they're lost, they're travellers checks and I get the money back.

[Khun Bob]

Nationwide is likely to be the best and simplest way - however there may be some other ways that havent really been discussed much and require more effort.

A few people on here have mentioned that there are some european banks (including swiss) that have very low charges for international transfers - something like 2/3 GBP equiv. Of course you need to then find a way to get the money into that account. But if you have a GBP account with them, there may be some free way of doing the transfer - so overall getting money sent from UK to Thailand for a couple of quid.

If anyone has any comments or actual experience on the above, would be good to share...