Transferring Money Overseas

[RHCP]

I want to arrange a money transfer to the UK from my Thai Baht savings account to pay off part of my mortgage.

What is the standard practice of Thai banks in terms of the currency that is remitted? I don't want Thai Baht to be transferred due to the lousy exchange rate conversion once the UK receiving bank has the money. Is it possible to instruct my Thai bank to convert to pound sterling at this end based on the prevailing exchange rate before the Telegraphic Transfer takes place?

[PattayaParent]

I transferred money from my TMB account to UK and they converted it to pounds in the bank and transferred it in pounds so no loss of exchange rate (or delays) in crediting the other end.

I had to show my work permit as well though.

[sonicdragon]

Since the offshore rate is lower (stronger) you should *want* your bank to send baht and have it converted in the UK at the offshore rate, however I doubt that you will be able to do so. But if you are able to do so, please let us know how you did it. The likely sceneario is that you will agree the THB-GBP rate with your branch here in thailand by first telling them how many pounds you want to send, and then they will remit those pounds to your UK bank.

[chocolate]

Yes, it is a normal practice that bank will convert Thai Baht to foreign currencies before sending money oversea. It is the Bank of Thailand’s regulations. So you can contact your bank and instruct them to transfer money from your baht account with them to UK in GBP. I used to transfer money to the US via Bangkok Bank. Their charge is only THB400- very cheap. Money arrived US in 2-3 days. I believe it will be the same for funds transfer to UK.

[Naam]

I don't want Thai Baht to be transferred due to the lousy exchange rate conversion once the UK receiving bank has the money.

isn't it amazing that after months of discussions these kind of misconceptions are floating around?