Transfering Money From Thai Bank Account To English Bank Account

[paddymckenna]

want to transfer some money from Siam Commercial Bank to HSBC in the UK. how can you do it without it costing a fortune - would like to do it on a monthly basis preferably.. would be happy to open a new thai bank account if any of the others do it better than SCB.

good advice would save me a fortune

thanks in advance

Paddy

[thaistocks]

If you can show how/when and in what form you brought the money into Thailand this should be no problem. Whenever your wire money into Thailand ask the Thai bank to issue a paper (I recall its called EC form) showing you brought this capital in!

IF you can't show the money came in, you will have a hard time sending it back out legally. Unless its a small amount.

Another way is to get an ATM card from your Thai bank, then withdraw some regularly from abroad.

[rixalex]

If you can show how/when and in what form you brought the money into Thailand this should be no problem. Whenever your wire money into Thailand ask the Thai bank to issue a paper (I recall its called EC form) showing you brought this capital in!

IF you can't show the money came in, you will have a hard time sending it back out legally. Unless its a small amount.

Another way is to get an ATM card from your Thai bank, then withdraw some regularly from abroad.

Why are you talking about bringing money into Thailand? The OP's question was about transfering money out of the country.

[torrenova]

SWIFT payments cost about £20 or so so I cannot think how you'd get it done cheaper. Sending an ATM card to someone who could take it out in the UK would be another idea and would probably cost less than Bt2000 as long as you got the offshore exchange rate.

[naka]

A funds transfer is going to cost regardless of which bank you choose

and the ATM thingy is going to cost in terms of the exchange rates and charges.

Naka.

[chiang mai]

You can buy a Sterling Cashiers cheque from Bangkok Bank (main branches only) drawn on Bangkok Bank London. The conversion rate from Baht to Sterling is the same favorable rate as the TT inbound rate but the cheque amount must be under USD 20,000 each time - they will let you have as many as you want as long as each transaction is sub $20k each time. Courier the cheque to your UK bank - three day service via DHL is 1,100 baht, ten day service is around 400 baht. The cheques clears within three working days in the UK.

[jadran]

If you can show how/when and in what form you brought the money into Thailand this should be no problem. Whenever your wire money into Thailand ask the Thai bank to issue a paper (I recall its called EC form) showing you brought this capital in!

IF you can't show the money came in, you will have a hard time sending it back out legally. Unless its a small amount.

Another way is to get an ATM card from your Thai bank, then withdraw some regularly from abroad.

How much is a "small" amount?

I have a WP etc, can I wire 1-2 thousand US$ without a hassle and too many questions?

Thanks

[jayenram]

In my experience (although a few years ago) I transferred just over Bht 1,000,000.00 to my own bank account in the Channel Islands from my own bank account in the Bangkok Bank. The cost should have been Bht 400.00 but because of currency transfer regulations, I could not easily transfer Bht 1,000,000.00 in one transaction. I therefore effected two transactions over a three day period so the cost was Bht 800.00.

Please note, the Bht were converted to Sterling within Thailand.

[Marvo]

Please note, the Bht were converted to Sterling within Thailand.

Were the Bht converted to stirling using the bank's ON-shore "sell baht" rate?

[Maestro]

Yes, that’s how I read it. The Thai banks selling rate for T/T. That’s how it normally works for bank transfers out of Thailand.

--

Maestro

[jackr]

If you can show how/when and in what form you brought the money into Thailand this should be no problem. Whenever your wire money into Thailand ask the Thai bank to issue a paper (I recall its called EC form) showing you brought this capital in!

IF you can't show the money came in, you will have a hard time sending it back out legally. Unless its a small amount.

Another way is to get an ATM card from your Thai bank, then withdraw some regularly from abroad.

Why are you talking about bringing money into Thailand? The OP's question was about transfering money out of the country.

Because you should get this crucial bit of paperwork when bringing money in - Foreign Exchange Transaction Form - to prove you already brought it in in order to transfer back out at a later date.

[jayenram]

Please note, the Bht were converted to Sterling within Thailand.

Were the Bht converted to stirling using the bank's ON-shore "sell baht" rate?

Yes. The rate quoted in the Bangkok Bank.

[ClaudeFeller]

Same prob:

Want to send money from SCB business account to Laos = 1.250 THB of fees AND a lot of paperwork... ridicolous!

[monty]

SWIFT payments cost about £20 or so so I cannot think how you'd get it done cheaper. Sending an ATM card to someone who could take it out in the UK would be another idea and would probably cost less than Bt2000 as long as you got the offshore exchange rate.

Using my Bkk Bank be1st card abroad, I get charged 100 Baht per transaction, regardless of the amount.

In the Philippines for example this is expensive, since the ATM's there only give out 10,000 Pesos at a time, which is roughly 7500 Baht. 100 Baht per 7500 is quite a lot!

[Rainmon]

It is my understanding the rule is, if you have had the money in Thailand for over a year, it can be transferred with no problem, only a regular transfer fee of 500 baht (depending on what your bank charges), if the money has been here for less than a year, the bank will hold 30% of the funds back or you have to pay a penalty to transfer the full amount, not sure what the penalty amount is. I trade in the Thai stock market and this is what some of the guys told me at the Bualuang Securities office. The 30% rule came into play about a year ago as an attempt to stabilize the Thai baht and at that time the Thai market crashed. Now I am hearing that the 30% rule might be reversed with the new government, but only rumors...

[Briggsy]

Buy sterling cash in Thailand. Give to anybody you trust who is going to the UK. They deposit for you. Total cost = 0 in charges and around 1-1.5% on the exchange rate.

Or find somebody wanting to bring money into Thailand from the UK. And do a deal. Difficult to arrange but cheaper.

[Dave the Dude]

You can buy a Sterling Cashiers cheque from Bangkok Bank (main branches only) drawn on Bangkok Bank London. The cheques clears within three working days in the UK.

Hi Chiang Mai

Sounds like you have'nt been back to Blighty for a while. The days of a 3 day cheque clearance are long gone. I would expect to be told between 4 (more likely 5) to 10 days, if including weekends. The longer clearing cycles tend to be by Building Society banking services.

Dave

[Dave the Dude]

OOPs... sorry I'm saying double today

Dave

Edited February 21, 2008 by Dave the Dude

[dr_Pat_Pong]

If you can show how/when and in what form you brought the money into Thailand this should be no problem. Whenever your wire money into Thailand ask the Thai bank to issue a paper (I recall its called EC form) showing you brought this capital in!

IF you can't show the money came in, you will have a hard time sending it back out legally. Unless its a small amount.

Another way is to get an ATM card from your Thai bank, then withdraw some regularly from abroad.

Why are you talking about bringing money into Thailand? The OP's question was about transfering money out of the country.

One has to show how the money came into Thailand smartarse. It is a prereqisite to taking it out.

[sibeymai]

2,000bt for GBP sounds a bit steep. SCB only charges 400bt to send AUD and it's in the account same day usually.

Does SCB really have different rates for different countries ?