Internet connection

[stevevigo]

I have been in Thailand 2 years and visit uk. I have always transfered money in krung Thai deposit account in Thai baht, but have now read on forum about transfering in pound sterling as alot better rate. Is this realy possible, as do not have sterling account? If possable can someone tell me if the money is autumaticaly converted on reaching my thai bank or what?

Before i transfered money in thai baht from uk bank and only got retail exchange rate. I have since stopped this and now use my debit card in Thailand, first in ATM, now in Thai bank, enough for the month. I find i get the wholesale rate with nearly 3% deducted +£1-50 or £4-50. Which is a lot better than transfering in Thai baht. I would like to know if trasfer in pound sterling is best choise. I would be pleased with any help as i am in England for about 2 months and need to sort things out.

[Chaimai]

I have been in Thailand 2 years and visit uk. I have always transfered money in krung Thai deposit account in Thai baht, but have now read on forum about transfering in pound sterling as alot better rate. Is this realy possible, as do not have sterling account? If possable can someone tell me if the money is autumaticaly converted on reaching my thai bank or what?

Before i transfered money in thai baht from uk bank and only got retail exchange rate. I have since stopped this and now use my debit card in Thailand, first in ATM, now in Thai bank, enough for the month. I find i get the wholesale rate with nearly 3% deducted +£1-50 or £4-50. Which is a lot better than transfering in Thai baht. I would like to know if trasfer in pound sterling is best choise. I would be pleased with any help as i am in England for about 2 months and need to sort things out.

Transfer in Sterling via SWIFT transfer. Thai bank will convert to Baht at much better rate than UK bank. UK Bank charge typically GBP 20-25. HSBC charged GBP 21.50

Also consider getting Nationwide Flex account. Withdrawals in Thailand are free and yesterday I got 64 Baht to the Pound.

[cmsally]

You simply transfer from your UK Bank acct. to your Thai bank acct.

You tell them to transfer in UK sterling - or if on internet you fill out amount in pounds.

I always put an extra note at the bottom to transfer in pounds only and print it out.

The money will automatically be changed to Thai Baht when it goes into your acct in Thailand.

[alantheembalmer]

I opened a sterling foreign currency account at Bangkok Bank in Silom, and I then transfer GBP into that account from England. I then leave it there until I feel the exchange rate is as good as it is going to get, (or if necessity calls!), and then convert the money transfer into my Baht account. The international transfer is easy, although I did have to tell my bank in England that Thai banks do not have an IBAN number, as this, I believe, is only used in Europe. Good luck.

[Pappiklon]

As mentioned before you just need to inform your bank you want the funds transferred as £sterling, it will get converted this end at a much better rate. I use Bangkok Bank and they do have the option of opening a foreign currency account though I believe there is quite a high initial deposit requirement, its a while since they told me the details but I think it was about £10,000, but after the initial deposit you can run it down to a minimum £100, this would allow you to draw funds out into local currency as you needed and at a rate you had some control over, I think there is also a monthly charge for having the account of about £6. I'd suggest you check out the other banks main branches because they probably operate similar accounts and maybe have less charges or a smaller initial deposit requirement.

[stevevigo]

You simply transfer from your UK Bank acct. to your Thai bank acct.

You tell them to transfer in UK sterling - or if on internet you fill out amount in pounds.

I always put an extra note at the bottom to transfer in pounds only and print it out.

The money will automatically be changed to Thai Baht when it goes into your acct in Thailand.

Thank you, its what i wanted to know. Bit confussed how you can do this by internet, have phoned uk bank from thailand and have transfered money and while in uk have transfered money from branch to thai bank account.

[stevevigo]

I opened a sterling foreign currency account at Bangkok Bank in Silom, and I then transfer GBP into that account from England. I then leave it there until I feel the exchange rate is as good as it is going to get, (or if necessity calls!), and then convert the money transfer into my Baht account. The international transfer is easy, although I did have to tell my bank in England that Thai banks do not have an IBAN number, as this, I believe, is only used in Europe. Good luck.

Thank you for info, have read some were this can only be done in Bangkok and you need large deposit and work permit. So not option for me.

[alantheembalmer]

Steve-I opened my foreign currency account at Bangkok Bank whilst on a 2 week holiday staying in a hotel, and I only had to show them my passport to open that account and a Thai Baht account. If you go to the head office in Silom and go up the escalators to the first floor, there is the foreign accounts section where they speak good English, and where I found them to be more than helpful. Don't bother with HSBC. I found their requirements to open an account to be onerous to say the least, and I have an account with them in England. Good luck.

[JohnUK]

Steve-I opened my foreign currency account at Bangkok Bank whilst on a 2 week holiday staying in a hotel, and I only had to show them my passport to open that account and a Thai Baht account. If you go to the head office in Silom and go up the escalators to the first floor, there is the foreign accounts section where they speak good English, and where I found them to be more than helpful. Don't bother with HSBC. I found their requirements to open an account to be onerous to say the least, and I have an account with them in England. Good luck.

Alan, I am so pleased to have read this as it is exactly what i think I need to do. I need to make regaular payments to a developers Thai bank account and I think it is going to be easier and cheaper long term to do it from an account set up locally. I want to deposit money in GBP and transfer it to a THB account when I need to do the transfer or when the rate is favourable. What you have described sounds perfect. I spent ages today talking to HSBC who offer a package for £100 to create an account at their bangkok branch (the fee is for managing and sending the forms and paperwork) but now I think it is going to be easier for me to fly there, set up an account as you suggest and be done with it. One question...do you just get charged the normal £20 fee to send funds from your UK HSBC to your bangkok UK£ account. John

[phaethon]

With due regard for the risks of carrying large amounts of money, would it save anything in transfer fees/exchange rates if I brought a significant wad of cash in Sterling from the UK and either i) opened a THB account with a thousand THB then pay in the Sterling a few days (minutes?) later or ii) open the THB account by handing over the full amount of Sterling?

Cheers,

K.

Edited August 30, 2008 by phaethon

[Naam]

With due regard for the risks of carrying large amounts of money, would it save anything in transfer fees/exchange rates if I brought a significant wad of cash in Sterling from the UK and either i) opened a THB account with a thousand THB then pay in the Sterling a few days (minutes?) later or ii) open the THB account by handing over the full amount of Sterling?

you would save a small amount in transfer fees and lose a big amount because cash buys less Baht than transfer.

Siam Commcercial Bank August 29, 2008 21:02

transfer 62.28 / cash 61.40

transfer GBP 10,000 = THB 622,800 - cash GBP 10,000 = THB 614,000 / difference THB 8,800!

a SWIFT transfer should not cost more than GBP 15 = ~THB 950, i.e. if cash is used the loss is nearly 8,000 Baht (a good dinner for two persons).

[apetley]

HSBC have recently put up their telephone fee to 25 pounds for a cash transfer to Thailand.

For an internet transfer the cost is 15 pounds. There is an option when you make an internet transfer to specify which currency you want to make the transfer in.

It's simple and as I bank with Kasikorn the money is usually in my Thai account the next working day.

[apetley]

With due regard for the risks of carrying large amounts of money, would it save anything in transfer fees/exchange rates if I brought a significant wad of cash in Sterling from the UK and either i) opened a THB account with a thousand THB then pay in the Sterling a few days (minutes?) later or ii) open the THB account by handing over the full amount of Sterling?

you would save a small amount in transfer fees and lose a big amount because cash buys less Baht than transfer.

Siam Commcercial Bank August 29, 2008 21:02

transfer 62.28 / cash 61.40

transfer GBP 10,000 = THB 622,800 - cash GBP 10,000 = THB 614,000 / difference THB 8,800!

a SWIFT transfer should not cost more than GBP 15 = ~THB 950, i.e. if cash is used the loss is nearly 8,000 Baht (a good dinner for two persons).

You and your fancy restaurants!!!!

[gennisis]

I have been in Thailand 2 years and visit uk. I have always transfered money in krung Thai deposit account in Thai baht, but have now read on forum about transfering in pound sterling as alot better rate. Is this realy possible, as do not have sterling account? If possable can someone tell me if the money is autumaticaly converted on reaching my thai bank or what?

Before i transfered money in thai baht from uk bank and only got retail exchange rate. I have since stopped this and now use my debit card in Thailand, first in ATM, now in Thai bank, enough for the month. I find i get the wholesale rate with nearly 3% deducted +£1-50 or £4-50. Which is a lot better than transfering in Thai baht. I would like to know if trasfer in pound sterling is best choise. I would be pleased with any help as i am in England for about 2 months and need to sort things out.

If you open an account with Nationwide International in the Isle of Man you can transfer pounds to your Thai Bank at a 20 pound charge,...being offshore you also get a good interest rate

Once you have set up all the details with them all future transactions can be done by internet or telephone.

Nationwide UK require you to confirm the transfer by sending the request by post which slows things down.

[alantheembalmer]

Steve-I opened my foreign currency account at Bangkok Bank whilst on a 2 week holiday staying in a hotel, and I only had to show them my passport to open that account and a Thai Baht account. If you go to the head office in Silom and go up the escalators to the first floor, there is the foreign accounts section where they speak good English, and where I found them to be more than helpful. Don't bother with HSBC. I found their requirements to open an account to be onerous to say the least, and I have an account with them in England. Good luck.

Alan, I am so pleased to have read this as it is exactly what i think I need to do. I need to make regaular payments to a developers Thai bank account and I think it is going to be easier and cheaper long term to do it from an account set up locally. I want to deposit money in GBP and transfer it to a THB account when I need to do the transfer or when the rate is favourable. What you have described sounds perfect. I spent ages today talking to HSBC who offer a package for £100 to create an account at their bangkok branch (the fee is for managing and sending the forms and paperwork) but now I think it is going to be easier for me to fly there, set up an account as you suggest and be done with it. One question...do you just get charged the normal £20 fee to send funds from your UK HSBC to your bangkok UK£ account. John

John. Glad to have been of help. Because of the state of flux the banking system seems to be in at the moment, (to say the least!), I would check with your branch(es) to see where you can get the best deal for transfer fees. Good luck

[egg6447]

as someone else indicated. just open a nationwide account, flexaccount. withdraw what you want over the counter, free of charge. or draw lesser amounts via atm free of charge and make sure you get on line banking as you can keep an eye on things as you go. all fairly painless.

[phaethon]

Thanks Naam and others. Cash exchange rate vs inter-bank wholesale rates - makes sense now

I'm with Halifax at the moment, they say £19.50 per transfer.

K.

[docspinoff]

the best and cheapest way i have found although it take time is to open a English paypal account and a Thailand paypal account.

then top up your funds from your uk bank to your English paypal this is free

then pay send money English pounds as a gift (£1000) to your Thailand paypal this will cost £5

then with draw money from Thailand Paypal to your Thai bank account only when needed to top up money in your Thai bank account so you can with draw from a ATM

you can then leave your transfered money in your Thai paypal still in English pounds and withdraw to your Thai bank when the rates are good

summary

this will take about 14 days from UK bank to finaly arrive in your Thai bank and for every £1000 will only cost £5

[PattayaParent]

the best and cheapest way i have found although it take time is to open a English paypal account and a Thailand paypal account.

then top up your funds from your uk bank to your English paypal this is free

then pay send money English pounds as a gift (£1000) to your Thailand paypal this will cost £5

then with draw money from Thailand Paypal to your Thai bank account only when needed to top up money in your Thai bank account so you can with draw from a ATM

you can then leave your transfered money in your Thai paypal still in English pounds and withdraw to your Thai bank when the rates are good

summary

this will take about 14 days from UK bank to finaly arrive in your Thai bank and for every £1000 will only cost £5

As I usually transfer minimum 5k up to 10k this way would cost £25 ~ £50 whereas my bank only charges £20 irrespective of the amount of transfer, and takes 1 to 2 days to arrive.

Edited March 21, 2012 by PattayaParent

[docspinoff]

So you are saying if you transfer £5000 from your English bank to a Thailand Bank you will only be charged £25 what banks are you with ? and if so how do you do this as it seems you have trouble transfering from English sort code to Thailand Sort codes ???