Surprised no reaction from BYD owners on this forum

[mssabai]

I would like to transfer some money every month from Thailand to the UK. Probably only about 10,000k a month. What is the cheapest way of doing this? I have grasped it is better to ask them to change the currency in Thailand first, but what are the charges for the transfer both in Thailand and the UK? I bank with either Lloyds or Natwest in the UK and KTB or Bank of Ayutthya in Thailand (though I assume I can use any bank here).

[anthonyu]

I would like to transfer some money every month from Thailand to the UK. Probably only about 10,000k a month. What is the cheapest way of doing this? I have grasped it is better to ask them to change the currency in Thailand first, but what are the charges for the transfer both in Thailand and the UK? I bank with either Lloyds or Natwest in the UK and KTB or Bank of Ayutthya in Thailand (though I assume I can use any bank here).

Would that be 10,000 Baht, Pounds or 10,000k Baht or Pounds? The amount makes a pretty big difference. Depending on the reason you're transferring funds out of Thailand you may or may not be charged a witholding tax. Aside from that there's usually a one off fee for transfer and the exchange margin. If you're transferring out more than USD$5,000 or equivalent then you can probably negotiate a better rate. In any case its best to go to the branch or call the bank's call center first to find out the true cost.

[mssabai]

I would like to transfer some money every month from Thailand to the UK. Probably only about 10,000k a month. What is the cheapest way of doing this? I have grasped it is better to ask them to change the currency in Thailand first, but what are the charges for the transfer both in Thailand and the UK? I bank with either Lloyds or Natwest in the UK and KTB or Bank of Ayutthya in Thailand (though I assume I can use any bank here).

Would that be 10,000 Baht, Pounds or 10,000k Baht or Pounds? The amount makes a pretty big difference. Depending on the reason you're transferring funds out of Thailand you may or may not be charged a witholding tax. Aside from that there's usually a one off fee for transfer and the exchange margin. If you're transferring out more than USD$5,000 or equivalent then you can probably negotiate a better rate. In any case its best to go to the branch or call the bank's call center first to find out the true cost.

Sorry not clear - 10k baht (how much is 10,000k anyway!). The transfer fee is what I am interested in - is doing it through banks the cheapest way? And is there usually a minimum/flat rate fee, or is the transaction fee just based on the amount you are transferring. Working out if it would be more sensible to save the money up here and transfer it in one go after 6 months or so.

[anthonyu]

I would like to transfer some money every month from Thailand to the UK. Probably only about 10,000k a month. What is the cheapest way of doing this? I have grasped it is better to ask them to change the currency in Thailand first, but what are the charges for the transfer both in Thailand and the UK? I bank with either Lloyds or Natwest in the UK and KTB or Bank of Ayutthya in Thailand (though I assume I can use any bank here).

Would that be 10,000 Baht, Pounds or 10,000k Baht or Pounds? The amount makes a pretty big difference. Depending on the reason you're transferring funds out of Thailand you may or may not be charged a witholding tax. Aside from that there's usually a one off fee for transfer and the exchange margin. If you're transferring out more than USD$5,000 or equivalent then you can probably negotiate a better rate. In any case its best to go to the branch or call the bank's call center first to find out the true cost.

Sorry not clear - 10k baht (how much is 10,000k anyway!). The transfer fee is what I am interested in - is doing it through banks the cheapest way? And is there usually a minimum/flat rate fee, or is the transaction fee just based on the amount you are transferring. Working out if it would be more sensible to save the money up here and transfer it in one go after 6 months or so.

Glad you clarified that. if it was 10,000,000 Baht you'd probably have half of Thailand's fund managers calling you right now! I'm not too sure about the exact charges involved with a TT or Western Union transfer but you can probably find out in previous posts or by calling the banks. If the transfer isn't urgent it would make more sense to save up the money and transfer it when the exchange rate is favourable for you. For overseas transfers of more then USD$20,000 you have to fill a form of declaration to the BOT why you're taking that much out but its not likely you'll ever have to do that.