Smile, The Internet Bank

[AFKAFSinLOS]

The same old questions seem to come up again and again around UK banks. I've used Smile, The Internet Bank for about 8 years and found them great...

Their main page is: www.smile.co.uk

For foreign banking and loads of the foreign/Thailand questions that come up here again and again, there's a link:

www.smile.co.uk/foreign

Covers things like:

- using the internet bank for paying into your UK account from Thailand (or anywhere else).

- Transferring money to Thailand. (You can do for 0.25% via SWIFT, with a GBP 13 minimum simply by sending a secure message plus a reason for the transfer). For THB they transfer money to the beneficiary bank and it is converted onshore as they don't deal themselves in the currency.

- Introduction letters

- IBANs

- clearly set out rates and charges

They frequently win awards as the best internet bank in UK. They have designed the website to be easy to use for partially sighted. It's all written in plain and simple English, so worth reading anyway just for information. Very transparent, and ethical too... a rarity these days.

If you already have an account with any UK bank they will open an account for you and transfer everything: DDs/STOs etc without hassle...

They also use Smiles as much as I do...

Edited August 6, 2008 by AFKAFSinLOS

[issanpaul]

The same old questions seem to come up again and again around UK banks. I've used Smile, The Internet Bank for about 8 years and found them great...

Their main page is: www.smile.co.uk

For foreign banking and loads of the foreign/Thailand questions that come up here again and again, there's a link:

www.smile.co.uk/foreign

Covers things like:

- using the internet bank for paying into your UK account from Thailand (or anywhere else).

- Transferring money to Thailand. (You can do for 0.25% via SWIFT, with a GBP 13 minimum simply by sending a secure message plus a reason for the transfer). For THB they transfer money to the beneficiary bank and it is converted onshore as they don't deal themselves in the currency.

- Introduction letters

- IBANs

- clearly set out rates and charges

They frequently win awards as the best internet bank in UK. They have designed the website to be easy to use for partially sighted. It's all written in plain and simple English, so worth reading anyway just for information. Very transparent, and ethical too... a rarity these days.

If you already have an account with any UK bank they will open an account for you and transfer everything: DDs/STOs etc without hassle...

They also use Smiles as much as I do...

Is smile owned by CO-OP ? are am i thinking another bank? but good info as i need change my bank when i get home

[AFKAFSinLOS]

One small example for those who recall the onshore/offshore rate differences of up to 10% we had in Thailand during 2006 onwards. Some banks just didn't care whether you got a bad deal or not.

How many banks have you ever seen that quote something like this...? Plus how many times does it get asked on TV, what's the best way to transfer. I assume people couldn't find the answers on their own bank's website...

If you need to do a transfer in any other currency then the best option is for us to send the transfer in sterling with the instruction for it to be paid out in local currency. The conversion will then be made by the beneficiary bank before the funds are applied to the recipient's account. We'll need you to give us a sterling amount to transfer in order for us to be able to do it this way.

We can usually buy the currency in for the transfer if you need to send an alternative currency amount, but there can be additional charges for this on top of the usual agents fees. The rate that you'd get sometimes isn't as good as the rate applied by the beneficiary bank. The same applies for drafts in exotic currencies.[\quote]

[AFKAFSinLOS]

Is smile owned by CO-OP ? are am i thinking another bank? but good info as i need change my bank when i get home

Yes it's owned by CO-OP, and if you really want to use branches you can use Co-ops branches. Which as Brits will know was originally set up as an old "co-operative" enterprise, for the benefit of its members. It has still retained that original spirit...

It also links into a funds supermarket, where you can buy thousands of UK unit trusts, with the initial charges discounted. This is very useful to run alongside if you want to keep track of investments as well. Though there are other fund supermarkets that give slightly better deals, with sometimes more functionality

BTW I opened my account with them on-line years back while physically still in Thailand. As long as you already bank with another UK bank, it's easy to do. They will also send my credit cards here if I want, which is another frequently asked question...

Edited August 6, 2008 by AFKAFSinLOS

[pkrv]

Is smile owned by CO-OP ? are am i thinking another bank? but good info as i need change my bank when i get home

Yes it's owned by CO-OP, and if you really want to use branches you can use Co-ops branches. Which as Brits will know was originally set up as an old "co-operative" enterprise, for the benefit of its members. It has still retained that original spirit...

It also links into a funds supermarket, where you can buy thousands of UK unit trusts, with the initial charges discounted. This is very useful to run alongside if you want to keep track of investments as well. Though there are other fund supermarkets that give slightly better deals, with sometimes more functionality

BTW I opened my account with them on-line years back while physically still in Thailand. As long as you already bank with another UK bank, it's easy to do. They will also send my credit cards here if I want, which is another frequently asked question...

I agree SMILE (correct co-op) is a great bank in the UK and I use it for day to day transactions -HOWEVER when I attempted to use them they were crap at FX the exchange rates that their out-sourced broker offered hit me badly on one transfer.

That said thanks for the memory jog these things always change moment by moment which is what it is about.

I will be checking my UK i24 credit card and nationwide account for the rates I got on my last visit returning a few days ago - these were the best in the past, are they still? I don't know.

[Chaimai]

I will be checking my UK i24 credit card and nationwide account for the rates I got on my last visit returning a few days ago - these were the best in the past, are they still? I don't know.

Nationwide still excellent.

pkrv - Always remit in Sterling to get better rate at Thai bank end.

[mataleo]

best for brits abroad is www.nationwide.co.uk

[issanpaul]

Is smile owned by CO-OP ? are am i thinking another bank? but good info as i need change my bank when i get home

Yes it's owned by CO-OP, and if you really want to use branches you can use Co-ops branches. Which as Brits will know was originally set up as an old "co-operative" enterprise, for the benefit of its members. It has still retained that original spirit...

It also links into a funds supermarket, where you can buy thousands of UK unit trusts, with the initial charges discounted. This is very useful to run alongside if you want to keep track of investments as well. Though there are other fund supermarkets that give slightly better deals, with sometimes more functionality

BTW I opened my account with them on-line years back while physically still in Thailand. As long as you already bank with another UK bank, it's easy to do. They will also send my credit cards here if I want, which is another frequently asked question...

Great news,i will apply online tomorrow.