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Cheapest Way To Transfer £2.5k To Thailand?

tariq

By tariq
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tariq Advanced Member

tariq

Posted
Posted

Hi

My GF is with me in the UK and is going back to LOS next weekend. I am giving her £2.5K but not sure of the best way to do it so she gets maximim baht.

Options are:

1. Go to UK travel agent and buy baht

2. Give her £2.5K in notes and she can transfer to baht when she gets back home (hoping she doesn't get migged on the way!).

3. Transfer £2.5K from my bank to her bank. My bank charges £25 and her bank charges THB700 (not sure uif she loses any on the currency exchange too.

Any suggestions on the cheapest method?

Many thanks

Tariq...

basjke Platinum Member

basjke

Posted
Posted
Hi

My GF is with me in the UK and is going back to LOS next weekend. I am giving her £2.5K but not sure of the best way to do it so she gets maximim baht.

Options are:

1. Go to UK travel agent and buy baht

2. Give her £2.5K in notes and she can transfer to baht when she gets back home (hoping she doesn't get migged on the way!).

3. Transfer £2.5K from my bank to her bank. My bank charges £25 and her bank charges THB700 (not sure uif she loses any on the currency exchange too.

Any suggestions on the cheapest method?

Many thanks

Tariq...

Most economic way will be to carry the Pound notes with her and have them exchanged in Thailand,just watch for the exchange agent that gives the best rate.

coventry Silver Member

coventry

Posted
Posted
Bank transfer into a Thai bank account that's in your name. It's your money, keep it in your name.

He said he wants to give it to her!!!

Well just give it then. It's just pin money and aint worth the hassle of incurring transfer charges.
citizen33 Gold Member

citizen33

Posted
Posted
Bank transfer into a Thai bank account that's in your name. It's your money, keep it in your name.

He said he wants to give it to her!!!

Well just give it then. It's just pin money and aint worth the hassle of incurring transfer charges.

If she doesn't mind taking it out at 20K baht a day, open a Nationwide Flexaccount and have her use the card in most ATMs. Very good exchange rate and no fees, as many have said on the forum.

richm7 Senior Member

richm7

Posted
Posted

Give her UK pounds, tell her to stick it in her knickers and change it at a booth in BKK. That will be the cheapest way and will give the best rate. Unfortunately, it is not the safest way, and if she lost it I'm sure she will trust you to replace it, so she'll have wheedled twice as much out of you. Still, beats the sick buffalo story I guess.

Seriously, I reckon she has more chance of losing the THB on the way from the local bank/booth than she does of losing the sterling. Bigger wad. Fifty notes vs. 150+ notes.

kjhbigv Gold Member

kjhbigv

Posted
Posted

For £2.5K, cash all day long! As previous poster says, make sure she gets a good exchange rate in Thailand, just put it in bank in Thailand.

The Nationwide idea is good as long as you have time to set up an account with them, with money laundering rules etc etc.

Don't ever get money sent over by a UK Bank in Thai Baht ie, the conversion has been made in UK. Make sure the money is sent over to Thailand in Sterling and converted by the Thai Bank here, much better exchange rate always, sometimes about 8% difference!

benjamat Advanced Member

benjamat

Posted
Posted (edited)

Yep, create a new nationwide account in her name and get her a cash card, that way you do not have to give her all the money at once, just transfer into that account as is needed, very easy on the internet.

Good exchange rate, perfectly safe and absolutely no charges.

I think £300 a day can be drawn, maybe £500 now.

Edited by benjamat
Chaimai Platinum Member

Chaimai

Posted
Posted
Don't ever get money sent over by a UK Bank in Thai Baht ie, the conversion has been made in UK. Make sure the money is sent over to Thailand in Sterling and converted by the Thai Bank here, much better exchange rate always, sometimes about 8% difference!

Apparantly, this no longer the case. I used to advise the same but "Naam" posted a couple of weeks back that the TT rates for USD/THB, GBP/THB etc were as good as local conversion rates. A quote I got from HSBC last week was almost identical to the Nationwide ATM rate from that day.

richm7 Senior Member

richm7

Posted
Posted
Yep, create a new nationwide account in her name and get her a cash card, that way you do not have to give her all the money at once, just transfer into that account as is needed, very easy on the internet.

Good exchange rate, perfectly safe and absolutely no charges.

I think £300 a day can be drawn, maybe £500 now.

Have you guys proposing a bank account tried opening one in the UK recently? I think not. What a pain it is, and it will take forever to get the card, which she will then have to authorize, none of which can be done online, it all takes place via the mail. And it takes weeks. It's an awful lot of buggering about for twenty five hundred quid. Cash is king, in this case. Of course, if the OP plans on this being a long term buffalo rescue mission it is a different and considerably potentially more expensive proposition.

sassienie Gold Member

sassienie

Posted
Posted (edited)

Here are your options:

TRAVELLERS CHEQUES:

You will probably have to pay commission in the UK for their purchase. Once in Thailand the banks charge between 40 to 60 baht to cash each cheque into bahts, so buy them in £100 lots.

MONEY ORDER OR PERSONAL BANK CHEQUE:

You can purchase a money order or pay a draft/personal UK cheque into a Thai bank account. There is only a very small fee for this service, but the cheques will take up to 6 weeks to clear.

TELEGRAHIC TRANSFER:

Costs vary between £20 to £40. Some transfers are faster than others. Ensure that you send the money over in sterling and not in bahts for a better exchange rate.

STERLING CASH:

There is no limit to the amount of sterling you can bring into Thailand. No fees for exchanging to bahts in Thailand, but with cash exchanges you get 1 baht less to the £ than with travellers cheques, money orders, personal cheques and telegraphic transfers. Many Thai banks do insist on good quality crisp notes and may not except soiled or torn notes.

CHANGE INTO BAHTS IN THE UK:

Not an option, don’t do it. You will receive up to 5 baht less to the £ using this method and maybe pay bank fees for the service.

WESTERN UNION:

Again not a good option similar to above. Monies can only be sent to certain Thai bank branches that have an agreement with Western Union.

Edited by sassienie
Chaimai Platinum Member

Chaimai

Posted
Posted
Bank transfer into a Thai bank account that's in your name. It's your money, keep it in your name.

He said he wants to give it to her!!!

Well just give it then. It's just pin money and aint worth the hassle of incurring transfer charges.

I also ask why give it her. The OP said that, but did he meamn that - he may not have considered alternatives. Does she actually need £2,500 in one go - that's about 3 motorbikes. IF she does not need it all in one go I also favour the Nationwide account - preferably a No2 account in my name with her holding the card although, if she can pass the Money Laundering Rules, there is a fair case for opening an account her name.

Lickey Platinum Member

Lickey

Posted
Posted

OP

Thats a princely sum to give your girlfriend, I think about 2700bht a week for a year [others will correct this] .

Nationwide is the way to go though, if you need you can see all transactions online, not foolproof for a clever girl, and the ATM card is without charge at selected ATMS, some thai banks have there own charge but not NW,

It takes about 7 working days to set up an account, but there is no reason you cant give her 200quid to be getting on with, then authorise her card an post it to her, and pin number by SMS or e-mail.

Good Luck,,,

benjamat Advanced Member

benjamat

Posted
Posted (edited)
Yep, create a new nationwide account in her name and get her a cash card, that way you do not have to give her all the money at once, just transfer into that account as is needed, very easy on the internet.

Good exchange rate, perfectly safe and absolutely no charges.

I think £300 a day can be drawn, maybe £500 now.

Have you guys proposing a bank account tried opening one in the UK recently? I think not. What a pain it is, and it will take forever to get the card, which she will then have to authorize, none of which can be done online, it all takes place via the mail. And it takes weeks. It's an awful lot of buggering about for twenty five hundred quid. Cash is king, in this case. Of course, if the OP plans on this being a long term buffalo rescue mission it is a different and considerably potentially more expensive proposition.

Its actually very easy to open a secomd account in your name and simply give her the card, you can control the amount in that account yuorself by simple internet transfers. Took 4 days to get my second card.

Also as was said earlier you can keep tabs on what she is spending, always a good idea.

Edited by benjamat
Chaimai Platinum Member

Chaimai

Posted
Posted
Its actually very easy to open a secomd account in your name and simply give her the card, you can control the amount in that account yuorself by simple internet transfers. Took 4 days to get my second card.

Also as was said earlier you can keep tabs on what she is spending, always a good idea.

Spot on :o

Cash has it's uses but a give a Thai the equivalent of 6 months wages IN CASH :D what do you think they might do ?

tariq Advanced Member

tariq

Posted
  • Author
Posted

OK guys...thanks a lot for the replies - lots and lots and many different opinions.

I don't have enough time to open accounts etc so I think it will just be easier to TT the money inbto her account (in sterling).

Cheers for your help.

Tariq...

G54 Gold Member

G54

Posted
Posted

Does she have an SCB bank account? If so you can transfer the money to the branch in London from your bank in the UK at no cost and they will forward it onto the correct account in Thailand. Takes 10 days, needs written confirmation from you and, obviously, details of her bank account.

Cost £15.

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