Transfer 28k Uk Sterling To Thailand

[ukrules]

I send various amounts by SWIFT transfers every month to different companies in various locations and have done so for years. I use Lloyds these days and they tell me that the exchange rate is the true real time market rate at the time when the transfer is processed.

The market rate you will get on your transfer changes all the time unless you use something called a 'forward exchange contract' where you agree the rates in advance. I don't send enough money to require this so have never used one.

With Lloyds (standard premier account) you can send international wires via telephone banking but not from the internet service, you can only do domestic transfers online. Their offshore accounts from the Lloyds Isle of Man bank allow you to send international transfers directly from the online banking system.

[endure]

To send money via SWIFT from a UK bank to Thailand you have to go to the bank to fill in the forms.

Never heard of internet banking ?

LaoPo

Yes, I have but Nationwide do not have an option on theirs/my internet banking to do this.

You can print out the form, fill it in, and take it to the bank for them to process it, hence you have to go the the bank.

Guesthouse.

Perhaps this can be done by telephone banking, that is something I don't no, although it seems to defeat the object of not being able to do the same by internet banking, on the grounds of fraud and money laundering (Nationwides answer to me, not mine).

John.....

I consider a bank that doesn't have the possibility of internet banking as old fashioned and antique and the answer by your NATIONWIDE Bank is scandalous. Scandalous because they're hiding behind their own failure of not having Internet banking installed for their customers. I wonder why anybody -not offering internet banking- would stay with such a bank.

I pay from everywhere in the world, any day/night, 24/7 to whatever country via internet, since many years.

LaoPo

Nationwide were the FIRST financial institution in the UK to offer internet banking long before any of the 'proper' banks. I suspect the reason they don't offer overseas internet banking is more to do with UK government regulations rather than their business model as their offshore division (Nationwide International - based in the Isle of Man) do offer worldwide internet banking. BTW they aren't a bank, they're a Building Society.

[hyperdimension]

I use Lloyds these days and they tell me that the exchange rate is the true real time market rate at the time when the transfer is processed.

I think they mean that they give you their own real-time telegraphic transfer (TT) rate, not the interbank currency rate (that only banks and currency trading professionals can get).

Their TT rate would be somewhat worse than the interbank currency rate, and may be worse than the rate that you can get at other banks. So it would pay to shop around instead of being loyal to any bank.

On a related note, the Lloyds debit card is one of the cards from hel_l if used overseas.

Edited October 21, 2008 by hyperdimension

[patklang]

One important point is if you dont want your sterling quick,ask the thai bvank how long you can leave the sterling transfer in the head office bank,normaly bangkok.i transfered 35,000 quid 2 years ago and i could have left the sterling in for 3 weeks.

[Naam]

One important point is if you dont want your sterling quick,ask the thai bvank how long you can leave the sterling transfer in the head office bank,normaly bangkok.i transfered 35,000 quid 2 years ago and i could have left the sterling in for 3 weeks.

i'm not sure how long one can keep the exchange pending but when i transfer forex i always get a call and i am asked whether i accept the prevailing rate or whether i would like to wait.

[johnwills]

Always specify that you want to send Sterling and let them do the conversion this side, I always got a better rate this way.

irresponsible advice!

Just wondering which retail bank in the UK you have sent money from and got them to convert to Thai baht before sending to Thailand and got a better rate.

I use Nationwide now and it is great for transaction via the ATM, but foreign transfers I need to fill in paper work for this, which is a pain.

Edited November 13, 2008 by johnwills

[manjara]

One important point is if you dont want your sterling quick,ask the thai bvank how long you can leave the sterling transfer in the head office bank,normaly bangkok.i transfered 35,000 quid 2 years ago and i could have left the sterling in for 3 weeks.

i'm not sure how long one can keep the exchange pending but when i transfer forex i always get a call and i am asked whether i accept the prevailing rate or whether i would like to wait.

Me too, except sometimes the wife answers and says 'Yes, yes, gimme the money now!',

I got 51 baht to the GBP on the last transaction!

[torrenova]

One important point is if you dont want your sterling quick,ask the thai bvank how long you can leave the sterling transfer in the head office bank,normaly bangkok.i transfered 35,000 quid 2 years ago and i could have left the sterling in for 3 weeks.

i'm not sure how long one can keep the exchange pending but when i transfer forex i always get a call and i am asked whether i accept the prevailing rate or whether i would like to wait.

Without going into a FRA or other derivative, FX transactions are at the quoted rate. You can't "hang on" until it gets better then go back and take the previous rate ! You can set it up only to convert if the rate hits a certain level for sure or even cap and collar it.