World First, Hsbc Or Nationwide Flex....best For Gbp Transfer?

[spadgham]

Hi there,

My girlfriend and me wish to transfer about 2m THB into our Thai account for living expenses (rent, furniture, etc, etc) out here. I am still trying to decide the most cost effective way for us to do this. I have been swayed towards using World First as their rates are much better than my UK bank's, HSBC, and they take care of all the Thai side bank charges. Essentially what you buy in Baht arrives in Baht into the Thai bank account........or so I'm told! However, I've been reading on here that one can use the Nationwide card to do an over the counter transaction in my Thai bank, rather like doing a switch card purchase. I'm just not sure if this would be ok on an amount as high as 2m baht. If anyone has any advice or experience of doing this I'd really appreciate hearing about it.

Many thanks.

Best wishes,

S

[LaoPo]

Hi there,

My girlfriend and me wish to transfer about 2m THB into our Thai account for living expenses (rent, furniture, etc, etc) out here. I am still trying to decide the most cost effective way for us to do this. I have been swayed towards using World First as their rates are much better than my UK bank's, HSBC, and they take care of all the Thai side bank charges. Essentially what you buy in Baht arrives in Baht into the Thai bank account........or so I'm told! However, I've been reading on here that one can use the Nationwide card to do an over the counter transaction in my Thai bank, rather like doing a switch card purchase. I'm just not sure if this would be ok on an amount as high as 2m baht. If anyone has any advice or experience of doing this I'd really appreciate hearing about it.

Many thanks.

Best wishes,

S

I understand your Girlfriend but I have less understanding for you...wishing to transfer 2 Million Thai Baht into your Thai bank account for living expenses...

IF you're serious and this is NOT a wind up I strongly suggest to leave the 2 Million where it is now and transfer only once in a while a MUCH SMALLER AMOUNT when you REALLY need it ..

But, of course, it's YOUR money........KEEP it that way !

LaoPo

[Chaimai]

Hi there,

My girlfriend and me wish to transfer about 2m THB into our Thai account for living expenses (rent, furniture, etc, etc) out here. I am still trying to decide the most cost effective way for us to do this. I have been swayed towards using World First as their rates are much better than my UK bank's, HSBC, and they take care of all the Thai side bank charges. Essentially what you buy in Baht arrives in Baht into the Thai bank account........or so I'm told! However, I've been reading on here that one can use the Nationwide card to do an over the counter transaction in my Thai bank, rather like doing a switch card purchase. I'm just not sure if this would be ok on an amount as high as 2m baht. If anyone has any advice or experience of doing this I'd really appreciate hearing about it.

Many thanks.

Best wishes,

S

I understand your Girlfriend but I have less understanding for you...wishing to transfer 2 Million Thai Baht into your Thai bank account for living expenses...

IF you're serious and this is NOT a wind up I strongly suggest to leave the 2 Million where it is now and transfer only once in a while a MUCH SMALLER AMOUNT when you REALLY need it ..

But, of course, it's YOUR money........KEEP it that way !

LaoPo

Yep, agree whole-heartedly, 15,000/16,000 a day should be quite enough.

If you think that the GBP/THB rate will go to rat shit when the UK cuts rates by 1% then SWIFT it all over now - although only if it goes into an account in your name HSBC gave a fair rate for SWIFT last time I enquired and I think the cost is circa GBP 23.00

[benjamat]

Yep, you can withdraw either £300 or £500 a day with nationwide flex account, this is more than enough for living expenses in LOS.

Personally would not even contmplate moving around 2m unless for purposes of hedging against value of pound.

[chiang mai]

If you decide not to heed the advice already given to you thus far and you insist on bringing the money to Thailand, transfer the funds in Sterling and do the currency conversion in Thailand and not at the UK end and NOT via a broker who makes all the sort of nonsense guarantees that you mention - brokers are in business to make money so you are not likely to make any cost savings by using them, are you.

[spadgham]

Hi there,

Many thanks for all the responses.

Yes, it is true we do need to transfer 2m upfront. It is to cover our property rent for one year, to furnish the house, buy a car and for living expenses. We will need most of it ASAP, hence the need for the full transfer.

So it sounds like my best bet is a SWIFT transfer through my bank, HSBC and to ensure that the conversion is done on the Thai side right? Funny, as I thought I was going tp get the best rate through World First. The guy there was very sure that his rate could not be beat and that the whole process was very transparent.

I guess the next stage is to find myself a Thai bank with decent GBP conversion rates and open an account.

Thanks again,

Cheers.

[cmsally]

Never had any problems with HSBC to SCB - usually takes 1-2 working days.

Make sure you transfer in GBP and I always use online or occasionally fax in the past.

I would never use telephone transfer as I like to have written proof if anything goes wrong.

[bendix]

Yes, it is true we do need to transfer 2m upfront. It is to cover our property rent for one year, to furnish the house, buy a car and for living expenses. We will need most of it ASAP, hence the need for the full transfer.

oh dear oh dear oh dear . . . . . . .

[Chaimai]

Hi there,

Many thanks for all the responses.

Yes, it is true we do need to transfer 2m upfront. It is to cover our property rent for one year, to furnish the house, buy a car and for living expenses. We will need most of it ASAP, hence the need for the full transfer.

So it sounds like my best bet is a SWIFT transfer through my bank, HSBC and to ensure that the conversion is done on the Thai side right? Funny, as I thought I was going tp get the best rate through World First. The guy there was very sure that his rate could not be beat and that the whole process was very transparent.

I guess the next stage is to find myself a Thai bank with decent GBP conversion rates and open an account.

Thanks again,

Cheers.

It is no longer always best to transfer Sterling - a previous post by Naam (I think) referenced the improved TT rates offered by remitting banks. It is academic because you do not have a Thai bank account. Getting one is not always that easy - again there are posts highlighting the difficulties people have experienced.

Picking up on the subtlety of Bendix's response - ARE YOU REALLY SURE YOU NEED TO SEND 2m BAHT NOW.

I originally rented a detached bungalow in Pattaya for 7,000 Baht p.m. it cost me less than 100,000 to furnish and my monthly running costs (part tourist/part resident mode) are less than 100,000. I now rent a 2 bed detached house for 2,500 Baht per month in Buriram.

You do not have to pay a year's rent upfront. Where are you renting, what are you renting, are you paying more than 1 month rent and 1 month deposit. How long have you known your girlfriend and how long have you been coming to Thailand. Where is she from and where does she work. Are you retiring to Thailand or have a work permit. Why do you need a car ?

In short, based on the information provided and assuming that you are not a troll, you appear to be running before you can walk. IMO you should get youself a Nationwide account, get yourself over to Thailand and take time to open a Thai bank account and settle to your surroundings. Then, only consider transferring a larger sum of money when you are comfortable that everything is settled.

Alternatively, do what the guy from Norfolk did a couple of years ago - come over, buy your girlfriend a 13m Baht house and then be totally shocked when she kicks you out, tells you to <deleted> off and returns to her Thai husband/boyfriend.

[spadgham]

Ha ha!! All great responses, thanks!

My girlfriend is not Thai, she's English, like me, and we've been together for nearly 8 years. We're paying up front on rent because we've negotiated a discount........have always done this, whether in UK, USA or wherever. Yep, need a car too. So 2m is needed.

I already use the flex account for my current day to day living expenses out here but was just researching for the most cost effective and efficient means of transferring larger sums of money from UK to Thailand.

Cheers,

S

[Noodles]

I transfered yestereday using HSBC online, but I think their limit is 10k GBP per day.

I was going to transfer in sterling but was worried about the baht rate when it got here,

so decided to transfer in BAHT and got a rate of 56.23. But I did need the money this week

so I had to transfer and couldn't afford to wait.

[spadgham]

Yes that I figured about using HSBC online, they've got a £10k maximum per day. How do you pay more if you want/need to? Don't really want to bother paying the SWIFT charge for 4 separate transfers!

[LaoPo]

Ha ha!! All great responses, thanks!

My girlfriend is not Thai, she's English, like me, and we've been together for nearly 8 years. We're paying up front on rent because we've negotiated a discount........have always done this, whether in UK, USA or wherever. Yep, need a car too. So 2m is needed.

I already use the flex account for my current day to day living expenses out here but was just researching for the most cost effective and efficient means of transferring larger sums of money from UK to Thailand.

Cheers,

S

Mea Culpa that I jumped to the conclusion, assuming your girlfriend was local and therefore I said it would be better to be careful with transferring the 2M Baht. Your explanations in previous messages is lot more clear than the first one.

Also, since you are not a regular poster I assumed you were relatively 'new' to Thailand but reading your previous posts in your profile you are already in LOS some 3 years so you know your way around.

Good Luck !

LaoPo