Best Way To Transfer Money

[Rob5060]

I am in the process of completing a house purchase in Chiang Mai and will have to transfer about 30,000 uk pounds to Thailand.

What is the best way to make sure I get the best exchange rate.

The bank ask if I want to have the conversion done in the UK or Thailand.

[anna234cn]

I guess money order.

[ZOVOX]

You should do a TT (telegraphic transfer by SWIFT) transfer. You have to pay a fee, but the banks usually offer a better rate of exchange for tt transfers, and for large sums like 30k sterling, it will more than cover the fee. Generally speaking, it is best to send the money in sterling and the thai bank will convert it in Thailand, but best to check the tt transfer rates for both banks on their website. Also, the fees you should pay at the u.k banks end i.e senders end, because the money will probably go through an intermediate bank and they can whack a hefty fee if you choose not to pay all the fees in the u.k !

[Ajarn]

Do the conversion in Thailand. For Sure.

[bkk_mike]

If using it for a condo purchase in your own name, it is required to be transferred in as a foreign currency, not as baht. If using it for a house purchase (i.e. in the name of a Thai spouse), it doesn't have to be.

(People have had to get transfers reversed and redone in Sterling before now when the banks have done the FX conversion in the UK of money being transferred for condo purchases).

From the perspective of the FX rate given, it is always better to transfer in Sterling, and convert when it hits your account in Thailand. i.e. Tell your UK bank in writing that regulations require that property purchase in Thailand by a foreigner requires transfer to NOT be done in baht. They can confirm this themselves and will hopefully get your bank off your back on them doing the conversion...

Edited January 27, 2005 by bkk_mike

[astral]

INSIST the transfer is in sterling.

1. Better rate

2. You need the record of the money coming in as you might want to take it out later!!

[chico]

if you want the money for spending, check the rates in UK and Thaia.

If you need it to buy a condo in your name, YOU NEED PROOF OF FOREIGN CURRENCY

[chico]

buying in your name you need proof of foreign currency been brought into LOS.

buying in your wifes name, you could check rates in UK and LOS and choose the better one, usually in LOS.

but be careful, which bank you are using : SCB, Bangkok bank ok, stay away from foreign curreny transfers with Kasikorn - they are cheating you on the rate by withholding the transfer (even swift) !!

[dvk1951]

but be careful, which bank you are using : SCB, Bangkok bank ok, stay away from foreign curreny transfers with Kasikorn - they are cheating you on the rate by withholding the transfer (even swift) !!

<{POST_SNAPBACK}>

Chico brings up another consideration when opening an account in LOS, it seems that not all Thai banks are created equal. Which way should the wind blow when selecting your 'financial destitution'. Besides Kasikorn, are there any other on the 'gray' list. Which institutions are the shining stars.

easy come, easy go

[daxbr]

Wire transfer is still the best choice however you need to be aware of fees that are tagged on and usually not disclosed.

It goes like this:

1. Wire transfer fee from your local bank overseas.

2. Correspondent bank fee, if any.

3. Thai bank currency conversion fee

5. Thai bank incoming wire fee and goverment charge.

Seems like the best deal offers HSBC, if you have overseas and local account at this bank.

[MistaDorn]

Here's again, I have problem with this deeply. I paid 50USD/month for the server. it is 50GB and everytime I always use Money Order which is so expensive to buy. 203baht for it. and air-mail transfered. I am going to talk about paypal, the thing is I don't have credit card yet. I will create soon and using paypal options. or epay for thailand www.epay.com. I trusted epay.com it cheap. but have a little problem with bank account. I used Siam Commercial Bank which they have their own tranfering money like PayPal. http://www.scb.co.th/eng/eng_main.shtml

all my money are in Siam Commercial Bank which they do not using Paypal. but they use their own. SCB Easy Net. this is the cheapest way to transfer money across the country that I'm going to do. maybe this could help you some.

yours

Dorn