Advice Please

[Loaded]

Hi

I have rental income from a house in the UK. The funds go into a HSBC current account there. What's the most efficient way to get the pounds (about 1000 at a time) over to one of my Thai bank accounts (Siam Commercial and Bangkok) on a regular basis?

I have a UK bank card with the sirrus symbol, so it's possible to withdraw straight from an ATM here but I'm worried they'll charge a lot and when they convert pounds to baht they'll give me the UK exchange rate which always seems lower than the Thai exchange rate.

ps I'm in Chiang Mai and won't be making regular trips to Bangkok.

Thanks

[tuky]

Can you access your accounts over the internet?

[Loaded]

not sure

I can view statements online, but I'd have to get into my HSBC account to check - I'll do now

[the scouser]

Loaded,

If you are as your nick suggests not short of a bob or two, why worry?

Anyway, if you use your HSBC ATM card the conversion will be made at the inter-bank rate, so not unfavourable. However, the HSBC will charge a percentage of the withdrawal with a minimum fee (about £2?).

Alternatively, you can set up a standing order to transfer money from your UK account to your Thai account on a regular basis. Again, however, the bank will charge. Barclays ask £20.00 per transaction for this. This can be a cheap option if you transfer large amounts infrequently.

I have read in other threads that the Nationwide does not charge for ATM withdrawals abroad, so perhaps your best option is to open an account with them.

Cheers,

Scouse.

[Loaded]

thanks scouse,

Loaded doesn't describe my financial condition, just my state after a few beers!!

Is the inter bank rate the same as the one printed in the Bangkok post?

visited my HSBC internet account and it seems I can't transfer from this account. - no link to 'transfer' anyway.

Thanks

[SEAtramp]

Open a Nationwide account at the builing society. Then draw from your ATM. No charges.

[the scouser]

Loaded,

UK banks don't appear to allow you to transfer funds in to a foreign account through internet banking but if you physically go to your branch then you should be able to set up a standing order to transfer the funds.

I've found that the inter-bank rate is somewhere between the tourist rate offered in the UK and that in Thailand. For example currently in the UK you may get 68 baht to the £ whereas in Thailand it's about 73. The inter-bank rate will be about 71.

Cheers,

Scouse.

[fisherd3]

Open a Nationwide account at the builing society. Then draw from your ATM. No charges.

<{POST_SNAPBACK}>

This is correct, I am with Nationwide and use the Atm facility with them and the exchange rate never seems out, this kind of thing is how the Building societies took business from the banks in the first place with their covert charging for things like ATM use/exchange rates.

On the subject of regular transfers , nationwide charge GBP20 for a SWIFT transfer, the 'normal' international transfer mechanism , (as do other banks according to another simultaneous thread here on the same subject). This could get a bit expensive so high value transfers are the order of the day here.

When I set up the only SWIFT transfer I have made to Thailand at Nationwide, they required two forms of picture ID , if driving licence both parts (!), Thai bank Details including Account Name, Account Number, Bank , Branch and Thai Banks Swift code. They said 5-7 days. Money is transferred in sterling and exchanged at the Thai National Bank rate. No problem.

Nationwide also has an excellent internet banking system you can look after your affairs with at home whilst in Thailand.

Edited January 27, 2005 by fisherd3

[bkk_mike]

There is another way - deposit a sterling cheque in your Thai Bank account. (It will take weeks to clear, and not sure if you get the exchange rate when it's deposited, or when it's cleared). - but it is cheap...

I haven't done it myself - but I have no need, since I've got an account with the Nationwide and just take out cash from the ATM.

As for the FX rate you get. It depends on the bank. Most apply a spread to the Interbank rate (Nationwide doesn't) - so generally I get a better rate than you get for changing cash.

HSBC, RBS, Barclays etc. usually charge 2-3% on the FX rate as well as sometimes charging for the withdrawal as well. - Call it stealth bank charges - hidden in the small print, and they don't even appear on your statement except as a poor FX rate.

Edited January 27, 2005 by bkk_mike

[astral]

ATM's are conveninet, but not the most cost effective way to transfer money.

I do a TT every 2 months, that seems to work out quite well.

[bkk_mike]

ATM's are conveninet, but not the most cost effective way to transfer money.

<{POST_SNAPBACK}>

That depends on which bank you're with, and what they charge (FX loading, or ATM charge) on the withdrawal.

As stated above - withdrawing from an ATM using a debit card from a Nationwide account is FREE. (No FX Loading, and no ATM charge).

[Rinrada]

rental income from a house in the UK. The funds go into a HSBC current account there. What's the most efficient way to get the pounds (about 1000 at a time) over to one of my Thai bank accounts (Siam Commercial and Bangkok) on a regular basis?

I have a UK bank card with the sirrus symbol, so it's possible to withdraw straight from an ATM here but I'm worried they'll charge a lot and when they convert pounds to baht they'll give me the UK exchange rate which always seems lower than the Thai exchange rate.

ps I'm in Chiang Mai and won't be making regular trips to Bangkok.

Thanks

<{POST_SNAPBACK}>

You must think we all work for the Nationwide but for our sort of dosh transfer/ATM it really is the BEST.

I try the others every year or so just to check if they have "seen the Light"...RBS,Halifax,HSBC,Barclays...etc and the answer is a BIG NO.

The average charges (slightly different) vary between @£4-50 and £7-50 on an ATM withdrawal of £100 ....what????supprise they dont offer free masks like Dick Turpin wore

So think about it ..you put your card in the little M/C in Bang/CM.. tap in for £100 and when your statement comes in it includes for-Fee-Exchange Rate Differ-Bank facility charges and you will end up with £93....again and again and again...

Even Gordon Brown cant get £££ off me that efficiently

So wot 2 do......

a.Dump your Charity -bank

b.Open flex.A/C at NW.cause you can check your balance in LOS in Bts.

c.Pay £ into said a/c

d.Withdraw in Thai Bt. at interbank rates (76-77 or whatever )with NO charges.

Then think about what you are going to do with the money you did not contribute to your old Banks happy profit generating system.

On a withdrawal of £1k you could be saving @ £70 a time............in real cabbage about 5,000 bt.

After 1 year (times 12 months -assume) saving =60,000bht.

After 10 years etc.........................................= 600,000bt.

or DO nothing.....

[Dah fahrang]

Assuming you live in Chiangmai, and only draw 'taxable' rental income from UK:

Why make regular transfers? Make one annual transfer, with enough money coming in to live off, and to satisfy Immigration Department requirements. You pay one transfer fee of around 25 quid for the year.

Open a web-based Sterling savings account, and make sure you are registered to receive interest gross on that account - currently Halifax Web Saver is 4.9%.

Thai banks offer 0.75% at best on any savings, and you are taxed 15% at source automatically above a certain deposit level (can't remember how much). You can't register for gross interest paid on Thai accounts.

Instruct your rental agent (or set it up yourself) to transfer remains of your tax-paid rental income to this account, monthly, and accrue gross interest. Transfer 'living funds' annually before your Immigration visit.

Use ATM to access funds over and above what you might need to live off.

Keep all ATM receipts to show Immigration, along with your annual transfer record.

[duan]

Assuming you live in Chiangmai, and only draw 'taxable' rental income from UK:

Why make regular transfers? Make one annual transfer, with enough money coming in to live off, and to satisfy Immigration Department requirements. You pay one transfer fee of around 25 quid for the year.

Open a web-based Sterling savings account, and make sure you are registered to receive interest gross on that account - currently Halifax Web Saver is 4.9%.

Thai banks offer 0.75% at best on any savings, and you are taxed 15% at source automatically above a certain deposit level (can't remember how much). You can't register for gross interest paid on Thai accounts.

Instruct your rental agent (or set it up yourself) to transfer remains of your tax-paid rental income to this account, monthly, and accrue gross interest. Transfer 'living funds' annually before your Immigration visit.

Use ATM to access funds over and above what you might need to live off.

Keep all ATM receipts to show Immigration, along with your annual transfer record.

<{POST_SNAPBACK}>

[duan]

I called into my local Nationwide branch in the UK earlier this week to see a sign stating that as from Feb 1st 2005 the daily ATM withdrawal limit was being reduced to £300 to bring it in line with other banks.The girl at the counter thought that this new reduced limit would also apply to withdrawals overseas.I checked with the Nationwide help line and they confirmed that to be the case although did not sound confident.I am currently awaiting a response to an e-mail I have sent them in the hope of getting a definitive answer but would appreciate hearing from other Nationwide users with better information and indeed from anyone currently in Bangkok who would be kind enough to test this new limit after Feb 1st.

[Rinrada]

I was in the Nationwide yesterday and saw this new £300 single daily withdrawel limit (down from £500)and had a quick chat about it for O/S trans..The answer was the same Yes ..but not sure..

I will follow up with an email and/or give their HO a call tomorrow and try and clarify.

[Steve2UK]

I was in the Nationwide yesterday and saw this new £300 single daily withdrawel limit (down from £500)and had a quick chat about it for O/S trans..The answer was the same Yes ..but  not sure..

I will follow up with an email and/or give their HO a call tomorrow and try and clarify.

<{POST_SNAPBACK}>

This is also being discussed in the Business sub-forum:

http://www.thaivisa.com/forum/index.php?showtopic=25965

Possible solution to draw more inside the bank..........

[Loaded]

Loads of great advice - thanks gents and it looks like Nationwide for me.

Loaded

[Rinrada]

Had a wander down to my local Islington Branch at lunch time to double check and sure enough they have a sign on the window saying that from 1st Feb.2005 (tomorrow)the max amount you can witdraw at a time will be £300.(why does the 1st ringa bell )

As said to double check so nipped inside to ask..but not 2 sure,.they reconed the daily w/d limit would £250 and assumed the same abroad.I pointed out there sign outside at £300...but.....why bother.

So back in the office and gave their HQ a call....

Please select 1 if you want...2...if you need a haircut...3..if you want an ice creme..4...info on how much dosh you can withdraw at that Kasi corn bank that u use next to the woman who sells the cooked ducks near the som tam waggon....yes ..........err.not 100% sure but prob.£300...same as all the other banks.......or £250......

Will email their secret underground bunker and get some-fink definate...tomorrow

[duan]

I have had it confirmed today that the new £300 limit does also apply to overseas withdrawals.I have solved the problem by opening a second flexaccount today to give me two £300 withdrawals on the odd occasion it is necessary.

I have been given a visa debit card this time as opposed to a simple cash card having been promised that the exchange rate on the debit card will be the same as with the cash card so far as cash withdrawals are concerned.Can anyone confirm what exchange you get with the debit card for purchases as opposed to withdrawals?Do they take a 2.75% profit on such purchases in the same way Natwest visa credit cards do?

[Phil Clark]

Hi

I have rental income from a house in the UK. The funds go into a HSBC current account there. What's the most efficient way to get the pounds (about 1000 at a time) over to one of my Thai bank accounts (Siam Commercial and Bangkok) on a regular basis?

I have a UK bank card with the sirrus symbol, so it's possible to withdraw straight from an ATM here but I'm worried they'll charge a lot and when they convert pounds to baht they'll give me the UK exchange rate which always seems lower than the Thai exchange rate.

ps I'm in Chiang Mai and won't be making regular trips to Bangkok.

Thanks

<{POST_SNAPBACK}>

From my experience in withdrawing from Sterling accounts in UK via ATM’s in Thailand, you get the correct exchange rate (in line with say Bangkok Bank Rates (click on Bangkok Bank FX Rates). The only time the UK Banks can screw you (and they will if you give them the chance) is if you let them convert Sterling to Baht at their rip off rates. That is why I always specify transfers of funds in Sterling as the Thai Banks will give you the correct rate on the day they receive the money.

As you are already with HSBC, you may want to consider opening an on-line account with First Direct as they are a member of the HSBC Group. I have been with them for years and cannot fault their service. I tend to make a couple of electronic transfers from UK each year to either Siam Commercial or Kasikorn and all it takes is a message to First Direct on-line and it is done that day, funds usually taking two to three working days to be available in Thailand. I have several accounts with them and am able to transfer between accounts with ease and pay all UK bills on-line. First Direct also have no problem with sending replacement cards to your Thai address.

If you are only going to be withdrawing amounts of about £1,000 a time, it would not be worth making electronic transfers as the ATM route would be cheaper. First Direct charge a flat £21 per electronic transfer and 1.5% (£1.75 min.) of ATM cash withdrawals so the breakeven point appears to be £1,400. Clearly the Nationwide card sounds attractive provided the exchange rate is in line, although the new daily limit could be a nuisance. I should also imagine that transferring funds between HSBC Group members could be cheaper/easier.

Regardless, click on First Direct and have a look at the services they offer as some could be useful in terms of paying your UK bills etc. If you are happy with what you see you can apply for an account on-line. At the moment they are offering new customers a free credit of £25 when they open an account.

Cheers

Phil

[Rinrada]

I used my first Direct ATM card in the HSBC "shop"in Silom a couple of years ago (HSBC-1st Direct -SAME Bank)and they charged me a transaction fee of £1-50.

OK not alot but to take money out of your own bank a/c albiet at a different branch.

I mentioned it to somebody in our local place over here and although unsure why ....suggested.......were u abroad at the time?

Even then they were still supprised at a charge but at least we know