Money Transfer

[jonboy]

Ok...I know it's not a great amount of money but this week (maybe next) I need to tranfer 1,000 quid from my Natwest account in sunny england to LOS. Whats the best/cheapest way of doing this...I take it I have options??

P.s. I have a Bangkok Bank account here and I'm in Bangers.

cheers

[LaoPo]

Ok...I know it's not a great amount of money but this week (maybe next) I need to tranfer 1,000 quid from my Natwest account in sunny england to LOS. Whats the best/cheapest way of doing this...I take it I have options??

P.s. I have a Bangkok Bank account here and I'm in Bangers.

cheers

<{POST_SNAPBACK}>

Ask Natwest to transfer it to your BB-account and than exchange it, if necessary.

LaoPo

[jonboy]

Have you done this??...Do you know what costs are involved?

Cheers

[lopburi3]

The easy and cheap way would normally be to use an ATM and withdraw the money, perhaps over several days depending on your daily limit.

If you need an overseas source trail for visa reasons a SWIFT transfer is probably required but if you have no wire transfer agreement on file that might not be easy from here. It sounds as if you have not done this and this would not normally be the cheap way.

If you have a debit type card you might also be able to use the Bangkok Bank counter service to transfer funds directly into your account.

Edited February 17, 2005 by lopburi3

[jonboy]

Yeah I think the ATM card is deff the easiest...but would like to know the charges they wack on top.

Thanks all

[lopburi3]

Why not check the web site at NatWest

They list 4 pounds as the highest fee for Cirrus use. There is no charge in Thailand for using ATM.

[bkk_mike]

http://www.natwest.com/personal/services/c...OUNTS&pid=rates

Look more closely...

There's a 2.65% charge on the FX rate if you use a Maestro or Cirrus card abroad, AS WELL AS the £4 charge...

i.e. Take out £1000 in 4 goes - about 18000 baht each time - and you're paying £16 in charges that appear on your statement, and an extra £26.50 in charges hidden in a bad FX rate... - a total of £42.50

The £18 or £25 charge for sending Sterling by telegraphic transfer begins to look cheap.

In the long run, if you travel a lot, or go on holiday frequently, the thing to do is change banks (or at least open another bank account). - Nationwide Building Society is known for being cheap to use abroad. - NO FX spread, and NO charge for foreign atm withdrawals. - so where Natwest just cost you £42.50 to take out your own money, the Nationwide would cost you zero...

Even the Nationwide credit card, with cash advance charges, would be cheaper than using your Natwest debit card (as it also has no FX spread).

Edited February 17, 2005 by bkk_mike

[lopburi3]

That does make it expensive. Normal US charge is only 1% on the exchange and about 1 pound ATM charge. And our banks are not exactly public servants.

[Serendipitist]

  http://www.natwest.com/personal/services/c...OUNTS&pid=rates

Look more closely...

There's a 2.65% charge on the FX rate if you use a Maestro or Cirrus card abroad, AS WELL AS the £4 charge...

i.e. Take out £1000 in 4 goes - about 18000 baht each time - and you're paying £16 in charges that appear on your statement, and an extra £26.50 in charges hidden in a bad FX rate... - a total of £42.50

bkk_mike speaks wisely.

However,

...Nationwide Building Society is known for being cheap to use abroad. - NO FX spread, and NO charge for foreign atm withdrawals. - so where Natwest just cost you £42.50 to take out your own money, the Nationwide would cost you zero...

Even the Nationwide credit card, with cash advance charges, would be cheaper than using your Natwest debit card (as it also has no FX spread).

No FX spread!?? The mid market price at any given time (as quoted e.g. by xe.com) is a transactional fiction. There is always a bid/offer spread. Otherwise how would money be made by the institution?

And it would be interesting if someone could give an example of an actual ATM exchange (baht amount withdrawn & accordant pounds debited on statement) with Nationwide and its timing so that it could be compared with the FX history for that day, so persons can see how this works in reality. Nonetheless, it's not doubtful that Nationwide is the least expensive means of foreign ATM withdrawal for UK.

Edited February 18, 2005 by Serendipitist

[Spee]

P.s. I have a Bangkok Bank account here and I'm in Bangers.

<{POST_SNAPBACK}>

If in or near London, you could just go over to the Bangkok Bank branch near the Liverpool Street tube station and deposit it there.

[bkk_mike]

No FX spread!?? The mid market price at any given time (as quoted e.g. by xe.com) is a transactional fiction. There is always a bid/offer spread. Otherwise how would money be made by the institution?

<{POST_SNAPBACK}>

I never said mid-market rate. I meant no FX spread applied to the rate that the bank does the transfer at. - i.e. genuine interbank rates, not tourist FX rates...

[Serendipitist]

No FX spread!?? The mid market price at any given time (as quoted e.g. by xe.com) is a transactional fiction. There is always a bid/offer spread. Otherwise how would money be made by the institution?

<{POST_SNAPBACK}>

I never said mid-market rate. I meant no FX spread applied to the rate that the bank does the transfer at. - i.e. genuine interbank rates, not tourist FX rates...

<{POST_SNAPBACK}>

With no disrespect, your definition is less than correct... you surely mean - no greater FX spread applied to the rate that the bank does the transfer with Visa (their Market maker) - i.e. *not* genuine interbank rates, but far better than tourist FX rates. As this article finds:

http://money.guardian.co.uk/travel/money/s...1168329,00.html

Nationwide, says: "We buy money wholesale through Visa and pass this on directly to the customer without a mark-up, because the cost to us is minimal and we feel that it is fair to absorb it. For banks that do charge within Europe, it is pure profit; outside of Europe, most of it is profit."

No offence, but I'd also suggest that the terminolgy 'no FX spread' when you mean 'genuine interbank rates' (which, as you're aware, do have a spread) is less than accurate - albeit you later clarified your interpretation of this; and secondly, as the above article found that Lombard Direct's:

http://www.lombarddirect.com/cards_basics.html

...was the best Debit card to use abroad, it would suggest it is also innacurate to say that that one will, by using Nationwide debit cards at foreign ATMs, receive 'genuine interbank rates'.

Besides, Since when was Visa's wholesale rate the same as interbank rate?

I would suggest to you that when Visa makes a market on the (interbank) FX market this would accurately be described as being traded at interbank rate but that which is sold to Nationwide is not. Doesn't a wholesaler in any business make some profit on a transaction?

[ZOVOX]

http://www.natwest.com/personal/services/c...OUNTS&pid=rates

i.e. Take out £1000 in 4 goes - about 18000 baht each time - and you're paying £16 in charges that appear on your statement, and an extra £26.50 in charges hidden in a bad FX rate... - a total of £42.50

<{POST_SNAPBACK}>

If you withdraw your money from the UOB bank in Thailand you can withdraw 40,000 a time, which means you can withdraw £1000 in two goes, so reducing the atm fee. Just check how much your u.k bank is charging in the fx rate; not all banks charge over 2%. also the atm fee varies. So if you do it right, the best and quickest way to get your £1000 is at the atm.