Sending Money

[Enjibenji]

Hi there,

Just wondering how fast does it take to send money to Thailand from UK using moneybookers?

I can send the funds right now and the receiver will see the money pretty much instantly, but how long would it take to transfer these funds to their bank account?

I contacted moneybookers and they have said because they don't have a local office/bank in Thailand it will take 7-10 working days - however I'm sure i read it was sooner on here before.

So, this question for anyone who has used moneybookers.

and I know I could do western union, however it's expensive

Thanks

Edited September 16, 2009 by Enjibenji

[mahtin]

Once read a moneybookers forum.

I would think twice.

[apetley]

I used Moneybookers once because I thought it an efficient way to send money to my Thai account.

The money went missing en route and they were very unhelpful and disinterested in helping me recover it.

Never did get it back.

No way would I recommend them.

[pattaya_girl]

Moneygram is suppose to be cheaper than Western Union.

And of course there is also Paypal.

[mahtin]

Moneygram is suppose to be cheaper than Western Union.

And of course there is also Paypal.

I have sent money by both Moneygram and Western Union, and Moneygram is indeed cheaper.

However, SWIFT is better than either, but slower. 2 days as opposed to instantaneous.

[Maizefarmer]

I use the China Town "under-the-table" money changers whenever I send money overseas - most operate discreetly from little offices in basements below gold and jellewry shops (easily recognisable if you know what to look for - nope I'm not reccomending any one dealer over another - go search it out, just ask discreetly in a few shops - one of them sooner or later will point you downstairs or through a back door) - they are 1000% reliable.

Speed: Same day - give them the cash (Thai Baht) any time p.m. Thai time, and its cleared funds (U$D) in my son's Bank of Santa Monica account in LA, a.m. West Coast time - same day.

Exchange rate: better than WU or MG rates, and around 10% or so better than over the counter retail bank rates in Thailand.

Transfer Cost? - about 2/3rds the over counter retail bank rates (......and always better than WU and MG rates)

Legality and Fallback: None - the Thai/Chinese business community have been at it now since the 1950's

Reliability: 1000% - have used the system since the 1980's - so that must mean something like 200 - 300 times. Only ever once had a dispute - and the guy setteled up in my favour. The dealers are scrupulously straight with their customers - they are running a competitive business after all - if folk aren't happy with them it will quickly get round the Chinese business comunity and they'll be out of business overnight - you have no worries on that score.

How does it work? - I'm not sure but my guess is something along the following lines: dealer this side sends a discreet email with the details to his "associate" Stateside, who then his "gofer" round to the nearest BoSM branch to stick the cash in the account (depositor users a Thai Chinese name - and its name the same every single month). Its a network - "associates" in all the major USA centres, European capitals ect ....... then the Bkk side sits back and waits for exchange rates to move in their favour, then sends a single large transfer to the respective satellite offices (hence profiteering on both exchange rates and in not having to pay for hundreds of seperate transfers - just like WU, MG and the banks do).

These guys are not fly by night operators - they are there to serve the business community, not to rip off tourists - which would attract attention they can ill afford: they're part of the business culture and are going no-where with your few hundred or few thousand dollars/euros or whatever.

[mahtin]

OP wants to send from UK to LOS.

[Mossfinn]

How does it work? - I'm not sure but my guess is something along the following lines: dealer this side sends a discreet email with the details to his "associate" Stateside, who then his "gofer" round to the nearest BoSM branch to stick the cash in the account (depositor users a Thai Chinese name - and its name the same every single month). Its a network - "associates" in all the major USA centres, European capitals ect ....... then the Bkk side sits back and waits for exchange rates to move in their favour, then sends a single large transfer to the respective satellite offices (hence profiteering on both exchange rates and in not having to pay for hundreds of seperate transfers - just like WU, MG and the banks do).

These guys are not fly by night operators - they are there to serve the business community, not to rip off tourists - which would attract attention they can ill afford: they're part of the business culture and are going no-where with your few hundred or few thousand dollars/euros or whatever.

This sounds similar to the Indian system, who have a specific name which escapes me at present, but they are very respectable and it takes years for them to be recognised and used as a known outlet.

Just don't cross them.

[Enjibenji]

I use the China Town "under-the-table" money changers whenever I send money overseas - most operate discreetly from little offices in basements below gold and jellewry shops (easily recognisable if you know what to look for - nope I'm not reccomending any one dealer over another - go search it out, just ask discreetly in a few shops - one of them sooner or later will point you downstairs or through a back door) - they are 1000% reliable.

Speed: Same day - give them the cash (Thai Baht) any time p.m. Thai time, and its cleared funds (U$D) in my son's Bank of Santa Monica account in LA, a.m. West Coast time - same day.

Exchange rate: better than WU or MG rates, and around 10% or so better than over the counter retail bank rates in Thailand.

Transfer Cost? - about 2/3rds the over counter retail bank rates (......and always better than WU and MG rates)

Legality and Fallback: None - the Thai/Chinese business community have been at it now since the 1950's

Reliability: 1000% - have used the system since the 1980's - so that must mean something like 200 - 300 times. Only ever once had a dispute - and the guy setteled up in my favour. The dealers are scrupulously straight with their customers - they are running a competitive business after all - if folk aren't happy with them it will quickly get round the Chinese business comunity and they'll be out of business overnight - you have no worries on that score.

How does it work? - I'm not sure but my guess is something along the following lines: dealer this side sends a discreet email with the details to his "associate" Stateside, who then his "gofer" round to the nearest BoSM branch to stick the cash in the account (depositor users a Thai Chinese name - and its name the same every single month). Its a network - "associates" in all the major USA centres, European capitals ect ....... then the Bkk side sits back and waits for exchange rates to move in their favour, then sends a single large transfer to the respective satellite offices (hence profiteering on both exchange rates and in not having to pay for hundreds of seperate transfers - just like WU, MG and the banks do).

These guys are not fly by night operators - they are there to serve the business community, not to rip off tourists - which would attract attention they can ill afford: they're part of the business culture and are going no-where with your few hundred or few thousand dollars/euros or whatever.

thanks for the info, but i'm wanting to send money TO thailand, not from

i guess i'll just be doing a bank transfer. Does anyone know how long that normally takes? Natwest to Bangkok Bank. Also, how much do Bangkok Bank charge for the transfer (if at all)? I already have to pay £20 to Natwest bank in UK, however on their website it says the receiver's bank may charge a fee too.

[mahtin]

i guess i'll just be doing a bank transfer. Does anyone know how long that normally takes? Natwest to Bangkok Bank. Also, how much do Bangkok Bank charge for the transfer (if at all)? I already have to pay £20 to Natwest bank in UK, however on their website it says the receiver's bank may charge a fee too.

Choose the option: Share the charges.

Bangkok Bank only charge a couple of hundred Baht, but I have had BB charge me 30€ when I said all charges for sender.

About 2 days.

[Enjibenji]

i guess i'll just be doing a bank transfer. Does anyone know how long that normally takes? Natwest to Bangkok Bank. Also, how much do Bangkok Bank charge for the transfer (if at all)? I already have to pay £20 to Natwest bank in UK, however on their website it says the receiver's bank may charge a fee too.

Choose the option: Share the charges.

Bangkok Bank only charge a couple of hundred Baht, but I have had BB charge me 30€ when I said all charges for sender.

About 2 days.

30€

lucky i came on here to ask then! thanks very much.

[Enjibenji]

Can't edit my post so - just checked bangkok bank's website. Their corrosponding bank actually happens to be my bank - natwest. Supposedly makes transfers faster.

[CarlBkk]

I signed up with Moneybookers and tried to "upload" money from Nationwide - failed. Not one the "bank" it recognises, so that's a bit weak.

[Pakboong]

I have used Moneybookers many times It typically takes 3-5 from the time my wife requests a withdrawal and the money show up in her bank account.

[ianwuk]

I have never heard of Moneybookers. I just use Western Union.

Ian

[hazelandhoward]

I use the China Town "under-the-table" money changers whenever I send money overseas - most operate discreetly from little offices in basements below gold and jellewry shops (easily recognisable if you know what to look for - nope I'm not reccomending any one dealer over another - go search it out, just ask discreetly in a few shops - one of them sooner or later will point you downstairs or through a back door) - they are 1000% reliable.

Speed: Same day - give them the cash (Thai Baht) any time p.m. Thai time, and its cleared funds (U$D) in my son's Bank of Santa Monica account in LA, a.m. West Coast time - same day.

Exchange rate: better than WU or MG rates, and around 10% or so better than over the counter retail bank rates in Thailand.

Transfer Cost? - about 2/3rds the over counter retail bank rates (......and always better than WU and MG rates)

Legality and Fallback: None - the Thai/Chinese business community have been at it now since the 1950's

Reliability: 1000% - have used the system since the 1980's - so that must mean something like 200 - 300 times. Only ever once had a dispute - and the guy setteled up in my favour. The dealers are scrupulously straight with their customers - they are running a competitive business after all - if folk aren't happy with them it will quickly get round the Chinese business comunity and they'll be out of business overnight - you have no worries on that score.

How does it work? - I'm not sure but my guess is something along the following lines: dealer this side sends a discreet email with the details to his "associate" Stateside, who then his "gofer" round to the nearest BoSM branch to stick the cash in the account (depositor users a Thai Chinese name - and its name the same every single month). Its a network - "associates" in all the major USA centres, European capitals ect ....... then the Bkk side sits back and waits for exchange rates to move in their favour, then sends a single large transfer to the respective satellite offices (hence profiteering on both exchange rates and in not having to pay for hundreds of seperate transfers - just like WU, MG and the banks do).

These guys are not fly by night operators - they are there to serve the business community, not to rip off tourists - which would attract attention they can ill afford: they're part of the business culture and are going no-where with your few hundred or few thousand dollars/euros or whatever.

thanks for the info, but i'm wanting to send money TO thailand, not from

i guess i'll just be doing a bank transfer. Does anyone know how long that normally takes? Natwest to Bangkok Bank. Also, how much do Bangkok Bank charge for the transfer (if at all)? I already have to pay £20 to Natwest bank in UK, however on their website it says the receiver's bank may charge a fee too.

I am with the Hsbc and they charged me £15 to send £100 to a friend in thailand whos account it with the bangkok bank and a few weeks later we had a letter from our bank for £20 charges from the bangkok bank so in total it cost us £35, as you can imagine we were not very happy.

[coventry]

I'm in the Cooperative bank and they charge 0.25% of the sum transfered, minimum charge 13GBP - maximum 35GBP, plus a 9GBP agents fee. Why an agents fee I do not know. Usually takes 4 working days. How much does Bangkok bank charge for the transfer ? Not known as they will not tell you.

[petepete]

I've used MoneyBookers a few times. Has taken 3 days from my debit-card payment to money being in Kasikorn account.

[Maizefarmer]

How does it work? - I'm not sure but my guess is something along the following lines: dealer this side sends a discreet email with the details to his "associate" Stateside, who then his "gofer" round to the nearest BoSM branch to stick the cash in the account (depositor users a Thai Chinese name - and its name the same every single month). Its a network - "associates" in all the major USA centres, European capitals ect ....... then the Bkk side sits back and waits for exchange rates to move in their favour, then sends a single large transfer to the respective satellite offices (hence profiteering on both exchange rates and in not having to pay for hundreds of seperate transfers - just like WU, MG and the banks do).

These guys are not fly by night operators - they are there to serve the business community, not to rip off tourists - which would attract attention they can ill afford: they're part of the business culture and are going no-where with your few hundred or few thousand dollars/euros or whatever.

This sounds similar to the Indian system, who have a specific name which escapes me at present, but they are very respectable and it takes years for them to be recognised and used as a known outlet.

Just don't cross them.

Thats right - its called "hawala", [as in hawala system].

Thailands "hawala" system - same same. The Chinese call it "guanxi" - or is that the term used for gift given when doing business ... anyway its all the same thing:

Authorities dont like it because the banks dont make any money and the authorities dont know whose dealing with who. A big stink was made about it with respect to terrorists using it to send money from Asia to the USA ....... if wasnt through the hawala system it would have been in someones hand luggage or suitcase, and Uncle Sam would have been none the wiser, if not even less wiser (i.e. still a one off transaction and just as untraceable), and truth is a hawala dealer no more wants to get involved in moving drug/terrorist money than a bank does - it attracts attention they prefer not to have.

For a good, if somewhat academic writeup of hawala, read:

www.interpol.int/Public/FinancialCrime/MoneyLaundering/Hawala/default.asp

[tw25rw]

If it's to be a regular thing and less than £3500 or so, you might find it's worth sending the recipient a prepay debit card that you can pay money onto.

[mahtin]

I am with the Hsbc and they charged me £15 to send £100 to a friend in thailand whos account it with the bangkok bank and a few weeks later we had a letter from our bank for £20 charges from the bangkok bank so in total it cost us £35, as you can imagine we were not very happy.

Choose the option: Share the charges.

The recipient in LOS only pays a couple of hundred Baht.

If you go for all charges for sender then you may get hit - I was for 30€ on top of the 14.50€ my bank charged.

[hazelandhoward]

I am with the Hsbc and they charged me £15 to send £100 to a friend in thailand whos account it with the bangkok bank and a few weeks later we had a letter from our bank for £20 charges from the bangkok bank so in total it cost us £35, as you can imagine we were not very happy.

Choose the option: Share the charges.

The recipient in LOS only pays a couple of hundred Baht.

If you go for all charges for sender then you may get hit - I was for 30€ on top of the 14.50€ my bank charged.

Dident realise you could share the charges, i will look into this thanks,

[Mossfinn]

Thats right - its called "hawala", [as in hawala system].

That's it!!

I googled hourwalla, knew it sounded something like that.

Thanks

Moss

[anon789]

I use XE.com - they are cheap and reliable and they promise to match or better the exchange rates of any major bank worldwide. Just go to XE.com and click on the TRANSFER MONEY-link. It's safe and easy. 

[jonny48]

if you know anyone with a nationwide ac in thailand, put it in there acc and they take it out in thailand , charge 1%. i do this for my friends here, or if you trust the prson in los open a nationwide acc and send them the card

[Pakboong]

Hi there,

Just wondering how fast does it take to send money to Thailand from UK using moneybookers?

I can send the funds right now and the receiver will see the money pretty much instantly, but how long would it take to transfer these funds to their bank account?

I contacted moneybookers and they have said because they don't have a local office/bank in Thailand it will take 7-10 working days - however I'm sure i read it was sooner on here before.

So, this question for anyone who has used moneybookers.

and I know I could do western union, however it's expensive

Thanks

Out of 23 responses, only two address the OP's question directed at people who have used Moneybookers. I am amazed at how often this happens on this forum.

[fantuzi]

So, this question for anyone who has used moneybookers.

and I know I could do western union, however it's expensive

Thanks

The best advice - from me,you will have to buy me lunch,if we meet.It is very simple.

BangkokBank is big bank with branches overseas.They have branch,here,where I stay.

When I send T/T - it is instantly transfered,but it doesnt work the same way in another country,

it may take longer,as usual T/T(telegraphic transfer) -one day,two days.

So,find Bangkok Bank branch in London and send T/T(wire transfer,cable transfer).Cost?notmuch,exchange rate?

- nominal published bank T/T rate.

[Mossfinn]

Out of 23 responses, only two address the OP's question directed at people who have used Moneybookers. I am amazed at how often this happens on this forum.

Although in a lot of cases I would agree with you, how simple requests can be derailed and meander into innocuous and on occasion, down right rubbish responses, however on other occasions, I find a little deviation from the original intent interesting.

I personally found the diversion regarding the 'hawala' of note, so I responded.

Cheers

[noise]

Hi there,

Just wondering how fast does it take to send money to Thailand from UK using moneybookers?

Two suggested methods using a bank for non-routine transfers (i.e., not repetitive monthly transfers). Now this works for me from the US, do not know UK details.

1. Pre-prepare wire tansfer paperwork for XXX funds going to Thai Bank, Branch, Account, Name; have on file at bank. Simple phone call sets amount for immediate transfer of dollars. Because it is a standing order, I am charge only a minor transfer fee (in my opinion) from my US bank. In my case, Bangkok Bank accepts dollars and give me today's exchange rate at no cost, no added fee. Actual number of days may vary, but relatively fast.
   
2. Set up separate account with ATM card; give ATM card and pin to Thai recipient. On line banking lets you manage amount in account at all times and make deposits. Thai recipient has immediate access to cash at todays exchange rate plus 150 baht foreign access fee. I may get charged a U.S. bank ATM fee 1 out of 10 uses; never more frequently.
   

[sunray69]

I have used

1) Moneybookers to transfer money to my registered Kasikorn bank account without any difficulty, delay was 1 or 2 days.

2) I transferred some money from my EU account to my Thai HSBC account (about 10.000 euro) and it went through within 2 days and the cost was about 15 euro.

For small amounts maybe use Moneybookers...