Money Transfer

[keyjor]

This has probably been discussed before but what is the best/cheapest way to transfer money from my UK bank to my Thai bank while in Thailand.

To transfer using my UK banks method would mean me having to return to the UK and applying in person.

Don't want to do that as I am on retirement visa.

I have looked at various internet agencies but would like more ideas and opinions.

Cheers all.

[garyh]

Have you considered using an ATM?

[bkkmick]

Don't know what bank you're with, but, to transfer from my Nationwide account to Thailand you just print off a form, sign it and post it to them. Normally takes about a week or less.

[keyjor]

Don't know what bank you're with, but, to transfer from my Nationwide account to Thailand you just print off a form, sign it and post it to them. Normally takes about a week or less.

I am with the Nationwide and I have the form all filled in ready. I asked my daughter to check at the local branch and they said I had to go personnally and show my passport. I will re check with the head office.

Cheers mate.

[keyjor]

Have you considered using an ATM?

Yes.

I am talking about a large amount here and don't want to pay 150baht every time.

[PattayaParent]

Register for Internet Banking with your bank and make your transactions online.

[Eff1n2ret]

Online is the way to do it.

Have a look at this website:-

http://www.moneybookers.com/app/

To move retirement income-type amounts will cost no more than a couple of quid a month.

[clinique]

Have you considered using an ATM?

Yes.

I am talking about a large amount here and don't want to pay 150baht every time.

If your card is issued by Visa or Mastercard you can go inside and get a cash advance of up to 500,000- baht per day - no charge.

[bkkmick]

I am with the Nationwide and I have the form all filled in ready. I asked my daughter to check at the local branch and they said I had to go personnally and show my passport. I will re check with the head office.

Don't worry about it kayjor, I've done it many times from Thailand. Just post off the form, no need to be there in person.

Edited October 9, 2009 by bkkmick

[true blue]

transfer through the internet,your uk bank to your thai bank,hsbc charge 15quid,for transaction,and bangkok bank take about 300/400bht to recieve it.takes about 1 to2 days for transaction.

[keyjor]

Online is the way to do it.

Have a look at this website:-

http://www.moneybookers.com/app/

To move retirement income-type amounts will cost no more than a couple of quid a month.

Thanks Eff

I have signed up with moneybookers and looking seriously at that one.

Cheers

[keyjor]

I am with the Nationwide and I have the form all filled in ready. I asked my daughter to check at the local branch and they said I had to go personnally and show my passport. I will re check with the head office.

Don't worry about it kayjor, I've done it many times from Thailand. Just post off the form, no need to be there in person.

Thanks Bkkmick.

I will go with this I think.

Cheers

[billbenbob]

Register for Internet Banking with your bank and make your transactions online.

Are you sure it only costs a couple of quid they are quoting 1.99%

[Eff1n2ret]

Register for Internet Banking with your bank and make your transactions online.

Are you sure it only costs a couple of quid they are quoting 1.99%

Actual charges on amounts I have sent to Thailand via Moneybookers:

Oct 2008 £1400 - cost £2.71

Mar 2009 £1100 - cost £3.29

More recently, since July I have sent 4 more substantial amounts varying between £5000 and £9057 - the lowest charge was £2.99, the highest, £3.18.

If you bump up against their limits set because of moneylaundering legislation you have to produce bank statements showing the source of the funds and proof of address.

[astral]

If your card is issued by Visa or Mastercard you can go inside and get a cash advance of up to 500,000- baht per day - no charge.

Check your next creidt card bill,

there will definitely be a charge, two in fact:

A fixed fee plus a percentage charge.

I bank with Royal Bnak of Scotland in the Channel Islands

they will accept a signed letter of instruction.

[ukrules]

I bank with Lloyds TSB and you can initiate these kinds of international transfers using the phone banking service they offer.

Before this was possible the only way was to go into the branch and fill out the form.

In truth if Lloyds didn't offer this service then I would move my account to a different bank which does offer it as I use it several times each month to send outgoing wire transfers.

[JusMe]

In another thread, I picked up www.currenciesdirect.com and will investigate. Looks pretty good for exchange and transferring money from overseas. Reality might differ, but won't know until further examination.

Once I've got more info and maybe tried it, I'll post what happened.

[KunMatt]

Have you considered using an ATM?

Yes.

I am talking about a large amount here and don't want to pay 150baht every time.

If your card is issued by Visa or Mastercard you can go inside and get a cash advance of up to 500,000- baht per day - no charge.

That's completely wrong. There may be no charge from the exchange counter in Thailand for the money withdrawal but Mastercard will charge 2.5% fee of the transaction amount and then whatever the interest of your credit card is DAILY from the day the money is withdrawn. I don't know what the VISA cash advance percentage is but they will also charge you daily interest from day of transaction.

If you want a no fee transaction then use a foreign debit card at an exchange counter with your passport. Most places have a limit of 20,000 THB per day but Siam Commercial Bank (the purple one) and Bank Ayudghya (the yellow one) have much higher limits usually denoted by the limit of your account rather than any limit imposed by them.

I've been using moneybookers.com, it's a bit of a hassle to get everything verified for the first transaction but after that they are very fast and relatively cheap to send money from the UK, usually around £5 max per transaction (I think the limit is about £15k, but good luck getting that into Thailand in one go) but the exchange they use is much better than the rate the bank uses.

Edited October 15, 2009 by UKMatt

[Penkoprod]

Don't know what bank you're with, but, to transfer from my Nationwide account to Thailand you just print off a form, sign it and post it to them. Normally takes about a week or less.

If you have a card reader with you, then you DON'T need to post anything to them.

Also, they may well send you a card reader if you ask them to.

How to request a SWIFT transfer online
If you are registered for internet   banking and have a Carder Reader you can 
now submit a request online   by:

  a.. Signing On to the Internet Bank
  b.. clicking on the 'My   Accounts' tab to display the 'My Accounts' screen
  c.. click on the account   from the 'Account List' which you want to 
transfer the funds from
  d..   click 'Other Services' from the menu on the left hand side of the   
screen
  e.. under the heading 'Financial Transactions', click on 'CHAPS   or SWIFT 
Transfer'
  f.. choose the 'type of payment to be sent' by   clicking on the radio 
button
  g.. click 'Continue'
  h.. you will be   asked to use your Card Reader at this stage for 
authorisation
  i..   Continue to complete the on-screen form and instructions to submit 
your   request.
If you are abroad but do not have the Card Reader to hand, you can   print the 
SWIFT transfer form by following this link to our SWIFT transfer   form. 
Please complete the form, print and sign it and then send the form to   the 
address printed at the top of the form.

Penkoprod

[Lite Beer]

If you have a card reader with you, then you DON'T need to post anything to them.

Also, they may well send you a card reader if you ask them to.

Penkoprod

Apparently this is correct. It must be pretty recent though.

I also signed up with Money Bookers .

The thing that worried me was that you load it up with GBP but but it is taken out in Euros when sending to the Thai bank. I just wonder how much you lose on exchange rates.

[JusMe]

As promised, I checked out Currencies Direct ( currenciesdirect.com)

From an email I received asking about their service transferring money from my Canadian bank account to my Thai bank account:

You register with CD by completing and providing us with the

necessary paperwork to open an account.

We need a copy of your Drivers License or Passport this document

must be copy of the original and must be notarized by a notary public.

It can also be signed by your doctor, an accountant or your bank

manager.

We also need a recent utility bill or bank statement that

clearly shows your address or place of resident. This must be an

original.

Finally we need you to sign and complete the terms and

conditions.

All of the above can be scanned and emailed to us for review.

Once approved you will need to mail them to us.

Once your account is set up you will have full access to a dealer. The

dealer will work with you to understand your fx needs. If you wish to

buy Thai bahts you can do so. Once you book a contract with the trader

you are to instruct your bank to transfer the CAD funds to our CAD

account with HSBC.

Upon receipt of the funds we will transfer your THB funds to your THB

account in Thailand. Typically it takes two business days for the funds

to get to your account once we receive your funds. This is due to time

zone changes.

Charges, if your transaction is less than 5,0000 we will charge a fee of

$20 to process your payment. If it is over this amount there is no

charge.

Despite the semi-adequate standard of English, I'll assume that the rather strange figure indicated is $50k Canadian. As I really don't have that to transfer, and the lesser amount I would be transferring on a monthly basis wouldn't avoid their fee, this service is not for me.

However, anyone wanting to shift a sizeable sum might want to look at this rather than pay the SWIFT charges, which, depending on countries involved and amounts, can be significant.

Edited October 16, 2009 by JusMe

[Martian]

If there is a branch of Bangkok Bank in England:

1. Get a Bangkok Bank account here with online banking.

2. Link your regular English Bank account (hopefully online banking) to your Bangkok Bank account BUT when you do this linking use the routing number of the English Bangkok Bank branch with your Bangkok account number.

Transfer money from your "regular" bank to the linked account and the funds will show up in your Bangkok Bank account here in Thailand......no cost. I do it all the time through the New York City Bangkok Bank branch.

If readers are from the US...get a Schwab investor high yield checking account and all your ATM fees are returned to your account at the end of each month......no fees or minimums for either the checking or investing account (you must sign up for both) whatsoever.

Regards

Edited October 18, 2009 by Martian

[barryofthailand]

Have you considered using an ATM?

Yes.

I am talking about a large amount here and don't want to pay 150baht every time.

If your card is issued by Visa or Mastercard you can go inside and get a cash advance of up to 500,000- baht per day - no charge.

Does visa charge the 1% conversion charge when you transfer money this way/

Barry

[KunMatt]

Have you considered using an ATM?

Yes.

I am talking about a large amount here and don't want to pay 150baht every time.

If your card is issued by Visa or Mastercard you can go inside and get a cash advance of up to 500,000- baht per day - no charge.

Does visa charge the 1% conversion charge when you transfer money this way/

Barry

If it's a credit card then an "at counter" transaction is classed as a cash advance, and subject to whatever charges and interests as such.

I had thought it would just be a normal transaction as if using a credit card at a restaurant but the first time I used my credit card instead of my debit card at an exchange counter I was surprised to see the 2.5% cash advance fee show up on my statement and the daily interest being added on.

Having said that I also had a debit card which was a Visa and there were no charges like this.