LTR Health Insurance : Self-insurance with US$100,000 Bank Deposit

[dvdlock]

Hello,

I will be relocating to Thailand later in the year and I am currently trying to get my banking sorted in preparation.

I am looking to be able to manage funds using internet banking. I currently have internet banking with Halifax who will do international transfers of any amount to anywhere for £9.50, which I thought was quite good. The problem is, Halifax only allow access to internet banking from within the UK. So it seems I need a new account with internet banking accesible from Thailand.

I have been looking for an offshore account. Halifax international is an option and I should be able to set an account up easily. However, there are limits on how much money can be transferred in a single transaction with their internet banking and they don't offer debit/credit cards on their accounts.

Which bank would you recommend and why?

Comments/advice appreciated.

[likite]

I have a Nationwide current a/c with internet banking and a debit card. All work well here in thailand. Transfers of large sums are done by post and funds are deposited direct into my Bangkok bank a/c. For smaller sums the atms showing visa signs here are quick and convenient. ( Thai banks charge 150 baht for withdrawals). For large sums I take the debit card to BKK bank along with my passport and get larger sums over the counter with no charge. Nationwide (visa) charge 1% for using the debit card abroad.

Internet banking is no problem from Thailand.

[Artamus]

I use Abbey National Overseas out of Jersey. Internet banking works well and they charge a standard 20 GBP per transfer to Thailand (usually arrives next day in my Thai account). There does not seem to be any limit on the amount you can transfer.

I can't say I would "recommend" them specifically as all banks are a load of sharlotans. However, they give me considerably less hassle than Lloyds based out of Jersey who I would not recommend.

[clinique]

LLoyds TSB Asia - based in Singapore.. 20 years ,, great service,,,

[dvdlock]

Thanks for the replies everyone.

I want to get an account opened as soon as possible and I'll have a look into the banks suggested.

Regards.

[Chaimai]

Thanks for the replies everyone.

I want to get an account opened as soon as possible and I'll have a look into the banks suggested.

Regards.

The problem is, Halifax only allow access to internet banking from within the UK. So it seems I need a new account with internet banking accesible from Thailand.

Not quite true. Halifax Online is accessible abroad.

With an overseas IP address you get a warning that the service is intended for UK residents. It goes onto say that you can view accounts etc but should not use the payments functions if abroad.

I have made 3 International Payments in the last 2 months from UK to Thailand (whilst being in Thailand). Once last year I was 'locked-out' of Online banking but a phone call to the UK quickly got me re-instated.

[chiang mai]

HSBC Premier, free international transfers, plus plus.

Edited February 15, 2010 by chiang mai

[caf]

HSBC Premier, free international transfers, plus plus.

Yes but they screw you on the exchange rate

caf

[JAS21]

I have a Nationwide current a/c with internet banking and a debit card. All work well here in thailand. Transfers of large sums are done by post and funds are deposited direct into my Bangkok bank a/c. For smaller sums the atms showing visa signs here are quick and convenient. ( Thai banks charge 150 baht for withdrawals). For large sums I take the debit card to BKK bank along with my passport and get larger sums over the counter with no charge. Nationwide (visa) charge 1% for using the debit card abroad.

Internet banking is no problem from Thailand.

Thats good if you can do it...I assume then that the rate you get is Visa Corporate International Exchange Rate minus the 1% that nationwide charge. One point..how does BKK Bank know that you have sufficent funds in Nationwide. I'm still using the 'yellow bank' ATMs no fee but seem to be limited to 10000Baht a time or the machien says..contact your bank!!

[Orion76]

I'd recommend banking in Singapore or Hong Kong if you're relocating to Thailand.

Some examples:

http://www.ipb.citibank.com.sg/

http://www.uob.com.sg/private/index.html

[chiang mai]

HSBC Premier, free international transfers, plus plus.

Yes but they screw you on the exchange rate

caf

You don't know what you're talking about, the margins on currency exchanges in Asia are almost negligible - I transferred GBP £5k from the HSBC UK to HSBC Thailand on Friday, the spot rate was 51.99 and HSBC gave me 51.54, similar to every time previously and all done seamlessly on-line in a matter of minutes.

[PattayaParent]

HSBC Premier, free international transfers, plus plus.

Yes but they screw you on the exchange rate

caf

Why would he want to send Baht? Send Quids and the exchange rate is 1=1.

[Alter2]

HSBC Premier, free international transfers, plus plus.

Yes but they screw you on the exchange rate

caf

You don't know what you're talking about, the margins on currency exchanges in Asia are almost negligible - I transferred GBP £5k from the HSBC UK to HSBC Thailand on Friday, the spot rate was 51.99 and HSBC gave me 51.54, similar to every time previously and all done seamlessly on-line in a matter of minutes.

He does know what he is talking about. Their rates are horrible. And, if you choose not to use them for the exchange, they hit you with a fee that is "in liew of exchange", which, can be up to $300 Sing dollars!! Really, this is right from their long list of fees.

See this thread for more info:

http://www.thaivisa.com/forum/Offshore-Banking-t334446.html

[chiang mai]

HSBC Premier, free international transfers, plus plus.

Yes but they screw you on the exchange rate

caf

You don't know what you're talking about, the margins on currency exchanges in Asia are almost negligible - I transferred GBP £5k from the HSBC UK to HSBC Thailand on Friday, the spot rate was 51.99 and HSBC gave me 51.54, similar to every time previously and all done seamlessly on-line in a matter of minutes.

He does know what he is talking about. Their rates are horrible. And, if you choose not to use them for the exchange, they hit you with a fee that is "in liew of exchange", which, can be up to $300 Sing dollars!! Really, this is right from their long list of fees.

See this thread for more info:

http://www.thaivisa.com/forum/Offshore-Banking-t334446.html

Look, open two Premier accounts, one in the UK and one in Bangkok and then transfer Sterling from the UK to Bangkok, do that on-line in real-time, takes about two minutes. Call your HSBC rep at HSBC Bangkok and tell her you want to exchange the Sterling that you've just deposited on-line for Thai Baht and ask her to get Treasury to give you a rate, when you're happy with the rate, make the exchange, the margin will be less than 50 satang and their will be no other charges - I do this on a regular basis, as do other TV posters so no, neither of you know what you are talking about.

[caf]

HSBC Premier, free international transfers, plus plus.

Yes but they screw you on the exchange rate

caf

You don't know what you're talking about, the margins on currency exchanges in Asia are almost negligible - I transferred GBP £5k from the HSBC UK to HSBC Thailand on Friday, the spot rate was 51.99 and HSBC gave me 51.54, similar to every time previously and all done seamlessly on-line in a matter of minutes.

He does know what he is talking about. Their rates are horrible. And, if you choose not to use them for the exchange, they hit you with a fee that is "in liew of exchange", which, can be up to $300 Sing dollars!! Really, this is right from their long list of fees.

See this thread for more info:

http://www.thaivisa.com/forum/Offshore-Banking-t334446.html

I agree Alter2 but this is Thaivisa and not all posters fully understand what one is getting at and they certainly rarely admit they could be wrong.

He talks of "spot" rate so obviously doesn't understand the rates quoted would be bid or offer, depending on whether one is selling or buying. By margin he probably means spread.

Either way he need not get so abusive

I've never brought in small amounts like 5 thousand but I have got better rates with other banks taking commission into consideration

caf

[chiang mai]

It's not a question of abuse Caf it's a simple statement of fact, you made the statement that HSBC screws you on the exchange rate and I replied that you didn't know what you're talking about and this remains true. So to help a little bit, read this:

http://en.wikipedia.org/wiki/Spot_rate

And margin: The amount of gross profit made when an item is sold.

Edited February 15, 2010 by chiang mai

[Orion76]

Whatever you do, if you instruct a foreign bank to send an amount in THB from an account in a different currency without confirming the exchange rate, you are very likely to get a rate that is worse than a tourist exchange booth will give you.

[patong]

you can transfer pound sterling to your thailand bank account and if a large amount of money the bank will give you a special rate. siam commercial bank

[caf]

It's not a question of abuse Caf it's a simple statement of fact, you made the statement that HSBC screws you on the exchange rate and I replied that you didn't know what you're talking about and this remains true. So to help a little bit, read this:

http://en.wikipedia.org/wiki/Spot_rate

And margin: The amount of gross profit made when an item is sold.

Correct definition of gross margin.

But currency is both bought and sold, so it is a spread not a margin. Anyway as another poster has said other banks give better deals if you take commission and rate into account. He mentioned Siam though I have used other banks.

But, no probs. It's your money, you do what you want

caf

[likite]

I have a Nationwide current a/c with internet banking and a debit card. All work well here in thailand. Transfers of large sums are done by post and funds are deposited direct into my Bangkok bank a/c. For smaller sums the atms showing visa signs here are quick and convenient. ( Thai banks charge 150 baht for withdrawals). For large sums I take the debit card to BKK bank along with my passport and get larger sums over the counter with no charge. Nationwide (visa) charge 1% for using the debit card abroad.

Internet banking is no problem from Thailand.

Thats good if you can do it...I assume then that the rate you get is Visa Corporate International Exchange Rate minus the 1% that nationwide charge. One point..how does BKK Bank know that you have sufficent funds in Nationwide. I'm still using the 'yellow bank' ATMs no fee but seem to be limited to 10000Baht a time or the machien says..contact your bank!!

I have no idea what 'Corporate Internatonal Exchange rate' is. But i know I get a good rate as I check the Baht/£ rate nearly every day and check the statements, so no worries there. Your point about how does BKK know I have the funds in my a/c, I really don't like to ask them! but I get a a slip to sign much like a sales slip from a shop purchase so i assume when the card is swiped it works the same way as the atm i.e. no funds in the a/c .................no money. But there is no charge and I have had 25,000 baht no problem. A friend draws cash Baht once a month to cover his outgoings.

Yellow atm's = Ayudhya bank??

I think the 10000 limit is your home bank maximum overseas daily withdrawal limit.

[caf]

you can transfer pound sterling to your thailand bank account and if a large amount of money the bank will give you a special rate. siam commercial bank

Exactly

caf

[dvdlock]

Thanks for the replies everyone.

I want to get an account opened as soon as possible and I'll have a look into the banks suggested.

Regards.

The problem is, Halifax only allow access to internet banking from within the UK. So it seems I need a new account with internet banking accesible from Thailand.

Not quite true. Halifax Online is accessible abroad.

With an overseas IP address you get a warning that the service is intended for UK residents. It goes onto say that you can view accounts etc but should not use the payments functions if abroad.

I have made 3 International Payments in the last 2 months from UK to Thailand (whilst being in Thailand). Once last year I was 'locked-out' of Online banking but a phone call to the UK quickly got me re-instated.

It's good to hear that you have successfully transferred funds from your UK Halifax account and that the warning is displayed about using the payment functions from abroad. I would be a little concerned if Halifax actually blocked the overseas transfer functions at some point, leaving me without access to funds.

I think I have just found a solution that though. I have a VPN web server that I host a couple of websites on. I have just set up a Proxy server on one of my domains. This now allows me to access the on-line banking from anywhere in the world whilst appearing to have a UK IP address. I have password protected the directory so that only I have access.

I know there are proxy servers that can do this freely available on the net that could do exactly this, but I would be concerned about banking security with the web logs that that 'may' be stored when using them.

Thanks again to all that have contributed in the thread.

Appreciated.

[JAS21]

I have a Nationwide current a/c with internet banking and a debit card. All work well here in thailand. Transfers of large sums are done by post and funds are deposited direct into my Bangkok bank a/c. For smaller sums the atms showing visa signs here are quick and convenient. ( Thai banks charge 150 baht for withdrawals). For large sums I take the debit card to BKK bank along with my passport and get larger sums over the counter with no charge. Nationwide (visa) charge 1% for using the debit card abroad.

Internet banking is no problem from Thailand.

Thats good if you can do it...I assume then that the rate you get is Visa Corporate International Exchange Rate minus the 1% that nationwide charge. One point..how does BKK Bank know that you have sufficent funds in Nationwide. I'm still using the 'yellow bank' ATMs no fee but seem to be limited to 10000Baht a time or the machien says..contact your bank!!

I have no idea what 'Corporate Internatonal Exchange rate' is. But i know I get a good rate as I check the Baht/£ rate nearly every day and check the statements, so no worries there. Your point about how does BKK know I have the funds in my a/c, I really don't like to ask them! but I get a a slip to sign much like a sales slip from a shop purchase so i assume when the card is swiped it works the same way as the atm i.e. no funds in the a/c .................no money. But there is no charge and I have had 25,000 baht no problem. A friend draws cash Baht once a month to cover his outgoings.

Yellow atm's = Ayudhya bank??

I think the 10000 limit is your home bank maximum overseas daily withdrawal limit.

Visa Corporate Exchange Rate

.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp this is the exchange rate that VISA give you..it should be the rate you get from any visa card ignoring charges. Nationwide give you this minus the 1% that they announced a few months ago. Just put 1% in the 'gap' and that is what you should get from the ATM if no 150Baht charge (Ayudhya no charge from ATM)

So you could check what exchange rate you got just by using the above website of course add www to the front. put GBP and THB and 1% and then select the date you got the money and what it says and what you got should roughly agree. Can you let me know please...thanks

[likite]

yes thanks..................thats right.....................

[caf]

It's not a question of abuse Caf it's a simple statement of fact, you made the statement that HSBC screws you on the exchange rate and I replied that you didn't know what you're talking about and this remains true.

"I replied that you didn't know what you're talking about and this remains true"

Look at the actual figures given by the banks then, chiangmai.

Yesterday's rates were HSBC 51.57407 no commission

Bangkok Bank 51.79 ( 0.25% commision min 200bt max 400bt )

(XE were quoting 52.0978 no commission but you need to be uk resident)

The facts establish what I and other posters originaklly said. But check it yourself.

caf

[Naam]

you can transfer pound sterling to your thailand bank account and if a large amount of money the bank will give you a special rate. siam commercial bank

Exactly

i am banking with Siam Commercial for years. but when i make a transfer i am called by Bangkok Bank through which the transfer is routed and settle the exchange rate or use the option to decide when to change into THB. don't ask me why, i have no idea.

[chiang mai]

It's not a question of abuse Caf it's a simple statement of fact, you made the statement that HSBC screws you on the exchange rate and I replied that you didn't know what you're talking about and this remains true.

"I replied that you didn't know what you're talking about and this remains true"

Look at the actual figures given by the banks then, chiangmai.

Yesterday's rates were HSBC 51.57407 no commission

Bangkok Bank 51.79 ( 0.25% commision min 200bt max 400bt )

(XE were quoting 52.0978 no commission but you need to be uk resident)

The facts establish what I and other posters originaklly said. But check it yourself.

caf

FOREX rates change every minute and often there are wild swings within the space of an hour. Retail banks post indicative exchange rates that are often very safe from the banks perspective but frequently put the consumer at a financial disadvantage. Companies such as XE and OANDA have real time feeds linked into the global FOREX market hence they are likely to be more accurate and up to date.

When I call my banks to make a foreign currency exchange, be it HSBC or any other I nearly always negotiate my rate with their Treasury department who also use on-line feeds to FOREX - a typical dialogue in such a conversation will go along the lines of, "I can offer you a rate of x spot xxxx, do you accept", the customer then has less than ten seconds to respond or the offer becomes void because the market will have moved again and a new rate will be applicable. Typically, when I make such an exchange I will also be looking at a live currency feed so that I can check to make sure that the rate I'm being offered is suitable and I can check the offer against the spot rate to establish what the banks margin is on the exchange, if I think it's out of line I'll counter with a rate that involves a smaller margin and on occasion such a bluff has worked in my favour.

So no, comparing a published HSBC rate against an XE feed rate doesn't mean anything because, one is likely to be up to an hour old and the other several minutes old (assuming refresh is allowed in the first place and you have a half way decent comms link). If you want to see market rates for FOREX try this http://www.dailyfx.com/ and use the per ticks screen for most recent real time data.

The point of this long explanation is to counter your claim that HSBC screws customers on the exchange rate - simply, you will get screwed if you make the exchange inappropriately or don't know what you're doing or, don't understand the process or know what you're talking about!

Edited February 17, 2010 by chiang mai

[caf]

That's certainly a long explanation as you say. But you seem to be a poor loser

The point I was making - to assist other members in this forum in comparing banks - is that on bidding for a rate I find hsbc are not competitive.

Your original post was singing the commission free currency exchange for hsbc, I and others pointed out they were not competitive.

This morning's rates, just taking hsbc and bangkok bank were hsbc 51.85, bkk 52.1; both after negotiation upwards.

If you are now saying that you actually compare rates from different banks then your experience with hsbc giving the best rates ( which is what youir earlier post implied) is not shared by everyone.

The purpose of the forum is to assist other members by quoting one's own experience. The two rates above and those given yesterday suggest hsbc are not competitive but it is a persoanl decision for you and other members

What is a little silly is your commenting that I and the other poster don't know what we are talking about.

The rates speak for themselves and I do that without having to make rude remarks.

caf

[chiang mai]

That's certainly a long explanation as you say. But you seem to be a poor loser

The point I was making - to assist other members in this forum in comparing banks - is that on bidding for a rate I find hsbc are not competitive.

Your original post was singing the commission free currency exchange for hsbc, I and others pointed out they were not competitive.

This morning's rates, just taking hsbc and bangkok bank were hsbc 51.85, bkk 52.1; both after negotiation upwards.

If you are now saying that you actually compare rates from different banks then your experience with hsbc giving the best rates ( which is what youir earlier post implied) is not shared by everyone.

The purpose of the forum is to assist other members by quoting one's own experience. The two rates above and those given yesterday suggest hsbc are not competitive but it is a persoanl decision for you and other members

What is a little silly is your commenting that I and the other poster don't know what we are talking about.

The rates speak for themselves and I do that without having to make rude remarks.

caf

You do understand that HSBC Premier provides a special rate for its account holders, one that is not published but is provided instead by their Treasury function in real time? No, I thought not!

Look Caf, this is not about winning or losing it's about correcting incorrect statements and there have been no rude comments posted as far as I can see, just statements of fact. If it's more important to you to have the last word in this exchange, so be it if that makes you happy. But in going forward it's useful I think for you (and other posters) to understand what that exchange picture really looks like rather than to dismiss the facts.

[caf]

"but is provided instead by their Treasury function in real time? No, I thought not!"

I like the way you answer your own questions. I can see now why you think you never lose arguments

The rate I quoted was after speaking to their treasury as a premier customer and after negotiating upwards. Their rate 51.85 ; BKK 52.10

As I said and note the bit in bold ( which showed I was speaking to the treasury departments):

"This morning's rates, just taking hsbc and bangkok bank were hsbc 51.85, bkk 52.1; This morning's rates, just taking hsbc and bangkok bank were hsbc 51.85, bkk 52.1; both after negotiation upwards.

And as for your comment, "there have been no rude comments posted as far as I can see, just statements of fact", what you said was

"neither of you know what you are talking about. "

The rates quoted show that we do. But let members check for themselves. As i said the forum is here to help people and I agree it is not about winning or losing - that is why I stuck only to the facts of what rates I obtained from the treasury departments.

Your original post was very pro- HSBC and misled other posters. Just review the thread from the beginning.

caf

Edited February 17, 2010 by caf