Money Transfers

[winty]

Hi.

I am moving to Thailand this year and want to live from earnings from a business me and my brother own.what I need some help with,is the best way to transfer my money.I have a few options that I can think of.I use my English debit card but then get charges each time,maybe open an account when im in Thailand or if possible on line?then transfer the money to that account.I have done many searches but have not come up with a good way.Any ideas,knowledge would be very appreciated as I am pretty clueless to this

Thanks

[winty]

Ok,I have maybe come up with the best solution from further searches.please tell me if you think this is correct.

Open up a Thai bank account and also open an account with The Halifax Bank and use their online international payment £9.50 and Send in gbp currency to the thai account and then use that one for withdrawals..

[GungaDin]

Ok,I have maybe come up with the best solution from further searches.please tell me if you think this is correct.

Open up a Thai bank account and also open an account with The Halifax Bank and use their online international payment £9.50 and Send in gbp currency to the thai account and then use that one for withdrawals..

I use online banking and simply transfer up to 5000AUD with a A$20 per transaction charge, no fees at the Kasikorn bank end. (I think)

Your Halifax idea sounds ok.

[Maestro]

There is a fee at the Kasikorn bank end but you don't see it because the bank simply credits you the amount after deduction of the fee. Ask Kasikorn for a printout of the credit advice and you will see the fee listed there.

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Maestro

[craigt3365]

There is a fee at the Kasikorn bank end but you don't see it because the bank simply credits you the amount after deduction of the fee. Ask Kasikorn for a printout of the credit advice and you will see the fee listed there.

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Maestro

Do you know about how much that fee is? Seems they have "hidden" it fairly well....

[Maestro]

0.25% of th amount but minimum 200 Baht, maximum 500 Baht.

I remember seeing the fee structure listed on the websites of Bangkok Bank, Bank of Ayudhaya, Siam Commercial Bank, but Kasikorn is hiding it really well. I got as far as www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/Pages/InternationalMoneyTransfers.aspx and then there are a few dead or non-existing links on this page. Try and see if you can dig it up.

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Maestro

[Chaimai]

Ok,I have maybe come up with the best solution from further searches.please tell me if you think this is correct.

Open up a Thai bank account and also open an account with The Halifax Bank and use their online international payment £9.50 and Send in gbp currency to the thai account and then use that one for withdrawals..

Sound research. You are 100% correct.

I do exactly the same and it works very well. A minor frustration is that Kasikorn do not automatically advise their charges - I just get a net Baht deposit. Academic really because net amount (and therefore the 'net' rate is what I actually get).

You need to be aware of this:-

<H1 align=center>Important Message</H1>

This site is intended for use by UK residents only. All products or other financial services accessible through this website are offered in the UK only.

If you are currently outside the UK (for example, when you are on holiday) and wish to use the service to view information about your accounts, you may do so. However, before using this site, you must ensure that you would not be breaking any laws or regulations within the jurisdiction by doing so.

You must not make any transactions or open any accounts using this site if you are outside the UK.

I have made a number of transfers whilst in Thailand. Once I was 'suspended' and it was sorted out in a 5 minute phone call. I only mention it so you are aware.

One final thing to consider is about what use you will make of your Thai bank. I make online payments to 7 or 8 Thai beneficiaries at various times. This is easy with K Cyber Banking and you set up beneficiaries, and make payments, with an OTP (one time password) via sms message.

It works very well and friends with larger banks are not able to do this.

[longball53098]

0.25% of th amount but minimum 200 Baht, maximum 500 Baht.

I remember seeing the fee structure listed on the websites of Bangkok Bank, Bank of Ayudhaya, Siam Commercial Bank, but Kasikorn is hiding it really well. I got as far as www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/Pages/InternationalMoneyTransfers.aspx and then there are a few dead or non-existing links on this page. Try and see if you can dig it up.

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Maestro

This is what I found but not sure if this applies to any account holder and swift transfers. All the way to the bottom of the list.

http://www.kasikornbank.com/EN/Personal/Ba...entAccount.aspx

[Maestro]

Yes, longball53098, that’s the one. You’re good; I spent over half an hour lokking for it and could not find it:

0.25% of total deposit amount

- In case of fee paid by baht , the minimum fee is 200 baht, the maximum fee is 500

Your link is for the non-resident account but the same fee applies for the resident account:

http://www.kasikornbank.com/EN/Personal/Ba...entAccount.aspx

These links are for a foreign currency deposit account. Still can't find the fee listed for a Thai currency savings account, but I know it is the same fee.

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Maestro

[longball53098]

The day I found the link on the web site I also sent a mail to the bank asking the question re: rates and this morning I got a reply and here is what they said:

Dear Sir/Madam,

According to your enquiry about international transfer fee by using Swift Code System, we would like to provide the information as follow:-

International Transfer Fee

To transfer funds from overseas, the correspondent bank will charge the sender of funds; the charge rate will depend on the conditions of the correspondent bank. The beneficiary will also be charged by KASIKORNBANK on the rate of 0.25% of the transferred amount (minimum 200 baht and maximum 500 baht) Please note that, if you transfer to the account that already existing, the currency will be changed into Thai baht automatically.

In addition, to transfer to branches outside Bangkok and vicinity, there will be additional fees, which are leased line fee of 20 baht per transaction, and 10 baht for each 10,000 baht transferred (minimum 10 baht and maximum 750 baht).

If you have any further enquiries about K-Money Transfer, please do not hesitate to contact K-Contact Center at Tel. 02 888 8800 press02 or send us an email to [email protected] 24 hour-service everyday.

KASIKORNBANKGROUP Towards Service Excellence.

Sincerely yours,

Khatawut Muang-ngam

K-Contact Center

KASIKORNBANK GROUP