Transferring Money To Thailand

[rushdentillidie]

Hello all,

I am due to go to Thailand next month for my wedding. Could anyone advise me of the best way to take money or transfer money to Thailand. Normally when i go i just take the money with me. But this time i will be taking a large sum, as i am travelling for a longer time period and have extra costs to pay for. I am from the UK and have a UK bank account.

I have look at a few options like western union but they charge a stupid transfer rate. My bank will allow me to withdraw money in Thailand but again will charge a fee for this service, and also only allow a certain amount to be withdrawn each day. I have no problems carry the money in person but would this cause problems at customs. How much can be carried into Thailand with out been declared

If anybody has any experience in doing this or any ideas, it would be great to hear them.

Regards

[sarahsbloke]

Open up a Thai Bank account (Siam Commercial are taking all comers at the moment)

Use an online money transfer service such as HiFx (google is your friend) to transfer money from your UK account to your Thai account.

The transfer takes under 24hrs, no charges and a better exchange rate than the bank.

Edited March 19, 2010 by sarahsbloke

[johng]

Travellers cheques ?

or open a Nationwide flex account with VISA Debit card use the debit card to withdraw cash from

Bank of Ayudhya or AEON Bank ATM's 1% charge from VISA.

You can also do a "Cash Advance" at many banks allowing you to withdraw a big chunk of money in one go.

Not advisable to carry around large sums of cash

[true blue]

Travellers cheques ?

or open a Nationwide flex account with VISA Debit card use the debit card to withdraw cash from

Bank of Ayudhya or AEON Bank ATM's 1% charge from VISA.

You can also do a "Cash Advance" at many banks allowing you to withdraw a big chunk of money in one go.

Not advisable to carry around large sums of cash

travellers cheques in the largest sum,i think american express do 500quid ones, barclays do 200quid ones,rate lousy at the moment 48 to the pound.

[Basil B]

I to am considering transferring money from UK to my SCB account, this is for holiday money this time but some some times I keep a float so I can help my TGF out occasionally by transferring money to her account or paying for work done on my condo.

I have to declare the purpose for the money, any suggestions on what to declare it as?

[dmax]

do a swift transfer one off payment of £25...gets there within the hour , do not let bank in uk give you the exchange rate, make sure its sent in sterling, ive had a problem and so has my friend where the greedy uk banks change it themselves into thai baht before sending it, make sure you tick the box where is states( send in sterling )

[allane]

If you have a credit card, you might consider paying money into your account, so that you have a Credit Balance. Then you could withdraw against this amount after you were in Thailand. I presume that these withdrawals would have to be done as Cash Advances, inside a Thai bank. I don't know what fees, if any are applied. It might depend on the banks involved at each end of the transaction.

If you have a Credit Card and ATM Card from the same bank, this might reduce your fees, as you could then do your withdrawals through an ATM in Thailand, rather than having to go inside a bank every time.

[rushdentillidie]

Thanks for the reply s.

I think the best way for me would be travellers cheques in sterling and then to get them changed in Thailand. As the baht rate now is shocking 45 baht to a pound .

The rest I will use my credit card, as a poster recommend paying money onto this and then with draw the credit balance. Although i will look into opening Thai bank account while I am over there.

Could anyone also recommend the best places in Bangkok to exchange a large amounts of cash. Would a bank be the best bet, do you get better rates for the more money that is exchanged?

Thanks for the update.

Regards

[Carmine6]

Thanks for the reply s.

I think the best way for me would be travellers cheques in sterling and then to get them changed in Thailand. As the baht rate now is shocking 45 baht to a pound .

The rest I will use my credit card, as a poster recommend paying money onto this and then with draw the credit balance. Although i will look into opening Thai bank account while I am over there.

Could anyone also recommend the best places in Bangkok to exchange a large amounts of cash. Would a bank be the best bet, do you get better rates for the more money that is exchanged?

Thanks for the update.

Regards

For actual cash, try Super Rich in Bangkok. Only the Rajadumri branch gives the good rates on the website. The denomination of the bills determines the rate.

http://www.superrich1965.com/app/our_rates.aspx

For traveler's cheques, you'll have to go to a bank.

I should add, some people have claimed good rates from some gold shops and some other exchangers like Vasu(?). Do a search and some of those will come up. I don't recall anyone actually giving a rate that they received from those sources.

Edited March 21, 2010 by Carmine6

[barryofthailand]

Thanks for the reply s.

I think the best way for me would be travellers cheques in sterling and then to get them changed in Thailand. As the baht rate now is shocking 45 baht to a pound .

The rest I will use my credit card, as a poster recommend paying money onto this and then with draw the credit balance. Although i will look into opening Thai bank account while I am over there.

Could anyone also recommend the best places in Bangkok to exchange a large amounts of cash. Would a bank be the best bet, do you get better rates for the more money that is exchanged?

Thanks for the update.

Regards

Travelers checks are not a good idea as the Thai banks now charge a % to cash them.

Barry

[klikster]

Open up a Thai Bank account (Siam Commercial are taking all comers at the moment)

Use an online money transfer service such as HiFx (google is your friend) to transfer money from your UK account to your Thai account.

The transfer takes under 24hrs, no charges and a better exchange rate than the bank.

"Siam Commercial are taking all comers at the moment"

Not at the 2 branches in KK that I tried (KKU and Big C). They wanted either a work permit or Tabien Bahn. Kasikorn opened an account immediately.

[elliss]

I to am considering transferring money from UK to my SCB account, this is for holiday money this time but some some times I keep a float so I can help my TGF out occasionally by transferring money to her account or paying for work done on my condo.

I have to declare the purpose for the money, any suggestions on what to declare it as?

personnal use or holiday money .

[bkkath]

Just bring your visa debit card if you have a premium account you can draw 500 pounds a day from ATM and go to a bank and draw any amount out. I took 300,000 baht yesterday and cost was 4.50 pounds with lloyds I also got close to meridian exchange rate

[game4shame]

I to am considering transferring money from UK to my SCB account, this is for holiday money this time but some some times I keep a float so I can help my TGF out occasionally by transferring money to her account or paying for work done on my condo.

I have to declare the purpose for the money, any suggestions on what to declare it as?

fraud/money laundering.

[StreetCowboy]

I to am considering transferring money from UK to my SCB account, this is for holiday money this time but some some times I keep a float so I can help my TGF out occasionally by transferring money to her account or paying for work done on my condo.

I have to declare the purpose for the money, any suggestions on what to declare it as?

fraud/money laundering.

As I recall, Western Union just gives a multiple choice tick box.

For my money laundering, I normally tick "family support" and then my wife squanders it on food and the like for the kids.

SC