Need To Transfer 25,000 Gbp To Thailand

[kopite]

hi

need some advice on the best way of doing this, it will be a family member sending the money for me as i havent lived in the uk since 1996, so hold no account.

obviously i want the best rates, also, is it possible to send sterling, and keep it as sterling in a thai bank account?

many thanks

[cloudhopper]

Anyone can wire funds into your Thai account and that amount should not raise any questions. If by rates you mean exchange rate a wire transfer is usually the most favorable. Don't know about a Sterling denominated account here but IMO the Baht will prove to be the stronger anyway.

[rametindallas]

I know that last year you could open foreign currency accounts at either Bangkok Bank or Siam City Bank. Get the Thai bank's SWIFT code to wire directly to your new foreign denominated account. You only pay a flat rate for the wire transfer which is usually $35 here in the U.S. Good Luck!

Edited June 21, 2010 by rametindallas

[BillR]

make sure the transfer is done in sterling (even if going into baht account) as my experience is you will get a much better exchange rate.

[cardholder]

If you want Sterling denominated Foreign Currency Account in Thailand I would recommend that you speak to one of the larger branches of the main banks i.e. Bangkok bank, Siam Commercial Bank, Kasikorn Bank etc.

I enquired at my local branch of Kasikorn but they did not "service" FCA's - this means they were not equipped/skilled in maintaining such accounts. They referred me to Bangkok.

As in all cases, approach your own bank/branch first.

[Paul888]

As far as I am aware there is still a Bank Of Thailand reporting requirement when amounts in excess of $20,000 US are transferred into Thailand, however there is no such requirement for multiple transfers of $19,999.

I am not sure how complicated or frustrating the reporting procedure is but when I needed to transfer in more than $20,000 I decided that if one route involved paperwork and questions and one route didn't it was worth the extra £40 in bank wire fee to take the easy route.

However, if this for a house or condo purchase, make sure you follow the relevant guidelines for that.

Edited June 21, 2010 by Paul888

[cloudhopper]

As far as I am aware there is still a Bank Of Thailand reporting requirement when amounts in excess of $20,000 US are transferred into Thailand, however there is no such requirement for multiple transfers of $19,999.

I am not sure how complicated or frustrating the reporting procedure is but when I needed to transfer in more than $20,000 I decided that if one route involved paperwork and questions and one route didn't it was worth the extra £40 in bank wire fee to take the easy route.

However, if this for a house or condo purchase, make sure you follow the relevant guidelines for that.

My experience has been - under $USD 50,000, no questions asked. Over that, they want to know what you're going to do with it. Don't think they really care about the answer, just a box they need to fill in....

[somtampet]

make sure the transfer is done in sterling (even if going into baht account) as my experience is you will get a much better exchange rate.

A couple of years ago i transfered 35,000gbp to my Siam Commercial bank account but it had to go to the head office in Bangkok,and i had a week to transfer the funds into thai baht which would be transfered to my account in Pattaya.I had a call to say the money had arrived,she gave me the currency exchange rate,and i asked if i wanted the thai baht sent to my account.As it was 69.9 baht to the gbp, i said yes please.

[topt]

I had to send some large amounts a couple of months ago. I opened a Foreign Currency deposit account with Siam Commercial (as I had an existing savings account) but I know most of the major banks offer the same. As a previous poster mentioned not all branches offer the service - In Pattaya only the two larger branches for example. They had to send the details to BKK to open so allow a week if you go this route depending on where you are. Be aware that if you want to take out cash in the foreign currency they will charge you btween 1 and 2% for the privelege. I sent over 50k USD direct from another bank and it went straight in to the account. When I wanted to move into Baht I (as said above) negotiated a better rate than the standard by asking for it. The transfer cost to baht was realtively small.

I also needed to move GBP and was unsure of where the exchange rate was going so opened an account with HIFX in UK and fixed a rate with them. Again you need to allow time to open the account if you go this route.I then sent the money direct from my bank to them and they transferred in baht to my savings account - in baht did not get stopped - and refunded the transfer cost charged by Siam.

However I did speak to a very helpful ladty in Siam FOREX head office in BKK and my best option in hindsight would have been to send in my currency direct in $/£ and if over $20k equivalent she would hold pending a discussion with the receiver over what the funds were for and could hold for you for up to 360 days! I checked this as thought |I had misheard, She would than also be able to negotiate a better rate then published - Siam Commercial Bak publish there Forex rates online 3-4 times per day.

I checked with a couple of banks and their terms do vary so as usual do your own research

Hope this is helpful.

[cardholder]

As far as I am aware there is still a Bank Of Thailand reporting requirement when amounts in excess of $20,000 US are transferred into Thailand, however there is no such requirement for multiple transfers of $19,999.

I am not sure how complicated or frustrating the reporting procedure is but when I needed to transfer in more than $20,000 I decided that if one route involved paperwork and questions and one route didn't it was worth the extra £40 in bank wire fee to take the easy route.

However, if this for a house or condo purchase, make sure you follow the relevant guidelines for that.

This 'reporting requirement' no longer applies.

c. Currency Regulations

1) Foreign Currency

Foreign currencies can be transferred or brought into Thailand without limit. Any person receiving foreign currencies from abroad is required to sell such foreign currencies to an authorized financial institution or to deposit them in a foreign currency account with an authorized financial institution within 360 days of receipt, except for foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations including their staff with diplomatic privileges and immunities.

Foreign currency purchased with authorized banks is generally allowed upon submission of the underlying international trade and investment. Corporates in Thailand can engage in derivatives transactions with authorized banks to hedge against foreign exchange risk provided that supporting documents indicating future foreign currency receipts or obligations are submitted.

Any person, who brings into or takes out of Thailand an aggregate amount of foreign currency exceeding USD 20,000 or its equivalent must declare to a customs officer.

2) Local Currency

There is no restriction on the amount of Thai Baht that may be brought into the country. A person travelling to Thailand's bordering countries including Vietnam is allowed to take out Thai Baht up to 500,000 Baht and to other countries up to 50,000 Baht respectively without authorization.