How To Transfer Money From A Thai To English Account?

[beswick]

Dear Forum,

I would like to know how easy it is to transfer money from a Thai account to an English account on a regular basis. What are the costs / implications and the processes involved in transferring money? Usually I would ask my Thai bank manager these questions, however, I am not currently in Thailand.

Many thanks

Bes.

[cjars]

Will need to do an international TT transfer in person, or an account owner will have to be there to remit. Most banks charge THB 1000-THB 1300 (when paying all fees in advance) and can be handled by most Thai Banks who have foreign currency exchange or foreign investment. The big 4; BBL, KBank, TMB, SCB all do this, for the rest I am not sure. Depending on the country you are sending money to, can be 1-5 days for it to arrive. The other way round, In the UK most Banks call this a priority bank transfer, costs GBP 15- 30, and takes 1-3 days usually. Depending on the amount sent, and how regular you wanna send, the charges are fairly steep on either side, so best to only do with lump sums.

[keeniau96]

International transfers are a major hassle because of Thai currency controls. For transfers under US$ 20k you fill out a one page form which has to be approved by the banks foreign currency unit. That is usually done within one hour. Over 20K the bank will require documentation as to purpose eg. pay invoice for imported goods. The source of funds is important; if repatriating funds you originally sent into TH then supposed to be easy but can be difficult re the documentation. If the funds were originated in TH eg. profit on sale of house then it can get problematic.

[theoldgit]

I needed to pay a very small sum, a little over 6000 Baht, to a mate in England, he loaned me the cash as my atm card didn't work on the day I needed the money.

What a hassle, for a bit of fun it went like this - don't read if your easily bored :-)

OG - I would like to make a telegraphic transfer to a UK bank.

Girl 1 - The rate is 48 Baht, and she sticks her hand out.

OG - What do you need?

Girl 1 - The money you want to change.

OG - I don't want to change money, I want to send money.

Girl 1 - Blank look.

Girl 2 - What do you want to do?

OG - Explained again.

Boy 1 - What to you want to do?

OG - Explained again, with Girl 2 prompting.

Boy 1 - Do you have invoice?

OG - It's to pay back a loan to a friend.

Then gave details of his account, including the SWIFT code and copy of my passport.

Boy 1 - I need a copy of Mr *** passport.

OG - He is in England, and no I don't have a copy of his passport.

Boy 1 - Oh, proceeds to collect all the details again. How much do you want to send? Do you have an invoice?

OG - £125. No, I still don't have an invoice.

Girl 2 - That will be 6100 Baht plus 500 Baht for the SWIFT charges. You will also have to pay 1000 Baht for the UK to receive the money. Do you have an invoice?

OG - Santander have advised that there is no fee to receive the money, and no I still don't have an invoice.

Girl 2 - Why do you need to send the money?

OG - Explained again.

Boy 1 - Completes the transaction and takes money.

Girl 2 - I need to get manager to approve.

Boy 2 (Manager) - Why do you need to send money, do you have invoice, do you have copy of passport Mr ***.

OG - Explained again, and still don't have a copy of his passport.

Boy 2 - Signs it off.

A couple of days later I got a phone call to say the guy I was sending the money to was on a UK watch list and we need his full name, date of birth and the reason you are sending the cash. Now if you you knew who this guy was you would know how laughable that was. I told the girl I had the datails to hand and could give them now, she said no, you can call me back in a couple of days, I really had to insist that she took the details as I wanted to repay the loan, I really think she couldn't be bothered. The money was in his account a couple of days later.

Why is nothing ever simple in Thailand, and is there a building somewhere in Thailand full of copies of passports?

I'm just glad it wasn't for a large sum.

Edited July 13, 2010 by theoldgit

[inthepink]

You could try using a service like moneybookers.com. If the rates on their website are accurate then it would work out a lot cheaper than an electronic transfer from bank to bank and avoid all the hassle.

Edited July 13, 2010 by inthepink

[theoldgit]

Thanks for that, wish I had known about them, but it wouldn't have made such an funny story.

[davelec]

You could try using a service like moneybookers.com. If the rates on their website are accurate then it would work out a lot cheaper than an electronic transfer from bank to bank and avoid all the hassle.

I signed up for moneybookers, but if you want to transfer funds from your Thai bank account you still have to go in and first transfer it to frankfurt, then use the website to transfer it to your bank in the UK. Might just as well transfer it straight into your UK bank from the Thai one, although I don't look forward to trying as even the simplest things seem to get my Bank here stumped.

[aussiebebe]

Posted Today, 04:27

Dear Forum,

I would like to know how easy it is to transfer money from a Thai account to an English account on a regular basis. What are the costs / implications and the processes involved in transferring money? Usually I would ask my Thai bank manager these questions, however, I am not currently in Thailand.

Many thanks

Bes.

The implications of making regular transfers are the Thai banking regulations regarding the source of the funds. If it's your income, as it is for me, you can use Bangkok Bank's online International Funds Transfer service, as I currently am to transfer money to my savings account in the Isle of Mann, which is within the UK clearing system. They have a great website which explains making regular transfers - http://www.bangkokbank.com/Online%20Banking/For%20Personal/iBanking/Services/pages/ift.aspx I would highly reccomend this. I simply opened a savings account (with internet banking) using my passport and work permit, and applied for the International Funds Transfer Service by completing the form and providing a letter from my employer. I can make regular transfers up to my annual limit (based on salary) - it's only 300b charge per transaction (they also make money on the rate they offer you, obviously), I can check the current rates online. Once it's set up, you complete the transactions completely online in a matter of seconds from wherever you are in world.

[inthepink]

You could try using a service like moneybookers.com. If the rates on their website are accurate then it would work out a lot cheaper than an electronic transfer from bank to bank and avoid all the hassle.

I signed up for moneybookers, but if you want to transfer funds from your Thai bank account you still have to go in and first transfer it to frankfurt, then use the website to transfer it to your bank in the UK. Might just as well transfer it straight into your UK bank from the Thai one, although I don't look forward to trying as even the simplest things seem to get my Bank here stumped.

Sorry, I'm not sure what you mean. Why do you have to transfer it to Frankfurt? You set two moneybookers accounts up, one linked to your UK bank a/c and one linked to your Thai bank a/c. You upload funds from your Thai bank to moneybookers then send the money to your other moneybookers a/c and withdraw it to your UK bank account. You do need to use two email addresses and two mobile phone numbers as they won't allow you to register two accounts with the same number but once they are set up it should be relatively easy, if a little slow.

Edited July 14, 2010 by inthepink