Transferring Income From The Uk, Best Options.

[mrjohn]

I know this topic has often been discussed, but I'm still looking for the definitive answer.

Like many other Thai Visa members I have a Nationwide bank account in the UK.

Until recently, using the Nationwide debit card to withdraw from an ATM was the best way for me to transfer funds to Thailand.

Since the introduction of the 150Bht ATM fee I have been withdrawing funds from my UK account inside the bank.

Now that Nationwide are about to introduce yet more new charges, this method will cease to be economical and it's time for a re-think.

My income comes from an offshore fund and hitherto has been paid into my UK bank. I also have a small UK pension.

Nationwide are about to start charging £25 for SWIFT payments. I know there are UK banks that charge less than this, but since I live permanently in Thailand I don't think opening a new UK bank account is an option.

A £25 fee only becomes economical for large amounts, and ideally I would prefer to transfer about £1000 a month, rather than a large lump sum.

I have been looking into the various foreign exchange companies that operate online. Whilst some of these are free of charges, they obviously make their money on the exchange rates. These companies seem to offer a good deal for someone wishing to transfer funds abroad to a third party, but the exchange rates do not look so good from this end.

Do all Thai banks charge for receiving funds from abroad? If so, how much?

Transferring to Bangkok Bank in London, then to my account here looks like an option. Has anyone any experience of this?

If you transfer funds by Swift, where is the exchange done at the UK end or here?

So, to the many people who are in a similar situation, what do you do??

In short what is currently the most economic or method of transferring funds to here?

[stuandchris]

Ask Nationwide to send you a card reader, you can transfer up to 10,000 pounds at any 1 time for the price of 1 atm withdrawl. And from the comfort of your own home.

[mrjohn]

Ask Nationwide to send you a card reader, you can transfer up to 10,000 pounds at any 1 time for the price of 1 atm withdrawl. And from the comfort of your own home.

But that's only for transactions within the UK. Or am I missing something?

[LAKRA]

If you are in London, you can go to Bangkok Bank (tel: 02079294422) which is in St. Mary Axe about 10 mins walk from Bank station. Have used the service many times. Just take cash , fill in a simple form and its either £15 for 5 day arrival of funds or £30 next day. Rates may have changed. Ring them for latest rates and limits on remittance and confirm the documentation you need re id etc. I have a Nationwide account and they charged me £20 so if it is going to £25 its a bummer!

[jesimps]

I use Halifax to make money transfers, they charge pounds 9.50 per transfer. If you take advantage of the offer on their website and key in a code, you can also get 2 pounds off your next three transfers. I suppose the banks here make their charge regardless of what bank you use in the UK. My last transfer of 1000 pounds cost me about 500 baht at this end from what I could work out.

[stuandchris]

Not true

Nationwide sent me one without me even asking, just plug it into your computer and away you go.

The reader was even free.

[Bangkokhatter]

Not true

Nationwide sent me one without me even asking, just plug it into your computer and away you go.

The reader was even free.

so are you saying you can transfer funds from your Nationwide account via the card reader to your Thai bank account up to the value of £10,000 for only 1 charge ??

[Tafia]

Not true

Nationwide sent me one without me even asking, just plug it into your computer and away you go.

The reader was even free.

so are you saying you can transfer funds from your Nationwide account via the card reader to your Thai bank account up to the value of £10,000 for only 1 charge ??

I don't think thats right...but will stand to be corrected if this is a new system.

the card reader does not plug into the computer, it is used free hand to verify identity on third party transfers, including an online SWIFT Transfer to your Thai Account..you make the transfer request under Swift Paymnet..you put you card into the card reader enter the pin and follow the online instructions. The charge is for a SWIFT Transfer currently £20 to increase to £25 in Nov.

For more details goto the Nationwide Site and type in card reader....it explains it all there in detail.

Edited September 30, 2010 by Tafia

[mrjohn]

Thank you very much Tafia for clearing that up. That's just how I thought it was.

I was just about to say something similar.

Now that little diversion is out of the way, can we get back to the original question.

What is the most cost-effective way of moving money from a Nationwide account to Thailand?

Thanks for your contribution jesimps as well. I was aware that the Halifax has a lower rate for Swift transfers but as far as I can gather from their website I cannot open an account with them as I am not on the electoral roll. Having been away from the UK for 6 years.

[chiang mai]

Thank you very much Tafia for clearing that up. That's just how I thought it was.

I was just about to say something similar.

Now that little diversion is out of the way, can we get back to the original question.

What is the most cost-effective way of moving money from a Nationwide account to Thailand?

Thanks for your contribution jesimps as well. I was aware that the Halifax has a lower rate for Swift transfers but as far as I can gather from their website I cannot open an account with them as I am not on the electoral roll. Having been away from the UK for 6 years.

Not to sidetrack yet again but you can open a non-resident account with most banks in the UK hence opening a Halifax account should not be that difficult. I also have been away from the UK for many many years but was able to open non-resident accounts with two high street banks (A & L and Nationwide, plus I already have non-resident accounts with RBOS, NR and HSBC UK) during a recent visit and being on the electoral role is a non-issue. As far as the funds transfer side of things is concerned: I use HSBC Premier Global View which means transfers are free but it also means you have to tie up some money with HSBC to be eligible for the free version of this type of account. Having said that, I find it very cost effective to have a Premier account since it also covers the cost of the bank accounts in different countries plus the associated credit cards etc - the cost (in Thailand) for not having the correct minimum balance each month is Baht 2,000.

Edited September 30, 2010 by chiang mai

[MYKTHEMIN]

I had the same problem, I now pay a personal cheque from my UK account into my Thai SCB account, costs a one off fee of $10 approx 300 baht, and it clears in 3 weeks, the cheapest way I know and so far for the last year has been very reliable, the exchange rate is the TT rate applicable on the day that the cheque clears, I have my account set up to text me when the funds arrive 10 baht a month and also advises me when the ATM is used, very good.

[PattayaParent]

I don't understand why people who don't live in UK have banck accounts onshore in UK?

Have you never heard of offshore banking?

[mrjohn]

I don't understand why people who don't live in UK have banck accounts onshore in UK?

Have you never heard of offshore banking?

Well if you read what I said at the beginning, you will see that I already have an offshore investment fund.

Withdrawals from this fund have previously gone to my Nationwide account which, until recently, was the best way of moving money to Thailand. That situation has now changed, which is the whole point of this post.

According to their website, an offshore account with, for example, the Isle of Man bank would still charge between £23 and £40 to transfer to a bank in Thailand.

If you know of an offshore account that would perform this service more cheaply or even free, then please let me know.

The motive in starting this topic was to find out what other people, who like me were previously using Nationwide, are now doing, or intending to do in the future.

[mrjohn]

I had the same problem, I now pay a personal cheque from my UK account into my Thai SCB account, costs a one off fee of $10 approx 300 baht, and it clears in 3 weeks, the cheapest way I know and so far for the last year has been very reliable, the exchange rate is the TT rate applicable on the day that the cheque clears, I have my account set up to text me when the funds arrive 10 baht a month and also advises me when the ATM is used, very good.

Thank you very much for a constructive contribution. This sounds like a good idea.

I assume the charge is made by the Thai bank for clearing the cheque.

Are there really no other charges involved?

Which bank handles the currency exchange, i.e. is the amount you fill in on the cheque in Thai Baht or a foreign currency?

Is the three week period for the cheque to clear fairly consistent and reliable?

I previously had an account with the SCB but where I live now they have no branch. For convenience I was about to open a new account with Bangkok bank. Can anybody offer any experience on paying foreign cheques into a Bangkok bank account? Are clearance times and fees or charges similar to the SCB?

[MYKTHEMIN]

There are no additional charges, and for the last year has always been 3 weeks from depositing the cheque at the bank to the funds being available, The cheque is always in UK £'s, as far as offshore banking goes, as you say investments are off shore for tax purposes, but no advantage for current accounts that I can see and the online internet banking is so simple for paying other uk based bills etc and of course receiving payments from others, and from my research all offshore banking accounts have minimum balance requirements and high monthly charges, unless someone knows otherwise?

[SantiSuk]

Don't choose just on the basis of commission charges. How many TV threads have you seen where members focus entirely on getting the cheapest commission charge??!!

Halifax UK commission charge - a cheap £9.50. Exchange rate to transfer money from a Halifax bank account 10 minutes ago today 45.36

HSBC commission charge £17. Exchange rate to transfer money from an HSBC bank account 9 minutes ago today 46.52. [Woeful rates at the moment]

Unfortunately you have to do such extensive research to get the best rate that it is practically not worth while for the savings. However, it is worth having 2 or three favoured routes where you can check the rates and charges online and comparing them before transacting. It's also worth sending big lumps irregularly rather than small lumps regularly now that interest rates on cash around the world are so pathetic.

[chiang mai]

I don't understand why people who don't live in UK have banck accounts onshore in UK?

Have you never heard of offshore banking?

There's a number of valid sensible reasons why and they include:

1) diversity and range of banking/investment options, for a while there the offshore centres had very little on offer by way of offshore deposits whereas the mainland had many.

2) maintaining the illusion of having a UK residence, useful for some applications such as opening and maintaining a share dealing account etc.

3) risk spread from IOM/Guernsey banking guarantees to to the mainland, the IOM fund in particular could never begin to pay out more than 1p per Pound if more than one large institution failed.

[twix38]

With regard to comment below....

"Don't choose just on the basis of commission charges. How many TV threads have you seen where members focus entirely on getting the cheapest commission charge??!!

Halifax UK commission charge - a cheap £9.50. Exchange rate to transfer money from a Halifax bank account 10 minutes ago today 45.36...."

I use the Halifax to do my transfers and this is a non question. Of course you send funds in Sterling via the Halifax and have it converted at the better Thai Baht exchange rate by the Thai bank in Thailand. The Halifax exchange rate is irrelevant unless you are silly enough to allow the Halifax to do the currency conversion.

[bkk_mike]

Swift transfers are in whatever currency you tell them to transfer the money in.

However, from the UK to Thailand, you should ALWAYS specify that the transfer should be in Sterling as the UK exchange rate will always be worse than the Thai exchange rate. (and I mean ALWAYS).

It's a lot better now that it's internet based as you are generally specifying the transfer currency yourself on-screen. In the old days of phone banking, you had to specifically tell them to transfer in Sterling or they would do you a "favour" and transfer in baht after using their crappy exchange rates.

[rizla]

Use paypal, transfer from your bank online line to paypal, then refund your thai account linked to paypal ....cheaper

[PattayaParent]

There are no additional charges, and for the last year has always been 3 weeks from depositing the cheque at the bank to the funds being available, The cheque is always in UK £'s, as far as offshore banking goes, as you say investments are off shore for tax purposes, but no advantage for current accounts that I can see and the online internet banking is so simple for paying other uk based bills etc and of course receiving payments from others, and from my research all offshore banking accounts have minimum balance requirements and high monthly charges, unless someone knows otherwise?

There are still offshore banks that have no monthly charges and minimum balances as low as 2,500 Quids.

Some of the offshore building societies have low minimum deposits (1 Quid to 1,000 Quid) and no monthly charges if you don't need a cheque book or debit card.

[MYKTHEMIN]

With regard to comment below....

"Don't choose just on the basis of commission charges. How many TV threads have you seen where members focus entirely on getting the cheapest commission charge??!!

Halifax UK commission charge - a cheap £9.50. Exchange rate to transfer money from a Halifax bank account 10 minutes ago today 45.36...."

I use the Halifax to do my transfers and this is a non question. Of course you send funds in Sterling via the Halifax and have it converted at the better Thai Baht exchange rate by the Thai bank in Thailand. The Halifax exchange rate is irrelevant unless you are silly enough to allow the Halifax to do the currency conversion.

If Halifax charge £9.50 which equals approx 450 baht, and SCB only charge approx 300 baht and give a darn better rate than 45/£, I will stay with Nationwide!

[MYKTHEMIN]

There are no additional charges, and for the last year has always been 3 weeks from depositing the cheque at the bank to the funds being available, The cheque is always in UK £'s, as far as offshore banking goes, as you say investments are off shore for tax purposes, but no advantage for current accounts that I can see and the online internet banking is so simple for paying other uk based bills etc and of course receiving payments from others, and from my research all offshore banking accounts have minimum balance requirements and high monthly charges, unless someone knows otherwise?

There are still offshore banks that have no monthly charges and minimum balances as low as 2,500 Quids.

Some of the offshore building societies have low minimum deposits (1 Quid to 1,000 Quid) and no monthly charges if you don't need a cheque book or debit card.

What good is a bank account with NO chequebook or debit card? Seems a total waste of time.

[tomallison]

There are no additional charges, and for the last year has always been 3 weeks from depositing the cheque at the bank to the funds being available, The cheque is always in UK £'s, as far as offshore banking goes, as you say investments are off shore for tax purposes, but no advantage for current accounts that I can see and the online internet banking is so simple for paying other uk based bills etc and of course receiving payments from others, and from my research all offshore banking accounts have minimum balance requirements and high monthly charges, unless someone knows otherwise?

There are still offshore banks that have no monthly charges and minimum balances as low as 2,500 Quids.

Some of the offshore building societies have low minimum deposits (1 Quid to 1,000 Quid) and no monthly charges if you don't need a cheque book or debit card.

What good is a bank account with NO chequebook or debit card? Seems a total waste of time.

My offshore Tracker Account currently gives 2.6% annual interest. If you can beat that with a cheque book & debit card account I would like to know.

[PattayaParent]

There are no additional charges, and for the last year has always been 3 weeks from depositing the cheque at the bank to the funds being available, The cheque is always in UK £'s, as far as offshore banking goes, as you say investments are off shore for tax purposes, but no advantage for current accounts that I can see and the online internet banking is so simple for paying other uk based bills etc and of course receiving payments from others, and from my research all offshore banking accounts have minimum balance requirements and high monthly charges, unless someone knows otherwise?

There are still offshore banks that have no monthly charges and minimum balances as low as 2,500 Quids.

Some of the offshore building societies have low minimum deposits (1 Quid to 1,000 Quid) and no monthly charges if you don't need a cheque book or debit card.

What good is a bank account with NO chequebook or debit card? Seems a total waste of time.

Ever heard of Internet Banking?

[highchol]

arn't chequebooks being scrapped soon?

[chiang mai]

arn't chequebooks being scrapped soon?

Not before 2015 in the UK

[Boycie]

Hello mrjohn

Have a look at this link Cheap Travel Money It's got loads of great information.

Here's a quote about the Nationwide.

Are you a Nationwide customer?

For years Nationwide's Flexaccount was the only debit card that didn't charge for overseas spending, and for a big chunk of that time it was totally free to use abroad. However, that all stops from 1 November 2010, when it's increasing the load to 2% both in Europe and Worldwide, and charging £1 for every cash withdrawal.

If you already have one, its fine to use until then, but after that ditch and switch if it's your overseas spending tool.

Like you, i've less than a month to decide which new card/ money transfers is best for me.

Boycie

[citizen33]

An idea from JFChandler on another thread is to open an account with Metro bank (I know this may not suit the OP):

https://www.metrobankonline.co.uk/

On the face of things Metro's current account offers a similar deal to the old NW one - no overseas transaction charges apart from those made by Mastercard. It appears that accounts cannot be opened online and I am waiting to hear of somebody who has first hand experience with this bank.

[citizen33]

An idea from JFChandler on another thread is to open an account with Metro bank (I know this may not suit the OP):

https://www.metrobankonline.co.uk/

On the face of things Metro's current account offers a similar deal to the old NW one - no overseas transaction charges apart from those made by Mastercard. It appears that accounts cannot be opened online and I am waiting to hear of somebody who has first hand experience with this bank.