Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[electrozebra]

I have a Bangkok Bank account in Thailand. A Barclays Bank account in England. Phone banking and Internet banking in the UK with Barclays. Also 'Pin Sentry' with Barclays to set up a new standing order.

Can I not send money to the London branch of the Bangkok bank into my account number thereby have the money without having to further transfer the money to the Thailand branch of Bangkok bank?

Or do I also need internet banking with BKK bank - something I have applied for but not yet had an answer to?

Something tells me it is not that simple though

[pjclark1]

Try using a company called HiFx online.

Very easy to use and once setup all the transfers can be doe online.

[Daveroc]

Correct, it is not quite that simple. Bangkok Bank London is not designed to hold personal accounts. Nor would you be able to access them through a global system if they did have them. You will need to instruct your UK Bank to remit the funds to your Thailand account through Bangkok Bank UK using the BACS system. It is cheaper than a standard transfer. Attached is a link to Bangkok Banks website giving full instructions of the procedure.

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20into%20Thailand/Receiving%20Funds%20from%20UK/Pages/Receiving%20Funds%20from%20UK.aspx

[electrozebra]

Correct, it is not quite that simple. Bangkok Bank London is not designed to hold personal accounts. Nor would you be able to access them through a global system if they did have them. You will need to instruct your UK Bank to remit the funds to your Thailand account through Bangkok Bank UK using the BACS system. It is cheaper than a standard transfer. Attached is a link to Bangkok Banks website giving full instructions of the procedure.

http://www.bangkokba...0from%20UK.aspx

Thanks for that link. Very useful.

I've read that through and going to pst a new topic for some extra advice.

[electrozebra]

Try using a company called HiFx online.

Very easy to use and once setup all the transfers can be doe online.

Thanks for that.

I have looked at that site you mentioned and it does look interesting. I am going to e-mail them with some questions before I decide what route to take.

[CharlieH]

I do this ALL the time, you simply pay the money from your UK bank account straight into the Bangkok Bank London, there are two options, have the funds transferred to baht in London and sent to Thailand, in which case its 15.00 fee, alternatively have them send in sterking to Thailand and convert it in Thailand at a slightly higher rate. This way costs 20 GBP and upto 500 baht when posting into your Thai account. The process takes approximately 4 days from start to finish. If you go to a Bangkok Bank ATM and register for the SMS service you will get a txt the second the money hits your account.

Hope this helps.

Very straight forward and efficient, if you need any further help on this message me.

Prior to taking this route I always used Hi-fx so can answer anything you need on them too.

Edited March 29, 2011 by CharlieH

[monsieurhappy]

I am registered with HiFX and have just logged in to get an estimated figure for transferring money to Thailand.

For 5,000 GBP the estimated exchange rate was 47.72

For !0,000 GBP the estimated rate was 47.82

Taking the Bangkok Bank TT rate as 48.25 would mean it would cost you approx. 4300 baht to transfer 10,000 GBP or approx 2600 baht for 5,000 GBP.

If you transfer your money to the Bangkok Bank in London for onward transfer to you Thai bank in GBP the max. cost is 20 GBP+o.25% (200-500) baht = approx 30 GBP.

The only thing you have to worry about is if sterling should fall before it hits your Thai bank acc.

[12DrinkMore]

I do this ALL the time, you simply pay the money from your UK bank account straight into the Bangkok Bank London, there are two options, have the funds transferred to baht in London and sent to Thailand, in which case its 15.00 fee, alternatively have them send in sterking to Thailand and convert it in Thailand at a slightly higher rate. This way costs 20 GBP and upto 500 baht when posting into your Thai account. The process takes approximately 4 days from start to finish. If you go to a Bangkok Bank ATM and register for the SMS service you will get a txt the second the money hits your account.

Hope this helps.

Very straight forward and efficient, if you need any further help on this message me.

Prior to taking this route I always used Hi-fx so can answer anything you need on them too.

I hate the banks for these charges.

The cost of sending THB or GBP can hardly be different. It is surely some jobsworthy sitting there thinking, "how can I complicate this and maybe make a bit extra". And FIVE days? This is the year 2011, the age of instant global communication and automated high frequency trading with thousands and millions of transactions flying around every second, 24 hour trading. And they require FIVE days to process a transaction! As if there has been no technological progress in the last 200 years. DUH!

[cardholder]

I am registered with HiFX and have just logged in to get an estimated figure for transferring money to Thailand.

For 5,000 GBP the estimated exchange rate was 47.72

For !0,000 GBP the estimated rate was 47.82

Taking the Bangkok Bank TT rate as 48.25 would mean it would cost you approx. 4300 baht to transfer 10,000 GBP or approx 2600 baht for 5,000 GBP.

If you transfer your money to the Bangkok Bank in London for onward transfer to you Thai bank in GBP the max. cost is 20 GBP+o.25% (200-500) baht = approx 30 GBP.

The only thing you have to worry about is if sterling should fall before it hits your Thai bank acc.

Do it online with Halifax for GBP 9.50 - save yourself GBP 10.50

[lonewolf99]

I do this ALL the time, you simply pay the money from your UK bank account straight into the Bangkok Bank London, there are two options, have the funds transferred to baht in London and sent to Thailand, in which case its 15.00 fee, alternatively have them send in sterking to Thailand and convert it in Thailand at a slightly higher rate. This way costs 20 GBP and upto 500 baht when posting into your Thai account. The process takes approximately 4 days from start to finish. If you go to a Bangkok Bank ATM and register for the SMS service you will get a txt the second the money hits your account.

Hope this helps.

Very straight forward and efficient, if you need any further help on this message me.

Prior to taking this route I always used Hi-fx so can answer anything you need on them too.

I hate the banks for these charges.

The cost of sending THB or GBP can hardly be different. It is surely some jobsworthy sitting there thinking, "how can I complicate this and maybe make a bit extra". And FIVE days? This is the year 2011, the age of instant global communication and automated high frequency trading with thousands and millions of transactions flying around every second, 24 hour trading. And they require FIVE days to process a transaction! As if there has been no technological progress in the last 200 years. DUH!

[CHANGOVER]

Do it online with Halifax for GBP 9.50 - save yourself GBP 10.50

Only if you have a Halifax account presumably?

[inmysights]

I do this ALL the time, you simply pay the money from your UK bank account straight into the Bangkok Bank London, there are two options, have the funds transferred to baht in London and sent to Thailand, in which case its 15.00 fee, alternatively have them send in sterking to Thailand and convert it in Thailand at a slightly higher rate. This way costs 20 GBP and upto 500 baht when posting into your Thai account. The process takes approximately 4 days from start to finish. If you go to a Bangkok Bank ATM and register for the SMS service you will get a txt the second the money hits your account.

Hope this helps.

Very straight forward and efficient, if you need any further help on this message me.

Prior to taking this route I always used Hi-fx so can answer anything you need on them too.

I hate the banks for these charges.

The cost of sending THB or GBP can hardly be different. It is surely some jobsworthy sitting there thinking, "how can I complicate this and maybe make a bit extra". And FIVE days? This is the year 2011, the age of instant global communication and automated high frequency trading with thousands and millions of transactions flying around every second, 24 hour trading. And they require FIVE days to process a transaction! As if there has been no technological progress in the last 200 years. DUH!

Money grubbing bastards just want to sit on your money for four to five days to make interest (old conveyancing solicitor's trick, make sure the money required for house purchase goes into Solicitor's account on a Friday, that way Solicitor garners interest on said sum), AS WELL AS charging a disproportionate charge (some 25 quid on a fifty pound transfer). Hell with the lot of them.

So nothing to do with progressive (or not) banking system, after all, Western Union can do it within the hour, taking a large chunk of change on the exchange rate. Can't win

[electrozebra]

Interesting advice on this topic. Thanks.

Seems I now have the 2 options to consider. The HiFX route or the BKK London route.

To me this is about saving MY money and not letting the banks keep taking their share.

£30 from my UK bank direct to BKK bank in Thailand is not a little money for 4 transfers a month ( my current situation requires 4 a month).

In the same way if I use my Visa card. Visa want their % each time and also the Thai bank want their 150 Baht. Visa also never seem to give near the rate a Thai bank offers so I feel I am losing out 3 ways using Visa each time i use my card at the ATM.

The option of using the BKK bank in London would be better if it did only cost the £15. But that is for them to use the FX rate in London and that FX rate seems nowhere near as good as sending the money direct to Bangkok Bank in Thailand. But the cost rises to £20 + 0,25% to do this. As mwntioned above that is almost £30 per transfer. Still too high.

Maybe the HiFX route might suit. I'll wait on further information before I make a decision on that. Though at first glance a HiFX use BACS transfers and BACS are free from what I can see, it may be that HiFX is cheaper.

Pwer to us and our money. The banks make enough as it is !!

[electrozebra]

Thanks for the input on this.

The option of a Halifax account is good if you have a Halifax account. But I am here in Thailand and with that Barclays account in the UK.

PS to Barclays.....

I'd love some of the bonus paymets you are giving out

[monsieurhappy]

I am registered with HiFX and have just logged in to get an estimated figure for transferring money to Thailand.

For 5,000 GBP the estimated exchange rate was 47.72

For !0,000 GBP the estimated rate was 47.82

Taking the Bangkok Bank TT rate as 48.25 would mean it would cost you approx. 4300 baht to transfer 10,000 GBP or approx 2600 baht for 5,000 GBP.

If you transfer your money to the Bangkok Bank in London for onward transfer to you Thai bank in GBP the max. cost is 20 GBP+o.25% (200-500) baht = approx 30 GBP.

The only thing you have to worry about is if sterling should fall before it hits your Thai bank acc.

Do it online with Halifax for GBP 9.50 - save yourself GBP 10.50

I have never used the Halifax to transfer money to Thailand and I am quite willing to accept they may be cheaper than others but would you mind telling us if the rate of exchange is the same as the Bangkok Bank TT rate on the day your money is deposited into your Thai account or if they use a different rate of exchange?

[Eff1n2ret]

I use UK Forex - http://www.ukforex.co.uk/ - Transfers £3000 or more are foc, and the rate is generally about 0.15baht behind the Kasikorn Telex Transfer rate, which is what I would get by sending sterling from my UK Bank at a charge of around £25. Kasikorn take about 250baht for the onerous task of transferring it from their foreign department into my account. The last transfer went through in under 24hours.

Click on 'Customer Rates' on the left-hand panel of the UKForex website for an indication of their current Sterling-THB rate. They don't actually transfer your dosh from the UK, they have an account with HSBC in Bangkok and just instruct them to make the appropriate payment.

[monsieurhappy]

I use UK Forex - http://www.ukforex.co.uk/ - Transfers £3000 or more are foc, and the rate is generally about 0.15baht behind the Kasikorn Telex Transfer rate, which is what I would get by sending sterling from my UK Bank at a charge of around £25. Kasikorn take about 250baht for the onerous task of transferring it from their foreign department into my account. The last transfer went through in under 24hours.

Click on 'Customer Rates' on the left-hand panel of the UKForex website for an indication of their current Sterling-THB rate. They don't actually transfer your dosh from the UK, they have an account with HSBC in Bangkok and just instruct them to make the appropriate payment.

I think we all know that the indication of current rates on these FX sites can be wildly optimistic.

For instance when I looked on UK Forex the exchange rate was quoted the same as the Bangkok Bank TT rate.

When I looked on HiFX the quote was higher than the BKK Bank rate but when I got an actual quote after logging in the rate dropped by almost 1 baht. I would think the UK Forex site would be the same.

I am not pretending that it is free to transfer money using FX companies but maybe more convenient.

What I do want to know is the true rate of exchange for banks, especially the Halifax who on the surface are offering a competitive rate.

So if anyone out there, including Cardholder would kindly let us know what exchange rate they actually get, based on the money that leaves their UK account and the actual amount that is deposited into their Thai bank account, I would be most grateful!