Money From The Uk

[2long]

I have a bank card here for a Nat West account and can use it in machines here, but never have the need to. However, I may need a lump sum (in bits is ok) and want to access it incurring the least charges and not getting shafted on the echange rate.

Should I make multiple ATM withdrawals, tale the card into a branch of any particular Thai bank, or do something else?

[bangkokrick]

Open a Thai bank account and wire the money directly from the UK to that account. Transfer the whole amount so that you only incur one transfer charge.( I think it will be around 25 quid for the transfer)

Then use your Thai bank card to withdraw the money. If you use you Nat West card you will incur ATM costs for each transaction.

Cheers, Rick

[Pib]

Unless you have a card that doesn't charge any foreign transaction fee(s) and you can do all the transfers from ATMs that doesn't charge the 150 baht withdrawal fee for a foreign card, wiring the money over is going to be much cheaper for you. And don't let your home country bank exchange the money for you before transmitting as you will most likely end up with an exchange rate several percent below what a Thai bank gives on a wire transfer....they give the TT Buying rate which is about the best the common man can get. Know the free structure of your bank and various cards...some can be real pricey.

Edited April 25, 2011 by Pib

[Tafia]

Do a SWIFT Transfer and ensure the UK Bank transfers Sterling, you will get a better exchange over here.

They may ask for reasons house/car/bike purchase, school fees or personal expenses will suffice.

[coolerking]

Open Thai bank account, set up a HIFX account, transfer from one account to the other, simple.

[2long]

Thanks, all, so far.

I have accounts in three Thai banks (Kasikorn, Bangkok and Siam Commercial)

The money's for a house deposit.

Keep the advice and warnings coming.

[MYKTHEMIN]

The cheapest way is just write yourself a cheque on your uk account in sterling pay it into your SCB account, costs approx 300 baht and takes 3-4 weeks to clear, I do this all the time here.

[skybluestu]

Just do one transaction at the foreign exchange desk inside the bank, 5-6k will be no problem and you'll only incur one minor charge. I withdrew a similar amount using my Nationwide debit card and at the time there were no fees and it took about 5mins

[aurelius]

House means condo right? Ask your bank for a receipt confirming your incoming remittance so that you have proof of your source of funds & can repatriate them later if you choose to sell.

[2long]

House means house.

I will try to ge that receipt.

[PattayaParent]

The cheapest way is just write yourself a cheque on your uk account in sterling pay it into your SCB account, costs approx 300 baht and takes 3-4 weeks to clear, I do this all the time here.

Does your UK bank charge you for cashing the cheque presented from overseas?

I have recently found that to pay my credit card bills in UK it costs nothing to pay by cheque but if I make a transfer I'm charged.

[MYKTHEMIN]

The cheapest way is just write yourself a cheque on your uk account in sterling pay it into your SCB account, costs approx 300 baht and takes 3-4 weeks to clear, I do this all the time here.

Does your UK bank charge you for cashing the cheque presented from overseas?

I have recently found that to pay my credit card bills in UK it costs nothing to pay by cheque but if I make a transfer I'm charged.

Hi Pattaya Parent, I have never been charged for this by my UK bank, I have been doing this since the ATM 150 baht ripoff, once every couple of months. I use Nationwide and they never charge me to pay my credit card bills on line, only the rip off % if I use an ATM so I do not use the ATM method any more.

[Pib]

Just do one transaction at the foreign exchange desk inside the bank, 5-6k will be no problem and you'll only incur one minor charge. I withdrew a similar amount using my Nationwide debit card and at the time there were no fees and it took about 5mins

Don't forget the 2% (plus one sterling) Nationwide debit card charge. http://www.nationwide.co.uk/current_account/foreigntransactions.htm

It's usually not the small fees charged by Thai banks for transfers that eat your lunch, but the fees charged by your home country bank/card.

[skybluestu]

Just do one transaction at the foreign exchange desk inside the bank, 5-6k will be no problem and you'll only incur one minor charge. I withdrew a similar amount using my Nationwide debit card and at the time there were no fees and it took about 5mins

Don't forget the 2% (plus one sterling) Nationwide debit card charge. http://www.nationwid...ransactions.htm

It's usually not the small fees charged by Thai banks for transfers that eat your lunch, but the fees charged by your home country bank/card.

It was over 2yrs ago now but I'm sure I wasn't charged anything. It wasn't a purchase or cash machine withdrawal so don't think those fees would apply to a withdrawal at the foreign exchange desk.

[Pib]

Just do one transaction at the foreign exchange desk inside the bank, 5-6k will be no problem and you'll only incur one minor charge. I withdrew a similar amount using my Nationwide debit card and at the time there were no fees and it took about 5mins

Don't forget the 2% (plus one sterling) Nationwide debit card charge. http://www.nationwid...ransactions.htm

It's usually not the small fees charged by Thai banks for transfers that eat your lunch, but the fees charged by your home country bank/card.

It was over 2yrs ago now but I'm sure I wasn't charged anything. It wasn't a purchase or cash machine withdrawal so don't think those fees would apply to a withdrawal at the foreign exchange desk.

From reading other TV post, Nationwide implemented the new fees over the last year and you see what their web site states. Lots of unhappy folks over the fee change/increase. Seems most, not all, credit/debit/ATM cards are now charging a 1 to 4% foreign transaction fee...when you use the card outside the home country/specific area you get hit with the fee. You pull money from your account via foriegn transaction, be it foreign exchange desk, ATM withdrawal, point of sale, etc; you get charged the fee. This foreign transaction fee is not applied by the Thai banks, but by your home country bank/card...a separate charge will hit your account or be added into the basic transaction that hits your account. Whether the fee is applied on the Thai bank end or home country bank end, it's still afffects the overall/total cost of the transaction.

Bank executive pay & bonuses don't come cheap; new and higher bank/card fees are needed to pay the executives and keep the bank profits ever rising.

Edited April 26, 2011 by Pib

[sotsira]

The cheapest way is just write yourself a cheque on your uk account in sterling pay it into your SCB account, costs approx 300 baht and takes 3-4 weeks to clear, I do this all the time here.

This method sounds interesting,

so you write a cheque using your nationwide chequebook to yourself and then pay it in to your SCB account.

At what point in the transaction do you pay or get charged the 300bt and why do you state it as approx 300bt? is this an SCB charge?

Also at what stage does the sterling amount get transferred to Baht?

Sorry to ask you so many questions but i too have the same accounts here and in the UK and if this is the cheapest way i certainly will try it out instead of using

the flexaccount debit card.

Edited April 26, 2011 by sotsira

[MYKTHEMIN]

The cheapest way is just write yourself a cheque on your uk account in sterling pay it into your SCB account, costs approx 300 baht and takes 3-4 weeks to clear, I do this all the time here.

This method sounds interesting,

so you write a cheque using your nationwide chequebook to yourself and then pay it in to your SCB account.

At what point in the transaction do you pay or get charged the 300bt and why do you state it as approx 300bt? is this an SCB charge?

Also at what stage does the sterling amount get transferred to Baht?

Sorry to ask you so many questions but i too have the same accounts here and in the UK and if this is the cheapest way i certainly will try it out instead of using

the flexaccount debit card.

You pay the charge at the time of paying in the cheque at the SCB branch, it is a SCB charge and is based on 10 us dollars plus tax, so is related to the dollar/baht exchange rate, in my oppinion it is the cheapest way, you just have ti plan your finances to allow for the 3-4 week clearance time. The exchange rate is the cheque rate at the time your money arrives back with SCB.

[meatboy]

i have always used a currency dealer,moneycorpe uk.the service is free on £6000,at todays rate,t t. bkk. bank=49.06,moneycorpe spot 49.36 theres a small charge this end and you will have to declare to the bank in los whats it for.i have been doing it this way for years.

[sotsira]

You pay the charge at the time of paying in the cheque at the SCB branch, it is a SCB charge and is based on 10 us dollars plus tax, so is related to the dollar/baht exchange rate, in my oppinion it is the cheapest way, you just have ti plan your finances to allow for the 3-4 week clearance time. The exchange rate is the cheque rate at the time your money arrives back with SCB.

Thanks MYKTHEMYN for your advice, if i may ask one more question,

Is the exchange rate the same as the TT rate you would usually get if using a SWIFT transfer method? but without any charge from the Nationwide?

So in other words the whole transaction costs $10 plus tax?

[MYKTHEMIN]

You pay the charge at the time of paying in the cheque at the SCB branch, it is a SCB charge and is based on 10 us dollars plus tax, so is related to the dollar/baht exchange rate, in my oppinion it is the cheapest way, you just have ti plan your finances to allow for the 3-4 week clearance time. The exchange rate is the cheque rate at the time your money arrives back with SCB.

Thanks MYKTHEMYN for your advice, if i may ask one more question,

Is the exchange rate the same as the TT rate you would usually get if using a SWIFT transfer method? but without any charge from the Nationwide?

So in other words the whole transaction costs $10 plus tax?

Yes as far as I am aware.

[sotsira]

i have always used a currency dealer,moneycorpe uk.the service is free on £6000,at todays rate,t t. bkk. bank=49.06,moneycorpe spot 49.36 theres a small charge this end and you will have to declare to the bank in los whats it for.i have been doing it this way for years.

Hi meatboy,

Could you explain more specifically in what kind of set up you need to have with moneycorpe uk. together with your uk bank and Thai bank for the service to be free.

Although you state that there's a small charge this end what is that exactly?

i just feel that it sounds to good to be true that moneycorpe would give a free service, they would have to charge something somewhere along the line surely.

[meatboy]

i have always used a currency dealer,moneycorpe uk.the service is free on £6000,at todays rate,t t. bkk. bank=49.06,moneycorpe spot 49.36 theres a small charge this end and you will have to declare to the bank in los whats it for.i have been doing it this way for years.

Hi meatboy,

Could you explain more specifically in what kind of set up you need to have with moneycorpe uk. together with your uk bank and Thai bank for the service to be free.

Although you state that there's a small charge this end what is that exactly?

i just feel that it sounds to good to be true that moneycorpe would give a free service, they would have to charge something somewhere along the line surely.

first bank acc.uk./thai.get in touch with moneycorpe nightsbridge london go to their websight,phone them and tell them when you want the money sent and how much,if you want it at short notice,you will get a binding contract to sign if you are satisfied with the rate,you send them a cheque for the amount with the completed docs and what the moneys for.there is no charge only at your thai bank,we had 5mill.bht sent last time and the only charge was 800bht.give them a ring you will get the forms next day,we made sure we were in thailand when the money arrived as you will get a call to confirm its arived and being sent to your thai acc.and they are regulated by the fsa.i have my pension sent once a year when the rate is favourable which you get on the day.they are very proffesionable so its quite easy.you can also look at their rate for the day on their money converter page.

[sotsira]

i have always used a currency dealer,moneycorpe uk.the service is free on £6000,at todays rate,t t. bkk. bank=49.06,moneycorpe spot 49.36 theres a small charge this end and you will have to declare to the bank in los whats it for.i have been doing it this way for years.

Hi meatboy,

Could you explain more specifically in what kind of set up you need to have with moneycorpe uk. together with your uk bank and Thai bank for the service to be free.

Although you state that there's a small charge this end what is that exactly?

i just feel that it sounds to good to be true that moneycorpe would give a free service, they would have to charge something somewhere along the line surely.

first bank acc.uk./thai.get in touch with moneycorpe nightsbridge london go to their websight,phone them and tell them when you want the money sent and how much,if you want it at short notice,you will get a binding contract to sign if you are satisfied with the rate,you send them a cheque for the amount with the completed docs and what the moneys for.there is no charge only at your thai bank,we had 5mill.bht sent last time and the only charge was 800bht.give them a ring you will get the forms next day,we made sure we were in thailand when the money arrived as you will get a call to confirm its arived and being sent to your thai acc.and they are regulated by the fsa.i have my pension sent once a year when the rate is favourable which you get on the day.they are very proffesionable so its quite easy.you can also look at their rate for the day on their money converter page.

Thanks meatboy for your info on that, the only problem is that im already in Thailand.

Like many other expats, we have all recently had additional charges put on our original methods of

receiving our funds and now are looking at any better and cheaper alternatives.

[meatboy]

sotsira i would give them a ring anyway they will help if they can,if you have to send by bank trans you still should be better off,their bank in uk is hsbc,mind you todays rate is better than what its been, but i think your better off getting it trans from the uk in sterling if you need it now at least you will get the t.t.rate.good luck.

[sotsira]

sotsira i would give them a ring anyway they will help if they can,if you have to send by bank trans you still should be better off,their bank in uk is hsbc,mind you todays rate is better than what its been, but i think your better off getting it trans from the uk in sterling if you need it now at least you will get the t.t.rate.good luck.

Thanks again meatboy, i will contact them and see what comes out of it.