Online Money Movers/Currency Exchangers

[Penkoprod]

Anybody had any dealings with any online currency exchange sites?

The likes of Moneycorp, or HiFX etc?

I got caught out a little when i got a CaxtonFX card, loaded it up, and took it with me on last trip out to Thailand. The blurb on their site stated "free to use, with no ATM fees" etc....which i knew was crap, but knew i would be paying just the 150TBH charge and 0% commision. What they DIDN'T tell me was that they would gouge the rate, to the tune of nearly 2 Baht per Pound, which made it an expensive way of getting cash quickly and convenienly.

I also took the time to open a Thai bank account, so i could move larger sums for use when i take up a more "permanent" residency..sucking up the UK bank charges to SWIFT the money in. Then i thought " why not look into these above type sites, and see if they could provide a way of moving my cash around with NO UK bank fees. (The robbing twarts have cost us all enough anyway!!!!!!.)

I must admit to a certain skeptisism with them, due in part by previouse dealings of similar nature, mentioned above, and they 2 i looked at have flashy websites with lots of "free up-to-the-minute" rtates and the like (which need paying for somehow). A bit TOO good to be true?

I am not that naive to think i will get the rate they "big up" on the sites, cause its the interbank rate, and not applicable. But what i DONT want is a gouging operation performed on a larger amount of cash then just a few grand holiday spending money.

Penkoprod

[Pib]

I noticed the CaxtonFX web site states:

Quote:

Bank beating exchange rates

• Our currency cards the safe and secure way to buy your travel money at competitive exchange rates.

End Quote.

When ever I see a company saying they have "competitive rates" that usually means they fall between the mid and high end range of prices/fees....that is, they cost more than at least half of the other guys/their competitors. When a company uses the "competitive" word to describe they prices/fees, this is a flag word to me...beware...they are most likely one of the more pricey companies.

Edited April 27, 2011 by Pib

[sarahsbloke]

oops

Edited April 27, 2011 by sarahsbloke

[sarahsbloke]

I use HiFx all the time

A bugger to set up with all the security and proof of identity stuff.

But once it's going very easy and cheap to use.

You tell em how many pounds you want to send, they tell you how many Baht they will put in your Thai bank when you click the BUY button.

You can pay instantly using your UK bank debit card or you can do an online bank payment from your UK bank to their UK bank. (You can also pay by credit card but I think that counts as a cash advance from the CC)

They even refund you the 200bht your Thai bank gouges from you for accepting a foreign deposit, even though it was in Baht.

Takes about 7 days from the purchase to actually reach your Thai bank account.

Edited April 27, 2011 by sarahsbloke

[Chivas]

Thaivisa sponsors Ukforex.co.uk have a good set up.

Even had an account manager ring me to ask if I understood the way they worked.

Impressed.

[CharlieH]

Agree with Sarahsbloke, have used Hi-fx for years with no problems, they generally shave about 0.7 baht of the rate. (dependant on how much you move) Reliable and will refund any fees you are charged by receiving bank.

I now transfer money into Bangkok Bank LONDON, they move it to Thailand Bangkok Bank account and charge 20.00 quid and you get the actual rate on the day the money is received in Thailand

Takes 24 hrs from day it hits bangkok Bank London. Much easier, faster and cheaper.

Edited April 28, 2011 by CharlieH

[meatboy]

see my posts on this forum

[ianguygil]

I have absolutely no information on this Hi-fx company, so this is in no way a criticism of them. But please always remember to consider the credit worthiness of the companies you use to move your hard earned money. Should they fail one day, those with funds "in flight" will be out of luck and, probably, uninsured.

[topt]

I use HiFx all the time

A bugger to set up with all the security and proof of identity stuff.

But once it's going very easy and cheap to use.

You tell em how many pounds you want to send, they tell you how many Baht they will put in your Thai bank when you click the BUY button.

You can pay instantly using your UK bank debit card or you can do an online bank payment from your UK bank to their UK bank. (You can also pay by credit card but I think that counts as a cash advance from the CC)

They even refund you the 200bht your Thai bank gouges from you for accepting a foreign deposit, even though it was in Baht.

Takes about 7 days from the purchase to actually reach your Thai bank account.

I lso agree with all the above but in addition when I used them for a large anount I was able to negotiate on the phone with them and received an improved offer. I would also say that depending on the amount you are moving it may be better to TT directly from your account in the UK to the Thai bank and get the TT rate. You obviously need to factor in the charges at both ends.

With SCB you can check this online and it changes about 4 times per day. You can actually look at the previous pages to see how the rate has moved.

[Penkoprod]

I use HiFx all the time

A bugger to set up with all the security and proof of identity stuff.

But once it's going very easy and cheap to use.

You tell em how many pounds you want to send, they tell you how many Baht they will put in your Thai bank when you click the BUY button.

You can pay instantly using your UK bank debit card or you can do an online bank payment from your UK bank to their UK bank. (You can also pay by credit card but I think that counts as a cash advance from the CC)

They even refund you the 200bht your Thai bank gouges from you for accepting a foreign deposit, even though it was in Baht.

Takes about 7 days from the purchase to actually reach your Thai bank account.

I lso agree with all the above but in addition when I used them for a large anount I was able to negotiate on the phone with them and received an improved offer. I would also say that depending on the amount you are moving it may be better to TT directly from your account in the UK to the Thai bank and get the TT rate. You obviously need to factor in the charges at both ends.

With SCB you can check this online and it changes about 4 times per day. You can actually look at the previous pages to see how the rate has moved.

Hmmmmm..........i think i am leaning to the "better the devil you know" route to take with this, and just SWIFT the money in when needed, bank to bank, and swallow the charges either end

Seems all these FX companies gouge more than the banks anyway !!!!!

Thanks to all those that replied :jap:

Penkoprod

[sarahsbloke]

HiFx is owned by one of the big four, so the money is protected against loss.

Just received a transfer BK took 500bht this end, HiFx will refund me that charge later this week.

Don't forget banks in Thailand charge for a deposit from a foreign bank, and don't tell you, the money just goes missing, if you are doing the transfer in UKP you won't even see the loss, but it still happened.

Edited April 28, 2011 by sarahsbloke

[Penkoprod]

HiFx is owned by one of the big four, so the money is protected against loss.

Just received a transfer BK took 500bht this end, HiFx will refund me that charge later this week.

Don't forget banks in Thailand charge for a deposit from a foreign bank, and don't tell you, the money just goes missing, if you are doing the transfer in UKP you won't even see the loss, but it still happened.

And how much did HiFX cream off the rate you got?

It's not that i want to avoid any charges, but just didnt want to give a UK bank any if i could avoid it

But, if the likes of HiFX will cost me more to do a transfer, then i will be stupid to deal with them.........no?

Figures quoted here say 0.7TBH for every Pound transfered.

Correct me if i am wrong, here, but doesnt that work out at about £15 per £1000 transfered?

Therefore £10,000 is a MASSIVE £150

So, to tuck away a million baht to safely cover the financial requirements of an "O" visa would be £300.....and so on

Penkoprod

[sarahsbloke]

HiFx is owned by one of the big four, so the money is protected against loss.

Just received a transfer BK took 500bht this end, HiFx will refund me that charge later this week.

Don't forget banks in Thailand charge for a deposit from a foreign bank, and don't tell you, the money just goes missing, if you are doing the transfer in UKP you won't even see the loss, but it still happened.

And how much did HiFX cream off the rate you got?

It's not that i want to avoid any charges, but just didnt want to give a UK bank any if i could avoid it

But, if the likes of HiFX will cost me more to do a transfer, then i will be stupid to deal with them.........no?

Figures quoted here say 0.7TBH for every Pound transfered.

Correct me if i am wrong, here, but doesnt that work out at about £15 per £1000 transfered?

Therefore £10,000 is a MASSIVE £150

So, to tuck away a million baht to safely cover the financial requirements of an "O" visa would be £300.....and so on

Penkoprod

I just tried an estimate for 5000UKP, their rate 49.17, Thai Visa rate 49.67, so their charge appears to be 1% on that amount or 50UKP

It's a sliding scale, for 10,000UKP you get a better rate.

What does SWIFT cost 20UKP?

Then add in the 10UKP loss from the Thai end.

Not sure there is much in it, it might cost me 20UKP extra, but I'm not in the UK to sign the SWIFT transfer form at my UK bank.

But it is a lot cheaper than sticking my UK bank card in a Thai ATM.

I also don't want my bank in the UK (or anyone who can access it with a court order) to know details of my bank in Thailand so I am happy to pay a bit extra to make it that little bit more difficult for the police.

Edited April 28, 2011 by sarahsbloke

[PattayaParent]

HiFx is owned by one of the big four, so the money is protected against loss.

Just received a transfer BK took 500bht this end, HiFx will refund me that charge later this week.

Don't forget banks in Thailand charge for a deposit from a foreign bank, and don't tell you, the money just goes missing, if you are doing the transfer in UKP you won't even see the loss, but it still happened.

And how much did HiFX cream off the rate you got?

It's not that i want to avoid any charges, but just didnt want to give a UK bank any if i could avoid it

But, if the likes of HiFX will cost me more to do a transfer, then i will be stupid to deal with them.........no?

Figures quoted here say 0.7TBH for every Pound transfered.

Correct me if i am wrong, here, but doesnt that work out at about £15 per £1000 transfered?

Therefore £10,000 is a MASSIVE £150

So, to tuck away a million baht to safely cover the financial requirements of an "O" visa would be £300.....and so on

Penkoprod

I just tried an estimate for 5000UKP, their rate 49.17, Thai Visa rate 49.67, so their charge appears to be 1% on that amount or 50UKP

It's a sliding scale, for 10,000UKP you get a better rate.

What does SWIFT cost 20UKP?

Then add in the 10UKP loss from the Thai end.

Not sure there is much in it, it might cost me 20UKP extra, but I'm not in the UK to sign the SWIFT transfer form at my UK bank.

But it is a lot cheaper than sticking my UK bank card in a Thai ATM.

I also don't want my bank in the UK (or anyone who can access it with a court order) to know details of my bank in Thailand so I am happy to pay a bit extra to make it that little bit more difficult for the police.

Neither am I but I can still get money transferred to Thailand, you might have heard of this thing called 'The World Wide Web"? It's very useful at times.

[monsieurhappy]

Neither am I but I can still get money transferred to Thailand, you might have heard of this thing called 'The World Wide Web"? It's very useful at times.

Right now I can use 3 different ways of transferring my cash to Thailand:-

HiFX

Bangkok Bank

My own bank where I have to send them a letter.

The most convenient is HiFX but is probably the most expensive.

As I can only transfer a maximum 5k per day from my UK bank to another UK acc. to use Bangkok Bank and send 10k would cost me approx. 60GBP but would be cheaper than HiFX.

My own bank will send SWIFT but as stated I have to send them a letter which has taken 2 weeks or more in the past.

I don't want to go back to the UK just to open a new acc. with a bank that might or might not charge me less for a SWIFT transfer so please PP tell us how we can use the WWW to transfer our money cheaper?

[Penkoprod]

Neither am I but I can still get money transferred to Thailand, you might have heard of this thing called 'The World Wide Web"? It's very useful at times.

Right now I can use 3 different ways of transferring my cash to Thailand:-

HiFX

Bangkok Bank

My own bank where I have to send them a letter.

The most convenient is HiFX but is probably the most expensive.

As I can only transfer a maximum 5k per day from my UK bank to another UK acc. to use Bangkok Bank and send 10k would cost me approx. 60GBP but would be cheaper than HiFX.

My own bank will send SWIFT but as stated I have to send them a letter which has taken 2 weeks or more in the past.

I don't want to go back to the UK just to open a new acc. with a bank that might or might not charge me less for a SWIFT transfer so please PP tell us how we can use the WWW to transfer our money cheaper?

I guess a lot depends on the actual bank used.

I know i can use the online banking facility of HSBC to transfer cash to my Kasikorn account in Thailand. I just need to set it up when and if i need to use it.

If you have to send a letter, then that would indicate you are not privvy to a decent online banking facility with whoever you use for banking

Penkoprod

[monsieurhappy]

I guess a lot depends on the actual bank used.

I know i can use the online banking facility of HSBC to transfer cash to my Kasikorn account in Thailand. I just need to set it up when and if i need to use it.

If you have to send a letter, then that would indicate you are not privvy to a decent online banking facility with whoever you use for banking

Penkoprod

I realise this now but I didn't 9 years ago!

So what I'm asking "Is there a way to get a better bank acc. where I can transfer money easily using SWIFT or whatever, without having to go back to UK to set it up?"

[PattayaParent]

I guess a lot depends on the actual bank used.

I know i can use the online banking facility of HSBC to transfer cash to my Kasikorn account in Thailand. I just need to set it up when and if i need to use it.

If you have to send a letter, then that would indicate you are not privvy to a decent online banking facility with whoever you use for banking

Penkoprod

I realise this now but I didn't 9 years ago!

So what I'm asking "Is there a way to get a better bank acc. where I can transfer money easily using SWIFT or whatever, without having to go back to UK to set it up?"

Yes, I've not come across a UK bank or building society that will not allow you to open an account from Thailand (or anywhere else in the world I've been) all they ask is proof of identity (certified copy of passport) and proof of address (original utility bill or bank letter) and you register for Internet Banking and make online transactions.

HSBC is one as in Penkoprod's example.

[sarahsbloke]

I guess a lot depends on the actual bank used.

I know i can use the online banking facility of HSBC to transfer cash to my Kasikorn account in Thailand. I just need to set it up when and if i need to use it.

If you have to send a letter, then that would indicate you are not privvy to a decent online banking facility with whoever you use for banking

Penkoprod

I realise this now but I didn't 9 years ago!

So what I'm asking "Is there a way to get a better bank acc. where I can transfer money easily using SWIFT or whatever, without having to go back to UK to set it up?"

Yes, I've not come across a UK bank or building society that will not allow you to open an account from Thailand (or anywhere else in the world I've been) all they ask is proof of identity (certified copy of passport) and proof of address (original utility bill or bank letter) and you register for Internet Banking and make online transactions.

HSBC is one as in Penkoprod's example.

I have an HSBC account with online banking.

Just went online, had a look around and can confirm THERE IS NO OPTION TO SETUP OR TRANSFER MONEY OVERSEAS.

I've just messaged them to ask if there is any way to do this, I'm confident they will reply, computer say no!

[PattayaParent]

I guess a lot depends on the actual bank used.

I know i can use the online banking facility of HSBC to transfer cash to my Kasikorn account in Thailand. I just need to set it up when and if i need to use it.

If you have to send a letter, then that would indicate you are not privvy to a decent online banking facility with whoever you use for banking

Penkoprod

I realise this now but I didn't 9 years ago!

So what I'm asking "Is there a way to get a better bank acc. where I can transfer money easily using SWIFT or whatever, without having to go back to UK to set it up?"

Yes, I've not come across a UK bank or building society that will not allow you to open an account from Thailand (or anywhere else in the world I've been) all they ask is proof of identity (certified copy of passport) and proof of address (original utility bill or bank letter) and you register for Internet Banking and make online transactions.

HSBC is one as in Penkoprod's example.

I have an HSBC account with online banking.

Just went online, had a look around and can confirm THERE IS NO OPTION TO SETUP OR TRANSFER MONEY OVERSEAS.

I've just messaged them to ask if there is any way to do this, I'm confident they will reply, computer say no!

I opened an account with HSBC from Dubai in 2003, never had any problems transferring money from my HSBC account to Dubai, Korea, Thailand and Viet Nam from then to last year when I changed to another bank.

My new bank allows me to transfer money to anywhere I want also.

Do you have a bad credit record?

[sarahsbloke]

Life is too short

Edited April 29, 2011 by sarahsbloke

[Penkoprod]

I guess a lot depends on the actual bank used.

I know i can use the online banking facility of HSBC to transfer cash to my Kasikorn account in Thailand. I just need to set it up when and if i need to use it.

If you have to send a letter, then that would indicate you are not privvy to a decent online banking facility with whoever you use for banking

Penkoprod

I realise this now but I didn't 9 years ago!

So what I'm asking "Is there a way to get a better bank acc. where I can transfer money easily using SWIFT or whatever, without having to go back to UK to set it up?"

Yes, I've not come across a UK bank or building society that will not allow you to open an account from Thailand (or anywhere else in the world I've been) all they ask is proof of identity (certified copy of passport) and proof of address (original utility bill or bank letter) and you register for Internet Banking and make online transactions.

HSBC is one as in Penkoprod's example.

I have an HSBC account with online banking.

Just went online, had a look around and can confirm THERE IS NO OPTION TO SETUP OR TRANSFER MONEY OVERSEAS.

I've just messaged them to ask if there is any way to do this, I'm confident they will reply, computer say no!

Without me delving too much into this for now, all you need do is log on to your bank account, then scroll down and read the left hand menu, to where it says "send money overseas"

Thats possibly one way, but, i seem to remember something about making a Thai bank of your choice the beneficiary bank and doing it THAT way

Perhaps Pattaya Parent can confirm that method, or not as the case may be, and, if the latter, give both of us the info needed. I know it CAN be done, but cant remember the method that could be used

Like i say, i haven't delved too much into it yet, as i dont need to for the time being

Penkoprod

[sarahsbloke]

I think the online SWIFT payments are a feature of HSBC offshore and HSBC business accounts.

(for which you would be spending far more money than HiFx costs)

Normal UK accounts don't have that feature.

[Penkoprod]

I think the online SWIFT payments are a feature of HSBC offshore and HSBC business accounts.

(for which you would be spending far more money than HiFx costs)

Normal UK accounts don't have that feature.

Well, if you're right then we both will be looking for a new bank !!!!

But, the last time i looked into this with a view of setting it all up, the only thing preventing it happening (from my bog standard onshore current account) was the fact i had no Thai bank to nominate. Nothing HSBC wise to prevent me setting it up.

Just a pity its a bank holiday weekend, or i would have gone round to my branch and asked them.

Penkoprod

Edited April 29, 2011 by Penkoprod

[Penkoprod]

I think the online SWIFT payments are a feature of HSBC offshore and HSBC business accounts.

(for which you would be spending far more money than HiFx costs)

Normal UK accounts don't have that feature.

I had occasion to go into my account, as its end of month moving of balances time for me, and, while there, i checked this online banking thing out in a little more depth. Just log onto your internet banking and click on the Help Centre, and all will be revealed.

Upshot is.... it CAN be done from a bog standard account....nothing fancy.

Its just a case of making the Thai bank account the beneficiary, providing the proper beneficiary code (get that from Thai bank, or Google i would think) and marrying the 2 together.

Still a couple of things i am unsure about, though......thats the need for any transaction to be done within UK banking hours, and how to set it up so its just a case of a few button clicks, and key presses to process future transfers.

Penkoprod

Penkoprod

Edited April 30, 2011 by Penkoprod