Transferring Funds Regularly From The Uk To Thailand

[qpgwmh]

I'd like to know if with my in-laws' bank details I can set up a PayPal account for them that I can manage from the UK to transfer funds between my Paypal account and 'their' account. I could then withdraw it to their bank for them and they could pick it up at the counter.

I'm sure there are other good options; I've been having a read on here and it seems that in the US it is possible to transfer via BKK bank, but not in the UK? Initially I will be sending approximately £1,200, but then on a monthly basis will be sending c.£50.

In the past they had my flex account card and just withdrew from the ATM when they needed to. I still have the flex account but realise now that it charges. It could still be the most cost effective though?

[cardholder]

For £50 the Flex account card may still be best.

[CharlieH]

I transfer money regularly into Bangkok Bank LONDON, they send it through to Bangkok Bank Account in Thailand. Cost 20 quid, takes about 4 days, 3 for UK to banks to get it into London and 24 hrs for Bangkok bank to move it to Thailand.

Much easier and alot cheaper than using Paypal !

[tomallison]

I transfer money regularly into Bangkok Bank LONDON, they send it through to Bangkok Bank Account in Thailand. Cost 20 quid, takes about 4 days, 3 for UK to banks to get it into London and 24 hrs for Bangkok bank to move it to Thailand.

Much easier and alot cheaper than using Paypal !

I do not see much advantage of going via BKK Bank in London. I can do a SWIFT transfer from UK for 20 pounds. The funds are in the Thai bank the next day. I believe Halifax do a better deal with SWIFT. But as previously stated, with the amounts you quote a Debit/Credit card used for withdrawel across the bank counter may be the cheapest method.

[CharlieH]

I transfer money regularly into Bangkok Bank LONDON, they send it through to Bangkok Bank Account in Thailand. Cost 20 quid, takes about 4 days, 3 for UK to banks to get it into London and 24 hrs for Bangkok bank to move it to Thailand.

Much easier and alot cheaper than using Paypal !

I do not see much advantage of going via BKK Bank in London. I can do a SWIFT transfer from UK for 20 pounds. The funds are in the Thai bank the next day. I believe Halifax do a better deal with SWIFT. But as previously stated, with the amounts you quote a Debit/Credit card used for withdrawel across the bank counter may be the cheapest method.

The ADVANTAGE for me is that being in Thailand I can do what I need online, my UK bank does not offer SWIFT transfers via online banking.

If a person were in the UK at time of transfer then you may be right. For ease I prefer to do everything online.

[personchester]

I transfer money regularly into Bangkok Bank LONDON, they send it through to Bangkok Bank Account in Thailand. Cost 20 quid, takes about 4 days, 3 for UK to banks to get it into London and 24 hrs for Bangkok bank to move it to Thailand.

Much easier and alot cheaper than using Paypal !

I do not see much advantage of going via BKK Bank in London. I can do a SWIFT transfer from UK for 20 pounds. The funds are in the Thai bank the next day. I believe Halifax do a better deal with SWIFT. But as previously stated, with the amounts you quote a Debit/Credit card used for withdrawel across the bank counter may be the cheapest method.

Yes, SWIFT is OK (quick and efficient) I pay 18 pounds per transfer, but if one wants to transfer 50 pounds monthly as the OP suggested then SWIFT is of course far too expensive, thus other transfer methods must be found, there are of course many other ways, keep on searching.

[cerbera]

I use gcen in the uk. refernce 1651 0100 for thailand. Free to send, takes a few days and better rates. This is a real no brainer

[CHANGOVER]

I use gcen in the uk. refernce 1651 0100 for thailand. Free to send, takes a few days and better rates. This is a real no brainer

Interesting, what is "GCEN" how does it work and what is the reference?

[peter124]

Hi there,

Why don't you have a look at Hargreaves Lansdown, they are a UK firm based in Bristol and have a regular currency transfer service. I've used it for three years now and all has been ok.

Peter

[CHANGOVER]

Hi there,

Why don't you have a look at Hargreaves Lansdown, they are a UK firm based in Bristol and have a regular currency transfer service. I've used it for three years now and all has been ok.

Peter

Why not expand on that. What do they charge, is there a minimum...Would it be cheaper for OP to send £50/m with them?

[englishinsiam]

For the £1500 use a Currency exchange Company like www.SmartCurrencies.com or www.WorldwideCurrencies.com both are UK based I have used them both and they are fast and easy to deal with.

For the £50 a month use www.easymoneytransfer.eu it's a service Via Paypal for small cash transfers directly into Thai Bank accounts or phone Credit for thai phones.

[flying]

If you were going to do transfers on a regular basis....

Wouldn't it be the most cost effective to open a separate account in teh Uk

that does not charge for ATM withdrawals.

Then send them the ATM card without the PIN#

After they get the card give them the PIN# over the phone

Then you can fund the account as needed & they can withdraw on their end

Just a thought & I do not know if the UK offers a ATM card without international withdrawal fees.

Good Luck

[beekaykay]

For the £1500 use a Currency exchange Company like www.SmartCurrencies.com or www.WorldwideCurrencies.com both are UK based I have used them both and they are fast and easy to deal with.

Yes agreed www.SmartCurrencies.com are very professional and a great service

But a better and easier online service and with the best rates is: http://www.caxtonfx.com/

These guys will solve all your problems as long as you have a bank acct in the UK and a bank acct in Thailand in YOUR name, min transfer is £100 and upto £20,000 with NO FEES, they just take a cut of the exchange which works out FAR cheaper than using your atm card in Thailand they also offer the best rates out of all the others in the same game) I have used them for 2 years now and never had a problem takes me 3 work days to get my money from Santander to Kasikorn:)

[CHANGOVER]

For the £1500 use a Currency exchange Company like www.SmartCurrencies.com or www.WorldwideCurrencies.com both are UK based I have used them both and they are fast and easy to deal with.

Yes agreed www.SmartCurrencies.com are very professional and a great service

But a better and easier online service and with the best rates is: http://www.caxtonfx.com/

These guys will solve all your problems as long as you have a bank acct in the UK and a bank acct in Thailand in YOUR name, min transfer is £100 and upto £20,000 with NO FEES, they just take a cut of the exchange which works out FAR cheaper than using your atm card in Thailand they also offer the best rates out of all the others in the same game) I have used them for 2 years now and never had a problem takes me 3 work days to get my money from Santander to Kasikorn:)

They sound the best so far and have tried a couple including Moneybookers which had an exhorbitant hidden exchange rate. I will give then a go, I'm with Santander also. Can you give an example of how they earn out of the exchange rate say for the lowest amount of £100, what would the amount be?

Edited May 21, 2011 by CHANGOVER

[citizen33]

Somebody asked about 'no fee' UK ATM cards in a post above. The two I know about are Norwich & Peterborough and Metro Bank, but both have certain drawbacks. N&P has been poorly managed and is about to be taken over by Yorkshire Building Society, which may affect the 'no fees' offer. The Classic account that offers the deal also requires a minimum payment in of £500 a month, perhaps not a lot but inconvenient if you should ever forget. A Metro account can only be opened in person at one of the bank's London branches. No interest is payable on balances in Metro accounts. Otherwise the deal in both cases seems similar to the old NW one, with the remaining hurdle of the Thai 150 baht ATM charge or being restricted to using Aeon ATMs (when they work). Has anybody any first-hand experience of N&P or Metro, or are there other options?

Just as a supplementary, we all have theories about the best regular means of transfer (I prefer Halifax SWIFT), but what is the best approach if you make a trip to the UK and have the chance to bring back sterling on your person? This would save the SWIFT fee but might, it seemed to me, lead to you getting a lower exchange rate. Would it be best to just pay sterling into your Thai bank account and let the bank do the exchange (in my case TMB)? Or is it better to change the money first before paying into your account, perhaps bringing 50s and going to somewhere like Super Rich? Is it even worth bringing cash to save on the SWIFT fee?

Edited May 21, 2011 by citizen33

[Penkoprod]

For the £1500 use a Currency exchange Company like www.SmartCurrencies.com or www.WorldwideCurrencies.com both are UK based I have used them both and they are fast and easy to deal with.

Yes agreed www.SmartCurrencies.com are very professional and a great service

But a better and easier online service and with the best rates is: http://www.caxtonfx.com/

These guys will solve all your problems as long as you have a bank acct in the UK and a bank acct in Thailand in YOUR name, min transfer is £100 and upto £20,000 with NO FEES, they just take a cut of the exchange which works out FAR cheaper than using your atm card in Thailand they also offer the best rates out of all the others in the same game) I have used them for 2 years now and never had a problem takes me 3 work days to get my money from Santander to Kasikorn:)

Caxton will take AT LEAST 1.5 Baht per GBP...sometimes as much as 2 Baht as a markup

The rates that i was getting off them, when the Pound stood at around 49.0 - 49.5 at the beginning of April was around 47.5

Thats SOME sizable chunk.....no? Bordering on gouging, in fact

And as for no fees, that might be true for ATMs, but when its used in a store they (Caxton) levy whats called an "FX Markup" which works out at about 5%.

And, BTW, the minimum TOP UP is £100, not the transfer. And only £300 per ATM transaction

Hardly a recommendation, is it?

Like with all of these things, the devil is in the detail.

Penkoprod

[CHANGOVER]

So sending £1000 to one's Thai bank could cost 2000 baht?

I cannot believe that. What do you say beekaykay? You've used them for 2 years.

[cardholder]

Just as a supplementary, we all have theories about the best regular means of transfer (I prefer Halifax SWIFT), but what is the best approach if you make a trip to the UK and have the chance to bring back sterling on your person? This would save the SWIFT fee but might, it seemed to me, lead to you getting a lower exchange rate. Would it be best to just pay sterling into your Thai bank account and let the bank do the exchange (in my case TMB)? Or is it better to change the money first before paying into your account, perhaps bringing 50s and going to somewhere like Super Rich? Is it even worth bringing cash to save on the SWIFT fee?

At £9.50 a time the Halifax transfer saves the hassle AND risk of carrying and converting cash.

[Cobalt60]

www.fairfx.com is worth a look