Money Transfer From Uk To Thailand

[SantiSuk]

hi ,

i've caught this thread a bit late but maybe someone will read this,

i think with buying a car here the finance company will keep the registration book and a set of keys until the finance is paid off, are you getting a thai driving licence ? and is the insurance covered for you ?

you can get a bank account and driving licence and residence certificates all on tourist visas if that's what you have ?

with your getting 3300 pounds worth of baht - did you get a cash advance from the bank or was it a transfer set up from thailand ?

also with the guy who gets 9 pound transfers from the u.k with halifax does anyone know if barclays or nationwide flex accounts do similar for overseas transfers ? i thought swift transfers were the only option ?

i have a bangkok bank savings account and i have used there london branch to transfer money to thailand but do i need to do it that way ? can't i just use my account number and swift code ?

i need to start looking into transferring money into thailand and finding out options and best method, i'm not sure how banking works and want the chespest way.

i have noticed recently that when i use atm's they are stating the rate i will receive and different banks are better than others ? i thought that my bank in the u.k delt with that and rates were set by visa or mastercard ?

i'm a bit confused sometimes and any help appreciated,

good luck and congratulations with the baby, we have a one year old daughter.

chris

Chris, most of your questions will be answered in the Jobs, Economy and Banking Forum.

I believe Halifax is cheapest, and yes you can just use your account number and SWIFT code to transfer to BB Thailand, but I don't know if it is more expensive or cheaper than through BB London.

The charges for your bank, Barclays and Nationwide Flex should be on their websites.

Halifax's bank charges for money transfers are excellent at £9, but they get it back with a poor exchange rate. It's usually appreciably worse than HSBC for instance (I monitor both and on Tuesday 7th June for instance Halifax were quoting 47.47 and HSBC 48.49 for bank to foreign bank transfers). Unless you are transferring small amounts HSBC will be cheaper even with its £30 (non-Premier customer) charge. Don't choose a bank for exchange purposes just by it's charges.

With HSBC (definitely) and Halifax (maybe - it looks that way on their web-site, but I have never used them because of the rates), even if you specify that you want to pay GBP, the UK bank will do the translation at its own rate and send baht. I don't know whether this applies to all UK high street banks.

Unfortunately it would take some real effort on the part of one individual or a coordinated effort by many individuals to discover which is actually the cheapest bank and even then it probably varies from day to day.All you get on threads like this is people peddling their own pet route confident that they have the perspicacity to have the best but in reality based on imperfect knowledge of the whole market

[JusticeFT96]

There are some paranoid people on here, I understand some have had their fingers burnt in the past but maybe if you find someone in your own age bracket and not someone who is after you for just money for you to look after them you will find that they are not out to get your money and are quite happy to actually be with you and are not just putting on a brave face.

I am young, my girlfriend is young and we are very happy together and are looking at moving to the UK after the baby is born to give the baby a better education. Thanks for your concerns but maybe if you are so paranoid about thai ladies you shouldnt be here at all.

[theoldgit]

Halifax's bank charges for money transfers are excellent at £9, but they get it back with a poor exchange rate. It's usually appreciably worse than HSBC for instance (I monitor both and on Tuesday 7th June for instance Halifax were quoting 47.47 and HSBC 48.49 for bank to foreign bank transfers). Unless you are transferring small amounts HSBC will be cheaper even with its £30 (non-Premier customer) charge. Don't choose a bank for exchange purposes just by it's charges.

When I used to use Halifax for my transfers I would always instruct that they transfer GBP's, thus getting the better local rate, is this no longer an option?

[PattayaParent]

Halifax's bank charges for money transfers are excellent at £9, but they get it back with a poor exchange rate. It's usually appreciably worse than HSBC for instance (I monitor both and on Tuesday 7th June for instance Halifax were quoting 47.47 and HSBC 48.49 for bank to foreign bank transfers). Unless you are transferring small amounts HSBC will be cheaper even with its £30 (non-Premier customer) charge. Don't choose a bank for exchange purposes just by it's charges.

When I used to use Halifax for my transfers I would always instruct that they transfer GBP's, thus getting the better local rate, is this no longer an option?

And when I had a HSBC account I used to instruct transfers in GBP and receive them in GBP at my Thai bank.

Edit: closed the account a couple of years ago though so don't know if there's a recent change.

[Upnotover]

Actually my g/f doesnt care about having it in her name, every time I asked to put it in my name she never got angry or anything and asked the guy at the showroom and it was him who didnt want to put it in my name.

Will ask today about the insurance and at the moment I only have a UK driving licence. Do I need a thai driving licence? Is there any benefits of getting one and is it really needed?

Yes, Yes and Yes.

Unless you want to drive illegally and have no insurance cover?

And be sure to get an International Driving Permit in UK as well as that makes getting the Thai license easier.

Getting an IDP will not make getting a Thai license any easier - a UK license is accepted when going for a Thai license because it is already in English. A Thai license is definitely required if your going to be here any length of time.

As someone who only had an English license and no IDP I can assure you that's incorrect.

I had to do the practical and written test to get my Thai license whereas it is not necessary if you have an IDP.

Also you can legally drive for 3 months with an IDP while an English license is not accepted for driving temporarily.

The only thing that anyone can be assured about is the lack of consistency with the application of the rules here. I received a Thai car driving license in June 2009 and my UK car driving license (EU photo-style) was accepted without the need for either practical or written tests. The only test was the eyesight and reaction tests which everybody does. I took a quick poll of some friends (all originally with UK licenses) and not a single one ever did the actual driving test.

[PattayaParent]

Yes, Yes and Yes.

Unless you want to drive illegally and have no insurance cover?

And be sure to get an International Driving Permit in UK as well as that makes getting the Thai license easier.

Getting an IDP will not make getting a Thai license any easier - a UK license is accepted when going for a Thai license because it is already in English. A Thai license is definitely required if your going to be here any length of time.

As someone who only had an English license and no IDP I can assure you that's incorrect.

I had to do the practical and written test to get my Thai license whereas it is not necessary if you have an IDP.

Also you can legally drive for 3 months with an IDP while an English license is not accepted for driving temporarily.

The only thing that anyone can be assured about is the lack of consistency with the application of the rules here. I received a Thai car driving license in June 2009 and my UK car driving license (EU photo-style) was accepted without the need for either practical or written tests. The only test was the eyesight and reaction tests which everybody does. I took a quick poll of some friends (all originally with UK licenses) and not a single one ever did the actual driving test.

Agreed!!!

I applied in Pattaya.

[meatboy]

There are some paranoid people on here, I understand some have had their fingers burnt in the past but maybe if you find someone in your own age bracket and not someone who is after you for just money for you to look after them you will find that they are not out to get your money and are quite happy to actually be with you and are not just putting on a brave face.

I am young, my girlfriend is young and we are very happy together and are looking at moving to the UK after the baby is born to give the baby a better education. Thanks for your concerns but maybe if you are so paranoid about thai ladies you shouldnt be here at all.

i wonder what kind of brave face my wife puts on every day,i am 20years older than her,been married 21years,she owns a house in uk.6mill.bht house in los.has income from rental uk,interest from savings,me i just get state pension so i am quite happy for her to keep me,you need a wake up call dont dismiss all what has been posted,good luck.

[NanLaew]

Thai banking accounts for foreigners is as nebulous as Thai driving licenses for foreigners.

The OP has the banking bit sorted. Now I suggest he check on the Driving forum and maybe post a question about exactly what is needed at the LTO in Surin. The rules and regulations change frequently and locally and posting Pattaya, Udon or Nakhon Nowhere experiences no matter how recent is totally irrelevant.

Enjoy driving. Keep a few hundred baht in the sun visor for the Highway Patrol BS-Band radar traps and you'll be right.

[JusticeFT96]

There are some paranoid people on here, I understand some have had their fingers burnt in the past but maybe if you find someone in your own age bracket and not someone who is after you for just money for you to look after them you will find that they are not out to get your money and are quite happy to actually be with you and are not just putting on a brave face.

I am young, my girlfriend is young and we are very happy together and are looking at moving to the UK after the baby is born to give the baby a better education. Thanks for your concerns but maybe if you are so paranoid about thai ladies you shouldnt be here at all.

i wonder what kind of brave face my wife puts on every day,i am 20years older than her,been married 21years,she owns a house in uk.6mill.bht house in los.has income from rental uk,interest from savings,me i just get state pension so i am quite happy for her to keep me,you need a wake up call dont dismiss all what has been posted,good luck.

I have read and listened to all the horror stories about thai women and I did not say older people with yonger women could not work I said there are paranoid people on here and it is more than often an old man with a young woman who throws his money at her, buys her everything then she buggers off and leaves him.

I am not rich but we live a good life and it sounds like you do too, congratulations.

NamLaew, thank you I will post on there shortly.

[SantiSuk]

Halifax's bank charges for money transfers are excellent at £9, but they get it back with a poor exchange rate. It's usually appreciably worse than HSBC for instance (I monitor both and on Tuesday 7th June for instance Halifax were quoting 47.47 and HSBC 48.49 for bank to foreign bank transfers). Unless you are transferring small amounts HSBC will be cheaper even with its £30 (non-Premier customer) charge. Don't choose a bank for exchange purposes just by it's charges.

When I used to use Halifax for my transfers I would always instruct that they transfer GBP's, thus getting the better local rate, is this no longer an option?

And when I had a HSBC account I used to instruct transfers in GBP and receive them in GBP at my Thai bank.

Edit: closed the account a couple of years ago though so don't know if there's a recent change.

You cannot transfer GBP online with HSBC. They ask you how many GBP you want to transfer and then convert it for you at their rate. I think you are right that you were once able to. Maybe somebody else knows different?

Maybe you can do it if you instruct over the phone (probably increases the charges). Always pleased to hear of alternative routes.

The cheapest way for me has always been to bring £50 notes (320 notes get a bit voluminous) and do a 10 minute run around of lower Sukhumvit to find the best street exchange rate. Only works if you are travelling regularly and are confident you will not get robbed on the way from your UK bank to the Thai exchange bureau.

[chris5346]

i've had a look on the halifax web site and they have a demo :

http://www.onlinebankingdemo.co.uk/launchhalifax.html?ibdm=11

it looks like you can select how many baht or pounds equivalent not pounds only ?

so it looks like halifax use there exchange rate ?

has anyone used halifax online transfer and checked to see if they are getting the higher thai bank conversion rate ?

also it says that halifax charge 20 pounds for a draft .

looks like there's no cheaper way to send money ?

i've started using a santander zero credit card - but i need to check what rates i'm receiving.

[theoldgit]

The cheapest way for me has always been to bring £50 notes (320 notes get a bit voluminous) and do a 10 minute run around of lower Sukhumvit to find the best street exchange rate. Only works if you are travelling regularly and are confident you will not get robbed on the way from your UK bank to the Thai exchange bureau.

Of course if you go down this route you must declare to HMRC if you have the equivalent of, more than 10,000 Euros in cash, banker’s drafts, cheques and traveller’s cheques in your possession.

[Ricardo]

You cannot transfer GBP online with HSBC. They ask you how many GBP you want to transfer and then convert it for you at their rate. I think you are right that you were once able to. Maybe somebody else knows different?

Sorry to disagree, but I have HSBC-Premier online-banking in Jersey-C.I., and regularly make transfers of both GBP and US$ to my THB-account at SCB in Thailand, HSBC definitely do not convert it to THB at their rates, it's converted on-arrival by SCB at significantly-better rates.

[SantiSuk]

The cheapest way for me has always been to bring £50 notes (320 notes get a bit voluminous) and do a 10 minute run around of lower Sukhumvit to find the best street exchange rate. Only works if you are travelling regularly and are confident you will not get robbed on the way from your UK bank to the Thai exchange bureau.

Of course if you go down this route you must declare to HMRC if you have the equivalent of, more than 10,000 Euros in cash, banker’s drafts, cheques and traveller’s cheques in your possession.

Hmmm - I should have pressed shift when I hit the 3 key. I meant "£20 notes" - not "320 notes" x £50!!

Nonetheless your warning is useful - not something I knew about - and me the ex-accountant and all that

[SantiSuk]

You cannot transfer GBP online with HSBC. They ask you how many GBP you want to transfer and then convert it for you at their rate. I think you are right that you were once able to. Maybe somebody else knows different?

Sorry to disagree, but I have HSBC-Premier online-banking in Jersey-C.I., and regularly make transfers of both GBP and US$ to my THB-account at SCB in Thailand, HSBC definitely do not convert it to THB at their rates, it's converted on-arrival by SCB at significantly-better rates.

You are not disagreeing - you are saying that HSBC Premier CI allows you to do that online. I was saying that HSBC Premier UK online does not, or at least that's how it seems to me from their website. If someone with a UK HSBC Premier acc can tell me how it's done on-line then I'll be very happy to be shown to be wrong and I'll give it a whirl.

However I now have my Thai HSBC Premier account fully up and running. So far I have found HSBC's internal global transfer exchange rates much better than their rates for HSBC to other Thai banks transfers (and their internal transfers come with no transfer charges at either end for Premier customers). This was a welcome but curious finding; their indicative global transfer rates had in fact been relatively poor, but on the basis of two test transfers this month their global inter-HSBC rate has been at least 1.3 baht better in out-turn than the rate indicated at the time of transaction and 1 baht better than their HSBC to Thai bank exchange rate. On 9th June I did a £7,000 transfer to my HSBC Thailand account at 49.4 - pretty good I reckon.

[kjhbigv]

Actually my g/f doesnt care about having it in her name, every time I asked to put it in my name she never got angry or anything and asked the guy at the showroom and it was him who didnt want to put it in my name.

Will ask today about the insurance and at the moment I only have a UK driving licence. Do I need a thai driving licence? Is there any benefits of getting one and is it really needed?

Yes, Yes and Yes.

Unless you want to drive illegally and have no insurance cover?

And be sure to get an International Driving Permit in UK as well as that makes getting the Thai license easier.

Getting an IDP will not make getting a Thai license any easier - a UK license is accepted when going for a Thai license because it is already in English. A Thai license is definitely required if your going to be here any length of time.

As someone who only had an English license and no IDP I can assure you that's incorrect.

I had to do the practical and written test to get my Thai license whereas it is not necessary if you have an IDP.

Also you can legally drive for 3 months with an IDP while an English license is not accepted for drinving temporarily.

That is strange, to get my 1 years Thai temporary driving licence (I apply for the 5 year one at the end of this 1 year one), all I had to do was get a medical certificate, produce my standard UK driving licence and a proof of residency (which I got from Embassy but cheaper from immigration), do the silly practical test of colour blindness, the stupid brake test thing and that was it!

Any benefits? Yes, the insurance company will pay out if you need to claim and get into attractions/parks etc for the same price as a Thai!

[kjhbigv]

You cannot transfer GBP online with HSBC. They ask you how many GBP you want to transfer and then convert it for you at their rate. I think you are right that you were once able to. Maybe somebody else knows different?

Sorry to disagree, but I have HSBC-Premier online-banking in Jersey-C.I., and regularly make transfers of both GBP and US$ to my THB-account at SCB in Thailand, HSBC definitely do not convert it to THB at their rates, it's converted on-arrival by SCB at significantly-better rates.

You are not disagreeing - you are saying that HSBC Premier CI allows you to do that online. I was saying that HSBC Premier UK online does not, or at least that's how it seems to me from their website. If someone with a UK HSBC Premier acc can tell me how it's done on-line then I'll be very happy to be shown to be wrong and I'll give it a whirl.

However I now have my Thai HSBC Premier account fully up and running. So far I have found HSBC's internal global transfer exchange rates much better than their rates for HSBC to other Thai banks transfers (and their internal transfers come with no transfer charges at either end for Premier customers). This was a welcome but curious finding; their indicative global transfer rates had in fact been relatively poor, but on the basis of two test transfers this month their global inter-HSBC rate has been at least 1.3 baht better in out-turn than the rate indicated at the time of transaction and 1 baht better than their HSBC to Thai bank exchange rate. On 9th June I did a £7,000 transfer to my HSBC Thailand account at 49.4 - pretty good I reckon.

Just a quick one, if you bank with Lloyds TSB in the UK, they charge GBP20.00 (but are bringing in online transfers you can do yourself for GBP15.00), always get it sent over as Sterling (you have to request this) to get a much better rate from a bank over here! Also, only takes 2 days to clear into my Bangkok Bank account.

[SantiSuk]

You cannot transfer GBP online with HSBC. They ask you how many GBP you want to transfer and then convert it for you at their rate. I think you are right that you were once able to. Maybe somebody else knows different?

Sorry to disagree, but I have HSBC-Premier online-banking in Jersey-C.I., and regularly make transfers of both GBP and US$ to my THB-account at SCB in Thailand, HSBC definitely do not convert it to THB at their rates, it's converted on-arrival by SCB at significantly-better rates.

You are not disagreeing - you are saying that HSBC Premier CI allows you to do that online. I was saying that HSBC Premier UK online does not, or at least that's how it seems to me from their website. If someone with a UK HSBC Premier acc can tell me how it's done on-line then I'll be very happy to be shown to be wrong and I'll give it a whirl.

However I now have my Thai HSBC Premier account fully up and running. So far I have found HSBC's internal global transfer exchange rates much better than their rates for HSBC to other Thai banks transfers (and their internal transfers come with no transfer charges at either end for Premier customers). This was a welcome but curious finding; their indicative global transfer rates had in fact been relatively poor, but on the basis of two test transfers this month their global inter-HSBC rate has been at least 1.3 baht better in out-turn than the rate indicated at the time of transaction and 1 baht better than their HSBC to Thai bank exchange rate. On 9th June I did a £7,000 transfer to my HSBC Thailand account at 49.4 - pretty good I reckon.

Just a quick one, if you bank with Lloyds TSB in the UK, they charge GBP20.00 (but are bringing in online transfers you can do yourself for GBP15.00), always get it sent over as Sterling (you have to request this) to get a much better rate from a bank over here! Also, only takes 2 days to clear into my Bangkok Bank account.

Have discovered I was talking out of my bottom about not being able to send GBP from HSBC accounts. If you set up a new payee you are given the option of which currency to set it in. My mistake was because way back I must have set up my payee account with Bangkok Bank on the basis I would send Thai baht. Once you have set it up to receive Thai baht you are given two options every time you select that payee - to select either a given number of baht or a given number of £ for HSBC to do the conversion at their rate.

Sorry for being so misleading. I guess Halifax will also allow you to send GBP also.

Now all I need to do is find out what Bangkok bank's exchange rates are compared to the global transfer rate that HSBC gives to those of us with UK and Thai HSBC accounts. Have a feeling someone way back said you can see those on-line. A bit of googling is called for. I'll get there in the end.

[theoldgit]

This site gives you a good idea of the current rates of the various banks http://bankexchangerates.daytodaydata.net/default.aspx

[chris5346]

hi,

easy to find bangkok banks info. if you haven't already found it :

http://www.bangkokbank.com/Bangkok%20Bank%20Thai/Pages/main.aspx

select english then on the right hand side of home page there's a small table with 'more' at the bottom - press more link and gives you the daily rates.

when i transferred money from the u.k i went through bangkok banks london branch and i received the TT rate as shown , other charges were 25 pounds i think from the u.k side and 500 baht thai side.

[SantiSuk]

hi,

easy to find bangkok banks info. if you haven't already found it :

http://www.bangkokba...Pages/main.aspx

select english then on the right hand side of home page there's a small table with 'more' at the bottom - press more link and gives you the daily rates.

when i transferred money from the u.k i went through bangkok banks london branch and i received the TT rate as shown , other charges were 25 pounds i think from the u.k side and 500 baht thai side.

Thanks for the info to the last 2 posters. That confirms that sending GBP to a BKK Bank account is cheaper than sending THB to a BKK Bank account (or at least it is for the three UK banks that I monitor). If I am right in my assumption that the receiving BKK Bank will convert using the buying TT rate then the rates when I looked at them just now (9pm Thai time 13 June) are:

GBP sent as GBP to BKK Bank 49.01

GBP converted into THB, and sent, by HSBC UK to BKK Bank 48.37. The rate they quote is what you always get.

GBP converted into THB, and sent, by Halifax UK to BKK Bank 48.29 (this is called an illustrative rate by Halifax; maybe it is higher if you proceed but why would you at this rate?!)

GBP converted into THB, and sent, by Lloyds TSB UK to BKK Bank 48.15 (this is also called an illustrative rate)

GBP converted into THB, and sent by, HSBC UK to HSBC Thailand account under a global transfer 49.37 (but this is my assumption based on finding previously that HSBC's global transfer rate is 1 baht better than their other bank transfer rate - I can't guarantee it always applies).

If you insisted on sending THB, then HSBC's higher bank charges would probably swallow up the rate improvement over Halifax/Lloyds for transfers less than say £1,000, unless you are lucky enough to have sufficient dosh to operate HSBC Premier status. But the informed should always send GBP anyway.

Relevant bank charges are:

Charges to send money (GBP or THB) to say Bangkok Bank by HSBC: £30 flat rate (£17 for Premier customers)

Charges to send money (GBP or THB) to say Bangkok Bank by Halifax: £7.50 flat rate (this limited offer started in the last few days - normally £9.50)

Charges to send money (GBP or THB) to say Bangkok Bank by Lloyds: flat rate £20 (but coming down to £15 per kjhbigv)

Charges to transfer money from UK HSBC account to Thai HSBC account: £5 flat rate (free to Premier customers)

Charges by BKK Bank on receipt of GBP or THB from a UK Bank: varies according to amount received; from my observations runs from about 500 baht for smaller amounts - say £1,000 - to about 950 baht for £7,000

I used BKK bank as an illustration because I now know their conversion rates and I have used them as a receiving bank extensively before, so I also know their receiving charges. Other Thai banks will have different conversion rates and receiving charges so I am not promoting BKK Bank as the best receiving account to have. The sending bank charges will of course be the same whichever Thai bank you send to (unless you are sending it to their own Thai branch as in the case of HSBC).

HSBC Premier to HSBC Premier looks like its the best if my two trial sendings this month are representative (bloody typical - those that already have dosh get their dosh cheaper). If you don't have a Premier account then HSBC non-Premier to non-Premier is the cheapest on paper but you will find that the cost of operating a Thai HSBC account outruns the cost of operating a local bank account unless you have appreciable cash balances so that the the best 'regular' UK bank of the 3 to send money from is Halifax. In all cases the mantra everyone has repeated is correct - send GBP - do not let the UK bank do the conversion for you.

PS - I am anal about this because I intend to bring some reasonably sizeable monies in for investment if things are stable after the elections.

[SantiSuk]

Additional info:

Conversion rates that would apply today (10:00am Thaia time) if you sent GBP to a Thai bank:

Bangkok Bank: 49.545

Kasikorn: 49.525

HSBC: 48.95

Siam Commercial Bank: their website link is bust

[robbo1957]

You cannot transfer GBP online with HSBC. They ask you how many GBP you want to transfer and then convert it for you at their rate. I think you are right that you were once able to. Maybe somebody else knows different?

Sorry to disagree, but I have HSBC-Premier online-banking in Jersey-C.I., and regularly make transfers of both GBP and US$ to my THB-account at SCB in Thailand, HSBC definitely do not convert it to THB at their rates, it's converted on-arrival by SCB at significantly-better rates.

You are not disagreeing - you are saying that HSBC Premier CI allows you to do that online. I was saying that HSBC Premier UK online does not, or at least that's how it seems to me from their website. If someone with a UK HSBC Premier acc can tell me how it's done on-line then I'll be very happy to be shown to be wrong and I'll give it a whirl.

However I now have my Thai HSBC Premier account fully up and running. So far I have found HSBC's internal global transfer exchange rates much better than their rates for HSBC to other Thai banks transfers (and their internal transfers come with no transfer charges at either end for Premier customers). This was a welcome but curious finding; their indicative global transfer rates had in fact been relatively poor, but on the basis of two test transfers this month their global inter-HSBC rate has been at least 1.3 baht better in out-turn than the rate indicated at the time of transaction and 1 baht better than their HSBC to Thai bank exchange rate. On 9th June I did a £7,000 transfer to my HSBC Thailand account at 49.4 - pretty good I reckon.

Just a quick one, if you bank with Lloyds TSB in the UK, they charge GBP20.00 (but are bringing in online transfers you can do yourself for GBP15.00), always get it sent over as Sterling (you have to request this) to get a much better rate from a bank over here! Also, only takes 2 days to clear into my Bangkok Bank account.

TSB make me Fax my transfer to them and i also have to use a special code that has being pre-set for each transfer I do about £10.000 at a time and they charge me about £75.00 when will they open the online transfer facility,It also took me a long time to get it arranged,as they said they do not deal with Banks that do not have IBAN No,it was only till i threatened to close my account that the agreed to start doing transfers.

Glad I have noticed you post as i came on to look at various option, don't realy want to change banks as i am set in my ways being using Lloyd's for over 30 years,would be grateful for more info on your post