Transfering Money To Thailand From Uk

[Simbo]

I have lived in LOS for 9 years. For most of these, I enjoyed free ATM withdrawls from Nationwide.BS. With the changes, it has become expensive now.

I started putting cheques in the bank. this worked and was very resonably priced. However, the last cheque was returned unpaid. no explanation given as to why. I contacted the Kasikorn bang in BKK and was told that they stopped doing this for security reasons. They said the would do it this time, if I got a letter from immigration, verifying I am here legally. My passport is all stamped up to date, which the bank checked.

Is there a better way of getting my living expenses over here. Any advice appreciated.

Simbo

[Artamus]

Depends what you mean by "better". It's not clear from your posting if you have an account here. You can transfer funds with a bank transfer from UK to Thailand (for a fee). I transmit pounds and am charged 20 quid at the UK end (so I do it only once every 3 months or so). No charge this end, where pounds are convented to baht at the current rate. I've been doing this for several years and only had issues (questions from Thai bank) once when I transfered more than 5,000 pounds.

[CharlieH]

Open a Bangkok Bank account, transfer your money from your UK account to Bangkok Bank in London, they'll then transfer it to your Bangkok Bank account in Thailand.

Transfer in sterling to change into baht in Thailand. cost 20 quid each time but very efficient and in your account within 24 hrs of hitting London branch.

Good service and worth it if like me you use it every month or so. Depends on how much and how frequent you need, to be cost effective.

Edited July 7, 2011 by CharlieH

[bifftastic]

I was also looking at the Bangkok Bank London branch method, a quick question...

There are two methods, first, as you say, 20 quid charge, money is converted from GBP to THB in Thailand, the other, 15 quid, money is changed in the UK.

Does anyone know how different the exchange rates are for these two methods?

Thanks

[Tafia]

I was also looking at the Bangkok Bank London branch method, a quick question...

There are two methods, first, as you say, 20 quid charge, money is converted from GBP to THB in Thailand, the other, 15 quid, money is changed in the UK.

Does anyone know how different the exchange rates are for these two methods?

Thanks

You get a far better rate doing the exchange this end. Always Send Sterling and the Thai bank will convert.

I use Nationwide and as a previous poster said I transfer cash from my NW account every 2-3 mths depending on needs using their online SWIFT. not the cheapest ( 25quid) but safe and efficient. They say it takes 3-5 days but if applying mid week and before the UK Banks are open I usually get the money the following day (exclude weekends & holidays)

[bifftastic]

Thanks Taff, I know the exchange rate is better, but how much better?

I'm going to be using this method as soon as Bangkok Bank send me my internet banking information (got the letter, just waiting for the email!)

I won't be charged by my UK bank for the transfer to BB London account, so the decision is whether to go for the 15 quid or the 20 quid option, I guess it depends how much you'll be sending to make the difference count?

Anyone know what the difference between the two exchange rates is?

Thanks

[Tafia]

Thanks Taff, I know the exchange rate is better, but how much better?

I'm going to be using this method as soon as Bangkok Bank send me my internet banking information (got the letter, just waiting for the email!)

I won't be charged by my UK bank for the transfer to BB London account, so the decision is whether to go for the 15 quid or the 20 quid option, I guess it depends how much you'll be sending to make the difference count?

Anyone know what the difference between the two exchange rates is?

Thanks

As you know the rate varies changing sometimes a number of times a day so its difficult to give an exact figure. Tho it can add up if you are moving a large amount, I move cash every 2-3 mths. as i need it

A quick check would be to ask the UK bank - you want to transfer 1000 pounds in Thai Baht how much baht?

Then check the TT (telex transfer rate) at whatever bank you will be depositing today the TT rate at Kasikorn is 48.2 Its not an exact science but will give you a near as dam_n it...

you cannot really put a fixed rate, I made a mistake last week ordered a swift transfer on Fri TT rate was 49.4 money came monday at 48.5.

Midweek a little bit more predictable.

Sorry cant be any more help

Edited July 7, 2011 by Tafia

[nong38]

When I went back to the UK I changed over from Nationwide ( you may recall they now charge 2% + 1 GBP per withdrawal, then there is the 150bts). The situation now is that I am with Metrobank who not make overseas charges for withdrawals. I can go inside the bank with my card and passport and as long as keep my withdrawal under 300 GBP there is no charge, so, so far this good for me albeit I have to make more trips to the bank. If you are not going back to the UK this would not be much help, if you are or already there may be worth looking into as an alternative www.metrobankonline.co.uk

[bifftastic]

Thanks, I'll ask them the UK rate and check the Thailand rate, then see if it adds up to more than a fiver

As you say, depends how much the transfer is.

[Tafia]

Thanks, I'll ask them the UK rate and check the Thailand rate, then see if it adds up to more than a fiver

As you say, depends how much the transfer is.

Yeah the transfer and exchange all has to be thought about, thats why I transfer every 2-3 months it works out cheaper transferring this way by SWIFT and getting free withdrawals this end from your Thai bank; otherwise daily or even weekly withdrawals can turn out a lot more expensive using your UK card.

Have you tried getting counter withdrawals using your uk card (+passport), someone mentioned this before with no charge tho that may well have changed by now, might be worth asking.

[darrendsd]

Some of the charges quoted on posts for banks to transfer money to here are a rip off, I am with the Halifax and I pay 9.50 sterling to do a internet transfer to my Bangkok Bank branch here in Hua Hin.

I am not registered with the London branch of the BB however the money can be in my account here within a couple of hours, the last time I transfered some cash it reached my account within 10 minutes.

OP always get your bank to send the money in sterling, if you convert it into Baht at your UK bank you will lose 2-3 baht per pound plus the transaction fee, I learned this the hard way and won't make the same mistake again.

[bifftastic]

darrendsd, what are the charges at the Thai bank end?

I did this once, sent my wife some money direct from my Halifax account, they charged me £9.50 but Bangkok Bank also charged 500 baht (I think it was) at the receiving end.

Taff, I haven't tried the 'over the counter' thing, I'm currently in London, might give it a go next time, cheers

[Daveroc]

darrendsd, what are the charges at the Thai bank end?

I did this once, sent my wife some money direct from my Halifax account, they charged me £9.50 but Bangkok Bank also charged 500 baht (I think it was) at the receiving end.

Taff, I haven't tried the 'over the counter' thing, I'm currently in London, might give it a go next time, cheers

Charges applied by Banggkok bank if forwarded through the london office are;

Conversion done in London and Thai Baht remitted.

15 pounds and no further chaerges at the Thai end

Sterling remitted and conversion done in Thailand.

20 pounds and at the Thai end .25% of the amount transferred with a minimum of 200 baht and maximum of 500 baht

[bifftastic]

Thanks, yeah I've seen those

What I was asking about are the charges if you send directly from your UK account to your Thai account, without using Bangkok Bank London branch.

As darrendsd said, there's a £9.50 charge (from Halifax) at the UK end, but there's also a charge at the receiving end.

[Daveroc]

Thanks, yeah I've seen those

What I was asking about are the charges if you send directly from your UK account to your Thai account, without using Bangkok Bank London branch.

As darrendsd said, there's a £9.50 charge (from Halifax) at the UK end, but there's also a charge at the receiving end.

Bangkok Bank will charge .25% with a minimum of 200 baht and maximum of 500 baht

[darrendsd]

Hi I usually receive around 200-500 baht less than the rate advertised on xe.com, but never been sure if this is the Bangkok Bank charge or they give a lower rate than xe.com show, suppose I should check but to lazy.

Today I made a transfer of 952 pounds and received 45570, xe.com is showing a exchange rate of 45,939.

But don't all banks either charge or give a lower rate? I used to send my money to the Bank of Ayyuddaya [sp] and it was the same deal there.

[Tafia]

Hi I usually receive around 200-500 baht less than the rate advertised on xe.com, but never been sure if this is the Bangkok Bank charge or they give a lower rate than xe.com show, suppose I should check but to lazy.

Today I made a transfer of 952 pounds and received 45570, xe.com is showing a exchange rate of 45,939.

But don't all banks either charge or give a lower rate? I used to send my money to the Bank of Ayyuddaya [sp] and it was the same deal there.

Why only 45 Baht to the pound? Did you transefer in Baht?

The pound has dropped the last few days and is low at present kasikorn TT rate is 47.9 from 48.1 this morning

[Daveroc]

Hi I usually receive around 200-500 baht less than the rate advertised on xe.com, but never been sure if this is the Bangkok Bank charge or they give a lower rate than xe.com show, suppose I should check but to lazy.

Today I made a transfer of 952 pounds and received 45570, xe.com is showing a exchange rate of 45,939.

But don't all banks either charge or give a lower rate? I used to send my money to the Bank of Ayyuddaya [sp] and it was the same deal there.

I just checked the Xe.com and they show a rate of 48.2210. There is generally always going to be a slight difference. Banks set their retail rates maybe twice a day. The retail TT buy rate for BBL this afternoon is 47.87 as against 47.98 at 8.30am this morning. On the figures you have provided you received a rate 48.46, allowing for say 200 baht in charges.

If you are bringing larger amounts it does pay to ask the Bank if they can give a more favourable rate. On these ttransactions the up to the minute rates are applied. However bear in mind that the spread between the TT buy rate and the TTsell rate is only 58 points. Compare that to say my own country where the Banks have a spread of 180 points with which to negotiate shading a rate.

[darrendsd]

Hi I usually receive around 200-500 baht less than the rate advertised on xe.com, but never been sure if this is the Bangkok Bank charge or they give a lower rate than xe.com show, suppose I should check but to lazy.

Today I made a transfer of 952 pounds and received 45570, xe.com is showing a exchange rate of 45,939.

But don't all banks either charge or give a lower rate? I used to send my money to the Bank of Ayyuddaya [sp] and it was the same deal there.

Why only 45 Baht to the pound? Did you transefer in Baht?

The pound has dropped the last few days and is low at present kasikorn TT rate is 47.9 from 48.1 this morning

? It's not 45 to the pound it's just under 48, i transfered the money in sterling.

Edited July 8, 2011 by darrendsd

[Tafia]

It's not 45 to the pound it's just under 48, i transfered the money in sterlin

My mistake I read it wrong, yeah thats about the going rate, it would have been around 45 had you transferred in Baht

[darrendsd]

Looking at my post again maybe I didn't make it clear.

Excellent service again though with this transfer, in my BB account within 2 hours of making the transfer, not sure if the payments actually get sent to the BB London branch first as when I used to do it with the Bank of Ayuddaya it would take a minimum of 24 hours sometimes up to 3 days.

Edited July 8, 2011 by darrendsd

[chris5346]

hi,

i used to use nationwide but have changed to santander zero.

i applied online and got a card.

if you want to save the 150 baht atm charge then go inside a bank with your passport and ask for a cash advance (anti-laundering so limit of 300 pounds a day). you will receive the TT rate and no extra charges.

you can also use the card for purchases and you receive a good rate from large companies like tesco etc but i have noticed with some shops etc the conversion rate is less than the banks TT ( maybe there is a delay in the process time or something and rate changes ?)

one thing you have to do is pay off the cards cash balance asap because they charge for cash at over 25% (25p a day for 300 pounds)but if your organised with on-line banking you can avoid that.

chris

[OlafStapleton]

bangkok bank in london different bank to bangkok bank in thailand.

transfer from any bank in UK has same problem.

You get no advantage using bangkok bank in london for anything.

They use SWIFT same same everyone else.

Bangkok Bank in Thailand charge 200-500bht for all foreign incoming transfers.

But not shown anywhere in passbook or paperwork.

[ianguygil]

bangkok bank in london different bank to bangkok bank in thailand.

transfer from any bank in UK has same problem.

You get no advantage using bangkok bank in london for anything.

They use SWIFT same same everyone else.

Bangkok Bank in Thailand charge 200-500bht for all foreign incoming transfers.

But not shown anywhere in passbook or paperwork.

This is just not correct.

Our London Branch is just that. A wholly owned Branch of BBL, operating in the UK under the regulations of the FSA.

The customer transfers from the UK bank via a low cost local clearing mechanism (BACS) to our London Branch.

Then we make the transfer to our Head Office internally. We meet all bank regulations on both sides, and we base it on SWIFT formats, but we do not use theSWIFT network. The end benefits to our customers are a better effective FX rate through a combination of lower fees and a better rate.

We send you an SMS when the funds arrive. And you can get a breakdown of all charges upon request. However, it is the effective exchange rate that always matters THB/GBP = Effective Exchange Rate

Edited July 19, 2011 by ianguygil

[tdm]

Hi folks,

am i correct that before being able to transfer online to bangkok bank London that I first have to go into the branch or write to the branch in order to register and get a password?

many thanks.