Transfering 200K Gpb To Thailand

[Markkuwait]

Any ideas what the best way to do this would be? A Thai national, UK based wanting to transfer about 10 mill THB back to Thailand to achieve the best exchange rate.

Thanks

PS has both HSBC / Lloyds and BKK Bank accounts - though perhaps a straight transfer isnt the best way?

[theblether]

Have a look at the HSBC foreign currency accounts.

[PattayaPhom]

Swift transfer is 25 quid with most banks and if you send it in Sterling will get a good rate of exchange here...some money brokers in the UK give a good rate but with 200K Sterling the charges will soak up any advantage in the rate they give....Swift, only takes a day.

[CharlieH]

Talk to Bangkok Bank, you can negotiate a better rate on that sought of sum, Dave or Ian on this forum will advise if you ask ( they both work for the bank.)

You can transfer money via the London branch of Bangkok Bank. From your UK account into London branch (no fees)and they then transfer into your Bangkok Bank (Thai) within 24 hrs. about 20 pounds fee depending if you transfer in pounds to convert to Thai baht in Thailand which is the better rate.

Edited January 1, 2012 by CharlieH

[englishinsiam]

Either www.worldwidecurrencies.com or www.smartcurrencies.com I regularly use both and play them against each other for the best rate.

They have UK accounts so it costs you nothing and you will probably save a few thousand against the banks rates.

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[voodoomagicman]

Use a currency transfer company, google it, saved £2000 pounds by not using a standard bank as the exchange rates. I used Fx firm and first two transactions are free. You transfer into their account and they send it to Thailand for you. Never use a bank for large amounts.

[E1717007]

speaks to your bank and ask for spot rate which is better than TT rate

[Markkuwait]

Lots of differing opinions here.

Thanks

[topt]

I think the only definite view is not to get the UK bank (HSBC or LLoyds) to change the sterling into baht and then send to the Thai bank. You will undoubtably not get the best rate.

When I made a largish transfer in 2010 I ended up using HIFX (a currency broker) to guarantee a specific rate - sent in £ from Lloyds to them and then they transferred to SCB paying the transfer cost. However I could have sent direct from Lloyds to SCB and asked their central Forex people to hold on to it in £ and then transfer at an advanageous rate in the future. I did this with some $US and they gave me a few satang more on their published TT rate at the time.

As one of the poisters said it is good to discuss with both ends what they can do for you and then work out which is the best route for your needs - the only issue is what happens with the exchange rate which of course is constantly shifting.

[Markkuwait]

All seems a bit of a ball ache, to discuss at both ends. He's in the UK and would have a time trying to contact his own bank in Thailand to discuss.

Probably the best thing to do is to just get the HSBC to open him a Thai based £ account, transfer from the UK account to the Thai account and then, whilst in Thailand, talk to a local bank and achieve the best rate.

[PattayaPhom]

Either www.worldwidecurrencies.com or www.smartcurrencies.com I regularly use both and play them against each other for the best rate.

They have UK accounts so it costs you nothing and you will probably save a few thousand against the banks rates.

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These companies require all the money laundering docs...cert copy of passport/DL...utility bill or bank statement, real pain...and the FSA dont even require the copies to be certified!!! so just another corporation interpretating the rules to the limit....if the rate is a lot better.maybe the month or so of batting back letters/bills etc is worth the effort.