Which Company

[Noodles]

I'm putting a deposit on a property here in Thailand and I have to

send the monies to my thai account here from the UK.

I'm looking to get the best exchange rate possible. Does anybody

know and recommend any companies that I can use to do this.

I have been looking at Travelex but their rate seems low.

Thanks for your help

[george]

Make a S.W.I.F.T. transfer from your UK bank direct to Bangkok Bank, or one of the bigger banks in Thailand. You will have the funds availbale in your bank account normally within 48 hours, or within a few days, to the best rate.

[OlRedEyes]

I also find that having the currency converted on this side gives a much better exchange rate.

[terdsak_12]

We get a lot of cash sent over from the UK to our Bkk Bank account using a swift code, no worries and usually 3-4 working days before it arrives.

[Noodles]

What is S.W.I.F.T code, I have never heard of this, will HSBC be able to

do this?

I have just found this company on the net and their rate seems to be 71.63

My Webpage

Any comments would be appreciated, as this has turned into an urgent matter.

Thanks again

[Morden]

Each bank has a SWIFT code to identify it when an international transfer of money takes place. To find out what it is you must call the receiving bank. I think that you may still be able to transfer money without knowing the SWIFT code because the sending bank can find it for themselves. They will ask you because it's a useful way to make sure that they have got the right bank details.

Personally, I would not send money, especially a large amount, through any agency other than my own bank. There is too much scope for error and I would not want to be chasing lost money through an organisation that I didn't already deal with. There is usually little difference in exchange rates between reputable banks. Just watch out for the charges, though. You should be able to send any amount for no more than £20. Some banks, such as Bank Bangkok in London, charge a percentage as a fee and that can hurt.

One other point to watch out for when sending a large amount is the daily limit. It's probably not an issue if you call into your bank branch to make the transaction but telephone orders may have a daily limit.

[Axel]

What is S.W.I.F.T code, I have never heard of this, will HSBC be able to

do this?

<{POST_SNAPBACK}>

HSBC for sure will be able to handle it. Give them all details of your Thai account, and that's it.

SWIFT:

ISO 9362 (also known as SWIFT code) is a standard list of Bank Identifier Codes approved by the International Organization for Standardization.

These codes are used when transferring money to a bank account in another country.

The code is 8 or 11 characters, made up of:

4 characters - bank code

2 characters - ISO country code

2 characters - location code

3 characters - branch code, optional ( 'XXX' for primary office)

Where an 8 digit code is given, you may assume that it refers to the primary office.

OK, means you should know your Thai-bank's location/Swift code.

Just ask them, they will know.

Generally, you can as wsell transfer from let's say UK-HSBC to the Ping Pong Bank of Nakhon Nowhere (no offence) and the money will arrive. Problem than, too many intermediary-banks, deduction some fees.

[Noodles]

Thanks for all your advice, I phoned HSBC in the UK and their rate

for thai baht was 64.69. So I decided to go with Travelex and have just

got a rate of 71.11.

[Sophon]

Thanks for all your advice, I phoned HSBC in the UK and their rate

for thai baht was 64.69. So I decided to go with Travelex and have just

got a rate of 71.11.

<{POST_SNAPBACK}>

You really should have thought about this a little more before you acted, as well as listened to the advice you were given.

There is no way that the exchange rate you quoted from HSBC is a TT transfer rate, it sounds very much like a cash rate. Anyway it's irrelevant as:

Quote by OlRedEyes:

"I also find that having the currency converted on this side gives a much better exchange rate."

You never get a good rate exchanging to Thai Baht outside Thailand. Todays TT rate for GBP/THB from Bangkok Bank is 71.38, not very different from the rate you got, but nonetheless better. What's more important is that when buying property in Thailand it's normally essential that the exchange is done in Thailand. Otherwise you can't obtain a foreign exchange certificate, and without that you can't have the property registered in your name. You haven't given to many details, so that might not be important in your case, but on the other hand it could be.

Sophon

[Noodles]

Thanks for all your advice, I phoned HSBC in the UK and their rate

for thai baht was 64.69. So I decided to go with Travelex and have just

got a rate of 71.11.

<{POST_SNAPBACK}>

You really should have thought about this a little more before you acted, as well as listened to the advice you were given.

There is no way that the exchange rate you quoted from HSBC is a TT transfer rate, it sounds very much like a cash rate. Anyway it's irrelevant as:

Quote by OlRedEyes:

"I also find that having the currency converted on this side gives a much better exchange rate."

You never get a good rate exchanging to Thai Baht outside Thailand. Todays TT rate for GBP/THB from Bangkok Bank is 71.38, not very different from the rate you got, but nonetheless better. What's more important is that when buying property in Thailand it's normally essential that the exchange is done in Thailand. Otherwise you can't obtain a foreign exchange certificate, and without that you can't have the property registered in your name. You haven't given to many details, so that might not be important in your case, but on the other hand it could be.

Sophon

<{POST_SNAPBACK}>

Ok...so let me get this straight, you can TT money to Bangkok Bank

where it stays as GBP until you change it to THB?

If that is the case, then I had no idea that you could do that. So I get it right

for next time, all I have to do is open an account with them and that is it?

As for the property, this will be in my wifes name.

It had to be rushed yeaterday as the funds needed to be here by friday.

Thanks for all the relpies