The Best Rates From The Uk To Thailand?

[pkrv]

Opps I guess it is obvious from my past postings but I should have restated there is a charge for the Nationwide service.

It's contained in the difference in exchange rate between the live market and what they offer.

This was however excelent the differerence was (at that moment)

72.72 - 72.13 = 0.59 points

Which is better than I got on a £10,300 transfer, I got 0.9 points! no charge (which is of course generallly irrelevent, the main component of the fee is in the difference in rates)

[sleepyjohn]

Opps I guess it is obvious from my past postings but I should have restated there is a charge for the Nationwide  service.

It's contained in the difference in exchange rate between the live market and what they offer.

This was however excelent the differerence was (at that moment)

72.72 - 72.13 = 0.59 points

Which is better than I got on a £10,300 transfer, I got 0.9 points! no charge (which is of course generallly irrelevent, the main component of the fee is in the difference in rates)

<{POST_SNAPBACK}>

Actually my experience is the difference in fees is much less than this, i think the rates must have changed during your transaction.

It is DEFINITELY better to send here in pounds. BTW you can have foreign currency accounts at BKK bank and they pay remarkably well interest wise. Currently 2.9% instant access calculated daily more for longer terms, although even these are instant access you just lose a bit of interest if you ned the money early. (check BKK POST finance pages daily for rates).

If you transfer on a debit card the "take" is very minimal and is part of VISA's profit.

UBS my main bank sends any amount anywhere for free for me with a quick phone call.

Nationwide ( acct no 2 ) I love I think they are very fair in all their rates nothing but good things to say about them, but I wouldn't bother making a money transfer as you have forms to fill in and send off.

Bangkok Bank I have also found very OK on their exchange of the pounds I send in. TT rate which is very good considering and no fee....actually I don't kow how they make this foreign account business pay but don't tell anyone there that.

[Khun Bob]

This leaves me wondering - what is the best way to transfer money to thailand - is is to use this nationwide to bkk bank method or to use a currency conversion service (quite a few in the uk now) where is you transfer over a certain amunt the tt fee is waived.

I have the feeling tht for smaller amounts the nationwide card in the branch menthod is better but i am not sure for larger amounts...

[Noodles]

I've just got back from the BKK Bank branch in Samui. They have

told me that to transfer sterling to a holding account in thailand I have to open

an account in BKK, and when I wanted to exchange the sterling to baht, this had

to be done in BKK aswell....too far to travel to change up some money for me!

They said that they don't have the facilities to do it here? So it looks like I will

be still using Travelex or Smart Exchange.

I have a HSBC debit card with me, does anyone know if I can use this at any

bank over the counter to make a large deposit rather than ATMs?....just a thought!

[Guest endure]

Nationwide also have an 'offshore' bank in the IOM. They do internet banking and free transfers between themselves and Nationwide mainland accounts. The do charge £20 for a transfer into Thailand.

[pkrv]

I have just had a longer chat with Nationwide. I agree that for small cash amount this seems to be the way to go. However I'm not keen to open an account for a single one off transfer, plus that particular account has conditions I find unpalatable.

By depositing the money in any Nationwide account (I do have an old passbook account) you can then transfer it using a simple 'OVERSEAS (SWIFT) transfer Request Form' + a form of ID.

There is a fee of £20 but the most important point is you get the great rate, which contains the bulk of the 'real fees' charged.

Testing this again they just quoted 72.01 when the live market was 72.68 and they indicated that they would offer better for the amount I was asking to transfer (150K)

So on a 10,000 transfer done this instant

Nationwide charge (72.68*10,000)) - (72.01*10,000) = 670 Baht / 72.68 = £9.22 plus of course the £20 fee for a grand total of £29.22

Which is much better than the 'Commision free' deal I did with World First which was 0.9 points off of the market giving a true cost of around £130 for a £10,300 deal.

Top TIP use the World First site to see the real market rate at the moment you do the trade and do the sums!

[pkrv]

Oh s**t I seem unable to use a calculator lately!

(10,000*72.68) - (10,000*72.01) = 6700 Baht / 72.68 = £92.18

+£20 fee gives £112.18 - Better than Worldfirst but actually not substantially

Second top tip get the figures right!

[pkrv]

Err guys and girls, I'm keen to see an independent view of Bangkok's local bank rates.

Again I confirm you can see the true (for the moment) market rates on the Worldfist site.

Given my posts (Ok corrected) but I Hope this was transparant

How do Thai banks do? This forum is not real time but it would be interesting for a comparision at a defined point, i.e now (relative)

[Khun Bob]

I'm still left wondering - does the in branch transaction where your nationwide card is swiped and the money goes into your thai bank account offer the same rate and deal as the nationwide card in the atm ?

For certainty of rates and free transfers uk based currency exchange brokers will let you quote a rate you want and do the transaction when it gets there or not if it doesnt - but this way the money comes into thailand as thai baht which has implications for requirements of foreign currency brought into the country - ie purchase of condos and 3M into thailand for 1yr entry permit extension

[JimmyGreaves]

Not sure how my transfer of 50,000 Baht arrived (Baht or Pounds). I have a receipt from the SCB for 50,000 baht transfered into my SCB bank with my Nationwide Card Number on it and the code in my SCB bank book states CD (Cash Deposit). The rate for the day was 72.6931 and my Nationwide account shows a transfer rate of 72.627, which ain't bad. The only way I would know is if the bank are prepared to write me the letter to say I transferred pounds into the country. I don't need to do that at the moment.

The Bangkok Bank Seems to be alot clearer with a transfer code of ftt (foreign telegraphic transaction). Maybe I will open a second account if the SCB treat the transfers as none ftt.

[pkrv]

Hi all - just revisiting an old topic on the best rates from the UK

I actually have access to the live global FX trading environment and have in the past compared it to a UK company World First - the comparison was close and as a matter of course I have recently used the World First rates as indicative.

However at this moment the GBPTHB= instrument is 67.6300/25 this is the market rate and World First is now 61.745.

All these things change - The Nationwide no longer offers the THB currency for international transfers (though you can use the cashpoint facility OK and it still works well!)

Any new players to consider?