Transfer My Money To Thai Bank

[nicelee808]

Hi All,

Im moving to Thailand this year, I will want to take about £20,000/1 million Baht, I want to avoid paying to many charges and would like a good exchange rate, I will open a Thai Bank Account upon arrival.

Does anybody have any suggestions on the best way of doing this.

Regards Lee.

[MJCM]

I always transfer money from the EU to my Thai account through Online Banking. For 500.000 THB (in my case around 12.500 Euro's) my Bank in the EU charges me around 35 Euro's. You could ask your bank in the UK how much they charge and if you could transfer the money while you stay in Thailand. (BTW: It's called a Swift Transfer)

If you transfer it this way, there is always a record (ask for it at your Thai Bank), that the money came from abroad.

[CharlieH]

Transfer from UK bank account to Bangkok Bank LONDON, they will pass it to your Thaland Bangkok Bank account, cost about 30 quid. Arrives in Thai account 24 hrs after hitting London branch.

[Roj]

I use HIFX to transfer large amounts from the UK to Thailand. They are a large, well respected currency buyer and the transfer is as safe if not safer than using your own bank. Transfer over £3000 and you will not pay a fee. You can use your debit card to transfer up to £70000 and you won`t have to pay your own bank a CHAPS fee if you use this method. You will also get a much better exchange rate than your bank will offer - typically 2 baht per pound more which with a transfer of £20000 and no bank fee will see you well over £800 better off. If you go to the HIFX website it is simplicity itself to register for an account and start transacting.

[lopburi3]

Have you compared the cost doing that way to sending UK pounds and having the conversion take place in Thailand? In the case of USD believe it is always cost effective to send foreign currency rather than allow conversion in home banks and sending baht.

[Pib]

Sending banks love to do the conversion before sending as they usually provide a lower exchange rate in the 2-4% ballpark, which means they pocket that 2 to 4%. But banks will make it sound like it's the only way to go (because it's a disguised fee cash cow for them). Send the money in your home country currency and let the receiving Thai bank do the conversion...a person will get the TT Buying Rate which is about the best rate a common man can get.

[nicelee808]

Thanks for the input everyone, some interesting options

Could I have some opinions on the following.

I get to Thailand - open a new Thai bank account - deposit into this account 1 million baht direct from my debit card.

I suggest this because on previous visits, when making transactions(ie withdrawing 10,000 baht from ATM), Im charged approxiemently £3 transaction fee and usually recieve a competitve exchange rate.

Enlightenment required please.

Lee

[Roj]

Thanks for the input everyone, some interesting options

Could I have some opinions on the following.

I get to Thailand - open a new Thai bank account - deposit into this account 1 million baht direct from my debit card.

I suggest this because on previous visits, when making transactions(ie withdrawing 10,000 baht from ATM), Im charged approxiemently £3 transaction fee and usually recieve a competitve exchange rate.

Enlightenment required please.

Lee

Lee, before leaving the UK set up your HIFX account on their website (very simple to do). On arrival in Thailand open a SAVINGS account at a Thai bank depositing a nominal amount (I bank with Siam Commercial and you will have no problem opening an account with them) but decline any offers to sell you various insurances, you will also receive a debit card for ATM use. Once you have opened your account you can transfer your money using HIFX (it is very easy and there is an online tutorial to make it even easier). Transfer the money online to HIFX using your UK debit card and you will pay no fee to your UK bank, I can`t speak for other Thai banks but Siam commercial will not charge you a receiving fee either. You will receive an exchange rate close to the bank interchange rate (banks buying and selling to each other at preferential exchange rates). If you don`t use an intermediary like HIFX you will receive a much poorer exchange rate and on £20000 the money you lose would have bought you a new Honda Wave or similar runabout. HIFX are currency traders so they don`t need to charge a fee on large amounts like yours, they make their money trading bulk amounts of which yours will make up a tiny percentage. I have used them many times for large transactions and they are safe. They will keep you updated with your transaction details and if you so wish you can also speak to them on the phone. They will also record that your money originated from your UK bank. The larger the transaction the better the rate. You can even watch live exchange rates on their website and at the press of a button transact . You can also instruct them to transact once the baht reaches a specified amount.

Regards Roj

[nicelee808]

Thanks for the input everyone, some interesting options

Could I have some opinions on the following.

I get to Thailand - open a new Thai bank account - deposit into this account 1 million baht direct from my debit card.

I suggest this because on previous visits, when making transactions(ie withdrawing 10,000 baht from ATM), Im charged approxiemently £3 transaction fee and usually recieve a competitve exchange rate.

Enlightenment required please.

Lee

Lee, before leaving the UK set up your HIFX account on their website (very simple to do). On arrival in Thailand open a SAVINGS account at a Thai bank depositing a nominal amount (I bank with Siam Commercial and you will have no problem opening an account with them) but decline any offers to sell you various insurances, you will also receive a debit card for ATM use. Once you have opened your account you can transfer your money using HIFX (it is very easy and there is an online tutorial to make it even easier). Transfer the money online to HIFX using your UK debit card and you will pay no fee to your UK bank, I can`t speak for other Thai banks but Siam commercial will not charge you a receiving fee either. You will receive an exchange rate close to the bank interchange rate (banks buying and selling to each other at preferential exchange rates). If you don`t use an intermediary like HIFX you will receive a much poorer exchange rate and on £20000 the money you lose would have bought you a new Honda Wave or similar runabout. HIFX are currency traders so they don`t need to charge a fee on large amounts like yours, they make their money trading bulk amounts of which yours will make up a tiny percentage. I have used them many times for large transactions and they are safe. They will keep you updated with your transaction details and if you so wish you can also speak to them on the phone. They will also record that your money originated from your UK bank. The larger the transaction the better the rate. You can even watch live exchange rates on their website and at the press of a button transact . You can also instruct them to transact once the baht reaches a specified amount.

Regards Roj

Thanks Roj,

Ive looked at the website, could well be the way to go, I will register with them.

Regards Lee

[Suradit69]

Have you compared the cost doing that way to sending UK pounds and having the conversion take place in Thailand? In the case of USD believe it is allow cost effective to send foreign currency rather than allow conversion in home banks and sending baht.

Yes, if you're transferring to a bank account in Thailand,at least this is true for Bangkok Bank, you'll do better to have the transfer made in the foreign currency and have the Thai bank make the exchange into baht. When I pay dollars into Bangkok Bank in New York there's a $10 charge there and a 500 baht charge here and the money is available here a day or two after initiating the transfer, partly dependent on the time difference and business hours.

Bangkok Bank UK transfer information:

http://www.bangkokba...0from%20UK.aspx

Edited March 4, 2012 by Suradit69

[lopburi3]

Any conversion into baht at a Thai bank incurs a 1/4% fee in the range of 200-500 baht so a very large transfer gets almost no real fee at the Thai end. But if sending Baht there can be some very large losses when foreign banks/exchange services do there math.

[puipuitom]

I transfer businesswise already long time money to Thailand.

I learnt, the less costs and best exchchnge rate you can get is:

transfer in "Western" currency towards TH and exchange to THB there.

Thai baht is seen here in Western Europe as an "exotic"currency, with result you get higher costs and a bad exchange rate

[Ebenezer]

Thanks for the input everyone, some interesting options

Could I have some opinions on the following.

I get to Thailand - open a new Thai bank account - deposit into this account 1 million baht direct from my debit card.

I suggest this because on previous visits, when making transactions(ie withdrawing 10,000 baht from ATM), Im charged approxiemently £3 transaction fee and usually recieve a competitve exchange rate.

Enlightenment required please.

Lee

Lee, before leaving the UK set up your HIFX account on their website (very simple to do). On arrival in Thailand open a SAVINGS account at a Thai bank depositing a nominal amount (I bank with Siam Commercial and you will have no problem opening an account with them) but decline any offers to sell you various insurances, you will also receive a debit card for ATM use. Once you have opened your account you can transfer your money using HIFX (it is very easy and there is an online tutorial to make it even easier). Transfer the money online to HIFX using your UK debit card and you will pay no fee to your UK bank, I can`t speak for other Thai banks but Siam commercial will not charge you a receiving fee either. You will receive an exchange rate close to the bank interchange rate (banks buying and selling to each other at preferential exchange rates). If you don`t use an intermediary like HIFX you will receive a much poorer exchange rate and on £20000 the money you lose would have bought you a new Honda Wave or similar runabout. HIFX are currency traders so they don`t need to charge a fee on large amounts like yours, they make their money trading bulk amounts of which yours will make up a tiny percentage. I have used them many times for large transactions and they are safe. They will keep you updated with your transaction details and if you so wish you can also speak to them on the phone. They will also record that your money originated from your UK bank. The larger the transaction the better the rate. You can even watch live exchange rates on their website and at the press of a button transact . You can also instruct them to transact once the baht reaches a specified amount.

Regards Roj

I agree with the method Roj describes. I do exactly the same but instead of HiFx I use World Wide Currencies which operates in the same way. For £20,000 you should get around 0.6 baht less than the interbank rate. I was interested to read that Roj has no receiving bank fee. I also use SCB here and they have always charged me a small receiving fee which is not a problem, just a minor annoyance.

Eb

[twix38]

Ok, my two penny worth ;-)

Send GBP and do not convert to THB. Therefore you don't need an FX company, so HIFX etc are irrelevant. Foreign currency is sent (GBP) to Thailand where conversion is done to get the best rate.

Use Halifax (need an account) and send GBP to your bank in Thailand. Costs the grand total of GBP 9.95, I believe. Certainly has been and was last time. The Thai bank will charge the mentioned comm up to max. of 500 Baht. Amount sent is otherwise immaterial as far as uk cost and with a comm rate in Thailand, but a maximum of 500 Baht.

That's how I think is easiest and most cost effective in getting the best rate.

What's all this about using a UK FX company, when as far as I know the last thing you want to do is convert the GBP to THB in the UK before sending to Thai bank.

Any comments?

[rotary]

If you do not need proof of foreign income think about bringing cash and using VASU Exchange on Sukhumvit. They give about .35 stang per dollar more than the banks, I assume it would be simular with pounds.