No wonder people like to shop at Lazada.

[A Brief History of Thai-m]

Hello all,

PLEASE DESPERATELY need some help. I need to transfer 200,000 pounds into my Thai Bankok Bank account. I contacted my branch in the U.K. and they told me that I could not send that much by Swift transfer- it would be blocked. They told me to send a signed letter to them authorising the transfer and to then do it by a phone call with the manager.

I sent the letter, and when I saw the daily rate at 48.72, I called to do the transaction. I was shocked to first be told "you'll have to wait 20 minutes for me to get the rate". I was very angry and then a few moments later was told that the rate was 48.1 from Lloyds international.

1. Why am I being offered any rate when I specify to send in pounds sterling (this should be the TT rate converted in my Thai bank)

2. This means that Lloyds is making a 1.3% margin (profit) - 2600 pounds!!!!

Incidentally, I previously called the bank- but the manager was on holiday and failed to tell me of the event!

I have no confidence at all in the bank. They know nothing of foreign exchange. PLEASE HELP!!

I then contacted a forex company Currencies Direct PLC who offered me a margin of 0.5% (1000 pounds)

Then I investigated about Bangkok bank London- it seems that money is indeed sent in Pounds Sterling and converted into Baht at the T.T. rate (which was 48.175 today as opposed to the inter bank rate of 48.379) - this is a 0.4379% difference = to 846 pounds

PLEASE can anyone give me advice. Why, when I request to send pounds sterling, is Lloyds converting it into Baht? This does not make sense. Why can't I send pounds sterling that has nothing to do with Lloyds when it arrives in my Thai bank account?

Is the idiot bank manager telling me the truth, or is he being incompetent?

The difference between Lloyds method and Bangkok Bank's method is 1,753 pounds! However, I was told that swift transfers cannot be made in big amounts by the Lloyds bank manager. I have telephone authority to shift money- but am not confident with the competence of my bank manager to do this.

HELP!!!!!! THANK YOU SO MUCH IN ANTICIPATION OF YOUR REPLY!!!!!! I NEED THE MONEY FOR A HOUSE WITHIN 10 DAYS!!!

[englishinsiam]

Try worldwide currencies or smart currencies I have used both many times. Get the price with one then go to the other to beat it.

They will offer better than the banks. And they both have aUK branch so it's just a straight bank to bank in Sterling.

Posted with Thaivisa App http://apps.thaivisa.com

[bendix]

I know that if I had a very specific question to ask of my bank, the first people I would chose to ask is Thaivisa, and not the bank itself.

[Daveroc]

I have sent you a PM should you want some assistance using the banking system.

[givenall]

Don't. Can never tale it out of Thailand again

[Pib]

Don't let the Sending bank convert to baht...they will make it sound like it's a good deal...or maybe say it's the only way they can send the money, but they are just BSing you...they are just trying to make a nice little profit by giving you a 1 to 4% lower exchange rate with that 1-4% going into their pockets. Send in home country currency which means the local Thai bank will convert and you'll get the TT Buying Rate which is about the best the common man can get. And usually for large sums, like anything over 20K USD you can contact your Thai bank headquarters and get a little better rate than the TT Buying Rate...I know with Bangkok Bank you can do this.

[lannarebirth]

First of all for a 200,000 GBP transfer you should not be getting the market rate you should be getting a very sweet rate from Bangkok Bank only a few satangs away from the spot price. There is a poster here who works for Bangkok Bank who helped me to do just that and I'll go see if I can find his name so you may contact him by PM (private message).

Edited March 5, 2012 by lannarebirth

[voodoomagicman]

I used Fx Group for a similar amount, saved £1800! You send them sterling, they are uk based, they then send baht to Thailand at a much better rate than any bank, and the banks don't get to make extortionate commissions. They are other companies, just google sending money to thailand and check everyones latest rates.

[colinp]

No matter what you do Lloyds will only allow you to transfer a limited amount each day. I believe its 20k. Even if you send to a forex company or another bank account the 'per day' limit still applies.

[lannarebirth]

First of all for a 200,000 GBP transfer you should not be getting the market rate you should be getting a very sweet rate from Bangkok Bank only a few satangs away from the spot price. There is a poster here who works for Bangkok Bank who helped me to do just that and I'll go see if I can find his name so you may contact him by PM (private message).

OK, so here's the ThaiVisa member that helped me:

http://www.thaivisa.com/forum/user/89038-ianguygil/

A very nice guy with a good team of assistants. I don't think assisting people is his actual job however and from other threads I'm given to understand that THIS ThaiVisa member is someone you should be speaking with:

http://www.thaivisa.com/forum/user/117005-daveroc/

Best of luck. Don't panic.

[topt]

Don't let the Sending bank convert to baht...they will make it sound like it's a good deal...or maybe say it's the only way they can send the money, but they are just BSing you...they are just trying to make a nice little profit by giving you a 1 to 4% lower exchange rate with that 1-4% going into their pockets. Send in home country currency which means the local Thai bank will convert and you'll get the TT Buying Rate which is about the best the common man can get. And usually for large sums, like anything over 20K USD you can contact your Thai bank headquarters and get a little better rate than the TT Buying Rate...I know with Bangkok Bank you can do this.

Pib is exactly right. I bank with Lloyds and they should have no problem with sending money abroad in GBP. You can even do it online now. I also had to send them written authorisation and phone the manager when I wanted to transfer a reasonable sum - smaller than yours but it was actioned very quickly.

Again I concur with Pib as I did this with SCB head office, who hold up payments of foreign currencies bigger than a certain amount until they know what it is for, and negotiated a few points on top of their published rate.

[topt]

No matter what you do Lloyds will only allow you to transfer a limited amount each day. I believe its 20k. Even if you send to a forex company or another bank account the 'per day' limit still applies.

If you have organised with the branch beforehand and told them how much you can shift any amount you want - well up to anything reasonable. I certainly did 18 months or so ago so I know it can be done. You can only send the "limit" if you have not pre authorised.

[letitbe]

Don't. Can never tale it out of Thailand again

Don't. Can never tale it out of Thailand again

im fed up with people like you posting total nonsense its perfectly easy to transfer money out of Thailand. In fact you can do amounts of up to 50,000 us$ a time without any questions or just a simple BOT form saying why you need to transfer. Yuo can quote help relative school fees or anytihng. Amounts over 50k $ need BOT approval which again as long as you keep paperwork showing you brought it in is no problem. You can even simply just go down but gold and take it out free to UK USA or most countries but have to declare it. For UK theirs no VAT or duty but you can be asked to show how you bought it.

So stop please talking total BS

[jombom]

200,000 GBP within 10 days. <deleted> ----- somebody is getting the run-around routine.

Simply tell them, you cannot do it in that time ----- Sorry.

[flying]

First of all for a 200,000 GBP transfer you should not be getting the market rate you should be getting a very sweet rate from Bangkok Bank only a few satangs away from the spot price. There is a poster here who works for Bangkok Bank who helped me to do just that and I'll go see if I can find his name so you may contact him by PM (private message).

OK, so here's the ThaiVisa member that helped me:

http://www.thaivisa....9038-ianguygil/

A very nice guy with a good team of assistants. I don't think assisting people is his actual job however and from other threads I'm given to understand that THIS ThaiVisa member is someone you should be speaking with:

http://www.thaivisa....117005-daveroc/

Best of luck. Don't panic.

Yes both of them have helped me & we are lucky to have them!

Dave already responded to him in post #4 too

[jalansanitwong]

What is far more concerning is you seem to be in a huge rush to buy a house for what is a fortune here in Thailand.

Its illegal for you to own land in Thailand Regardless of what you do ,when push comes to shove guess who gets shoved out?

Who told you to buy this house? I hope there isnt a Thai wife standing next to you . You have limited control; (if any) The British get hit the hardest in Thailand.

You should NEVER be in a rush to do anything in Thailand.

You will never see a Thai man/woman running unless theyre being chased by the cops.

Edited March 6, 2012 by jalansanitwong

[Canada]

You need a foreign currency account here. You will be able to receive it in Sterling and convert it as you wish when the rate is satisfactory.

[bendix]

It's a truth universally acknowledged that utterly stupid and ill-informed posts on financial topics are usually posted by those with no money, pretending to be knowledgeable in financial affairs.

This thread reinforces that.

[PattayaPhom]

Don't. Can never tale it out of Thailand again

What bar stool were you sat on when some idiot told you that

[jmdf103]

whats the limit the UK bank offers? maybe u could just send their limit amount several times?

hope u get it done in time

[Naam]

It's a truth universally acknowledged that utterly stupid and ill-informed posts on financial topics are usually posted by those with no money, pretending to be knowledgeable in financial affairs.

This thread reinforces that.

not only this thread

[zabaleta]

no disrespect,but this sounds like a hard luck story waiting too happen.

maybe,just maybe it may be a good luck story for a local though!

please,for your own sake take a serious look at your house purchase,ownership rights,etc.