Natwest Uk To Siam Commercial

[RAZZELL]

My wife has transferred some money from her UK bank account to her Siam Commercial Bank in BKK.

It's the first time she has done it and she wanted to "Test" the system.

She has internet banking at both ends but went into a branch and got them to set it up.

Transferred £600 in sterling (converted in Thailand) £20 "charge" plus £12.50 "agent bank fee". (total £32.50 four days to arrive)

Is this the cheapest way of doing it?

The member of staff said after it's now been "set up" so in future she could do it all online (not convinced as she was talking about IBAN numbers!!!)

RAZZ

[brit1984]

There are two types of costs when making transfers from GBP in UK to THB in Thailand:

1. The margin between the interbank rate and buying rate for the FX conversion

2. Admin fees for sending and receiving the money

For the former, as I understand it, your wife has transferred the GBP to a GBP account she has with SCB and will then shop around in Thailand for the best rate for the conversion. This is much better than converting in UK (especially at Natwest's rip-off prices) but still not necessarily the best rate (although on £600 it will not make much difference).

For the latter, your wife has paid £32.50 (more than 5%). That is clearly not good.

A cheaper way is to use an FX broker (eg hifx) who don't charge admin fees and generally have good FX rates but I think they have a minimum amount higher than £600 (but I could be wrong).

Another option (easiest if your wife is an active FB user) is to ask around her friends if anyone needs GBP and then do the exchange at the interbank rate (saving the margin on both sides). Admin costs for the transfer still apply so this is most useful for large amounts. I have also heard of a company which automatically matches buyers and sellers (I don't remember the company's name).

Similarly, your wife could ask her friends if any of them want to convert GBP to THB at the same time, then pool the money together and share admin costs. With online banking it is very easy to organise such deals. If your wife has the Natwest iPhone app it is even easier!

[CharlieH]

I would wait and send larger amounts, the fee is going to be the same whether its 200 or 20,000 but 30 quid fees wont seem so bad on several thousand as opposed to a few hundred. Most banks are arund the same- 20 - 30 for fees. Exchange places like Hi-Fx just shave the rate so you end up about the same anyway.

Other alternative,open a Bangko Bank account in Thailand, pay from UK account into Bangkok Bank LONDON, they pass it to Thai account in 24 hrs. Same sort of fee's 20 at London and up to a max of 500 baht in Bangkok.

[bendix]

Why are people giving advice to set up other accounts, when the OP is clearly asking what the cheapest way to send between Nat West UK and SCB Thailand? It's like asking how to make a lemon meringue pie, and being given the recipe for a chocolate brownie.

OP, yes that's the cheapest option. I used to do the same thing between precisely the same banks and the cost was the same.

Not efficient - but UK banks never are - but there you go.

[CharlieH]

Why are people giving advice to set up other accounts, when the OP is clearly asking what the cheapest way to send between Nat West UK and SCB Thailand? It's like asking how to make a lemon meringue pie, and being given the recipe for a chocolate brownie.

OP, yes that's the cheapest option. I used to do the same thing between precisely the same banks and the cost was the same.

Not efficient - but UK banks never are - but there you go.

Who the hell are you to ask people to explain themselves !

People are entitled on a public forum to give their comment as they see fit (and in accordance with forum rules).

Its not up to you to Police those comments or the relevance, that's a Moderators position.

You have your opinion and are also entitled to give it but its not up to you to ask others to explain themselves.

The OP also stated in that it took 4 days, thereby suggesting he may want a faster option.

[RAZZELL]

Many thanks....didn't want to start a war!

An additional few points...

Basically, my wife wants to send a stream on money to Thailand so she/we can get a mortgage in a few years...probably about £1-2k a month (her money )

There is no need for speed. I take it now it is set up she can just do it online or with her i-phone app?

I'm just finding out if it was possible to do an international transfer which costs less in fees

RAZZ