Transfering Money From Hsbc Uk Account To Siam Commercial

[LucidLucifer]

Hi all,

I realise questions like mine has been asked so many times before, but wading through all the previous threads is starting to make my head spin.

So, here is mine specific to my situation. I value all answers, but i'd particularly like to here from other people who use HSBC internet banking.

I want to transfer funds from my HSBC advance account into my wife's Siam Commercial account. The HSBC account is in our joint names.

What is the easiest way to do this, and most importantly the most cost effective?

From what I understand, it is much better to transfer £ Sterling and have them change into THB here, how can I ensure that this is done? I have thought to do the transfer over the phone, at least this way I can specify this is how I want it done.

Any advice?

Thank you,

'LL'

[timekeeper]

ok, log into your HSBC Uk account between 9am & 3pm UK time

look at Left side options column

find:

TRANSFER MONEY OVERSEAS

fill in the details of the destination bank and account numbers

opt for change to THB at destination

senders pays all fees (£17)

reason for sending, AVIVA Payout or some other famous name linked to insurance to make it sound innocuous

send.....

if there no holidays to get in the way at either end it will be in the Thai account the next day

decent exchange rate too mostly a few point above the day rate

if you are thinking of anything under £1000 don't bother

the HSBC ATM draw limit is usually £300 a day at a fee of £5.00 per

so 3x £300 from an Aeon ATM will get you £900 at a cost of £15

so after £1000 you are in profit on transfer as opposed to ATM

its faster too...

i hope that helps

[LucidLucifer]

ok, log into your HSBC Uk account between 9am & 3pm UK time

look at Left side options column

find:

TRANSFER MONEY OVERSEAS

fill in the details of the destination bank and account numbers

opt for change to THB at destination

senders pays all fees (£17)

reason for sending, AVIVA Payout or some other famous name linked to insurance to make it sound innocuous

send.....

if there no holidays to get in the way at either end it will be in the Thai account the next day

decent exchange rate too mostly a few point above the day rate

if you are thinking of anything under £1000 don't bother

the HSBC ATM draw limit is usually £300 a day at a fee of £5.00 per

so 3x £300 from an Aeon ATM will get you £900 at a cost of £15

so after £1000 you are in profit on transfer as opposed to ATM

its faster too...

i hope that helps

Thanks Timekeeper, it helps a great deal.

The actually amount I want to transfer is £14000.

Just one other question, you mentioned the reason for sending. Our's is a car purchase. Is that not innocuous? or would it be better for us to do as you've mentioned. I'd hate to get caught in a lie, and end up getting stuffed down the line.

Do you also know if the rate i'd get is the same as the published rate on SCB website, you said it was a few points above, so I'm assuming it basically is?

Thanks again, you've been a great help!!

[PattayaParent]

When I used HSBC I remember there was a choice of 'send money in account currency' or 'send money in recievers currency' or something along those lines.

[SOHERLIHY]

I opened a Sterling Foreign Currency account with SCB and transferred funds by bankers cheque from my HSBC Jersey account and from a UK based insurance policy. The transfer fee charged by SCB was neglible. Last week I opened a Baht fixed deposit account because SCB were offering an excellent interest rate and I changed sterling from my Foreign Currency account into Baht on fixed deposit . The transfer cost from Sterling to Baht handled here in Phuket was around 2%.

[LucidLucifer]

I opened a Sterling Foreign Currency account with SCB and transferred funds by bankers cheque from my HSBC Jersey account and from a UK based insurance policy. The transfer fee charged by SCB was neglible. Last week I opened a Baht fixed deposit account because SCB were offering an excellent interest rate and I changed sterling from my Foreign Currency account into Baht on fixed deposit . The transfer cost from Sterling to Baht handled here in Phuket was around 2%.

2% seems quite steep (£240 charges on £14000), if you can do it for a fixed fee of £17.

[ppam888]

I recently opened account with bangkok bank. I transferred from Santander (UK) to the account, took literally 1 working day via this: http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20into%20Thailand/Receiving%20Funds%20from%20UK/Pages/UK_Internet%20Banking.aspx

[starship]

Hi.

As mentioned you select 'send money overseas' of the left side of window but then what is not mentioned is you need to create a new template to be able to send this money which is done by selecting 'create new beneficiary'. Input the details as usual and then select currency to be sent as GBP from the drop down selection and make sure you put the amount to decimal points as requested - (14000.00) then select if you want to pay sending charges and receiving charges or both. In the reason for sending box i would put the real reason you are sending the money - 'new car purchase'. There's nothing dodgy about doing so and indeed if you were questioned on this issue it might prove awkward if you put some other dubious reason. Sending such a large amount, you might get a temporary security block initially on your transfer. This has happened to me before. This is not serious, you just get a box come up on your screen and then you get an automated phone call with a security number to input on screen or you might be asked to call directly. This is just a double check to make sure you are who you say and are living at your named address - similar to paypal/ebay etc. The charge to send from UK is £17 and at the thai end i think it's 0.25%. The most important thing as said is to transfer money as sterling and have it changed at the thai end on receipt, otherwise banks make a fortune on your transfer by giving you the crappy offshore exchange rate which will be several baht down per pound. There are posts to this effect on thai visa. If you send in the week it normally is in the thai account next day.

Hope this helps.

[LucidLucifer]

then select if you want to pay sending charges and receiving charges or both.

Great info thanks.

Which option is it best to select regarding charges? In best I mean cheapest.

Also, I am not currently at the address they have for me in the UK, I'm resident in Thailand. If I do get a security check phone call, is there a number provided for me to contact them?

Cheers...

[timekeeper]

ok, log into your HSBC Uk account between 9am & 3pm UK time

look at Left side options column

find:

TRANSFER MONEY OVERSEAS

fill in the details of the destination bank and account numbers

opt for change to THB at destination

senders pays all fees (£17)

reason for sending, AVIVA Payout or some other famous name linked to insurance to make it sound innocuous

send.....

if there no holidays to get in the way at either end it will be in the Thai account the next day

decent exchange rate too mostly a few point above the day rate

if you are thinking of anything under £1000 don't bother

the HSBC ATM draw limit is usually £300 a day at a fee of £5.00 per

so 3x £300 from an Aeon ATM will get you £900 at a cost of £15

so after £1000 you are in profit on transfer as opposed to ATM

its faster too...

i hope that helps

Thanks Timekeeper, it helps a great deal.

The actually amount I want to transfer is £14000.

Just one other question, you mentioned the reason for sending. Our's is a car purchase. Is that not innocuous? or would it be better for us to do as you've mentioned. I'd hate to get caught in a lie, and end up getting stuffed down the line.

Do you also know if the rate i'd get is the same as the published rate on SCB website, you said it was a few points above, so I'm assuming it basically is?

Thanks again, you've been a great help!!

don't send over 9.999

split it or it will be subject to a mandatory bank report and it will be flagged for investigation

a car purchase should be ok as a reason on both transactions

you will get slightly better than the website rate

[timekeeper]

then select if you want to pay sending charges and receiving charges or both.

Great info thanks.

Which option is it best to select regarding charges? In best I mean cheapest.

Also, I am not currently at the address they have for me in the UK, I'm resident in Thailand. If I do get a security check phone call, is there a number provided for me to contact them?

Cheers...

select change GBP-Baht on arrival and sender pays charges (£17)

if you want a company that gives you a land line telephone number local to you in UK then i can send you details

all calls made to the number are diverted to you in Thailand at a number you nominate

so you will get a number like 01246-786543, it will ring with a UK ring tone and be diverted to your number in Thailand

you will answer it like you are in UK

you just add this number to your HSBC account

it costs about £5 a month for the service plus you pay the cost of the calls made to the number at a low rate

the monthly is taken by direct debit from a nominated bank account but you are advised by email 3 days prior to DD action to allow you time to dispute charges if you wish

if you want to appear to be in UK when you are not , this is the way to go.........

[LucidLucifer]

With the phone call, i've just decided to have someone at my home address when I make the transfer. We can both be on skype so if a call does come in they can tell me the info in real time. Seems the easiest solution.

Do you really anticipate problems sending over £9999? It is all above board. The sender's account is a joint account, my wife and I. The receiver's account is in solely in my wife's name. The only issue with this I can see is that her Thai account is still in her maiden name. We have never got around to changing her Thai details to her married name. What we do have if questioned is our marriage certificate, and her British passport in her married name, Thai passport in her maiden name. We can easily prove it is one and the same person.

The last thing I want though is to be hit for tax or something, and then need to fight to get the money back.

Sorry for my naivity on this, despite many years of previously living out here, this is the first time i've done a transfer.

Thanks again , your help (and other's) is really appreciated, and a few beers is certainly owed if we should ever meet.

Edited May 18, 2012 by LucidLucifer

[cardholder]

ok, log into your HSBC Uk account between 9am & 3pm UK time

look at Left side options column

find:

TRANSFER MONEY OVERSEAS

fill in the details of the destination bank and account numbers

opt for change to THB at destination

senders pays all fees (£17)

reason for sending, AVIVA Payout or some other famous name linked to insurance to make it sound innocuous

send.....

if there no holidays to get in the way at either end it will be in the Thai account the next day

decent exchange rate too mostly a few point above the day rate

if you are thinking of anything under £1000 don't bother

the HSBC ATM draw limit is usually £300 a day at a fee of £5.00 per

so 3x £300 from an Aeon ATM will get you £900 at a cost of £15

so after £1000 you are in profit on transfer as opposed to ATM

its faster too...

i hope that helps

Thanks Timekeeper, it helps a great deal.

The actually amount I want to transfer is £14000.

Just one other question, you mentioned the reason for sending. Our's is a car purchase. Is that not innocuous? or would it be better for us to do as you've mentioned. I'd hate to get caught in a lie, and end up getting stuffed down the line.

Do you also know if the rate i'd get is the same as the published rate on SCB website, you said it was a few points above, so I'm assuming it basically is?

Thanks again, you've been a great help!!

don't send over 9.999

split it or it will be subject to a mandatory bank report and it will be flagged for investigation

a car purchase should be ok as a reason on both transactions

you will get slightly better than the website rate

Mandatory bank report by whom ??

There is no limit on the transfer of funds and a the UK banks are obliged to quote a 'reason for transfer' at the insistence of the BoT.

[starship]

Regarding the phone call verification, i recall now that this happened when i sent money to my partner's account and was a significantly higher amount than i usually send. I think from memory it was just a number verification and all was o.k, but as i say because you are sending a large amount you could be requested to call direct. I have only sent a large amount direct when i purchased a condo and this i did in branch, not online and there were no checks or problems as i specified 'for condominium purchase' to match the tor tor sam paperwork regulations. The transfer fee is the same no matter how much you send (within reason is guess). I had set up a Thai bank account in my name to receive this, not my partner's. Because you are in Thailand not U.K, from memory, i do not think is possible to use telephone banking to do a transfer, but it's possible it might have changed. This option if possible would allow you sort out any issues on the phone. Depending on your financial situation HSBC also operate their Premier account which i believe allows easy transfers between international accounts for a low fee. If you manage to transfer the money o.k i think it unlikely that you would be questioned at the Thai end. With your marriage certificate etc this should rectify any query's. I always pay the receiving fee at the Thai end as well. I imagine this is cheaper because HSBC would probably charge exchange rate fees etc on this amount which would increase the cost a bit. Regarding sending over £9999 i do not know. As mentioned i have sent more than this with no problems to my Thai account but not my partner's or a third party.

Hope this helps.

[LucidLucifer]

Regarding the phone call verification, i recall now that this happened when i sent money to my partner's account and was a significantly higher amount than i usually send. I think from memory it was just a number verification and all was o.k, but as i say because you are sending a large amount you could be requested to call direct. I have only sent a large amount direct when i purchased a condo and this i did in branch, not online and there were no checks or problems as i specified 'for condominium purchase' to match the tor tor sam paperwork regulations. The transfer fee is the same no matter how much you send (within reason is guess). I had set up a Thai bank account in my name to receive this, not my partner's. Because you are in Thailand not U.K, from memory, i do not think is possible to use telephone banking to do a transfer, but it's possible it might have changed. This option if possible would allow you sort out any issues on the phone. Depending on your financial situation HSBC also operate their Premier account which i believe allows easy transfers between international accounts for a low fee. If you manage to transfer the money o.k i think it unlikely that you would be questioned at the Thai end. With your marriage certificate etc this should rectify any query's. I always pay the receiving fee at the Thai end as well. I imagine this is cheaper because HSBC would probably charge exchange rate fees etc on this amount which would increase the cost a bit. Regarding sending over £9999 i do not know. As mentioned i have sent more than this with no problems to my Thai account but not my partner's or a third party.

Hope this helps.

Thanks.

[timekeeper]

ok, log into your HSBC Uk account between 9am & 3pm UK time

look at Left side options column

find:

TRANSFER MONEY OVERSEAS

fill in the details of the destination bank and account numbers

opt for change to THB at destination

senders pays all fees (£17)

reason for sending, AVIVA Payout or some other famous name linked to insurance to make it sound innocuous

send.....

if there no holidays to get in the way at either end it will be in the Thai account the next day

decent exchange rate too mostly a few point above the day rate

if you are thinking of anything under £1000 don't bother

the HSBC ATM draw limit is usually £300 a day at a fee of £5.00 per

so 3x £300 from an Aeon ATM will get you £900 at a cost of £15

so after £1000 you are in profit on transfer as opposed to ATM

its faster too...

i hope that helps

Thanks Timekeeper, it helps a great deal.

The actually amount I want to transfer is £14000.

Just one other question, you mentioned the reason for sending. Our's is a car purchase. Is that not innocuous? or would it be better for us to do as you've mentioned. I'd hate to get caught in a lie, and end up getting stuffed down the line.

Do you also know if the rate i'd get is the same as the published rate on SCB website, you said it was a few points above, so I'm assuming it basically is?

Thanks again, you've been a great help!!

don't send over 9.999

split it or it will be subject to a mandatory bank report and it will be flagged for investigation

a car purchase should be ok as a reason on both transactions

you will get slightly better than the website rate

Mandatory bank report by whom ??

There is no limit on the transfer of funds and a the UK banks are obliged to quote a 'reason for transfer' at the insistence of the BoT.

Uk banks report all transactions over 10,000 to some government department that deals with money laundering

no limits huh?

so if i am a known drug dealer and send 250,000 GBP out of UK, no-one will take any notice ?

[SantiSuk]

ok, log into your HSBC Uk account between 9am & 3pm UK time

look at Left side options column

find:

TRANSFER MONEY OVERSEAS

fill in the details of the destination bank and account numbers

opt for change to THB at destination

senders pays all fees (£17)

reason for sending, AVIVA Payout or some other famous name linked to insurance to make it sound innocuous

send.....

if there no holidays to get in the way at either end it will be in the Thai account the next day

decent exchange rate too mostly a few point above the day rate

if you are thinking of anything under £1000 don't bother

the HSBC ATM draw limit is usually £300 a day at a fee of £5.00 per

so 3x £300 from an Aeon ATM will get you £900 at a cost of £15

so after £1000 you are in profit on transfer as opposed to ATM

its faster too...

i hope that helps

Thanks Timekeeper, it helps a great deal.

The actually amount I want to transfer is £14000.

Just one other question, you mentioned the reason for sending. Our's is a car purchase. Is that not innocuous? or would it be better for us to do as you've mentioned. I'd hate to get caught in a lie, and end up getting stuffed down the line.

Do you also know if the rate i'd get is the same as the published rate on SCB website, you said it was a few points above, so I'm assuming it basically is?

Thanks again, you've been a great help!!

don't send over 9.999

split it or it will be subject to a mandatory bank report and it will be flagged for investigation

a car purchase should be ok as a reason on both transactions

you will get slightly better than the website rate

You cant transfer more than about GBP 7,000 in a single internet-instructed transaction with HSBC anyway. You would have to phone the bank to make a GBP 14,000 transfer

[LucidLucifer]

Just to finish of the thread, I thought I would write a post to say what happened.

The most I could send in one transaction (in one day) was £10,000. Therefore I split it by sending two lots of £7000.

Cost on the HSBC side of things, £17 per transfer, cost according to SCB when I went in and asked, was 550THB per transfer.

The second transfer was done at 16.30 today. I went to the ATM at 18.15 just to see if the first lot had gone through and both transfers had been credited to the account. I worked out the exchange rate as 49.4THB to the £, which I think is actually pretty good.

Thanks to all that took the time to write a reply advising me, it's greatly appreciated.

'LL'

[timekeeper]

ok, log into your HSBC Uk account between 9am & 3pm UK time

look at Left side options column

find:

TRANSFER MONEY OVERSEAS

fill in the details of the destination bank and account numbers

opt for change to THB at destination

senders pays all fees (£17)

reason for sending, AVIVA Payout or some other famous name linked to insurance to make it sound innocuous

send.....

if there no holidays to get in the way at either end it will be in the Thai account the next day

decent exchange rate too mostly a few point above the day rate

if you are thinking of anything under £1000 don't bother

the HSBC ATM draw limit is usually £300 a day at a fee of £5.00 per

so 3x £300 from an Aeon ATM will get you £900 at a cost of £15

so after £1000 you are in profit on transfer as opposed to ATM

its faster too...

i hope that helps

Thanks Timekeeper, it helps a great deal.

The actually amount I want to transfer is £14000.

Just one other question, you mentioned the reason for sending. Our's is a car purchase. Is that not innocuous? or would it be better for us to do as you've mentioned. I'd hate to get caught in a lie, and end up getting stuffed down the line.

Do you also know if the rate i'd get is the same as the published rate on SCB website, you said it was a few points above, so I'm assuming it basically is?

Thanks again, you've been a great help!!

don't send over 9.999

split it or it will be subject to a mandatory bank report and it will be flagged for investigation

a car purchase should be ok as a reason on both transactions

you will get slightly better than the website rate

You cant transfer more than about GBP 7,000 in a single internet-instructed transaction with HSBC anyway. You would have to phone the bank to make a GBP 14,000 transfer

looks like he could have sent £10,000 if he wanted to......

[chiang mai]

GBP10K per time is the max transfer via HSBC online, there is no restriction on the number of transfers that can be made, transfers into Thailand must state a reason for it, BOT regs.

[LucidLucifer]

GBP10K per time is the max transfer via HSBC online, there is no restriction on the number of transfers that can be made, transfers into Thailand must state a reason for it, BOT regs.

Yes 10K is correct. You can only do one per day though, the information on the help screen stated that, but I tried anyway and was blocked.

It does seem however it is one per calendar day, rather than in a 24 hour period. I did the second transfer about 20 hours after the first and it went through without a problem.

[chiang mai]

GBP10K per time is the max transfer via HSBC online, there is no restriction on the number of transfers that can be made, transfers into Thailand must state a reason for it, BOT regs.

Yes 10K is correct. You can only do one per day though, the information on the help screen stated that, but I tried anyway and was blocked.

It does seem however it is one per calendar day, rather than in a 24 hour period. I did the second transfer about 20 hours after the first and it went through without a problem.

I believe you that the online system limits transfers to once daily, there is no other restriction however that prohibits customers from transfering by phone as many times as they wish, that was what I meant when I said there are no restrictions.

[LucidLucifer]

GBP10K per time is the max transfer via HSBC online, there is no restriction on the number of transfers that can be made, transfers into Thailand must state a reason for it, BOT regs.

Yes 10K is correct. You can only do one per day though, the information on the help screen stated that, but I tried anyway and was blocked.

It does seem however it is one per calendar day, rather than in a 24 hour period. I did the second transfer about 20 hours after the first and it went through without a problem.

I believe you that the online system limits transfers to once daily, there is no other restriction however that prohibits customers from transfering by phone as many times as they wish, that was what I meant when I said there are no restrictions.

Yes, ok.

Online does work out cheaper though, £17 vs £30 if my memory serves me right.