Are You A Sexpat Or Do You Ride The Backwards Morality Train?

[jko]

World First seem to be highly reputable, and offer a good exchange rate (currently £1=Bht 49.6)

Has anybody used them recently to transfer UK pounds from a UK bank to a Thai bank?

I assume you open an account with World First, transfer the sterling there from your bank, and they send the converted Baht on to Thailand, with the client paying any fees.

(I realise that pounds should not be converted to Baht first by a UK bank, but this looks OK)

In other words, what would you use - Worldfirst, or a GBP SWIFT transfer UK bank-to-Thai bank?

[bartender100]

They are offering B49.4561 to the £, and £15 service charge, that's much better than my UK bank, but opening an account if you live in Thailand will be a problem, they want a UK utility bill which I don't have, also I don't think it will be quick, first you have to transfer funds to them, what 3/4 days, then it takes them 3/4 to send it to Thailand.

I will give it a go, and report back

[CharlieH]

Dont confuse inter-bank exchange rate with what you actually get.

[monsieurhappy]

I have an account with HiFX. If you look at their site now you will see an exchange rate almost the same as World First.

Once you log in and start the process of exchanging funds you will see the rate drop by about 1 baht per pound!

The only way you may be able to gain with these companies is if you know or think that by the time your money as progressed through the SWIFT exchange the pound will have fallen otherwise SWIFT is the cheaper way to go!

[TongueThaied]

The problem wth SWIFT of a foreign currency into a Thai bank account is that EVERY Thai bank rips you off on the exchange. With USD, they get half a baht per dollar extra, which is quite expensive, then there are all the fees . . .

I have a friend who has had very good luck with Moneycorp, a UK firm. They sell you the baht and make their money with a very small mark-up on the exchange (maybe 10 satang) -- no other fees. I have just been notified that my account application with them was successful.

Here is what they say:

Welcome to Moneycorp.

Unfortunately, I have been unable to reach you by phone today, so I a writing to introduce myself as your Account Manager and provide a brief overview of the services we offer.

Firstly, there are two contract types for you to choose from:

1. Spot Contract

This is a standard FX transaction whereby you agree to buy/sell currency for immediate delivery. We would ask for the full amount to be in transferred into our accounts within 5 working days of trading.

2. Forward Contract

This contract allows you to fix an exchange rate, but not pay for or take delivery of your funds until an agreed date in the future. We do request that a 10% deposit is provided within 5 days of trading, as security against the forward position, and the balance is remitted at least one day before the agreed future date.

Forward contracts are particularly useful when looking to hedge FX exposure, manage budgets, or capture favourable prices when full funding may not be immediately available. Flexibility is permissible if your date needs revising, but do bear in mind that in some circumstances such action is not costless. Please speak to a Dealer directly for specifics.

Secondly, there are various ways in which we can proactively monitor the market on your behalf:

1. Watch Order

You specify a particular price at which you would like to be notified if the market moves to this level, and Moneycorp will endeavour to contact you at the very earliest convenience should the target be met.

These orders are most efficient during our office hours, but do allow flexibility insofar as you are not obliged to trade should the target price be reached.

2. Firm Limit Order

This order is very similar to a Watch Order except for one key aspect: if the price is met, Moneycorp will automatically exchange the agreed amount of currency at the specified price. This order will create a legally binding commitment to honour the purchase if/when the target rate is achieved. The order will remain active until it is either filled (i.e. the rate has been met) or expressly cancelled by you over the phone.

3. Stop Loss/Stop Watch Order

Exactly the same as the above two orders but designed to limit downside risk exposure by allowing you to place minimum levels at which you would be happy to trade at.

Effective risk-management is a crucial part of currency trading and stop orders can form an integral part of limiting your exposure.

4. OCO (one cancels the other)

Stop loss and limit orders often run together so you are able to target your preferred rate on the upside while limiting your downside exposure should the market move in the wrong direction.

An OCO simply means that you have two orders running simultaneously in the market. Should one of the orders be reached (Limit or Stop) the other position is automatically cancelled so you do not have an unwanted position left in the market.

There is always an element of the unknown when trading currencies and orders represent an efficient way of monitoring the market to obtain preferred rates while protecting against adverse price movement. Moneycorp will endeavour to guide you as to the best options to meet specific needs. Please bear in mind orders are flexible and the levels at which they are set can be adjusted within a moving market to make them more effective.

Thirdly, we can offer services that provide additional currency management techniques:

1. Currency Options (Vanilla Options)

A derivative contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified exchange rate on a specific date in the future. For this right, a premium is paid, which will be determined by a number of variables such as duration, position size and strike price.

2. Zero Cost Options

These options do not require the payment of an upfront premium but a margin may be required as security against the position. You must also be aware that an obligation to trade may exist with these products. An explanation of these strategies can be forwarded by email if requested.

Please note that FX options are regulated products. These products can carry a high level of risk to your capital and are not suitable for everyone. You should seek independent advice if necessary. Therefore, the products explained above (Vanilla and Zero Cost Options) can only be discussed with, and traded by, FSA approved persons at TTT Moneycorp Ltd. You must have completed our Foreign Exchange Options Addendum, which can be forwarded to you by email, post, or fax.

Finally, we are pleased to provide currency services, which have been specially designed to assist people who may be looking to move smaller amounts of currency on a frequent/ad hoc basis or make regular payments:

1. Regular Payment Plan (RPP)

The Regular Payment Plan is fully automated and takes the hassle out of regular overseas transfers, such as pensions, salaries, rental income. We collect your sterling by Direct Debit and automatically send the foreign currency abroad. You can elect to either fix the rate for a specified period or have a rate that fluctuates with the market each period.

2. Moneycorp Online (MO)

MO is our secure, convenient and cost-effective way to make your international payments online. It is designed to complement our telephone dealing service for those who are happy to trade on the internet. MO is free to set-up, there are no monthly or annual subscription charges and there is no obligation to trade. The system has been built with security in mind.

You can now call the Private Client Dealing Desk anytime between 7.30am and 9.00pm Monday to Friday and 9.00am to 1.00pm on Saturdays to get quotes on Spot and Forward contracts or to discuss your currency requirements.

Please do not hesitate to contact me should you have any questions. Furthermore, feel free to pass my details to family, friends and colleagues who may also benefit from using our services. We would be happy to help.

Kind regards,

Vaughan Atton IMC CFTe MSTA

Private Client Dealer

MONEYCORP

Commercial Foreign Exchange

100 Brompton Road

London

SW3 1ER

United Kingdom

T: +44 (0)20 7589 3400

F: +44 (0)20 7235 4250 http://www.ttt.co.ukhttp://www.moneycorp.com

MONEYCORP is a trading name of TTT Moneycorp Limited

P Please consider the environment before printing this email

This email and any attachments are confidential and may be privileged and are intended solely for the use of the named recipients. If you are not the intended recipient, it is prohibited and may be unlawful to use or copy this email for any purpose or disclose its contents. The views expressed may not be the views of TTT Moneycorp Ltd and should not be relied upon. If you have received this communication in error, please notify TTT at [email protected] immediately by email or by telephone (+44 20 7823 7700) before deleting it. Please note that TTT Moneycorp Ltd monitors e-mails sent or received; further communication will signify your consent to this. Please be aware that emails and attachments may contain viruses. Thank you for your co-operation.

TTT Moneycorp Limited is authorised and regulated by the Financial Services Authority for the conduct of designated investment business and for the provision of payment services. Unless expressly stated otherwise, none of the information contained in this email constitutes or should be construed as financial advice. TTT Moneycorp Ltd is also required to maintain compliance with the Payment Card Industry Security Standards. No payment card information should be transmitted by email from or to TTT Moneycorp Ltd beyond the first six and last four digits of any payment card (credit or debit card) and the card security code CVV (3 digit number on the reverse) must never be transmitted.

TTT Moneycorp Limited is a company registered in England under registration number 738837. Its registered office address is 2 Sloane Street, London, SW1X 9.

I'll post my experience when a transaction is completed.

Edited May 23, 2012 by TongueThaied

[jko]

After a search for more info on the forum, I'm still unsure what to do here, grateful if anybody has done this:

After speaking to Worldfirst, and my bank here in Thailand, I understand that:

1) Worldfirst do not charge anything if you transfer more than £5,000 from UK to Thailand. The transaction is free, and they benefit only from the Forex exchange rate. They are currently quoting interbank rate of £1= Baht 49.10 and after phoning them, they would, right now, apply a client rate of Baht 48.45 which I could fix if necessary.

2) My bank confirms they do not charge any fees for an inward TT in Thai Baht (but they would charge 0.125% or a minimum of US$12.50 on any inward TT in foreign currency)

This means that a transfer of say £10,000 based on the above would end up as Baht 48.45 x £10,000 = Baht 48,450 in my Thai bank, no fees, no charges.

The rate seems competitive (SCB £1 = 48.14 BKKBK £1=48.28 Local Money Changer $1 = 49.05)

Seems therefore very good - but am I overlooking some hidden cost?

Edited June 12, 2012 by jko