Conversion Rate For Gbp Transfers Via Bangkok Bank’S London Branch

[OJAS]

Which buying rate is used at the Bangkok end for converting transfers into THB after the £20 deduction in London but before the 200-500 THB “international fee” deduction? The column on the Bangkok Bank website at http://www.bangkokba...s/FX_Rates.aspx headed “Sight Bill”, or the one headed “TT”? And what do these terms stand for?

[CharlieH]

Its the TT rate as shown on the BB site on the morning of receipt. The same rate is actually shown in the top right corner of the ThaiVisa homepage.

Edited August 4, 2012 by CharlieH

[Pib]

And keep in mind the exchange rate will vary throughout the day so what "Update" you get will depend on when your money is rec'd, converted, and posted. The Update selection menu is next to the date. It's not uncommon to see several Update rates each business day and sometimes in the ballpark of a half a dozen Updates throughout the day when the FX market is having some healthy variations. But with all that being said, although I haven't down any wire transfers for a while, when I did I always got Update 1 (i..e, the opening rate for the day).

[Postmaster]

You didn't answer define 'TT' What does this abbreviation mean ? 'BB' I assume is Bangkok Bank but I have never seen it written like that. It is normally referred to as Bkk Bank or B.Bank.

I was in the London Branch of the Bkk Bank last week in St.Mary Axe near the 'Gerkin' . Is a quiet strange place and I got the impression few people go there. They can't do much over the counter at all although tried to be helpful. There seemed to be few callers. I was alone in there for 15 minutes. For example they couldn't access my account in Jomtien's Branch of their OWN BANK and they cannot take cash from you in any volume. Don't think they need a London High Street address at all. Could well be on an Industrial Estate like the Hull Thai Cosulate!

[sysardman]

You didn't answer define 'TT' What does this abbreviation mean ? 'BB' I assume is Bangkok Bank but I have never seen it written like that. It is normally referred to as Bkk Bank or B.Bank.

I was in the London Branch of the Bkk Bank last week in St.Mary Axe near the 'Gerkin' . Is a quiet strange place and I got the impression few people go there. They can't do much over the counter at all although tried to be helpful. There seemed to be few callers. I was alone in there for 15 minutes. For example they couldn't access my account in Jomtien's Branch of their OWN BANK and they cannot take cash from you in any volume. Don't think they need a London High Street address at all. Could well be on an Industrial Estate like the Hull Thai Cosulate!

I believe TT stands for Telegraphic Transfer

[Postmaster]

Thanks for response. I am still confused as to the best way to send my UK funds which are in a High St Bank A/c here in UK to my my Savings Account at Bangkok Bank in Thailand. I want to do it safely and and obviously without too many charges because it is my retirement fund and I can't afford to lose it. No urgency is required but would like to lock-in a good rate.

Could you advise the best procedure if you are UK chap? Thanks

PS Just for info I have opened a Metro Bank Account in London following hearing some great stuff about this new Bank inc

no charge for withdrawals abroad. Don't want to load that one up yet.

[meatboy]

Thanks for response. I am still confused as to the best way to send my UK funds which are in a High St Bank A/c here in UK to my my Savings Account at Bangkok Bank in Thailand. I want to do it safely and and obviously without too many charges because it is my retirement fund and I can't afford to lose it. No urgency is required but would like to lock-in a good rate.

Could you advise the best procedure if you are UK chap? Thanks

PS Just for info I have opened a Metro Bank Account in London following hearing some great stuff about this new Bank inc

no charge for withdrawals abroad. Don't want to load that one up yet.

why dont you do what i do is have the money trans.once a year then you can wait till its a rate your happy with,never think you will get the best t.t.rate at an instant becuase it takes 24hrs to be in your b.b. and doing it once a year means only one lot of expences.

[duncanb]

email address for a very helpful chap at BKK Bank in London

[email protected]

Essentially you can make a transfer from your UK a/c to BKK bank London (which is usually free), who then transfer it (in pounds is best for large sums) to your BKK bank a/c in thailand- see below. I have used them, the service was good, but if you travel between the UK and Thailand a lot and can get away with carrying cash with you then you get a much better rate in the likes of superrich

1) To transfer funds via BACS to Thailand in THB at a charge of

GBP15.00 where we convert in London at our exchange rate:

Sort Code: 60 93 98

Account Number: 92 00 10 00

Credit: [Name & last name of the person receiving

the funds in Thailand] (example: John Smith)

Reference: [The 10-digit Bangkok Bank account number in

Thailand] BKKBTHBK (example: 1234567890BKKBTHBK)

2) To transfer funds to Thailand in GBP at a charge of GBP20.00 plus

0.25 % of the amount in the Thai Baht currency (minimum of THB 200,

maximum of THB 500 ). This will be converted in Thailand at the TT

rate:

`

Sort Code: 60 93 98

Account Number: 92 00 20 00

Credit: [Name & last name of the person receiving

the funds in Thailand] (example: John Smith)

Reference: [The 10-digit Bangkok Bank account number in

Thailand] BKKBTHBK (example: 1234567890BKKBTHBK)

There is a difference in the account number. The TT rate is only

available in Thailand. On larger amounts the customer is usually

financially better off by sending in GBP.

[Postmaster]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

[duncanb]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

I have no such account. the funds are sent in sterling and then converted immediately- I am not aware of any facility which allows you to hold the funds and wait for the best rate. Good luck

[JAS21]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

I have no such account. the funds are sent in sterling and then converted immediately- I am not aware of any facility which allows you to hold the funds and wait for the best rate. Good luck

Yes ... there is a facility for BB to hold your GBP ... but you need to open an account, forgot the name and I think that costs about 1000Baht to open the account and then you can use it anytime. Then there is a small fee to change your money. You need to ask BB about this asd I can't remember the details.

But why bother using BB in London ... just get your bank to send GBP direct to whatever account here.

Edited August 7, 2012 by JAS21

[duncanb]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

I have no such account. the funds are sent in sterling and then converted immediately- I am not aware of any facility which allows you to hold the funds and wait for the best rate. Good luck

Yes ... there is a facility for BB to hold your GBP ... but you need to open an account, forgot the name and I think that costs about 1000Baht to open the account and then you can use it anytime. Then there is a small fee to change your money. You need to ask BB about this asd I can't remember the details.

But why bother using BB in London ... just get your bank to send GBP direct to whatever account here.

Time, exchange rates and cost

Barclays say it takes between 7 and 10 days, and you need to make the transfer (if over 20,000 GBP (as I recall)) in person in the branch which is awkward if you are in Thailand. UK banks generally charge a lot more for the transfer and offer worse rates, and those rates can fluctuate a hell of a lot in 10 days.

If you have internet banking in the uK you can simply make a transfer using on line banking to BKK bank London, who then send the cash to Thailand immediately

[duncanb]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

I have no such account. the funds are sent in sterling and then converted immediately- I am not aware of any facility which allows you to hold the funds and wait for the best rate. Good luck

Yes ... there is a facility for BB to hold your GBP ... but you need to open an account, forgot the name and I think that costs about 1000Baht to open the account and then you can use it anytime. Then there is a small fee to change your money. You need to ask BB about this asd I can't remember the details.

But why bother using BB in London ... just get your bank to send GBP direct to whatever account here.

I spoke to Bangkok Bank about this facility, and they say it does not exist. If you can remember the name or give more details that would be useful

[endure]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

I have no such account. the funds are sent in sterling and then converted immediately- I am not aware of any facility which allows you to hold the funds and wait for the best rate. Good luck

Yes ... there is a facility for BB to hold your GBP ... but you need to open an account, forgot the name and I think that costs about 1000Baht to open the account and then you can use it anytime. Then there is a small fee to change your money. You need to ask BB about this asd I can't remember the details.

But why bother using BB in London ... just get your bank to send GBP direct to whatever account here.

I spoke to Bangkok Bank about this facility, and they say it does not exist. If you can remember the name or give more details that would be useful

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

[JAS21]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

I have no such account. the funds are sent in sterling and then converted immediately- I am not aware of any facility which allows you to hold the funds and wait for the best rate. Good luck

Yes ... there is a facility for BB to hold your GBP ... but you need to open an account, forgot the name and I think that costs about 1000Baht to open the account and then you can use it anytime. Then there is a small fee to change your money. You need to ask BB about this asd I can't remember the details.

But why bother using BB in London ... just get your bank to send GBP direct to whatever account here.

Time, exchange rates and cost

Barclays say it takes between 7 and 10 days, and you need to make the transfer (if over 20,000 GBP (as I recall)) in person in the branch which is awkward if you are in Thailand. UK banks generally charge a lot more for the transfer and offer worse rates, and those rates can fluctuate a hell of a lot in 10 days.

If you have internet banking in the uK you can simply make a transfer using on line banking to BKK bank London, who then send the cash to Thailand immediately

I bank with RBS (for my sins) I fax the request(to RBS) to transfer Thai pm ie UK morning and the money usally arrives in BK the next day .... I don't have a limit on how much I can send ... unlike a BACS transfer which is usually 10000GDP/per day. You have to set this system up though, but once done ... easy.

Edited August 10, 2012 by JAS21

[WBS2555]

You didn't answer define 'TT' What does this abbreviation mean ? 'BB' I assume is Bangkok Bank but I have never seen it written like that. It is normally referred to as Bkk Bank or B.Bank.

I was in the London Branch of the Bkk Bank last week in St.Mary Axe near the 'Gerkin' . Is a quiet strange place and I got the impression few people go there. They can't do much over the counter at all although tried to be helpful. There seemed to be few callers. I was alone in there for 15 minutes. For example they couldn't access my account in Jomtien's Branch of their OWN BANK and they cannot take cash from you in any volume. Don't think they need a London High Street address at all. Could well be on an Industrial Estate like the Hull Thai Cosulate!

I believe TT stands for Telegraphic Transfer

The bank use daily buying T/T rate converting transfer funds to Thailand. Telegraphic Transfer often abbreviated to TT, is a electronic means of transferring funds overseas. Sight Bill is a document ordering the payment or the money, drawn by one person or bank on another.

[WBS2555]

Bangkok Bank offers funds transfer from UK via Bangkok bank London Branch for full details, please visit http://www.bangkokba...undsfromUK.aspx

[WBS2555]

Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

Sorry to ask you again but am I correct in assuming you have such an account?

You can open a "Foreign Currency Deposit Account" (FCD)in GBP with Bangkok Bank hold GBP funds received in this account and convert them into Baht whenever you want. For more details, please visit http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

[Postmaster]

You see Duncamb there IS SUCH A FACILITY "Bangkok Bank's Foreign Currency Deposit Accounts " in 14 different currencies

Thanks to "ENDURE" and "WBS" for the timely link without any words being added all the information came up just from the link they are stalwarts !