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Cheapest Way Send 10,000 Gbp To Thailand?

sidjameson
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yoshiwara Platinum Member

yoshiwara

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Posted

Why not ask your bank?

For significant amounts say when buying a property you can save quite a bit of money not going through a bank, but for only 10k, it won't make too much difference. However for a 100 pound difference why not shop around.
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MichaelJohn Advanced Member

MichaelJohn

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Via your UK bank to your Thai bank (if you have one).

Send in Sterling and let the Thai bank convert £ to B - you'll get a better rate than all the so called ForEx companies.

Different UK banks charge different rates for sending the money - the lowest I know of are Smile and Halifax (£13 and £10 I think) most "big banks" charge £20-£25. Usually only takes 1-2 days.

Don't pay the receiving banks charegs from the UK - they will be cheaper in Thailand.

Hope that helps

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brfsa2 Silver Member

brfsa2

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Posted (edited)

Via your UK bank to your Thai bank (if you have one).

Send in Sterling and let the Thai bank convert £ to B - you'll get a better rate than all the so called ForEx companies.

Different UK banks charge different rates for sending the money - the lowest I know of are Smile and Halifax (£13 and £10 I think) most "big banks" charge £20-£25. Usually only takes 1-2 days.

Don't pay the receiving banks charegs from the UK - they will be cheaper in Thailand.

Hope that helps

best answer...

but then if not possible, I've done via paypal, you will loose about 4%

Edited by brfsa2
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stoneyboy Platinum Member

stoneyboy

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Via your UK bank to your Thai bank (if you have one).

Send in Sterling and let the Thai bank convert £ to B - you'll get a better rate than all the so called ForEx companies.

Different UK banks charge different rates for sending the money - the lowest I know of are Smile and Halifax (£13 and £10 I think) most "big banks" charge £20-£25. Usually only takes 1-2 days.

Don't pay the receiving banks charegs from the UK - they will be cheaper in Thailand.

Hope that helps

One step better is to have a Bangkok Bank account and forward the money to the London branch who send it on,making the transaction a domestic one cutting costs further.

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user786895 Advanced Member

user786895

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The Post Office make no charge but do send the money in the currency of the receiving country, in this case it will send it in Thai Baht. To you to make the calculations on the respective methods and see which one works out cheaper. https://postoffice.hifxonline.co.uk/Payments/account/login/default.aspx?returnUrl=%2fPayments%2fhome.aspx

Edited by NickNick
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Will2011 Silver Member

Will2011

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HSBC Premier has the lowest fees and best currency rates.

Another option is to open a CITI Gold account in UK and another one in Thailand under the same account name holder so that you will only pay the currency exchange rate and avoid any wire transfer fees.

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kjhbigv Gold Member

kjhbigv

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The Post Office make no charge but do send the money in the currency of the receiving country, in this case it will send it in Thai Baht. To you to make the calculations on the respective methods and see which one works out cheaper. https://postoffice.hifxonline.co.uk/Payments/account/login/default.aspx?returnUrl=%2fPayments%2fhome.aspx

I would not use the Post Office the rates are not good.

Why not get your bank to send it over, remember to get them to send as GBP to the receiving account here in Thailand, get a much better rate than the bank converting it to baht it the UK and then sending over.

Cost (with Lloyds for example) is up to GBP5k, GBP10.00 or GBP17.50 up to GBP10k from memory. Can be done online or by phone with a lots of banks.

Whatever you do, DO NOT let the UK bank or post office convert to THB in the UK, get it sent over as GBP and converted here!

Edited by kjhbigv
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allalong Senior Member

allalong

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And you never said what Bangkok Bank charged.

A percentage.

Whatever the amount. A bunch of sharks,might as well use Western Union

Sent from my GT-S7500L using Thaivisa Connect Thailand mobile app

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kjhbigv Gold Member

kjhbigv

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And you never said what Bangkok Bank charged.

A percentage.

Whatever the amount. A bunch of sharks,might as well use Western Union

Sent from my GT-S7500L using Thaivisa Connect Thailand mobile app

Really? A maximum charge of 500 baht on GBP10k sounds reasonable to me?

Western Union is really that cheap?

"Fee for receiving funds from overseas: 0.25% of the transfer's amount (Baht 200 Min., Baht 500 Max.)"

Lifted from BKK Bank website.

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lookingeast Senior Member

lookingeast

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And you never said what Bangkok Bank charged.

A percentage.

Whatever the amount. A bunch of sharks,might as well use Western Union

Sent from my GT-S7500L using Thaivisa Connect Thailand mobile app

Would NOT use Western Union - security ? (google western union scam)
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kjhbigv Gold Member

kjhbigv

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And you never said what Bangkok Bank charged.

A percentage.

Whatever the amount. A bunch of sharks,might as well use Western Union

Sent from my GT-S7500L using Thaivisa Connect Thailand mobile app

Would NOT use Western Union - security ? (google western union scam)

Just did a quote for Western Union, apart from the security issues.....

Max online is GBP4k, charge GBP19.90 and an exchange rate of THB44.10. (BKK Bank 45.33)

Just the differential on the exchange rate on GBP10k is THB12300 = circa GBP270.00 less by Western Union!

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sushi5734 Senior Member

sushi5734

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HSBC Premier has the lowest fees and best currency rates.

Another option is to open a CITI Gold account in UK and another one in Thailand under the same account name holder so that you will only pay the currency exchange rate and avoid any wire transfer fees.

Have you actually done that? I have a citigold account and I spoke to my account manager in London about opening an account with Citibank Thailand, at the time (2/3 years ago) she said that there would be a fee, however that the system was being looked into.

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fxe1200 Gold Member

fxe1200

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Posted (edited)

Via your UK bank to your Thai bank (if you have one).

Send in Sterling and let the Thai bank convert £ to B - you'll get a better rate than all the so called ForEx companies.

Different UK banks charge different rates for sending the money - the lowest I know of are Smile and Halifax (£13 and £10 I think) most "big banks" charge £20-£25. Usually only takes 1-2 days.

Don't pay the receiving banks charegs from the UK - they will be cheaper in Thailand.

Hope that helps

best answer...

but then if not possible, I've done via paypal, you will loose about 4%

I prefer the OUR transfer (online), which costs me flat 11,50 Euro, as the receiving bank will not charge me an additional fee (SCB 300THB!). For sending funds to Thailand it is helpful to state the payment instruction within the reference line.

http://www.globalmediapro.com/content/WhatAreBENSHAOURPaymentInstructions.

Edited by fxe1200
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notmyself Platinum Member

notmyself

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HSBC Premier has the lowest fees and best currency rates.

I have mentioned this a number of times on the past but members keep it is not true.

My 6 monthly rent was due middle of last month so I moved over 800 quid from HSBC premier to Kasikorn (Baht) for no cost @ 44.19 which was very good at the time. On the other hand, a big other hand, I have heard that some account holders have to pay a monthly charge of 10 quid for the premier account now. Please note that I have just heard this from a couple of people I don't know so it may not be true.

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delgarcon Silver Member

delgarcon

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I agree with Michaeljohn, transfer the sterling from your uk bank and let your Thai bank convert to baht. You'll pay around £20 in uk charges and get a good rate here and whats more your money will be secure. I'm not so sure how well some of the private fx companies are regulated.

Edited by delgarcon
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loong Ruby Member

loong

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If I'm not in a hurry, I will write a cheque drawn on my UK bank and pay it into my Thai bank account.

Usually takes 3 or 4 weeks to clear.

Cost about 300 Baht (equivalent of $10)

You have no control over exchange rate though as the Thai bank will convert at the current rate when the funds arrive in Thailand, not the rate when you deposit the cheque.

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LawrenceN Silver Member

LawrenceN

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Can you write a personal check for those funds? We have written US$10,000 checks to KBank (Kasikorn) several times. The fee is $10, but it takes up to six weeks for them to clear the check and let you have your money. You asked for cheapest, not fastest.

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notmyself Platinum Member

notmyself

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Can you write a personal check for those funds? We have written US$10,000 checks to KBank (Kasikorn) several times. The fee is $10, but it takes up to six weeks for them to clear the check and let you have your money. You asked for cheapest, not fastest.

Which is the point I think.

Could well be the cheapest in a way but it takes ages and at point of exchange you will get at least .75 less than best. Seems cheap but at point of sale it isn't.

Oh. Your talking dollars so don't know... Since end of Sept / beginning of Oct last year I get a better rate exchanging in the UK rather than Thailand.

edit 45.98, it was 45.87 a few hours ago when I checked.

Edited by notmyself
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