Charles Schwab In Uk - I'm In!

[socrates28]

Having read loads of threads by our American Cousins about their wonderful
Checking Account (Current Account) with Charles Schwab - no fees for
withdrawals overseas and all ATM charges refunded - I thought I would
make some investigations.

So here is the deal - you set up an account which is an all in one account - trading and UK Current Account.

The forms come through the post you send them a copy of your passport
and two proof of address (all copies) after 2 weeks your account is set
up

You credit the account with $10,000

A week later you get your debit card

Once this process is complete as long as you maintain a balance of
$1000 dollars either in investment or cash the account remains open

Also you can withdraw $1000 a day in two separate transactions

I think this is the best option for me long term

Getting stopped every time @ Heathrow and asked about cash

I have K-Bank but its the cash part that is becoming a problem - and I have zero interest in Travellers Cheques

All the fee free accounts like Metro, Nationwide etc still charge at 150 baht at ATM so not really doing the full job

I will report back on how it goes - going to their offices today in
London to do the paperwork - but as I said it can be done by post

[yoshiwara]

That will be interesting.

[socrates28]

Turned up at their offices and was promptly met by the receptionist who provided me with some chilled Evian.

Moved into the meeting room to meet Richard Flynn - very nice guy - provided my Photo ID and one proof of address as I was there in person - two required if its by post

Filled a few forms in (American versions) - signed some IRS forms to confirm I was UK Resident and paying taxes here - standard Money Laundering stuff

Signed a form for a Sweep Account - which moves the money to the Bond Market overnight - so there is a negligible interest rate on any cash amounts

Confirmed again that once the $10,000 was deposited I needed to maintain a balance of $1,000 for the account to remain active - daily withdrawal limit is $1,000 - 2x $500 a day - it can be raised to $2,000 on request and higher with Special Request - $1,000 goo enough for me

Confirmed that its Interbank Rate (Visa) - absolutely zero charges and all ATM charges refunded

Can fund the account by BACS Transfer

I expect to get the account fully open in 3 weeks in time for my next escapade to LOS

I did read somewhere on a US forum that when they funded the account (on-going) the money took 3-5 to show up - however I am assuming as this is a UK account and its UK - UK transfer there will be no such issues

I believe there is a conversion figure on the sterling into $10,000 of $95 - but for me - the overall savings will come on exchange rate in Thailand, zero ATM fees and convenience of not carrying cash and getting stopped in Customs

I have previously sent money via Swift to my K Bank but you still need to flaff about in Pattaya Klang Branch to complete the transaction - especially for amounts of around £5k - which is my normal transfer and there are fees of around £35-40 for this anyway so similar to the $95

If anyone can see any holes in my plan - please let me know

Or if you have any questions I can get them answered by Richard @ CS

[yoshiwara]

I guess for some guys the limitation is having an account in $US rather then sterling.

[chiang mai]

If it works for you and you're happy with it, great! But I suspect that if you do the math (which I can't be bothered to do) and compare your chosen option against having say a free bank account at HSBC UK plus a bank account at say Bangkok Bank in Thailand, the second option will come out ahead, albeit it may be slightly less use friendly from a convenience standpoint. Whereas you save on ATM fees you have to pay currency conversion costs regardless of whether you withdraw in THB or GBP and it seems unlikely that you'll ever withdraw funds in the account currency, USD. Also, I didn't understand the part about the sweep into the bond market account, is that an option of your choosing or one that is required by the account, the reason I ask is because my understanding is that the bond market is a very dangerous place to play these days.

[sustento]

So how much is the USD->THB->GBP costing you?

You could get yourself a Halifax Clarity credit card - go into a bank and use their PIN machine to draw your cash - then go home and use UK internet banking to pay the bill the same day.

[chiang mai]

I was thinking about this whilst at the gym this morning so I decided to do the math:

You have GBP 24,000 in a UK bank account that has no charges.

Option 1 (use UK and Thai banks)

You open a Thai account with say Bangkok Bank,

Cost of ATM card per year = THB 300 (GBP 6.6)

You transfer GBP 12,000 to Thailand twice a year,

Cost of (UK) transfer = GBP 12 x 2 or GBP 24.

Cost to receive the funds as THB, say THB 400 x 2 (GBP 17.7)

ATM costs in Thailand, THB 0.

Interest income on the THB in Thailand at 2.5% per year, say THB 22,000 per year (GBP 488.88).

Total annual costs = GBP -439

There, now you can do the Charles Scwab side and compare the costs, guess which one will be cheaper.

[JAS21]

I was thinking about this whilst at the gym this morning so I decided to do the math:

You have GBP 24,000 in a UK bank account that has no charges.

Option 1 (use UK and Thai banks)

You open a Thai account with say Bangkok Bank,

Cost of ATM card per year = THB 300 (GBP 6.6)

You transfer GBP 12,000 to Thailand twice a year,

Cost of (UK) transfer = GBP 12 x 2 or GBP 24.

Cost to receive the funds as THB, say THB 400 x 2 (GBP 17.7)

ATM costs in Thailand, THB 0.

Interest income on the THB in Thailand at 2.5% per year, say THB 22,000 per year (GBP 488.88).

Total annual costs = GBP -439

There, now you can do the Charles Scwab side and compare the costs, guess which one will be cheaper.

That works if you don't spend any of the GBP24000.

I either use Moneycorp or transfer like you do. It's luck of the draw which is cheapest as BB change your money the day they receive it, using Moneycorp you have bought the baht a few days earlier.

I also find BB change your money first thing in the morning but I never quite get the advertised TT rate.

[chiang mai]

I've allowed for expenditure in the interest rate calculation although I have not allowed for the effect of compound interest But even if you halve the interest earned, the results still come out very favorably.

Edited May 31, 2013 by chiang mai

[socrates28]

If it works for you and you're happy with it, great! But I suspect that if you do the math (which I can't be bothered to do) and compare your chosen option against having say a free bank account at HSBC UK plus a bank account at say Bangkok Bank in Thailand, the second option will come out ahead, albeit it may be slightly less use friendly from a convenience standpoint. Whereas you save on ATM fees you have to pay currency conversion costs regardless of whether you withdraw in THB or GBP and it seems unlikely that you'll ever withdraw funds in the account currency, USD. Also, I didn't understand the part about the sweep into the bond market account, is that an option of your choosing or one that is required by the account, the reason I ask is because my understanding is that the bond market is a very dangerous place to play these days.

Bangkok Bank do not generally open accounts with just a Holiday Visa

Like I said I have K Bank - so a transfer costs from UK £25 - and say £10-20 to receive at the other end - plus I have to go to K Bank to complete the process - so similar costs to the CS charge

The rate I receive will be the interbank rate - so again no difference there

I spend 3-4 months a year in Thailand so many many withdrawls over that period of time - lots and lots of 150 bahts

CS - and the Sweep - its an overnight sweep so the rest is virtually zero

Plus I can trade shares at a low cost of $8-9 with CS ad invest in certain shares that would not normally be available to me in UK

The other interesting aspect is I can hedge against the £ - which I can see our new Canadian Governor of the Bank of England devaluing - so getting a good rate when I can and keeping some money in another currency other than GBP is also a benefit

Overall - it is not for everyone but will work for me and possibly others

[chiang mai]

If it works for you and you're happy with it, great! But I suspect that if you do the math (which I can't be bothered to do) and compare your chosen option against having say a free bank account at HSBC UK plus a bank account at say Bangkok Bank in Thailand, the second option will come out ahead, albeit it may be slightly less use friendly from a convenience standpoint. Whereas you save on ATM fees you have to pay currency conversion costs regardless of whether you withdraw in THB or GBP and it seems unlikely that you'll ever withdraw funds in the account currency, USD. Also, I didn't understand the part about the sweep into the bond market account, is that an option of your choosing or one that is required by the account, the reason I ask is because my understanding is that the bond market is a very dangerous place to play these days.

Bangkok Bank do not generally open accounts with just a Holiday Visa

Like I said I have K Bank - so a transfer costs from UK £25 - and say £10-20 to receive at the other end - plus I have to go to K Bank to complete the process - so similar costs to the CS charge

The rate I receive will be the interbank rate - so again no difference there

I spend 3-4 months a year in Thailand so many many withdrawls over that period of time - lots and lots of 150 bahts

CS - and the Sweep - its an overnight sweep so the rest is virtually zero

Plus I can trade shares at a low cost of $8-9 with CS ad invest in certain shares that would not normally be available to me in UK

The other interesting aspect is I can hedge against the £ - which I can see our new Canadian Governor of the Bank of England devaluing - so getting a good rate when I can and keeping some money in another currency other than GBP is also a benefit

Overall - it is not for everyone but will work for me and possibly others

A few points:

It is possible to open an account with Bangkok Bank (or indeed any Thai bank) with just a holiday type visa, but since you have a Kbank account, that will work fine.

Your transfer costs are determined by the sending bank, in your case the GBP25 is kinda high and can be reduced by using a different bank. I sometimes use HSBC UK for transfers and an internet transfer costs GBP12, it doesn't matter which bank or where it's going to.

If you send Thai baht the recieving charges in Thailand will be much higher than if you send GBP and allow the recieving bank to make the conversion to THB in Thailand, in that case the recieving charge should be around THB 400. Figure on total transfer charges (both send and recieve charges) to be GBP20, GBP 25 at maximum.

[Loptr]

I've been using Schwab for years and recommend them to anyone that will listen. The ATM charge reimbursement is worth having a Schwab account alone, although I do have a brokerage account with them too. Makes life easier when you're a road warrior.

[RAZZELL]

Only £7 up to £3000. Free after that.

Any good?

http://www.ukforex.co.uk/

RAZZ

[socrates28]

So how much is the USD->THB->GBP costing you?

You could get yourself a Halifax Clarity credit card - go into a bank and use their PIN machine to draw your cash - then go home and use UK internet banking to pay the bill the same day.

I know I can do this but you need to carry your passport every time and wait in line etc - I am looking for convenience and ability to use the card whatever time I want

[sas_cars]

I've been using Schwab for years and recommend them to anyone that will listen. The ATM charge reimbursement is worth having a Schwab account alone, although I do have a brokerage account with them too. Makes life easier when you're a road warrior.

Is there a way for us to open a Charles swab account from Thailand? Non US citizen and non resident.

[socrates28]

If it works for you and you're happy with it, great! But I suspect that if you do the math (which I can't be bothered to do) and compare your chosen option against having say a free bank account at HSBC UK plus a bank account at say Bangkok Bank in Thailand, the second option will come out ahead, albeit it may be slightly less use friendly from a convenience standpoint. Whereas you save on ATM fees you have to pay currency conversion costs regardless of whether you withdraw in THB or GBP and it seems unlikely that you'll ever withdraw funds in the account currency, USD. Also, I didn't understand the part about the sweep into the bond market account, is that an option of your choosing or one that is required by the account, the reason I ask is because my understanding is that the bond market is a very dangerous place to play these days.

Bangkok Bank do not generally open accounts with just a Holiday Visa

Like I said I have K Bank - so a transfer costs from UK £25 - and say £10-20 to receive at the other end - plus I have to go to K Bank to complete the process - so similar costs to the CS charge

The rate I receive will be the interbank rate - so again no difference there

I spend 3-4 months a year in Thailand so many many withdrawls over that period of time - lots and lots of 150 bahts

CS - and the Sweep - its an overnight sweep so the rest is virtually zero

Plus I can trade shares at a low cost of $8-9 with CS ad invest in certain shares that would not normally be available to me in UK

The other interesting aspect is I can hedge against the £ - which I can see our new Canadian Governor of the Bank of England devaluing - so getting a good rate when I can and keeping some money in another currency other than GBP is also a benefit

Overall - it is not for everyone but will work for me and possibly others

A few points:

It is possible to open an account with Bangkok Bank (or indeed any Thai bank) with just a holiday type visa, but since you have a Kbank account, that will work fine.

Your transfer costs are determined by the sending bank, in your case the GBP25 is kinda high and can be reduced by using a different bank. I sometimes use HSBC UK for transfers and an internet transfer costs GBP12, it doesn't matter which bank or where it's going to.

If you send Thai baht the recieving charges in Thailand will be much higher than if you send GBP and allow the recieving bank to make the conversion to THB in Thailand, in that case the recieving charge should be around THB 400. Figure on total transfer charges (both send and recieve charges) to be GBP20, GBP 25 at maximum.

Have you a link for the £12 transfer cost for £5k plus?

[chiang mai]

If it works for you and you're happy with it, great! But I suspect that if you do the math (which I can't be bothered to do) and compare your chosen option against having say a free bank account at HSBC UK plus a bank account at say Bangkok Bank in Thailand, the second option will come out ahead, albeit it may be slightly less use friendly from a convenience standpoint. Whereas you save on ATM fees you have to pay currency conversion costs regardless of whether you withdraw in THB or GBP and it seems unlikely that you'll ever withdraw funds in the account currency, USD. Also, I didn't understand the part about the sweep into the bond market account, is that an option of your choosing or one that is required by the account, the reason I ask is because my understanding is that the bond market is a very dangerous place to play these days.

Bangkok Bank do not generally open accounts with just a Holiday Visa

Like I said I have K Bank - so a transfer costs from UK £25 - and say £10-20 to receive at the other end - plus I have to go to K Bank to complete the process - so similar costs to the CS charge

The rate I receive will be the interbank rate - so again no difference there

I spend 3-4 months a year in Thailand so many many withdrawls over that period of time - lots and lots of 150 bahts

CS - and the Sweep - its an overnight sweep so the rest is virtually zero

Plus I can trade shares at a low cost of $8-9 with CS ad invest in certain shares that would not normally be available to me in UK

The other interesting aspect is I can hedge against the £ - which I can see our new Canadian Governor of the Bank of England devaluing - so getting a good rate when I can and keeping some money in another currency other than GBP is also a benefit

Overall - it is not for everyone but will work for me and possibly others

A few points:

It is possible to open an account with Bangkok Bank (or indeed any Thai bank) with just a holiday type visa, but since you have a Kbank account, that will work fine.

Your transfer costs are determined by the sending bank, in your case the GBP25 is kinda high and can be reduced by using a different bank. I sometimes use HSBC UK for transfers and an internet transfer costs GBP12, it doesn't matter which bank or where it's going to.

If you send Thai baht the recieving charges in Thailand will be much higher than if you send GBP and allow the recieving bank to make the conversion to THB in Thailand, in that case the recieving charge should be around THB 400. Figure on total transfer charges (both send and recieve charges) to be GBP20, GBP 25 at maximum.

Have you a link for the £12 transfer cost for £5k plus?

Here's the link for the twelve quid transfer from the UK, it's actually on sale at four quid presently!

http://www.hsbc.co.uk/1/2/international-money-transfer

You'll have to take my word on the THB 400 recieving costs but other TV members will confirm this is roughly the cost, it various between banks from THB300 to around THB 550.

One point you seem not to have picked up on yet is that if you hold your funds in THB the Thai banks will pay you around 2.5% interest whereas holding the same funds in GBP or USD earns you very little if anything at all.

Edited May 31, 2013 by chiang mai

[socrates28]

I thought these SEPA Payments were under £2000 and it seems the £4
(and only for another month) is only to other European Countries - same
goes for World Pay (£2000 maximum)

SEPA = Single European Payments Area

As far as I can see HSBC charge £30 for a traditional International
Swift Payment - so £30 plus 400 baht £8.70 = £38.70 - it cost me £60 to
send $10,000 (equivalent sterling) to my CS Account

The cheapest is Halifax which is £9.50 via Internet Banking maximum £5,000.

You keep telling me about Thai Banks giving 2.5% interest - people
who do not live there are not getting these accounts without a permanent
address - K Bank - give a basic account to the likes of me probably
0.5% interest unless I tie my money up.

One other big factor for me is
that fraud on Thai cards does not get refunded in a lot of cases -
unlike Western Banks.

Plus like I said I am hedging against a devalution
in the £.

I like the convenience of this card and the backing behind it

[chiang mai]

Ah, I thought the SEPA payments included Asian transfers but it seems not, SEPA is not a term I'm familiar with since I haven't lived in the UK for ten years.

But HSBC UK transfers: if you make the transfer using telephone banking the charge is GBP 19 for a transfer up to GBP 10k (to Asia), that charge reduces to GBP 12 if you do it yourself using internet banking - sorry I don't have time right now to find you proof of this but otter posters will veryify since many use HSBC, I will find you a link later in the day and will post it.

It's not easy for any foriegner to open a bank account in Thailand, I've been here for ten years and I still get refused, this despite I have all the visa's etc. But persistence is the key combined with aksing for an account in high tourist areas, eventually you will be allowed to open an account - if you do a search on this site you'll see this is an often debated subject where people complain about not being able to open an account, the answer is always the same, keep trying (currently the Bank of Auyudha ((BAY) is your best bet I think).

[sustento]

So how much is the USD->THB->GBP costing you?

You could get yourself a Halifax Clarity credit card - go into a bank and use their PIN machine to draw your cash - then go home and use UK internet banking to pay the bill the same day.

I know I can do this but you need to carry your passport every time and wait in line etc - I am looking for convenience and ability to use the card whatever time I want

How often do you need to get cash? Once a month? How inconvenient is that to save yourself a lot of money.

[socrates28]

So how much is the USD->THB->GBP costing you?

You could get yourself a Halifax Clarity credit card - go into a bank and use their PIN machine to draw your cash - then go home and use UK internet banking to pay the bill the same day.

I know I can do this but you need to carry your passport every time and wait in line etc - I am looking for convenience and ability to use the card whatever time I want

How often do you need to get cash? Once a month? How inconvenient is that to save yourself a lot of money.

Huh - once a month?

I am in Thailand on holiday and do not like to hold more than 10k on me at any one time so I am drawing money every 2-3 days

This account is aimed at people that travel regularly on pleasure and business - not for expats who live in Thailand on 40k baht a month - with all due respect

As for the Clarity Card it is a good card but you cannot pre-load them in advance and you still get charged 150-180 bahr per withdrawal - unless you want to line up in the bank.....

[socrates28]

Ah, I thought the SEPA payments included Asian transfers but it seems not, SEPA is not a term I'm familiar with since I haven't lived in the UK for ten years.

But HSBC UK transfers: if you make the transfer using telephone banking the charge is GBP 19 for a transfer up to GBP 10k (to Asia), that charge reduces to GBP 12 if you do it yourself using internet banking - sorry I don't have time right now to find you proof of this but otter posters will veryify since many use HSBC, I will find you a link later in the day and will post it.

It's not easy for any foriegner to open a bank account in Thailand, I've been here for ten years and I still get refused, this despite I have all the visa's etc. But persistence is the key combined with aksing for an account in high tourist areas, eventually you will be allowed to open an account - if you do a search on this site you'll see this is an often debated subject where people complain about not being able to open an account, the answer is always the same, keep trying (currently the Bank of Auyudha ((BAY) is your best bet I think).

Its now £30 using Telephone Banking and £17 online fees went up April this year

[chiang mai]

Ah, I thought the SEPA payments included Asian transfers but it seems not, SEPA is not a term I'm familiar with since I haven't lived in the UK for ten years.

But HSBC UK transfers: if you make the transfer using telephone banking the charge is GBP 19 for a transfer up to GBP 10k (to Asia), that charge reduces to GBP 12 if you do it yourself using internet banking - sorry I don't have time right now to find you proof of this but otter posters will veryify since many use HSBC, I will find you a link later in the day and will post it.

It's not easy for any foriegner to open a bank account in Thailand, I've been here for ten years and I still get refused, this despite I have all the visa's etc. But persistence is the key combined with aksing for an account in high tourist areas, eventually you will be allowed to open an account - if you do a search on this site you'll see this is an often debated subject where people complain about not being able to open an account, the answer is always the same, keep trying (currently the Bank of Auyudha ((BAY) is your best bet I think).

Its now £30 using Telephone Banking and £17 online fees went up April this year

Ok, if that's what you think it is, use the lower number in the earlier cost calculation and it doesn't really change the costings answer that much, your two transfers per year go from GBP24 to GBP 34 so there's still plenty of room on the costings and you could even reduce it by making one transfer per year for the entire amount..

[alfieconn]

Only £7 up to £3000. Free after that.

Any good?

http://www.ukforex.co.uk/

RAZZ

Yep great, very easy, you get a quote for the rate before making the transaction, the first couple of transactions took roughly 5 working days which i was not too happy with but the last one took 3 days so looks like they have that sorted.

[alfieconn]

Turned up at their offices and was promptly met by the receptionist who provided me with some chilled Evian.

Moved into the meeting room to meet Richard Flynn - very nice guy - provided my Photo ID and one proof of address as I was there in person - two required if its by post

Filled a few forms in (American versions) - signed some IRS forms to confirm I was UK Resident and paying taxes here - standard Money Laundering stuff

Signed a form for a Sweep Account - which moves the money to the Bond Market overnight - so there is a negligible interest rate on any cash amounts

Confirmed again that once the $10,000 was deposited I needed to maintain a balance of $1,000 for the account to remain active - daily withdrawal limit is $1,000 - 2x $500 a day - it can be raised to $2,000 on request and higher with Special Request - $1,000 goo enough for me

Confirmed that its Interbank Rate (Visa) - absolutely zero charges and all ATM charges refunded

Can fund the account by BACS Transfer

I expect to get the account fully open in 3 weeks in time for my next escapade to LOS

I did read somewhere on a US forum that when they funded the account (on-going) the money took 3-5 to show up - however I am assuming as this is a UK account and its UK - UK transfer there will be no such issues

I believe there is a conversion figure on the sterling into $10,000 of $95 - but for me - the overall savings will come on exchange rate in Thailand, zero ATM fees and convenience of not carrying cash and getting stopped in Customs

I have previously sent money via Swift to my K Bank but you still need to flaff about in Pattaya Klang Branch to complete the transaction - especially for amounts of around £5k - which is my normal transfer and there are fees of around £35-40 for this anyway so similar to the $95

If anyone can see any holes in my plan - please let me know

Or if you have any questions I can get them answered by Richard @ CS

So you have to convert the money twice to get your baht ? which is in itself costing you money !

How far forward do they do forward contracts ? hedging is ok but it can cost you money as well as gaining money !

Why do you have to flaff about in the branch ? have had hundreds of payments sent over and never had to go in the branch.

[socrates28]

Turned up at their offices and was promptly met by the receptionist who provided me with some chilled Evian.

Moved into the meeting room to meet Richard Flynn - very nice guy - provided my Photo ID and one proof of address as I was there in person - two required if its by post

Filled a few forms in (American versions) - signed some IRS forms to confirm I was UK Resident and paying taxes here - standard Money Laundering stuff

Signed a form for a Sweep Account - which moves the money to the Bond Market overnight - so there is a negligible interest rate on any cash amounts

Confirmed again that once the $10,000 was deposited I needed to maintain a balance of $1,000 for the account to remain active - daily withdrawal limit is $1,000 - 2x $500 a day - it can be raised to $2,000 on request and higher with Special Request - $1,000 goo enough for me

Confirmed that its Interbank Rate (Visa) - absolutely zero charges and all ATM charges refunded

Can fund the account by BACS Transfer

I expect to get the account fully open in 3 weeks in time for my next escapade to LOS

I did read somewhere on a US forum that when they funded the account (on-going) the money took 3-5 to show up - however I am assuming as this is a UK account and its UK - UK transfer there will be no such issues

I believe there is a conversion figure on the sterling into $10,000 of $95 - but for me - the overall savings will come on exchange rate in Thailand, zero ATM fees and convenience of not carrying cash and getting stopped in Customs

I have previously sent money via Swift to my K Bank but you still need to flaff about in Pattaya Klang Branch to complete the transaction - especially for amounts of around £5k - which is my normal transfer and there are fees of around £35-40 for this anyway so similar to the $95

If anyone can see any holes in my plan - please let me know

Or if you have any questions I can get them answered by Richard @ CS

So you have to convert the money twice to get your baht ? which is in itself costing you money !

How far forward do they do forward contracts ? hedging is ok but it can cost you money as well as gaining money !

Why do you have to flaff about in the branch ? have had hundreds of payments sent over and never had to go in the branch.

Like I said it is not for everyone but it suits my situation -

Regarding money exchange I would lose $95 dollars for £10,000 worth of dollars as they work very close to the spot rate. When I withdraw from the ATM - the rate is the interbank rate from Visa which is as close as you are going to get

Hedging - I like to diversify my investments - always good to hold some other currency apart from the GBP - which I can see being devalued with some more QE - I do not think the Americans are going to pursue that line as heavily anymore. We are probably 12-18 months behind them in terms of some form of recovery.

[alfieconn]

Turned up at their offices and was promptly met by the receptionist who provided me with some chilled Evian.

Moved into the meeting room to meet Richard Flynn - very nice guy - provided my Photo ID and one proof of address as I was there in person - two required if its by post

Filled a few forms in (American versions) - signed some IRS forms to confirm I was UK Resident and paying taxes here - standard Money Laundering stuff

Signed a form for a Sweep Account - which moves the money to the Bond Market overnight - so there is a negligible interest rate on any cash amounts

Confirmed again that once the $10,000 was deposited I needed to maintain a balance of $1,000 for the account to remain active - daily withdrawal limit is $1,000 - 2x $500 a day - it can be raised to $2,000 on request and higher with Special Request - $1,000 goo enough for me

Confirmed that its Interbank Rate (Visa) - absolutely zero charges and all ATM charges refunded

Can fund the account by BACS Transfer

I expect to get the account fully open in 3 weeks in time for my next escapade to LOS

I did read somewhere on a US forum that when they funded the account (on-going) the money took 3-5 to show up - however I am assuming as this is a UK account and its UK - UK transfer there will be no such issues

I believe there is a conversion figure on the sterling into $10,000 of $95 - but for me - the overall savings will come on exchange rate in Thailand, zero ATM fees and convenience of not carrying cash and getting stopped in Customs

I have previously sent money via Swift to my K Bank but you still need to flaff about in Pattaya Klang Branch to complete the transaction - especially for amounts of around £5k - which is my normal transfer and there are fees of around £35-40 for this anyway so similar to the $95

If anyone can see any holes in my plan - please let me know

Or if you have any questions I can get them answered by Richard @ CS

So you have to convert the money twice to get your baht ? which is in itself costing you money !

How far forward do they do forward contracts ? hedging is ok but it can cost you money as well as gaining money !

Why do you have to flaff about in the branch ? have had hundreds of payments sent over and never had to go in the branch.

Like I said it is not for everyone but it suits my situation -

Regarding money exchange I would lose $95 dollars for £10,000 worth of dollars as they work very close to the spot rate. When I withdraw from the ATM - the rate is the interbank rate from Visa which is as close as you are going to get

Hedging - I like to diversify my investments - always good to hold some other currency apart from the GBP - which I can see being devalued with some more QE - I do not think the Americans are going to pursue that line as heavily anymore. We are probably 12-18 months behind them in terms of some form of recovery.

You will never get anywhere need the interbank with visa ! interbank is what it ses, a rate between banks where the transactions are millions of pounds / dollars, not for small fry like us, and by using an ATM card you don't have any control over the rate they are giving you !

You say about hedging but that is against the dollar, but you are not fully hedged as you still have an exchange risk on the usd / baht !

Why more QE ? what do you know that we all don't !

Edited June 1, 2013 by alfieconn

[sustento]

So how much is the USD->THB->GBP costing you?

You could get yourself a Halifax Clarity credit card - go into a bank and use their PIN machine to draw your cash - then go home and use UK internet banking to pay the bill the same day.

I know I can do this but you need to carry your passport every time and wait in line etc - I am looking for convenience and ability to use the card whatever time I want

How often do you need to get cash? Once a month? How inconvenient is that to save yourself a lot of money.

Huh - once a month?

I am in Thailand on holiday and do not like to hold more than 10k on me at any one time so I am drawing money every 2-3 days

This account is aimed at people that travel regularly on pleasure and business - not for expats who live in Thailand on 40k baht a month - with all due respect

As for the Clarity Card it is a good card but you cannot pre-load them in advance and you still get charged 150-180 bahr per withdrawal - unless you want to line up in the bank.....

I used my Clarity Card on my last holiday to draw around 150,000bt over a 3 week period. I always withdrew inside a bank. Most bank's foreign exchange booths have a chip & pin machine so you don't usually have to join the regular queue. It cost me, in total, just over £4 in interest with Halifax to draw that 150,000Bt. That was all I paid.

Edited June 1, 2013 by sustento

[socrates28]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

[sustento]

sustento - to draw in the bank you have to carry your passport - I have no intention of carrying my passport around with me all the time or even every few days when I decide to withdraw cash

What were the local ATM charges for withdrawing cash? I am sure you was paying 150 each time

I was drawing in the bank using one of their behind the counter chip and pin machines - not using an ATM at all so I wasn't paying the 150bt ATM fee. I only carried my passport when I went to the bank to make a withdrawal which was every 4-5 days. The bank I used was just round the corner from my hotel so it took 10 minutes. If my method doesn't suit you that's fine but it just seems (to me at least) that you're making things more complicated and expensive than they need to be.

Edited June 1, 2013 by sustento