transferring back to UK 800k from Thai bank?

[sms747]

Will no longer be needing the 800k in the bank here for extensions so want to send it back home, I have the original transfer document from a few years back. What is the best way of doing this so as not to get screwed on by the bank exchanging the money into UK pounds first? I seem to remember a poster on (chaing mai?) here recommending buying a cheque from Bangkok Bank with cash then depositing that when you get home. Would I need a Bangkok bank account and what difference in money terms would it make. Anyone actually done this?

[Bcgardener]

I am not 100% sure with Pounds but certainly changing Baht to AUD$ & USD$ is better done here before transferring. Likewise I always tell my customers in Australia to send $ to pay invoices as I can get a better rate here than yhey get

Sent from my GT-N7000 using Thaivisa Connect Thailand mobile app

[aarn]

My recent IMT (K-Bank) for similar purposes incurred fees of ~ 1,400B, plus exchange rate loss.

Having the evidence of the previous transfer of $AUD to Thailand, I could have sent the same amount back.

I was not offered the option of sending B.

The exchange rate was ~ 0.5% below the median rate for the day.

If sending B to Australia, the notoriously thieving local banks exchange closer to 3% below the median rate.

Don't know if UK banks are similarly rapacious, but I guess they learnt some tricks financing the empire in days of yore. AA

[yoshiwara]

If you travel back to UK occasionally, then you could convert the Thai baht to sterling cash at TT or Rich and carry it back.

[meatboy]

2 weeks ago you would have had around £18,100 at t.t.rate today bkk.its £16,597.so have a look at what rate you got when trans.to thailand it might ease the pain or on the other hand go and get some chang.

[sms747]

When i transferred it it was just over 12k so anything more will be a bonus

[meatboy]

When i transferred it it was just over 12k so anything more will be a bonus

747 thats the rate i got when i bought bhts.for the house[67] dont for get do a swift transfer to your uk.bank in gbp.from here.

[chiang mai]

I did similar last week, I exchanged 1 mill THB and let my bank here convert to GBP and then wire transfer it back using the Foriegn Exchange Transaction (FET) form I used when the money was brought in, the cost was low, the GBP was in my UK account the next day and there was no risk involved, the rate was also very favorable (all transfer costs were THB 1,400). My advice is, don't screw around with converting to cash and carrying it on planes, the risk isn't worth it, if you have the FET just let your bank do it, there's no cheaper, quicker, safer method.

[sms747]

sorry to sound dumb but what is the FET? is this what the Bank uses to send money back or something you have to do yourself? I agree not a good idea to carry cash back, I read of one old boy who did that to the UK then left it all on the bus back home.

[chiang mai]

sorry to sound dumb but what is the FET? is this what the Bank uses to send money back or something you have to do yourself? I agree not a good idea to carry cash back, I read of one old boy who did that to the UK then left it all on the bus back home.

FET = Foriegn Exchange Transaction reciept/record, it's a piece of paper showing date, ammount, deal number, etc etc, the deal number is probably the most important part. You recieve the FET form when you transfer money in although it may not be entitled FET, as long as it's their reciept that shows the basic information, it'll do, that way the bank can trace back that the funds you are trying to send out did infact come in from the outside..

[12DrinkMore]

You cannot send Baht out of the country through the banks.

The currency is always exchanged in Thailand.

[pompeyabroad]

I am returning to the UK very soon and would like to change around 25000 baht cash into Sterling. Can anybody tell me the best place in Phuket to do this please? I am based in Patong. Many thanks in advance!