Transferring money from UK to Bangkok Bank

[al007]

On August 2, 2016 at 2:31 PM, JIMJFOX said:

I also have a BKK account- are you aware that they charge a fee of 2% of the cash in your Sterling account? 

So far I have never been charged by BBL for keeping money sterling there

[al007]

On August 2, 2016 at 2:29 PM, JIMJFOX said:

Sorry to hear that. The same happened in Turkey when I used a Bank Cheque issued in Australia; it took 5 WEEKS to 'process' and cost me £500 in lost interest, charges and fees. Cheque had to be returned to Oz bank for 'certification', then to Turkish bank in Istanbul before reaching my branch in Dalaman. 

Thus my claim "Banks are pr*icks".  

Take the money and run; just remember to fill in a customs clearance form in country of origin, and make a photocopy...KEEP the orib

 

 

Very interesting and terrible

 

I have an interesting calculation, £500 for five weeks is equivalent of £5200 per annum

You are likely to earn less than 2% PA at very best

So the capital must have been in excess of £260,000, maybe even £520,000

 

Moving money globally by cheque is the wrong way to do it

 

 

 

[topt]

On ‎06‎/‎08‎/‎2016 at 10:44 AM, al007 said:

So far I have never been charged by BBL for keeping money sterling there

 

On ‎02‎/‎08‎/‎2016 at 2:31 PM, JIMJFOX said:

I also have a BKK account- are you aware that they charge a fee of 2% of the cash in your Sterling account? 

 

They only charge 2% if you deposit or withdraw cash - min 500baht no max (%age is dependant on currency type)  http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx

 

And they charge you a stonking fee if you go under their monthly minimum balance -

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

[jackthelad123]

I'm looking to transfer around 1000 pounds from my UK Santander account to my Bangkok Bank account.  Given the fact 1k is a lot less than the amounts quoted earlier on in this thread, is the best way to transfer sending in pound sterling or in Thai baht?  Not sure whether the lower tt daily buying rate in Bangkok will outweigh the extra 5 pounds transfer fee and the 0.25% fee charged.  Any help would be greatly appreciated.

[Briggsy]

3 minutes ago, jackthelad123 said:

I'm looking to transfer around 1000 pounds from my UK Santander account to my Bangkok Bank account.  Given the fact 1k is a lot less than the amounts quoted earlier on in this thread, is the best way to transfer sending in pound sterling or in Thai baht?  Not sure whether the lower tt daily buying rate in Bangkok will outweigh the extra 5 pounds transfer fee and the 0.25% fee charged.  Any help would be greatly appreciated.

Send it in pounds.

 

£1000 - £25 Santander charge = £975.

 

£975 - £15 intermediary bank charge (estimated) = £960

 

£960 (received by Bangkok Bank) TT rate = 43.43 x £960 = 41,693 Baht.

 

41,693 Baht - 200 Baht minimum fee = 41,493 Baht

 

Percentage loss on transfer = (44,008-41,493) / (44,008) x 100% = 5.7%

 

 

If you have more accurate figures, play around with my model calculation.

[Pib]

1 hour ago, jackthelad123 said:

I'm looking to transfer around 1000 pounds from my UK Santander account to my Bangkok Bank account.  Given the fact 1k is a lot less than the amounts quoted earlier on in this thread, is the best way to transfer sending in pound sterling or in Thai baht?  Not sure whether the lower tt daily buying rate in Bangkok will outweigh the extra 5 pounds transfer fee and the 0.25% fee charged.  Any help would be greatly appreciated.

I bet the Santander Bank exchange rate is lower (worst) than the Thai bank TT Buying Rate.   So be sure to send in pounds....almost always a bad idea to let your Sending bank accomplish the currency exchange due to giving a lower exchange rate which is effectively an indirect fee.  And whether the funds arrive in pounds or baht, the Thai bank will still charge their typical 0.25% (Bt200 min, Bt500 max) receiving fee for an international transfer.   It's an international receiving fee and not a currency conversion fee.

 

Now if  you happen to use one of those money transfer services who have a peer in Thailand to receive/exchange the funds and then relay the funds over to your Thai bank then your Thai bank will not charge the international receiving fee because it arrived as a domestic transfer.

[smedly]

On ‎8‎/‎6‎/‎2016 at 10:44 AM, al007 said:

So far I have never been charged by BBL for keeping money sterling there

I have a sterling account with Bangkok Bank and I have never heard of this - I think some wires got crossed.......................there is no fee that I am aware of

 

 

quote topt said

They only charge 2% if you deposit or withdraw cash - min 500baht no max (%age is dependant on currency type)

 

 

correct

Edited December 31, 2016 by smedly

[alfieconn]

13 hours ago, jackthelad123 said:

I'm looking to transfer around 1000 pounds from my UK Santander account to my Bangkok Bank account.  Given the fact 1k is a lot less than the amounts quoted earlier on in this thread, is the best way to transfer sending in pound sterling or in Thai baht?  Not sure whether the lower tt daily buying rate in Bangkok will outweigh the extra 5 pounds transfer fee and the 0.25% fee charged.  Any help would be greatly appreciated.

 

Open an account with one of the many forex companies,  my company sends it in Baht with no charges by them,  it use to be the way that sending the funds in sterling would obtain a better rate but that is not the case anymore.

[Apiwan2]

This transferring to a person (myself) using BBL London office,

Would that cut out the bank charges as it's domestic transfer ?

Can it be used with kasikornbank as well. They have an office in London.

I also have SCB but don't think they have an office in London

[Langsuan Man]

47 minutes ago, Apiwan2 said:

This transferring to a person (myself) using BBL London office,

Would that cut out the bank charges as it's domestic transfer ?

Can it be used with kasikornbank as well. They have an office in London.

I also have SCB but don't think they have an office in London

 

You could SWIFT to Kasikorn Thailand,  from London but not the same low cost system as is offered by Bangkok Bank.  Seems that Bangkok Bank has this exclusive ability both in the UK and in the US 

[Sumarianson]

Just talked with Amber in Bangkok Bank London. She said that I would have to register with them giving proof of address in Thailand and passport copy scanned etc. It is not as straight forward as previous comments have suggested. Can't see why they need all that for a transfer?

[smedly]

14 minutes ago, Sumarianson said:

Just talked with Amber in Bangkok Bank London. She said that I would have to register with them giving proof of address in Thailand and passport copy scanned etc. It is not as straight forward as previous comments have suggested. Can't see why they need all that for a transfer?

That is wrong, if you have a Bangkok bank account already in Thailand you do not need any of the stuff you mention.

 

All the details are provided on the Bangkok Bank website on how to do this transfer to Thailand through BBK Bank London

I would go and look for you but sure just as easy for you to do

[Sumarianson]

On 08/07/2013 at 10:47 AM, steveb47 said:

cassdee has got it spot on -

I have recently transferred about GBP 60k using this method and works well and easily and is by far the cheapest method as I had previously used HiFX and other FX companies.

One word of advice though - my bank/building society in the UK, Nationwide, has a GBP 10k daily limit on such transfers so you need to do several transfers to switch all your money you need for the condo. But once I had set up the payee i.e. myself at BBK Branch London with my Thai BKK bank details, then all subsequent transfers took seconds with just a few clicks of the mouse.

Highly recommend you use this method.

Did you have to pay the onternational tranfer fee £20 twice or once. As you said you yransferred £10000 a few times. I will do tbis today.

[smedly]

8 minutes ago, Sumarianson said:

Did you have to pay the onternational tranfer fee £20 twice or once. As you said you yransferred £10000 a few times. I will do tbis today.

There is one 20 GBP fee charged by Bangkok Bank London and a Maximum fee of 500baht charged by Bangkok Bank in Bangkok.

 

There is no fee to transfer the money within the UK from your UK bank Account to Bangkok bank London

[Sumarianson]

On 08/07/2013 at 10:47 AM, steveb47 said:

cassdee has got it spot on -

I have recently transferred about GBP 60k using this method and works well and easily and is by far the cheapest method as I had previously used HiFX and other FX companies.

One word of advice though - my bank/building society in the UK, Nationwide, has a GBP 10k daily limit on such transfers so you need to do several transfers to switch all your money you need for the condo. But once I had set up the payee i.e. myself at BBK Branch London with my Thai BKK bank details, then all subsequent transfers took seconds with just a few clicks of the mouse.

Highly recommend you use this method.

Why did you stop using Nationwide? They have a similar fee? I ask this because I am with Nationwide and I asked them 1 week ago to transfer £20000 and it still has not left my bank account in London. I have consequently missed the 3 month deadline for 80K in my Bangkok Bank account. They have not offered any explanation, just the SWIFT team will contact you in 3-5 working days. I had this trouble before witb them, I'll neve use them again. Nationwide sucks at transfers and customer relations.

[Sumarianson]

1 minute ago, smedly said:

There is one 20 GBP fee charged by Bangkok Bank London and a Maximum fee of 500baht charged by Bangkok Bank in Bangkok.

 

There is no fee to transfer the money within the UK from your UK bank Account to Bangkok bank London

I had asked them before about this and they said they had no holding account inLondon and that the 10000 would be forwarded straight away and a £20 fee would be levied. Has their policy changed? This service used to be free on the UK side. I understand also that HSBC no longer charge a fee. Worth looking into.

[smedly]

2 minutes ago, Sumarianson said:

Why did you stop using Nationwide? They have a similar fee? I ask this because I am with Nationwide and I asked them 1 week ago to transfer £20000 and it still has not left my bank account in London. I have consequently missed the 3 month deadline for 80K in my Bangkok Bank account. They have not offered any explanation, just the SWIFT team will contact you in 3-5 working days. I had this trouble before witb them, I'll neve use them again. Nationwide sucks at transfers and customer relations.

I am with the Nationwide and stopped using them because they added extra charges and also failed to follow my instructions on 2 transfers - namely I asked them to transfer the money in sterling and they failed twice to do this, they also charge 20GBP but then I noticed another charge on my account several months later - they tried initially to blame Bangkok bank for this extra charge but after some investigation I found out it was HSBC who the Nationwide use for their swift transfers, on all occasions I was compensated after making many complaints, I then gave up on them as they are liars 

[smedly]

11 minutes ago, Sumarianson said:

I had asked them before about this and they said they had no holding account inLondon and that the 10000 would be forwarded straight away and a £20 fee would be levied. Has their policy changed? This service used to be free on the UK side. I understand also that HSBC no longer charge a fee. Worth looking into.

ok, the terms have changed recently so Bangkok Bank London require some additional information, I do apologise 

Edited December 8, 2017 by smedly

[Sumarianson]

19 minutes ago, smedly said:

That is wrong, if you have a Bangkok bank account already in Thailand you do not need any of the stuff you mention.

 

All the details are provided on the Bangkok Bank website on how to do this transfer to Thailand through BBK Bank London

I would go and look for you but sure just as easy for you to do

I seen the BB site but dont see where there are deails. It tells the fees and gives tbe no. for sterling and Baht etc but not how to fill in the details. 

I also read here that registering with BB London speeds things up? True or not?

[smedly]

7 minutes ago, Sumarianson said:

I seen the BB site but dont see where there are deails. It tells the fees and gives tbe no. for sterling and Baht etc but not how to fill in the details. 

I also read here that registering with BB London speeds things up? True or not?

This is a very new thing and it looks like I will have to register for this myself, I suspect it is to do with tighter UK banking rules concerning money laundering

[smedly]

23 minutes ago, Sumarianson said:

I seen the BB site but dont see where there are deails. It tells the fees and gives tbe no. for sterling and Baht etc but not how to fill in the details. 

I also read here that registering with BB London speeds things up? True or not?

The actual transfer system hasn't changed at all, the only difference is that you now need to register with Bangkok Bank London to use the service, I just emailed them to see if the registration can be done via email 

 

slightly inconvenient 

 

PS - always transfer in sterling as the TT rate in Thailand is quite good

Edited December 8, 2017 by smedly

[Sumarianson]

On 08/07/2013 at 10:47 AM, steveb47 said:

cassdee has got it spot on -

I have recently transferred about GBP 60k using this method and works well and easily and is by far the cheapest method as I had previously used HiFX and other FX companies.

One word of advice though - my bank/building society in the UK, Nationwide, has a GBP 10k daily limit on such transfers so you need to do several transfers to switch all your money you need for the condo. But once I had set up the payee i.e. myself at BBK Branch London with my Thai BKK bank details, then all subsequent transfers took seconds with just a few clicks of the mouse.

Highly recommend you use this method.

Were you only allowed to transfer £10000 at a time by Nationwide? If so did you incurr a £20 fee for each transfer or did Bangkom Bank lump them together and send for a single fee? The Bangkok Bank dtaff say I wll be charged for each amount sent?

[duan]

I’m thinking of opening a sterling  deposit account with Bangkok Bank as a hedge against a future Corbyn government following a post election run on the pound introducing exchange controls which we last saw in the UK back in early 1980s.

My plan would be to transfer cash from that account to a Bangkok Bank current account in baht as and when I needed it.

Am I correct in thinking that each time I transferred some cash Bangkok bank would charge me 2% of the amount withdrawn?

[smedly]

1 hour ago, duan said:

I’m thinking of opening a sterling  deposit account with Bangkok Bank as a hedge against a future Corbyn government following a post election run on the pound introducing exchange controls which we last saw in the UK back in early 1980s.

My plan would be to transfer cash from that account to a Bangkok Bank current account in baht as and when I needed it.

Am I correct in thinking that each time I transferred some cash Bangkok bank would charge me 2% of the amount withdrawn?

no they don't and the rate is TT, I have a sterling FCD account for the exact reason you suggest, you can also use it for your annual extension seasoned funds, money transfer to Thai baht is also very simple if you have online banking