Sending GBP to Thai Bank

[genghis15]

I will shortly need to send £35000 to my Thai bank ac.

I have previously used HiFx to get around the big banks fees, but have let them do the conversion to THB.

First, according to the thread link below, it seems this is not best way, and i should send GBP and allow Bangkok Bank to convert?

Second, is there still a need to fill out the form specified at the start of this thread, http://www.thaivisa.com/forum/topic/127371-onshoreoffshore-exchange-rates-and-money-transfers/ or is this obsolete info ?

I'd be grateful for any info - the thread referred to is rather old and I'm unsure if the info in it is still current.

[breadbin]

All I say is think again.

Best do it by swift transfer in GBP so it gets exchanged in Los

[ukrules]

Just SWIFT wire it in GBP, conversion is automatic at current market rate when it arrives.

Cost : between 10 and 20 pound per transfer.

[breadbin]

Just SWIFT wire it in GBP, conversion is automatic at current market rate when it arrives.

Cost : between 10 and 20 pound per transfer.

I think that's what i said!

[Maestro]

 

...Second, is there still a need to fill out the form specified at the start of this thread, http://www.thaivisa.com/forum/topic/127371-onshoreoffshore-exchange-rates-and-money-transfers/ or is this obsolete info ? ...

 

I don't see any form mentioned in the opening post of the thread to which you linked.

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

[jor]

All I say is think again.

Best do it by swift transfer in GBP so it gets exchanged in Los

I think that the question the OP is asking, is this a better way to do it than using a currency trading company? Which gives a better exchange rate?

I, too, am interested in the answer.

[CharlieH]

Send it to bangkok bank LONDON, they pass it over to Thailand, 24 hrs done!

Cost 20 gbp, they convert to baht in Thailand, better rate, as shown on there website TT rate.

There is also a max 500 baht fee thai side so will cost no more than 30 gbp all done.

Full details, explanation and process on bangkok bank website.

[KhunBENQ]

For amounts over 50000 US Dollar equivalent a report/declaration has to be written for the BOT (Bank of Thailand) and signed by the recipient.

35000 GBP is above this limit.

Its a formal thing, but the money will not be released before the report.

http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx

Any person purchasing, selling, depositing, or withdrawing foreign currencies with an authorized bank in an amount of USD 50,000 or above shall be required to report such foreign exchange transactions to the authorized bank in the form as prescribed by the Competent Officer.

[bkkbarnstormer]

Open a GBP account in Thailand. You can then transfer in GBP and convert using the Bank T/T rate in Thailand.

Costs are approx 15-20 GBP for the transfer from UK bank and around 300-500THB in Thailand.

When you convert the GBP in Thailand, transfer to THB account with same bank , no charge. If you withdraw directly as THB in cash there is a charge

[chiang mai]

Send it to bangkok bank LONDON, they pass it over to Thailand, 24 hrs done!

Cost 20 gbp, they convert to baht in Thailand, better rate, as shown on there website TT rate.

There is also a max 500 baht fee thai side so will cost no more than 30 gbp all done.

Full details, explanation and process on bangkok bank website.

Is the best answer.

[Eneukman]

My main bank accounts are in Edinburgh (with the Nationwide) but I also have an account with them in the Isle of Man to which I transfer surplus funds every so often. I then use their on-line service to transfer funds to my Bangkok Bank account here. It costs GBP 25 (or it did last time). If I instruct the transfer before a certain time, the money is in my account here the following day.

I did have to set up all the details of my account here with them but that was a one-off.

Alan

[petermik]

Halifax online transfer is £9.50 for amounts up to £50,000

[jacko45k]

All I say is think again.

Best do it by swift transfer in GBP so it gets exchanged in Los

I agree, and I have found Bangkok bank transfer it into my regional account immediately. I have heard others enduring deliberate delays in Bangkok by other banks until they went asking after their money.

[jocko]

Send it to bangkok bank LONDON, they pass it over to Thailand, 24 hrs done!

Cost 20 gbp, they convert to baht in Thailand, better rate, as shown on there website TT rate.

There is also a max 500 baht fee thai side so will cost no more than 30 gbp all done.

Full details, explanation and process on bangkok bank website.

Do you have to have account in Bangkok bank?

[GuestHouse]

My advice.

1. Make sure you are transferring to a bank account in your own name. (And make sure all the means of accessing the money are in your possession.

2. Follow the advice re-bank to bank transfer SWIFT above (Transfer GBP and let the Thai bank deal with the currency exchange) - Opt for 'Splitting the Fees'.

3. Get your UK bank to set up a standing transfer details - so once you have used the facility the next transfer is direct following the same details (only the sum transferred changes)

4. Send a test amount first (less GBP50 or so to ensure you have the right details

5. Only when you have confirmed the first amount has arrived safely should you transfer the remainder. Make sure that your transfer includes a statement of why you are transferring the money - what you are going to use it for.

6. Once you have transferred the money, get a certificate of transfer from the Thai bank. - Make sure the certificate states why you have imported the money - If you are using the money to buy a property, get the address details on the certificate - if possible get the Chonote details on the cert too.

[Naam]

For amounts over 50000 US Dollar equivalent a report/declaration has to be written for the BOT (Bank of Thailand) and signed by the recipient.

35000 GBP is above this limit.

Its a formal thing, but the money will not be released before the report.

http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx

Any person purchasing, selling, depositing, or withdrawing foreign currencies with an authorized bank in an amount of USD 50,000 or above shall be required to report such foreign exchange transactions to the authorized bank in the form as prescribed by the Competent Officer.

that applies only to cash, not to transfers.

[chiang mai]

Send it to bangkok bank LONDON, they pass it over to Thailand, 24 hrs done!

Cost 20 gbp, they convert to baht in Thailand, better rate, as shown on there website TT rate.

There is also a max 500 baht fee thai side so will cost no more than 30 gbp all done.

Full details, explanation and process on bangkok bank website.

Do you have to have account in Bangkok bank?

Yes, in Thailand.

[al007]

i have Bangkok Bank sterling account here in Thailand, I send money from my LLoyds Premier account to Bangkok Bank free of charges, max fee for receipt 500batt, then as and when I switch into Batt no cost last week got 50.26

All works good and easy cost effecctive

[MAZ3]

And if you use Halifax(or any other Bank)Swift transfer,ignore their warning about sending Sterling to another Country. All they do is rip you off with their own exchange rate and even have different rates between Internet Banking and phone banking(the internet rate being the worse!).

I've sent many amounts to K Bank(300 Baht handling fee),with no problems and good rate. I believe Bangkok Bank is the clearing Bank.

[KhunBENQ]

For amounts over 50000 US Dollar equivalent a report/declaration has to be written for the BOT (Bank of Thailand) and signed by the recipient.

35000 GBP is above this limit.

Its a formal thing, but the money will not be released before the report.

http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx

Any person purchasing, selling, depositing, or withdrawing foreign currencies with an authorized bank in an amount of USD 50,000 or above shall be required to report such foreign exchange transactions to the authorized bank in the form as prescribed by the Competent Officer.

that applies only to cash, not to transfers.

Wrong, for cash the limit for declaration is even lower at 20000 USD.

Not only stated on the BOT website but also clearly displayed at Suvarnabhumi.

What is the source of your information which conflicts with the statements of the Bank of Thailand, July 2013 (as linked and quoted above)?

[chiang mai]

I believe you will find that the banks act as BOT's agent in this respect and that it is they who notify BOT, not the customer.

[KhunBENQ]

I believe you will find that the banks act as BOT's agent in this respect and that it is they who notify BOT, not the customer.

Probably.

It is not much more than a formal declaration of the purpose of transfer. In case the money is to be used for condominium purchase the FET form is essential!

Here is a page, that contains a link to the FET form:

http://www.samuiforsale.com/item/fx.html?category_id=1

The headline of the form reads:

แบบการทาธุรกรรมเงินตราต่างประเทศ

Foreign Exchange Transaction Form

(เฉพาะธุรกรรมตั้งแต่ 50,000 ดอลลาร์สหรัฐอเมริกาหรือเทียบเท่าตามอัตราตลาด) (For transactions valued at USD 50,000 or above or equivalent at market rate)

Edited October 6, 2013 by KhunBENQ

[chiang mai]

Well not really, the FET is nice to have but not essential to buying a condo, I've bought and sold a couple of them and I've yet to see an FET.

What is important is that the bank agrees the funds came into the country from overseas and in this respect I find that a foriegn exchange deal ticket is important. But when it comes time to buy your condo you'll need a letter from the bank agreeing that the funds came from outside Thailand, it's that letter that the Land Office feels is important, not the FET.

[cornishcarlos]

Send it to bangkok bank LONDON, they pass it over to Thailand, 24 hrs done!

Cost 20 gbp, they convert to baht in Thailand, better rate, as shown on there website TT rate.

There is also a max 500 baht fee thai side so will cost no more than 30 gbp all done.

Full details, explanation and process on bangkok bank website.

Do you have to have account in Bangkok bank?

No, you can borrow mine...

[crazykopite]

I use Halifax internet service cost is £9.50 I send it in GB and it gets converted when it reaches Thai bank !!!! normally takes 3/4 days my other bank RBS used to charge me up to £30 per transaction !!!!

[socrates28]

Halifax online transfer is £9.50 for amounts up to £50,000

And £9.50 intermediary bank charges

[sultan2011]

I have used FX Firm and TORFX (depending with gives the better rate) and have never had any problems...personally I think I would send the 35,000 as 2 transfers.

[Toscano]

I always send money direct from my bank in England , I guess via Swiftcode Teletext , in GBP . The amount that arrives in my account is precisely the exchange rate here in Thailand . My British bank charges £10 . I have on a few occasions sent money in Thai Baht , but the British banks give a very inferior exchange rate , one feels robbed .

[ukrules]

For amounts over 50000 US Dollar equivalent a report/declaration has to be written for the BOT (Bank of Thailand) and signed by the recipient.

35000 GBP is above this limit.

Its a formal thing, but the money will not be released before the report.

http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx

Any person purchasing, selling, depositing, or withdrawing foreign currencies with an authorized bank in an amount of USD 50,000 or above shall be required to report such foreign exchange transactions to the authorized bank in the form as prescribed by the Competent Officer.

This is interesting. What if I you to do multiple transfers of say $30,000 each over a period of a couple of months and the total is way above $50,000.

Does this still count I wonder ?

[KhunBENQ]

Couple of months?

This will surely not count!

The reporting is about single transactions.

But I would have to dig deep to find even more detailed rules (amount over time).

Its all comparable to reporting obligation in European countries.

From Germany to Thailand you have to declare transactions over 12500 Euro.

And there is absolutely no reason to worry.

If its your money, if its "clean": no problem.

Its all about money laundring etc.

Edited October 6, 2013 by KhunBENQ