Transferring money into Thailand, help please.

[Jib Teenuc]

In short, am intending to retire in the next few years, to Thailand.

I have a long-term (12 year+) relationship with a Thai lady, who I met in the UK - but I don't fancy marriage, much (been there, got the war-wounds).

Already have properties in LOS (occupied by my lady's family but with plenty of room for us - although we plan on getting our own place, when we retire there). Yes, they ultimately belong to her but I've not invested what I can't afford to lose and would be cool about it, should that happen, one day.

I already have an active Thai bank account (sole - not joint).

What is the best way to transfer money (cash) from the UK to my Thai account (I don't want the transactions to go through my UK account/s).

Any advice would be gratefully received.

Many thanks.

Jib T.

[bifftastic]

There are a few ways you can do it;

You can deposit cash (limit of £500) into a Thai bank account at Bangkok Bank London branch.

There's a company called kapook (http://kapookuk.com/) who will also transfer cash for reasonable fees.

You can put it in your pocket when you go to Thailand value equivalent to over 10,000 EUR needs to be declared, with proof of how you got it so they know you've paid tax on it.

You can give it to me, and I'll do it for you

[Jib Teenuc]

There are a few ways you can do it;

You can deposit cash (limit of £500) into a Thai bank account at Bangkok Bank London branch. Unfortunately, I live nowhere near London.

There's a company called kapook (http://kapookuk.com/) who will also transfer cash for reasonable fees. Will check them out, thanks, but how do I transfer cash on-line?

You can put it in your pocket when you go to Thailand value equivalent to over 10,000 EUR needs to be declared, with proof of how you got it so they know you've paid tax on it. I'm planning on banking a smidgeon more than that - LOL

You can give it to me, and I'll do it for you It may well come to that.

Just to clear up any confusion, I'm not planning on money-laundering activities (well, not much, at least).

That said, I don't like paying anymore tax than I need to, though (but neither do Amazon, Google, Pret a Manger, etc., etc., etc., ad-infinitum).

Can I not use one of the money transfer companies (Wells Fargo or whoever)?

Ideally would like to transfer reasonably regular, but low, amounts (say £500 per deposit) until I had built up a reasonable amount into my Thai account.

Thanks for the info, Biff.

Jib.

[Maestro]

...Can I not use one of the money transfer companies (Wells Fargo or whoever)?

Ideally would like to transfer reasonably regular, but low, amounts (say £500 per deposit) until I had built up a reasonable amount into my Thai account...

That should be no problem, Wells Fargo, Western Union, etc. Ask them to remit GBP to your account in Thailand so that the conversion to Baht will be made by your Thai bank. I understand that this will result in a considerably better exchange rate than with a conversion made at the UK end.

[bifftastic]

double post

[bifftastic]

If you're dealing with cash, as in paper money in your hand, you can't really do it online. It would have to come from an account somewhere.

If you're looking at using Western Union, with cash, then personally I'd rather pay tax on it, it'd be cheaper!

You can walk into Bangkok Bank London branch with £500 in your hand and it will be in your Thai bank the next working day. That's their limit though, for obvious reasons

I suspect that if you were to do that every day, one day there might be someone waiting to talk to you!

If you trickle feed your Thai bank with a few different methods you can build it up quite nicely before you move out there. If you're in London, or nearby, you have more options, as in my first post.

[Jib Teenuc]

...Can I not use one of the money transfer companies (Wells Fargo or whoever)?

Ideally would like to transfer reasonably regular, but low, amounts (say £500 per deposit) until I had built up a reasonable amount into my Thai account...

That should be no problem, Wells Fargo, Western Union, etc. Ask them to remit GBP to your account in Thailand so that the conversion to Baht will be made by your Thai bank. I understand that this will result in a considerably better exchange rate than with a conversion made at the UK end.

Brilliant, Maestro.

Thanks for the advice (particularly with regard to which end to get it exchanged - I had ignorantly thought it wouldn't matter, but I can see the sense in that).

Nice one.

Jib T

[Jib Teenuc]

If you're dealing with cash, as in paper money in your hand, you can't really do it online. It would have to come from an account somewhere.

If you're looking at using Western Union, with cash, then personally I'd rather pay tax on it, it'd be cheaper!

You can walk into Bangkok Bank London branch with £500 in your hand and it will be in your Thai bank the next working day. That's their limit though, for obvious reasons

I suspect that if you were to do that every day, one day there might be someone waiting to talk to you!

If you trickle feed your Thai bank with a few different methods you can build it up quite nicely before you move out there. If you're in London, or nearby, you have more options, as in my first post.

No, it wouldn't be every day (or anywhere near...maybe once a month or once a fortnight).

Not large sums I'm talking about, I just want to build up a small nest-egg.

Are money transfer companies like Western Union's charges as bad as that?

Damn and blast that I live so far from London. The Bangkok Bank route sounds ideal.

Thanks again.

[lopburi3]

Flame removed.

[IMA_FARANG]

I don't know about the U.K. but back in 2010 when I retired in Thailand I already had a Bangkok Bank account in Thailand set up.

When I finally retired to Thailand I entered with a Banker's draft from my U.S.. bank for slightly over $30,000 in my pocket.

Deposited it in my Thai bank for collection.

Had a multi entry Non o visa good for a year so I was in no hurry ... had time to get everything set up for retirement.

Took about 45 days for the banker's draft to clear before the funds showed in my Thai bank account for retirement.

No problem. I already was getting a separate U.S. Social Security pension anyhow to live on.

Don't know the laws in the U.K. but in the U.S. my bank had to declare it to the U,S, government but as I could show it as part of my retirement package there was no U.S, tax obligation there. U.S. overseas tax exemption.

Even if I had lost it on my way it had to be countersigned by myself to be cashed .... so it was perfectly safe.

There was a small fee for issuing it from my U.S. bank and a 201 Baht fee from the Thai bank here.

1 baht stamp fee from the Thai government .... have no idea why.

[Jip99]

If you're dealing with cash, as in paper money in your hand, you can't really do it online. It would have to come from an account somewhere.

If you're looking at using Western Union, with cash, then personally I'd rather pay tax on it, it'd be cheaper!

You can walk into Bangkok Bank London branch with £500 in your hand and it will be in your Thai bank the next working day. That's their limit though, for obvious reasons

I suspect that if you were to do that every day, one day there might be someone waiting to talk to you!

If you trickle feed your Thai bank with a few different methods you can build it up quite nicely before you move out there. If you're in London, or nearby, you have more options, as in my first post.

No, it wouldn't be every day (or anywhere near...maybe once a month or once a fortnight).

Not large sums I'm talking about, I just want to build up a small nest-egg.

Are money transfer companies like Western Union's charges as bad as that?

dam_n and blast that I live so far from London. The Bangkok Bank route sounds ideal.

Thanks again.

I fail to see why you don't put the cash through a UK bank account and take advantage of the Bangkok Bank, London to send money via BACS to them for onward transmission to your Thai account. If you are trying to conceal the cash from the UK (tax) authorities, using the UK bank account will make no difference. The authorities do not gave access to your account information (excepy by court order) and it is down to you what you put on tax returns etc. If you wanted to keep it totally separate then open an account with Halifax for your cash transactions and you will have the choice of sending to Bangkok Bank or direct to Thailaand - online for £9.50.

[bifftastic]

If you're dealing with cash, as in paper money in your hand, you can't really do it online. It would have to come from an account somewhere.

If you're looking at using Western Union, with cash, then personally I'd rather pay tax on it, it'd be cheaper!

You can walk into Bangkok Bank London branch with £500 in your hand and it will be in your Thai bank the next working day. That's their limit though, for obvious reasons

I suspect that if you were to do that every day, one day there might be someone waiting to talk to you!

If you trickle feed your Thai bank with a few different methods you can build it up quite nicely before you move out there. If you're in London, or nearby, you have more options, as in my first post.

No, it wouldn't be every day (or anywhere near...maybe once a month or once a fortnight).

Not large sums I'm talking about, I just want to build up a small nest-egg.

Are money transfer companies like Western Union's charges as bad as that?

dam_n and blast that I live so far from London. The Bangkok Bank route sounds ideal.

Thanks again.

When you're sending cash, Western Union are expensive. They are ok for small amount's (like £20 for emergencies) but they're fees are high and their exchange rate is awful.

As mentioned above, you could have a separate bank account for your transfers, pay in cash, send in the normal way online. I send from my Halifax account to my Thai bank account. Easy to do and you have records of it all happening, but other people don't, again as mentioned above

[Jib Teenuc]

width=19 alt=whistling.gif> I don't know about the U.K. but back in 2010 when I retired in Thailand I already had a Bangkok Bank account in Thailand set up.

When I finally retired to Thailand I entered with a Banker's draft from my U.S.. bank for slightly over $30,000 in my pocket.

Deposited it in my Thai bank for collection.

Had a multi entry Non o visa good for a year so I was in no hurry ... had time to get everything set up for retirement.

Took about 45 days for the banker's draft to clear before the funds showed in my Thai bank account for retirement.

No problem. I already was getting a separate U.S. Social Security pension anyhow to live on.

Don't know the laws in the U.K. but in the U.S. my bank had to declare it to the U,S, government but as I could show it as part of my retirement package there was no U.S, tax obligation there. U.S. overseas tax exemption.

Even if I had lost it on my way it had to be countersigned by myself to be cashed .... so it was perfectly safe.

There was a small fee for issuing it from my U.S. bank and a 201 Baht fee from the Thai bank here.

1 baht stamp fee from the Thai government .... have no idea why.

alt=wai2.gif>

If you're dealing with cash, as in paper money in your hand, you can't really do it online. It would have to come from an account somewhere.

If you're looking at using Western Union, with cash, then personally I'd rather pay tax on it, it'd be cheaper!

You can walk into Bangkok Bank London branch with £500 in your hand and it will be in your Thai bank the next working day. That's their limit though, for obvious reasons

I suspect that if you were to do that every day, one day there might be someone waiting to talk to you!

If you trickle feed your Thai bank with a few different methods you can build it up quite nicely before you move out there. If you're in London, or nearby, you have more options, as in my first post.

No, it wouldn't be every day (or anywhere near...maybe once a month or once a fortnight).

Not large sums I'm talking about, I just want to build up a small nest-egg.

Are money transfer companies like Western Union's charges as bad as that?

dam_n and blast that I live so far from London. The Bangkok Bank route sounds ideal.

Thanks again.

I fail to see why you don't put the cash through a UK bank account and take advantage of the Bangkok Bank, London to send money via BACS to them for onward transmission to your Thai account. If you are trying to conceal the cash from the UK (tax) authorities, using the UK bank account will make no difference. The authorities do not gave access to your account information (excepy by court order) and it is down to you what you put on tax returns etc. If you wanted to keep it totally separate then open an account with Halifax for your cash transactions and you will have the choice of sending to Bangkok Bank or direct to Thailaand - online for £9.50.

Some great advice received.

Thanks to everyone for their ideas.

[Jib Teenuc]

If you're dealing with cash, as in paper money in your hand, you can't really do it online. It would have to come from an account somewhere.

If you're looking at using Western Union, with cash, then personally I'd rather pay tax on it, it'd be cheaper!

You can walk into Bangkok Bank London branch with £500 in your hand and it will be in your Thai bank the next working day. That's their limit though, for obvious reasons

I suspect that if you were to do that every day, one day there might be someone waiting to talk to you!

If you trickle feed your Thai bank with a few different methods you can build it up quite nicely before you move out there. If you're in London, or nearby, you have more options, as in my first post.

No, it wouldn't be every day (or anywhere near...maybe once a month or once a fortnight).

Not large sums I'm talking about, I just want to build up a small nest-egg.

Are money transfer companies like Western Union's charges as bad as that?

dam_n and blast that I live so far from London. The Bangkok Bank route sounds ideal.

Thanks again.

When you're sending cash, Western Union are expensive. They are ok for small amount's (like £20 for emergencies) but they're fees are high and their exchange rate is awful.

As mentioned above, you could have a separate bank account for your transfers, pay in cash, send in the normal way online. I send from my Halifax account to my Thai bank account. Easy to do and you have records of it all happening, but other people don't, again as mentioned above

Thanks again for some sound advice.

[Maestro]

I have removed off-topic posts about property purchase and the replies to them. The OP has made it clear that his question is not about a money transfer to buy property.

[Jib Teenuc]

I have removed off-topic posts about property purchase and the replies to them. The OP has made it clear that his question is not about a money transfer to buy property.

Thanks.

I hoped to have made that situation clear in my OP (but seems some skim, rather than read and digest other's posts properly).

Also, for further clarity, we're not talking "large sums", here, rather a retirement-fund "trickle" as opposed to a flood of dubious funds from one geographical location to another.

All in all, I've received some very useful/helpful advice from TV members who have opted to assist, rather than simply criticise.

Thanks, everyone.

[lungbing]

If you need to transfer money from the UK to Thailand after you have moved here, for example a pension, then keep a UK contact address and give The Halifax that address. If they suspect you live here they may well close the account.

An alternative to the Halifax is Nationwide International based on the Isle of Man. You can open an account with them through a normal Nationwide Building Society office who will check and authorise the ID paperwork you must produce and forward the paperwork to the IOM through their internal mail. They are happy for you to have a Thai address. This a 60 day notice account. If you don't give 60 days notice of withdrawal you just lose 60 days interest, ie two thirds of bugger-all at the moment. This account is fully operable via the internet and money can only be transferred to nominated accounts with all the usual passwords and pass numbers security.

[sometimewoodworker]

If you need to transfer money from the UK to Thailand after you have moved here, for example a pension, then keep a UK contact address and give The Halifax that address. If they suspect you live here they may well close the account.

An alternative to the Halifax is Nationwide International based on the Isle of Man. You can open an account with them through a normal Nationwide Building Society office who will check and authorise the ID paperwork you must produce and forward the paperwork to the IOM through their internal mail. They are happy for you to have a Thai address. This a 60 day notice account. If you don't give 60 days notice of withdrawal you just lose 60 days interest, ie two thirds of bugger-all at the moment. This account is fully operable via the internet and money can only be transferred to nominated accounts with all the usual passwords and pass numbers security.

Nationwide IOM have several different accounts all of which can be operated using online banking. There is an instant access account (I've got one) no notice needed.

However if you want to bring a substantial amount into Thailand bringing in cash and changing it at superrich get you a significantly better exchange rate. They have no problem with any amount you want to exchange. One time I exchanged cash and got about 700k ฿ and got over 15k more than the best bank rate on the same day.

[Jib Teenuc]

If you need to transfer money from the UK to Thailand after you have moved here, for example a pension, then keep a UK contact address and give The Halifax that address. If they suspect you live here they may well close the account.

An alternative to the Halifax is Nationwide International based on the Isle of Man. You can open an account with them through a normal Nationwide Building Society office who will check and authorise the ID paperwork you must produce and forward the paperwork to the IOM through their internal mail. They are happy for you to have a Thai address. This a 60 day notice account. If you don't give 60 days notice of withdrawal you just lose 60 days interest, ie two thirds of bugger-all at the moment. This account is fully operable via the internet and money can only be transferred to nominated accounts with all the usual passwords and pass numbers security.

If you need to transfer money from the UK to Thailand after you have moved here, for example a pension, then keep a UK contact address and give The Halifax that address. If they suspect you live here they may well close the account.

An alternative to the Halifax is Nationwide International based on the Isle of Man. You can open an account with them through a normal Nationwide Building Society office who will check and authorise the ID paperwork you must produce and forward the paperwork to the IOM through their internal mail. They are happy for you to have a Thai address. This a 60 day notice account. If you don't give 60 days notice of withdrawal you just lose 60 days interest, ie two thirds of bugger-all at the moment. This account is fully operable via the internet and money can only be transferred to nominated accounts with all the usual passwords and pass numbers security.

Nationwide IOM have several different accounts all of which can be operated using online banking. There is an instant access account (I've got one) no notice needed.

However if you want to bring a substantial amount into Thailand bringing in cash and changing it at superrich get you a significantly better exchange rate. They have no problem with any amount you want to exchange. One time I exchanged cash and got about 700k ฿ and got over 15k more than the best bank rate on the same day.

Great additional advice, so thanks fellas.

Jib T