Not allowed to send Baht out of Thailand from SCB...?

[mistephenso]

Hi All,

We are in the process of sending money back to the UK prior to our move back there at the end of this month. My wife has just been into SCB (our local branch where the money is) and has been told that she is NOT allowed to send Baht back to my UK account.

According to everyone at the bank, she must convert from Baht to GBP here and then send that back instead. Doing this means that we lose out on the exchange rate - admittedly, it isn't that much, but even so it still makes a difference on a fairly large transfer!?

Anyone else come across this issue?
Can I get a banker's draft made out in Baht instead, then pay it into my bank in person, or do I need to follow the bank's 'advice'?

The alternatives are taking out the cash and changing it back in the UK, trying another bank to see if they allow it (I have heard that Bangkok Bank are pretty good with this sort of thing?), or biting the bullet and just sending over sterling....?

Any ideas are welcome.

Many thanks,

M

[fletchsmile]

I'm not sure where you got the idea that you will lose on the exchange rate. Usually you get better rates onshore in Thailand than offshore. The spreads in the UK at a bank for retail customers buying and selling are usually wider, so you're better off changing here.

Cheers

Fletch

[mistephenso]

I'm not sure where you got the idea that you will lose on the exchange rate. Usually you get better rates onshore in Thailand than offshore. The spreads in the UK at a bank for retail customers buying and selling are usually wider, so you're better off changing here.

Cheers

Fletch

Errrm - thanks Fletch, but unless I am making a mistake in my maths, I am pretty sure I am losing out...!??

For example, I want to send over ~700000bht now and then the same again in a few weeks time (don't ask, long story... ). If I send baht to my UK bank, I get an exchange rate of 53.6 baht per pound (today anyway) - this is equal too:

700000bht/53.6 = £13059.7

If I send GBP from Thailand, I need to send the equivalent of 708650 baht to get *exactly* £13000 (including fees, etc) - this means I am 8650 baht out of pocket here, or £59.7 out of pocket in the UK.

That is about £95(ish) in total (if you look at it from both ways), which I don't want to lose just because someone in a bank here says I cannot send baht to the UK online!? Especially as I have to do this a couple of times...

Or am I mixing my sums up?? Feel free to correct me if I am...!?

Cheers,

M

[Gulfsailor]

Do you have a link to the exchange rates your UK bank uses? As posted before, normally the t/t rate the SCB uses is far more favorable in case of common currencies, like USD, Euro and GBP.

[topt]

Do you have a link to the exchange rates your UK bank uses? As posted before, normally the t/t rate the SCB uses is far more favorable in case of common currencies, like USD, Euro and GBP.

Agreed - are you sure that is the rate they would give you - here are the current SCB rates http://www.scb.co.th/scb_api/index.jsp

Don't get confused between the buy and sell rate ;-)

[mistephenso]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Do you have a link to the exchange rates your UK bank uses? As posted before, normally the t/t rate the SCB uses is far more favorable in case of common currencies, like USD, Euro and GBP.

Agreed - are you sure that is the rate they would give you - here are the current SCB rates http://www.scb.co.th/scb_api/index.jsp

Don't get confused between the buy and sell rate ;-)

I don't have an internet link unfortunately - I phoned HSBC (bank I want to transfer to) and they told me the incoming transfer rate would be 53.6 baht/pound...?
The same transfer (after fees) works out at 54.5bht/GBP from SCB. In theory, I should be getting more £ for my Bht if I transfer baht to HSBC, right?

I can understand the banks need to make money, but they outright 'forbade' us to send Baht from SCB to the UK...? When someone tells me I can NOT do something that I would be able to do in any other bank that I know of (my choice, obviously), then alarm bells start ringing.

Why do you both believe that the exchange rate is so much better here for changing Baht into GBP before sending it to the UK? I understand I would have to pay money in the UK for the transfer, but I figured the 'buying' rates would be slightly more in my favour overall. Especially as it only costs £4 to send money out of HSBC these days, meaning my fees shouldn't be that high (i think)...?

Cheers,

M

[Pib]

Would be nice to see a link at your UK bank to ensure the correct rate is being given to you. Almost always you are better off converting your baht back to your home country currency using the Thai bank TT Selling Rate. Since baht is not a major world currency and rarely used outside of Thailand, it almost always don't get a good exchange rate outside of Thailand...that's why there have been hundreds of posts for expats saying don't let your home country bank do the conversion (inbound or outbound) because you almost certainly get a lower exchange rate. I know the few banks links where I have checked out a western bank's baht buying/selling rate has been lower than the Thai bank buying/selling rate.

[topt]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Do you have a link to the exchange rates your UK bank uses? As posted before, normally the t/t rate the SCB uses is far more favorable in case of common currencies, like USD, Euro and GBP.

Agreed - are you sure that is the rate they would give you - here are the current SCB rates http://www.scb.co.th/scb_api/index.jsp

Don't get confused between the buy and sell rate ;-)

I don't have an internet link unfortunately - I phoned HSBC (bank I want to transfer to) and they told me the incoming transfer rate would be 53.6 baht/pound...?

The same transfer (after fees) works out at 54.5bht/GBP from SCB. In theory, I should be getting more £ for my Bht if I transfer baht to HSBC, right?

I can understand the banks need to make money, but they outright 'forbade' us to send Baht from SCB to the UK...? When someone tells me I can NOT do something that I would be able to do in any other bank that I know of (my choice, obviously), then alarm bells start ringing.

Why do you both believe that the exchange rate is so much better here for changing Baht into GBP before sending it to the UK? I understand I would have to pay money in the UK for the transfer, but I figured the 'buying' rates would be slightly more in my favour overall. Especially as it only costs £4 to send money out of HSBC these days, meaning my fees shouldn't be that high (i think)...?

Cheers,

M

Because as Fletch said baht has an onshore and offshore rate and usually a mainstream UK bank will have a higher margin requirement on the exchange. SCB rate at that link is currently 53.75 something if you TT £ in so I am very surprised HSBC would give you 53.6 to change baht. If correct then yes you would want to go with that and find out from SCB their reasons for saying they cannot do. However (to me)it seems to good to be true.

[Pib]

I did a little bit of googling just to come up with any HSBC Exchange Calculator. I used this HSBC site....its not in the UK but it still a HSBC exchange rate calculator. Anyway, when checking the Pound to Baht Exchange rate I got a 52.92 like you were sending money to Thailand; when going the other way of Baht to Pound (like the OP wants to do) I got 54.91...but in this case it means it will take 54.91 baht to buy 1 pound.

If giving the calculator a try, remember on the Baht to Pound conversion you will need to take the decimal conversion rate given and divide into one to turn it into the rate the brain is more use to seeing.

I just checked the SCB website and their Sellling rate is 54.35 (i.e., how many baht needed to buy one pound or about 1% lower than the HSBC rate...but lower is better in this case)...so the SCB rate would give you more pounds for your baht than the HSBC rate shown in above calculator. Or said another way SCB charges fewer baht to buy one pound than HSBC.

I just wonder if the HSBC rep didn't quote their Pound to Baht rate versus the Baht to Pound rate. But maybe this will be the first time I've heard of western bank giving a better exchange rate for baht that you get at Thai banks.

[Jeffrey346]

Why not just get a bank check and deposit it in person at your bank.

[noodle]

OP, go here:

http://www.expat.hsbc.com/1/2/hsbc-expat/foreign-exchange-currency#

Click on the 'Go to Currency Calculator' box

As it states this is the mid rate, the cash/TT rate could be a lot different.

Edited April 4, 2014 by noodle

[noodle]

duplicate

Edited April 4, 2014 by noodle

[Rockhopper]

A friend sold his house in Thailand. Deposited the money in SCB bank. Got an SCB bank cashiers check and went to America. Wells Fargo accepted the check and deposited it into friend's account. Two days later he received a call from Wells Fargo telling him that SCB would not honor their own check. SCB wanted to know where he got the money. He is now back in Thailand to straighten things out.

[crazykopite]

It was my understanding that you could not send out more than 300,000 at any one time maybe it is worth asking SCB if you can send put a smaller amount the worse situation is you go around every bank changing your baht into £s stash it in you bag and hope for the best !

[Card]

I'm not sure where you got the idea that you will lose on the exchange rate. Usually you get better rates onshore in Thailand than offshore. The spreads in the UK at a bank for retail customers buying and selling are usually wider, so you're better off changing here.

Cheers

Fletch

Errrm - thanks Fletch, but unless I am making a mistake in my maths, I am pretty sure I am losing out...!??

For example, I want to send over ~700000bht now and then the same again in a few weeks time (don't ask, long story... ). If I send baht to my UK bank, I get an exchange rate of 53.6 baht per pound (today anyway) - this is equal too:

700000bht/53.6 = £13059.7

If I send GBP from Thailand, I need to send the equivalent of 708650 baht to get *exactly* £13000 (including fees, etc) - this means I am 8650 baht out of pocket here, or £59.7 out of pocket in the UK.

That is about £95(ish) in total (if you look at it from both ways), which I don't want to lose just because someone in a bank here says I cannot send baht to the UK online!? Especially as I have to do this a couple of times...

Or am I mixing my sums up?? Feel free to correct me if I am...!?

Cheers,

M

Exchange rates for all banks fluctuate by the hour. The published rate in the mornings can change a lot - so you are not sure what rate you will get until it happens or are quoted. Also the TT rates are different from the cash rates. So just comparing rates from the web are binaccurate. I wouldn't bother about small losses - also bank charges should be considered.

[Mrjlh]

I don't now about SCB but once when I left for the States and using Bangkok Bank, I had to take out 150,000B. Had to fill out several forms basically swearing I had the money legally and it was not being laundered. Got my money in US 100's and out the door. No big deal just time spent. Plius no wire fees needed, just hand carried. Biggest issue is when value if over $10,000US you need to declare it.

[NativeSon360]

Why you would come to this forum, to get "1000 different opinions", re: Thai banking (International Funds Transfer) regulations, is any reasonable person's wild guess???? You can safely assume that those regulations apply to ALL Thai banks.

[yannid]

Just transfered 950000 baht from SCB to english bank yesterday. No questions, just bank details. My bank is on Koh Samui. Have done it twice in 3 months.

[Toby Jugg]

Native son: No, not all Thai banks are the same. Some time ago I walked into

Krung Thai and before I was three meters inside a girl stops me and says:

"Work Permit minimum three years". I had not uttered a word. Around the corner

Bangkok Bank was pleased to open an account with just 1,000 baht and sight

of my passport.

[lensta]

No, you cannot send baht out of Thailand, it has to be sent in a major foreign currency.

[HerbalEd]

Why would you want to do this? The baht to pound exchange rate in England will be much worse than in Thailand. You are confusing the buy rate and sell rate. To learn this for yourself just ask your British bank for the rate to "buy" pounds with baht.

Edited April 4, 2014 by HerbalEd

[mistephenso]

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Why you would come to this forum, to get "1000 different opinions", re: Thai banking (International Funds Transfer) regulations, is any reasonable person's wild guess???? You can safely assume that those regulations apply to ALL Thai banks. alt=whistling.gif>

I thought the whole point of a forum was to ask for people's opinions (i.e. those who had already transferred money from Thailand to the UK before) on things!? Anyway, for your information, you are completely incorrect - SCB has different rules to Bangkok Bank (I have been to both to check this morning), so it wouldn't surprise me if other banks here also had different rules too...

Just transfered 950000 baht from SCB to english bank yesterday. No questions, just bank details. My bank is on Koh Samui. Have done it twice in 3 months.

Interesting - I assume you are sending this from a business account then (or they are converting the money for you before it is sent)? SCB said that their rules stated we could categorically NOT send baht out of Thailand unless it went from a business account. We would then have had to go through all of the fraud/money laundering checks and everything else, making it longer and more expensive according to them..!?

No, you cannot send baht out of Thailand, it has to be sent in a major foreign currency.

Actually you can, but it has to be sent from a business account at SCB. No idea why, but this is Thailand!?

Anyway - thanks to everyone for the replies! To save any further headaches I sent the money in GBP from SCB this morning. Got a slightly better exchange rate today as well, but not by much.
I can only assume the person I spoke to at HSBC gave me the wrong exchange rate as well, judging by the info above!?

Ho hum - only one more month and then I'm out of here...

Cheers,

M

[kurnell]

I've sent money to Australia using SCB. Twice

[meatboy]

I am surprised that nobody has mentioned to take a large amount out of Thailand you must provide proof of how you brought the money into Thailand in the first place.my wife trans.a large amount 5million baht plus,and she received a certificate of the trans from her bank [scb] stating the currency[gbp] from the uk.the reason for the trans.

if she wanted to take this amount back to the uk.she would without doubt change it here at the t.t.rate of buying gbp.as the money

she trans.from the uk.at a rate of 49.18 nov.2012 and buying a pound at todays rate she would loose around 500,000bht.

so the op has got to look at the banks selling rate of gbp in Thailand change it then have it trans.to his bank in the uk.

no.1 rule always send in your currency to and from in for eg.uk. g.b.p.

if the ex.is around 54bht to buy a gbp.in the uk it would be around 56-7.to buy a pound.

[fatdrunkandstupid]

I'm not sure where you got the idea that you will lose on the exchange rate. Usually you get better rates onshore in Thailand than offshore. The spreads in the UK at a bank for retail customers buying and selling are usually wider, so you're better off changing here.

Cheers

Fletch

I don't often agree with fletch...but he is right here.

Your post is unclear perhaps the problem is that she is sending the money from HER account to YOUR account in the UK. If this is creating the issue, then just tansfer from her Thai account to your Thai account and then from your Thai account to your UK account...problem solved.

[samran]

London to a brick you have been quoted the wrong exchange rate.

[ggt]

Bangkok Bank worked with me when sending money to the US...I believe you are allowed to take 20K USD...when you leave the country...on your person...otherwise...be happy they allow you to send your money at all...

[meatboy]

just a sample of what we are trying to tell you.

Bangkok banks buying rate 3.30pm baht to gbp =53.62.so you pay 53.62 to get a gbp.in return.

Halifax bank uk.buying baht for a gbp. =56.01 so you see it cost you more in the uk.to buy a gbp.

Edited April 4, 2014 by meatboy

[chiang mai]

Your HSBC rate is wrong, simple as that.

Also, THB is a restricted currency, the central bank does not allow more than 50k baht per person to be exported.

[yannid]

Just transfered 950000 baht from SCB to english bank yesterday. No questions, just bank details. My bank is on Koh Samui. Have done it twice in 3 months.