Which Thai banks for easy transfer GBP both in and out of Thailand?

[julesdick]

Hi

Had a quick search but could only find topics regards inwards transfers

I have a GBP account with Bangkok Bank in Chiang Mai, but they say if I want to transfer the GBP to Singapore, I first have to change the GBP to Baht, then change it to SGD to transfer. Are there any high street Thai banks which allow GBP outward transfers or do I need to go to an International Bank? (presumbaly a trip to BKK to open?)

Many thanks

JD

[Oreganobag]

Citibank would probably be the best option in Thailand.

Orrrrr, just not use a Thai bank. I wouldn't want any of my money in this country.

[supaprik]

Not sure about GBP but I use Citibank for AUD in and out, fees are not high and service is excellent

[freevisa]

Oreganobag - with that attitude - go home.

[stephenterry]

I don't think that is totally correct. I am sure you can withdraw GPB from your BKB sterling account providing you give them notice and pay a hefty fee. Now your problem is still the transfer. HSBC have a branch in BKK (phone them) and it might be possible that they would convert your sterling to SGD without converting it to baht, but I doubt it.

Alternatively, you could use an exchange booth which has SGD, and who would be willing to do a straight swop for your sterling (that depends on whether they can actually manage the calculation). Here again, even if that's possible, you're stuck with money in Thailand, so it's back to the conversion to and from baht if you want to transfer it.

Or even more obtuse, but more practical if this is going to be a regular transfer, is to open up a bank account in Singapore (if permitted for non-residents) and then transfer GPB direct from the UK.

Or use Western Union with your GPB money in hand, which would be possible, but as expensive. BTW - BKB does have good exchange rates and is very quick to process transfers.

All in all, it's a hassle getting money out of Thailand.

[Fritzz]

I agree with oreg and supa above. Partially. However HSBC I cannot recommend for money XFERS. They are some of the most expensive around. Especially the Singapore outfit. GBP savings account there gives you a hefty 0 (ZERO) percent of interest. How attractive is that? In addition their retail banking in Thailand has ceased over a year ago. Wasn't lucrative enough in the context of regional offices and shareholder value I guess.

Try Western Union or as already advised, i.e. Citibank.

To repatriate GBP out of Thailand requires evidence of importing it in the first place. The documentation needs to be available in the shape of the required forms. Then you apply for the reverse procedure, which is probably best done by the bank that you imported the money through.

Greetings,

Fritzz

[uptheos]

Oreganobag - with that attitude - go home.

Why should someone have to go home, if they want to control THEIR finances how they like?

[Estrada]

You need the Bangkok Bank International Branch in Changmai, not all branches have this capability. There are two BBL business centres listed in Changmai so these are probably the branches you should try. I bank at BBL Seacon Square Bangkok but have to go to Bangna Trad BBL Business Centre or head office in Silom. BBL also has an international Branch in Singapore. You could also try Citibank which offer £Sterling Accounts and transfers in multiple currencies. One of my pension providers uses Citibank Global Transfer system to pay to my BBL account here from the UK.

[Runamile]

Citibank and HSBC - but you need multi-currency accounts. Those can be quite expensive to the extent that they insist on quite a lot of "dead money" in the account.

[vilas01]

Citibank would probably be the best option in Thailand.

Orrrrr, just not use a Thai bank. I wouldn't want any of my money in this country.

Not use Thai Bank but eat Thai noodles, Right ? Great Attitude !

BTW, you don't want any of your money in "This Country" - then why don't you carry yourself to the country where you would like your money to be ?

Shall thank you to tell, how do you pay for your "Fish & Chips" ? Oh ! Sorry, no Fish and Chips here ! What GREAT adjustment you have done to your lifestyle !

BTW, there are some International Rules governing transer of money in and out of a country - do you happen to know them ? Or you would like the Rules governing Smuggling applied to money transfer too ? Unfortunately Banks would not help you do that if you have not imported the money Officially and not have the paper to prove it. Hey, you could take the money to SGP yourself - something akin to smugging but then where there is a will there is a way !

Cheers !

Get yourself an education before advising others !

[Baerboxer]

Citibank and HSBC - but you need multi-currency accounts. Those can be quite expensive to the extent that they insist on quite a lot of "dead money" in the account.

HSBC closed their retail banking operation in Thailand a couple of years ago. The business was "sold" to the Krungsri Bank group. Shame because transfers between your own accounts in different countries were free using their global view facility.

I doubt their business banking operation could or would allow you to open a personal account.

I have USD and GBP accounts at Krungsri and transfer into these accounts. I then transfer to my THB account when forex rate good. I haven't transferred out but so can't comment empirically. It would be worth you asking - I find their call center very helpful and excellent English speakers.

[lensta]

Oreganobag - with that attitude - go home.

Such an original intelligent comment. Not!

[chiang mai]

There is no HSBC retail banking in Thailand.

You can withdraw GBP from your account but you will pay a percentage fee.

You can also transfer GBP to Singapore without converting to THB first, talk to international banking and they will answer the question more correctly.

[FatController]

Citibank would probably be the best option in Thailand.

Orrrrr, just not use a Thai bank. I wouldn't want any of my money in this country.

That is certainly one valid opinion - do you have any particular reasons for taking that approach ?

[chiang mai]

Because his world is very small and he thinks that if it's not made in the US then it's of no use or value. We could try telling him that many banks in Thailand are more safe than many American banks, UOB for example is consistently rated in the top fifteen safest banks worldwide, or that BAY, owned by Bank Tokyo/Mitsubishi has assets over USD 2.5 trillion, but it would probably fall on deaf ears.

[Oreganobag]

You don't have to look far to see that money management isn't very good here. The economy is sloppy, the graft and corruption is rampant - you just never know who your money in the bank is helping, and if it all goes to poop, you're shit out of luck. I'm not sure why everyone is so upset about not keeping my money in a Thai bank account. I've even heard of stories on this forum where people were having money siphoned out of their accounts and the banks not doing anything about it.

And if anything ever happens to you in the country, end up in legal trouble, tax issues, or whatever may happen, its unlikely they're going to be able to get access to your cash, freeze your accounts, blah blah.

Also, internet banking and purchasing support is rubbish. The only upside to having a bank here is no ATM fees, but if you've got a good bank, they'll reimburse that anyways.

That said, though, Citibank is the best bank I've seen here through business associates and friends that use them. I keep most of my cash offshore, stocks, in investments, digital currencies, etc. If you have most of your funds in a bank account, you're just slowly bleeding money, so I only keep what I need in there for emergencies - and I don't need a poorly managed Thai bank account for that.

[Runamile]

@Oreganobag

Surely the point is one of horses and course. For the globally mobile expat, given a certain, sometimes quite high, income, and given the willingness to see dead money hanging in the account, Citibank and HSBC make sense.

Equally, many contributors here aren't globally mobile, but expats who have semi-permanently, maybe permanently, settled in Thailand. They may have wife, children, etc to prove it.

The two are completely different beasts, including that the latter, often, want to belong, the former to feel they're mobile.

Personally, I only keep the bare minimum in any country I live in, but, the whole point is, thus far, I only live in places, not settle in them.

[chiang mai]

You don't have to look far to see that money management isn't very good here. The economy is sloppy, the graft and corruption is rampant - you just never know who your money in the bank is helping, and if it all goes to poop, you're shit out of luck. I'm not sure why everyone is so upset about not keeping my money in a Thai bank account. I've even heard of stories on this forum where people were having money siphoned out of their accounts and the banks not doing anything about it.

And if anything ever happens to you in the country, end up in legal trouble, tax issues, or whatever may happen, its unlikely they're going to be able to get access to your cash, freeze your accounts, blah blah.

Also, internet banking and purchasing support is rubbish. The only upside to having a bank here is no ATM fees, but if you've got a good bank, they'll reimburse that anyways.

That said, though, Citibank is the best bank I've seen here through business associates and friends that use them. I keep most of my cash offshore, stocks, in investments, digital currencies, etc. If you have most of your funds in a bank account, you're just slowly bleeding money, so I only keep what I need in there for emergencies - and I don't need a poorly managed Thai bank account for that.

"The economy is sloppy", Thailand ranks 15th in the foreign currency reserves table, ahead of the UK and the USA!

"I've even heard stories...", haven't we all over the years, the answer is to stop listening to stop listening to newbies who pick up such stories from people in bars and to start dealing in fact!

"And if anything happens...", Over the past fifteen years I've heard stories about many silly things here in Thailand but I've never heard of peoples accounts being frozen unless, like any other country in the world, the account holder has committed a serious crime.

It sounds as though you just want to bash Thailand so don't let me stand in your way, a sprinkling of fact in your posts however might give you better credibility!

[chiang mai]

@Oreganobag

Surely the point is one of horses and course. For the globally mobile expat, given a certain, sometimes quite high, income, and given the willingness to see dead money hanging in the account, Citibank and HSBC make sense.

Equally, many contributors here aren't globally mobile, but expats who have semi-permanently, maybe permanently, settled in Thailand. They may have wife, children, etc to prove it.

The two are completely different beasts, including that the latter, often, want to belong, the former to feel they're mobile.

Personally, I only keep the bare minimum in any country I live in, but, the whole point is, thus far, I only live in places, not settle in them.

Globally mobile or not, all groups should be concerned about the financial viability of their bank. Here's the list of the top 50 safest banks in the world, http://www.gfmag.com/tools/best-banks/12617-worlds-50-safest-banks-2013.html, HSBC features at number 25 whilst Citi Bank doesn't even feature at all. But interestingly, Singaporean and Hong Kong banks do feature quite extensively in the top 20.

And if you are an expat in Thailand there's a fair chance that you bank in some shape or form with banks in other Asian countries, for my part I have accounts in Singaporean and Malaysian banks that have offices in Thailand and with HSBC Hong Kong/UK also, and I'm not that globally mobile any more! But getting hung up over banking with a US bank, especially when it's not a ranked safe one, seems very silly to me and I think is most likely a sign of Asiaphobia.than any thing else.

[2BOB]

I have a bangkok bank account and am back on aus at the moment, i just use my card at a atm and no problems

[bluemoon58]

Oreganobag - with that attitude - go home.

freevisa, completely agree with that comment.

[Oreganobag]

lol

[uptheos]

I have a bangkok bank account and am back on aus at the moment, i just use my card at a atm and no problems

What rate are you getting your OZ dollars at?

[i claudius]

Citibank would probably be the best option in Thailand.

Orrrrr, just not use a Thai bank. I wouldn't want any of my money in this country.

And when you are seriously ill and the hospital wants cash there and then up front ,prepare to die.

Oh just seen he is a newbie ,so he knows everything about Thailand ,sorry.

Edited April 5, 2014 by i claudius

[Pib]

Keep in mind, regardless of the bank's name in Thailand such as Citibank, HSBC, Bangkok Bank, K-bank, whatever bank, they all must operate under Thai laws and Bank of Thailand regulations which control the outflow of money. Just because the bank's parent organization is a western bank does not mean their Thailand branches operate under western financial laws/regulations....things will be different than what you are use to in your home country where it was probably much easier to send money out of the country.

A person will fine out all banks in Thailand have very similar polices on outbound money flow because the banks are licensed by and must operate under Thai banking laws and regulations. Sure you will read different posts about how easy it was to send money from one branch and also read posts about how hard it was to send money from one branch...that's because different branches will implement the Bank of Thailand regulations a little differently...plus a lot of posters never reveal the whole story behind their outbound transfers like did they have a work permit which allows salary repatriation, where they repatriating money they had documentation showing how it had originally entered Thailand, etc.

[chiang mai]

Keep in mind, regardless of the bank's name in Thailand such as Citibank, HSBC, Bangkok Bank, K-bank, whatever bank, they all must operate under Thai laws and Bank of Thailand regulations which control the outflow of money. Just because the bank's parent organization is a western bank does not mean their Thailand branches operate under western financial laws/regulations....things will be different than what you are use to in your home country where it was probably much easier to send money out of the country.

A person will fine out all banks in Thailand have very similar polices on outbound money flow because the banks are licensed by and must operate under Thai banking laws and regulations. Sure you will read different posts about how easy it was to send money from one branch and also read posts about how hard it was to send money from one branch...that's because different branches will implement the Bank of Thailand regulations a little differently...plus a lot of posters never reveal the whole story behind their outbound transfers like did they have a work permit which allows salary repatriation, where they repatriating money they had documentation showing how it had originally entered Thailand, etc.

Umm: "parent" implies majority ownership, not so with any Thai banks. And:

BOT regulations get implemented uniformly across the board when it comes to currency transactions, it's not a matter of some misunderstanding on the part of a single Teller, HO coughs up if the Teller gets it wrong, been there done that!

But your point about people reporting B/S is spot on, one has to wonder where some of the stories come from.

[Pib]

Keep in mind, regardless of the bank's name in Thailand such as Citibank, HSBC, Bangkok Bank, K-bank, whatever bank, they all must operate under Thai laws and Bank of Thailand regulations which control the outflow of money. Just because the bank's parent organization is a western bank does not mean their Thailand branches operate under western financial laws/regulations....things will be different than what you are use to in your home country where it was probably much easier to send money out of the country.

A person will fine out all banks in Thailand have very similar polices on outbound money flow because the banks are licensed by and must operate under Thai banking laws and regulations. Sure you will read different posts about how easy it was to send money from one branch and also read posts about how hard it was to send money from one branch...that's because different branches will implement the Bank of Thailand regulations a little differently...plus a lot of posters never reveal the whole story behind their outbound transfers like did they have a work permit which allows salary repatriation, where they repatriating money they had documentation showing how it had originally entered Thailand, etc.

Umm: "parent" implies majority ownership, not so with any Thai banks. And:

BOT regulations get implemented uniformly across the board when it comes to currency transactions, it's not a matter of some misunderstanding on the part of a single Teller, HO coughs up if the Teller gets it wrong, been there done that!

But your point about people reporting B/S is spot on, one has to wonder where some of the stories come from.

yea, by "parent" in this case I really just meant using the the name of the western bank like Citibank, HSBC, etc.

[Runamile]

@Chiang Mai

I rather thought the discussion was about ease and cost of currency exchange and transfers. Naturally, all transactions have to be under the Central Bank rules of that country. The asset/liability profile of a bank - its safety - is a whole other issue, an issue which, in honesty, we tend not to consider.

I have to bank partly in China - I don't want to even think about that! Interestingly, though, just looking at exchange costs produces a clear winner there.

BTW, of that Top 50, I'm very unsure how many are ordinary retail banking operations.

[Oreganobag]

Citibank would probably be the best option in Thailand.

Orrrrr, just not use a Thai bank. I wouldn't want any of my money in this country.

And when you are seriously ill and the hospital wants cash there and then up front ,prepare to die.

Oh just seen he is a newbie ,so he knows everything about Thailand ,sorry.

I've been in Thailand since I was 18. High school exchange student in the north where I learned to read, write and speak Thai relatively fluently. I lived with 3 different host families. Fell in love (not with a bar girl - lord knows I'm too young for that) with the place. Been here 8 years.

I think people took the comment a little too literally. I still have cash. I still have ATM cards (with banks that pay back the 150 - 200 baht ATM fees), just not in any Thai banks because my international accounts give me better terms, limitations, exchange rates, service and services, etc.

Every hospital I've been in gladly accepts any card I can throw at them. Then again, I have life insurance which I guarantee most noobies here probably don't have.

Edited April 5, 2014 by Oreganobag

[crazydrummerpauly]

Oreganobag - with that attitude - go home.

Why should someone have to go home, if they want to control THEIR finances how they like?

Completely agree - and to add to it : if the AMOUNT of money involved is substantial, just wait and see how much hassle and intrusive paperwork is involved when you try to repatriate your cash - being required to explain where every Baht came from etc.. how often i run into ex-pats wishing they'd never deposited their funds in to a Thai bank in the first place ! Be warned OP.