CHEAPEST & BEST VALUE way to get your cash in Thailand? (UK transfer)

[Mr Happynesss]

Hi guys, what is the cheapest way to make regular international transfers of approximately £2000 from UK to Thailand for cash? I have searched through the forums but there doesn't seem to be any consensus as to the best value method (considering fees and the exchange rate). Here are some methods I have read about:

1) - [uK bank] > withdraw from Thai cash machine

2) - [uK bank] SWIFT transfer > [Thai bank]

3) - [uK bank] transfer > [bangkok Bank London] transfer > [bangkok Bank (Thai)]

4) - Using FX companies

5) - Using P2P companies e.g. CurrencyFair/Paypal/Bitcoin/TransferWise

I am aware it is always best exchange sterling to Baht after leaves the UK. The last method (P2P) looks to be the cheapest by quite a margin, but which companies are recommended? Any help is greatly appreciated.

[Mr Happynesss]

I hear Citibank>Citibank is fee-free, has anyone experience or knowledge with this?

[CharlieH]

Better in the correct banking forum where its been dond to death on a regular basis.

Edited May 19, 2014 by CharlieH

[Mr Happynesss]

Better in the correct banking forum where its been dond to death on a regular basis.

Thanks, but where is the banking forum?

[CharlieH]

Better in the correct banking forum where its been dond to death on a regular basis.

Thanks, but where is the banking forum?

Here ya go....

http://www.thaivisa.com/forum/forum/13-jobs-economy-banking-business-investments/

[Mr Happynesss]

Better in the correct banking forum where its been dond to death on a regular basis.

Thanks, but where is the banking forum?

Here ya go....

http://www.thaivisa.com/forum/forum/13-jobs-economy-banking-business-investments/

thank you

[Rooo]

Moved to banking.

[jcgodber]

No help if you are transferring funds from the UK BUT from the U.S. I have a Wells Fargo Checking account. With them if you keep a high enough balance ( I forget the figure but around $30,000) they will allow 3 ATM withdrawals a month with no charges.That is to say, using NON Wells Fargo atms and there is no charge for international use either. I normally withdraw 20,000 baht 3 times per month for living expenses. The only cost I incur is the 150 baht charge from my Bank of Bangkok ATM Times 3

Edited May 19, 2014 by jcgodber

[Mr Happynesss]

*** NEWS UPDATE *** CurrencyFair have told me THB will be available by the end of the month. This is great news as I don't see many, or perhaps any others offering a cheaper service!

[Pib]

*** NEWS UPDATE *** CurrencyFair have told me THB will be available by the end of the month. This is great news as I don't see many, or perhaps any others offering a cheaper service!

Here are their average fees in a table...there is also a 0.5% exchanage rate fee mentioned in the fine print below the table: Link

And remember, you'll also have the approx 0.25% (Bt200 min, Bt500 max) currency receipt/conversion fee on the Thai bank end regardless of the funds arriving in a foreign currency or already in baht.

[Mr Happynesss]

*** NEWS UPDATE *** CurrencyFair have told me THB will be available by the end of the month. This is great news as I don't see many, or perhaps any others offering a cheaper service!

Here are their average fees in a table...there is also a 0.5% exchanage rate fee mentioned in the fine print below the table: Link

And remember, you'll also have the approx 0.25% (Bt200 min, Bt500 max) currency receipt/conversion fee on the Thai bank end regardless of the funds arriving in a foreign currency or already in baht.

Thanks Pib, looks great to me. Do you know of anything that could possibly beat this?

[sustento]

Get yourself a Halifax Clarity credit card and use it to draw cash inside a bank rather than using an ATM.

Halifax charge no foreign transaction fees, their exchange rates are excellent and if you have a good credit rating you'll get a card that charges 12.9% pa interest.

Draw some cash - wait for a couple of days for it to appear in your Halifax account and use internet banking to transfer money from your bank to settle it.

You'll pay a piddling amount of interest on the day or two that the debt is on your Halifax account.

[Pib]

*** NEWS UPDATE *** CurrencyFair have told me THB will be available by the end of the month. This is great news as I don't see many, or perhaps any others offering a cheaper service!

Here are their average fees in a table...there is also a 0.5% exchanage rate fee mentioned in the fine print below the table: Link

And remember, you'll also have the approx 0.25% (Bt200 min, Bt500 max) currency receipt/conversion fee on the Thai bank end regardless of the funds arriving in a foreign currency or already in baht.

Thanks Pib, looks great to me. Do you know of anything that could possibly beat this?

Be sure to consider just more than the exchange rate; be sure to also calculate in the direct fees for sending the transfer both on the sending end and the receiving end. Regarding the exchange rate, also don't get lured in by quoted "midpoint" rates (midpoint between the buying and selling rates) almost always quoted for Forex services/sites...don't get lured in by midpoint rates because no exchange occurs at the midpoint rate...exchanges occur at the buying and selling rates. Also consider "how long" it will take for the money to arrive Thailand because after you accomplish/lock-in an exchange on a service like CurrencyFair you then need to fund the transfer before they complete/transmit the funds to Thailand....sometimes it might take a week for the funds to arrive from your bank to a service like CurrencyFair which then triggers the actual transfer to Thailand. Just scope out all fees and timeframes involved.

[Mr Happynesss]

Get yourself a Halifax Clarity credit card and use it to draw cash inside a bank rather than using an ATM.

Halifax charge no foreign transaction fees, their exchange rates are excellent and if you have a good credit rating you'll get a card that charges 12.9% pa interest.

Draw some cash - wait for a couple of days for it to appear in your Halifax account and use internet banking to transfer money from your bank to settle it.

You'll pay a piddling amount of interest on the day or two that the debt is on your Halifax account.

Cheers. Where can I find there live rates?

[Mr Happynesss]

*** NEWS UPDATE *** CurrencyFair have told me THB will be available by the end of the month. This is great news as I don't see many, or perhaps any others offering a cheaper service!

Here are their average fees in a table...there is also a 0.5% exchanage rate fee mentioned in the fine print below the table: Link

And remember, you'll also have the approx 0.25% (Bt200 min, Bt500 max) currency receipt/conversion fee on the Thai bank end regardless of the funds arriving in a foreign currency or already in baht.

Thanks Pib, looks great to me. Do you know of anything that could possibly beat this?

Be sure to consider just more than the exchange rate; be sure to also calculate in the direct fees for sending the transfer both on the sending end and the receiving end. Regarding the exchange rate, also don't get lured in by quoted "midpoint" rates (midpoint between the buying and selling rates) almost always quoted for Forex services/sites...don't get lured in by midpoint rates because no exchange occurs at the midpoint rate...exchanges occur at the buying and selling rates. Also consider "how long" it will take for the money to arrive Thailand because after you accomplish/lock-in an exchange on a service like CurrencyFair you then need to fund the transfer before they complete/transmit the funds to Thailand....sometimes it might take a week for the funds to arrive from your bank to a service like CurrencyFair which then triggers the actual transfer to Thailand. Just scope out all fees and timeframes involved.

Cheers, that's useful info as I have noticed many FX companies boasting midpoint or market rates and hiding away or not even displaying their live customer buy/sell rates. The time it takes to transfer is not an issue for me.

[sustento]

Get yourself a Halifax Clarity credit card and use it to draw cash inside a bank rather than using an ATM.

Halifax charge no foreign transaction fees, their exchange rates are excellent and if you have a good credit rating you'll get a card that charges 12.9% pa interest.

Draw some cash - wait for a couple of days for it to appear in your Halifax account and use internet banking to transfer money from your bank to settle it.

You'll pay a piddling amount of interest on the day or two that the debt is on your Halifax account.

Cheers. Where can I find there live rates?

They use Mastercard daily rates.

https://www.mastercard.com/global/currencyconversion/index.html

[Mr Happynesss]

...don't get lured in by midpoint rates because no exchange occurs at the midpoint rate...exchanges occur at the buying and selling rates.

I should mention though AFAIK when TransferWise gets it's act together and offers THB it will prob be at the midpoint rate. I'm sure their fee will be ridiculously low too, making it the cheapest option overall.

[noodle]

Carrying cash with you is the most cost effective way:)

You may like to consider opening a GBP FCD account at your favourite Thai bank. Of course you will be hit with the transfer fee and incoming fee at the Thai end.

But then you get to choose the timing of the transfer into Baht.

Edited May 20, 2014 by noodle

[RedFoxGBR]

TransferWise are holding a poll to see which currency to add next - let's vote for the Thai Baht and get a better way of transferring our money

http://transferwise.com/newcurrencyvote/

[dabhand]

If anyone is interested in using TransferWise, have just received an email from them that indicates they now have THB as an option.

Would be interested in feedback from anyone who uses this service to transfer funds to Thailand from the UK.