Cheapest way to transfer THB to STG

[ocean9]

What's the cheapest way to transfer THB in Thailand to a STG bank account in the UK?

[koo]

The cheapest way to transfer money varies, both at the sending and receiving end. Also, the transferred amount and speed of the transfer play a big role in the pricing. For some bank and amount combinations it is cheapest to use wire transfer. Some amounts, exchanged at suitable location is transferred as cash. Then there is the option of withdrawing the money via credit or debit card. Also, tyere are internet based money transfer services which might come in handy in some circumstances.

Too little info given to make any recommendation.

[ocean9]

STG? I have never heard of that currency, and it is not an official ISO currency code.

If by UK you mean The United Kingdom, their currency is the Pound of Great Britain, or GBP.

The cheapest way to transfer money varies, both at the sending and receiving end. Also, the transferred amount and speed of the transfer play a big role in the pricing. For some bank and amount combinations it is cheapest to use wire transfer. Some amounts, exchanged at suitable location is transferred as cash. Then there is the option of withdrawing the money via credit or debit card. Also, there are internet based money transfer services which might come in handy in some circumstances.

Too little info given to make any recommendation.

Say £3000 within a week. What would be an inexpensive way to make such a transfer and how much would it cost?

Edited June 5, 2014 by theoldgit
Quote fixed

[theoldgit]

I'd be more interested in if you could do it rather than the price.

My experience, with a couple of banks, is that they want to know the ins and outs of why you want to send the money and they want documentary evidence, and make it very difficult. I'm not saying it can't be done, but it's not straightforward.

You can set up online transfers, but again you need to visit a bank branch to submit the proof.

This is Kasikorn's procedures, other banks may make it easier http://www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/InternationalMoneyTransfer/Pages/GlobalOutward1.aspx

[sandyf]

The cheapest way to transfer money varies, both at the sending and receiving end. Also, the transferred amount and speed of the transfer play a big role in the pricing. For some bank and amount combinations it is cheapest to use wire transfer. Some amounts, exchanged at suitable location is transferred as cash. Then there is the option of withdrawing the money via credit or debit card. Also, there are internet based money transfer services which might come in handy in some circumstances.

Too little info given to make any recommendation.

Say £3000 within a week. What would be an inexpensive way to make such a transfer and how much would it cost?

The cheapest way would be bank wire but not an easy process. You have to prove to the bank where the funds originated.

I think I was about 1300 baht which would have covered more than the £3000. A simpler option may be Western Union, quite economical for smaller amounts but you would need to check the limits and rates.

[alfieconn]

The cheapest way to transfer money varies, both at the sending and receiving end. Also, the transferred amount and speed of the transfer play a big role in the pricing. For some bank and amount combinations it is cheapest to use wire transfer. Some amounts, exchanged at suitable location is transferred as cash. Then there is the option of withdrawing the money via credit or debit card. Also, there are internet based money transfer services which might come in handy in some circumstances.

Too little info given to make any recommendation.

Say £3000 within a week. What would be an inexpensive way to make such a transfer and how much would it cost?

For a small amount like that you could probably use a money changer and just take in to the UK in cash.

Keep the receipt though in case they want to see it when you deposit the money in the UK.

Edited June 5, 2014 by theoldgit

[theoldgit]

A number of off topic posts removed.

If anybody can advise on the actual question of transferring funds, then I'm sure the OP would be delighted to hear from you.

[wordchild]

as always any conversion in or out of Thai baht is best done in Thailand do not send TB to the UK as that will make the whole thing much more expensive.

[merry skipper]

I'd be more interested in if you could do it rather than the price.

My experience, with a couple of banks, is that they want to know the ins and outs of why you want to send the money and they want documentary evidence, and make it very difficult. I'm not saying it can't be done, but it's not straightforward.

You can set up online transfers, but again you need to visit a bank branch to submit the proof.

This is Kasikorn's procedures, other banks may make it easier http://www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/InternationalMoneyTransfer/Pages/GlobalOutward1.aspx

i'd also add that what you see written on the website, and you actually getting that scenario at any random branch are very remote possibilities.

[sandyf]

as always any conversion in or out of Thai baht is best done in Thailand do not send TB to the UK as that will make the whole thing much more expensive.

I do not know about other banks but with TMB it is not an option. They converted it to Sterling and sent it there and then. Gone before I left the bank.

[ocean9]

Why is it difficult, are there some sort of exchange controls going on in Thailand? Documentary evidence with banks is increasingly common these days, even in the UK.

I'd be more interested in if you could do it rather than the price.

My experience, with a couple of banks, is that they want to know the ins and outs of why you want to send the money and they want documentary evidence, and make it very difficult. I'm not saying it can't be done, but it's not straightforward.

You can set up online transfers, but again you need to visit a bank branch to submit the proof.

This is Kasikorn's procedures, other banks may make it easier http://www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/InternationalMoneyTransfer/Pages/GlobalOutward1.aspx

[theoldgit]

Why is it difficult, are there some sort of exchange controls going on in Thailand? Documentary evidence with banks is increasingly common these days, even in the UK.

I have no idea why it's so difficult to send a relatively small amount out of the country? maybe there are controls, maybe the staff don't understand the procedures, I really don't know.

A couple of examples, I needed to send a £100 to pay a subscription to something I'm a member of in the UK, it's only a small group of chaps so no need for credit card acceptance. Kasikorn wanted the invoice and wouldn't sent the cash without it, so I had to get an email requesting the money, they then wanted to see the passport of the chap I was sending the money too, no amount of me saying he's in London and his passport is with them would make them budge.

After speaking to three people, all saying the same, somebody took my money and filled out a form, and following a bizarre call from Kasikorn HQ, the money went off.

I needed to send some money to KL for another subscription and I was wanted to add a donation to charity, they would send the money for the subscription but not the charity donation as there was no invoice for that, so I'm taking it down in cash next week.

I got the feeling that the staff really didn't understand the procedure and rather than admit it they just erected more obstacles.

[merry skipper]

my impression and experience is that when baht is appreciating the banks will off load their foreign currency to you and in vice versa you wont be able to buy foreign currency.

note the price fixing on many products, it is not a free market system my guess is the same happens behind the scenes for the baht they are told when they can sell and when they cant, but you are not privy to that info or mechanism

Edited June 5, 2014 by merry skipper

[ScreamingEagle101]

STG? I have never heard of that currency, and it is not an official ISO currency code.

If by UK you mean The United Kingdom, their currency is the Pound of Great Britain, or GBP.

The cheapest way to transfer money varies, both at the sending and receiving end. Also, the transferred amount and speed of the transfer play a big role in the pricing. For some bank and amount combinations it is cheapest to use wire transfer. Some amounts, exchanged at suitable location is transferred as cash. Then there is the option of withdrawing the money via credit or debit card. Also, there are internet based money transfer services which might come in handy in some circumstances.

Too little info given to make any recommendation.

Say £3000 within a week. What would be an inexpensive way to make such a transfer and how much would it cost?

I have an K-Bank account. I went to HQ on Silom and to the wire counter. I was not cleared to make a wire transfer, but they had no problem giving me a dollar cashiers check for the same amount, 1m bhat. Check had to be in my name. I went FedEx and sent the dollar check to my bank in USA. In the end the process cost me about the same plus mailing.

[ocean9]

Why is it that you were "not cleared" to make a wire transfer? Did you ask them at the time?

I am getting the impression from the comments that it is a case that bank staff either do no know their own procedure or have some kind of painstaking procedure which they are following to the letter. It could also possibly be language problems?

Perhaps there is a minimum amount for a wire transfer?

Do remember how much the cashiers check cost in fees and the fedex price?

Say £3000 within a week. What would be an inexpensive way to make such a transfer and how much would it cost?

I have an K-Bank account. I went to HQ on Silom and to the wire counter. I was not cleared to make a wire transfer, but they had no problem giving me a dollar cashiers check for the same amount, 1m bhat. Check had to be in my name. I went FedEx and sent the dollar check to my bank in USA. In the end the process cost me about the same plus mailing.

[noodle]

As someone mentioned, it is a small amount. Go to your falang friendly bank manager with your Baht savings passbook and explain your need. Should be no issue for a one off.

Edited June 5, 2014 by noodle