HSBC UK Transfers to Thailand

[chiang mai]

It used to be that HSBC UK customers could transfer Pounds from the UK to Thailand, that made foreign currency exchange easy and the best exchange rate was always obtained, albeit the charge for that service was a rather pricey £19.

 

HSBC then clearly saw an opportunity and decided that UK customers could only transfer THB to Thailand, the cost of that service fell to £4 but the exchange rate is not the best. I transferred funds last week and the THB buy rate was about one Baht under midpoint, put another way, it was about 78 satang worse than the average Thai bank exchange rate, no big deal I hear you say but on £10,000 it adds up.

 

But the bigger and more important issue is, where does that currency conversion take place, clearly HSBC UK can't convert Pounds to Baht in any volume in the UK, especially not at that sort of rate  because THB is not a freely convertible currency. The answer appears today quite ominously in the form of my receipt from my bank in Thailand which says that BOT deposited THB into my UOB bank account, the bank form makes no mention of converting Pounds to Baht.

 

A problem arises in that I can't get an FET or currency exchange receipt from UOB Thailand because they didn't make the exchange. Trying to use any paperwork from HSBC UK seems a waste of time since they are not a bank in Thailand. So if I want to buy real estate or indeed, if I want to repatriate those funds, I can't, because I don't have a currency exchange receipt proving that the funds came from outside the country.

 

Has anyone else come across this issue and if so, can you shed any factual light on the subject, no guesswork please, if you don't know.

[Baerboxer]

I have GBP accounts in Thailand (used to be with HSBC until they sold their retail business here).

 

I transfer GBP into those accounts and then convert when the exchange rate is good. I usually get a much better rate with the Thai bank than outside of Thailand.

 

Why don't you open a GBP account?

[chiang mai]

I have GBP accounts in Thailand (used to be with HSBC until they sold their retail business here).

 

I transfer GBP into those accounts and then convert when the exchange rate is good. I usually get a much better rate with the Thai bank than outside of Thailand.

 

Why don't you open a GBP account?

 

I was also with HSBC Thailand but I went with UOB after HSBC left. I never really found a sensible use for GBP accounts in Thailand, if I want to store Pounds I can do so in London or the IOM.

 

But that wouldn't solve the problem in the OP, that problem is that HSBC UK will not let me transfer Pounds to Thailand, they insist on doing the exchange into Baht for me although I'm uncertain where that exchange actually takes place. BTW I am no longer a Premier holder with HSBC, I presume you are?

[geezer2]

Hi..I am with HSBC UK you can send GBP with them you have to find it on their drop down box

it is not where it on other sites they just seem to make it hard work

i send every month and it still takes me ages to find it

but i am happy with the £4 charge

[chiang mai]

Hi..I am with HSBC UK you can send GBP with them you have to find it on their drop down box

it is not where it on other sites they just seem to make it hard work

i send every month and it still takes me ages to find it

but i am happy with the £4 charge

 

Thanks for that I'll try looking again.

 

A big heads up for any HSBC UK account holders who do decide to let HSBC convert their Pounds to Baht and then transfer to Thailand, you are very unlikely to be able to use those funds for housing/condo purchase or to repatriate those funds in the usual way, this is because the funds are deposited into your Thai bank account in Bank, via BOT and there is no proof (from within Thailand) that the funds came from overseas, it's ugly really.

[apetley]

I transferred sterling to Thailand just last week for 4 pounds using HSBC. It was there next working day. Great service.
As above look for the GBP option in the drop down list.

[apetley]

Hi..I am with HSBC UK you can send GBP with them you have to find it on their drop down box
it is not where it on other sites they just seem to make it hard work
i send every month and it still takes me ages to find it
but i am happy with the £4 charge

 
Thanks for that I'll try looking again.
 
A big heads up for any HSBC UK account holders who do decide to let HSBC convert their Pounds to Baht and then transfer to Thailand, you are very unlikely to be able to use those funds for housing/condo purchase or to repatriate those funds in the usual way, this is because the funds are deposited into your Thai bank account in Bank, via BOT and there is no proof (from within Thailand) that the funds came from overseas, it's ugly really.

In that case is it not possible to get a covering letter from your Thai bank stating that the transferred funds originated from abroad?

[chiang mai]

 

 

Hi..I am with HSBC UK you can send GBP with them you have to find it on their drop down box
it is not where it on other sites they just seem to make it hard work
i send every month and it still takes me ages to find it
but i am happy with the £4 charge

 
Thanks for that I'll try looking again.
 
A big heads up for any HSBC UK account holders who do decide to let HSBC convert their Pounds to Baht and then transfer to Thailand, you are very unlikely to be able to use those funds for housing/condo purchase or to repatriate those funds in the usual way, this is because the funds are deposited into your Thai bank account in Bank, via BOT and there is no proof (from within Thailand) that the funds came from overseas, it's ugly really.

In that case is it not possible to get a covering letter from your Thai bank stating that the transferred funds originated from abroad?

 

 

Letters of authentication only cover the domains of banks in which they are sanctioned, the problem is that UOB does NOT understand that the funds came from overseas since the remitter was BOT, without explanation.
 

[williewolf]

Transfered some cash last week via HSBC, normally use a currency service but for £4 I thought I would give it a try. You have to select "GBP Equivelent" from the drop down menu and the amount leaves your a/c in sterling and is converted into baht here. Was most impressed with the service and rate for £4, next day in my a/c as opposed to the currency service i used which used to take a min of 1 week

[chiang mai]

Transfered some cash last week via HSBC, normally use a currency service but for £4 I thought I would give it a try. You have to select "GBP Equivelent" from the drop down menu and the amount leaves your a/c in sterling and is converted into baht here. Was most impressed with the service and rate for £4, next day in my a/c as opposed to the currency service i used which used to take a min of 1 week

 

Yes I saw that, the "Baht Equivalent" rate is most unattractive however!