Money transfer from UK to Samui account

[Gatorade]

Have just read an ad from Western Union that states there is no transfer charge for internet banking

from a UK account to a Thai account. Funds up to 4000 UKL can be transferred at any one time and can be received into your Thai account or by cash payment.

Have just checked todays X rate they are offering and it all seems OK.

Seems to good to be true. is there something I'm missing?

Grateful your views.

[Rooo]

Moved to Banking for more specialized input.

[Gatorade]

Moved to Banking for more specialized input.

Hi Rooo I understand your prerogative as a Mod to reassign a post but

I was hoping for a response from some of the Samui/KP TV members, besides residents there is a very high turnover of people here seeking to transfer money.

Regarding a more specialised input, there seems to be more than one thread on TV covering banking and transfer of funds and that Chiang Mai is able to have a specialised banking thread so perhaps we should also qualify?

[finy]

I've done it a few times and it always arrives quicker than expected.

Do a little test with £5 just to make sure you put the right name/address etc in, but after that it will be saved and you can send within minutes whenever you want.

And I used main branch in Lamai where I opened account with Bangkok Bank.

Edited August 27, 2014 by finy

[Jiu-Jitsu]

It does state in their T&C that the first two transfers have to be £400 or less. The smaller transfers attract higher fees and a lower exchange rate.

For instance the fee for £501 is £2.51, but the fee for £400 is £21 together with a lower exchange rate. The low rates kick in at £501.

So perhaps best to make a couple of very small transfers. Perhaps as low as a fiver.

Of course it's worth trying to send more than £501 in the first instance, in the case of their T&C being outdated.

[finy]

That's picking up from agent.

Not putting money straight into bank account, which is free.

[Jiu-Jitsu]

That's picking up from agent.

Not putting money straight into bank account, which is free.

Indeed, but then the rates are different and it takes longer. Though it's definitely better value for amounts under £501.

Either way, acceptable options in an emergency.

The rate of 52.1 for transfers over £501 is not bad.

51.31 for £500 and less.

[meatboy]

the op.checked the rate and it was ok.what rate,cash or t.t.

[finy]

Yeah, didn't know the rates were different but the instant cash option is better if you're transferring more than £501.

[meatboy]

Yeah, didn't know the rates were different but the instant cash option is better if you're transferring more than £501.

I think you have gote the better in the wrong hole.

scb.bank at the moment,gbp.cash is 51.92.

scb.telex.trans.is is 52.58.

that on 5,000gbp.is a difference of 3,300bht.almost 63gbp.

so cost of a swift trans.plus 300-500bht.this end will still leave you better off by around 40gbp.

[finy]

I'm just talking about Western Union.

You can transfer money into your account for free and it will take 3 days, or you can collect at an agent within a day and as long as you transfer £501 it will cost you about £2.51 in fees.

I keep my money in the UK and transfer abroad when needed, but I guess you're right and if I was transferring a huge amount of cash over I'd look for the cheapest option.

[Jiu-Jitsu]

Indeed, we are referring to alternatives. Not necessarily the best at any given moment. It's always useful to have a Plan B/C and so on.

[Gatorade]

Many thanks for all your replies. It does seem a cheaper option when compared with a Nationwide Swift transfer of 20 UKL standard charge. Although the Swift is same working day.

[Jiu-Jitsu]

Many thanks for all your replies. It does seem a cheaper option when compared with a Nationwide Swift transfer of 20 UKL standard charge. Although the Swift is same working day.

So is the other option for Western Union, if you are sending more than £500.