FX - Sterling to Thai Baht

[toryboy1979]

Hello All I want to move 30,000 pounds sterling to Thailand to finance a house yet to be started. I believe I will get a better rate if the conversion is done in Thailand but I remain open to sggestions (polite ones that is!)

I bank with Nationwide and this means I will have to do it in three transaction of 10,000 pounds each (Nationwide limit is 10,000 anyone time) - although I am told they will permit a one time transfer by special arrangement - to be transferred to Bangkok Bank London for onward processing. BBL will charge 20 pounds each transaction.

Looking to avoid the 60 pounds sterling charge if done in three transaction, I enquired from Currency Fair who will hold money in an account until I am ready to transfer and which would incur a one time charge of 7 pounds sterling. This is good because I can then purchase the Thai Baht at a time when the exchange is a little better than at present. Because the transfer between Nationwide and Currency Fair is within the UK, Nationwide will not make any charge and the transfer is done same day.

However because I am already living in Thailand, Currency Fair will not assist without proof of bill of sale for stated purpose, which of course I cannot get because I can only get that once the house has been built and I have paid the various instalments and to do that I need the money here. A case of 'Chicken and Egg'.

So to the many 'money' orientated posters, can you recommend an FX company that will do the transfer at a reasonable charge and has a rate as good as the Bangkok Bank Thailand's daily TT rate and of course can be trusted.

Many thanks

[toryboy1979]

I should add that I am fully aware that things are not looking good for the pound sterling on the exchange rates with Barckays International forecasting that ti will slip to as low as 1.44 to the dollar in 2015 due to the boyuant US economy, the global uncertainty and the probability that the US will raise interest rates sometime after April 2015 plus the political uncertainty in the UK.

[CFC]

Check out www.hifx.co.uk. Professional comany you can also buy forward contracts. I have always been happy with the service they provide. In my opinion I would not be concerned about the small charges of 60.00 Pounds that you mentioned. I would be concerned about getting the money sent safely to thailand at the best exchange rate possible at the time you need it or you could open a Foreign Currency Account in Thailand and then send the money in sterling and complete the currency deal here.

Edited December 31, 2014 by CFC

[alfieconn]

Try these http://www.ukforex.co.uk/ no charges on your amount of sterling, once set up, just ask for a rate and if happy do the deal !

[CFC]

i just logged into my HIFX Account to find out the rate for you with 30,000 GBP. The rate was 50.5929 and there was no fee. If you only send a 1000GBP you have to pay a fee of 9.00 GBP and you get a lower exchange rate off 49.6222. I then looked at this website to see the exchange rates of Thai Banks http://bankexchangerates.daytodaydata.net/default.aspx. Only 1 bank have updated there prices today and showing an echange rate off 50.6000. If you use HIFX to send the money or any other Foreign Exchange company in the UK check with your Thai Bank what they will charge you to recive the funds. I normally get charged 150 Baht to receive 1000GBP. You probably wont get charged that much but better to check first. Hope this helps you.

Edited December 31, 2014 by CFC

[alfieconn]

i just logged into my HIFX Account to find out the rate for you with 30,000 GBP. The rate was 50.5929 and there was no fee. If you only send a 1000GBP you have to pay a fee of 9.00 GBP and you get a lower exchange rate off 49.6222. I then looked at this website to see the exchange rates of Thai Banks http://bankexchangerates.daytodaydata.net/default.aspx. Only 1 bank have updated there prices today and showing an echange rate off 50.6000. If you use HIFX to send the money or any other Foreign Exchange company in the UK check with your Thai Bank what they will charge you to recive the funds. I normally get charged 150 Baht to receive 1000GBP. You probably wont get charged that much but better to check first. Hope this helps you.

This rate

Rate: GBP/THB 50.8672

at UKFX

[CFC]

The rate I quoted was the rate I could do the deal at, you sure the rate you quoted was a rate you could do the deal at. Did you you log into your accoutn at UKForex and check.

[alfieconn]

The rate I quoted was the rate I could do the deal at, you sure the rate you quoted was a rate you could do the deal at. Did you you log into your accoutn at UKForex and check.

Yes and cut and pasted the rate from the website, here's the latest : Quote Details

Selling: GBP 30,000.00 Buying: THB 1,526,637.00 Rate: GBP/THB 50.8879

Edited December 31, 2014 by alfieconn

[The Fat Controller]

If you have a Thai Baht account already with Bangkok Bank all you need to do is send ONE direct SWIFT transfer for £30,000 in STERLING from Nationwide.

You DO NOT need to send via Bangkok Bank in London.

The charges would be £20 from Nationwide and 500 Baht in Thailand as long as you tick the "other fees from receiving account" on the SWIFT form.

You can do a SWIFT transfer online and it can be for ANY amount, make sure you put a reason for the transfer on the form.

My last transfer for £50,000 took less than 24 hours.

[petermik]

It maybe too late for the OP but Halifax Bank Online Banking allows up to £75,000 to be transfered at a cost of £9.50 + whatever the Thai bank takes in commission-normally 300-500 baht

[toryboy1979]

Thank you very much to all particularly the Fat Controller. Your post re SWIFT very helpful. Just to check, were you buying Thai baht or transferring sterling to a Bangkok Bank Foreign currency account?

[The Fat Controller]

Hi again, always send in Sterling and Bangkok Bank will convert at the TT Rate when it arrives.

http://bankexchangerates.daytodaydata.net/

My account in Thailand is a basic savings account in Thai Baht, but I think you can still use SWIFT to a foreign currency account.

I even make a note in the "remarks" box that the transfer is to be sent in Sterling !

You will need your Card Reader and NW ATM card to generate the code to get to the SWIFT form

Edited December 31, 2014 by The Fat Controller

[MrTee]

I always send in sterling and get the current rate here at the time of transfer. The exchange rate you get in the UK is poor ( that is, if you send THB_ ).

As other poster have mention HiFX do give a good rate, and you know the rate before sending.. On £30K a few points difference can make a big difference on what you actually get in your account

[trd]

Hello All I want to move 30,000 pounds sterling to Thailand to finance a house yet to be started. I believe I will get a better rate if the conversion is done in Thailand but I remain open to sggestions (polite ones that is!)

I bank with Nationwide and this means I will have to do it in three transaction of 10,000 pounds each (Nationwide limit is 10,000 anyone time) - although I am told they will permit a one time transfer by special arrangement - to be transferred to Bangkok Bank London for onward processing. BBL will charge 20 pounds each transaction.

Looking to avoid the 60 pounds sterling charge if done in three transaction, I enquired from Currency Fair who will hold money in an account until I am ready to transfer and which would incur a one time charge of 7 pounds sterling. This is good because I can then purchase the Thai Baht at a time when the exchange is a little better than at present. Because the transfer between Nationwide and Currency Fair is within the UK, Nationwide will not make any charge and the transfer is done same day.

However because I am already living in Thailand, Currency Fair will not assist without proof of bill of sale for stated purpose, which of course I cannot get because I can only get that once the house has been built and I have paid the various instalments and to do that I need the money here. A case of 'Chicken and Egg'.

So to the many 'money' orientated posters, can you recommend an FX company that will do the transfer at a reasonable charge and has a rate as good as the Bangkok Bank Thailand's daily TT rate and of course can be trusted.

Many thanks

I have a Nationwide account and there is no limit as to how much I can transfer to an overseas account. The transaction fee is £30. Edited December 31, 2014 by trd

[The Fat Controller]

Nationwide SWIFT fee is £20

http://www.nationwide.co.uk/support/payments-and-transfers/specialist-payments/swift-payments#xtab:fees-and-charges

[Naam]

SCB calls me after any transfer to "negotiate" the rate. i also have the option to "hold" up to 30 days before making a final decision. never used that option though.

[meatboy]

SCB calls me after any transfer to "negotiate" the rate. i also have the option to "hold" up to 30 days before making a final decision. never used that option though.

yep we are with scb and 4 out of the last 5 trans.we have got a better rate.

this has been posted many many times by tv.members [look at bank interest rates forum]

[Expattaff1308]

I use Nationwide and they transferred 30,000GBP for me with no problems, just put in the 'reasons box' for house purchase

[meatboy]

hope the op has moved it,looks like sterling is in free fall along with the euro.

todays rate is more than 2bht.less than last nov/dec.

he who hesitates will pay the price.

Edited January 7, 2015 by meatboy

[chris2004]

I have a similar problem with 50,000 GBP i have available from the end of January. Do i transfer then and only get say 49?, but with decent interest in Thailand, or do i leave it in the UK (with virtually no interest) and hope the rate goes up over 50. Impossible question i know and i guess for 2015 the rate will probably drop even further.

[meatboy]

I have a similar problem with 50,000 GBP i have available from the end of January. Do i transfer then and only get say 49?, but with decent interest in Thailand, or do i leave it in the UK (with virtually no interest) and hope the rate goes up over 50. Impossible question i know and i guess for 2015 the rate will probably drop even further.

as i always say what ever rate your satisfied with,eg.me 44 stick to it,any more is a bonus.

i always look back at the past few yrs.and see what my average is.

last yr.was pretty good,june 54-55,august 52plus.

[CFC]

hope the op has moved it,looks like sterling is in free fall along with the euro.

todays rate is more than 2bht.less than last nov/dec.

he who hesitates will pay the price.

GBP is definitely in freefall. It could be another 2-3 baht less in 1-2 months for every 1 Pound exchanged.