Q: Transfer Money (high amount) into Thailand

[meatboy]

I am American....living in Bangkok most of the year and might buy the condo I have rented for the past 2 years. To do this I would need money from USA having a bank there transfer dollars to my FX account at Bangkok Bank. One of my USA banks does not make international transfers and the other two want you sitting in front of their desks although I am able to transfer $10,000 or less from bank websites. Has anyone else had this problem before ? Solution ?

I faced a similar issue with a UK bank some years ago. I was able to talk to my branch manager on the phone, explain the issue and solve it by sending a written letter of authority explaining what was required. Fortunately I had enough time to get the letter to him. I then rang him when I needed it to be actioned. Some bank may accept a faxed instruction and some banks.....well YMMV.

we did the same 3yrs.ago when the wife sold a property in the uk.set up a transfer with our bank manager via a letter and also we set up a security code for future large transfers.

[Searat7]

Thanks- I contacted company holding my investments and they will do this for me

[Awk]

are you in thailand for the trans? if yes.

1 you will get a call from the receiving bank offering a better rate than TT.last time we had 12satang.

2 yes you will need to say what the money is for and say its your savings, on transfer instructions.

3 just say future condo purchase and living exs.

that will be sufficient.

4 you will need to go into your recieving bank in thailand when the transfer is completed and they will give you a certificate stating that you transfered the money from ? and what it was for,make sure you keep it in case you want to trans.back out.

if you want a certificate for buying real estate you have to specify exactly what part of the amount is for that purpose and what part is for living expenses. best is to mention "purchase of real estate" which does not prevent that the money is used for any other purpose. this is also not only done verbally but the sending bank usually requires and mentions the purpose under "remarks".

swiss1960

there's also no requirement to fill out any form, neither for USD 50k nor for USD 250k.

note:

those who have transferred CHF and converted them into THB recently because they didn't get any interest on CHF are crying bitterly

let's hope you will not regret your decision in a few months. lifting the cap by the Swiss National Bank makes in my [not so] humble view CHF again a sought after commodity in the future.

Thought I am giving an update on what I did, with example dates:

• Initiated a transfer from my Swiss bank to SCB on day1 with transaction date day2. Amount in excess of CHF50K
• received a call from SCB local branch (where I opened my account) on day3 to let me know that they have the transaction pending (minus CHF5 transfer fee charged by my Swiss bank)
• was asked for the reason of transfer (living expense vs. property purchase) and was informed that if I do not yet have a contract, they will post the money as living expense (my Swiss transfer mentions "property purchase / living expense"), BUT that once I have a contract, I can go to the local branch and change the reason from "living" to "purchase" at any time.
• was informed about the exchange rate AND given the option to hold the transaction for up to 365 days until I find an exchange rate that I am more happy with
• exchange rate offered was from day2 when the money actually arrived in Thailand
• was informed that within a month time, I need to show up at the local branch to sign the " Foreign Exchange Transaction Form (FETF)".

Completely happy with that service, and specially happy with the option to hold and wait for better rates for up to one year. I assume - but need to find out - that I would probably not get any interest until conversion date, so this probably would be a mixed calculation to do (how much interest do I lose and by how much, the exchange rate would need to go up for me to make a win)

Wonder why my experience with Bangkok Bank a few months ago was so different.

I transferred what became the equivalent of slightly less than two million Baht from abroad to my account at BB. A few days earlier I visited the branch office where I opened the account to enquire about holding the currency exchange, armed with a printout from the BB website detailing this possibility. After waiting for around 20 minutes while the bank manageress talked with various people on the phone, I was told I would need to fill out some form(s) at least seven days in advance (as the BB website printout also said), requesting them to hold the currency exchange. Since I did not have that many days, I just smiled and mai bpen rai-ed my way out.

In this case I would in any case not have had more than a handful of days to chose amongst, before I would have been forced to exchange currency so I could buy what I wanted to buy, but certainly it would have been nice if the regular procedure had been to call me and offer me the option to hold the currency exchange. Perhaps I should change to SCB?

[meatboy]

yes awk change to scb.if you check their TTrates you will see they are always 5-6satang more than other banks,but less on their cash exchange.

[Naam]

Thought I am giving an update on what I did, with example dates:

• Initiated a transfer from my Swiss bank to SCB on day1 with transaction date day2. Amount in excess of CHF50K
• received a call from SCB local branch (where I opened my account) on day3 to let me know that they have the transaction pending (minus CHF5 transfer fee charged by my Swiss bank)
• was asked for the reason of transfer (living expense vs. property purchase) and was informed that if I do not yet have a contract, they will post the money as living expense (my Swiss transfer mentions "property purchase / living expense"), BUT that once I have a contract, I can go to the local branch and change the reason from "living" to "purchase" at any time.
• was informed about the exchange rate AND given the option to hold the transaction for up to 365 days until I find an exchange rate that I am more happy with
• exchange rate offered was from day2 when the money actually arrived in Thailand
• was informed that within a month time, I need to show up at the local branch to sign the " Foreign Exchange Transaction Form (FETF)".

Completely happy with that service, and specially happy with the option to hold and wait for better rates for up to one year. I assume - but need to find out - that I would probably not get any interest until conversion date, so this probably would be a mixed calculation to do (how much interest do I lose and by how much, the exchange rate would need to go up for me to make a win)

i'm with SCB too and quite happy with their service and the options they offer. but here some comments:

-if you specify in your transfer instruction "TorTor3 requested" the amount is automatically booked as "purchase of real estate" without being asked additional questions or contract required. i have done that quite often without buying any real estate but to have the option of an easier transfer out of Thailand (never used it though).

-i never was asked to make a FETF declaration even with transfers exceeding $250k.

-hold option no interest = correct.

[CarlBkk]

Sorry to hijack this thread a bit, but a quick question here:

I have 126,000 GBP sitting in FC Exchange in the UK ready to come over to my UOB Thailand account (I am working in BKK) for a property purchase. I know that transferring GBP from UK bank to Thai bank would have been better, but it wasn't in my hands.

Now, the market rate is just over 55 baht to the pound now, but as an example, FC exchange were offering 53. To me that seems low for a big reputable FX company to offer on such a big amount, but I've never done this before. I need to make the transfer through them or another FX company (if another will be any better or not I don't know!) by the end of this month.

Can anyone give me their opinion on this rate? Is that the type of rate variance commonly offered?

Thanks

[Naam]

I know that transferring GBP from UK bank to Thai bank would have been better, but it wasn't in my hands.

why can't you transfer GBP now?

[CarlBkk]

Because the money was from several UK bank accounts, and cash stored (parents) and the banks were making it a serious hassle with red tape. So they decided to consolidate it all ready to transfer through FCX in one go. Not the best choice but they found it easiest for them.

[topt]

Sorry to hijack this thread a bit, but a quick question here:

I have 126,000 GBP sitting in FC Exchange in the UK ready to come over to my UOB Thailand account (I am working in BKK) for a property purchase. I know that transferring GBP from UK bank to Thai bank would have been better, but it wasn't in my hands.

Now, the market rate is just over 55 baht to the pound now, but as an example, FC exchange were offering 53. To me that seems low for a big reputable FX company to offer on such a big amount, but I've never done this before. I need to make the transfer through them or another FX company (if another will be any better or not I don't know!) by the end of this month.

Can anyone give me their opinion on this rate? Is that the type of rate variance commonly offered?

Thanks

No that is a terrible rate especially on such a relatively large sum. You should be able to negotiate a much closer rate. Have you spoken to them?

I would check with someone like HiFX and others. Your issue may be there is not enough time to get the account opened before the end of this month - only 9 days left. If you call HiFX and explain (once you have checked their rate) they may be able to help you. I arranged a similar transfer with them about 5 years to a Thai bank when I was in China but regulations appear to have tightened up since then.

The other thing is can you get FC Exchange to forward it in GBP to HiFX - or another broker?

[topt]

Sorry to hijack this thread a bit, but a quick question here:

I have 126,000 GBP sitting in FC Exchange in the UK ready to come over to my UOB Thailand account (I am working in BKK) for a property purchase. I know that transferring GBP from UK bank to Thai bank would have been better, but it wasn't in my hands.

Now, the market rate is just over 55 baht to the pound now, but as an example, FC exchange were offering 53. To me that seems low for a big reputable FX company to offer on such a big amount, but I've never done this before. I need to make the transfer through them or another FX company (if another will be any better or not I don't know!) by the end of this month.

Can anyone give me their opinion on this rate? Is that the type of rate variance commonly offered?

Thanks

No that is a terrible rate especially on such a relatively large sum. You should be able to negotiate a much closer rate. Have you spoken to them?

I would check with someone like HiFX and others. Your issue may be there is not enough time to get the account opened before the end of this month - only 9 days left. If you call HiFX and explain (once you have checked their rate) they may be able to help you. I arranged a similar transfer with them about 5 years to a Thai bank when I was in China but regulations appear to have tightened up since then.

The other thing is can you get FC Exchange to forward it in GBP to HiFX - or another broker?

Just a suggestion but what happens if you just get them to send it in £? SCB published rate at close of play today was over 55 http://www.scb.co.th/scb_api/index.jsp

You could check what UOB Thailand is in comparison.

2 baht or so difference per £ on £112k would pay for a lot of curtains............