how to send TT from uk to put into a sterling account / kasikorn bank

[dirtycash]

i want to send 20k pounds to put into my kasikorn account . the rate now today is only 48.2 to the pound , so i want to send it to a sterling account and wait untill hopefully it rises again to over 50 at least. do i need to be in thailand to open a sterling account in kasikorn to send this transfer ?

what is required to send to a sterling account.

thanks

[KittenKong]

You might find it simpler just to delay sending it until the rate improves.

Your other obvious option would be to contact Kasikorn and ask them to open a GBP account for you.

[DGS1244]

Depending upon your type of visa you are most likely not able to open a sterling account in a Thai Bank. Standard Chartered did allow USD accounts if you had work permit, not sure about now though.

[cabanlit]

If you're not intending to convert to baht now, why send now? Much better to keep 20K in an English bank than in a Thai bank.

[Maestro]

You must apply in person to open a bank account.

[SteveB2]

For Foreign currency accounts with Kasikorn Bank(including GBP) , you'll find all the information you need here...

http://www.kasikornbank.com/EN/Personal/BankAccounts/FCD/Pages/ForNonResidentAccount.aspx

[jackanapes]

I tried to open a sterling account in kasikorn bank a few years it was an absolute shambles I had 2 thousand pounds sent from Guernsey channel islands arrived here and was immediately made into a new account with a charge of 1 per cent new account charge I was flaming I told the manager it was supposed to be a sterling account he told me they don't have sterling accounts or foreign currency accounts and most accounts are digital the result the money was transferred to my ordinary account plus the 1 per cent charge .

[topt]

I tried to open a sterling account in kasikorn bank a few years it was an absolute shambles I had 2 thousand pounds sent from Guernsey channel islands arrived here and was immediately made into a new account with a charge of 1 per cent new account charge I was flaming I told the manager it was supposed to be a sterling account he told me they don't have sterling accounts or foreign currency accounts and most accounts are digital the result the money was transferred to my ordinary account plus the 1 per cent charge .

What account number did you use to send to when you sent from your Channel Islands account?

[Jip99]

Delay the transfer (you haven't indicated any reason why you cannot do that).

Where, and what bank, are you transferring from ?

Only certain offices of Kasikorn will service a Sterling account - I really can't see the point of having one andI suspect the costs, and terms, may be less favourable.

[Jip99]

For Foreign currency accounts with Kasikorn Bank(including GBP) , you'll find all the information you need here...

http://www.kasikornbank.com/EN/Personal/BankAccounts/FCD/Pages/ForNonResidentAccount.aspx

Good link.

Looks like a foreign individual needs a work permit.

[Jonmarleesco]

Why don't you wait until it rises before you remit the funds? Depending on which bank's FX tables you look at, the rate will change two, three, or even four times over the course of a day, and since it will take a day, or more, for the TT to reach your Thai account, you really need it to be well over the 50 mark before sending it.

And even being in Thailand, it's not as easy to open a non-resident foreign currency account as it was.

[Anthony5]

For Foreign currency accounts with Kasikorn Bank(including GBP) , you'll find all the information you need here...

http://www.kasikornbank.com/EN/Personal/BankAccounts/FCD/Pages/ForNonResidentAccount.aspx

Good link.

Looks like a foreign individual needs a work permit.

When I informed a few weeks ago it was no problem. I have retirement visa and yellow tabien baan. Not sure which one met the requirement, but I think it was the retirement visa.

I also spoke with Citibank and all they required was passport and driver license.

Citibank would also be a viable option for the OP, as he can transfer free of charge if he has a UK Citibank as well.

Edited March 31, 2015 by Anthony5

[anfh]

I have a foreign curreny transfers account wth Travelex, I send sterling to them. They hold it until I see the rate I want, then tell them to send, it is then sent direct to my Thaia bank at that agreed rate. I think they allow you up to 60 days to hold money until you agree send rate.

[Anthony5]

I have a foreign curreny transfers account wth Travelex, I send sterling to them. They hold it until I see the rate I want, then tell them to send, it is then sent direct to my Thaia bank at that agreed rate. I think they allow you up to 60 days to hold money until you agree send rate.

Which I understand as that Travelex will do the exchange, which will be much less favorable as if your Thai bank would do the exchange to Thai Baht.

[dirtycash]

I have a foreign curreny transfers account wth Travelex, I send sterling to them. They hold it until I see the rate I want, then tell them to send, it is then sent direct to my Thaia bank at that agreed rate. I think they allow you up to 60 days to hold money until you agree send rate.

What happens if funds are not sent within that 60 day time frame. A charge obviously ?

[anfh]

As far as am aware, there s no charge f you do not send.

Also, I got better rate than bank. Current rate is 48,20 as of now, which is same as bank. However, I would say that the service is better suited to larger amounts.

[Anthony5]

As far as am aware, there s no charge f you do not send.

Also, I got better rate than bank. Current rate is 48,20 as of now, which is same as bank. However, I would say that the service is better suited to larger amounts.

48.20 is an extremely good rate as it is 29 Satang above the Kasikorn rate of the moment, and about the same rate as on XE currency, which I doubt you get anywhere.

Edited April 1, 2015 by Anthony5

[Anthony5]

As far as am aware, there s no charge f you do not send.

Also, I got better rate than bank. Current rate is 48,20 as of now, which is same as bank. However, I would say that the service is better suited to larger amounts.

Can I know where you check the rate, because when I check on the Travelex site I get a rate that is "a little" different from the rate you get.

[topt]

As far as am aware, there s no charge f you do not send.

Also, I got better rate than bank. Current rate is 48,20 as of now, which is same as bank. However, I would say that the service is better suited to larger amounts.

Can I know where you check the rate, because when I check on the Travelex site I get a rate that is "a little" different from the rate you get.

travelex.JPG

He said he has an account with them so I am guessing a bit like any other Forex company like HiFx or Xe etc. With some of them depending on the amount you can agree/negotiate an exchange rate over the phone which can be advantageous if the rate is moving downwards at the time.

[Anthony5]

As far as am aware, there s no charge f you do not send.

Also, I got better rate than bank. Current rate is 48,20 as of now, which is same as bank. However, I would say that the service is better suited to larger amounts.

Can I know where you check the rate, because when I check on the Travelex site I get a rate that is "a little" different from the rate you get.

travelex.JPG

He said he has an account with them so I am guessing a bit like any other Forex company like HiFx or Xe etc. With some of them depending on the amount you can agree/negotiate an exchange rate over the phone which can be advantageous if the rate is moving downwards at the time.

And you would be able to negotiate a premium of 8%?

You noticed my screenshot was the published rate of Travelex at 45.32 Thai Baht?

Edited April 1, 2015 by Anthony5

[Jip99]

As far as am aware, there s no charge f you do not send.

Also, I got better rate than bank. Current rate is 48,20 as of now, which is same as bank. However, I would say that the service is better suited to larger amounts.

Can I know where you check the rate, because when I check on the Travelex site I get a rate that is "a little" different from the rate you get.

travelex.JPG

He said he has an account with them so I am guessing a bit like any other Forex company like HiFx or Xe etc. With some of them depending on the amount you can agree/negotiate an exchange rate over the phone which can be advantageous if the rate is moving downwards at the time.

And you would be able to negotiate a premium of 8%?

You noticed my screenshot was the published rate of Travelex at 45.32 Thai Baht?

I don't think it is a case of negotiating; the Travelex headline figures are tourist 'mug' rates. HSBC offered me 48.89 this afternoon.

[anfh]

As far as am aware, there s no charge f you do not send.

Also, I got better rate than bank. Current rate is 48,20 as of now, which is same as bank. However, I would say that the service is better suited to larger amounts.

Can I know where you check the rate, because when I check on the Travelex site I get a rate that is "a little" different from the rate you get.

travelex.JPG

[Anthony5]

I don't think it is a case of negotiating; the Travelex headline figures are tourist 'mug' rates. HSBC offered me 48.89 this afternoon.

Why they offer such high rate at once. Even on the currency markets the highest mid rate in the past 5 days has been less than 48.60, today the highest was 48.40 so far. Never seen an exchange rate higher than the midrate.

[anfh]

The rate I got is from Travelex International Transfers, which I am guessing is different than standard TravelEx exchange rate

[Anthony5]

The rate I got is from Travelex International Transfers, which I am guessing is different than standard TravelEx exchange rate

I understand that you get a favorable rate to the one published on the website, but what i don't understand is why today major international exchanges ( travelex -hsbc) pay way above international interbank exchange rates while for the past 5 days and especially today the Baht has been strengthening against the Pound.

On Kasikorn which has one of the better exchange rates in Thailand, you get at this moment 47.73 for electronic transfers, where at midday it was still 47.91.

Edited April 1, 2015 by Anthony5

[Jip99]

I don't think it is a case of negotiating; the Travelex headline figures are tourist 'mug' rates. HSBC offered me 48.89 this afternoon.

Why they offer such high rate at once. Even on the currency markets the highest mid rate in the past 5 days has been less than 48.60, today the highest was 48.40 so far. Never seen an exchange rate higher than the midrate.

Anthony, I am so sorry in misleading you - the rate was 47. 89 not 48.89

HSBC rates are generally fair and I compare them to the headline rate with Kasikorn. That rate is offered after I start to instruct a remittance in Sterling.

If I buy Baht from HSBC I pay circa 500 Baht correspondent bank charge with HSBC Bangkok (+ c. 160 Baht with Kasikorn). If I send Sterling I just pay Kasikorn 0.25% max 500, 0.1% + 20 Baht).

The latter is usually better unless i REALY want to fix the rate.

Sorry for the confusion.