Sterling money transfers from UK

[Davyro]

I have just noticed this year, having now moved to Chiang Mai from Phuket, that transferring GB Sterling from Nationwide bank account to Siam Commercial account in Chiang Mai now incurs extra charges. Nationwide charge a fixed 20 pounds fee for 'Swift' transfer of funds. But now on my first transfer up here, I was charged 14.79. on my second transfer a charge of 15 pounds both charges withdrawn from my Nationwide account in the UK.

After many emails to Nationwide, I learn that they have to use intermediary banks in order to transfer funds to Thailand. I my case HSBC in Bangkok are responsible and now levy these charges. Only last year using the same Siam CB in Phuket for 3 years, my Swift transfers never incurred such extra charges from my swift transfers. I asked Nationwide why I didn't have these charges in Phuket, yet now I do in Chiang Mai, Is this a new thing? Why are the charges different? What extra fees can I expect on my next transfer??

The only answer I have is that Nationwide have to use intermediary banks to transfer money. And these banks levy their own charges whatever they charge is beyond Nationwide control. After calling First Direct Bank, they also confirm this. So it seems now intermediary banks are sticking their greedy fingers into this pie !

My latest swift transfer I asked for fees to be taken from my receiving Bank, Siam CB. This time I have a shortfall of just over 1999 baht. Almost 40 pounds fee on top of the standard Nationwide 20 pounds. Anyone else had similar??

I see that Halifax Bank only charge 9.50 for Swift transfers for any amount. TSB charge 10 for transfers of less than 5000 and 17.50 for transfers over 5000 pounds. First Direct charge 25 pounds and Nationwide 20 on any amount transferred;

Anyone have any better ways to transfer Sterling to Thailand? Or is it better to convert to Baht in the UK then transfer to Thailand?

[sharktooth]

Maybe you could change your Nationwide account to an account that doesn't use intermediaries? I've transferred from Santander to Kasikorn before and let Kasikorn convert GBP to Baht. They tend to give me a better rate the higher the transfer. Last time, fees included, it was around 1.5% off market rates.

[bangmai]

I just paid 5 usd to send, and 200 thb to receive from BKKBank. Got 33.18 this morning. The subject has been beaten to death, here. As always, many insist on doing things the harder, more costly way, with the Brits often leading the chorus. Any minute someone will come by and proclaim they do it for free through an FX site. It's a shame the buy/sell are wide enough to drive a songtaew through. Deposits and withdraws incur extra fees if they are conducted in provinces other than that of your home branch.

Edited May 7, 2015 by bangmai

[Chicog]

I use Transferwise. You create the transaction on their site and once set up, transfer the money from your account to them.

You can choose the best rate within a certain range based on how long you are prepared to wait, and it's usually better than the banks.

And the fee is nominal too.

You can compare the cost of a transaction at their site (transferwise.com).

I sent money from Lloyds to Siam Commercial and the amount they said would arrive in my account was exactly that.

Added: *** Ignore everything I just said, I just checked their site and THB has disappeared from their currency list! ***

Edited May 7, 2015 by Chicog

[true blue]

hsbc charge four quid a transfer to premier customers,last time I did a internal transfer from my uk bank to bkk bank in London then they transferred to bkk bank in cnx,can not rember charges but very little as only one transaction,internal transactions free

[mascarabertha]

I just paid 5 usd to send, and 200 thb to receive from BKKBank. Got 33.18 this morning. The subject has been beaten to death, here. As always, many insist on doing things the harder, more costly way, with the Brits often leading the chorus. Any minute someone will come by and proclaim they do it for free through an FX site. It's a shame the buy/sell are wide enough to drive a songtaew through. Deposits and withdraws incur extra fees if they are conducted in provinces other than that of your home branch.

you are the one beating this to death out it to bed

[TheAppletons]

As TV member bangmai alluded to:

Open an account with Bangkok Bank. Transfer money (pounds) from your UK bank account to the Bangkok Bank London branch. Bangkok Bank will then transfer your money into your Thai Bangkok Bank account, converting your GBP into Thai baht using that day's TT buying rate in Bangkok.

Cost is 20 GBP plus .25% of the amount (not to exceed 500 baht).

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

(Many of the USA members use a similar method through Bangkok Bank's New York branch.)

[Chicog]

Transferwise's method:

TransferWise converts your money at the mid-market rate and matches you with people sending in the other direction. That's why it costs so little.

It's the cheapest way I had found to transfer money, and allows me to do it from a third country without using my bank for international transfers which is always costly.

The last time I transferred, I not got an excellent rate but it cost <5 quid.

Which is why it's a shame they've dropped THB. I've sent them an email to ask them why.

Essentially two guys from Skype set up a "peer-to-peer" money transfer business, which is a novel idea.

That's why I posted it here, however of course the know-alls will always carp on without even reading about it.

I'll post back when they answer. It would be a shame if they've ditched it.

A bit more on how it works:

How it happened

Taavet Hinrikus and Kristo Käärmann are two friends who believe that money is meant to flow freely. But in the absence of a global currency, it doesn’t. An epiphany saved them thousands of pounds.

Taavet had worked for Skype in Estonia, so was paid in euros, but lived in London. Kristo worked in London, but had a mortgage in euros back in Estonia. They devised a simple scheme. Each month the pair checked that day’s mid-market rate on Reuters to find a fair exchange rate. Kristo put pounds into Taavet’s UK bank account, and Taavet topped up his friend’s euro account with euros. Both got the currency they needed, and neither paid a cent in hidden bank fees.

“There must be others like us," the epiphany went.

And the rest is TransferWise.

Edited May 7, 2015 by Chicog

[Chicog]

They responded pretty quickly:

"Hi,

We were having some issues with this route and had to take it down. We're working on having it back online, but there's no ETA yet. We can keep you informed once it's up and running once more: https://transferwise.com/wishes".

[true blue]

As TV member bangmai alluded to:

Open an account with Bangkok Bank. Transfer money (pounds) from your UK bank account to the Bangkok Bank London branch. Bangkok Bank will then transfer your money into your Thai Bangkok Bank account, converting your GBP into Thai baht using that day's TT buying rate in Bangkok.

Cost is 20 GBP plus .25% of the amount (not to exceed 500 baht).

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

(Many of the USA members use a similar method through Bangkok Bank's New York branch.)

cheers for confirming my post,expanded a bit more than mine,make sure you use number 92002000 sterling to be sent knowledgement

[sappersrest]

As TV member bangmai alluded to:

Open an account with Bangkok Bank. Transfer money (pounds) from your UK bank account to the Bangkok Bank London branch. Bangkok Bank will then transfer your money into your Thai Bangkok Bank account, converting your GBP into Thai baht using that day's TT buying rate in Bangkok.

Cost is 20 GBP plus .25% of the amount (not to exceed 500 baht).

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

(Many of the USA members use a similar method through Bangkok Bank's New York branch.)

If your finances will allow transfer funds every three months then the £20 is not so bad. Used this method to buy a property here and pay our living expenses every three months. Can't fault it.

[mikebell]

They responded pretty quickly:

"Hi,

We were having some issues with this route and had to take it down. We're working on having it back online, but there's no ETA yet. We can keep you informed once it's up and running once more: https://transferwise.com/wishes".

Chicog is correct - Transferwise briefly dealt in Thai baht then withdrew its services. Whilst it ran I did two transfers - 1st with my normal Moneycorp bank; 2nd with Transferwise. On a 5000 UKP exchange, Transferwise won by 3500 baht.

They have promised to resurrect it.

[alfieconn]

They responded pretty quickly:

"Hi,

We were having some issues with this route and had to take it down. We're working on having it back online, but there's no ETA yet. We can keep you informed once it's up and running once more: https://transferwise.com/wishes".

Chicog is correct - Transferwise briefly dealt in Thai baht then withdrew its services. Whilst it ran I did two transfers - 1st with my normal Moneycorp bank; 2nd with Transferwise. On a 5000 UKP exchange, Transferwise won by 3500 baht.

They have promised to resurrect it.

Transferwise is a great idea but it only works if your getting people on both sides of the price !

[Chicog]

They responded pretty quickly:

"Hi,

We were having some issues with this route and had to take it down. We're working on having it back online, but there's no ETA yet. We can keep you informed once it's up and running once more: https://transferwise.com/wishes".

Chicog is correct - Transferwise briefly dealt in Thai baht then withdrew its services. Whilst it ran I did two transfers - 1st with my normal Moneycorp bank; 2nd with Transferwise. On a 5000 UKP exchange, Transferwise won by 3500 baht.

They have promised to resurrect it.

Transferwise is a great idea but it only works if your getting people on both sides of the price !

Expats working in Thailand.

Thais studying in the UK.

I would think there's plenty of money going that way.

[alfieconn]

They responded pretty quickly:

"Hi,

We were having some issues with this route and had to take it down. We're working on having it back online, but there's no ETA yet. We can keep you informed once it's up and running once more: https://transferwise.com/wishes".

Chicog is correct - Transferwise briefly dealt in Thai baht then withdrew its services. Whilst it ran I did two transfers - 1st with my normal Moneycorp bank; 2nd with Transferwise. On a 5000 UKP exchange, Transferwise won by 3500 baht.

They have promised to resurrect it.

Transferwise is a great idea but it only works if your getting people on both sides of the price !

Expats working in Thailand.

Thais studying in the UK.

I would think there's plenty of money going that way.

Yes but if there are small volumes and the amounts don't match up then it won't work !

[Chicog]

Yes but if there are small volumes and the amounts don't match up then it won't work !

Alfie you do realise you are stating the obvious don't you?

[alfieconn]

Yes but if there are small volumes and the amounts don't match up then it won't work !

Alfie you do realise you are stating the obvious don't you?

Well after you stating

Expats working in Thailand.

Thais studying in the UK.

I would think there's plenty of money going that way.

Who are probaly one group who don't need to convert any money, i wasn't sure you knew how it works !

Regardless, the company you recommended doesn't work

Edited May 9, 2015 by alfieconn

[Chicog]

I would suspect it's more likely that they hit an AMLO snag.

[pgthompson]

To transfer money when I run out of sterling is to use "WorldRemit" At today's rate of 50.54 THB and a fee of £3.99 to transfer 50,000 THB, I think is a good deal, takes around 3 working days to receive it.

[true blue]

To transfer money when I run out of sterling is to use "WorldRemit" At today's rate of 50.54 THB and a fee of £3.99 to transfer 50,000 THB, I think is a good deal, takes around 3 working days to receive it.

todays bkk bank tt rate for sterling is 51.37

[pgthompson]

To transfer money when I run out of sterling is to use "WorldRemit" At today's rate of 50.54 THB and a fee of £3.99 to transfer 50,000 THB, I think is a good deal, takes around 3 working days to receive it.

todays bkk bank tt rate for sterling is 51.37

That's fine if you have a Bangkok Bank Account, the OP clearly states that he wanted to transfer money to his Siam CB account. The 0.83 THB gain is wiped out by charges anyway!

[jagi00]

You may want to Google 'The FX Firm'. Their rates are much better than the UK or Thai banks and their spot rate changes every 30 seconds so you can try to catch the daily peak.Also, the more funds you transfer, the better the rate - works for me.

[TheAppletons]

To transfer money when I run out of sterling is to use "WorldRemit" At today's rate of 50.54 THB and a fee of £3.99 to transfer 50,000 THB, I think is a good deal, takes around 3 working days to receive it.

todays bkk bank tt rate for sterling is 51.37

That's fine if you have a Bangkok Bank Account, the OP clearly states that he wanted to transfer money to his Siam CB account. The 0.83 THB gain is wiped out by charges anyway!

No, he didn't. He said, "Anyone have any better ways to transfer Sterling to Thailand?"