moving 6 milion baht from kasikorn to uk bank.

[dirtycash]

just a thought .

if i wanted to move this money ( 6 million ) from kasikorn bank to my uk bank , what is best way of doing it. most of this 6million was sent to thailand in last few years and i was getting a rate of around 45-46 baht to uk pounds.

so if i moved it back this week and thai baht rate was say 53 to the pound . what would i get for it once it hits my uk bank ( santander ) although i have other account in halifax and lloyds.

maybe i will lose a lot , maybe not . i need advice .

thankyou

Edited July 21, 2015 by dirtycash

[CharlieH]

With the baht against the pound higher than its been for some time, I wouldnt be moving it in that direction now. Now is the time to be moving it the other way !

Personally I would wait and hope that the value drops back a little before moving in that direction. If you are in no real "need" for that money to be in the UK I would hold off for awhile.

I also understand that to move that kind of some you are going to need supporting paperwork.

[Paul944]

The 45 baht for a pound was only in the winter of 2013.

My estimation base on this number. You have send about 140,000 pounds to get 6 million baht. If you send 6 million baht to the UK now you will get about 113,000 pounds.

Nobody knows what the exchange rate will be next month. With the current rate I would not transfer the money to the UK unless you really need it there.

[MichaelJohn]

I personally think it will be some time before it drops below 50 again.

UK on the rise; Thai on the way down.

[KittenKong]

Whatever you do, dont ever send THB to the UK. Exchange the money here and send GBP. THB outside of Thailand are a liability.

You will need the FET certificates from the original importing of the currency.

No one knows for sure which way any currency will go, but I see some upside for the GBP when interest rates move upwards and many high prices in Thailand which may lead to the THB dropping in value. I dont see anything in particular that would cause the THB to rise, though it might.

[hugocnx]

Whatever you do, dont ever send THB to the UK. Exchange the money here and send GBP. THB outside of Thailand are a liability.

You will need the FET certificates from the original importing of the currency.

No one knows for sure which way any currency will go, but I see some upside for the GBP when interest rates move upwards and many high prices in Thailand which may lead to the THB dropping in value. I dont see anything in particular that would cause the THB to rise, though it might.

That's an 'any which way' answer isn't it

[dirtycash]

thanks guys, i may need this money in uk now to sort a few things. £113,000 i thought i would have got more than that ? 53 to the pound ?

[dirtycash]

sorry for above post, mistake. this is what i am getting from XE .

6,000,000.00 THB = 112,035.37 GBP Thai Baht ↔ British Pound 1 THB = 0.0186726 GBP 1 GBP = 53.5545 THB

Convert againView ChartMid-market rates: 2015-07-21 18:34 UTC

[Jiu-Jitsu]

Buy and Sell.

You bought Baht and got 46 baht for each Pound.

Now you want to Buy the Pound, for which you have to pay 54 baht for each Pound.

So you are going to get less Pounds than you had originally.

You would have to wait until the Baht was more valuable.

For instance, if it were £1 = 20 baht, you would get £300,000 for your 6,000,000 baht.

So because the baht is weaker and the Pound stronger, you will lose money to swap it back.

You'll lose around £18,000 if you swap it back now.

Edited July 21, 2015 by Jiu-Jitsu

[uptheos]

Leave it where it is and go out to enjoy yourself.

[KittenKong]

No one knows for sure which way any currency will go, but I see some upside for the GBP when interest rates move upwards and many high prices in Thailand which may lead to the THB dropping in value. I dont see anything in particular that would cause the THB to rise, though it might.

That's an 'any which way' answer isn't it

You think so? I thought I was fairly clear about which direction I expect things to go, and also very clear about the fact that absolutely no one knows for sure in advance.

[meatboy]

No one knows for sure which way any currency will go, but I see some upside for the GBP when interest rates move upwards and many high prices in Thailand which may lead to the THB dropping in value. I dont see anything in particular that would cause the THB to rise, though it might.

That's an 'any which way' answer isn't it

You think so? I thought I was fairly clear about which direction I expect things to go, and also very clear about the fact that absolutely no one knows for sure in advance.

nostradamus might have the answer HX.to transfer that amount if you dont have the proof of transfers you are in shit street.and yes you are going to looseeeeeeeeee a fair sum.

only way out for you is to find someone in thailand that has a uk.bank accound and sell the baht to him,and he can do a bank to bank trans.[uk]

i do transfers once a yr.but no where near 112,000gbp.

[Jiu-Jitsu]

I'm sure that I posted about http://www.superrich1965.com/ and http://superrichuk.com/

[technologybytes]

The real issue is how to actually move the money. Kasikorn will not make it easy for you and the BOT rules specify the very limited reasons for which money can be sent abroad. More likely than not you will not qualify.

Personally If I needed to get the money to the UK I would withdraw the cash, change it to physical USD or GBP at a chinese money exchange and physically carry it with me on a plane.

There is no limit to how much cash you can take into the UK, but you do need to declare anything over $10k, its just a formality and nothing to worry about.

You will lose a lot if you do it now, but perhaps you will lose more if you wait longer!

[chiang mai]

The average rate for the past five years appears to be about 50 although I've not looked in great detail, your loss will therefore be the difference between 50 and todays rate (53.25 average) multiplied by 6 million.

As for transfers: if you have the FET's for the inbound Pounds then repatriation is fairly simple. If however the money was used for living expenses and/or you do not have an FET, you will have great difficulty.

[MB1]

The real issue is how to actually move the money. Kasikorn will not make it easy for you and the BOT rules specify the very limited reasons for which money can be sent abroad. More likely than not you will not qualify.

Personally If I needed to get the money to the UK I would withdraw the cash, change it to physical USD or GBP at a chinese money exchange and physically carry it with me on a plane.

There is no limit to how much cash you can take into the UK, but you do need to declare anything over $10k, its just a formality and nothing to worry about.

You will lose a lot if you do it now, but perhaps you will lose more if you wait longer!

Just so there is no confusion, it's not $10 thousand dollars, it's ten thousand euros or more that you have to declare...HTH...

[Monti]

I will need to send some money here from the UK so if u are not in a hurry keep in touch.Cant believe I would get more than 50/52 at the moment altho havent looked in to it .

[meatboy]

looks like the pound has stenghtened against the baht.so loosing around 23-24thousand pounds.it might make sense to ask your uk.bank for a loan.

just looked at scb.rate to sell a gbp.54.51

[Time Traveller]

I'm sure that I posted about http://www.superrich1965.com/ and http://superrichuk.com/

superrich don't transfer money internationally. Bank notes only

Edited July 22, 2015 by Time Traveller

[Caspersfriend]

If the funds are from a property sale and you are married to a Thai the transaction itself may not be too onerous.

A friend and his Thai wife recently moved 13 million Baht from a house sale to Canada via Kasikorn. As the house and land were in her name there was minimal paperwork and the fees were quite reasonable.

As previously stated you will take a big hit currently, so keeping the amount to your minimal needs would be wise. If it is indeed 'dirty cash' maybe there are other factors at play

[LivinLOS]

If the funds are from a property sale and you are married to a Thai the transaction itself may not be too onerous.

A friend and his Thai wife recently moved 13 million Baht from a house sale to Canada via Kasikorn. As the house and land were in her name there was minimal paperwork and the fees were quite reasonable.

As previously stated you will take a big hit currently, so keeping the amount to your minimal needs would be wise. If it is indeed 'dirty cash' maybe there are other factors at play

You need to demonstrate the money has been taxed (so capital gains tax on the sale of the property) or you have a FETF used to be tor tor sam..

This is why I send my money in, in chunks, to get an FETF each time. Over the years it builds up so larger transactions can if needed be sent out.

[keeniau96]

The Thai bank (K-bank) can transfer US$50k with only minimum documentation as to the intended use of the money. That's a Thai central bank rule. Anything beyond that gets quite difficult.

[jackanapes]

transferring money to any country you get the rate of exchange that's applicable on that day transfer today 6 million baht to the pound would give you over 138 thousand pounds give or take a few bob ok

[chiang mai]

transferring money to any country you get the rate of exchange that's applicable on that day transfer today 6 million baht to the pound would give you over 138 thousand pounds give or take a few bob ok

Um, er, no!

It would be 110,400 UK Pounds based on todays average rate of exchange at Thai banks for THB/GBP - 6,000,000 x 0.01844 = 110.400, less transfer fees

http://bankexchangerates.daytodaydata.net/default.aspx

[catman20]

sorry for above post, mistake. this is what i am getting from XE .

6,000,000.00 THB = 112,035.37 GBP Thai Baht ↔ British Pound 1 THB = 0.0186726 GBP 1 GBP = 53.5545 THB

Convert againView ChartMid-market rates: 2015-07-21 18:34 UTC

higher the thai baht rises the less sterling you will get, you need the baht to go down

[Caspersfriend]

If the funds are from a property sale and you are married to a Thai the transaction itself may not be too onerous.

A friend and his Thai wife recently moved 13 million Baht from a house sale to Canada via Kasikorn. As the house and land were in her name there was minimal paperwork and the fees were quite reasonable.

As previously stated you will take a big hit currently, so keeping the amount to your minimal needs would be wise. If it is indeed 'dirty cash' maybe there are other factors at play

You need to demonstrate the money has been taxed (so capital gains tax on the sale of the property) or you have a FETF used to be tor tor sam..

This is why I send my money in, in chunks, to get an FETF each time. Over the years it builds up so larger transactions can if needed be sent out.

"You need to demonstrate" no doubt you have been here long enough to realise the many 'variables'. In this case my Canadian friend was sweating but they we dealt with by a bank official who accepted that his wife owned the property and therefore the "US$50k with only minimum documentation as to the intended use of the money. That's a Thai central bank rule." applied.

[HenryC]

Not done this myself but I have been told travellers checks are the way to go. No restrictions on bringing into UK. You can change the THB in Thailand to GBP travellers checks.

You just might have to visit the bank several times.

Any Thai bank will make it hard for you to directly transfer the money to a UK account. Even if you have the original cash transfer documentation.

Or as others posted suggest - cash. Or even a combination of travellers & cash.

Edited July 22, 2015 by HenryC

[Pheat123]

thanks guys, i may need this money in uk now to sort a few things. £113,000 i thought i would have got more than that ? 53 to the pound ?

You will not get £113,000 if you transfer bank to a UK bank account you wil be lucky to get £100,000 once the receiving bank take their cut

[chiang mai]

Not done this myself but I have been told travellers checks are the way to go. No restrictions on bringing into UK. You can change the THB in Thailand to GBP travellers checks.

You just might have to visit the bank several times.

Any Thai bank will make it hard for you to directly transfer the money to a UK account. Even if you have the original cash transfer documentation.

Or as others posted suggest - cash. Or even a combination of travellers & cash.

"Any Thai bank will make it hard for you to directly transfer the money to a UK account. Even if you have the original cash transfer documentation".

Whereas the truth, based on eleven years of making transfers backwards and forwards, is the exact opposite, they couldn't be more helpful, if you have the correct documentation.

[Naam]

thanks guys, i may need this money in uk now to sort a few things. £113,000 i thought i would have got more than that ? 53 to the pound ?

You will not get £113,000 if you transfer bank to a UK bank account you wil be lucky to get £100,000 once the receiving bank take their cut

why nonsensical exaggerations (£13,000 cut)?