Should A Woman Be Allowed to hold the office of President of the USA?

[baneko]

I have to send back 1000000 baht from a Thai account to a UK account. Whats the best and cheapest method? How to get the best exchange rate?

[chiang mai]

It's a SWIFT transfer from whichever bank you're with, the charges wont vary much from bank to bank. Check here for the exchange rate and see who has the best:

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

Your bigger problem perhaps is, do you have a work permit that allows you to transfer that money or do you have the original FET's that prove the money came into Thailand from abroad? If you don't it might be tricky!

[sandyf]

As CM has said costs may well be the least of your problems. Generally speaking you must prove without a shadow of doubt that the funds came in from abroad. I am with TMB and they are particularly strict. My pension is paid direct to them by the DWP but they still insisted on various documentary evidence to support a transfer of 15K.

[Craig krup]

I'll bet there are fewer hurdles if the money's going the other way.

Countries like to claim that theirs is a fully convertible and internationally tradeable currency, but in my bones - never mind specific currency crises - I always think that you should have as little as possible in Ringgit, Baht, Peso or Krusty Dollars.

[Jip99]

It's a SWIFT transfer from whichever bank you're with, the charges wont vary much from bank to bank. Check here for the exchange rate and see who has the best:

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

Your bigger problem perhaps is, do you have a work permit that allows you to transfer that money or do you have the original FET's that prove the money came into Thailand from abroad? If you don't it might be tricky!

I was surprised.

I transferred 980,000 Baht earlier this year for someone who had sold some land.

I went to my Kasikorn branch and it was a breeze. I said the the girl that I thought it might have been more complicated (I had paperwork to back up the transaction) - she said "It is your money, you can transfer whenever you like".

caveat - mileage may vary in your locality....

[chiang mai]

THB is not fully convertible, it's a restricted currency and there are limits as to how much of it banks can hold and how much can be exported without BOT approval.

[sandyf]

I'll bet there are fewer hurdles if the money's going the other way.

Countries like to claim that theirs is a fully convertible and internationally tradeable currency, but in my bones - never mind specific currency crises - I always think that you should have as little as possible in Ringgit, Baht, Peso or Krusty Dollars.

Thailand is subject to an Exchange Control Act.

[The Dancer]

It's a SWIFT transfer from whichever bank you're with, the charges wont vary much from bank to bank. Check here for the exchange rate and see who has the best:

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

Your bigger problem perhaps is, do you have a work permit that allows you to transfer that money or do you have the original FET's that prove the money came into Thailand from abroad? If you don't it might be tricky!

I was surprised.

I transferred 980,000 Baht earlier this year for someone who had sold some land.

I went to my Kasikorn branch and it was a breeze. I said the the girl that I thought it might have been more complicated (I had paperwork to back up the transaction) - she said "It is your money, you can transfer whenever you like".

caveat - mileage may vary in your locality....

Ditto, Kasikorn Bank, Rangnam Branch. Yearly transfer my ROTH amount from what I earn here from Kbank to my US bank, plus this year had a big bill from the IRS (hate those bastards) which I had to

transfer about 400k again from Kbank to the US.

Nary a question. Was in and out of the branch in 20mins.

Edited November 27, 2015 by The Dancer

[opalred]

thats chicken food thaksin and clan took bags of it through burma

[chiang mai]

Chickens eat Baht.......

[rocketboybkk]

What's the bank it's in?

I sold a house a few years ago & had issues transferring the money back until the director of the bank who was on Here helped me. The staff at the branch didn't know their own rules.

Since then I've bought & sold 2 plots of land & had no issues transferring funds back.

Be firm with the staff if the say 'cannot'

You CAN!

Sent from my iPhone using Tapatalk

[hhgz]

"THB is not fully convertible, it's a restricted currency and there are limits as to how much of it banks can hold and how much can be exported without BOT approval."

The OP is talking about 1M THB, not 10B THB.

[hhgz]

A bank's official exchange rate may differ for what you receive. When I sold my first BKK condo, I transferred 10M THB to the US, and got a better rate than posted. When I asked about the better rate, I was told that the "official rate" was for transfers for 1M THB, or less. Regardless, SWIFT is the way to go. First, you need complete a form to sell the THB, and purchase the currency of your choice. You the need to compete another form which describes where you want the money sent.

[sandyf]

"THB is not fully convertible, it's a restricted currency and there are limits as to how much of it banks can hold and how much can be exported without BOT approval."

The OP is talking about 1M THB, not 10B THB.

Note: for transaction below 20,000 USD and even if you are not requested to execute a FETF always ask the bank to issue you a credit advice form because you will need these documents if you whishes one day to repatriate your capital overseas.

http://www.doingbusinessthailand.com/blog-thailand/doing-business-in-thailand/bank-accounts-thailand/thailand-bank-foreign-exchange-control-regulations.html

[BudRight]

Writing "one million" or even 10^6 Baht would have made the quantity less ambiguous.

Edited November 28, 2015 by BudRight

[maewang99]

why is this a question? banks transfer money all day long. the UK???? are you kidding? unless you are sending it to Manila, for which Thai banks post exchange rates of about 50% each way... the rules the Bank of Thailand and Thai law imposes are just the usual paperwork for the sake of paperwork.... and that would go double for such a de minimis amount of money such as a lousy one million baht.

Edited November 28, 2015 by maewang99

[zyphodb]

I transferred a similar amount from a Kasikorn sub branch right out in the sticks to my bank acc in the UK a couple of month ago & there was no real problem,

it was slow as the sub manager had to phone his main branch to get a walkthrough on how to do it, but it wasn't a problem,

I think that you get the best rate letting the Thai bank convert it into Pounds Sterling first before sending as the UK banks will rip you off more on the exchange rate.

[sandyf]

why is this a question? banks transfer money all day long.

Unlike most of our native countries, Thailand has an Exchange Control Act which puts currency outflows under scrutiny, particularly repatriation as opposed to remittance in respect of payment.

The Exchange Control Act, B.E. 2485 (A.D. 1942), as amended, governs matters involving foreign exchange in Thailand.

As a general rule, all matters involving foreign currency are regulated by, and require the permission of, the Bank of Thailand.

Generally speaking, the remittance of foreign currencies for the payment of goods or services is not restricted. Authorised financial institutions can conduct the majority of foreign exchange transactions upon presentation of the appropriate supporting documentation. Prior approval from the Bank of Thailand may still be required in some instances e.g. where the supporting documentation is inadequate for the authorised bank to approve for payment or the amount involved exceeds the approval limit.

[sandyf]

I think that you get the best rate letting the Thai bank convert it into Pounds Sterling first before sending as the UK banks will rip you off more on the exchange rate.

I don't get the option, the bank converts it before it is sent. Once they start it can be very efficient, generally it has been in my UK bank within an hour of doing the paperwork.

[chiang mai]

I think that you get the best rate letting the Thai bank convert it into Pounds Sterling first before sending as the UK banks will rip you off more on the exchange rate.

I don't get the option, the bank converts it before it is sent. Once they start it can be very efficient, generally it has been in my UK bank within an hour of doing the paperwork.

The option to send THB overseas does not exist, it must be converted to another currency first.

[Briggsy]

Sell it to somebody wanting to bring funds to Thailand. Why pay bank fees?

[Craig krup]

Sell it to somebody wanting to bring funds to Thailand. Why pay bank fees?

Nice if you can trust them, but let me count the ways that can go wrong.....

[baneko]

It's a SWIFT transfer from whichever bank you're with, the charges wont vary much from bank to bank. Check here for the exchange rate and see who has the best:

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

Your bigger problem perhaps is, do you have a work permit that allows you to transfer that money or do you have the original FET's that prove the money came into Thailand from abroad? If you don't it might be tricky!

I am paid directly every month from Dubai in USD which is converted to THB on arrival. I work offshore Africa and have all pay slips.

I am with Krungsri and have sent lower sums before by SWIFT with no real problem. I will change it to GBP in Thailand before sending it to the UK.

Do you see there being any problem?

Edited November 29, 2015 by baneko

[chiang mai]

It's a SWIFT transfer from whichever bank you're with, the charges wont vary much from bank to bank. Check here for the exchange rate and see who has the best:

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

Your bigger problem perhaps is, do you have a work permit that allows you to transfer that money or do you have the original FET's that prove the money came into Thailand from abroad? If you don't it might be tricky!

I am paid directly every month from Dubai in USD which is converted to THB on arrival. I work offshore Africa and have all pay slips.

I am with Krungsri and have sent lower sums before by SWIFT with no real problem. I will change it to GBP in Thailand before sending it to the UK.

Do you see there being any problem?

No I don't see any problems at all, just make sure you have a record of your inbound foreign currency transactions at your bank, either through a record entry in your bank book (must show as a foreign currency conversion) or via a Foreign Exchange Certificate (FET) issued by you bank, for each transaction, all banks will issue the latter on request.

[baneko]

It's a SWIFT transfer from whichever bank you're with, the charges wont vary much from bank to bank. Check here for the exchange rate and see who has the best:

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

Your bigger problem perhaps is, do you have a work permit that allows you to transfer that money or do you have the original FET's that prove the money came into Thailand from abroad? If you don't it might be tricky!

I am paid directly every month from Dubai in USD which is converted to THB on arrival. I work offshore Africa and have all pay slips.

I am with Krungsri and have sent lower sums before by SWIFT with no real problem. I will change it to GBP in Thailand before sending it to the UK.

Do you see there being any problem?

No I don't see any problems at all, just make sure you have a record of your inbound foreign currency transactions at your bank, either through a record entry in your bank book (must show as a foreign currency conversion) or via a Foreign Exchange Certificate (FET) issued by you bank, for each transaction, all banks will issue the latter on request.

Great...thanks for the update.

[blackcab]

Would it be cheaper to receive the money in USD, keep it in a foreign currency account and then send the USD to the UK to get converted into GBP? That's just one exchange, and for USD you should get a reasonable rate for USD in the UK.

Your current plan involves USD to THB to GBP. The last step is going to hurt.

Perhaps someone with a calculator could do the maths for us...

[baneko]

Would it be cheaper to receive the money in USD, keep it in a foreign currency account and then send the USD to the UK to get converted into GBP? That's just one exchange, and for USD you should get a reasonable rate for USD in the UK.

Your current plan involves USD to THB to GBP. The last step is going to hurt.

Perhaps someone with a calculator could do the maths for us...

My currency is now in Thai baht already. It is changed from USD to THB immediately when it arrives.

I do know about the foreign currency accounts but as the USD is currently strong against the baht it is good to convert just now.

I would open a foreign currency account if the USD was weak. This was an unforseen cost in the UK unfortunately.

Thanks

[chiang mai]

Would it be cheaper to receive the money in USD, keep it in a foreign currency account and then send the USD to the UK to get converted into GBP? That's just one exchange, and for USD you should get a reasonable rate for USD in the UK.

Your current plan involves USD to THB to GBP. The last step is going to hurt.

Perhaps someone with a calculator could do the maths for us...

There would be no charge to recieve the USD here in Thailand into a multi currency account but there would be a significant charge to remit to the UK, 0.5% I believe. The exchange rate cost in the UK to convert from USD to GBP would also be detrimental, If you can keep all your currency exchanges here in Thai banks, that's by far the cheapest route.

[Na Fan]

What's the bank it's in?

I sold a house a few years ago & had issues transferring the money back until the director of the bank who was on Here helped me. The staff at the branch didn't know their own rules.

Since then I've bought & sold 2 plots of land & had no issues transferring funds back.

Be firm with the staff if the say 'cannot'

You CAN!

Sent from my iPhone using Tapatalk

I have found that "we cannot" often in reality means "I don't know how and I can't be bothered to find out how to do my job so please go away"

Another thing I've done in the past is contact the bank's call center, and after they confirmed it to me, handed over the phone to the problematic employee in the branch. That straightens it out as well.

[baneko]

Well I did get it done. Ended up.being 900000baht. Reqired a letter from my solicitor requesting the funds and the reason for it being sent. The solicitor also mentioned in no way was it for illegal dealings or laundering. They initially asked me to have it changed into thai language.

They then sent the letter to head office and in 20 mins it was approved.

Quiet easy really. I got my solicitor to draft the letter just incase. Fortunately hes a friend and did not charge.