Sending money to the UK - Sterling or Baht?

[BIGJIMMY]

The Mrs is just about to send a wedge to her UK bank from her Thai bank, which currency is best to send it in, Baht or £££, normally when sending money to Thailand we send it in £.

Thanks

[12DrinkMore]

Apart from not having a choice unless things have changed, you have to exchange and transfer GBP out.

It is always better to exchange currency in Thailand. The UK banks will rip you off blind with Thai Baht.

[BIGJIMMY]

Oh right so we'll have no choice anyway??

Ok cheers.

Jimmy

[fxe1200]

You have a choice to avoid all transfer costs and exorbitant exchange rates.

British Farangs are always in the need of Thai Baht. Why not have a or that certain amount of Thai Baht transfered to a friend living here, and he/she will then send money from his/her bank account in GB to your account in GB using the actual XE rate.

That is the way I bypass the rip off and avoid all fees and conversions of the banks, and you could do too. A Win-Win situation for both parties involved.

Edited July 9, 2016 by fxe1200

[oxo1947]

Yer.....I have a Nigerian friend that may be able to help you out with this transaction......................

[fxe1200]

Yer.....I have a Nigerian friend that may be able to help you out with this transaction......................

Very rare, to see such a sophisticated answer in this forum.

[yimlitnoy]

You have a choice to avoid all transfer costs and exorbitant exchange rates.

British Farangs are always in the need of Thai Baht. Why not have a or that certain amount of Thai Baht transfered to a friend living here, and he/she will then send money from his/her bank account in GB to your account in GB using the actual XE rate.

That is the way I bypass the rip off and avoid all fees and conversions of the banks, and you could do too. A Win-Win situation for both parties involved.

You do this and you risk losing all of your money to your so call friend. The Nigerian hint was a message that all should consider...

[steve73]

I recently came across xendpay.com - for currency exchanges on-line.

I just did a GBP to THB (day before brexit). They quote the rate BEFORE you pay so you see exactly what you're getting...

I got about 0.2bt less than the mid point - thai banks typically give you around 0.8bt less & lower fees than most UK banks charge.

Not sure if they do transactions the other way - but easy to check.

[fxe1200]

You have a choice to avoid all transfer costs and exorbitant exchange rates.

British Farangs are always in the need of Thai Baht. Why not have a or that certain amount of Thai Baht transfered to a friend living here, and he/she will then send money from his/her bank account in GB to your account in GB using the actual XE rate.

That is the way I bypass the rip off and avoid all fees and conversions of the banks, and you could do too. A Win-Win situation for both parties involved.

You do this and you risk losing all of your money to your so call friend. The Nigerian hint was a message that all should consider...

I do not know about your "friends", but I use this method for five consecutive years successfully with no losses at all.

[meatboy]

if your sending bht.from thailand to the uk.change it to sterling here,as the exchange rate for buying gbp.is very low to what it was a few weeks ago,

may a pound was costing around 54+ today its around 46.

100,000bht.in may = 1,850pound. today 100,000bht buys you 2,175pound.

[nickmondo]

if your sending bht.from thailand to the uk.change it to sterling here,as the exchange rate for buying gbp.is very low to what it was a few weeks ago,

may a pound was costing around 54+ today its around 46.

100,000bht.in may = 1,850pound. today 100,000bht buys you 2,175pound.

i think you are the only one who fully understood the question Meatboy.........for those of us with some financial savvi, it is pretty obvious that this is what you do.

If you want to make some money, and you have a lot of Thai Baht.......six figure plus.......seven figures even........now is a great time to send it to UK as you will make good profit........., sit on it for a few months......and then bring it back over when the rate comes back over 50..........which it will in due course......

if you have online banking with your bank accounts........you can do this very cheaply and easily, and you will see what the rate is.........

for those of you not quite grasping it..........if you bought baht at 50 to the pound.......that means you got 50 to the pound into your thai bank account.

If you now sell it back to the UK.......at 44 to the pound.......this means that it only costs you 44 baht to get a pound..........so you will get more for your money......how much....depends on how much you transfer back.......I hope this is understandable.

I also notice a lot of ex pats are buying these Android boxes to watch UK TV and Sport?

Why?

Not needed...........ask me and I will explain

[farcanell]

Change your currency here, not there, you will get a better exchange rate.

Last week I had to bring 25k AUD (though I think that matters not) into my Thai bank.

I imported the AUD, and my Thai bank converted it to baht.... I compared the difference to what my Aussi bank would have transferred, had they applied their exchange rate... And found that there was a difference of around 30,000 baht (1200 AUD)

[farcanell]

if your sending bht.from thailand to the uk.change it to sterling here,as the exchange rate for buying gbp.is very low to what it was a few weeks ago,

may a pound was costing around 54+ today its around 46.

100,000bht.in may = 1,850pound. today 100,000bht buys you 2,175pound.

i think you are the only one who fully understood the question Meatboy.........for those of us with some financial savvi, it is pretty obvious that this is what you do.

If you want to make some money, and you have a lot of Thai Baht.......six figure plus.......seven figures even........now is a great time to send it to UK as you will make good profit........., sit on it for a few months......and then bring it back over when the rate comes back over 50..........which it will in due course......

if you have online banking with your bank accounts........you can do this very cheaply and easily, and you will see what the rate is.........

for those of you not quite grasping it..........if you bought baht at 50 to the pound.......that means you got 50 to the pound into your thai bank account.

If you now sell it back to the UK.......at 44 to the pound.......this means that it only costs you 44 baht to get a pound..........so you will get more for your money......how much....depends on how much you transfer back.......I hope this is understandable.

I also notice a lot of ex pats are buying these Android boxes to watch UK TV and Sport?

Why?

Not needed...........ask me and I will explain

I'm interest in this last paragraph, as I was considering buying an android box... PM me if you prefer... Cheers.

[HerbalEd]

if your sending bht.from thailand to the uk.change it to sterling here,as the exchange rate for buying gbp.is very low to what it was a few weeks ago,

may a pound was costing around 54+ today its around 46.

100,000bht.in may = 1,850pound. today 100,000bht buys you 2,175pound.

i think you are the only one who fully understood the question Meatboy.........for those of us with some financial savvi, it is pretty obvious that this is what you do.

If you want to make some money, and you have a lot of Thai Baht.......six figure plus.......seven figures even........now is a great time to send it to UK as you will make good profit........., sit on it for a few months......and then bring it back over when the rate comes back over 50..........which it will in due course......

if you have online banking with your bank accounts........you can do this very cheaply and easily, and you will see what the rate is.........

for those of you not quite grasping it..........if you bought baht at 50 to the pound.......that means you got 50 to the pound into your thai bank account.

If you now sell it back to the UK.......at 44 to the pound.......this means that it only costs you 44 baht to get a pound..........so you will get more for your money......how much....depends on how much you transfer back.......I hope this is understandable.

I also notice a lot of ex pats are buying these Android boxes to watch UK TV and Sport?

Why?

Not needed...........ask me and I will explain

Thanks for enlightening us with your explanation of this very complicated financial tactic.

[bkk_mike]

if your sending bht.from thailand to the uk.change it to sterling here,as the exchange rate for buying gbp.is very low to what it was a few weeks ago,

may a pound was costing around 54+ today its around 46.

100,000bht.in may = 1,850pound. today 100,000bht buys you 2,175pound.

i think you are the only one who fully understood the question Meatboy.........for those of us with some financial savvi, it is pretty obvious that this is what you do.

If you want to make some money, and you have a lot of Thai Baht.......six figure plus.......seven figures even........now is a great time to send it to UK as you will make good profit........., sit on it for a few months......and then bring it back over when the rate comes back over 50..........which it will in due course......

if you have online banking with your bank accounts........you can do this very cheaply and easily, and you will see what the rate is.........

for those of you not quite grasping it..........if you bought baht at 50 to the pound.......that means you got 50 to the pound into your thai bank account.

If you now sell it back to the UK.......at 44 to the pound.......this means that it only costs you 44 baht to get a pound..........so you will get more for your money......how much....depends on how much you transfer back.......I hope this is understandable.

I also notice a lot of ex pats are buying these Android boxes to watch UK TV and Sport?

Why?

Not needed...........ask me and I will explain

Pre-Brexit I'd have agreed with you - it's a waiting game for currencies like the dollar / pound / euro to rise when interest rates go up again.

Brexit introduces too many variables. It depends heavily on the agreement made between the EU and UK (or maybe England and Wales by then) on access to the single market.

If the UK ends up on WTO rules for trade with the EU, the pound will drop a lot further than it already has.

I think it's unlikely... - it's more likely to be a customs union (i.e. Turkey) as full single market status, like Norway and Iceland, requires free movement which seems to be what people were voting against, and also requires the UK to continue to follow EU law. (i.e. It's just like being in the EU, except you're outside the Common Agricultural Policy and Common Fisheries Policy, don't have any votes in the European Parliament and don't have a veto on anything).

The number of jobs lost by not being in the single market could be quite significant, it depends on a thing called Mifid 2 (for the banking sector - remember over 90% of finance jobs in the EU are in the UK - that will drop significantly if we're outside the single market and bank passporting doesn't work - Mifid 2 could affect how far it drops).

Over half a million people work in the City or in Canary Wharf. Lose just 5% of the jobs there, and that's the same number of jobs as 4 Rover collapses. And the UK will be very very lucky if it's only 5%. Add in that those 25,000 people are probably homeowners, and it will knock the housing market a bit. (It's not like other banks in the UK will be hiring - everyone will be laying people off).

This is not a scenario that is conducive to the pound rising. I think it's a bear market (i.e. there will be upticks - so you could time changing money maybe, but the long term trend, at least until we find out what the EU offers as a trading position, will be downwards).

And for anyone thinking Britain has any choice in what it gets offered - read Article 50. Britain's exit agreement is what the rest of the EU offers it, and if they don't accept it in the 2 year limit - the offer goes away, and it's WTO rules...

Don't get me wrong - nobody on either side wants to end up on WTO rules, as that introduces too many costs into trade between significant trading partners. A lot of the remaining car industry in the UK (i.e. Toyota, Honda, Nissan especially) is set up for exporting to the rest of the EU, not just making cars for the UK. Add in that the wings and engines of airbus planes are built in the UK, etc. so both the UK and EU won't want tariff barriers on goods. Services is another matter... - The UK may want no barriers on services, but the EU will look at the jobs on offer and think if the UK doesn't want to accept the rules of the single market (free movement and all the accompanying red tape), then services will not be in the offer.

MIFID 2 - which comes in in 2018 (if it comes in on time), would help as it introduces access to EU markets to 3rd country (i.e. non EU based) firms with "equivalent regulation". It's not brilliant, and the 3rd country rules aren't exactly set in stone yet, but if it comes in in time, it could reduce the number of jobs lost. It will not stop some jobs going to the continent as some jobs literally need to be in the single market for legal reasons, but it could stop them being decimated.

In the next two years, EVERYONE in the UK will have heard about Mifid 2.They stll won't necessarily understand it, but they will have heard of it.

If whoever is elected as PM is thinking clearly enough, we may well hold off invoking article 50 until after Mifid 2 is in place - after all - the government doesn't need to hold an election until 2020. So long as Article 50 has been invoked by then, they'll have kept their promise to abide by the referendum vote. (There was no timescale on the question on the referendum after all, and the second Article 50 is invoked, the UK's bargaining position deteriorates dramatically).

Edited July 9, 2016 by bkk_mike

[JacChang]

I could almost bet that changing from THB to USD, sending it over to Britain, then USD to pounds, would be the most cost effective. NOT THB and NOT pounds.

[crazyfalang]

if your sending bht.from thailand to the uk.change it to sterling here,as the exchange rate for buying gbp.is very low to what it was a few weeks ago,

may a pound was costing around 54+ today its around 46.

100,000bht.in may = 1,850pound. today 100,000bht buys you 2,175pound.

i think you are the only one who fully understood the question Meatboy.........for those of us with some financial savvi, it is pretty obvious that this is what you do.

If you want to make some money, and you have a lot of Thai Baht.......six figure plus.......seven figures even........now is a great time to send it to UK as you will make good profit........., sit on it for a few months......and then bring it back over when the rate comes back over 50..........which it will in due course......

if you have online banking with your bank accounts........you can do this very cheaply and easily, and you will see what the rate is.........

for those of you not quite grasping it..........if you bought baht at 50 to the pound.......that means you got 50 to the pound into your thai bank account.

If you now sell it back to the UK.......at 44 to the pound.......this means that it only costs you 44 baht to get a pound..........so you will get more for your money......how much....depends on how much you transfer back.......I hope this is understandable.

I also notice a lot of ex pats are buying these Android boxes to watch UK TV and Sport?

Why?

Not needed...........ask me and I will explain

So i am asking why not buy an Android box to watch UK TV And Sport.. !!!!

[soc]

Apart from not having a choice unless things have changed, you have to exchange and transfer GBP out.

It is always better to exchange currency in Thailand. The UK banks will rip you off blind with Thai Baht.

So will Australian banks.

They don't like Thai Baht or Chinese Yuan.

Or rather, they don't like giving you a good rate for them.