Free Money Transfer

[Karlo]

Are there ant Thai banks based in the UK that offer free money transfer from one of their UK branches to a branch in Thailand. I know that Bangkok Bank is here in the UK but I do t know if they provide a free money transfer service.

[Jiu-Jitsu]

No bank offers a free money transfer service. What are you thinking?

[Jip99]

Bangkok Bank in London charge GBP15 or GBP20 depending on whether you send in Sterling or Baht.

[tifino]

Why Why Why haven't you got a Cash Passport??? you know... a Travelex for example

they can be used for up to 5 years

After your Initial deposit, it can be topped up ad infinitum

You can after that, transfer between your nominated Currencies again and again

all with the convenience of a Debit card (almost as good as a Credit card)

[Pib]

I sure active and retired banksters are still laughing at the OPs question.

[Jiu-Jitsu]

Why Why Why haven't you got a Cash Passport??? you know... a Travelex for example

they can be used for up to 5 years

After your Initial deposit, it can be topped up ad infinitum

You can after that, transfer between your nominated Currencies again and again

all with the convenience of a Debit card (almost as good as a Credit card)

....and I'm laughing at this utter tripe.

Apart from anything else, there is no Cash Passport that supports Thai Baht.

Ludicrous post.

[thrilled]

Banks do very little free.They are A business.

[Expattaff1308]

I've sent you a PM with cheaper options & better rates than the banks

[meatboy]

oh dear whats karlo's GF. goner do now.

[Jiu-Jitsu]

I've sent you a PM with cheaper options & better rates than the banks

Why a PM? Surely when it comes to money, transparency is best. It also gives the OP the benefit of the experience of the other board members to scrutinise the offer.

[lor]

Not free it HSBC only charge £4.00

[Jiu-Jitsu]

Not free it HSBC only charge £4.00

Plus the receiving bank's fee.

[Oxx]

Bangkok Bank in London charge GBP15 or GBP20 depending on whether you send in Sterling or Baht.

Plus the spread on the FX rate, plus Bangkok Bank Thailand's 500 baht (max) receiving fee if you send in GBP. Shocking, isn't it, that Bangkok Bank isn't a charitable institution.

[Pib]

Bangkok Bank in London charge GBP15 or GBP20 depending on whether you send in Sterling or Baht.

Plus the spread on the FX rate, plus Bangkok Bank Thailand's 500 baht (max) receiving fee if you send in GBP. Shocking, isn't it, that Bangkok Bank isn't a charitable institution.

The Bangkok Bank receiving fee still applies even if the Sending bank/company converted to baht meaning it arrives Bangkok Bank already in baht. The fee applies to any type of currency, baht, dollars, euros, pounds, etc. It's really just a fee for receiving an international funds transfer regardless of the currency type.

Now if the person's Sending bank/company actually uses another Thai bank as a intermediary/correspondent bank to initially receive the funds in Thailand and then relay the funds to your Thai bank like Bangkok Bank account, then there is no receiving fee since it just like one person in Thailand sending money to another account--no receiving fee for an in-Thailand transfer.

Now for an international transfer that intermediary/correspondent bank may charge a fee depending on what type of agreement they have with banks/companies using them. Then you have one of those situations quite often talked about on ThaiVisa in how some funds got skimmed/fee'ed off in the transfer and both the receiving bank and sending bank deny charging that missing money even thought the Sending bank probably does know but usually tries to blame it on the receiving bank. Probably will not have this situation when using a money transfer company to send your money, but you may when using a bank.

[Oxx]

The Bangkok Bank receiving fee still applies even if the Sending bank/company converted to baht meaning it arrives Bangkok Bank already in baht.

Not correct. If you're sending via Bangkok Bank London Branch in baht, to quote the Bangkok Bank website:

"Transfer fees (Bangkok Bank Thailand): No transfer fees"

In the same table, if transferring in Sterling:

"Transfer fees (Bangkok Bank Thailand): An additional international fee of 0.25% of the transferred amount... (minimum 200Bt, maximum 500Bt)."

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

[Pib]

The Bangkok Bank receiving fee still applies even if the Sending bank/company converted to baht meaning it arrives Bangkok Bank already in baht.

Not correct. If you're sending via Bangkok Bank London Branch in baht, to quote the Bangkok Bank website:

"Transfer fees (Bangkok Bank Thailand): No transfer fees"

In the same table, if transferring in Sterling:

"Transfer fees (Bangkok Bank Thailand): An additional international fee of 0.25% of the transferred amount... (minimum 200Bt, maximum 500Bt)."

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

The Bangkok Bank London special situation where no receiving fee is applied in Thailand occurs "if you allow the Bangkok Bank London to convert to baht using their exchange rate" as you said. But their exchange rate I expect is lower than the in-Thailand Bangkok Bank TT Buying Rate used for incoming transfers. Yes, you escape the in-Thailand receiving fee in that case but I expect they more than make of for that by the lower exchange rate which is basically an indirect fee. I don't know if I've ever seen a post where allowing the Sending/intermediary bank (London branch being an intermediary in this case) to convert resulted in a better rate than letting the in-Thailand bank accomplish the conversion....generally something you don't want to do to get the max money arriving/pay the lowest overall fees.

But if "not" letting the Bangkok Bank London do the exchange to baht, the receiving fee on the Thailand is applied as you said.

For the Bangkok Bank New York transfers they don't offer conversion for transfers following through them, the just deduct their fee and then the in-Thailand Bangkok Bank branch does the conversion and applies the receiving fee also. Same applies for their Tokyo branch. London is a different in offering to accomplish the conversion with no receiving fee but at the expense of a lower exchange rate.

[Eclipse]

Google "Transfer Wise" or "Xendpay".

Not free but cheaper than banks.

Edited July 18, 2016 by Eclipse