Transferring money from UK to Thailand

[RC8]

3 hours ago, Dene16 said:

Some very strange  answers here 

I have never used western union because it is common knowledge that they have an extremely poor interest rate. this is the first person ever giving them praise. 

i have used my bank (lloyds) sending GBP to Bangkok bank which normally has the better tt rate but it take 4 working days so 6 if it goes over a weekend and you do not know what exchange rate you will get

Lately i have been using Transferwise as you know exactly what will be received the other end plus it arrives in 3 or normally 4 days but that includes any time over a weekend so if sent Friday it arrives on Monday. they also tell you when it has arrived (but not always)

I do not know about Xendpay but looks like i will have to give them a try. I am not sure what UKJASE is talking about as they inform you as to the amount the recipient will receive, which is better then Transferwise  

This year i tried to get a Kaiskorn bank account, however even though i wanted to deposit 800,000 baht they refused me point blank without a work permit as did 2 other banks

Try a different branch. I have a a kasikorn account with just a condo rental agreement and visa free entry in my passport. I send £2000 every month from Lloyds to Kasikon in GBP. They charge a £10 flat fee in the uk. Never seen a fee from Kasikorn and the rate is always excellent. 

[Caps]

11 hours ago, Pib said:

Good example of an correspondent/intermediary bank which in this case happens to be part of the HSBC family and within Thailand, but usually when a sending bank must use a correspondent/intermediary bank it's outside the country you are sending to.   Although having the parent's name HSBC Thailand Commercial Bank is operated/licensed under Thailand laws and Bank of Thailand regulations so it pretty much a separate business unit from the parent company.

 

Many banks do not have to use correspondent/intermediary banks based on their in-house international transfer capability and/or their sending fee will include in middle man bank the funds must go through.  Getting the funds into the inbox so to speak of the receiving bank is totally up to the Sending bank arrangement/capability.

 

Also a good example of examining all the costs/fees in a transfer which could include the sending fee, correspondent/intermediary bank fee, receiving bank fee, and the exchange rate.

 

Does HSBC Thailand Commercial Bank do the currency conversion at their rate or do they just pass the funds along after slicing off their fee and let SCB do the conversion at their rate?

 

I could not tell you when the Currency Conversion occurs for the HSBC,  but when I send online I get to see the exchange rate I will be getting and I also get a 40 second countdown to wait for a new rate.  So by this I assume that is occurs at source.

The money takes between 26 and 30 hours to hit SCB.

I am thinking of getting back in touch with HSBC to find out if there are any banks in Thailand they do direct business with.

Edited August 16, 2016 by Caps

[UKJASE]

7 hours ago, Jiu-Jitsu said:

 

 

You seem to be making it up as you go along. I don't see the 1% flat fee. What they state is  PAY WHAT YOU WANT 

 

 

sorry, i did not see that "Pay What You Want" bit.

 

surely everyone will select zero here, would they not?

 

What is the Pay What You Want bit for?  is this a peer to peer set up?

[Pib]

4 hours ago, RC8 said:

Try a different branch. I have a a kasikorn account with just a condo rental agreement and visa free entry in my passport. I send £2000 every month from Lloyds to Kasikon in GBP. They charge a £10 flat fee in the uk. Never seen a fee from Kasikorn and the rate is always excellent. 

The K-bank receiving fee is deducted "before" posting to your account and it is not displayed anywhere on your account.  That is why you don't see the fee but the fee was applied.   This fools a lot of people into thinking no fee was applied.

 

Now if Lloyds is transferring the funds to an intermediary/correspondent bank "within" Thailand first then maybe that intermediary bank is accomplishing the currency exchange......"and" when thy relay the funds to K-bank that would be a "domestic" transfer vs international transfer and not incur the receiving fee.

[blackjack69]

Contact Thomas Exchange London, I have used for years, fast , efficient, best rates.

[jacko45k]

I log onto inernet banking on my Jersey bank, and request an International transfer in Sterling to my Thai account. There is no charge at the Jersey end, the Thai end charge 500 baht and convert at the prevailing TT rate to baht and it is deposited usually the next working day.

 

It's the current exchange rate that hurts.

[hugh2121]

ukforex.co.uk

No transfer charge, no commission and a good rate of exchange. I've been using them for 4 years, very reliable 24 hour service either from UK or Oz. Best to transfer to Bangkok Bank to avoid double charging in Thailand as they act as agents for other banks.

[Jiu-Jitsu]

6 hours ago, UKJASE said:

sorry, i did not see that "Pay What You Want" bit.

 

surely everyone will select zero here, would they not?

 

What is the Pay What You Want bit for?  is this a peer to peer set up?

 

That why I stated in post #2; "Don't be a cheap Charlie". 

If everyone chose to pay nothing and the business failed, then everyone suffers. So if it works for you, undercut the competition, but don't pay nothing at all.

[Jiu-Jitsu]

1 hour ago, hugh2121 said:

ukforex.co.uk

No transfer charge, no commission and a good rate of exchange. I've been using them for 4 years, very reliable 24 hour service either from UK or Oz. Best to transfer to Bangkok Bank to avoid double charging in Thailand as they act as agents for other banks.

 

 

For £1000, a current rate of 43.9174

 

Xendpay offers 44.48614

[MikeOwen]

If you have a bank in Thailand use the Bangkok bank transfer system , costs£20 but you get the Thai exchange rate not the UK lower one , very quick efficient service

[Dene16]

this needs to be put into prospective

ukforex.co.uk  is only good if you are sending £1000 or more not quite as good as the exchange rate with Transferwise but if as stated ,the money arrives in one day

Xendpay  They offer the best exchange rate but only for the first £2000 (in any one year) then it incurs the 1% fee which catches people out as it then becomes,by fa,r the worst deal there. Even with the better exchange rate

Tranferwise  overall seems the best alternative for smaller amounts and larger if you don't mind the 4 day wait but you need to keep a check on the exchange rate as sometimes (for some unknown reason)i have noticed that it is worse than the Thai banks 

 

Edited August 17, 2016 by Dene16

[hugh2121]

22 hours ago, Jiu-Jitsu said:

 

 

For £1000, a current rate of 43.9174

 

Xendpay offers 44.48614

For £4000 ukforex = 44.5773. There are no fees regardless how much you send per annum. There is, however a fee for small transfers (below £1000 I think).

 

Scamavoid.com has this : 

The website seems to be not very popular in Internet, this means the website may not be well known. As a possible buyer I would be cautious before buy something from an unknown website, because there are not enough details to judge the website safety.

 

Have you used Xendpay and can you vouch for it Jiu-Jitsu? They seem to be offering a suspiciously high rate of exchange for a site with no published  commission charges, however, it would appear that Xendpay charges 1% commission on transfers over £2000 per annum, thereby reducing it's usefulness to zero.

Edited August 17, 2016 by hugh2121

[JAS21]

On Saturday, August 13, 2016 at 11:58 AM, pumpjack said:

send 1000 pounds from uk to thailand and compare the two below -

 

www.xendpay.com  gives reciever  -   44.741.37  thai baht

 

www.transferwise.com  gives reciever  -    44.295.85   thai baht.

 

go figure  !

Did you include the xendpay fee in your calcs ...sending 1000gbp actually costs you 1010gbp whereas with Transferwise their fee is included in the rate

 

Having said that I have found xendpay usually very slightly cheaper.

 

For large amounts you might find an FX dealer cheaper ... I have used moneycorp ..but you need to 'discuss' the rate that the trader initially offers....

 

Edited August 17, 2016 by JAS21

[Jiu-Jitsu]

1 hour ago, JAS21 said:

Did you include the xendpay fee in your calcs ...sending 1000gbp actually costs you 1010gbp whereas with Transferwise their fee is included in the rate

 

Having said that I have found xendpay usually very slightly cheaper.

 

For large amounts you might find an FX dealer cheaper ... I have used moneycorp ..but you need to 'discuss' the rate that the trader initially offers....

 

 

 

There is no Xendpay fee...... for personal transactions up to £2000 and business transactions up to £4000. You pay what you want. 

Edited August 17, 2016 by Jiu-Jitsu

[Jiu-Jitsu]

3 hours ago, hugh2121 said:

For £4000 ukforex = 44.5773. There are no fees regardless how much you send per annum. There is, however a fee for small transfers (below £1000 I think).

 

Scamavoid.com has this : 

The website seems to be not very popular in Internet, this means the website may not be well known. As a possible buyer I would be cautious before buy something from an unknown website, because there are not enough details to judge the website safety.

 

Have you used Xendpay and can you vouch for it Jiu-Jitsu? They seem to be offering a suspiciously high rate of exchange for a site with no published  commission charges, however, it would appear that Xendpay charges 1% commission on transfers over £2000 per annum, thereby reducing it's usefulness to zero.

 

 

I haven't stated that it is the catch-all for everyone. Just like I don't use the same bank card for every transaction.

It is part owned by the deputy mayor of London. Of course, he has had to step back in order to concentrate of his civic duties...and no, I don't utilise any of the transfer services.

In conclusion; if you are happy with the service that you use currently, stick with it.  

Edited August 17, 2016 by Jiu-Jitsu

[Jiu-Jitsu]

6 hours ago, MikeOwen said:

If you have a bank in Thailand use the Bangkok bank transfer system , costs£20 but you get the Thai exchange rate not the UK lower one , very quick efficient service

 

£20?? Why would one do that, when there are so many better options?

[Mover1]

I ended up bringing cash back from the UK as i had to pop home for other stuff to sort out anyway, so i never did find out the best way to transfer money here! What with exchange rates changing all the time and banks not being clear on their charges, i just couldn't work out the most cost effective way. I really think the pound will go back up soon, so it doesn't make any sense changing up a load of uk cash right now, i'll do it as needed and hopefully benefit from any increase.

 

Has anyone got an answer to the best way to transfer money here though, or is it like asking how long is a piece of string because people use different banks, etc..?

[Jiu-Jitsu]

44 minutes ago, Mover1 said:

I ended up bringing cash back from the UK as i had to pop home for other stuff to sort out anyway, so i never did find out the best way to transfer money here! What with exchange rates changing all the time and banks not being clear on their charges, i just couldn't work out the most cost effective way. I really think the pound will go back up soon, so it doesn't make any sense changing up a load of uk cash right now, i'll do it as needed and hopefully benefit from any increase.

 

Has anyone got an answer to the best way to transfer money here though, or is it like asking how long is a piece of string because people use different banks, etc..?

 

 

If you popped home, you should have picked up a Halifax Clarity or a Creation Everyday CC, applying before you left so it would have already been delivered. If you don't have an address, perhaps an additional cardholder of a trusted family member.

[DUS]

 

8 minutes ago, Jiu-Jitsu said:

 

 

If you popped home, you should have picked up a Halifax Clarity CC....

 

Would you mind elaborating on this a little bit more? Thank u!

Edited September 18, 2016 by DUS

[Jiu-Jitsu]

Just now, DUS said:

 

 

Would you mind elaborating on this a little bit more? Thank u!

 

 

You can utilise either to obtain cash advances in banks, avoiding any ATM fee.

[DUS]

I have the Clarity CC but hardly ever use it.... Might have another look at it about its features and benefits .... Ta!

[Jiu-Jitsu]

8 hours ago, DUS said:

I have the Clarity CC but hardly ever use it.... Might have another look at it about its features and benefits .... Ta!

 

Just cover any withdrawal with a payment via online banking within a day or two to prevent any interest from building.

Alternatively, you could send a Faster Payment just prior to the cash advance. 

I think the cash advance limit is £300 per day.

Of course you'll have to pay attention to any previous statements, as any payment may be allocated to that before any cash advance.

But if you have no balance on the CC, you could even send a faster payment just prior to making the withdrawal.

Keep in mind that they do want to to keep a credit balance on the card, but if you send a payment online and then take a cash advance from the bank(you'll need your passport) immediately after, the chances are that it would not yet have been credited, so you should be fine.

 

Keep an eye on your receipt in case the Thai bank attempts to give you a reduced rate using DCC. Make sure everything is denominated in Thai baht.

 

 

[Jiu-Jitsu]

8 hours ago, DUS said:

 

 

 

Edited September 18, 2016 by Jiu-Jitsu
Badly implemented software

[DUS]

1 hour ago, Jiu-Jitsu said:

 

Keep in mind that they do want to to keep a credit balance on the card, but if you send a payment online and then take a cash advance from the bank(you'll need your passport) immediately after, the chances are that it would not yet have been credited, so you should be fine.

 

 

Sorry, I am not familiar with all this so do not really understand what you mean with the above statement. Can you rephrase it in "dummy terms" so that I can understand it? Would be great! Thank you!

[Jiu-Jitsu]

1 minute ago, DUS said:

 

Sorry, I am not familiar with all this so do not really understand what you mean with the above statement. Can you rephrase it in "dummy terms" so that I can understand it? Would be great! Thank you!

 

Keep in mind that they don't want you to to keep a credit balance on the card

 

Fixed my error.

Edited September 19, 2016 by Jiu-Jitsu

[tvc15jj]

as already quoted, look at Xendpay (http://xendpay.com/) 

 

I have checked out and looked into several options and this works very well. At first I paid money into Xendpay from my UK account remotley from Thailand using debit card and then waited for it to arrive in my thia account. But my bank (natwest) stopped my card from working due to a security alert caused by me loging in from Asia. I now use a VPN (as everyone should if you value your privacy) and can control things OK. But I find it better to leave a lump sum with a highly trusted friend to drip feed my thai account every 3 months for the duration of my stay (2yrs now).

 

I would recommend Xendpay to anyone. The exchage rates are good comparred to the rip off rates your lovely caring bank will offer and they work without any fuss or drama.

[DUS]

19 hours ago, tvc15jj said:

as already quoted, look at Xendpay (http://xendpay.com/) 

 

I have checked out and looked into several options and this works very well. At first I paid money into Xendpay from my UK account remotley from Thailand using debit card and then waited for it to arrive in my thia account. But my bank (natwest) stopped my card from working due to a security alert caused by me loging in from Asia. I now use a VPN (as everyone should if you value your privacy) and can control things OK. But I find it better to leave a lump sum with a highly trusted friend to drip feed my thai account every 3 months for the duration of my stay (2yrs now).

 

I would recommend Xendpay to anyone. The exchage rates are good comparred to the rip off rates your lovely caring bank will offer and they work without any fuss or drama.

 

Actually, I don´t consider the T/T rates offered by the Thai banks to be rip off rates. If you transfer GBP for 4.50 (HSBC) or 9.50 (Halifax) then based on my recent calculation you´d receive more THB compared to using Xendpay/Transferwise.....

[hugh2121]

22 hours ago, tvc15jj said:

as already quoted, look at Xendpay (http://xendpay.com/) 

 

I have checked out and looked into several options and this works very well. At first I paid money into Xendpay from my UK account remotley from Thailand using debit card and then waited for it to arrive in my thia account. But my bank (natwest) stopped my card from working due to a security alert caused by me loging in from Asia. I now use a VPN (as everyone should if you value your privacy) and can control things OK. But I find it better to leave a lump sum with a highly trusted friend to drip feed my thai account every 3 months for the duration of my stay (2yrs now).

 

I would recommend Xendpay to anyone. The exchage rates are good comparred to the rip off rates your lovely caring bank will offer and they work without any fuss or drama.

Do Xendpay charge a commission for sums in excess of £2000? I'm very happy with the service I get from ukforex.co.uk

[Pib]

41 minutes ago, hugh2121 said:

Do Xendpay charge a commission for sums in excess of £2000? I'm very happy with the service I get from ukforex.co.uk

According to the Xendpay's website in their Q&A section they allow up to 2,000 pound "per year" to be transferred free assuming your don't want to pay anything. But after reaching that 2,000 annual amount whether in one transfer or multiple transfers then they starting charging around a 1% fee like discussed below.

 

http://support.xendpay.com/hc/en-us/articles/203085101-How-does-Xendpay-work-

 

 

 

 

 

[i claudius]

The day before yesterday at 3 in the afternoon our time i transfered money from Nationwide , yesterday morning at 10 am i got a call from Ayudda that the money had arrived , thats the fastest time ever .