International payment question

[RickG16]

I need to make an international payment from my UK (Barclays) account into an overseas account (also my account), every month.

 

I can't set up a standing order, so am having to make a manual payment online each month. Just done this and the bank charges came to way over 10 per cent. Is there any way I can do this cheaper? Obviously Western Union etc is likely to be more expensive, but as they  are both my accounts, it seems like there must be a better way?

 

Any suggestions welcome.. Cheers.

[ukrules]

You can do this from Lloyds for 10 pounds per transfer + some other little fee, it's a SWIFT 'wire transfer' which the bank do on your behalf.

 

If you're sending very small amounts then international wires are not the way forward.

 

Are you sending a very small amount ?

[JohnC]

Sent you a PM 

[JamJar]

Why not name the countries involved??

[Oxx]

For smaller amounts, an online currency broker is almost certainly going to be most cost effective since charging is typically % based, rather than a fixed fee.

 

One such broker registered by the FCA is HiFX.  They support transfers to Thailand.

 

 https://www.hifx.co.uk/

 

There are quite a few similar brokers.

[simoh1490]

It sounds as though you are making transfers to a foreign country and buying the foreign currency you need at your bank in the UK, that's going to get very expensive very quickly and accounts perhaps for the 10% charge.

 

Why not transfer Pounds Sterling to the foreign destination and let them make the currency conversion, the rate will be much much better than the alternatives. Presumably that foreign country is Thailand, in which case there will be a receiving charge by your Thai bank (similar rules will exist for other countries also) which amounts to under 500 baht.

 

As for sending fees from the UK, HSBC charges 4 Pounds to send money Pounds to any country.

[jpinx]

My "western" bank allows me to set up a regular payment to a Thai bank, in Western currency so that I get the better FX and lesser fees of the Thai bank.  Up till about a year ago it wasn't possible, but now it "just works".  :)

[Expattaff1308]

Sent you a PM

[Eff1n2ret]

9 hours ago, simoh1490 said:

As for sending fees from the UK, HSBC charges 4 Pounds to send money Pounds to any country.

That's amazingly low. First Direct, a division of HSBC, charge about 25 quid. I set up an arrangement for transfers with them, but rarely use it.

 

I use an internet forex company established in the UK and Australia. You get a quote for Thai Baht from them and the transfer is amazingly quick and easy. It's also free, but they make a margin on the exchange rate. I don't transfer every month, only when my Thai account needs it, and preferably when the exchange rate is up rather than down. That may not suit you if you have to make a regular monthly transfer.

 

What has annoyed me recently is the admin charge by Kasikorn for receiving these transfers. It used to be about 250Baht each time, now it's well over 600. Although the transfer is referenced to me at my nominated account number, it's intercepted by some international division in Bangkok and then transferred to my account. It seems quite unnecessary to me -- the few thousand quid's worth I'm moving hardly classes me as a big money-launderer.

[simoh1490]

7 minutes ago, Eff1n2ret said:

That's amazingly low. First Direct, a division of HSBC, charge about 25 quid. I set up an arrangement for transfers with them, but rarely use it.

 

I use an internet forex company established in the UK and Australia. You get a quote for Thai Baht from them and the transfer is amazingly quick and easy. It's also free, but they make a margin on the exchange rate. I don't transfer every month, only when my Thai account needs it, and preferably when the exchange rate is up rather than down. That may not suit you if you have to make a regular monthly transfer.

 

What has annoyed me recently is the admin charge by Kasikorn for receiving these transfers. It used to be about 250Baht each time, now it's well over 600. Although the transfer is referenced to me at my nominated account number, it's intercepted by some international division in Bangkok and then transferred to my account. It seems quite unnecessary to me -- the few thousand quid's worth I'm moving hardly classes me as a big money-launderer.

Sounds like Kasikorn is using an intermediary bank who will also levy a charge.

[Eff1n2ret]

3 minutes ago, simoh1490 said:

Sounds like Kasikorn is using an intermediary bank who will also levy a charge.

I think the money goes straight to Kasikorn and they just stick a charge on for receiving it. When I originally signed up with the forex company a few years back, the operator said, "We just send an order to HSBC in Bangkok and they make the transfer to your bank." Of course HSBC no longer have their own branch in Thailand, but I believe they came to an arrangement about their Thai operations with one of the Thai banks.

[simoh1490]

1 minute ago, Eff1n2ret said:

I think the money goes straight to Kasikorn and they just stick a charge on for receiving it. When I originally signed up with the forex company a few years back, the operator said, "We just send an order to HSBC in Bangkok and they make the transfer to your bank." Of course HSBC no longer have their own branch in Thailand, but I believe they came to an arrangement about their Thai operations with one of the Thai banks.

Now I understand. HSBC Thailand still has commercial operations in Bangkok, it's only their retail arm that was closed. I understand that HSBC Commercial in Bangkok does get involved in acting as an intermediary for international transfers, it even acts as its own intermediary in some cases!. For example, if I were to transfer funds from HSBC UK to Thailand and specify that I wanted THB, my transfer would go via HSBC Bangkok to accommodate that before being shipped onwards to my Thai bank and I would be charged an intermediary fee.

[Eff1n2ret]

5 minutes ago, simoh1490 said:

Now I understand. HSBC Thailand still has commercial operations in Bangkok, it's only their retail arm that was closed. I understand that HSBC Commercial in Bangkok does get involved in acting as an intermediary for international transfers, it even acts as its own intermediary in some cases!. For example, if I were to transfer funds from HSBC UK to Thailand and specify that I wanted THB, my transfer would go via HSBC Bangkok to accommodate that before being shipped onwards to my Thai bank and I would be charged an intermediary fee.

So do you think HSBC BKK are passing on a charge to Kasikorn? It did seem to me that any such cost would be charged to the account of the forex co and as they make no charge for the transfer it would be absorbed in the margin they make on the exchange rate. I assumed that Kasikorn's charge was just for the privilege of me paying money into my account with them. I guess I'd get a similar deduction if I made a direct Sterling transfer from First Direct to Kasikorn, when Kasikorn would also make some profit on the exchange rate. The way I do it at the moment, Kasikorn are taking money for doing virtually nothing.

[simoh1490]

1 minute ago, Eff1n2ret said:

So do you think HSBC BKK are passing on a charge to Kasikorn? It did seem to me that any such cost would be charged to the account of the forex co and as they make no charge for the transfer it would be absorbed in the margin they make on the exchange rate. I assumed that Kasikorn's charge was just for the privilege of me paying money into my account with them. I guess I'd get a similar deduction if I made a direct Sterling transfer from First Direct to Kasikorn, when Kasikorn would also make some profit on the exchange rate. The way I do it at the moment, Kasikorn are taking money for doing virtually nothing.

I don't know for sure but since First Direct is part of HSBC Group they will almost certainly use HSBC Bangkok to buy THB I would have thought. Much depends on whether First Direct has a one to one relationship with Kasikorn or not and it doesn't make sense that they would hence I think you are right, you will likely pay the intermediary fee regardless of what currency you transfer. If you wait a short while, PIB will almost certainly be along and he used to work for HSBC and knows about this stuff in detail and he may have a different take on matters.

[RickG16]

21 hours ago, Eff1n2ret said:

That's amazingly low. First Direct, a division of HSBC, charge about 25 quid. I set up an arrangement for transfers with them, but rarely use it.

 

I use an internet forex company established in the UK and Australia. You get a quote for Thai Baht from them and the transfer is amazingly quick and easy. It's also free, but they make a margin on the exchange rate. I don't transfer every month, only when my Thai account needs it, and preferably when the exchange rate is up rather than down. That may not suit you if you have to make a regular monthly transfer.

 

What has annoyed me recently is the admin charge by Kasikorn for receiving these transfers. It used to be about 250Baht each time, now it's well over 600. Although the transfer is referenced to me at my nominated account number, it's intercepted by some international division in Bangkok and then transferred to my account. It seems quite unnecessary to me -- the few thousand quid's worth I'm moving hardly classes me as a big money-launderer.

 

Cheers.. any chance you could let me know the name of the forex company? I'd like to check it out 

[RickG16]

Thanks for the responses. At the moment it's looking like the best way of doing this might be to set up my overseas account on my PayPal, if I can, and pay from my PayPal into the account.

[Eff1n2ret]

1 hour ago, RickG16 said:

 

Cheers.. any chance you could let me know the name of the forex company? I'd like to check it out 

Oz Forex. The UK end used to be known as UK Forex, not long ago they amalgamated under the Oz banner. Depending on what time of day you deal with them you may get a call either from Australia or from London.  The whole transaction is done in a few clicks online and I then make the payment to them online from my UK bank account. These days they phone up after I've booked the deal just to confirm. When I first signed up with them I'd already recently moved to Thailand, but as I was then still on the Electoral Register, they accepted that as proof of address. A couple of years ago I had to re-register with  I/d and notarised proof of address in Thailand. They are pretty good to deal with. From the original deal, the money is in my Kasikorn account in not more than 3-4 working days.

 

https://www.ofx.com/en-gb