Holiday in Thailand – transfer GBP to my Thai account or take GBP cash?

[JamJar]

1 hour ago, jacko45k said:

There are charges at both ends which make this an expensive option. It should just be a back up only.

 

As to original question. Away from the airport cash can be exchanged at a very slightly better rate, than a transfer will give you, and of course no issue if you have cash left over, as you can take the £ back. Disadvantage, the risk of carrying large amounts of cash. 

I would make a transfer.

 

 

 

Actually not if you use the right plastic. Using a fee free card, say the Halifax Clarity and taking out 20000 baht from an AEON ATM comes with a 150 baht charge. So if you have £2000 of spending money, that will take 4 to 5 withdrawals.

600 to 750 baht in total.

 

If you transfer bank to bank, let's say you use Bangkok Bank, their £20 fee(863 baht) is already more than what you would have paid withdrawing from an AEON ATM. Then you have to add the Thai bank's receiving fee of 200 baht and contend with the inferior TT rate.

So forget the fallacy of bank to bank transfers being the best way.

 

Transferwise is different. For the £2000, there is a fixed fee of 580 baht. So better than AEON.

 

So my choices for mattk1 would be cash/Transferwise.

[Elkski]

I found the exchange rates quoted better at some little exchanges in BKK than at the airport.  But I didn't look for supper rich.   Is it the same rate at the airport as other superich location's!

[Jip99]

3 minutes ago, Elkski said:

I found the exchange rates quoted better at some little exchanges in BKK than at the airport.  But I didn't look for supper rich.   Is it the same rate at the airport as other superich location's!

 

This is quite good:-

 

 

https://daytodaydata.net/

[JamJar]

11 minutes ago, Elkski said:

I found the exchange rates quoted better at some little exchanges in BKK than at the airport.  But I didn't look for supper rich.   Is it the same rate at the airport as other superich location's!

 

 

SuperRich Thailand and 1965 are at the Airport Link

 

https://www.superrichthailand.com/#!/en/exchange

 

You can choose the location from the dropdown list

[rickudon]

Jamjar is pretty much the expert here. Doing counter withdrawals at banks is becoming more problematic and although some bank branches may do it at no cost, I have never found one! Either they just refuse or have 'hidden' fees.

 

I Use the Clarity credit card, about the best way of doing ATM withdrawals with your home cards, and of course no charge on purchases too (just remember to pay off cash withdrawals quickly). Interbank swift transfers only worth it for large amounts (2000 GBP plus) and still depends on what TT rate you get and your UK bank charges, Transferwise probably (but not always) better.

 

For changing cash, the ordinary exchange rate booths at Swampy were only giving 40.6 on tuesday, and i see the rates at the banks elsewhere were very variable, from as little as 41.6 up to 42.5

 

Didn't realise Superrich had a place at Swampy, will definitely search that out next time. I would certainly change some cash there in case transfer was a bit slow.

[Chivas]

I did quite a few dummy transfers using transferwise against the quoted TT rates of SCB and transferring via my halifax or hsbc. Whilst its not set in stone the bottom line was better on transferwise (not by much) up to £5500 at which point hsbc started to creep ahead and halifax (who charge slightly more than hsbc) crept ahead at around £7000

Very little in it at all these days.

[Lokie]

I also use my Halifax Clarity card for supermarket shopping (just as if back in UK,) I then simply pay the bill via online banking, rates are based on mastercard rates so not too bad. I bring in a few grand sterling in crisp clean (unmarked) £50s and put them straight into my Thai account for atm cash withdrawals - Simples!

 

 

[bicyclist]

Transferwise lets me send funds at a great exchange rate and low cost. You can see the rate and fee before you execute a transfer. Since 2014, I've used Transferwise to send funds to my Bangkok Bank account in Thailand every month, saving me 100s in fees other services would have charged. A transfer from the UK to Thailand can take about 4 business days; a transfer from a US bank typically will be available in your Thai bank account the next business day. Follow this link to transfer up to £500 free.

[mattk1]

Again thanks everyone with the super helpful replies! :-)

 

I have decided to take £300 cash to exchange at the airport and to use Transferwise to send a larger amount to my Bangkok Bank account. 

 

So glad I asked on here now :-)

 

All the best everyone!

[jacko45k]

21 hours ago, JamJar said:

 

 

Actually not if you use the right plastic. Using a fee free card, say the Halifax Clarity and taking out 20000 baht from an AEON ATM comes with a 150 baht charge. So if you have £2000 of spending money, that will take 4 to 5 withdrawals.

600 to 750 baht in total.

 

If you transfer bank to bank, let's say you use Bangkok Bank, their £20 fee(863 baht) is already more than what you would have paid withdrawing from an AEON ATM. Then you have to add the Thai bank's receiving fee of 200 baht and contend with the inferior TT rate.

So forget the fallacy of bank to bank transfers being the best way.

 

Transferwise is different. For the £2000, there is a fixed fee of 580 baht. So better than AEON.

 

So my choices for mattk1 would be cash/Transferwise.

My UK bank does not make a charge for the transfers. I transfer in £. At the Thai end up to 500 baht depending on amount.  A single larger transfer would be enough, no silly messing about with multiple charge, multiple transfers. Withdrawals Thai end free in home bank area.

 

Best way is not always cheapest..... that would be cash and using a particular exchange house in Thailand, and accepting the risk of carrying a lot of cash.  Using a 'foreign' ATM also often includes a somewhat hidden percentage charge on the exchange rate, on top of the 150-180 baht whatever it is now. It often introduces lower withdrawal limits too, depending which ATM machine you use.

 

I have had problems with Halifax in the past and will not use them. Not really a bank and clear through others.

[jacko45k]

1 hour ago, mattk1 said:

Again thanks everyone with the super helpful replies! :-)

 

I have decided to take £300 cash to exchange at the airport and to use Transferwise to send a larger amount to my Bangkok Bank account. 

 

So glad I asked on here now :-)

 

All the best everyone!

Exchange rates at the airport are lower. If you are 'penny-wise'  why not use a Bangkok Bank ATM at the airport. Personally I always arrive with baht cash. (I live here).

[boike]

Again thanks everyone with the super helpful replies! :-)  

I have decided to take £300 cash to exchange at the airport and to use Transferwise to send a larger amount to my Bangkok Bank account. 

 

So glad I asked on here now :-)

 

All the best everyone!

 

 

Before you do check out Xendpay. They'll give a way better rate than Tranferwise or others.

They are in England and they are really fast. xendpay.com. I've sent over €10000 at a time to Thailand and USA always arrives within 48 hours.

I bring in larger amounts in cash and always declare at point of departure and Thailand customs. Never worried about losing or theft if you wear a on the body stash and lock it properly.

 

If you use android download remitfinder from the Google app store.

 

Sent from my XT1572 using Tapatalk

 

 

 

 

 

[Chivas]

7 hours ago, boike said:

 

Before you do check out Xendpay. They'll give a way better rate than Tranferwise or others.

They are in England and they are really fast. xendpay.com. I've sent over €10000 at a time to Thailand and USA always arrives within 48 hours.

I bring in larger amounts in cash and always declare at point of departure and Thailand customs. Never worried about losing or theft if you wear a on the body stash and lock it properly.

 

If you use android download remitfinder from the Google app store.

 

Sent from my XT1572 using Tapatalk

 

 

 

 

 

The dont give a "way better "exchange than transferwise I can assure you  !!   I used them as a test when doing dummy transfers they were way down the list on the bottom line that lands in your account

[Arandora]

8 hours ago, jacko45k said:

My UK bank does not make a charge for the transfers. I transfer in £. At the Thai end up to 500 baht depending on amount.  A single larger transfer would be enough, no silly messing about with multiple charge, multiple transfers. Withdrawals Thai end free in home bank area.

 

Best way is not always cheapest..... that would be cash and using a particular exchange house in Thailand, and accepting the risk of carrying a lot of cash.  Using a 'foreign' ATM also often includes a somewhat hidden percentage charge on the exchange rate, on top of the 150-180 baht whatever it is now. It often introduces lower withdrawal limits too, depending which ATM machine you use.

 

I have had problems with Halifax in the past and will not use them. Not really a bank and clear through others.

I think you must be out of touch, first the current charge for ATM withdrawals is 200 - 220 baht  (other than AON which is 150 baht) and the "Halifax (previously known as Halifax Building Society) is a British bank operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group."

[boike]

38 minutes ago, Chivas said:

The dont give a "way better "exchange than transferwise I can assure you  !!   I used them as a test when doing dummy transfers they were way down the list on the bottom line that lands in your account

Sorry but you are wrong.

And no hidden fees and pay what you want up to 2000 GBP.

 

 

[JamJar]

8 hours ago, jacko45k said:

Exchange rates at the airport are lower. If you are 'penny-wise'  why not use a Bangkok Bank ATM at the airport. Personally I always arrive with baht cash. (I live here).

 

You aren't paying attention and so are ending up giving poor advice.

[JamJar]

8 hours ago, jacko45k said:

My UK bank does not make a charge for the transfers. I transfer in £. At the Thai end up to 500 baht depending on amount.  A single larger transfer would be enough, no silly messing about with multiple charge, multiple transfers. Withdrawals Thai end free in home bank area.

 

Best way is not always cheapest..... that would be cash and using a particular exchange house in Thailand, and accepting the risk of carrying a lot of cash.  Using a 'foreign' ATM also often includes a somewhat hidden percentage charge on the exchange rate, on top of the 150-180 baht whatever it is now. It often introduces lower withdrawal limits too, depending which ATM machine you use.

 

I have had problems with Halifax in the past and will not use them. Not really a bank and clear through others.

 

 

Which bank are you claiming make no charge?!

You are definitely having a lark. Your advice is becoming worse with each post. 

 

Your bank makes a charge, the Thai bank utilises a TT rate(Bangkok Bank currently; 42.835 as compared to the current spot rate of 43.28) , the Thai bank charges a receiving fee.

 

 

 

Three different charges. 

[JamJar]

16 minutes ago, boike said:

Sorry but you are wrong.

And no hidden fees and pay what you want up to 2000 GBP.

 

 

 

 

Your screenshot is misleading, as the TransferWise figure you are showing will include their fee. So once you go over the Xendpay £2000 limit, the picture changes.

 

XendPay does have a worse exchange rate, but for up to £2000 per annum on any one account they will allow you to choose your own fee. 

 

The actual rates currently offered are;

 

TransferWise: 

43.28116 

Guaranteed exchange rate (24 hrs)

 

XendPay: 43.04964. So their claim of "no exchange rate mark ups" is just a lie.

But if you choose to pay them nothing for your up to £2000 transfer, you might come out ahead of TransferWise..

 

TransferWise through a referral link will allow you a free transfer of up to £500. 

 

So for smaller transfers up to the £2000 limit, Xendpay is good value if you choose to pay nothing. I actually forgot about them. Partially because I haven't utilised them. But another member here does and states that they are fine.

 

 

[boike]

 
 
Your screenshot is misleading, as the TransferWise figure you are showing will include their fee. So once you go over the Xendpay £2000 limit, the picture changes.
 
XendPay does have a worse exchange rate, but for up to £2000 per annum on any one account they will allow you to choose your own fee. 
 
The actual rates currently offered are;
 
TransferWise: 
43.28116 
Guaranteed exchange rate (24 hrs)
 
XendPay: 43.04964. So their claim of "no exchange rate mark ups" is just a lie.
But if you choose to pay them nothing for your up to £2000 transfer, you might come out ahead of TransferWise..
 
TransferWise through a referral link will allow you a free transfer of up to £500. 
 
So for smaller transfers up to the £2000 limit, Xendpay is good value if you choose to pay nothing. I actually forgot about them. Partially because I haven't utilised them. But another member here does and states that they are fine.
 
 

I'll send once a year €15000 to Thailand and choose to pay €0.
Later in the year I'll send another €10000 and they charge €15.
Another €10000 to my US account, charge €15. No bank fees as they use local banks to transfer the funds to.
The op has now enough info to make up his mind.


Sent from my XT1572 using Tapatalk

[boike]

I'll send once a year €15000 to Thailand and choose to pay €0.
Later in the year I'll send another €10000 and they charge €15.
Another €10000 to my US account, charge €15. No bank fees as they use local banks to transfer the funds to.
The op has now enough info to make up his mind.


Sent from my XT1572 using Tapatalk

Sent from my XT1572 using Tapatalk

[JamJar]

6 hours ago, boike said:

 

I'll send once a year €15000 to Thailand and choose to pay €0.
Later in the year I'll send another €10000 and they charge €15.
Another €10000 to my US account, charge €15. No bank fees as they use local banks to transfer the funds to.
The op has now enough info to make up his mind.


Sent from my XT1572 using Tapatalk
 

 

 

Are you stating that there is no charge if you send 15000€, contrary to their claim that there is a £2000 limit?

 

As I don't have an account, there is no way for me to check. 

 

If that is true, even though their rate is truncated, it is still a decent value option, as it certainly beats the Thailand bank TT rate.

 

[Tofer]

On 24 June 2017 at 4:25 AM, JamJar said:

Taking pounds in cash is a good option but of course you can lose it. Exchange some or all at the SuperRich Thailand counter at the Airport Link at Suvarnabhumi. Then you can take it directly to a branch of your Thai bank in order to deposit it. But of course walking around with all your money until you get to deposit it is a bit of a risk.

 

But that is the best value option for you., as currently you'll get 43.07 baht for £50 notes at their airport location. £20 notes; 42.92. But that is still better than what you would receive with Transferwise or a Bank Transfer.

 

 

Agree. Take £50 notes to get a better rate. Also Vasu Exchange on the corner of Sukhumvit / soi 7 are very good and often beat Super Rich. Big risk carrying cash though.

[Tofer]

On 24 June 2017 at 5:52 PM, jippytum said:

Why not transfer GBP to your Thai sterling  account  ,Very convenient

But you cannot draw it out in Stirling in Thailand. It would have to be transferred into Thai baht at the banks exchange rate minus charges.

[boike]

 
Are you stating that there is no charge if you send 15000€, contrary to their claim that there is a £2000 limit?
 
As I don't have an account, there is no way for me to check. 
 
If that is true, even though their rate is truncated, it is still a decent value option, as it certainly beats the Thailand bank TT rate.
 

That is my statement and absolutely correct. I've used them since they came on the scene. Again no charges if you send well over the £2000 and in my case €15000 and you select zero in pay as you go. Subsequent transfers within 12 months will be charged. You get the exact same amount of money as shown with no cost from your Thailand bank. And in the US also no bank charges as they use ACH with your routing number.

Sent from my XT1572 using Tapatalk

[Arandora]

40 minutes ago, boike said:

 

That is my statement and absolutely correct. I've used them since they came on the scene. Again no charges if you send well over the £2000 and in my case €15000 and you select zero in pay as you go. Subsequent transfers within 12 months will be charged. You get the exact same amount of money as shown with no cost from your Thailand bank. And in the US also no bank charges as they use ACH with your routing number.

Sent from my XT1572 using Tapatalk
 

 

I have a Kasikorn Bank Account and when I transfer to it using a UK Exchange Service, I am charged by Kasikorn under their Terms & Conditions. How do Xendpay get around these? 
Assuming Kasikorn do charge, the difference between the amount transferred for £1000 in THB would, at the moment, be about £10, which is the suggested charge. So by electing to pay no charge, I would save the equivalent of £10. If I transferred £5000 which I normally do, I would save the equivalent of £35, if I did not pay the £50 suggested charge.

If I were to take over in cash and change at SuperRich in Phuket Airport (nearest branch to where we stay in Khao Lak) then pay into my Kasikorn Account I would get about 1640 baht more than with Xendpay or 3140 more than with my Exchange Service. 

Edited June 26, 2017 by Arandora

[observer90210]

If you are purchasing property,  you must have the funds wired from abroad in order to get the specific form, from the receiving bank, that will enable you to repatriate the funds in case of a future sale..

 

If not, I found the best option with the inherent risks of course, was to carry cash with me. Depending on your currency, look out for which bills give you the best rates, as a 50,-- bill wont give as good a rate as a 100 bill (either un US$ or €uros).

 

Having cash can also avoid issues of being refused entry, if Immigration challenges you to show your cash and means of living during your sojourn in Thailand.  (as read on a previous thread here today),

 

I never use the exchange counters at Suvar airport, if so only a bit of cash to pay the driver. I found the best rates at MBK Shopping Mall - Bangkok money exchange booths. Last but not least, remember to always have your passport with you when you want to change foreign exchange in Thailand.

 

Currency upto US$ 19'000,-- /per entry, does not need to be declared at customs, unless the rules have changed!

 

If you bring more, declare it, or take the risk of extra hassle or even confiscation. A few of the boys with uniforms and parachute wings, seem to be on the hunt on how to harass or ripoff expats or tourists, so play fully by the book and all will go smooth......have a nice trip, stay safe when crossing the road or driving and most of all.....have lot's of fun!!!!!!!

[JamJar]

2 hours ago, Arandora said:

I have a Kasikorn Bank Account and when I transfer to it using a UK Exchange Service, I am charged by Kasikorn under their Terms & Conditions. How do Xendpay get around these? 
Assuming Kasikorn do charge, the difference between the amount transferred for £1000 in THB would, at the moment, be about £10, which is the suggested charge. So by electing to pay no charge, I would save the equivalent of £10. If I transferred £5000 which I normally do, I would save the equivalent of £35, if I did not pay the £50 suggested charge.

If I were to take over in cash and change at SuperRich in Phuket Airport (nearest branch to where we stay in Khao Lak) then pay into my Kasikorn Account I would get about 1640 baht more than with Xendpay or 3140 more than with my Exchange Service. 

 

 

He stated that they have a local partner. So it would be a local transfer and therefore no receiving fee.

So a useful alternative for relatively large transfers.

 

For everyday spending, fee free card over the correct counter is still the best, behind running around with £50 notes and heading to a SuperRich. Mastercard currently 43.18348.  SuperRich 43.35

TT rates are all under 43, as is XendPay and TransferWise(after fees).

 

 

[JamJar]

2 hours ago, observer90210 said:

If you are purchasing property,  you must have the funds wired from abroad in order to get the specific form, from the receiving bank, that will enable you to repatriate the funds in case of a future sale..

 

If not, I found the best option with the inherent risks of course, was to carry cash with me. Depending on your currency, look out for which bills give you the best rates, as a 50,-- bill wont give as good a rate as a 100 bill (either un US$ or €uros).

 

Having cash can also avoid issues of being refused entry, if Immigration challenges you to show your cash and means of living during your sojourn in Thailand.  (as read on a previous thread here today),

 

I never use the exchange counters at Suvar airport, if so only a bit of cash to pay the driver. I found the best rates at MBK Shopping Mall - Bangkok money exchange booths. Last but not least, remember to always have your passport with you when you want to change foreign exchange in Thailand.

 

Currency upto US$ 19'000,-- /per entry, does not need to be declared at customs, unless the rules have changed!

 

If you bring more, declare it, or take the risk of extra hassle or even confiscation. A few of the boys with uniforms and parachute wings, seem to be on the hunt on how to harass or ripoff expats or tourists, so play fully by the book and all will go smooth......have a nice trip, stay safe when crossing the road or driving and most of all.....have lot's of fun!!!!!!!

 

You are missing a trick not exchanging at the Airport, as you'll find some of the best rates there, at the Airport Link. 

 

https://www.superrichthailand.com/#!/en/exchange#rate-section

[JamJar]

3 hours ago, boike said:

 

That is my statement and absolutely correct. I've used them since they came on the scene. Again no charges if you send well over the £2000 and in my case €15000 and you select zero in pay as you go. Subsequent transfers within 12 months will be charged. You get the exact same amount of money as shown with no cost from your Thailand bank. And in the US also no bank charges as they use ACH with your routing number.

Sent from my XT1572 using Tapatalk
 

 

 

 

Actually I was probably the first or one of the first to link to them here. But I have never used them, as my current method offers better value. 

But interesting to know that that you can go over the £2k limit in a single transfer. May turn out to be useful for some.

[observer90210]

1 hour ago, JamJar said:

 

You are missing a trick not exchanging at the Airport, as you'll find some of the best rates there, at the Airport Link. 

 

https://www.superrichthailand.com/#!/en/exchange#rate-section

ok for sure I'll compare the SuperRich rates with the MBK rates on my next trip....and if your deal is better, I'll get you some beers and booze for sure!!!!!...thanks for the link!