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

[boike]

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. 

 

They have local accounts and or partners.

 

Sent from my XT1572 using Tapatalk

 

 

 

[jacko45k]

On 26/06/2017 at 1:46 PM, Arandora said:

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."

I was answering someone who used AEON I guess. I now live in Thailand and never pay these ATM charges. I mentioned I have reasons for not using Halifax (treated badly in the past). Per your information I may as well use Lloyds Bank then, I used to,  from Uni days, but I switched to HSBC as Lloyds cancelled the  local services in my UK  home town that I needed at the time, so I moved.

Edited June 28, 2017 by jacko45k

[jacko45k]

On 26/06/2017 at 2:10 PM, JamJar said:

 

 

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. 

My bank in Jersey does not make charges when I use internet banking. I do not claim it, it is a fact. Yes, I will get the BB TT rate and they charge up to 500 baht to receive. The same as using a foreign ATM to  get say only 40,000 baht.The only better rate I see is cash at some of the exchange houses, this is only very slightly better. I would not advise people to bring large amounts of cash, but up to them.  You appear to not know what you are talking about and should go and get annoyed somewhere else. Excuse my nervousness at not wanting to involve another 3rd party, clearing agency.

 

Where is the spot rate available to you?

Edited June 28, 2017 by jacko45k

[JamJar]

6 hours ago, jacko45k said:

My bank in Jersey does not make charges when I use internet banking. I do not claim it, it is a fact. Yes, I will get the BB TT rate and they charge up to 500 baht to receive. The same as using a foreign ATM to  get say only 40,000 baht.The only better rate I see is cash at some of the exchange houses, this is only very slightly better. I would not advise people to bring large amounts of cash, but up to them.  You appear to not know what you are talking about and should go and get annoyed somewhere else. Excuse my nervousness at not wanting to involve another 3rd party, clearing agency.

 

Where is the spot rate available to you?

 

 

Ok, where do I begin?

 

First you suggested that there are charges on both sides when withdrawing via an ATM. I illustrated that was wrong, when using the right plastic.

 

Then you suggested that the exchange rate at the airport was poor and that it would be better to withdraw from a Bangkok Bank ATM. I think SuperRich 1965 and SuperRich International at the Airport Link would beg to differ.

 

Now you write that the BB TT rate is the same as the rate you would get when utilising plastic. Again wrong. BB's TT rate yesterday was 42.83250. Yesterday's Mastercard rate was 43.19

 

Earlier you stated that it would be better to do a transfer than utilising plastic, but it seems that you based that on a Jersey based bank that doesn't charge for sending money. Hardly universal advice then and even there there could still be a Correspondent bank.

 

So perhaps you can understand why I am somewhat circumspect with regard to your advice on this thread.

 

Apart from all of that, withdrawing over the counter using the right plastic is still better value overall.

 

 

 

 

 

 

 

[jacko45k]

16 hours ago, JamJar said:

 

 

Ok, where do I begin?

 

First you suggested that there are charges on both sides when withdrawing via an ATM. I illustrated that was wrong, when using the right plastic.

 

Then you suggested that the exchange rate at the airport was poor and that it would be better to withdraw from a Bangkok Bank ATM. I think SuperRich 1965 and SuperRich International at the Airport Link would beg to differ.

 

Now you write that the BB TT rate is the same as the rate you would get when utilising plastic. Again wrong. BB's TT rate yesterday was 42.83250. Yesterday's Mastercard rate was 43.19

 

Earlier you stated that it would be better to do a transfer than utilising plastic, but it seems that you based that on a Jersey based bank that doesn't charge for sending money. Hardly universal advice then and even there there could still be a Correspondent bank.

 

So perhaps you can understand why I am somewhat circumspect with regard to your advice on this thread.

 

Apart from all of that, withdrawing over the counter using the right plastic is still better value overall.

 

 

 

 

 

 

 

The right plastic often involves specific acounts that have some other disadvantage. For example Halifax, a bank I prefer not to use.  A UK bank I am with used to charge a fixed (foreign use) fee plus a percentage charge, then of course there is a charge at the Thailand end. I do not believe you can avoid the Thailand end charge, and expensive at 200+ baht for only 20,000 baht withdrawals. Perhaps you can go through the effort of claiming it back?

 

The exchange rate at the airport is poorer at the bank exchanges and TT, I have never seen the Superrich places when I arrive.

 

Mastercard rate in the past, for me, was subjected to a % charge, but if I still have to pay fixed charges at both ends above this, it is irrelevant.

 

My Jersey bank does not use any corresponent bank, I send 20,000, 20,000 arrives, no charge seen. At BB, 20,000 arives in  24 hours (sometimes less), and yes they convert at TT and apply a 500 baht charge. I have had this Jersey account about 30 years, and they now permit me to use a Thailand address.

Some banks in Thailand will not readily let you withdraw over the counter using your foreign debit card, but insist you use the ATM.  You were told by Arandora 

Quote

 

Banks that do counter or in bank exchange with a debit or credit card and passport don't charge but the rate used is less than the ATM charge and you still have to pay your bank's fees.

 

 

 

 

 

but are still peddling the concept.

 

I prefer not to pay the Thai surcharge. Perhaps I focus too much on this, and as a Thailand resident have different needs.

 

 

Edited June 29, 2017 by jacko45k

[JamJar]

13 hours ago, jacko45k said:

The right plastic often involves specific acounts that have some other disadvantage. For example Halifax, a bank I prefer not to use.  A UK bank I am with used to charge a fixed (foreign use) fee plus a percentage charge, then of course there is a charge at the Thailand end. I do not believe you can avoid the Thailand end charge, and expensive at 200+ baht for only 20,000 baht withdrawals. Perhaps you can go through the effort of claiming it back?

 

The exchange rate at the airport is poorer at the bank exchanges and TT, I have never seen the Superrich places when I arrive.

 

Mastercard rate in the past, for me, was subjected to a % charge, but if I still have to pay fixed charges at both ends above this, it is irrelevant.

 

My Jersey bank does not use any corresponent bank, I send 20,000, 20,000 arrives, no charge seen. At BB, 20,000 arives in  24 hours (sometimes less), and yes they convert at TT and apply a 500 baht charge. I have had this Jersey account about 30 years, and they now permit me to use a Thailand address.

Some banks in Thailand will not readily let you withdraw over the counter using your foreign debit card, but insist you use the ATM.  You were told by Arandora 

but are still peddling the concept.

 

I prefer not to pay the Thai surcharge. Perhaps I focus too much on this, and as a Thailand resident have different needs.

 

 

 

 

Are you old? It seems that you are a bit stuck in your ways and insist that you are right, when quite clearly you are wrong. Worse still you insist on giving advice based on outdated and erroneous data.

 

Just because you don't see the SuperRich booths, does not mean that they do not exist. If you are confused about this, ask other members here.

Current rate at SuperRich International  44 baht to the Pound. 

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

 

Click on the link and scroll down to the airport location.

 

Kasikorn TT rate 43.63

Current Mastercard rate 43.95

 

https://www.halifax.co.uk/creditcards/clarity-card/Default.asp  is a credit card. I never suggested trying to use a debit card over the counter.

 

I do this on a regular basis and obtain the full Mastercard rate. I don't need to depend on hearsay. No other fees whatsoever.

 

If you don't like the Halifax, there are a few other credit cards with similar conditions, but a smaller daily withdrawal limit.

 

 

I am right and you are wrong. It is as simple as that. You can take it on board or you can continue to keep your head firmly in the sand.

 

If you are sending £20,000 at a time to your Thailand bank account, you probably have no need to avail yourself of other methods and that is perhaps why your advice is outdated and often quite wrong.

 

Apologies for appearing to be blunt, but I must insist, since you continue to suggest that you know better.

 

As an aside, if you could take the max out an ATM with the Halifax Clarity, even taking the 220 baht charge into account, you would receive a rate of 43.50.  Not terribly different from the Kasikorn TT rate.

So for the average person sending from a UK bank, they would suffer from a UK bank charge, a below par TT rate and the Thailand bank receiving charge.

 

So please be mindful of the advice that you are dispensing to others, especially if you insist on not updating your knowledge.

 

Once again, apologies for the bluntness of the delivery.

 

 

 

 

 

 

[jacko45k]

8 hours ago, JamJar said:

 

 

Are you old? It seems that you are a bit stuck in your ways and insist that you are right, when quite clearly you are wrong. Worse still you insist on giving advice based on outdated and erroneous data.

 

Just because you don't see the SuperRich booths, does not mean that they do not exist. If you are confused about this, ask other members here.

Current rate at SuperRich International  44 baht to the Pound. 

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

 

Click on the link and scroll down to the airport location.

 

Kasikorn TT rate 43.63

Current Mastercard rate 43.95

 

https://www.halifax.co.uk/creditcards/clarity-card/Default.asp  is a credit card. I never suggested trying to use a debit card over the counter.

 

I do this on a regular basis and obtain the full Mastercard rate. I don't need to depend on hearsay. No other fees whatsoever.

 

If you don't like the Halifax, there are a few other credit cards with similar conditions, but a smaller daily withdrawal limit.

 

 

I am right and you are wrong. It is as simple as that. You can take it on board or you can continue to keep your head firmly in the sand.

 

If you are sending £20,000 at a time to your Thailand bank account, you probably have no need to avail yourself of other methods and that is perhaps why your advice is outdated and often quite wrong.

 

Apologies for appearing to be blunt, but I must insist, since you continue to suggest that you know better.

 

As an aside, if you could take the max out an ATM with the Halifax Clarity, even taking the 220 baht charge into account, you would receive a rate of 43.50.  Not terribly different from the Kasikorn TT rate.

So for the average person sending from a UK bank, they would suffer from a UK bank charge, a below par TT rate and the Thailand bank receiving charge.

 

So please be mindful of the advice that you are dispensing to others, especially if you insist on not updating your knowledge.

 

Once again, apologies for the bluntness of the delivery.

 

 

 

 

 

 

Yes I am old, thanks for bringing that up, I am not INSISTING I am correct, simply stating what I do for comparison.

 

The airport offices of Superrich appear to be near the Novotel and rail link. Rather out of my way with suitcases.

 

You use a credit card for cash withdrawals? Unusual, I always expected to be charged interest from the moment I withdraw it. How do you avoid that. Also what is your limit on these withdrawals? (My transfer limit exceeds my needs).

 

As I do not live in UK, alternative UK cards and accounts are near impossible for me.

 

Surely my methods are reasonable for someone who wishes to send a larger amount while the rate is beneficial.... why does that make it wrong? Your method requires walking all over the airport carrying large amounts of cash or to various banks carrying passport and cards. Mine I do from my home at the computer.

 

Now you suggest also using an ATM,  but the smaller withdrawal limit of 20k baht will require multiple payments of 220, which make your advice wrong and your rate comparison invalid. Naïve mathematics I would expect in a young mind.

 

Message to you, not everybody in the world has a Halifax Clarity card! The interest rate is 18.5% p,a, only usable where you see the Mastercard Logo,  you are limited to your credit limit, be a UK resident, have a regular income.

 

Your response did not address the OPs question..... mine did. You chose to pick an argument with my answer irrespective of the OP.  Go play with your mobile phone.

 

Excuse me while I send some cash to my Thai bank account while the rate is better............. done, never left my chair!

 

 

 

 

Edited June 30, 2017 by jacko45k

[JamJar]

2 hours ago, jacko45k said:

Yes I am old, thanks for bringing that up, I am not INSISTING I am correct, simply stating what I do for comparison.

 

The airport offices of Superrich appear to be near the Novotel and rail link. Rather out of my way with suitcases.

 

You use a credit card for cash withdrawals? Unusual, I always expected to be charged interest from the moment I withdraw it. How do you avoid that. Also what is your limit on these withdrawals? (My transfer limit exceeds my needs).

 

As I do not live in UK, alternative UK cards and accounts are near impossible for me.

 

Surely my methods are reasonable for someone who wishes to send a larger amount while the rate is beneficial.... why does that make it wrong? Your method requires walking all over the airport carrying large amounts of cash or to various banks carrying passport and cards. Mine I do from my home at the computer.

 

Now you suggest also using an ATM,  but the smaller withdrawal limit of 20k baht will require multiple payments of 220, which make your advice wrong and your rate comparison invalid. Naïve mathematics I would expect in a young mind.

 

Message to you, not everybody in the world has a Halifax Clarity card! The interest rate is 18.5% p,a, only usable where you see the Mastercard Logo,  you are limited to your credit limit, be a UK resident, have a regular income.

 

Your response did not address the OPs question..... mine did. You chose to pick an argument with my answer irrespective of the OP.  Go play with your mobile phone.

 

Excuse me while I send some cash to my Thai bank account while the rate is better............. done, never left my chair!

 

 

 

 

 

Why has it become all about you? No one asked what you do for comparison, since your circumstances do not relate to this case. He will not be sending £20,000 via a Jersey bank for holiday money.

 

The original question thus;

 

Quote

Hi everyone,

 

Just wanted to ask some quick advice here as I’ve left it till the last minute to sort out holiday money.

 

I’m heading over to Thailand with the wife and kids next week and I was planning on just using TransferWise to send GBP into my Bangkok bank account, but then I thought I might ask on here if it would be better to take GBP cash and exchange it in Thailand?

 

With the exchange rate pretty dismal these days I wondered what are people’s thoughts?

 

This my reply;

 

Quote

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.

 

Through further discussion, a mix of cash and Transferwise was chosen.

 

But of course, had he sent all via Transferwise, he would already be 3% down, as the rate now is something like 1.4 baht more than he would have got with a transfer on the day of posting.

 

So that is the original question sorted.

 

 

 

Now we can get back to general advice

 

You erroneously asserted that it was expensive to change cash at the airport. That was wrong. So now you complain about having to lug your suitcases to the Airport Link.

 

You erroneously suggested that using plastic had charges on both sides and was expensive. That was wrong, so now you complain about having to take a card and passport to a bank.

 

You argued that one would be sent to the ATM on trying to obtain cash over the counter. Wrong again, as you assumed debit card and not credit card.

 

You argued that Halifax was not a bank.

 

 

As to transferring "when the rate was  advantageous", your "advantageous rate" would not have been advantageous in this case..

 

 

Once again, mattk1, asked what he should go to get the best value for money, not what was the most convenient.

 

 

 

 

 

As to your question about avoiding interest on the Clarity, I can cover any withdrawal with a payment via on-line banking. Tap, tap, tap on my phone. Done.

 

Old isn't meant as an insult. Just can be that older people are resistant to change. 

 

No criticism of your way. It suits you. My issue with you was with your giving of erroneous advice.

 

Anyway, all done now.

 

As an aside, there are two branches of Bangkok Bank at the airport. One close to the Airport Link in the Free Zone and the other in the Transportation Centre.

Edited June 30, 2017 by JamJar

[jacko45k]

10 minutes ago, JamJar said:

You erroneously asserted that it was expensive to change cash at the airport. That was wrong. So now you complain about having to lug your suitcases to the Airport Link.

Current rate at Superrich Bangkok is 44.30 , at the airport it is 44.25 . It is therefore more expensive to change money at the airport.  So the statement is not erroneous....

 

12 minutes ago, JamJar said:

You erroneously suggested that using plastic had charges on both sides and was expensive.

It certainly can be, I would be charged at both ends with my current UK  cards.... so the statement is correct.

 

14 minutes ago, JamJar said:

You argued that Halifax was not a bank.

Halifax is an ex-building society and not a clearing bank.  I used to have an account with them until they cheated me of a good chunk of money when they went public. The Clarity card sounds useful for tourists though.

 

I like to learn of better ways, but your sanctimonious  ageism and quick to be rude approach needs to be worked on.

 

 

 

 

 

 

[JamJar]

31 minutes ago, jacko45k said:

Current rate at Superrich Bangkok is 44.30 , at the airport it is 44.25 . It is therefore more expensive to change money at the airport.  So the statement is not erroneous....

 

It certainly can be, I would be charged at both ends with my current UK  cards.... so the statement is correct.

 

Halifax is an ex-building society and not a clearing bank.  I used to have an account with them until they cheated me of a good chunk of money when they went public. The Clarity card sounds useful for tourists though.

 

I like to learn of better ways, but your sanctimonious  ageism and quick to be rude approach needs to be worked on.

 

 

 

 

 

 

 

 

Come on old man, don't try to move the goalposts. What you actually wrote was;

 

Quote

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

 

Quote

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).

 

 

Since the SuperRich International rate at the airport is superior to any transfer, what exactly was your point?

 

Is there any indication that the OP is going to Bangkok? If they are not going to Bangkok, where better should they exchange their cash.

 

Seriously, better for you to be quiet. You've been wrong more times than anyone else on this thread and now you try to attack me for having to correct all of your misleading information. You go too far.

 

As to your other nonsense, the Halifax is actually Bank of Scotland. Halifax is simply a trading name.

 

 

Edited June 30, 2017 by JamJar

[jacko45k]

Sorry to other BMs for this silliness.

 

He needs to look up non-sequitur. I shall put the little argumentive boy on ignore .....

Edited July 1, 2017 by jacko45k

[JamJar]

1 hour ago, jacko45k said:

Sorry to other BMs for this silliness.

 

He needs to look up non-sequitur. I shall put the little argumentive boy on ignore .....

 

So it all comes down to your ego. You should apologise to the BMs for your derailing the thread with your misleading advice.

Putting me on ignore only increases the chance that your head will stay stuck firmly in the sand. Be my guest. 

 

It's seems to be true that old people get more childish as the years go by.

 

Admit when you are wrong and move on. People won't think the less of you.

But when you throw your toys out of your perambulator after being proved wrong time and time again, you compound your already lowly reputation.

[JamJar]

1 hour ago, jacko45k said:

Sorry to other BMs for this silliness.

 

He needs to look up non-sequitur. I shall put the little argumentive boy on ignore .....

 

I should add that non-sequitur. describes perfectly most of your posts in this thread.

All of my posts are clearly explained with the facts and figures to back them up. Almost of yours contain erroneous claims and emotional outbursts. 

 

There is no such word as argumentive.

 

Yours is a perfect example of what happens when someone drops in a literary device such as "non-sequitur." in order to look a 'cut above', but then immediately falls flat on their face when they fail to spell the word "argumentative" correctly.

 

 

 

 

[Farmer1956]

I always take cash and change at my local bank.

The exchange rate is comparable and there is no charge.

Another option is to withdraw money from your UK account using your debit card.

ATM's will charge you, but if you go into the bank they will provide the service for free.

When they suggest using the ATM, tell them that your card won't work in the ATM.

Take your passport with you as you would if you changed cash in the bank.

[Arandora]

43 minutes ago, Farmer1956 said:

I always take cash and change at my local bank.

The exchange rate is comparable and there is no charge.

That depends on who your local bank is. For instance for £ to THB if your bank is Bank of Ayudhya the current rate is 43.23 to the £. If it is Kasikorn it is 42.486. If you changed at SuperRich it is 43.9. Those differences may be marginal for the needs of the average tourist visit but for an ex-pat living in Thailand and regularly changing more significant sums of money if the local bank is one of the ones giving the lower rates the difference is not marginal at all.

Source: https://daytodaydata.net/

[roger101]

Not sure about exchange rates, but what I do know is that with Transferwise what you see quoted is what you get in your account. When I used Swift (years ago) I had to wait until the money was in my account before I knew exactly what I was getting.

[OJAS]

19 hours ago, roger101 said:

Not sure about exchange rates, but what I do know is that with Transferwise what you see quoted is what you get in your account. When I used Swift (years ago) I had to wait until the money was in my account before I knew exactly what I was getting.

Same is true of exchange rates - that's why the amount quoted by TransferWise is what also ends up in your Thai account. On the other hand, what ends up in your account from a SWIFT transfer is calculated on the basis of the prevailing exchange rate at that stage rather than at the stage when the SWIFT transfer is initiated (assuming, of course, that the conversion to THB is done in Thailand rather than in the originating country). 

Edited July 28, 2017 by OJAS

[CharlieH]

Often wondered if the 2 sometimes 3 day delay when transferring money was the Thai bank waiting on favourable exchange rate ? When transferred in baht its much faster.

[scubascuba3]

I'd hope that the Thai bank does a spot FX once the GBP is received . Hopefully there is no delay but I'd like to see that in black and white.

 

 

[CharlieH]

I have seen posts stating that when the bank is challenged one of two answers is offered 1. Its the rate when the money is received 2. The rate when deposited into your account. Whichever is better for them. 

[Arandora]

1 hour ago, OJAS said:

Same is true of exchange rates - that's why the amount quoted by TransferWise is what also ends up in your Thai account. On the other hand, what ends up in your account from a SWIFT transfer is calculated on the basis of the prevailing exchange rate at that stage rather than at the stage when the SWIFT transfer is initiated (assuming, of course, that the conversion to THB is done in Thailand rather than in the originating country). 

Transferwise like most other institutions that make money transfers uses the SWIFT system to do so. SWIFT However, the "SWIFT network does not actually transfer funds, but instead it sends payment orders between institutions’ accounts, using SWIFT codes." - see  https://transferwise.com/gb/blog/everything-you-need-to-know-about-swift-network

It is the currency systems and procedures used by the sending and receiving organisations that determines the rate of exchange based on when the money is transferred between them.