Moving big Amounts of Cash from the UK

[basthehoop]

I am sure that this question has been asked before - But things keep changing in the banking world.

I have funds in a UK current account (Barclays)

 

What is the easiest and cheapest way to move funds regularly (lets say a thousand pounds a month) into a Thai (savings) Bank Account.

 

I have received many bits of info from various expats but all seem a little contradictory.

 

Any good suggestions would be of help but please note I said cheapest.

I am sick of giving the banks my hard earned funds.

[chris2004]

I transfer from the Halifax which only charge 9.50 GBP for any amount, plus it is easily done via the web. I think most other banks charge a lot more so move your account to the Halifax.

[phomsanuk]

If this is a regular repetative transfer you should be able to have the banks do an electronic transfer or use SWIFT but I think you have to arrange each transfer.

[Bam_Bam]

I don't transfer from the UK but from Oz, gotta be much in a muchness

 

I use the Commonwealth Bank in Oz and Siam Commercial here, they seem to have a better relationship than some other banks back home have with Thai banks, some won't transfer here at all, National for instance.

 

I transfered A$2,450 this morning, it was available for withdrawal 2 minutes later, can't knock that.

 

The cost is a Flat A$22 at the OZ end for any amount up to my daily limit and 220 baht this end.

 

I asked last year when I was home, why it takes 3 days to go from one Oz bank to another, but I can get my funds into a Thai bank in under 10 mins, which I must say wasn't always the case, the reply was that because it is a regular monthly transaction, nothing out of the ordinary, it's, hey presto there it is.

 

If and when I bring larger amounts it can take up to half a day, anything over A$10,000 is a reportable transaction back home and will be investigated before being put into your account.

 

Don't do it as an automatic transfer, most banks will charge you more for that, do it yourself on the net, but make sure you set up your Internet Banking at home before you come over, then go see a bank here and set up an account and then the Internet banking here.

 

Also transfer Pounds, not Baht, you will be far better off.

 

 

Bam Bam

Edited September 22, 2010 by Bam_Bam

[devee8]

I have been transferring amounts from Australia and using a site called ozforex, they are very professional and have very good rates ie. no charges at all.

 

http://www.ozforex.com.au/cgi-bin/currency-converter.asp

[Bam_Bam]

I have been transferring amounts from Australia and using a site called ozforex, they are very professional and have very good rates ie. no charges at all.

 

http://www.ozforex.c...y-converter.asp

 

Just did the conversion on that site, it actually quoted me .0065 baht more than I got this morning, inconsequential really, difference equated to 15.92 baht

 

Do you transfer from your Aussie Bank account to them and then to your Thai Bank ???? and does the Aussie bank charge you a fee to transfer to them ?????

 

Bam Bam

[basthehoop]

I appreciate to Oz advice however it is really UK help I need as things are not always applicable in the UK that are used in Oz

[Bam_Bam]

I appreciate to Oz advice however it is really UK help I need as things are not always applicable in the UK that are used in Oz

 

Appreciate that Brother, but the Ozforex UK equivalent, if there is one, may be useful to you. Even the Oz one might work, just did the sums, they are paying 1 GBP = 48.0312 THB at the moment, Siam Commercial are quoting 47.68 for the same transaction.

 

I was trying to make the point that some banks, have better relationships with Thai banks than others, would pay to investigate that.

 

Banks are banks, their all bloody thieves, they make the Legendary highway robber Ned Kelly look like a rank amateur.

 

Good Luck with it

 

Bam Bam

[Edge]

I appreciate to Oz advice however it is really UK help I need as things are not always applicable in the UK that are used in Oz

 

There was a big thread but I can't find it. I think it started off about ATM charges and then went into the alternatives.

 

I remember people saying the Halifax was cheapest but when I looked into it there was a catch (for me anyway) but I can't remember what it was.

 

I'm with firstdirect (HSBC) so it's just a phone call, but it's a fixed rate of about 25 GBP.

 

The only way I know of making that as cheap as possible is to transfer several months at a time if you can.

Transferring 1k at a time isn't much (any?) better that using ATMs.

 

Simply put, 1k each transaction would cost me 2.5%, whereas 10k is 0.25%.

If you could do that once and then let your 1k/month build up in the UK for next time, then all you've got to crack is which way the exchange rate is going and when to do it.

The exchange rate factor can be much more significant than bank costs sometimes.

[SlickMonkey]

Simple...

 

Open a Charles Schwab Bank "High Yield Investor Checking™ Account (FDIC-insured)

Get a Visa Checking DEBIT card.

 

Now when you need money just take your card and Passport into a Bank in Thailand. Say "Hook Moon Baht" (60,000 baht)

The will make a Advance (Swipe the card just like a purchase). Sign it and that's it. Can do this several times each month.

Make sure you notify the Charles Schwab bank that you will be making large withdrawals from Pattaya so they don't put a hold on it.

 

They (Schwab) REFUNDS all ATM transaction fees therefore there isn't a fee. So far Ive been getting great rates on exchange. (About the same as cash)

 

No need to wait to transfer your money. Plus you can review your money/transactions online.

 

You can also withdraw money each day from your account which works like a debit. NO ATM FEES (All ATM fees are REFUNDED).

 

I lived a whole year in Thailand using just my ATM Debit card. No need for a Thai bank account except if you need it for paying local bills.

[GeeMan]

Gidday guys

 

I've seen a few recommendations to transfer pounds, not baht, for the better exchange rate.. I've got an account at Kasikorn, standard account I opened with baht cash. I've internet transferred funds from UK to Thai before while in Patts.

 

My question is can I actually hold funds denominated in a foreign currency (£) in the same account as holds baht? I know back in NZ I needed a special foreign funds account to do this.

 

If not, what are people referring to when they say to transfer pounds? How do they do this

 

Cheers

 

GeeMan

Edited September 22, 2010 by GeeMan

[moon71]

I transfer from the Halifax which only charge 9.50 GBP for any amount, plus it is easily done via the web. I think most other banks charge a lot more so move your account to the Halifax.

 

I transfer funds from my Halifax account, and i too pay £9.50/transaction.

 

Sadly, my teelaks bank takes a cut. I send 22,500baht every 3 months, and when it arrives it is more like 21,000baht. Go figure.

 

The best way to transfer cash, is by hand mate. Take the cash over.

[gogo dog]

Simple...

 

Open a Charles Schwab Bank "High Yield Investor Checking™ Account (FDIC-insured)

Get a Visa Checking DEBIT card.

 

Now when you need money just take your card and Passport into a Bank in Thailand. Say "Hook Moon Baht" (60,000 baht)

The will make a Advance (Swipe the card just like a purchase). Sign it and that's it. Can do this several times each month.

Make sure you notify the Charles Schwab bank that you will be making large withdrawals from Pattaya so they don't put a hold on it.

 

They (Schwab) REFUNDS all ATM transaction fees therefore there isn't a fee. So far Ive been getting great rates on exchange. (About the same as cash)

 

No need to wait to transfer your money. Plus you can review your money/transactions online.

 

You can also withdraw money each day from your account which works like a debit. NO ATM FEES (All ATM fees are REFUNDED).

 

I lived a whole year in Thailand using just my ATM Debit card. No need for a Thai bank account except if you need it for paying local bills.

Is this account available in the UK?

[neo1011]

i'm also with barclays and i think their charge is £15 and it takes 3 days, not sure about min or max amounts though.

[leadpencil]

Whichever way you choose, make sure that you send sterling and not baht. This is the legal way to bring in money and the Bank of Thailand will convert the currency as it comes in to the Country. You will find that the rate that they give you as better than you will get back home or from your Thai bank.

[SlickMonkey]

Is this account available in the UK?

 

Yes.

http://www.schwab.co...ic/schwab-uk-en

 

Visit Schwab U.K. at:

10 King William Street

London EC4N 7TW

United Kingdom

 

0800 917-1039 (U.K.)

 

Office Hours:

Monday - Friday, 09:00-18:00

Edited September 23, 2010 by SlickMonkey

[Edge]

Yes.

http://www.schwab.co...ic/schwab-uk-en

 

....................................

 

Do you know if one can open an account without having to present yourself at a counter i.e. totally online.

I think when I looked at the Halifax option I had to be in the UK, as with most (all?) UK bank accounts. Actually, I think I read somewhere that UK residency is a condition?

 

Having asked, that I see it involves posting the Application to USA with supporting documents so, subject to the postal service working that might be it.

[TOMSA]

I transfer funds from my Halifax account, and i too pay £9.50/transaction.

 

Sadly, my teelaks bank takes a cut. I send 22,500baht every 3 months, and when it arrives it is more like 21,000baht. Go figure.

 

The best way to transfer cash, is by hand mate. Take the cash over.

On line the halifax will not let you send pounds sterling ! If you go into your local branch they let yousend sterling but charge you 19.50 but you stll get a better rate

[chris2004]

On line the halifax will not let you send pounds sterling ! If you go into your local branch they let yousend sterling but charge you 19.50 but you stll get a better rate

 

That's not correct. I always send sterling using the internet to get the best rate and am only charged 9.50.

 

In answer to Moon71 i think you need to change thai banks. I send to the Krung Thai bank and I get the usual TT rate less a very small charge for converting sterling to baht.

[SlickMonkey]

Do you know if one can open an account without having to present yourself at a counter i.e. totally online.

I think when I looked at the Halifax option I had to be in the UK, as with most (all?) UK bank accounts. Actually, I think I read somewhere that UK residency is a condition?

 

Having asked, that I see it involves posting the Application to USA with supporting documents so, subject to the postal service working that might be it.

 

I'm sure they have offices in Singapore and Hong Kong. So, if your ever in that area (Visa runs) maybe open account there?

 

Also, you could try calling them? They are fairly quick to answer the phones and hopefully can get you pointed in the right direction.

Edited September 23, 2010 by SlickMonkey

[seveneighty1]

In 1999 I was able to withdraw money from my american Citibank account from a Citibank branch in Bangkok.

[El Cata]

I regularly send funds from my Halifax EasyCash account online, which others have stated costs £9.50, although they currently have a discount. Use the code GOHX10, for a £2 saving. Big thanks to BM helman2000 for giving me the heads up on this!

 

The code is good for 3 transfers, for a 'limited time only'.

 

http://www.halifax.co.uk/bankaccounts/help-guidance/managing-your-accounts/receiving-sending-money/international-payments/

 

Kasikorn bank charge 300-500B for receiving SWIFT transfers; I can't comment on other Thai banks.

 

Peace.

[TheLostShark]

Edit.

Edited October 27, 2010 by TheLostShark

[LazyJay]

I have an HSBC uk account and an HSBC thailand account, this works well for me.

 

I have online banking with HSBC Thailand and can transfier the money onwards easly where ever I am in the world.

 

As previousally mentioned, whatever way round you do it always send the money to thailand in Sterling and get the conversion done on the Thai side. Most UK banks default is to sent baht and do the conversion as their (rubish) rates. You have to insist on this, some dumb UK bank staff try to tell you have to do it their way round.

 

cheers