Thread: Transfer Of Money From UK Into Thailand

Can somebody please tell me the most economical method of tranferring UK pounds into Thailand ? Lots of UK firms but which is the best, please? The amount would be the equivalent of 4 million baht. A one off transfer. I have done my own research but nothing beats practical experience which some members here have. Thanks.

I use SWIFT to get my salary from Thailand. Personally, if you're transferring that much money, I'd be talking to a lawyer as there's rules about how much money that you can transfer without getting either the UK or Thailand's government's notice.

Originally Posted by Topper

I'd be talking to a lawyer as there's rules about how much money that you can transfer without getting either the UK or Thailand's government's notice.

If the money is in his bank account, I think the bank would be the one to talk to.

Can't see why the thais would complain

Originally Posted by helge

If the money is in his bank account, I think the bank would be the one to talk to.

Can't see why the thais would complain

Wise made me aware that only a few Thai banks will now allow over certain amounts and there is a cap of 2mil baht per transaction.

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Originally Posted by helge

If the money is in his bank account, I think the bank would be the one to talk to.

There's money laundering laws that might be involved with that amount.

Originally Posted by Bonecollector

Wise made me aware that only a few Thai banks will now allow over certain amounts and there is a cap of 2mil baht per transaction.

So there you have it.

Cap per transaction/day/week/etc ?

^

just 2mil per transaction, can make as many as you want, must be to the big three banks as mentioned

^^

yup, indeed, Russian, drug cartel and Chinese money laundering

Originally Posted by Topper

There's money laundering laws that might be involved with that amount.

If you launder money, my advise would be not keeping them in ....your....bank account.

My bank knows the origin of my money.

Originally Posted by helge

If the money is in his bank account, I think the bank would be the one to talk to.

I transfer UK bank to Thai bank. I haven't transferred as much as 4m. Last one was several years ago and around 1m to my bank in Thailand. I had an ~1hr interview with my bank manager to prove the account in Thailand was mine and explain reasons for large transfer. Once set up, I can now transfer by internet banking whenever I wish to the same account.

I also transfer from my German account to Thailand but smaller amounts more frequently, about 4 times a year.

With both I get commercial rates not tourist rates and I charge to Thai account, which has been more favourable.

^ I wouldn't definitely look into Wise Troy, might save you a few jars

There are a couple of considerations to this, firstly the amount to be transferred, and probably the most critical is the exchange rate for the transfer. First thing is you should always transfer your home currency (dollar/Euro/Pound) etc, not have your bank convert your money to baht to transfer. Thai banks have much better exchange rates for foreign currency than your home bank will offer to convert to baht before transfer..

Next thing is fees. Although some facilities (and I'm thinking of 'Wise') have good exchange rates, for large transfer amounts they have an escalating fee charge that can be not as good as some fixed rate transfer costs offered by some banks (an example, my own UK bank HSBC has a fixed rate of 5 pounds per 50,000 pounds transfer. Obviously it's then a case of calculating the receiving amount of your Thai bank in baht from the transfer value of dollar/Euro/Pound etc and what is actually going to end up in your account.

Doing transfers on-line is simple, and on a normal workday a transfer from my UK HSBC account is in my Thai SCB account within minutes, and better often than Wise takes.

Thank you all for your replies. It is very difficult to ascertain the most economical way. Suprisingly, an international transfer using the Halifax Bank in the UK appears to be the cheapest today. An exchange rate of 41.3 baht to the pound and a very low fee of £9.50 for the transfer itself. I accept that 2 million baht per day is the maximum amount accepted into a Thai bank. My wife and I hold separate accounts with Bangkok Bank but a transfer of funds using their offices in London is enormously expensive.

Originally Posted by Bob Mason

Thank you all for your replies. It is very difficult to ascertain the most economical way. Suprisingly, an international transfer using the Halifax Bank in the UK appears to be the cheapest today. An exchange rate of 41.3 baht to the pound and a very low fee of £9.50 for the transfer itself. I accept that 2 million baht per day is the maximum amount accepted into a Thai bank. My wife and I hold separate accounts with Bangkok Bank but a transfer of funds using their offices in London is enormously expensive.

Bob, as of this moment, my bank (SCB) is giving an exchange rate for incoming international transfers of 42.54875 against the pound, I'm sure Bangkok Bank will not be very much different. The rate of 41.3 is very poor, so transfer pounds to Bangkok Bank, not get the Halifax to convert to baht then transfer.

Look at the TT rates in the attached link, that is for incoming international transfers in pounds: Foreign Exchange Rates

One more question, please. If I transfer my money in Pounds Sterling, do I have to open a Sterling only account in Thailand? If so, obviously this cannot be done if I am, as I am at present, in the UK ?

Originally Posted by Bob Mason

One more question, please. If I transfer my money in Pounds Sterling, do I have to open a Sterling only account in Thailand? If so, obviously this cannot be done if I am, as I am at present, in the UK ?

No, unless you specifically transfer it to a sterling account, it will be automatically converted to baht when received. Been doing this for 15 years Bob. Just make sure that you're fully registered for on-line banking with your UK bank Bob, and maybe make a couple of very small on-line transfers to your wife(?) or own Thai account before you leave the UK just to make sure you're comfortable with the process.

Thank you, PAG. Your way is clearly the way to go. I had not realised that it was possible for me to transfer funds to Bangkok Bank in Pounds Sterling. If what you say is correct, and I have no reason to doubt you, this should be the preferred method of transfer for everybody.

So, using your preferred method - I send just over £47,000 (using the exchange rate of 42.548 to comply with the 2 million baht limit) and my fee will be £9.50. This is hugely better than any other transfer method. The downside is that transfers of large amounts need to be made over several days but the method saves a lot of money. Again, many thanks.

Originally Posted by Bob Mason

I accept that 2 million baht per day is the maximum amount accepted into a Thai bank.

not true

Thai baht is falling PAGs quote at hs bank for TT is already out of date

You are aware post election uncertainty.

If I was in no hurry I'd wait a while, after Fed debacle and elections. I am planning to look again on Sep to send 500k from Swiss Francs but at present their appreciation is better than interest in any Thai bank.

I cannot predict sterling future trends but assume there are never summer elections in UK so pound will bumble along between 40-45 unlike the 72 when I brought savings in to house build

Good luck I agree with PAG re HSBC over Bangkok Bank London branch which charged me 25 quid per transaction

Got 34.7 to $ today.

I transferred in a bit over 2 million baht a couple of years ago - triggered a call from someone in some financial regulatory body about the reason for the transfer.

Originally Posted by nidhogg

a bit over 2 million baht

but was it stuffed in yer tights Oggy and the bit over sparked attention?
Seriously was that a Thai Oz or UK regulator?

I think since 9/11 been harder scrutiny of potential terrorist funds, I recall entering Kl airport with about $12k in cash and declared it , I think there was some tick box back in 2007 but nobody there seemed to care.

I just add if you wish to transfer out be good to keep records, get office bank printout from branch stamped, my local branch of Bangkok Bank can only issue up to 6 months arrears without some rigmarole via head office etc

Best service I get regardless of language is KK but nowhere near to park on hot days whereas BB s at air con 7 day a week opening