Transferring money from the UK to Thailand

[wildbill]

Hi all

After a couple of years' saving we have scraped together around £6,500 to build a budget bungalow in northern Thailand on my Wife's plot of land. Want to make the most of our modest budget, so was wondering what would be the best (and safest) way to transfer this money from our UK accounts to our Thai ones, so we can pay for the work as it is done?

My wife wants to do an international transfer from her Nationwide account to her Bangkok Bank account which costs £25 and also around 500B at the other end. Is this our best deal? We do also have a Caxton card, but can only withdraw £300 per day and get charged 150B every time we do!

Also, my sister is coming to visit in a couple of weeks. Would it be better that I transfer her some of the money to bring over in cash, and then get it changed at a local exchange bureau? Is there a limit to what you can bring or change in Thailand?

Thanks

Will

[MGV12]

Hi all

After a couple of years' saving we have scraped together around £6,500 to build a budget bungalow in northern Thailand on my Wife's plot of land. Want to make the most of our modest budget, so was wondering what would be the best (and safest) way to transfer this money from our UK accounts to our Thai ones, so we can pay for the work as it is done?

My wife wants to do an international transfer from her Nationwide account to her Bangkok Bank account which costs £25 and also around 500B at the other end. Is this our best deal? We do also have a Caxton card, but can only withdraw £300 per day and get charged 150B every time we do!

Also, my sister is coming to visit in a couple of weeks. Would it be better that I transfer her some of the money to bring over in cash, and then get it changed at a local exchange bureau? Is there a limit to what you can bring or change in Thailand?

Thanks

Will

Hi Will

Transferring money here can be expensive ... I think Western Union is close to the worst deal, cheques are a no-no as they take forever to clear and charges are quite high. The deal from Nationwide sounds good. Your sister could bring in cash as £6,500 is below the allowed limit. Another thought, as your wife has a Bangkok Bank account, is make a transfer into her account through the Bangkok Bank branch in London. Haven't done that personally but I understand that it's straightforward ... worth inquiring anyway. Good luck and please keep us informed as to how it goes and also your proposed build over here.

Happy Christmas ... hope you aren't too cold!

[jazzman]

The nationwide plan seems reasonable. Go into any Bank and check out the fee for doing a SWIFT transfer. I regularly receive SWIFT payments up to around ฿300,000 from various countries in Europe and it seems to be the people's main choice. My Thai bank charges around 1% up to a maximum of ฿500 for booking the transfer to my account.

On the other hand, £6,000 is only 60 x £100 notes and doesn't need a Samsonite briefcase to carry the cash. The conversion rates are however different in the UK and Thailand - check out which gives you the best deal after deduction of the exchange comission, but you will need more than a wallet for around 300 x ฿1,000 notes.

Don't delay. I know of at least two UK expats who couldn't finish their houses because the £ took a massive dive a couple of years ago before they had finished transferring their funds to complete the job.

[Sometimewoodworker]

From the UK I use the standard international transfer as we are never there.

However from Japan I've brought in ¥1,000,000 in cash which is about the same amount as you're bringing in. I found the best place to change money is superrich http://superrichthailand.com/editor/rate.html in Pratunam (be careful as there are 2 places using the name the green on has a better rate). On today's exchange rate you would get ฿8,000 more by changing the cash there compared to any of the Thai banks.

[sirineou]

Also, my sister is coming to visit in a couple of weeks. Would it be better that I transfer her some of the money to bring over in cash, and then get it changed at a local exchange bureau? Is there a limit to what you can bring or change in Thailand?

Thanks

Will

There is no limit to the amount of money you can bring in to Thailand, how ever I believe if it is more than $ 20,000 you have to declare it.
If I was you , I would have the sister bring the money, and exchange it in Thailand, I also have found Super rich to have the best exchange rate,
I am in the US and we bring money with us every year we come to Thailand.
I don't know if the same applies to the UK , but it is difficult to exchange old US bills in Thailand, so before we come to Thailand we always go to the bank and exchange our cash for new $100 bills.

[Galee]

I do everything online from my UK bank to the BKK bank. Costs about 20 GBP and takes about 3 days.
Not relevant in your case that I have been told that transfers above 10k GBP flags up an alarm for money laundering.

[Makmak456]

I do everything online from my UK bank to the BKK bank. Costs about 20 GBP and takes about 3 days.
Not relevant in your case that I have been told that transfers above 10k GBP flags up an alarm for money laundering.

Very true, and in/from the USA it is a 10,000USD that triggers a look, much different than 10,000 LBS so only transfer less that the trigger amount. K-bank has a very easy way to set up acct, when in the kingdom, on a tourist visa.
Once set up internet transfer are quick and cheap...........
Read more here on online transfers

[Roger Ramjet]

There's a misconception going around about the amount of money you can transfer and how much will "trigger" an enquiry. Even back in the days of Bangkok Bank of Commerce going tits up through fraud and prior to that certain crisis in the money market, the touted limit was $10,000, but in actual fact it was actually "a valid reason". I can recall transferring money to Cambodia through the then Thai Farmers Bank and after a suitable explanation (it was well over $10,000) a manager at head office gave the nod, no paperwork involved.
On other occasions I have transferred more than 100,000 into the country without any problems. Just two years ago I transferred over 4 million baht from one of my accounts in Australia to one of my Thai accounts (Siam Commercial Bank) and when I did ask for the declaration form they told me it was not used, in fact I had a heck of a job even trying to explain just what the form was and was finally told it was not necessary because both ends could be traced because it was not cash money.
Taking cash out of a country (over the limit each country stipulates) will get you into trouble if found out, but a bank transfer will not. It will just cost you bank fees. If you are transferring large amounts the receiving bank may also waive the charges (500 baht) and after one month will also pay you interest on the amount remaining in your account.
I have a pension transferred each month (via Swift transfer) from the Australian Government that appears almost instantly in my Thai bank account, there is no longer a three day waiting period.

[merry-terry]

I found the Banks rather expensive. I have also used "MoneyGram" , but you pay at the other end ! I have also used "ICE", International Money Exchange via the "internet" recieved next day.
Rodger is spot on but i would add that if you decide to carry a large amount that you have withdrawn from your bank, you "must" take the "bank receipt" with you and this will get you through

If i may quickly tell you. A Thai lady (drop dead gorgeous with a cherry on top) was stopped with £16000 which was £2000 more than she arrived with but because she had the paperwork (bank receipt) they let her through. But once she had gone through there was a big discussion, how did she have more going back after being in the UK for so long ??? But she got through....No reason to stop her

[Ians]

Setup a bank account in Thailand and an account in the UK and do an internet banking transfer, From Aust. the charge is from memory $30 plus a nominal charge at the Thai end. Always transfer in your local currency not Thai Baht - better exchange rate. This is easy and safer than carrying large amounts of money on you. I transfer my living expense money 2 to 3 times a year - takes about 2 - 3 days before it hit my Thai bank.
Easy peasy.

[Udonlen]

I think the cheapest in Thailand and I used a few transferwise they have a app good rate from uk about 12 quid
And backed by Branson

[Shastadad]

If you want to " drip " the money into Thailand as needed for the construction you would be best off to investigate Bangkok Ban's International transfer system using their London branch. No need to deplete your UK savings all in one shot, take it out as you need it and the interest you make in the UK will make up for fees for multiple transfers

http://www.bangkokbank.com/BangkokBank/ ... romUK.aspx

[Sometimewoodworker]

it and the interest you make in the UK will make up for fees for multiple transfers

The interest in the uk is between ridiculous, terrible and negative.

The only reason to keep £ in the UK at the moment is the hope that the exchange rate will improve.