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Shoeless Joe

Transferring Money - UK to Thailand

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11 hours ago, Shoeless Joe said:

Thank you for your response. However, I need the transfer to be easily idientifiable as a "Foreign" transfer, not "local".

 

Regards,

 

Joe

 

Mine transfer wise transfers show as FTT in my passbook and International Transfer on my Bangkok Bank statement, so where's the problem??

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1 minute ago, a977 said:

Mine transfer wise transfers show as FTT in my passbook and International Transfer on my Bangkok Bank statement, so where's the problem??

It does not show that way in all Thai bank books, it is often noted as a domestic transfer.

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Better than Transferwise if you are an EU/UK citizen is Revolut. Its free to get a card, and you can do bank transfers completely free to many countries including Thailand. 

 

You just get the app on your phone, deposit money using your debit card. Then you can convert it to any other currency. You then have multiple 'accounts' in your revolt app for different currencies

 

I recently transferred some money to my girlfriends Thai Bank account, completely free and arrived in a few days.

 

I should really make a thread about Revolut so people know. It's also free to use the Revolut card anywhere, so I use it at Tops, at the mall etc, 7/11. And you get £200 free ATM withdrawal per month on the free account

 

Hope that helps

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6 minutes ago, robodelfy said:

Better than Transferwise if you are an EU/UK citizen is Revolut. Its free to get a card, and you can do bank transfers completely free to many countries including Thailand. 

 

You just get the app on your phone, deposit money using your debit card. Then you can convert it to any other currency. You then have multiple 'accounts' in your revolt app for different currencies

 

I recently transferred some money to my girlfriends Thai Bank account, completely free and arrived in a few days.

 

I should really make a thread about Revolut so people know. It's also free to use the Revolut card anywhere, so I use it at Tops, at the mall etc, 7/11. And you get £200 free ATM withdrawal per month on the free account

 

Hope that helps

Fees are only part of the equation. What exchange rate do they use?

I can get "no fee" transfers from Barclays Bank UK, but I would receive less THB into my BKK Bank account than using Transferwise and paying their fees.

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On 2/15/2019 at 10:36 AM, trevoromgh said:

Agree TransferWise is best provider of this service and at a reasonable price too and their rate is 39.7 to the pound currently

I transferred some money from my TransferWise account yesterday at the rate of 40.0418 to the GBP.

 

I sent 1,245 GBP and TW charges me 8.81 GBP.

 

Because the UK is 7 hours behind Thailand the money will not actually be transferred until Monday as the Thai banks don't work at the weekends. The forex rate that TW quoted will be the rate that I get even though the transfer cannot be completed until Monday.

 

I opened a BKK Bank account last month and TW transfers the money to that account where it shows up as an FTT. I simply transfer it to my KBank account at no fee.

 

 

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2 hours ago, chickenslegs said:

Fees are only part of the equation. What exchange rate do they use?

I can get "no fee" transfers from Barclays Bank UK, but I would receive less THB into my BKK Bank account than using Transferwise and paying their fees.

It uses Interbank rates, and you can choose at any time to exchange to Baht to lock in a rate, or it will just do it automatically when you use your card somewhere or at an ATM. Or for a bank transfer I imagine. Other than that there are no fees

 

I've used it a lot when I travel anywhere, and I've used transerfwise in various situations. Obviously its best to check both and see what works out cheaper, but it seems to be Revolut would certainly be cheaper with no fees and interbank rates. 

 

But its worth having Revolut if you are from a qualifying country and you move around a lot.

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If I am reading this correctly, it looks like Revolut charges 1% for THB (2% at weekends). This is from their website ...

Quote

If you exchange currencies on weekdays (Mon-Fri UTC) you will receive the interbank exchange rate without any markup on all currencies except for Thai Baht, Russian Rubbles, Ukrainian Hryvnia, and Turkish Lira where we add a 1% markup, with a small 0.5% fee for anything above £5,000 each month.

On the weekend (Sat-Sun UTC) we fix the rate we provide to protect ourselves against fluctuations, this means we apply markups of:

  • +0.5% to all major currencies (ie. USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN, and CZK); and
  • +1% to all other currencies including THB, RUB, UAH and TRY. (this means over the weekend THB, RUB, UAH, and TRY have a 2% markup.)

Since the interbank exchange rate is constantly fluctuating, the rate that we lock in for the weekend may not be the same as the rate that is available when the markets open on Monday morning.

 

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Just now, chickenslegs said:

If I am reading this correctly, it looks like Revolut charges 1% for THB (2% at weekends). This is from their website ...

 

Ah I didn't see that, so I'm sorry if I misled anyone. I've used it for various European countries free of charge, so when I saw they did Thai Baht I assumed the same

 

Still, theres a possibility it may be useful to some if you want a card you can use anywhere. But 1% still adds up quite quickly. I forgot to say dont change on revolution at the weekends because the exchange is closed and so they charge extra to cover themselves

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