Jump to content
BANGKOK
thequietman

Taking Advantage Of The Baht To Sterling Rate

Recommended Posts

It seems logical for me to transfer a significant amount of money back to the UK to take advantage of the rate.

 

Transferwise always seems to be recommended on here, but others have said a swift transfer from Thai bank to UK bank is best.

 

Any advice please as to what method I should choose, should I pay the fees this end and should I send baht and let my bank change it there, or chage it here and send sterling?

 

Many thanks in advance for any advise. Please tell me if you think it is a bad idea and your reasons. 🙂

Share this post


Link to post
Share on other sites

Why don’t you just open a currency account in £. It can be done with most major banks. 

Share this post


Link to post
Share on other sites
14 hours ago, treetops said:

Transferwise can not send Thai baht out the country.

Is that right? How do people send money out of Thailand then?

  • Confused 1

Share this post


Link to post
Share on other sites
24 minutes ago, Katipo said:

Is that right? How do people send money out of Thailand then?

You are not a Thai HISO?

  • Thanks 2

Share this post


Link to post
Share on other sites
58 minutes ago, Katipo said:

Is that right? How do people send money out of Thailand then?

They don,t ! I tried to send $20 to an American account for a birthday present, and the documentation required was so severe I dropped the whole idea 😞 You can check in but you can,t leave !!

Share this post


Link to post
Share on other sites
20 minutes ago, phantomfiddler said:

They don,t ! I tried to send $20 to an American account for a birthday present, and the documentation required was so severe I dropped the whole idea 😞 You can check in but you can,t leave !!

For such an amount could you not have used western union?

  • Like 1

Share this post


Link to post
Share on other sites

Try Deemoney, people were recommending it quite a lot a few months ago. There's an app on android. Check the reviews though as some issues recently

Share this post


Link to post
Share on other sites

In the next year or so, we hope to be sending money to the UK.

I haven't thought about it too much, but I have some ideas:

 

First, it helps if you have a Foreign Currency Transaction Certificate (it's called something like that) for the original transfer of money into Thailand in the first place. This assumes that maybe you brought money into Thailand to buy a condo or something, and now you've sold it you want the money back in the UK.

 

Ah, but you're just doing it to benefit from the exchange rate. Mmmm... if you can prove the money came into Thailand you'll have a much easier time getting it out again. I read a while back that there can be problems taking money out of Thailand if you made the money here.

 

If you have a Thai wife life may be a bit easier. I don't.

 

What'd I'm going to do is get a bit of advice from our friendly Western lawyer in Phuket. Maybe  you might benefit from getting advice from a lawyer. Of course you should probably start by asking the bank.

 

Let us know how you get on. I'd really like to know anyway.

 

Good luck.

 

Excuse rambling stream of consciousness!

 

😀

Share this post


Link to post
Share on other sites

I use transferwise all the time to send money in and out of thailand I would highly recommend it, you'll save huge amounts on handling fees and the conversion rates are the best on the market, sometimes even better than shown on Xe convert. If you want to send say £1000 it will only cost you around 240THB to do so compared to 1500-2000THB for bank transfers. You'll need to create an account with them and provide certain id but once you've done that you can send money really easily and usley within 1 day, depending if its the weekend or not. Its a no brainer really. 

Share this post


Link to post
Share on other sites
1 hour ago, Tapster said:

In the next year or so, we hope to be sending money to the UK.
 

 

For you and OP.  If you have truested friends here, who have need to trasnfer from UK to Thailand, why noy have them deposit GBP from their bank into yours in UK, and you do the same here in THB - bank to bank or cash. 

 

Sut out the middleman entirely

 

PH

  • Like 1

Share this post


Link to post
Share on other sites

I have sent money from my Thailand Kasikorn savings account to my stock brokerage account in Los Angeles a few times this year. Both times I had to show the paperwork from way back in 2008 when I originally brought copious amounts of US dollars into Thailand. Swift code in and also swift code out. The fee was around 800 baht each time. My local Kasikorn bank branch staff are loathe to see me come in the door. They despise doing money transfers via Swift Code. Too much paperwork they say. They recently said something about international transfers made easy by using their new Online App. I just checked it yesterday and it said it could not process any transactions at the moment and to try again later. We'll see how it works out next time I try it online. I have a feeling I'm going to be back in the branch causing the staff more consternation. Oh joybells! I'll be taking everthing out in the very near future as I am switching retirement countries and taking mak-mak millions with me. Laughing all the way. Bye bye Thailand. It's been mediocre. 

  • Like 1

Share this post


Link to post
Share on other sites
44 minutes ago, Liba said:

I use transferwise all the time to send money in and out of thailand I would highly recommend it, you'll save huge amounts on handling fees and the conversion rates are the best on the market, sometimes even better than shown on Xe convert. If you want to send say £1000 it will only cost you around 240THB to do so compared to 1500-2000THB for bank transfers. You'll need to create an account with them and provide certain id but once you've done that you can send money really easily and usley within 1 day, depending if its the weekend or not. Its a no brainer really. 

How are you doing this ? I have an account with them and send money to here from uk no problem but when I tried to send 15000 bht to uk it said they don’t send to uk from here . Thanks 

  • Like 2

Share this post


Link to post
Share on other sites

Transferwise CAN NOT send Thai baht out of Thailand. Anyone claiming to have done so are mistaken.

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...