Jump to content
BANGKOK

Recommended Posts

13 minutes ago, john terry1001 said:

It does if you use the correct Thai bank and the transfer process recommended by Transferwise.

And choosing the correct reason for transfer. "Funds for long term stay in Thailand". 

  • Like 1

Share this post


Link to post
Share on other sites
7 hours ago, crazykopite said:

Yes as far as I am aware every Thai bank has a charge . I have my pensions paid into my U.K. bank and 3 times a year I make a transfer to Thailand however if I send money from my natwest account it would cost me £20+ so I send it to my daughter who then sends it through her Halifax account cost £9 it is sent as Sterling and when it hit BKK ITS TRANSFERRED into baht I think I am then charged between 300/500 baht from my Thai bank

HSBC charge only £4 for swift payments. When I send Sterling to my BKK Bank they give me a better exchange rate than the UK and I don't incur any other charges. When I used to send Thai Baht they always charged me as they are not making any money on the transaction. However, I now use Transferwise which is better for me.

Share this post


Link to post
Share on other sites

Your UK pension will incur a receiving charge by Kasikorn in Thailand, typically under 500 baht, but only if the pension is received by them in a foreign currency. If your UK bank transfers THB to Thailand, there will be no receiving charge. The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. An exception to that rule appears to be the UK State Pension which can be converted to THB at a favorable rate.

Share this post


Link to post
Share on other sites
4 hours ago, saengd said:

Your UK pension will incur a receiving charge by Kasikorn in Thailand, typically under 500 baht, but only if the pension is received by them in a foreign currency. If your UK bank transfers THB to Thailand, there will be no receiving charge. The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. An exception to that rule appears to be the UK State Pension which can be converted to THB at a favorable rate.

Thanks for the info.

Share this post


Link to post
Share on other sites
7 hours ago, saengd said:

Your UK pension will incur a receiving charge by Kasikorn in Thailand, typically under 500 baht, but only if the pension is received by them in a foreign currency. If your UK bank transfers THB to Thailand, there will be no receiving charge. The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. An exception to that rule appears to be the UK State Pension which can be converted to THB at a favorable rate.

"If your UK bank transfers THB to Thailand, there will be no receiving charge."

Is this really true? Where did you get that info? 

Share this post


Link to post
Share on other sites

LLoyds Premier account Isle of Man

In Uk clearing system, so no Uk charges

Does overseas transfer free

Requires min bal £2500, if no account handling charges

Can do everything on Internet

Share this post


Link to post
Share on other sites
2 hours ago, Max69xl said:

"If your UK bank transfers THB to Thailand, there will be no receiving charge."

Is this really true? Where did you get that info? 

It's in all the banks rules for customers, Thai banks don't charge to deposit THB, only to receive foreign currency. But no person in their right mind would buy THB in say the UK and remit it to Thailand, the ex. rates would eat you alive.

Share this post


Link to post
Share on other sites
4 minutes ago, saengd said:

It's in all the banks rules for customers, Thai banks don't charge to deposit THB, only to receive foreign currency. But no person in their right mind would buy THB in say the UK and remit it to Thailand, the ex. rates would eat you alive.

I'm not convinced that you're entirely correct, I might be wrong. I know when sending THB via Bangkok Banks London Branch to a Bangkok Bank account in Thailand it's free, but I'm not sure that's the case using banks in other countries. I don't see the fee for receiving foreign currency as a cost because of the exchange into THB, I'm seeing it as a way to make money. I'm using TW myself, so it's not that important. I'm just curious. 

Share this post


Link to post
Share on other sites
11 minutes ago, Max69xl said:

I'm not convinced that you're entirely correct, I might be wrong. I know when sending THB via Bangkok Banks London Branch to a Bangkok Bank account in Thailand it's free, but I'm not sure that's the case using banks in other countries. I don't see the fee for receiving foreign currency as a cost because of the exchange into THB, I'm seeing it as a way to make money. I'm using TW myself, so it's not that important. I'm just curious. 

Yes Thai banks charge for receiving foreign currency, no Thai banks do not charge for receiving THB, what different foreign banks might charge for sending one or the other varies.

Share this post


Link to post
Share on other sites
5 minutes ago, saengd said:

Yes Thai banks charge for receiving foreign currency, no Thai banks do not charge for receiving THB, what different foreign banks might charge for sending one or the other varies.

Try to find any info about no fees for receiving THB at Bangkok Banks website. Except from maybe a couple of Bangkok Banks overseas. 

Share this post


Link to post
Share on other sites

Its more complicated, often the THB/UK£ rate is not as good in the UK as here so the no fee for receipt actually more than eaten

BKK londn charge £20 to sens sterling here, to an external sterling account and again small fee on receipt

Share this post


Link to post
Share on other sites
10 minutes ago, Max69xl said:

Try to find any info about no fees for receiving THB at Bangkok Banks website. Except from maybe a couple of Bangkok Banks overseas. 

The banks tend not to list the things they don't charge for, perhaps best to go ask your bank if you are unsure. Even better, try to find anyone who has ever been charged for depositing THB into a THB account, within their province.

Share this post


Link to post
Share on other sites
12 minutes ago, spornb said:

Its more complicated, often the THB/UK£ rate is not as good in the UK as here so the no fee for receipt actually more than eaten

BKK londn charge £20 to sens sterling here, to an external sterling account and again small fee on receipt

Which is why I wrote, "The exchange rate is nearly always better in Thailand than it is in the UK, all fees considered. "

Share this post


Link to post
Share on other sites

 The  way that Transferwise works is that the customer pays into the Transferwise UK bank-i.e.the requested amount to be exchanged.

The  Transferwise  bank in Thailand then transfers the agreed Baht into their customers Thai bank account.

So no SWIFT and no charges at  the receiving  Thai bank-it' s an internal transaction .

Possibly has limitations if money is being brought in for a property purchase.

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...