Money transfer

Post by **mortiboy** » November 28, 2013, 5:56 pm

With the stronger pound/ weaker Baht, I was rubbing my hands for a bigger pay out this month.
But NO! My one, of two pensions is 587 pound.The rate at KTB 51.62.
582 x 51.62 =30,042. But got just over 27,000. Something wrong here or what?
Is it KTB? or UK ?.Seems UK rates not same Thailand?
Is there a cheaper way of transfer money?
I feel I am being ripped off here.

Post by **noosard** » November 28, 2013, 6:04 pm

DONT USE BANKS

Post by **mortiboy** » November 28, 2013, 6:07 pm

How I get a Visa?

Post by **Macca** » November 28, 2013, 6:15 pm

I would just use your ATM card from the bank back home.
Not sure what your max withdrawal is but if its 10,000 then 3 withdrawals total charge 450 baht.
So many of the ATMs now show balance of your UK bank so you know where you stand.

Post by **mortiboy** » November 28, 2013, 6:20 pm

Macca wrote:I would just use your ATM card from the bank back home.
Not sure what your max withdrawal is but if its 10,000 then 3 withdrawals total charge 450 baht.
So many of the ATMs now show balance of your UK bank so you know where you stand.

Oh! Maybe better Idea!
I have my money sent from UK every month from private pension.
I think they send the funds at UK rate.Which I think is considerable lower rate

Post by **fatbob** » November 28, 2013, 6:28 pm

Send the money to Thailand as UK pound and do the exchange in Thailand, if they change to baht in the UK you get a ---- rate. Same if you bring money from Aus, bring it as AUD and exchange in Thailand.

Post by **Aardvark** » November 28, 2013, 6:38 pm

You may be getting charged double Morti, once by your UK Institution and again by your Thai Bank. Just with Draw it from your UK Account with your Visa or Bank Card and you should save a few Baht ...

Post by **faranginUTH** » November 28, 2013, 6:53 pm

they got you in the receiving end.........555

Post by **fatbob** » November 28, 2013, 6:57 pm

Example last week I sent some money from Aus to Thailand, Commonwealth bank in Aus offered 28.1 baht per dollar, SCB in Thailand gave me 29.3 per dollar, on a decent sum its a big difference and has been this way for over twenty years. Do your exchange here.

Post by **howard** » November 28, 2013, 7:26 pm

I've done this for years using SCB. Go inside bank with your passport and Debit card and get as much money as you want. They swipe your card as if you were buying anything. Tell them how much you want. If you have the funds in you home bank there is no problem. There are no fees at Thai Bank and you get the Forex rate of exchange which is very good.

Post by **papaguido** » November 28, 2013, 7:43 pm

howard wrote:I've done this for years using SCB. Go inside bank with your passport and Debit card and get as much money as you want. They swipe your card as if you were buying anything. Tell them how much you want. If you have the funds in you home bank there is no problem. There are no fees at Thai Bank and you get the Forex rate of exchange which is very good.

This type of transaction is called a "Cash Advance". Been doing it for years as well. There also may be a 1% exchange fee using this method,same as ATM, but no bank transaction fees.

If you use an ATM... use AEON, pay no ATM fees, but you may still get hit on the 1% exchange fee, no way around that one.

Another option is UK Bangkok bank to local Bangkok bank branch.

*Also, I've noted my last four ATM transactions using AEON and I've been getting the exchange rate in the sight bill column...much better than what I would get using a regular commercial bank.

Post by **mortiboy** » November 28, 2013, 9:25 pm

Withdrawing from a ATM Thailand,with a Barclays debit card
You'll be charged about 3 pound ATM fee,2.99% cash advance fee.and I wonder what exchange rate offered?
On my 587 pound, that would be around 20.55 pound total transfer fee. Bit less if done over the counter
Seems swings and round a bouts.But all depends at what exchange rate given.

Information about fees for using your debit card abroad
Barclays will charge you a 2.99% Non-Sterling Transaction Fee for using your debit card abroad when making purchases, withdrawing cash or when you're being refunded. This fee will also apply whenever you don't pay in sterling, for example, when you shop online at a non-UK website.
On top of this, if you’re getting cash over the counter at a bank abroad (including Barclays), or using an ATM other than a Barclays ATM or an ATM at a Global Alliance member bank you’ll also be charged a £1.50 Non-Sterling Cash Fee and the ATM provider may apply other charges.
Visa converts transactions into sterling using the Visa Exchange Rate on the day it processes the transaction. This date may be different to the day on which the transaction took place. Historic exchange rate information is available on www.visaeurope.com (Link opens in a new window) .
When using your debit card abroad, some merchant terminals or ATMs may offer you the choice of paying for your transaction in sterling. If you choose to pay in sterling the 2.99% Non-Sterling Transaction Fee will not apply, but you should always try to find out what the merchant or ATM provider's commission charges are and what exchange rate they're using because, overall, it may be more expensive to pay in sterling. Although the Non-Sterling Transaction Fee will not apply for these transactions, you'll still have to pay the Non-Sterling Cash Fee if you are getting cash over the counter at a bank abroad (including Barclays), or using an ATM other than a Barclays ATM or an ATM at a Global Alliance member bank.

Post by **TicToc** » November 28, 2013, 11:18 pm

Have a look at this:
http://www.bangkokbank.com/BangkokBank/ ... romUK.aspx

Funds sent from UK bank to Bangkok Bank in UK(no charges) in Sterling,Bangkok Bank transfers funds in sterling to Bangkok Bank Thailand then exchanges to baht into your account.

Post by **mortiboy** » November 29, 2013, 8:21 am

Looks good!.Need open Bangkok Bank account and apply.
Hopefully straight forward

Post by **papaguido** » November 29, 2013, 8:38 am

mortiboy wrote:Looks good!.Need open Bangkok Bank account and apply.
Hopefully straight forward

You need to be aware that there are fee's...

The way I read it, BKK bank London is charging nearly 1000bt to transfer funds...

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

Post by **trubrit** » November 29, 2013, 8:53 am

papaguido wrote:
mortiboy wrote:Looks good!.Need open Bangkok Bank account and apply.
Hopefully straight forward
You need to be aware that there are fee's...

The way I read it, BKK bank London is charging nearly 1000bt to transfer funds...

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

Even worse actually. The London branch charges 20 pounds each transaction for forwarding and the Thai receiving branch deducts a further 2-500 baht on receipt. As I have 3 separate source pensions that would mean a total of 90pound or 4,500bht per month in fees .Hardly free, but certainly quick.

Post by **Macca** » November 29, 2013, 9:04 am

trubrit wrote: Even worse actually. The London branch charges 20 pounds each transaction for forwarding and the Thai receiving branch deducts a further 2-500 baht on receipt. As I have 3 separate source pensions that would mean a total of 90pound or 4,500bht per month in fees .Hardly free, but certainly quick.

I thought the transfer fee from UK was 5 pound for 3 -4 day transfer. But 20 pound for express, 1 day, transfer.

Post by **trubrit** » November 29, 2013, 9:17 am

When transferring funds
in Baht: 92 00 10 00

When transferring funds
in Pound Sterling:
92 00 20 00
Exchange rate applied

Pounds Sterling converted to Thai Baht using the London Branch's exchange rate

Pounds Sterling converted to Thai Baht using the daily TT buying rate at Bangkok
Transfer fees (Bangkok Bank London branch)

GBP 15

GBP 20
Transfer fees (Bangkok Bank Thailand)

.

An additional international fee of 0.25% of the transferred amount will be deducted by Bangkok Bank Thailand before crediting funds to recipient account (minimum 200Bt, maximum 500Bt).

Funds will be received in Thailand the next working day after the funds are received by Bangkok Bank in London.

No the charge applies to sending the money in pounds for conversion here. The lower amount !5 pounds is for changing at London rates and sending baht. The extra charge almost cancels out the advantage unless you are sending a large amount .
You would be able to pay all your pension into another UK account and only have one transfer from BB, but that starts to attract other charges and a lot of messing about .

Post by **kopkei** » November 29, 2013, 9:24 am

i am using kasikornbank , not bangkok ..bloody expensive and difficult in all what you want to do , did just send an amount ( not from UK) , all costs for receiving party...exchange rate as it must be , and 0.1% costs of the amount send at the home bank, kasikorn is always around 500 baht...

Post by **maxeboy** » November 29, 2013, 10:27 am

https://www.krungsri.com/en/consumer-de ... px?did=124

Look at this Website and find perhaps what You need at a reasonable cost.

It gives You the freedom to withdraw from ATM at TT exchange rate from all Krungsri ATM's in Thailand without the 150 Baht cost per withdraw.

kind regards from
maxeboy