Getting money into Thailand

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sateeb
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Re: Getting money into Thailand

Post by sateeb » Sat May 14, 2016 6:21 pm

terry+carmen wrote:We use this service "TransferWise" better rate than HSBC UK. We have a rate alert at 50 baht to the pound and move money to Thailand whenever its over that predetermined rate.

The mid-market rate over the last 30 days

0.32% vs 1 day ago (it was 1 GBP = 50.908 THB)
0.31% vs 1 week ago (it was 1 GBP = 50.916 THB)
2.16% vs 1 month ago (it was 1 GBP = 49.992 THB)

TransferWise always uses the real exchange rate - the rate shown on the Rate Tracker, Google and XE.com - and only charges a small transparent fee, making it the smarter, fairer way to move your money.

PM me for the link.

www.transferwise.com
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Re: Getting money into Thailand

Post by Bluesky » Wed Jun 22, 2016 4:15 pm

UK money transfer site Transferwise to suspend service during BrexIt vote

Transferwise said it will suspend pound transfers on Thursday in anticipation of currency volatility caused by Britain's referendum on European Union membership.

The London-based money transfer website will resume its service when the referendum results are announced on Friday

It will suspend incoming pound transfers on Thursday morning and outgoing transfers at 6 p.m., the company said in an emailed statement.

The vote on whether Britain should remain in the 28-member bloc is too close to call, according to recent polls, and uncertainty about the outcome has driven trade in sterling since late last year.

(Reporting by Ismail Shakil in Bengaluru; editing by John Stonestreet)

http://www.reuters.com/article/us-brita ... me=topNews

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J.J.B.
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Re: Getting money into Thailand

Post by J.J.B. » Mon May 15, 2017 2:11 pm

For those who are familiar with http://www.xe.com/ for checking rates and the like via their website or mobile app, they recently started to offer currency transfer services too. I've just made my first transaction with them (May 15) and am very pleased with the rate I got and the simplicity of the overall process.

HHF is showing today's rates at 44.6 THB to the GBP and I got 44.1 from XE with no additional fees from the UK. Compare that with my bank rate of 43.6 (which is already pretty good) and I saved myself 1,000 THB on a transfer of 2,000 GBP. The difference between the wholesale rate and the rate I got also only cost me 1,000 THB in total, whereas my bank would have charged an additional SWIFT transfer fee of 20 GBP.

Setting the account up was quick and simple, for me at least, there were no extra forms to complete or documents to upload. I'm interested to see if it's possible to do transfers out of Thailand as well as what charges might be levied by the receiving bank in Thailand (Kasikorn) but so far, I'm impressed. The service is run by HiFX and XE.com has been owned by Euronet since mid-2015.

If others are using this service it would be great to hear of your experience, good or bad, to see whether this is a keeper or not! :cheers:
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Re: Getting money into Thailand

Post by robcar » Mon May 15, 2017 2:47 pm

I have used XE and also TorFX both of which I found excellent. I have recently opened a Bangkok Bank account and just last week did a transfer through their London branch direct to my account here. Cost were minimal as there is no exchange in London, the GBP is exchanged at local rate in Thailand. I got just under 44 but the rate was a tad lower last week.
Look here for info and how it's managed http://www.bangkokbank.com/BangkokBank/ ... romUK.aspx

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Re: Getting money into Thailand

Post by buksida » Mon May 15, 2017 3:39 pm

J.J.B. wrote:
Mon May 15, 2017 2:11 pm
For those who are familiar with http://www.xe.com/ for checking rates and the like via their website or mobile app, they recently started to offer currency transfer services too. I've just made my first transaction with them (May 15) and am very pleased with the rate I got and the simplicity of the overall process.
Do you know if the XE service works just as well the other way round (getting money out of Thailand)?
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Re: Getting money into Thailand

Post by J.J.B. » Mon May 15, 2017 5:56 pm

Buksi, later in the post I reference that I have yet to do that but hope to try it out in the not-too distant future and will update the post accordingly.
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Re: Getting money into Thailand

Post by Bluesky » Mon May 15, 2017 9:45 pm

J.J.B. wrote:
Mon May 15, 2017 2:11 pm

..........If others are using this service it would be great to hear of your experience, good or bad, to see whether this is a keeper or not! :cheers:
Have been using HIFX for 4 or so years now for fx transfer from Australia. Spreads are always far more competitive than banks and I can leave buy orders (limit) in place to catch short term market spikes. For larger amounts from Aust You can negotiate the rate with them and likewise no 'Add on Fees and charges.' Also use TorFx as a backup. Transfer times are circa 24-48 hours. To date have not experienced any issues. I have spoken recently to HIFX and they have advised they can move funds out of Thailand at a better rate than from the local banks. They did however add that it would be a little slower outbound given market liquidity for THB/AUD.

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Re: Getting money into Thailand

Post by HHTel » Wed Oct 11, 2017 6:06 pm

I've always transferred money from my UK bank to my BKK bank when needed. Using Lloyds, transfers over the last years have always taken 48 hours. So do the transfer on Monday and it's in my BKK bank on Wednesday evening.
Got quite a surprise today. Transferred some cash last night expecting it to arrive Thursday evening, quite important as Friday is a bank holiday. Anyway, went to draw cash this morning from the ATM and found the transfer was already done. Seems Lloyds are now doing immediate transfers. Not sure if other banks have followed suit.

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Re: Getting money into Thailand

Post by lomuamart » Wed Oct 11, 2017 6:23 pm

Barclays have always transferred the same day every month over the years I've been doing it - apart from three occasions when for some reason the money arrived the next day. Transfer at around 7.30am Thai time and it's in K Bank account between 3-5pm.
And they've reduced their charges from 23 GBP to 8 GBP recently.

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Re: Getting money into Thailand

Post by HHTel » Thu Oct 12, 2017 2:17 am

Barclays offer two options: Priority (same day) which you pay more for and Standard (lower fee) which arrives 2 days later. You were paying the priority fee and it's been reduced (basically cancelling priority transfers) I believe because other banks are now doing immediate transfers.

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Re: Getting money into Thailand

Post by lomuamart » Thu Oct 12, 2017 3:20 am

Ah, I see. And I'd forgotten that one of the times the funds didn't arrive the same day was when the fee was reduced. In fact, it could have been last month.

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Re: Getting money into Thailand

Post by lomuamart » Fri Oct 20, 2017 7:13 am

Barclays are getting slower. Have just transferred some funds for 8 GBP and the web site said that it would be taken from my UK account today but would not arrive at Kbank in BKK until the 24th.
Looking at what you said, HHTel, I recently had an email from Barclays explaining their new operating procedures in the light of new banking legislation. It seems as though banks cannot now charge more than 8 GBP, once a month, for any transactions.
I see what you're saying about the priority transfer being withdrawn but it appears that they didn't have any choice unless they offered it free.
It's great to see these banking behemoths move with the times which means that transfers are slower than they've ever been for me despite the fact that I'm sure they have faster, more streamlined computers etc. That's tongue in cheek.
Oh well, it's not the end of the world. I'll just transfer earlier but with the holidays coming up here there's every chance that I won't get the money in HH until around the 30th.

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Re: Getting money into Thailand

Post by lomuamart » Fri Oct 20, 2017 7:32 am

Forget the above. I've reread the mail and the max 8 GBP debit seems to be for bounced cheques etc.
Still, Barclays are in prehistoric times.

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