Currency Transfer Limits

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Big Boy
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Currency Transfer Limits

Post by Big Boy » Sat Feb 18, 2017 9:30 am

Normally when I top my Thai funds up from my UK account, I do it £10K at a time. This has always been a safe amount to transfer. Due to Brexit fluctuations, I have not transferred for sometime. However, funds are dwindling, and visa extension time is looming - I need to transfer funds soon, or sell my body :idea: if I sell it by the kilo, I could become rich :D.

Seriously, I know £10,000 was a safe amount to transfer, but this time it won't be enough. Are there any restrictions on transferring maybe £20,000 in one go please?
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moater
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Re: Currency Transfer Limits

Post by moater » Sat Feb 18, 2017 9:43 am

There are no limits to a SWIFT transfer. You can transfer 1 million GBP if you can prove the money is legit. 20K won't even raise the question, especially if you're an established customer of the bank.

Also consider transferring via a 3rd party service, in order to get a better exchange rate. Look at Transferwise and Currencyfair.

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Re: Currency Transfer Limits

Post by Big Boy » Sat Feb 18, 2017 9:46 am

OK, thanks - I know there was a time when more than £10K would be impounded for a time (1 year from memory). That sounds as if it is no longer the case.
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Re: Currency Transfer Limits

Post by robcar » Sat Feb 18, 2017 9:59 am

Currencyfair no longer have a Baht changing facility. I have been using TorFX for my last few transfers. No limit imposed but you will need to specify what the money is to be used for. I always say '' Living Expenses''.

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Re: Currency Transfer Limits

Post by pitsch » Sat Feb 18, 2017 10:10 am

4 years ago, there was a limit of 20 000 USD, but you could transfer more at one time, then the Kasikorn bank wanted a statement for what the money was.

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Re: Currency Transfer Limits

Post by moater » Sat Feb 18, 2017 10:21 am

Sorry, I meant Currencytransfer (www.currencytransfer.com), not Currencyfair. I found their exchange rates extremely hard to beat. They only accept transfers of 5K or more.

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Re: Currency Transfer Limits

Post by HHTel » Sat Feb 18, 2017 11:47 am

I transferred 20K in one lump from the UK just a few months ago. No problem.

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Re: Currency Transfer Limits

Post by StevePIraq » Sat Feb 18, 2017 11:48 am

BB it depends which UK bank, if with Lloyds you can send what you like however the commission increases with the sum. If you send £9,999 the commission is less than if you send 10k.
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Re: Currency Transfer Limits

Post by Big Boy » Sat Feb 18, 2017 11:53 am

Yes, I did it with my bank (NatWest) and they impose a £10K limit, which is strange because when I moved here I transferred much larger sums for house purchase etc.
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Re: Currency Transfer Limits

Post by kendo » Sat Feb 18, 2017 12:02 pm

I transferred 20K eleven years ago then further advances through Natwest with no issues. On the form i just stated House building funds.
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Re: Currency Transfer Limits

Post by Big Boy » Sat Feb 18, 2017 12:05 pm

Well, the computer said "No" - I had to do 2 transfers. I have a good alternative for the 2nd transfer though.
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Re: Currency Transfer Limits

Post by moater » Sat Feb 18, 2017 12:57 pm

It's probably a default limit set for "your safety". You should be able to call the bank and raise it.

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Re: Currency Transfer Limits

Post by HHTel » Sat Feb 18, 2017 4:30 pm

When I did it with Lloyds a few months ago, I had no problem. The reason I gave was 'own account transfer' if that makes any difference.

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