I tried to telex transfer a deposit payment from the UK to a Thai bank today. My bank advised that they could only transfer sterling, & were unable to convert to Baht due to the events earlier this week.
Anybody else had problems, or know a way around this?
Money transfer
Hello Handsome (sorry, couldn't resist it) 
,
I've not tried to transfer any money recently, so can't help with that one. However, I am interested in why you want to transfer Thai Baht from the UK at all? If you transfer Baht (I assume you hold your money in your UK bank as sterling), then you are effectively transferring your sterling at the exchange rate that you would receive in the UK, which is normally about 5 Baht to the pound less than you would receive in Thailand.
On the rare occassions I transfer money to Thailand, I always transfer Sterling, and only pay UK Bank charges. This then attracts the much higher exchange rate that you would get in Thailand, and I've never known the Thai Banks charge for the service - probably left myself wide open to criticsm on that one!
,I've not tried to transfer any money recently, so can't help with that one. However, I am interested in why you want to transfer Thai Baht from the UK at all? If you transfer Baht (I assume you hold your money in your UK bank as sterling), then you are effectively transferring your sterling at the exchange rate that you would receive in the UK, which is normally about 5 Baht to the pound less than you would receive in Thailand.
On the rare occassions I transfer money to Thailand, I always transfer Sterling, and only pay UK Bank charges. This then attracts the much higher exchange rate that you would get in Thailand, and I've never known the Thai Banks charge for the service - probably left myself wide open to criticsm on that one!
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Handsome Buddha
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Well hello Big Boy 
The guy I'm renting off said it's easier for him if the payment is in Baht. Is that unusual? If it was a large ammount I'd be a little wary, but it's not even enough to pay for a room at a decent hotel for a night.
While we're on the subject, when I come over for my holiday, would I be better off bringing sterling & chaging it locally?
Boing Boing.
The guy I'm renting off said it's easier for him if the payment is in Baht. Is that unusual? If it was a large ammount I'd be a little wary, but it's not even enough to pay for a room at a decent hotel for a night.
While we're on the subject, when I come over for my holiday, would I be better off bringing sterling & chaging it locally?
Boing Boing.
Handsome Buddha,
You asked if there was a way around the transfer.
The advice I am about to give should only be taken if you can trust the recipient 100% - any doubt, then please ignore this post.
Any money I transfer is for my granddaughter's education or birthday presents (yes, and the odd family crisis - buffalo dying, plague of locusts etc).
Totally fed up with being ripped off by the bank every time I transferred money (18 pounds sterling the last time I did it), I had to come up with an acceptable alternative. I simply opened another bank account and obtained an ATM card for the account. I took the precaution of insisting on zero overdraft limits. I then sent the card to my daughter who lives in Hua Hin. I generally keep less than 5 pounds sterling in the account. Whenever I need to send money to Thailand, I have a quick look at the Thai exchange rates (Thai rate, not UK), do a quick bit of mental arithmetic to convert the amount of Baht into Pounds, add 5 pounds as a safety factor to cover exchange rates, and transfer that amount in to my Thai account. I also use Internet banking, so the transfer is immediate. When complete, I get my wife to make a 2p call to Thailand to advise the money is available from the nearest ATM whenever my daughter cares to draw it.
The above method is cheap and very fast.
However, I repeat my earlier caution - do not even consider it unless you trust the recipient 100%
You asked if there was a way around the transfer.
The advice I am about to give should only be taken if you can trust the recipient 100% - any doubt, then please ignore this post.
Any money I transfer is for my granddaughter's education or birthday presents (yes, and the odd family crisis - buffalo dying, plague of locusts etc).
Totally fed up with being ripped off by the bank every time I transferred money (18 pounds sterling the last time I did it), I had to come up with an acceptable alternative. I simply opened another bank account and obtained an ATM card for the account. I took the precaution of insisting on zero overdraft limits. I then sent the card to my daughter who lives in Hua Hin. I generally keep less than 5 pounds sterling in the account. Whenever I need to send money to Thailand, I have a quick look at the Thai exchange rates (Thai rate, not UK), do a quick bit of mental arithmetic to convert the amount of Baht into Pounds, add 5 pounds as a safety factor to cover exchange rates, and transfer that amount in to my Thai account. I also use Internet banking, so the transfer is immediate. When complete, I get my wife to make a 2p call to Thailand to advise the money is available from the nearest ATM whenever my daughter cares to draw it.
The above method is cheap and very fast.
However, I repeat my earlier caution - do not even consider it unless you trust the recipient 100%
Championship Plymouth Argyle 1 - 2 Leeds Utd
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Your UK bank deals in sterling so they will send sterling.
The Thai bank deals in baht so they will give you baht at the rate of exchange current on the day they put it into your account.
Bring traveler's cheques with you, no pompem to exchange and you will get a better rate than if you try to buy baht in the UK.
The Thai bank deals in baht so they will give you baht at the rate of exchange current on the day they put it into your account.
Bring traveler's cheques with you, no pompem to exchange and you will get a better rate than if you try to buy baht in the UK.
Last edited by johnnyk on Sat Sep 23, 2006 4:59 am, edited 1 time in total.
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Handsome Buddha
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Handsome Buddha
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Handsome Buddha wrote:
From my experience, if you transfer Sterling, on receipt at a Thai Bank they automatically convert it to Thai Baht anyway. So the recipient would not know whether you had transferred Baht or Sterling.
Regarding your holiday, you will get a much better exchange rate in Thailand. Whenever I travel to Thailand, I take Sterling travellers cheques - I insist on units of 100 pounds sterling, as this reduces the exchange commission (be warned, some banks will try to persuade you to take American Dollars). The many banks at Bangkok Airport all offer virtually the same exchange rate as the rest of Thailand* (I assume the new airport will have the same, if not better facilities). As soon as I arrive at Bangkok, I simply change 100 pounds to tied me over for taxi to Hua Hin etc.
* When I say the rest of Thailand, always use banks or the little exchange windows you see everywhere. Don't be tempted to change travellers cheques in a hotel - you'll be ripped off.
Obviously my second post crossed with your second post. It is clear from what you said that the alternative method I quoted is not suitable for what you are now asking.The guy I'm renting off said it's easier for him if the payment is in Baht. Is that unusual? If it was a large amount I'd be a little wary, but it's not even enough to pay for a room at a decent hotel for a night.
While we're on the subject, when I come over for my holiday, would I be better off bringing sterling & changing it locally?
From my experience, if you transfer Sterling, on receipt at a Thai Bank they automatically convert it to Thai Baht anyway. So the recipient would not know whether you had transferred Baht or Sterling.
Regarding your holiday, you will get a much better exchange rate in Thailand. Whenever I travel to Thailand, I take Sterling travellers cheques - I insist on units of 100 pounds sterling, as this reduces the exchange commission (be warned, some banks will try to persuade you to take American Dollars). The many banks at Bangkok Airport all offer virtually the same exchange rate as the rest of Thailand* (I assume the new airport will have the same, if not better facilities). As soon as I arrive at Bangkok, I simply change 100 pounds to tied me over for taxi to Hua Hin etc.
* When I say the rest of Thailand, always use banks or the little exchange windows you see everywhere. Don't be tempted to change travellers cheques in a hotel - you'll be ripped off.
Championship Plymouth Argyle 1 - 2 Leeds Utd
Points 46; Position 23 RELEGATED
Points 46; Position 23 RELEGATED
Hi Handsome Buddha,
Have you considered using Western Union, this is not the cheapest way of transferring money, but it is convenient, safe and the money is available straight away.
If you are not familiar with this kind of transfer, basically you go to an agent and deposit the sum in cash, with details of the receiver and you are given a number. You call the receiver, give them the number, and they can collect it at their end. The cost for this amounts to around 5% or a little higher for small amounts.
They have agents worldwide, the Aythutha Bank in Hua Hin, for instance, and Thomson travel agents in the UK, but there are many others. It is a little expensive but I have found them to be 100% reliable and the transfer is instantaneous.
Have you considered using Western Union, this is not the cheapest way of transferring money, but it is convenient, safe and the money is available straight away.
If you are not familiar with this kind of transfer, basically you go to an agent and deposit the sum in cash, with details of the receiver and you are given a number. You call the receiver, give them the number, and they can collect it at their end. The cost for this amounts to around 5% or a little higher for small amounts.
They have agents worldwide, the Aythutha Bank in Hua Hin, for instance, and Thomson travel agents in the UK, but there are many others. It is a little expensive but I have found them to be 100% reliable and the transfer is instantaneous.
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Handsome Buddha
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To hell with them.