Converting GBP to THB without high bank charges

Post by **robcar** » Wed Apr 15, 2015 11:46 am

After recommending an online exchange company (CurrencyFair) on another thread, I have just had an email telling me that the service has been withdrawn due to their exchange partner ceasing business in the currency marketplace.

This is mainly aimed at UK expats but of course other suggestions are welcome.

I bank with an online section of HSBC called First Direct and have always transferred my required GBP to CF to do the exchange into Baht and do the transfer to my Kasicorn acct. No matter what the amount the charge was always 7 quid.

My UK bank wants to charge me 28GBP (I can't find the pound symbol on this Thai keyboard) for every transfer made.

I am hoping some of you with more knowledge than I can point me in the right direction.

I don't have a lot to transfer.......only pension payments and some interest which I have been doing every couple of months.

Any suggestions and company names would be a great help to me

Please PM if you prefer.

Kind Regards

Rob

Post by **dtaai-maai** » Wed Apr 15, 2015 12:02 pm

I have a 'standard' current account with a UK branch of HSBC with online banking facilities. I transfer what I want to my Thai bank (usually arrives in 24 hrs) and the fixed fee is 4 quid. I transfer in GBP as I'm told that's the most cost-effective method.

Post by **robcar** » Wed Apr 15, 2015 2:00 pm

Post deleted by robcar. Thanks to the Moderator for the correction of the heading

Post by **buksida** » Wed Apr 15, 2015 2:19 pm

Because the topic title was identical - I have now restored it but a more descriptive topic title would have ensured the thread wasn't merged.

Post by **caller** » Wed Apr 15, 2015 5:06 pm

My advice would be to change your UK bank. I'm with TSB & Lloyds, who charge a Tenner and if it wasn't for the complications and hassle caused by changing banks, I would. But if I was being charged £28 I wouldn't worry about the hassle it caused, I'd change my bank.

Post by **HHTel** » Wed Apr 15, 2015 5:21 pm

I'm with LLoyds and I'm charged a tenner for a transfer. Arrives within 48 hours and of course the exchange rate for a telex transfer is better than others (i.e. T.Cheques, Cash, Debit cards, Credit cards etc).

Post by **robcar** » Wed Apr 15, 2015 5:47 pm

Thanks so far to dm, caller and HHTel. A change of bank is an option but will need to wait until I'm next in UK as I have to inform 2 private pension providers in writing and HM Pensions Dept of the change. Also I have an offshore investment which is a nightmare to change the slightest piece of info. The ideal answer is another currency exchange company, but even on the net they are a bit scarce, the few that I have found don't deal/exchange Thai Baht. Hopefully I have a guardian angel out there somewhere who has the solution.

Post by **Chazz14** » Wed Apr 15, 2015 5:58 pm

I have a Nationwide Flex Current account. I withdraw B10,000 at a time from any ATM here using my Nationwide debit card.

The Thai bank charges a flat fee of B180 and N/wide also charges a little. The total cost per withdrawal is approx. £5.

The exchange rate is shown of your statement and is very competitive...

P.S. Try Shift + 3 to get the £ sign - I found it by accident on my Toshiba laptop!

Post by **Dannie Boy** » Wed Apr 15, 2015 6:19 pm

As DM mentioned, HSBC now charge a flat fee of just £4 per transaction, up to a maximum I think of £10,000 and as recommended, send the money in GBP and your Thai bank will automatically convert to Baht.

Post by **Henry 14th** » Wed Apr 15, 2015 8:12 pm

Dannie Boy wrote:As DM mentioned, HSBC now charge a flat fee of just £4 per transaction, up to a maximum I think of £10,000 and as recommended, send the money in GBP and your Thai bank will automatically convert to Baht.

Without doubt the best way IMO.

Sent from my iPhone using Tapatalkkghkc. Molk a
A

ZvV

Post by **dundrillin** » Wed Apr 15, 2015 10:06 pm

I'll need to change my bank. RBS charges £30 for next day transaction and £22 for 2-4 days. Plus receiving banks fees!

Post by **robcar** » Thu Apr 16, 2015 5:33 am

As mentioned earlier I bank with First Direct which is an 'Online Bank' but also part of HSBC. I will be going to UK in a couple of months to see the kids, so an ideal opportunity to open a new account. I will keep the FD account and just transfer all incoming payments over. I am assuming that HSBC also have an online banking section.

In the short term it will be cheaper to use an ATM

Many thanks to all for your input

Post by **margaretcarnes** » Thu Apr 16, 2015 7:00 am

One other option may be to arrange for your pension payments to be posted to you. The HM pension can certainly be done that way - then just paid straight into a Thai bank. OK there may be a small- ish charge to do the deposit in HH but nothing like 28 quid.
Opening a new account while back in the UK is of course another option. I use Lloyds with online banking and never had a problem with it, but couldn't comment on whatever charges they may have for online transfers to foreign banks. But you might have a problem actually opening a new account in the UK if you are now a non dom without the required reams of ID.
Even with proof of a Civil Service monthly pension payment I had probs opening a new bank account on returning to England, simply because I had no proof that I was paying domestic bills there.

PET · Post by **PET** » Thu Apr 16, 2015 12:51 pm

Paying a sterling cheque into a Thai bank could well give a problem, because firstly they will want the cheque cleared within the banking system ( whether issued by HMGOVT or not) and this could take up to 4 weeks with the post, or get lost!

Post by **Dannie Boy** » Thu Apr 16, 2015 1:03 pm

PET wrote:Paying a sterling cheque into a Thai bank could well give a problem, because firstly they will want the cheque cleared within the banking system ( whether issued by HMGOVT or not) and this could take up to 4 weeks with the post, or get lost!

Who mentioned paying a sterling cheque into a Thai bank - although I'm sure it would cause a problem?

Hua Hin Forum