Money transfers to Thailand.

[usual suspect]

Well now this is always a good topic of conversation among ex-pats..
But as most of you know now Eon ATM machines now charge for using 'foreign' cards (same as all other ATMs here in the L.o S.. ).

So at this point-in-time I'm looking around for other ways of transfering funds from my UK bank account.

I've heard PayPal offer a service, but have also heard that Thai banks have now increased their
'handling fees' from what was 500B at BKK bank for my transfer from the UK to about £35 (or Baht equivilant!!) Kasikorn Bank now charge £20 I hear...well either way, despite the exchange rate being favourable just now..it hurts when we're getting constantly stung by these Thai bankers each time.

So suggestions please..let's make the sum a straight £1000, how would you folk send it..??

(My other option is to wire funds into the bank accounts of folk that are coming out, so they then bring me lumps of cash).
Cheers now.. U.S.

[HHTel]

I'm looking at similar options.

For 1,000 quid, lloyds bank will charge 10 pounds
According to their website Bangkok Bank will charge 0.25% to a max of 500 baht
They also use their over the counter conversion which is a baht below the international rate

Therefore 1,000 pounds will cost:
500 baht (10 pounds)
500 baht (Bangkok Bank)
1,000 baht on the exchange rate difference

2,000 baht in all or 40 quid 'ish

[NOKYAI]

I'm thinking of contacting my UK bank and increasing my daily limit from £300 to £1000 then drawing money out over the counter at my Thai bank and putting the cash in my Thai bank, all in one visit. I stand to be corrected but I think this will do away with ATM charges.

[christopher1]

A friend of mine used a 'broker' in the UK. He needed to do this to qualify for his retirement extension. The broker was far cheaper than using a bank and he thought he was getting a good rate over the banks.
All well and good...He then decided to sign up at a pre-determined price for future transactions...Bad move, he'd signed up for 40k UKGP at 48Baht !
It's a minefield out there. I usually bring a few thousand at a time (electronic transfer) and this sometimes reduces the cost, tremendously.
To me, anything is better than using your debit card for smallish amounts.
Otherwise you are playing into their hands.
I consider a small amount to be under a grand.

[Pagey]

Lloyds offshore account haven't charged for overseas payments for a long time now.

[thedash]

I used Torts to transfer money from the UK to my Thai bank account.
After doing loads of research on the net, they turned out to be the best.
If u transfer £3000 and above they do not charge. The rate they offer is also very good.

[thedash]

Torfx.....predictive text sucks.

[usual suspect]

Thanks for the suggestions folks..it's always good to hear about the options open to us all..

[Spitfire]

Last time I did it 2 years ago, I used the SWIFT code system (amount 5000 GBP) and it took 3 days to clear in the SCB and I think was charged 30 or so pounds. Very reliable and pain free.

[Condoking]

Try HIFX.com or HIFX.co.nz. They only charge you the commission on the exchange rate which is very competitive. No problems for me moving money very quick and reliable.

[caller]

I think the best option is to have a Thai account and transfer money there. I also use a pre-loaded FX which I keep for back-up just in case, lower fees and a better exchange rate than the banks.

[NOKYAI]

The pre loaded FX card has been a life saver when Barclays have frozen my Acc and I needed to top up Skype to yell at them!

[Chromeman]

I have sent some money to my gf a few times. Tried first directly to her bank account from my bank account, but the fees charged on each side made that very expensive. So for a while, I sent directly via Western Union, no fees on her side, but high on my side (NOK 200 (£20) for a ฿10.000 transfer), though much less than with the banks. But the upside was that she had access to the money right away.

Then I tried out sending from Western Union to a Thai bank account. The fee was then reduced to NOK 25 (£2,50) for a ฿10.000 transfer. Takes 3 work days (farang work days!). And there is no fee on her side, so I guess the money goes from a Thai bank account owned by Western Union to my gf Thai bank account.

[Pleng]

All well and good...He then decided to sign up at a pre-determined price for future transactions...Bad move, he'd signed up for 40k UKGP at 48Baht !

Well I guess that depends on when he made the arrangement and how quickly he is likely to get through 40k

The mid-market rate was hovering between 42 and 45 for a good year or so; it's only recently come back up to the mid 50s, so he may well have been quids in, averaged out...

[lomuamart]

I think the best option is to have a Thai account and transfer money there. I also use a pre-loaded FX which I keep for back-up just in case, lower fees and a better exchange rate than the banks.

I'd agree with transferring and I'll have to look at the above.
I'm not exactly money efficient but after years of using my Barclays Connect card and getting stitched up at both ends, I just transfer whatever amount I reckon I'll need for the month direct to KBank. That can be a same day service - ie transfer by internet banking around midday and it's in my account here around 5pm.
Of course, Barclays upped their fees a month after I did it for the first time. So, 25 GBP for the transfer and then another 8 GBP for some nebulous extra international handling charge. Twats.
If you want to get around the Thai ATM fee then I found that the main BKK bank on Petchkasem charged nothing for a withdrawal on the Connect card at the foreign desk. OK, not an ATM so not as convenient but...