Transfer Money into bank in thailand from UK

[erik1]

Just tried the costs of moneybookers (pain to set up, but can be done even if thai party does not have credit card) Based on a 10000 baht transfer (about 150 pounds

upload from UK bank into Moneybookers ------------ 0,00
transfer money to other account 1% ----------- 100,00
withdraw money from acount into thai bank ------- 84.00 (flatfee €1.80)
handling costs Thai Bank-------------------------- ???,?? (will add that later)

Exchange Rate:69.18 as of today

Takes about 3 business day to show up on thai account.

[dizbuster]

I use the Post Office "Travel Money Card" if I send money out.

From my bank account I use my Switch Card to top up funds on the PO card, £1.50 per £100, £3 minimum. The funds are usually available to withdraw the same day but it's recommended to leave it for 48 hours before trying (it is possible to get a balance over ther phone).

Funds are withdrawn via ATM, so this method is only good for smaller amounts, i.e. up to £300, as £300 is roughly equivalent to 20,000baht which is the maximum single withdrawal amount on ATMs in LOS.

The exchange rate used is market less 2.75%, so very much in line with bank transfers.

[Thai Kwan Do]

To whom, are you sending you money ERIK?

[erik1]

Originally Posted by peterhol

To whom, are you sending you money ERIK?

into the mrs her SCB-account.

[dizbuster]

You might want to consider the Post Office card I mentioned. Give her the card and then your GF can withdraw the money from any ATM that accepts Visa cards. If you are sending a regular monthly amount, just top it up each month.

For example, if you want to send 10,000baht, then load up a GBP amount that would be a near equivalent. 10,000 / 68.5 = £145.98 so load up £150 which would cost £3 to do and then that's it. Your GF can then withdraw the money and if necessary pay it into her account in LOS.

Full details here... Travel Money Card

[erik1]

Originally Posted by dizbuster

You might want to consider the Post Office card I mentioned. Give her the card and then your GF can withdraw the money from any ATM that accepts Visa cards. If you are sending a regular monthly amount, just top it up each month.

For example, if you want to send 10,000baht, then load up a GBP amount that would be a near equivalent. 10,000 / 68.5 = £145.98 so load up £150 which would cost £3 to do and then that's it. Your GF can then withdraw the money and if necessary pay it into her account in LOS.

Full details here... Travel Money Card

plus withdrawel costs (they probably also charge per transaction) as well Diz, 3 pounds is 210 baht as well.

This way it goes straight in her bankaccount and can be withdrawn in any ATM as well. Losing the card is no issue as a new one can be obtained from her bank.

[LivinLOS]

Says commission charges 1.5% of value min 3 max 20 but doesnt explain if that currency commision or what ??

Also says ATM charges depend on the ATM provider so at the mercy of thai ATM fees.. No data listed on it.

[erik1]

Originally Posted by LivinLOS

Says commission charges 1.5% of value min 3 max 20 but doesnt explain if that currency commision or what ??

Also says ATM charges depend on the ATM provider so at the mercy of thai ATM fees.. No data listed on it.

I would expect the regular visa fees apply

[dizbuster]

Well, the charges for money to be added to the card are 1.5% (£3 the minimum) and if you think about it, the cost of withdrawal is not paid by the TG, but by the person who actually owns the card i.e. you. Again this not high, typically a 20,000baht withdrawal incurs a cost of £2.00 - charged to the card.

Let's do some calculations...

You want to send 20,000baht to TG, so you load up £300 (300 x 68.5 = 20,550) onto a POTM card and it costs £4.50 commission. TG goes to ATM and takes out 20,000baht in one go to deposit into her back account. With an ATM withdrawal charge of £2.00 this means that sending 20,000baht has cost just £6.50 in charges.

Tell me else you can send money to your TG in LOS for such a small charge ??

Load up card with £300
Commission of 1.5% = £4.50
Total charge to you = £304.50

TG withdraws 20,000baht (@68.50) = £291.97
Withdrawal charge = £2.00
Balance left on card = £6.03 (£300 - £291.97 - £2.00)

I know that it is much more expensive than that by using a bank, typically £20 just for a UK bank to transfer the funds and then you've got their agents charges on top of that. Western Union charges around £27 for a similar amount, so there really is no comparison is there ??

[erik1]

Originally Posted by dizbuster

Well, the charges for £200 to be added to the card are £3 (the minimum) and if you think about it, the cost of withdrawal is not paid by the TG, but by the person who actually owns the card i.e. you. Again this not high, typically 20,000baht incurs a cost of £2.00

Let's do some calculations...

You want to send 20,000baht to TG, so you load up £300 onto POTM card and it costs £4.50 commission. TG goes to ATM and takes out 20,000baht in one go to deposit into her back account. With an ATM withdrawal charge of £2.00 this means that sending 20,000baht has cost just £5.50 in charges.

Tell me else you can send money to your TG in LOS for such a small charge ??

I know that it is much more expensive than that by using a bank, typically £20 just for a bank transfer and then you've got agents charges on top of that. Western Union charges around £27 for a similar amount, so there really is no comparison is there ??

Ok same calculation for 20000

upload from UK bank into Moneybookers ------------ 0,00
transfer money to other account 1% ----------- 200,00
withdraw money from acount into thai bank ------- 84.00 (flatfee €1.80)
handling costs Thai Bank-------------------------- ???,?? (will add that later)

with 5.50 in cost you come around a bit cheaper but then you forget the 10 pound initial fee (say devided by 10 transfers to your card ) so your costs will be 6.5 times 70 baht = 450 baht

So cheaper all depends on the costs for the thai bank ( i will know that on wednesday.

But the advantage of having the money in her bank is that she can withdraw small amounts when she needs to. (and you know thai woman and larger sums of money haha)

I agree with you that the postbank card is a good alternative (I believe there are some more similar) but i like the fact that when she looses her atm card she can just go to the bank and get a new one and that she never has to withdraw big sums at a time. just what she needs

I think the two ways will be rather similar when it comes to costs

[dizbuster]

Originally Posted by erik1

...But the advantage of having the money in her bank is that she can withdraw small amounts when she needs to...

That's why I say to withdraw it in one go and then pay into her account, that way she can then take out what is needed whenever. If she goes to her bank (SCB) as normal with her paying in book, she uses the ATM there to take the money off the card and then pay it into her bank account.

Funds are available within 48 hours on this card and usually they6 clear the same day. You can check the balance over the phone, you don't need a PC to do this transaction, just a telephone.

As for Thai girls and larger amounts of money - no comment.

[erik1]

Originally Posted by dizbuster

That's why I say to withdraw it in one go and then pay into her account, that way she can then take out what is needed whenever. If she goes to her bank (SCB) as normal with her paying in book, she uses the ATM there to take the money off the card and then pay it into her bank account.

Funds are available within 48 hours on this card and usually they6 clear the same day. You can check the balance over the phone, you don't need a PC to do this transaction, just a telephone.

As for Thai girls and larger amounts of money - no comment.

coward

hahaha how was your trip?

[LivinLOS]

The main thing in any of this really is do they knock you on conversion rates.. My thai bank always gives better rates on Euro than my Euro bank gives on sending baht.

Even when interbank rates are used a tiny % discrepancy (they can pick the worst rate of the day) makes all the difference.

[erik1]

Originally Posted by LivinLOS

The main thing in any of this really is do they knock you on conversion rates.. My thai bank always gives better rates on Euro than my Euro bank gives on sending baht.

Even when interbank rates are used a tiny % discrepancy (they can pick the worst rate of the day) makes all the difference.

Moneybookers actually transfers in Euro, the bank in thailand does the conversion to baht.

[neilcharlton]

fyi
travelex also do a travel money card . you can get them from all major airports and going places !
they dont cost anything to purchase , you can have 2 cards on one account and load them up with 100 pounds a go rather than 250 at the post office :-)

[Patrice2704]

Does anybody uses SWIFT for interbank transfer????

[dizbuster]

Originally Posted by Patrice2704

Does anybody uses SWIFT for interbank transfer????

SWIFT is used all the time, the exception now is for a bank not to use SWIFT for payments to other countries.

[Agent09]

Hi all

I just explored this area and have just transacted cash so have observations.

I opened my own Thai bank a/c savings style on last trip and also have just sent money to TG first time using bank to bank transfer, and planning to use the Money Card idea etc also as back up.

Bank to bank UK bank charged me £20 to transfer to her thai bank a/c. The procedure has to be done in bank, sign form, cannot yet use my internet banking to make occasional or regular payments to her so that is clumsy but in the end transfer worked ok, took 3 days for funds to get to her, cost me an additional £7,50 in charges levied by HER bank to accept the money so overall the 'wasted' money was £27.50 about 2000Baht.. shame.. but it got there safe.. I only sent an initial test amount of some few hundreds UK £ converted so the % charge was high, and this is fixed up to more than you would want to send your girl, ie: many thousands of £ so % drops. Ie; if you send only say 10k baht you'd paying a scary 20% interest..so more suitable for larger transfers.

I plan to send (DHL via Farang mate) or give her a Money Card soon or next visit, as this seems way more flexible and cheaper though best to use both methods.

Ive already now got one from my own bank product, who don't offer ancillary cards. PO Money Card seems fine, but legally if you give to her and she loses the terms are breached as it's a sole user card in your name and no extra cards possible so it's your own risk and you may not even get a replacement if you are honest when it's lost so beware that.

Travelex offers additional use cards , but to use Travelex well you must go to an airport and buy it, NOT at the travel agents in High Street or you are only able to top up at branches. Cards bought at airport allow you to use full internet banking so much easier so u can top up the card anytime with £100 minimum online and also by phone. Travelex is VISA and you can legally have an additional user card on your account for her BUt will be blank no name as they only will issue to UK/Euro passport holders. ATM charges are £2.50 a time which can mount up a bit.

I am probably leaning towards the American Express Travellers Cheque card as they will give me a bona-fide additional user card with her name on it, ( nicer for her, status wise..but you will need to make sure she gives correct DOB and also knows how to go thru the on-phone authorisation when she gets it) It's safer named, and also usable as a purchase card same as a debit or cc but with only the funds contained no more so safe for you. It's £200 initial load and £50 min afterwards and again can be easily done online and phone and she can use as a quasi debit card wherever AMex is welcome.

However the ONE drawback is the number of ATMs accepting VISA versus AMEX. On my last trip to Pattaya I mostly used my own VISA cc to get cash in Baht at times and sometimes used my Amex also but noticed fewer terminals accepted AMEX.

Not knowing abut the money cards then I didn't think to NOTE which of the ATMS take Amex, which do or don't so if any of you out there now in Pattaya/ LOS care to assist and let me know this, I'd be grateful.

From memory I know my own Krungthai ATM don't, and the RED K (Kasikorn?) ones do take Amex but beyond that I forget. I'd like to think that it won't be too much of a disadvantage for her as ATMS are frequent and often clustered.

well that's my £27.50's worth on this !

[georgelondon]

i just got the post office travel card as well...looks good!

[Denver]

Originally Posted by Patrice2704

Does anybody uses SWIFT for interbank transfer????

I use SWIFT Codes to move money around Patrice. I asked SCB for thiers and they had it printed off for me. So far so good. Will check on the costs, benefits, potential problems as I tried a small amount today. Usually takes 2-3 bank working days to happen.

[K2]

GBP having a go at reaching the 2.0000 vs. USD key level (1.9916 reached 3 hours ago) GBP/THB at 69.48 spot - so could be a sensible time to look at bringing money here - pity the THB just will not weaken dispite the goings on with the administration here.

[georgelondon]

ive just registered with "neteller"...don't know much about them...anyone used them?