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Which Bank Is Best For Transfering Money

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Ive a Bangkok Bank account and when i transfer money from the UK i get less then what the UK bank tells me i'll get.

So can anyone recommend which bank wont charge me to transfer money into the acount, and which Bank is best for us Foreigners.

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You're not transferring this as Thai baht, by any chance?

If you ARE then stop that practice IMMEDIATLY as the banks over here (UK) rip you off with the exchange rate. Send it as Sterling and let the Bangkok Bank convert it at the THAI rate, which you can check via its website. Its always more than at home

You will ALWAYS be charged to send it, but that, again is the British banks imposing the charge...which they should have informed you of (the fact AND the amount they charge)

There may well be a charge inposed by the Thai banks, but nowhere near the amount most UK banks charge to send it in the first place

Penkoprod

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There is no shortage of Bank Charges here, the USA or anywhere. Dead right on the fund selection. Send as sterling or dollars. Our home banks, both HSBC or Chase, the two biggest in the world take about 3-5 percent off the top, and then the Thai Banks take a little more. Krug Thai is my second bank here and the charges there and my Bangkok account are identical as regulated by the BOT.

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There are several fees involved in transfer - upfront is a wire transfer fee to home bank when you make the transfer - then the correspondent bank sending funds to Thailand will take a bit out (likely several pounds from UK) and then on receipt 1/4 of one percent will be deducted from the baht total (range of 200-500 baht).

Bangkok Bank will tell you exactly if you ask - if you have SMS set up it is detailed on the receipt they send.

Chase New York in my experience only took $2 on a $9,000 transfer - Bangkok Bank New York took $5 for the same transfer.

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As has been said, always transfer your money in your country's currency and have the exchange done by your bank here in Thailand. If I transfer, say, 100.000 tbh, the difference between that and let your home country bank change, can be 6.000tbh.

Bangkok Bank charges between 200 and 500 baht before the money is in your account there. There is a percentage of the transferred sum but 500 is max.

The charges in our home country banks differ a lot.

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Cheers

I was transfering from HSBC in sterling but will now be using Nationwide, i received about 1500bht less when transfering about 2000gbp.

So can i take it most Banks in Thailand are the same or is there one that stands out?

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Cheers

I was transfering from HSBC in sterling but will now be using Nationwide, i received about 1500bht less when transfering about 2000gbp.

So can i take it most Banks in Thailand are the same or is there one that stands out?

OK here is an example..On 8 Oct 2009 I transferred 5000GPB from my UK bank to Bangkok Bank. I got 264,512 Baht. On that day BB quoted an a.m. and a p.m. exchange rate of 53.0 and 53.2.

Assume the lower…the overall rate I got was 52.90 (264512/5000) however my UK bank charged me £26 for a quick transfer so the actual rate was 52.628 (264512/5026) but lets neglect the UK charges for now.

At 53 I should have got 265000 Baht, so BB got at least 478Baht.

Now lets look at doing ATM transfers..Assume all in one day and ATM cost nil. Visa International Exchange rate on that day was 1THB equals 0.019022 including Nationwide 1% charge and that gives 52.571. So at that rate I would have got 262,855 Baht (52.571*5000).

Like for like TT transfer is best, however between then and now I have ATM exchanged at a somewhat better rate on occasions.

I didn’t know that you can do what Naam did and that is hold the money whilst negotiating the exchange rate. Maybe you have to transfer larger amounts..I will enquire.

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This is the table from the BangkokBank.Com website for that day (I will paste the link at the bottom). Our site has the ability to go back several years to display rates. Which is pretty useful.

Using the ATM scenario you need to consider that each ATM will limit you to 20,000 THB per withdrawal. So you will have a charge on each end for 12 or so withdrawals for 5,000 GBP assuming you can take that much out each day (there are limits on both sides).

The TT rate is almost always the best net value for the customer.

BTW, GBP 5,000 is not sufficiently large amount to negotiate an FX contract in most cases.

Good luck

http://www.bangkokbank.com/Bangkok%20Bank/...es/Default.aspx

CurrencyDescriptionBank NoteBuying RatesSelling Rates

Bill-DD-TTBuying RatesSelling RatesSight BillTTUSD1USD : 132.1733.55USD5USD : 5-2032.4833.55USD50USD : 50-10032.9533.6033.1033.2033.45GBPUnited Kingdom52.4154.2452.8650053.0025053.63750EUREuro Zone48.4849.6148.7037548.8200049.40750JPYJapan (:100)36.9138.2137.2275037.3150037.99000HKDHong Kong4.204.384.262504.276254.32375MYRMalaysia: 10, 50, 1009.0010.07UnquoteUnquoteUnquoteSGDSingapore23.4824.1623.5937523.6575024.07750BNDBrunei22.9324.10---CNYChina4.165.24UnquoteUnquoteUnquoteIDRIndonesia (:1000)2.074.453.115203.155854.04475INRIndia : 50-10000.615000.76625--0.76750KRWKorea0.02330.0354---PHPPhilippines0.520.79--0.73250TWDTaiwan0.831.14---AUDAustralia29.4130.8529.6725029.7625030.25750NZDNew Zealand24.2025.3924.3900024.4675024.87750CHFSwitzerland31.8032.7632.0475032.1475032.62000DKKDenmark6.336.666.532506.552506.64250NOKNorway5.695.965.832505.850005.93875SEKSweden4.594.854.746254.758754.83125CADCanada30.9031.9231.2800031.3500031.81250RUBRussia0.901.29---VNDVietnam (:1000)1.332.10---ZARSouth Africa2.915.98---AEDUnited Arab Emirate7.299.47---BHDBahrain59.5589.20---OMROman58.7087.62---QARQatar7.189.48---SARSaudi Arabia7.059.41---

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Yes Ian thanks..thats how I got the last October values earlier today. Their web site actually allows you to go back as far as 1997!

I was not suggesting doing multiple ATM withdrawels, just showing that TT teansfer, as you confirm is the best. Before Nationwide put that 1% on ATM transfers was the best nethod. The yellow bank is still not charging ATM withdrawel fee so I use it on ocassions.

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Cheers for all the info., so it looks as if Bangkok Bank is as good as any as you guys seem to know what youe talking about and still use BKK bank.

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I use SCB to transfer to Australia and it's in the account within 3 hours provided I do the transfer before midday. Can't fault the service. Costs 450 baht.

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Transferring only gbp 5000 gives you little negotiating power but a poster on another thread does this but does not realise he's not getting a good deal. Banks love these people.

Bangkok bank offer good rates as do other Thai banks.

As other posters have said: bring in money in yourr home currency and get the thai bank to convert to baht here. agree the rate first, it can be done.

and most important, check the banks' rate - shop around. negotiate

caf

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Using the ATM scenario you need to consider that each ATM will limit you to 20,000 THB per withdrawal.

Maybe some do, but Bangkok Bank's ATMs will deliver 25,000 baht (assuming the 25 feeds are loaded with 1000 baht notes).

As long as you're not exceeding the daily limit established by your card's issuing bank, you should be able to get 25000bt per pull.

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20,000 THB per withdrawal at Bangkok Bank ATM's

Must be a limitation of your issuing bank. My daily ceiling with my Stateside issuing bank is well above 25000 bt, so there's never a problem getting 25k each time. Lately, however, I've only been using my Be1st ATM/Debit card. Again, 25,000 bt per.

A couple of times they loaded the 25 slots with 500bt notes. A big note on the machine said: "12,500 max dispense." But, that is rare.

I only use Bangkok Bank machines, attached to Bangkok Banks, in case the machine 'eats' my card (easier to rectify this way). Don't know much about other banks' machines. Believe I heard SCB can dispense 30,000 bt at a time, but maybe it was some other Thai bank.

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BANGKOK 25 July 2017 12:00
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