Transfer of monies from overseas to Thailand

I have been a Natwest account holder since I was 17 and the same account serves me today. As my pensions are paid into it, I transfer funds every two or three months to BKK bank Surin.

The charges you relate in your post, Yorky, have applied to me for some years. In fact, this very day, I actioned a transfer, at around lunchtime Surin Time. I checked on-line just now and, bingo, the funds had arrived, same day, charge 30 quid, and the exchange rate I was given was 51.78.

I accept that it can probably be done cheaper but for speed, convenience and the trust that come from a long-standing relationship, I think I will stick, not twist.
 
I have been using MoneyCorp for several years to transfer money to Thailand on a monthly basis. You set up a direct debit with your bank and MoneyCorp do the rest. Their exchange rate is not too bad either, about 1/3 of a % below the Bangkok Bank TT rate. E.g. if the TT rate is 51.3 you should get about 51. Once you set up an account the rest is plain sailing. I am very happy with their service and their rates are very competitive.

Regular transfer options:

Express: Delivery time 0-2 days, online transfer fee £8

Standard: Delivery time 3-5 days, online transfer fee £4

If you do decide to give them a try please mention my name. They will give me a £25 gift voucher for recommending a new customer.

Their website: http://www.moneycorp.com/uk/personal/regular-international-payments/
 
johnb said:
I have been a Natwest account holder since I was 17 and the same account serves me today. As my pensions are paid into it, I transfer funds every two or three months to BKK bank Surin.

The charges you relate in your post, Yorky, have applied to me for some years. In fact, this very day, I actioned a transfer, at around lunchtime Surin Time. I checked on-line just now and, bingo, the funds had arrived, same day, charge 30 quid, and the exchange rate I was given was 51.78.

I accept that it can probably be done cheaper but for speed, convenience and the trust that come from a long-standing relationship, I think I will stick, not twist.
Click to expand...

I read an article not that long ago. That loyalty was to be punished severely.
The term is frequently called the lazy tax. If you can't be bothered looking for a better deal and you think your loyalty will be rewarded. Well guess again. Just the opposite is true. There is much better deals to be had swapping and changing all the time as institutions put up sweet deals to new comers. But for people that stay, they will get nothing. You might even be slugged more for being loyal.
Sad but all true in modern business.
 
Rice said:
I read an article not that long ago. That loyalty was to be punished severely.
The term is frequently called the lazy tax. If you can't be bothered looking for a better deal and you think your loyalty will be rewarded. Well guess again. Just the opposite is true. There is much better deals to be had swapping and changing all the time as institutions put up sweet deals to new comers. But for people that stay, they will get nothing. You might even be slugged more for being loyal.
Sad but all true in modern business.
Click to expand...


Spot on Rice.

I used to have constant battles at Area meetings about us (HSBC) spending more money on attracting new customers without committing to ongoing service of them, and existing customers. I said that if as much effort was put in to servicing existing customers then the new business team wouldn't have to work so hard to make up for the customers falling out the bottom.


Nomad's perceived loyalty counts for little. You are increasingly a number and longevity of account does not give you a premium service - having £100,000 in your account may give you a premium service.

If Nat West have been loyal to Nomad for decades, it has hardly been reciprocated by him using Moneycorp. The fact is we are all using each other - that is what supply and demand etc is about, If Nat West had the best overseas transfer service he would use it - they don't.
 
One small correction CO-CO, I do not use Natwest but Johnb does. That said, everything else you said is so true. What prompted me to change and search the market for something better came about after Lloyds Bank tried to charge me £46 to transfer £200 for Christmas spending money. (I did challenge the charge and got a very significant repayment later.) To say I was not very happy with the charge would be an under statement. I now spend £60 per year for 12 monthly transfers and, if I wanted the regular 4-5 day transfer by MoneyCorp, I could do this at no cost.

P.S. I have been a customer with Lloyds, and still am, since 1966, the day I joined the RAF. I concur that loyalty counts for nothing. If I could change banks I would but living overseas that is easier said than done.
 
Apologies for the mis-quote Nomad - I haven't had my second cup of coffee yet! :smile:
 
johnb said:
I accept that it can probably be done cheaper but for speed, convenience and the trust that come from a long-standing relationship, I think I will stick, not twist.
Click to expand...

Since Natwest have effectively "taken over" Royal Bank of Scotland, I have no choice for the moment.
 
WANTED....
A reliable international money transfer company for GBP from a UK Bank to ThB in a Thai Bank
It appears World First Online will not accept full time Thai residents
Also HiFX have just informed me that they now have no licence to operate in Thailand
 
BigA said:
WANTED....
A reliable international money transfer company for GBP from a UK Bank to ThB in a Thai Bank
It appears World First Online will not accept full time Thai residents
Also HiFX have just informed me that they now have no licence to operate in Thailand
Click to expand...

Check out Oz Forex they have a branch in the UK. https://www.ofx.com/en-gb/
 
BigA said:
WANTED....
A reliable international money transfer company for GBP from a UK Bank to ThB in a Thai Bank
It appears World First Online will not accept full time Thai residents
Also HiFX have just informed me that they now have no licence to operate in Thailand
Click to expand...

I use Transferwise
I have never had any problems, they give a good rate of exchange, very low charges and quick transfers
 
I have been using MoneyCorp for the past four or five years and I have been very happy with their service too. They have a variety of plans on offer although I use the fixed monthly transfer on a specific date with no monthly transfer fee. The exchange rate is determined 7 days in advance and you are advised by email of the exchange rate and date of transfer. Regardless of what happens to the rate, what was advised it what you will get. They will also do spot transfers on the day you call. I have found their exchange rate to be very favourable. For the forthcoming transfer on 16th April I was given a rate of 43.0347 against a Bangkok Bank rate of 43.62 . This time around I lose a little because Sterling is on the rise. Some months you win, some you lose. Its very easy to setup and very easy to manage, either by smartphone or internet.

At the moment they have an offer:

Unlimited rewards by referring your friends
Do you have friends who need to make international transfers? Perhaps you have a friend or relative who needs to make international payments? The more friends you refer; the more rewards you'll receive.
refer-a-friend-iconography-v2.png
refer-a-friend-iconography-v22.png

When your friend makes their first transfer we'll give them £75 as well. In order for you and your friend to qualify, your friend must transact £2,500 or more within the next 3 months after opening an account. Simply refer your friends and family to moneycorp by filling in the form above. You can come back again if you have more friends to refer.

https://global.moneycorp.com/campaigns/refer-a-friend-page/?idkeep=True&RefId=201410


So, if you would like to use MoneyCorp and benefit from an extra 75 quid in your pocket (and mine too) please pm your details to me and I will refer you.
 
ColinW said:
I use Transferwise
I have never had any problems, they give a good rate of exchange, very low charges and quick transfers
Click to expand...

Most Thai Banks currently offer around 44.20TT rate (less their charges and the UK bank charges. Transferwise current rate is 44.38 net - no charges incurred at either end. Unbeatable in my view. Excellent service. Money here tomorrow if ordered now (though Bangkok Bank seem to take a day longer)
 
I started using TransferWise a month ago, after having used wire transfers through my Chase Bank account for several years. Chase would charge $40 per transfer. I set up the TransferWise account in minutes, then transferred $1000 as an experiment. I received the same amount that I would have gotten if I had taken $100 bills into Bangkok Bank, and I got it the next day. The total charge was less than $12.
I will be using them in the future...hassle-free!

mario299
 
mario299 said:
I started using TransferWise a month ago, after having used wire transfers through my Chase Bank account for several years. Chase would charge $40 per transfer. I set up the TransferWise account in minutes, then transferred $1000 as an experiment. I received the same amount that I would have gotten if I had taken $100 bills into Bangkok Bank, and I got it the next day. The total charge was less than $12.
I will be using them in the future...hassle-free!

mario299
Click to expand...
3 months ago for me Mario299, very good service. Last week I transferred my money on Tuesday morning and it was in my bangkok bank account on Wednesday afternoon.
 
Thanks for all replies. I now have a few irons in the fire.
Nomad .....I'll contact you tomorrow
 
Recently, my hietherto reliable and trusted method to transfer money each month, has got a little tardy. It was a fully automated, hands off service that withdrew money from my UK account and sent the agreed sum to Thailand each month. Total elapsed time 6 days although last month this was 7 days (with no explanation). I shouldn't really complain because their are no transfer fees and the exchange rate was reasonable. I did receive emails advising the exchange rate and confirming when funds had been sent.

However, after reading various comments on here, I decided to give Transferwise a trial. Yesterday afternoon, around 15.30, I set up my account with Transferwise who wanted proof of identity, a scanned copy of the front page of my passport and Thai driver's licence. Within the hour they had confirmed by email that my scanned copies were acceptable and I was now cleared to go. Next step, check my Lloyds International account and make sure my Internet Banking account allowed me to transfer money to Transferwise, it did. Ok, game on, let's do a trial and move œ200 pounds to Thailand. I started with transferwise and received full details of their Bank Sort Code, Account Number and my unique Reference Number. Leaving this on the screen I opened a new tab for Lloyds Bank and logged into my account. Went to the payment section, set up a new recipient (TransferWise) and then transferred 200 pounds. Lloyds said the transfer should be completed within 2 hours. Within 30 minutes I had received confirmation from Transferwise (at 16.54 to be precise) that they had received the money and that this should be with me in Thailand the following day, 26th June 2018. Impressive. This morning I checked the status and exchange rates: Transferwise 43.61762, Bangkok Bank T.T. 43.30750 - well that's a good start at least. The only charge from Transferwise was 2.59 GBP for 200 GBP transferred - not too bad at all. I will update the forum once I receive the money in my Bangkok Bank account.
 
Good start Nomad... Transferwise exchange rates change every minute, but once you have done a deal the rate remains unchanged until you transfer the payment -nornally allowed 24 hours for this..

I brought money in yesterday. Ordered it in the morning around 11am, got a fixed rate of 43.75 or 43.50 net. Instantaneous payment from Barclays to Transferwise (why is Lloyds not instantaneous?) Money in Kasikorn Bank 17.52. Excellent service.

I have noticed that payment to Bangkok Bank usually takes a day longer to arrive.
 
I probably transfer between 1m-2m Baht a month through Transferwise.

Best system I have come across. Two payments instructed on Sunday - yes, Sunday - and one yesterday morning. All 3 were received between 19:30 and 19:46 yesterday. Note - instruction and receipt were outside 'normal banking hours'.....TW use local agents, not bank to bank.

Occasionally, I will receive a message saying "we need more time to complete your transfer" and it arrives the next day.
 
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