HSBC UK - Transfer Sterling to Thailand , What am I missing - Help Please

WilliamB

I have a HSBC UK bank account with the online facility , I'm currently trying to transfer some money from my UK HSBC account to my Thailand Bank , which I first did a long time ago and I could then send Sterling to get a better exchange rate in Thailand . Now when I try to set up the transfer I can only see the option in the drop down menu to send Thai Baht.

Am I missing a setting some where in my HSBC control panel , or has the Sterling transfer option been removed .

Any Ideas please

Thanks

socrates

This has been widely discussed on various Thai Forums - some people say that they are sending sterling - others say they can only send baht - on the positive side HSBC have reduced their charge to £4.

I think you need to test it and see how much the eventual rate is - taking into account there is an intermediary charge and a receiving charge at the other end

I called HSBC Telephone Banking (Indian Call Centre) who kept me on hold for 10 minutes and came back and said "yes it goes as Sterling" yet could not show me how

I stick to Halifax Online Banking for my transfers - I know exactly where I stand

grumbler

Have a look at other options:
http://www.mycurrencytransfer.com/money-transfer-to-Thailand/1000-GBP
http://www.fxcompared.com/Content/money-transfer-from-UK-Thailand-below-3000-amount-1000

WilliamB

Thanks for the replys , its appreciated :T


I'm looking at transferring £12,000.00 ( x 2 transfers to keep below the 1 million THB per transfer receiving limit ,requiring a certificate )

£ 12,000


HSBC sending Thai Baht are showing 616,119.84 THB ( Exchange rate 51.34332 THB )

Bangkok Bank are showing the current exchange rate ( TT ) of 52.58000 amounting to 625,680.00 THB

A difference of 9,560 THB ( £180. 56 ) per transfer


Ive looked at the links , and the rates look a lot better , having never used that sort of transfer option , any tips ?

socrates

WilliamB wrote: »

Thanks for the replys , its appreciated :T


I'm looking at transferring £12,000.00 ( x 2 transfers to keep below the 1 million THB per transfer receiving limit ,requiring a certificate )

£ 12,000


HSBC sending Thai Baht are showing 616,119.84 THB ( Exchange rate 51.34332 THB )

Bangkok Bank are showing the current exchange rate ( TT ) of 52.58000 amounting to 625,680.00 THB

A difference of 9,560 THB ( £180. 56 ) per transfer


Ive looked at the links , and the rates look a lot better , having never used that sort of transfer option , any tips ?

I would ask the same question on Thai Visa Forum which is a dedicated site for Thailand - you will get answers from guys who are transferring money all the time and will have up to the minute - specific options

Also where are you sending the money to - do you have a Bank Account in Thailand?

RetiredInThailand

WilliamB wrote: »

I'm looking at transferring £12,000.00 ( x 2 transfers to keep below the 1 million THB per transfer receiving limit ,requiring a certificate )

Do you have any particular reason for that? As far as I can see you will be paying double transfer charges for nothing. As far as Thai banks are concerned there should not be a problem with a larger transfer. The "certificate" is just a forex receipt and in fact you can get one for any size of incoming transfer, if you want one.

Bangkok Bank .....

If Bangkok Bank is your Thai bank then they have their own internal system for transfers from their UK branch to their own branches in Thailand.
http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromuk/Pages/ReceivingFundsfromUK.aspx
The cost would be about GBP20 though (so higher than your HSBC charge), plus the receiving charge of a few hundred Baht, but with no possible intermediary charge. You can choose whether to send GBP or THB.

henm2

[QUOTE=WilliamB;66367998 I first did a long time ago and I could then send Sterling to get a better exchange rate in Thailand . Now when I try to set up the transfer I can only see the option in the drop down menu to send Thai Baht.

Am I missing a setting some where in my HSBC control panel , or has the Sterling transfer option been removed .

Any Ideas please

Thanks[/QUOTE]
You definitely can send sterling to Thailand using HSBC's online system. In the list of currencies that comes up sterling is about middle of the list with currency code GBP. The maximum amount you can send is £50K and HSBC's charge is £4. You are then reliant on the Thai bank's exchange rate for conversion to Baht.

socrates

henm2 wrote: »

You definitely can send sterling to Thailand using HSBC's online system. In the list of currencies that comes up sterling is about middle of the list with currency code GBP. The maximum amount you can send is £50K and HSBC's charge is £4. You are then reliant on the Thai bank's exchange rate for conversion to Baht.

Henm2 I see you are in Jersey do you have a UK HSBC account?

As I know the International and overseas accounts still have the Sterling option?

WilliamB

socrates wrote: »

I would ask the same question on Thai Visa Forum which is a dedicated site for Thailand - you will get answers from guys who are transferring money all the time and will have up to the minute - specific options

Also where are you sending the money to - do you have a Bank Account in Thailand?

Thanks for the reply , I'm sending from HSBC UK to Bangkok Bank Thailand

WilliamB

henm2 wrote: »

You definitely can send sterling to Thailand using HSBC's online system. In the list of currencies that comes up sterling is about middle of the list with currency code GBP. The maximum amount you can send is £50K and HSBC's charge is £4. You are then reliant on the Thai bank's exchange rate for conversion to Baht.

Hi and thanks for your comments

heres what I see on the drop down menu ....







I have selected the GBP Equivalent and now get this quote ....





It does not now show the exchange rate as in the past when Thai baht was selected, so I'm assuming the money is sent in Sterling to my Thai bank , have I got this right ?

henm2

WilliamB wrote: »

It does not now show the exchange rate as in the past when Thai baht was selected, so I'm assuming the money is sent in Sterling to my Thai bank , have I got this right ?

Yes you have got it right. The payment will be sent as sterling.