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Post by rgs2001uk on Mar 1, 2018 22:16:51 GMT 7
Am I missing something here?
Telephone banking, 10k limit (pommie pesos) costs 9 quid.
Online banking, 50k limit, costs 4 quid.
I suppose my questions are, do they covert into baht (at a crap exchange rate) at the uk and send Thai baht to my Thai account?
Or do I have the option of transferring Pounds Sterling to my account and having it converted at this end?
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Post by Soutpeel on Mar 1, 2018 22:24:06 GMT 7
Am I missing something here? Telephone banking, 10k limit (pommie pesos) costs 9 quid. Online banking, 50k limit, costs 4 quid. I suppose my questions are, do they covert into baht (at a crap exchange rate) at the uk and send Thai baht to my Thai account? Or do I have the option of transferring Pounds Sterling to my account and having it converted at this end? You want to covert the Thai end |
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AyG
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Post by AyG on Mar 2, 2018 8:34:55 GMT 7
From the HSBC website "We will offer you the most up to date HSBC Exchange Rate". It looks like sending in Sterling is not an option, and their apparently low charge is masking the profit they make on the exchange rate. I've stopped using SWIFT for transfers, and now use www.transferwise.com which offers midmarket rates and charges an easy to understand fee (which varies by currency pair). |
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me
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Post by me on Mar 2, 2018 9:51:47 GMT 7
Am I missing something here? Telephone banking, 10k limit (pommie pesos) costs 9 quid. Online banking, 50k limit, costs 4 quid. I suppose my questions are, do they covert into baht (at a crap exchange rate) at the uk and send Thai baht to my Thai account? Or do I have the option of transferring Pounds Sterling to my account and having it converted at this end? You want to covert the Thai end ANZ in Australlia give the choice of converting there or here. The transfer charge is slightly higher if you send in $AU but the rate here is better. |
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Post by Fletchsmile on Mar 2, 2018 12:07:03 GMT 7
Am I missing something here? Telephone banking, 10k limit (pommie pesos) costs 9 quid. Online banking, 50k limit, costs 4 quid. I suppose my questions are, do they covert into baht (at a crap exchange rate) at the uk and send Thai baht to my Thai account? Or do I have the option of transferring Pounds Sterling to my account and having it converted at this end? Most banks these days are cheaper to send international transfers online than telephone banking. Reason being it's automated and you're not paying for the actual person being on the telephone to you. I have the same with Smile bank. I have to use telephone banking for now though as I have a problem with my ATM card and card reader. Will sort next time I'm in the UK, but for now I pay a few quid more to use telephone instead of online. Can't speak for HSBC, but for most banks you should normally be able to choose what currency you send in when using online banking international transfers, which as we know is cheaper to send GBP and convert in Thailand. Also you should be able to choose how the charges are made: all by sender, all by beneficiary or shared (SHA). SHA is usually cheapest. Oh and watch for correspondent bank charges on top if you're using HSBC. They would likely be more than either the telephone or online charges from HSBC When you start inputting the data into their online fields it will quickly become clear if you can send GBP and therefore convert in Thailand, or whether they are making you convert into THB in UK which is not the norm. |
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Deleted
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Post by Deleted on Mar 2, 2018 13:15:44 GMT 7
From the HSBC website "We will offer you the most up to date HSBC Exchange Rate". It looks like sending in Sterling is not an option, and their apparently low charge is masking the profit they make on the exchange rate. I've stopped using SWIFT for transfers, and now use www.transferwise.com which offers midmarket rates and charges an easy to understand fee (which varies by currency pair). Transferwise is what I've heard also. Reputable company |
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Post by rgs2001uk on Mar 2, 2018 20:42:49 GMT 7
Am I missing something here? Telephone banking, 10k limit (pommie pesos) costs 9 quid. Online banking, 50k limit, costs 4 quid. I suppose my questions are, do they covert into baht (at a crap exchange rate) at the uk and send Thai baht to my Thai account? Or do I have the option of transferring Pounds Sterling to my account and having it converted at this end? You want to covert the Thai end Correct, want to have that option. |
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Post by rgs2001uk on Mar 2, 2018 20:52:16 GMT 7
From the HSBC website "We will offer you the most up to date HSBC Exchange Rate". It looks like sending in Sterling is not an option, and their apparently low charge is masking the profit they make on the exchange rate.I've stopped using SWIFT for transfers, and now use www.transferwise.com which offers midmarket rates and charges an easy to understand fee (which varies by currency pair). Just the sort of info I am looking for. The other month I was sent a new HSBC atm card, after activatiting it I tested at local bank, talk about financial rape, the actual exchange rate wasnt to bad, the 220 baht fee when converted to pounds was an absolute rip off, came to about 8 pounds, add on the 5 quid charge imposed by HSBC for using the atm card abroad. I dont have online banking, will probably have to set it up, making sure to take note of, memorable answer, pets name, favourite colour etc etc etc. Have decided I will take the 9 quid hit on telephone banking and do a test transfer of 5k quid and see how that goes. I dont really fancy heading back to jolly ole blighty and asking for my two tesco bags to be filled up with 50 quid notes, then all the hassle on exiting the country because I have more than 10k quid in cash. Last time I did a cash transfer from my UK branch, walked in, and it cost me 23 quid, I can live with that. Downside to the above, the effin phone call in the middle of the night (UK time) from Thailand asking if I was willing to accept the rate offered (money sent in Pounds Sterling). |
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chiangmai
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Post by chiangmai on Mar 3, 2018 13:41:33 GMT 7
I haven't used HSBC online transfers for a while but the option always did exist to transfer Pounds, I'll be amazed if they've removed the option. But be aware also that HSBC has ended its relationship with Bangkok Bank hence there is now an intermediary bank that sits between the two, Nat West of would you believe and it will cost you! Suggest you play around with the HSBC online transfer menu and I believe you'll find you can override the Foreign currency option.
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