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Transferring Money from HK to Thailand

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  1. #1

    Join Date
    Aug 2006
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    Transferring Money from HK to Thailand

    Re transferring money from Hong Kong to Thailand. Purpose is for property purchase - which might complicate matters (see below)

    When foreigners in Thailand purchase property these docs are required by the Government Land Office - Foreign Exchange Transaction Form (FET) for amounts above US$ 50,000 or a Bank Certificate for amounts under US$ 50,000.

    One option is to use my bank in HK - SC, and pay all the necessary fees.

    Is a second option to use one of the various money transfers sites - or would the need for the documentation outlined above mean that I need to do it through my bank?

    Sites I know of include:
    Transferwise
    Instarem
    OFX
    HKDSmart

    Any recommendation, or not, for the ones above, or any other sites?


  2. #2

    Join Date
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    I use HSBC to do the transfer. Not saying it's the best option, but it was the easiest option and the rates for a premier customer are acceptable.

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  3. #3

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    To add to what mmice has said, others have reported that calling the RM for a special transfer rate often saves a few points on the transaction.

    Very honestly, I am a bit too old fashioned to transfer money through anything other than a bank if there are regulatory issues and large sums involved.

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  4. #4

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    Feb 2009
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    I use Instarem a lot these days and gives me better rates than a bank for MYR and AUD. For THAI baht, I just checked and for HKD$10K can get THB 39,304. Is this good?

    Also the awesome part is there are no fees on either side so you pay exactly this and get exactly this deposited in your Thai account. It is two sets of local transfers with no fees. Also whether you transfer $1000 or $100,000, the rate is the same you you can do small and frequent transfers every day if you want without feeling any fee impact.

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  5. #5

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    Instarem rates do look good. However, the problem for me might be the 'two sets of local transfers'. To purchase property in Thailand I need to show foreign currency coming into the country - so perhaps I need to use my bank to do this.

  6. #6

    Join Date
    Feb 2009
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    Quote Originally Posted by drumbrake:
    Instarem rates do look good. However, the problem for me might be the 'two sets of local transfers'. To purchase property in Thailand I need to show foreign currency coming into the country - so perhaps I need to use my bank to do this.
    What do you need to show as proof of foreign currency coming in? Instarem gives you a 2 page receipt in PDF form for every transfer showing you all the sender details and HKD amounts, and all the recipient details with THB amounts. It’s more proof than a bank would give!

  7. #7

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    Original Post Deleted
    100% agree, dont fcuk around, when you sell it you need that evidence

  8. #8

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    I wouldn't use Instarem, I have signed up for them and they suddenly blocked my account and they could not tell me the reason. Although after I called them they seem like an endless pit to request all of your personal documents, several bank statements, address proof, ID, passport, etc. I suspect it was that Instarem suspected my transaction was of a business nature. For me, I do not want to provide document after document, as then who knows what they do with all of those details once they have them.

    I have used TransferWise and not sure how the rates are compared to the banks, their limits are higher and they allow commercial/business transactions. You can simply withdraw one currency and deposit into a designated bank account in another currency.

    I would just use the bank, it's safer an especially for larger dollar amounts. These IT FX shops, you never know their process, who is working for them, ability to speak with someone who can solve a problem, ability to get funds from locked accounts or what happens if they go bust.


  9. #9

    Join Date
    Nov 2007
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    I used HSBC for my Thai property purchases transactions

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