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Daveroc
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Posts posted by Daveroc
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Instruct Barclays to transfer to your account in Thailand without using an intermediary. Better to bring the foreign currency into Thailand and convert here. Better rate generally. Charges will be as stated earlier at 20 pound or 25 USD plus the Thai Bank charge which is generally .25% of amount transferred with Min 200 baht and Max. 500baht.
You will be asked for the SWIFT code of your Bank in Thailand. If your Bank in Thaialnd is BBL the SWIFT code is BKKBTHBK.
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Bangkok Bank charge a percentage but to a MAXIMUM of 500 baht for transfers.
If you transfer money from UK account into Bangkok Bank LONDON then to BB Thailand its about 20 quid all in.
If you use Hi-Fx, they dont charge ANY fees and will refund you ANY fees made by the receivng bank.
The downside is they shave thier exchange rate by about 0.6 - 1 baht as you dont really get nothing for FREE in this life.
Bangkok Bank in Thailand typically charges 700-800 baht to receive about £7,000 directly. That's a fairly minimal % on that kind of dosh, which is why I do transfers in big slugs.
Bangkok Bank charges for receiving a payment from an overseas Bank are .25% of the amount transferred with a min. 200 baht and max. 500 baht.
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I have sent several payments over the last few years from my HSBC account to my Kasikorn account. For as long as I can remember, I have always marked as 'sender to pay all charges' and I was only ever charged 17 pounds by HSBC and no charges by Kasikorn.
However, I sent payments to a friend's account in March and July. He banks with Bangkok Bank, and on both occasions I was debited with a further 20 pounds from my HSBC account a month later. I have phoned HSBC who have said that the charges were made by the Thai Bank, so my guess is that these charges were never made before but have been recently introduced by some banks (anything to do with new government?)
Don't know what to suggest as I can't afford to pay 37 quid each time
. I also sent some money for another friend to TMB Bank and wasn't a problem with that one either. So all I can think is to open a bank account with either Kasikorn or TMB, and avoid sending money to Bangkok Bank or Ayyuthaya Bank. I have it on good authority that Bangkok Bank are ******** for this sort of stunt.I personally can't see why the Thai Banks are charging anything, the payments are sent in GBP and converted into Thai Baht by the English Banks, if I understand correctly.
i would be interested to learn more of your "good authority". Bangkok Bank quite clearly sets out the scale of charges on their website. In addition to the charge that is made by your overseas bank, the remitting bank, BBL charges .25% of the amount with a min. of 200 baht and max. 500 baht.
alternatives are offerred through using the london office of BBL.
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Freedomnow, I work for BBL. If you care to PM I can look to see if there are some solutions to your current predictament.
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Canada, as previously stated in earlier threads I work for BBL and Expatriate customers. If you care to PM me I will investigate further and endeavour to find out what happened from the Bank side.
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50 million baht per customer until August 2012 when it reduces to 1 million per customer.
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My own experience of Friends provident spreads over 5 years and two separate company advisors. The winners to date have most certainly been the advisors as they draw their commissions.
In the first experience, after a period I become aware of a discrepancy of what i had understood to be the fee structure and what was realty. The forms I signed had inconsistencies and I challenged for a refund. The advisor must have been having a real bad day or a long lunch. His response to a couple of simple questions was such that I decided to go all out and make as much noise as possible. mind you this was the first time I had heard from him in some time so that was a plus.
I laid a complaint through the singapore Office of Friends Provident and alluded to fraud without being specific expecting that I would be contacted. The response came back two weeks later "We have investigated your compliant and find no case to answer". I find it interesting that you can investigate a compliant and not speak to the person lodging it.
I was amazed to be sent a Service Survey form last year. I was more specific about what happened, again thinking someone would contact me. Even ticked the box agreeing to connecting my survey response to records held on file. Again no action.
Clearly FP are more interested in dealing with their dispersment agents than working on the client satisfaction angle. As such I never miss an opportunity to tell my story.
While i am sure there are honest operators in the industry, the standards will not improve until some regulatory authority is set up to govern the action of the cowboys in the industry.
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A further address dedicated to assisting Expat customers is
//removed//
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BTN stands for Bahtnet. This is a method of transferring funds between Branches or Banks throughout the country.
WD and NBW both indicate a withdrawal from your account. The first would have been done over the counter and the passbook updated at that time. The second code indicates that money has been withdrawn say through an ATM machine and means that your passbook will have to be updated at some time in order to keep the balance correct.
INT is for interest paid on the account .
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As a member of BBL staff working with Expat clients, if you would care to PM me we can get further detail and endeavour to sort the matter.
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bkkjoe, sorry to hear of your experience. As a member of the staff of BBL working with Expat clients, I would appreciate if you could PM me in order that I can investigate this further and provide you with a more creditable response.
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Whatever channel you use to transfer that amount of money, SWIFT, Bank Draft, Cheque, somewhere along the line you are going to be asked for documentation. The funds are going offshore regardless of the legal methods used.
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Whilst all the above options are a means of transportation,you will still incur some fees somewhere along the line plus have the security issues of carrying cash. An option to consider is to transfer your funds out through the Bank SWIFT system, open a Foreign currency Account and transfer your immediate working needs into a Thai Baht account. The balance you can leave on deposit, in Stg, until you consider the rate to your liking or you need further funds.
Funds transferred from your FCD account to your Thai Baht account are done at the best rate available, TT Buy. Travellers cheques are converted at sight Bill rate. Current difference on Bangkok Banks rate board this morning is 47.9225 versus 47.7975
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KED, As previously mentioned I work for Bangkok Bank. If you would like me to investigate further for you please PM me.
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I recently visited Branches of BBL, SCB, TMB and K.Bank asking about Credit Cards. At each branch I visited the answer was pretty much along the lines of placing a collateral deposit equal to the limit being approved on the card. This deposit would only be used in the event I failed to make the payment. However, as previously stated a lot depends on the Branch staff. If you are known to them or your company is, they may adopt a more lenient approach.
I also visited HSBC, Citi and Standard Chartered. They did not seek the collateral deposit but fees were higher.
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Hi I usually receive around 200-500 baht less than the rate advertised on xe.com, but never been sure if this is the Bangkok Bank charge or they give a lower rate than xe.com show, suppose I should check but to lazy.
Today I made a transfer of 952 pounds and received 45570, xe.com is showing a exchange rate of 45,939.
But don't all banks either charge or give a lower rate? I used to send my money to the Bank of Ayyuddaya [sp] and it was the same deal there.
I just checked the Xe.com and they show a rate of 48.2210. There is generally always going to be a slight difference. Banks set their retail rates maybe twice a day. The retail TT buy rate for BBL this afternoon is 47.87 as against 47.98 at 8.30am this morning. On the figures you have provided you received a rate 48.46, allowing for say 200 baht in charges.
If you are bringing larger amounts it does pay to ask the Bank if they can give a more favourable rate. On these ttransactions the up to the minute rates are applied. However bear in mind that the spread between the TT buy rate and the TTsell rate is only 58 points. Compare that to say my own country where the Banks have a spread of 180 points with which to negotiate shading a rate.
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Thanks, yeah I've seen those
What I was asking about are the charges if you send directly from your UK account to your Thai account, without using Bangkok Bank London branch.
As darrendsd said, there's a £9.50 charge (from Halifax) at the UK end, but there's also a charge at the receiving end.
Bangkok Bank will charge .25% with a minimum of 200 baht and maximum of 500 baht
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darrendsd, what are the charges at the Thai bank end?
I did this once, sent my wife some money direct from my Halifax account, they charged me £9.50 but Bangkok Bank also charged 500 baht (I think it was) at the receiving end.
Taff, I haven't tried the 'over the counter' thing, I'm currently in London, might give it a go next time, cheers
Charges applied by Banggkok bank if forwarded through the london office are;
Conversion done in London and Thai Baht remitted.
15 pounds and no further chaerges at the Thai end
Sterling remitted and conversion done in Thailand.
20 pounds and at the Thai end .25% of the amount transferred with a minimum of 200 baht and maximum of 500 baht
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PAM : Personal assurance Message and VBV : Verified by visa. Additional security codes as discribed in the attached link
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Generally always better to remit foreign funds into Thailand and have them converted in this market.
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The Bank in these cases is between a rock and a hard place. If they make the payment and it turns out incorrect the payer expects a refund. that is simply not a case of reversing the entry. The funds are often well gone before the mistake is realised.If they return it because the payer did not provide the correct infomation,causing additional processing costs, they are also critcised. The proper course is to return the payment . I am not sure why the Doc50 believes this is a anti farang issue. This is standard practice for all banks around the world.
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A non resident baht account is useful if you are transferring funds to Thailand for investment purposes that may be repatriated in the future. Transactions are recorded in accordance with Bank of Thailand regulations.
However this type of account does have restrictions on how you can access it. e.g. no ATM cards. Most people would go for the Resident account with gives you greater flexibilty in your day to day operations of the account.
If you are bringing funds to Thailand ask your Bank for a Foreign Exchange Certificate. These are issued for amounts over USD20k. This is sufficient proof that you brought the funds into the country should you subsequently wish to repatriate at a later date without the restrictions imposed by a non resident account.
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The original post in this thread states that a purchase of USD400 came through as 12,364 baht on the account. The OP is questioning where the extra 364 baht came into the picture and assumed it to be fees.
Not sure what date the transaction took place but the USD selling rate for last friday was 30.52. This would make the cost of the purchase 12208 baht with fees at 156 baht.
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I feel for you man.
It is getting to the point where you have to sell your soul do do anything with Thai banks here.
I recently lost my Bangkok Bank ATM card in an ATM machine, walked accross the street to one of their offices and was told, No work permit, no account.
Unfortunately the regulations of the Bank do get misstated by staff from time to time. However the Website, plus publications available at the Branch are clear as to what is required to open accounts, regardless of whether the customer has a work permit or is here for a short or longer period of time.
Not sure why you would be declined a replacement card. The account was already open.
. I also sent some money for another friend to TMB Bank and wasn't a problem with that one either. So all I can think is to open a bank account with either Kasikorn or TMB, and avoid sending money to Bangkok Bank or Ayyuthaya Bank. I have it on good authority that Bangkok Bank are ******** for this sort of stunt.
Currency Transfers From Jersey To Bangkok
in Jobs, Economy, Banking, Business, Investments
Posted
Darrel,
I agree that the TT rate is the best on offer from Banks because of the process involved. i.e. Telegraphic Transfer (SWIFT) versus Bank draft, travellers chques or cash.
The statement made was relating to the issue of where you should exchange the currency, not the channel used to transmit the currency. Should the Overseas Bank make the conversion to Thai Baht or should the Thai Bank make the conversion of Foreign currency to Thai Baht.
Because the Thai Baht is not a currency traded in large amounts overseas the rate offerred by the overseas Bank reflects this in that they may not be able to dispose of it quickly. Hence the statement that generally speaking you will get a better rate from a Thai Bank converting foreign currency than from an overseas Bank selling Thai Baht.