ianguygil

7 minutes ago, Surelynot said:

Do you know why the branches are kept so cold?

 

The poor girls working in my branch have to wear coats...seriously ...it must also cost a fortune.....

 

If we go and think there we might have to wait we take jumpers.

Now that is one I have no idea about. Don't seem cold to me. But I am rarely in a branch

Sorry if we disappointed you. I will give them the feedback

I run all the Digital stuff so I am not directly involved in the Branches, but one of my peers runs the Branches nationwide and I will bring this to her attention. 

A quick update on this. My understanding is that the requirement for a "reference letter" for a new account is a regulation and not something at our discretion to ignore. I will double check on that to ensure that is still current, but that is where this came from. Here is the link to our website

Savings Account (bangkokbank.com)

10 hours ago, ukrules said:

Perhaps the central bank should issue their own digital 'internet age' currency.

There's still time to be the first country in the world to do this.....

My prediction - they will do nothing, someone else will do it (like this one) and there's nothing they can do to prevent it or prevent people from using it.

The Thai Central Bank does have Project Inthanon which is a Digital Currency tied to the THB and is in fairly late stage trials. This is all public. This is not for use by Consumers or Business but is for realtime gross settlement between banks. Not something for you guys to all have to understand, but the fact is that Thailand is actually on the forefront of this, not lagging.

They are working with the leading Thai banks and the R3 Distributed Ledger company. I am involved and I can answer questions offline. The Bank of Thailand is also working with the HKMA (Hong Kong Monetary Authority) to integrate Inthanon with Lionrock (the HKD effort for a Digital Currency). These things are moving along nicely.

The BOT has a lot of smart people. We are fortunate to have them serving the country. While I know many on this forum like to beat up everything Thai, you could not be more mistaken. Here is a link to read up on it. PM me if you want more info. I will share what is public. 

The outcomes and findings of Project Inthanon-LionRock and the Next Steps (bot.or.th)

We put this together some years ago to answer the questions regarding the purchase of a Condominium in Thailand. We hope this makes it easy to understand what is and what is not required. While we would love your business, much of this applies no matter which bank you use.
 

I attach both the PDF and the link to our Website. We have many tens of thousands of expat customers. Your business is always appreciated.

PDF for Web BBL (bangkokbank.com)

Ian

BuyingCondo (1).pdf

We are required to restate and to ask customers to confirm the T&C's periodically. This is not optional for a Bank. If we did not do we would be out of compliance.

So this activity is considered to be "non discretionary". 

4 hours ago, stat said:

Which banks should i try to open an account that is low on costs or free? I am aware that some banks/branches do not accept foreigeners and it is difficult to open an account at all.

 

I just need a simple account to

 

a. Receive money from Transferwise

b. Show funds to immigration

c. Withdraw money via atm or bank branch

d. Use online

e. Maybe get interest but no main concern with 1 or 2 Mio Baht  baht in the account and very low interest rates I assume

 

Thank you!

I have no idea of where you are in Thailand, but if you want to go with Bangkok Bank please PM me and I will arrange for a branch near you to make an appointment for you to come in. In that way you will definitely not get the "you need a work permit" line which is problematic but untrue in many Thai bank branches. 

Savings Account (bangkokbank.com)

 2. Foreigner without work permit

• Passport
• A reference letter issued by one of the following institutes or organizations or required document
  • Embassy located  in Thailand 
  • An overseas bank where the customer holds an account sent via SWIFT 
  • Trusted individuals such as a Bangkok Bank staff member or customer, director of a private company, permanent residence in Thailand, government or private educational institutes located in Thailand trusted by the Bank
  • Trusted companies, e.g., an employment letter from the company if the customer is in the process of applying for a work permit.
  • Document showing ownership of a fixed asset such as a condominium sale/purchase agreement (a condominium which is acceptable to Bangkok Bank) Or a property reservation agreement valued at 100,000 baht or more with a reference letter from the property developer that is acceptable to Bangkok Bank.
     

Notes: Contact addresses for both Thailand and overseas must be provided (hotel and P.O. Box addresses are not acceptable).

20 hours ago, LosLobo said:

Bangkok Bank

"An electronic transfer (SWIFT instruction) is the fastest way to receive funds directly to your Bangkok Bank account. What fees are payable to receive funds from abroad? The fee is 0.25% of the total amount (minimum fee of 200 baht and a maximum fee of 500 baht)."

Just to be clear, this is the fee for receiving the funds. The guy earlier was talking about variable fees for sending funds which is not usual. Receiving funds often depends on the amount with a cap. We cap at 500 Baht as you show here which in Thailand is common. In some countries there is no cap on receiving. I was once charged a SWIFT fee to send money from the UK - HALIFAX - to my wife who has an account in Jersey and a fee. Jersey is in the UK so <deleted> a SWIFT transfer has to do with it I don't understand. 

Bottom line is that the fees charged in Thailand are low compared to other countries.

And, as I have said repeatedly, look at how many Baht you get for how many USD or GBP or EUR or whatever. Just divide the THB by your home currency including all fees and commissions and charges and that is your effective rate

29 minutes ago, pokerface1 said:

I can save you some money here:  Once your funds are transfer to the Thai bank and your ready to convert your GBP to Thai Baht instruct the bank to contact their dealing desk for a better rate compared to the published rate. I did this when I transfer a large amount to the BBK. 

11 minutes ago, LosLobo said:

Bangkok Bank

"An electronic transfer (SWIFT instruction) is the fastest way to receive funds directly to your Bangkok Bank account. What fees are payable to receive funds from abroad? The fee is 0.25% of the total amount (minimum fee of 200 baht and a maximum fee of 500 baht)."

You also need to look at the fees from the sending bank and any intermediaries. Banks like us have more Correspondent relationships so less intermediaries, often none at all

20 hours ago, Chivas said:

 

I assume you're agreeing with my accurate statement....

 

 

Fella after 37 years in finance I can assure you I can add up quicker than anyone on this forum bar none......

I'll repeat that I was referring clearly to the full interbank offered and the fact no other provider/sender does likewise.

I'm way past 37 years and I still can't add ???? 

In my experience the fee with a bank is flat and they make on the rate

If a payment is over a street rate it will automatically bounce to a dealer or to an auto-dealer to assign a rate but that is probably a bit worse that if you pre arrange something.

I really need to stop wasting time on this. Bottom line as you say is that a bank to bank transfer is always better than a Retail operation for any large amount, and that for a very large amount you should probably arrange an FX deal. I always give a heads up before I move the funds even though sometimes I am moving from a USD account in Thailand into THB. They assign the rate then I do the deal. 

22 hours ago, SCOTT FITZGERSLD said:

when trasfering such large amount, what you have to worry about is weather the transaction

will be approved by both banks and will not be blocked for investigation.

such block might take weeks and cuase much stress.

so why are you so worried about the 2M baht limit? it is propably the transfer wise limit.

if you need to transfer , say, 6 M baht, than better do it in 3 TW payments, and if the amount is larger, than better use the BANKS swift system.

anyway fees are not the main worry here.

All companies moving money have to comply to the same AML and KYC rules. Not obeying them is the quickest way to lose a license and to face punitive fines in the billions as you see with some of the big banks. The software we all use is not silly enough to allow people to break a large amount into many small amounts and stay under the radar. As I always say here, you should all applaud banks and money transfer companies for doing this strictly because this is how we stop loonies like ISIS, Al Queda and Pablo Escobar and buddies from moving money to pay for their disgusting activities.

Doing multiple transfers via a retail operation will cost you the most overall.

And as I said don't focus on rates, fees or commissions because those area all ways of hiding charges. Look at how many of currency B you actually receive net divided by how many of currency A you sent (including any up front fees) and you will know what your real rate is. The absolute worst are these TRAVELX places at the airport where you lose 15% in each direction. Just use an ATM for a large amount not small amounts many times. 

Probably the final thing I need to mention is that you need to make sure that whoever you move your money with is actually approved, insured and ethical. If they fail in the middle of it you will end up with nothing. Companies like Transferwise and WU are approved, well capitalized and ethical. But they are Retail options and not for large amounts. 

If you know you are going to move a really large amount you can even do an FX deal and tie the payment to the settlement of that deal (in the settlement instructions). That is worth doing definitely if you want to lock in a rate if you think the "to" currency may appreciate significantly. If you are moving 1 Million USD for a property purchase a 1% move against you is $10,000 USD. Worth considering. 

I'm signing off on this subject now. Enjoy.

2 hours ago, Yellowtail said:

 

I'm sorry I was not clear. I do not have the BKK bank account included in my list of international accounts I can transfer too using Chase online banking. I don't imagine it would be difficult to add, but as I'm not a fan of my local branch I quit trading with them. I just update the book now and then.

 

When I transfer to K-Bank and Krungsri they call me, advise me of the rate and ask is I want to move ahead with converting it or wait. At that point it would be too late to negotiate a better rate, yes?

 

MUFG indeed...

 

Honestly I don't know the practice of KBANK. I really can't comment.

PM me and I will put you in touch with the man who runs our Global Payments. We have all kinds of alerts and notifications. If it is high value transfer you will get the chance to ask for a rate. If it is a smaller one you will get the street rate. In the case of buying a condo you should ask for a rate as you will need to move from your USD account to THB as a separate transaction once it is recorded in the original currency account. 

As for all the discussions about Transferwise, WU etc. the way to tell what is best is simple. Divide the number of THB you will get after all fees - including intermediaries - by the number of USD you will transfer. That will give you the rate. Otherwise these companies can hide their spreads and "commissions" and other ways to take funds. 

Enjoy

20 hours ago, Yellowtail said:

 

If I transfer from Chase Bank in the US to either Krungsri or Kasikorn, who would would I ask? The banker that calls me when it lands?

 

I also have BKK bank, but I do not have it set up to accept transfers...

Taking the second item first, you don't have to setup an account to receive transfers

On the first item, you would have to ask Chase as they know who they use as their preferred Correspondent bank for the USD-THB corridor. I would imagine it may come to us and then go to KBANK via local clearing. I am not sure about Krungsri because they are a part of MUFG a larger Japanese entity.

4 minutes ago, durhamboy said:

I am also looking to do a similar transfer via transferwise. I get the same message from transferwise about there being a B2m limit on transfers into a Thai bank. However when I look into my Thai bank's (Bangkok Bank) rules they say under FAQ :-

 

 

What is the largest amount I can transfer into a Bangkok Bank account in Thailand?

There is no limit to the amount of funds that can be transferred from abroad into a Bangkok Bank account.

 

However, senders must specify the purpose of the money transfer for every transfer, as commercial banks are required to report this to the Bank of Thailand on the client’s behalf.

 

So will the Transferwise system allow me to transfer over THB 2 million? 

 

Btw, I don't agree with the previous poster that it is crazy to transfer now "whilst the baht is still pretty much ballistic" The rate is the rate and always will be. Anyone who can forecast future rates is either kidding themselves or should be making a fortune by trading currencies. The best thing to look at is recent history of the baht v sterling. Sterling has appreciated since the post Brexit trade deal was done and the baht has depreciated due to the effect of covid on tourism. I would hardly call that ballistic.

As I mentioned to the original poster, 150K GBP is not a large amount from the banking perspective. We will do all the required KYC and AML checks anyway to prevent things like Terrorist Financing, but as an amount this is not large (though it may well be from an individual standpoint). We deal with single transfers many times this every day. Products like Transferwise and WU are designed for the normal consumer space. Not for a transfer like this. 

You also want to prevent intermediaries because they may all take a clip

And as the posters say, you need to move this into Thailand in GBP (non THB). Not have it deposited into a THB account. And you need to make it clear that this is for the purchase of a property. I posted all of this from our Website already.

I have no comments on the amount, this person's decision to invest in a condo or the rights and wrongs of taking a position in THB. That is his life to live. I have lived here a long time, and it is a fine place to live. And my wife is not Thai. So people should probably just give him help and answer the questions that he has asked rather than making judgements about what he wants to do.

Ian

Just now, ianguygil said:

No. Basis points

It is the difference between buying Retail and Wholesale. While not a large amount from the Banking perspective, 150K GBP is larger than the street rate. Anything over 50K USD you should always consider asking for a special rate. A little bit times a large number can be significant. 

1 hour ago, Yellowtail said:

 

A few percentage points? 

No. Basis points

If you are transferring this amount you should contact the Bangkok Bank branch in the UK and they can give you a better rate than the street rate. You can contact direct or I can put you in touch. for 150K GBP you can definitely get a few points better than the street rate. Contact me via PM. Thanks

Transfer money from the UK to Thailand via Bangkok Bank’s London branch is the URL

United Kingdom (bangkokbank.com) contact details for our London Branch including email and phone.

As I said I am happy to help. Sending direct will definitely be cheaper for a large sum rather than using an intermediary system. 

Tonyfarang talk to me if you want to send via our London branch. As they say it is in the clear on our Website but I can put you in touch with our Branch Manager there, Khun Peeriyathep, and he will help you with the process and possibly getting a better rate if it is more than the street rate (over about 30,000 GBP). PM me an I will help. Thanks

If you have a problem you can't get solved please PM me and I will get someone to contact you

Or you can call 1333

Thanks. This is not an official channel, just me using some free time to try to help. As with before any abusive, overly negative or inane comments will be ignored. Creative and positive feedback always welcome. 

Yes, agreed, they are looking into it. I know that you can deposit a personal cheque. I just need to give the specifics

Whenever we answer a question we look to see if it is on the Website. The business does a fantastic job of not just posting it in Thai and English in a consistent manner, but also in using what we call "Bangkok Bank English" and "Bangkok Bank Thai" so that it reads to be consistent with our corporate image.

I can only take the credit for giving them the right technology to do this, we use SharePoint which can support hundreds of languages. They (the business) put a huge effort into creating, updating and reviewing this content). Now we don't just have Thai and English. We are also expanding off into Putonghua (Chinese) and Japanese. Soon even more.

But Thai and English will remain the dominant languages for some time.

I should have this back tomorrow. Thanks

Ian, you really shouldn't have said anything about Sharepoint. All the Linux people on this channel have something more to abuse you about.

Seriously i must congratulat you on your website and online system. It seems to cover most issues better than a couple of Australian Banks I deal with and they are not bad.

Thanks for the kind words, Harry. I appreciate it. My creative people do a good job also coming up with the concepts and the images.

One thing to note is that 100% of my staff are Thai. For the Website, iBanking, Biz, Mobile, everything. We may use International vendors, but the staff who do the work are 100% Thai. This is why I always disagree with those who criticize everything Thai. It is just silly and borders on racism.

As for Open Source v standard software, you end up paying anyway for Open Source if you need support. We use both, but there is very little cost difference if done on scale.

But as you said, there are plenty of loonies who will have some religious argument about this. I will just ignore them if that starts.