007 RED Posted November 16, 2017 Share Posted November 16, 2017 I have been transferring funds on a regular basis from my account in the UK to BB in BKK for 6 years plus. Having today discovered through TV that BB that they now require registration to facilitate such transfers I contacted BB London by email with a couple of questions. The following reply came back within 10 minutes. Dear 007 RED Thank you for your email. I can see from our records that you are a long-term customer and have been sending funds from the same UK account for a few years. Therefore, provided you do not change that account, you do not need to register. If you change the UK account that the funds are coming from, then you will need to register. Regards Christine Cownley Admin. Officer Customer Service Bangkok Bank Pcl. 33 St. Mary Axe London EC3A 8BY Tel: +44 (0)207 929 4422 Ext. 2214 Fax: +44 (0)207283 3988 www.bangkokbank.com Link to comment Share on other sites More sharing options...
ketherin Posted November 16, 2017 Share Posted November 16, 2017 I've been using Transferwise for a while now sending money to my Kasikorn account from my UK bank, been really happy with the rates/fees/and ease of use of the Transferwise application. However last week sent over £3,000 and fir the first time I had 2 Kasikorn foreign exchange bank charges on the transaction, ok be for 180 baht the other for 130.. First time this has happened and I've asked Transferwise to explain, so far not heard anything back. But it will be a blow if Kasikorn are now charging a fee from Transferwise transactions... Link to comment Share on other sites More sharing options...
Cletus Posted November 16, 2017 Share Posted November 16, 2017 Good and reliable service but NOT as cheap as they intend to be. Link to comment Share on other sites More sharing options...
ubonjoe Posted November 17, 2017 Share Posted November 17, 2017 13 hours ago, ketherin said: However last week sent over £3,000 and fir the first time I had 2 Kasikorn foreign exchange bank charges on the transaction, ok be for 180 baht the other for 130.. First time this has happened and I've asked Transferwise to explain, so far not heard anything back. But it will be a blow if Kasikorn are now charging a fee from Transferwise transactions... The total fee of 310 baht sounds about right for the standard .25% percent fee banks charge for incoming international transfers. Using 43 baht to the pound is 129k baht which would be a fee of 322 baht. Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 1 minute ago, ubonjoe said: The total fee of 310 baht sounds about right for the standard .25% percent fee banks charge for incoming international transfers. Using 43 baht to the pound is 129k baht which would be a fee of 322 baht. Kasikorn charge 025% min 200 Max 500 + 0.1% (unlimited) + 20 Baht to transfer out of Bangkok. GBP 3,000 @ 43 = 129,000 Baht less 0.25% = 322 Bt.less 0.1% = 129 Bt less 20 Baht = net payment 128,529 Baht with 471 Baht in charges.........suggests rate better than 43 Link to comment Share on other sites More sharing options...
Orton Rd Posted November 17, 2017 Share Posted November 17, 2017 Never been charged at krungsri, at Tanachart they once held onto a large transfer until the rate went down and I lost 40k. They said it's not the rate when they got it it's the rate when it they get round to putting it into the account. After that started to us transferwise now I know what i'm going to get. Why should they charge for putting money into your own account. Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 3 minutes ago, Orton Rd said: Why should they charge for putting money into your own account. Why should you expect banking for free ? Link to comment Share on other sites More sharing options...
Rally123 Posted November 17, 2017 Share Posted November 17, 2017 8 minutes ago, Jip99 said: Why should you expect banking for free ? Because as soon as you put money into your account the banks are making money on it. 1 1 Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 5 minutes ago, Rally123 said: Because as soon as you put money into your account the banks are making money on it. So you don't agree that you should pay for a service..... ATM network...... easy online banking... etc. Maybe go back to receiving cash and keeping it under your bed Link to comment Share on other sites More sharing options...
Wilson Smith Posted November 17, 2017 Share Posted November 17, 2017 21 hours ago, Mattd said: Sending THB out of Thailand is restricted by the Bank of Thailand regulations, it is possible, usually as a Foreigner, then you would be asked to prove that the money originated outside of Thailand or that it was legitimately earned in Thailand, before it can be sent out. Thanks. I understand the regulations with Thai banks but was just wondering if the app was allowed to send money out. I looked at some of the popular apps like this and none of them seem to have the option. Link to comment Share on other sites More sharing options...
Mattd Posted November 17, 2017 Share Posted November 17, 2017 Just now, Wilson Smith said: Thanks. I understand the regulations with Thai banks but was just wondering if the app was allowed to send money out. I looked at some of the popular apps like this and none of them seem to have the option. I do not use any of these companies / apps, however, given the fairly strict restrictions imposed by the BOT, then I would very much doubt that these companies could get the licenses required to be able to remit money out of Thailand. The Thai based banks have this pretty much tied up. Link to comment Share on other sites More sharing options...
Tanoshi Posted November 17, 2017 Share Posted November 17, 2017 (edited) 1 hour ago, ubonjoe said: The total fee of 310 baht sounds about right for the standard .25% percent fee banks charge for incoming international transfers. Using 43 baht to the pound is 129k baht which would be a fee of 322 baht. They are not International transfers. The deposits are local in Thai baht. That's why you cannot transfer funds through Transferwise if your doing a conversion to Non Imm O and need proof the funds came from overseas. There should be no charge from your Thai bank. Edited November 17, 2017 by Tanoshi Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 2 minutes ago, Tanoshi said: They are not International transfers. The deposits are local in Thai baht. There should be no charge from your Thai bank. I don't think he used Transferwise....... Interestingly, you can prepay £8 with Barclays in lieu of Thai bank charges.... saves on larger transfers. Link to comment Share on other sites More sharing options...
Tanoshi Posted November 17, 2017 Share Posted November 17, 2017 2 minutes ago, Jip99 said: I don't think he used Transferwise....... Joe replied to Ketherin who said 14 hours ago, ketherin said: I've been using Transferwise for a while now sending money to my Kasikorn account from my UK bank, been really happy with the rates/fees/and ease of use of the Transferwise application. However last week sent over £3,000 and fir the first time I had 2 Kasikorn foreign exchange bank charges on the transaction, ok be for 180 baht the other for 130.. First time this has happened and I've asked Transferwise to explain, so far not heard anything back. But it will be a blow if Kasikorn are now charging a fee from Transferwise transactions... Unless the OP mistakenly sent the funds in GBP instead of Thai baht, I cannot see why the bank charged for a foreign exchange. Link to comment Share on other sites More sharing options...
Eff1n2ret Posted November 17, 2017 Share Posted November 17, 2017 40 minutes ago, Tanoshi said: Unless the OP mistakenly sent the funds in GBP instead of Thai baht, I cannot see why the bank charged for a foreign exchange. I buy Thai baht via OFX who transfer it free of charge to my Thai bank account. Even though the transfer is designated to my personal account, the funds are received at some "international branch" of the Thai bank, and a charge is levied. I've stopped using Kasikorn because they increased their charges - more than 1200 Baht on 430000B (£10k), whereas the max on Bangkok bank is 500 Baht. If I want to top up my Kasikorn account, I'll do it from the BKK account. Link to comment Share on other sites More sharing options...
wgdanson Posted November 17, 2017 Share Posted November 17, 2017 (edited) On 11/15/2017 at 8:23 PM, Kellynch said: I'd be grateful for some information about how the transferred money goes into your Thai bank. My normal international bank transfer gets routed through Bangkok Bank(I'm told all these transfers do) then it's transferred into my Kasikorn account, with fees of course. Would you let me know how your situation works from using Transferwise to your Thai account? Many thanks Used Transferwise several times recently. From Nationwide in UK to Bkk Bank in Phitsanulok took less than 24 hours. Who gives a s..t which way it goes as long as it gets here. And no further charges from Bkk Bank. What they tell you, you get. Edited November 17, 2017 by wgdanson Link to comment Share on other sites More sharing options...
Evilbaz Posted November 17, 2017 Share Posted November 17, 2017 There are two elements to transferring internationally:- 1. the Baht rate 2. the charges at both ends However all that counts is the nett amount credited to your local account divided by the amount it cost you = actual rate. Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 2 hours ago, Tanoshi said: Joe replied to Ketherin who said Unless the OP mistakenly sent the funds in GBP instead of Thai baht, I cannot see why the bank charged for a foreign exchange. Transferwise don’t send Sterling....I tried that for my Sterling FCD account. If Transferwise was used then the Baht would have been fixed before proceeding and would attract £1.50 + 0.55% fee. That would be circa 770 Baht... Link to comment Share on other sites More sharing options...
Rally123 Posted November 17, 2017 Share Posted November 17, 2017 3 hours ago, Jip99 said: So you don't agree that you should pay for a service..... ATM network...... easy online banking... etc. Maybe go back to receiving cash and keeping it under your bed It doesn't matter what services the banks give you, they are only doing it because it pays them to do it. Mostly, by them being able to reduce their staffing levels. As well as making life easy for you, first and foremost, it benefits them more so. ATM's and online banking are just a simple matter of progress. Nothing is free. The banks make money, hand over fist, from us all. Link to comment Share on other sites More sharing options...
Rally123 Posted November 17, 2017 Share Posted November 17, 2017 2 hours ago, Evilbaz said: There are two elements to transferring internationally:- 2. the charges at both ends HiFx do not charge any fee if over £3000, and their rates I find to be the best on the net. Link to comment Share on other sites More sharing options...
briley Posted November 17, 2017 Share Posted November 17, 2017 2 minutes ago, Rally123 said: HiFx do not charge any fee if over £3000, and their rates I find to be the best on the net. Interesting - I just asked about a transfer of £4000 and their quote included a £23.37 fee - but as their Fx rate was good I would get more Baht from then than from Transferwise or Halifax & Bangkok bank with their charges. Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 7 minutes ago, Rally123 said: It doesn't matter what services the banks give you, they are only doing it because it pays them to do it. Mostly, by them being able to reduce their staffing levels. As well as making life easy for you, first and foremost, it benefits them more so. ATM's and online banking are just a simple matter of progress. Nothing is free. The banks make money, hand over fist, from us all. Yep... as do electric companies, gas companies, motor companies, supermarkets, petrol companies, governments. A service is provided, you pay the price. If you don't want to pat, don't take the service. Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 2 hours ago, wgdanson said: Used Transferwise several times recently. From Nationwide in UK to Bkk Bank in Phitsanulok took less than 24 hours. Who gives a s..t which way it goes as long as it gets here. And no further charges from Bkk Bank. What they tell you, you get. Was the Nationwide transfer free of charge ? Did you transfer Sterling or Baht ? I don't believe that Bangkok Bank did not charge.... their published tariff is 0.25% on incoming transfers. Link to comment Share on other sites More sharing options...
Rally123 Posted November 17, 2017 Share Posted November 17, 2017 2 hours ago, wgdanson said: no further charges from Bkk Bank. BKK bank always charge a deposit fee of 500 Baht. http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf Link to comment Share on other sites More sharing options...
ubonjoe Posted November 17, 2017 Share Posted November 17, 2017 4 minutes ago, Rally123 said: BKK bank always charge a deposit fee of 500 Baht. http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf That is for a "Deposit and Withdrawal Fees for Foreign Currency Deposit Account Services" which is not a normal savings account that most people have. Link to comment Share on other sites More sharing options...
Jip99 Posted November 17, 2017 Share Posted November 17, 2017 6 minutes ago, Rally123 said: BKK bank always charge a deposit fee of 500 Baht. http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf No they don't.... ee for receiving funds from overseas: 0.25% of the transfer's amount (Baht 200 Min., Baht 500 M Link to comment Share on other sites More sharing options...
Rally123 Posted November 17, 2017 Share Posted November 17, 2017 14 minutes ago, briley said: Interesting - I just asked about a transfer of £4000 and their quote included a £23.37 fee - but as their Fx rate was good I would get more Baht from then than from Transferwise or Halifax & Bangkok bank with their charges. It used to be 3,000 minimum to get free charges. But looking today it says Quote At HiFX, we like to keep it simple. As well as bank beating rates: We charge no fees whatsoever It's free to open an account There are no monthly charges Charges may occasionally be applied by a third party bank when transferring the funds to HiFX or before the funds arrive in the recipient account. We're not just passionate about saving you money. We also pride ourselves on the fact that we're large enough to undertake the biggest transactions, yet small enough to care about each and every client who trusts us with their international payments. Current Exchange rate 43.47 Baht Link to comment Share on other sites More sharing options...
Rally123 Posted November 17, 2017 Share Posted November 17, 2017 9 minutes ago, ubonjoe said: That is for a "Deposit and Withdrawal Fees for Foreign Currency Deposit Account Services" which is not a normal savings account that most people have. So you are saying I get charged 500 Baht cuz I don't have my international transfer deposited in a savings account? So would I save 500 Baht if I deposited it in my savings account and then transferred it into my ordinary account? Link to comment Share on other sites More sharing options...
GreytMan Posted November 17, 2017 Share Posted November 17, 2017 48 minutes ago, Rally123 said: It used to be 3,000 minimum to get free charges. But looking today it says Current Exchange rate 43.47 Baht You are confused. The rate you quote is from xe.com, not the rate that HiFx will offer. Link to comment Share on other sites More sharing options...
GreytMan Posted November 17, 2017 Share Posted November 17, 2017 1 hour ago, briley said: Interesting - I just asked about a transfer of £4000 and their quote included a £23.37 fee - but as their Fx rate was good I would get more Baht from then than from Transferwise or Halifax & Bangkok bank with their charges. It sounds as if you are describing Transferwise, not HiFx. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now