Using Transferwise for bringing money to THailand

[007 RED]

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

[ketherin]

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... 

[Cletus]

Good and reliable service but NOT as cheap as they intend to be.

[ubonjoe]

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.

[Jip99]

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

[Orton Rd]

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.

[Jip99]

3 minutes ago, Orton Rd said:

  Why should they charge for putting money into your own account.

 

 

Why should you expect banking for free ?

[Rally123]

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.

[Jip99]

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

[Wilson Smith]

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.

[Mattd]

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.

[Tanoshi]

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

[Jip99]

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.

[Tanoshi]

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.

[Eff1n2ret]

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.

 

[wgdanson]

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

[Evilbaz]

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.

[Jip99]

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...

[Rally123]

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.

[Rally123]

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. 

[briley]

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.

[Jip99]

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.

[Jip99]

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.

[Rally123]

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

 

 

[ubonjoe]

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.

[Jip99]

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

 

 

[Rally123]

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

 

 

 

 

 

[Rally123]

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?

[GreytMan]

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.

[GreytMan]

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.