Bangkok Bank over charging

[JohnOFphon]

Every month I transfer USD from Bangkok Bank New York branch to here.

This month I only transferred 2000 because the exchange rate is so bad.

I have done the same amount 2X this year before today.

I transfer 2005 from my US bank to NY. 5 dollars is the fee for NY and 2000 to transfer.

This month, they took out 10 dollars, not 5.

It is in print on their website that the fee is 5 dollars for 2000 dollars.

I called 3 times today. I was put on hold 15 minutes...every time. Until I was disconnected.

I left my number for a call back....never came.

I know it's only 5 dollars....but it's MY 5 dollars. My 165 baht!!

I'll call again until I have spent more money trying to collect than they stole...but...it's my money.

Anyone else have this problem.?

I should say that this is the first time I have had this problem....but...

[Crossy]

Well it definitely says $100.1 (is that a typo other breaks are at $xx.01?) up to $2,000.00 costs $5 and $2,000.01 up costs $10 http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

 

As with anything with breakpoints doing anything around the breakpoint can be "interesting", next time transfer $1,990 then there can be no argument or "interpretation".

 

[lopburi3]

Suspect the problem is that you sent 2005 - believe the limit is 2000 to them (transfer will then be 1995 and can confirm that as did today).  Send them 2000 or less to take advantage of the $5 fee.  

[Crossy]

1 minute ago, lopburi3 said:

Suspect the problem is that you sent 2005

Well spotted that man.

[JohnOFphon]

In January and again in July. This year.  2005 to NY...5 stays in NY and 2000 is the transfer. Not 2005.

I am 100% sure, as I save all SMS from the bank.

So, since I have no recourse...right or wrong. I will only transfer 2000...and not 2005.

 

[Crossy]

Could be a new person processing the transfer, original person takes the $5 and sends $2,000, new person sends $2,005 then deducts the (now $10) fee. Could be a procedural change at the bank (profiteering of course, but that's what banks do).

 

Is it really worth worrying about $5, a low cost lesson methinks.

[JohnOFphon]

Last comment...from THEIR website:   They say..   deduct fees...Prior...to depositing funds into my account.

How can you possibly  misconstrue that.as meaning transfer 2005???

[lopburi3]

Because you are sending 2005 for transfer - they are then taking out the fee based on it being more than 2000.  If you were using a machine and making two transactions, one for transfer and one for fee, then yes your reasoning would stand.  But in there eyes you are sending more than 2000 for transfer so they take out 10 dollars.  Believe that make just as much sense?   If you got away with it 2 for 3 you are batting 666 so a positive spin.

Edited November 8, 2017 by lopburi3

[Langsuan Man]

I emailed Bangkok Bank NY and asked if I could transfer $2,005 so that the transfer would be exactly $2,000 and they replied that their system was set up to automatically deduct $5 for any transaction that was $2,000 or less and that adding an extra $5 for the fee would push the transaction to over the $2,000 threshold so the $10 fee would kick in

 

They are able to do this EFTS transfers so cheaply because it is all automated, start allowing exceptions that need to be handled by humans will only result in increased fees

 

In the past when I had to use International Wire transfers you were able to include the fee(s) into the amount requested since you paid a higher fee for that ability, of course depending upon your outbound bank's policies 

[Pib]

The fee charged at the NY branch is based on the amount "arriving their inbox" for continued travel to the in-Thailand branch.  If you send a penny more than $2000, then it's a $10 fee.   

 

So, if you send $2005 that means $2005 arrives the NY branch inbox....they deduct their $10 fee which is prior to deposit in your "in-Thailand" Bangkok Bank account.  $1995 continues on to Thailand.

 

$1995 arrives your "in-Thailand" Bangkok Bank branch. Before they deduct their fee of 0.25% (Bt200 min, Bt500 max) they first use their TT Buying Rate in effect at the time and convert the $1995 to baht...and then they deduct their fee prior to deposit into you account.  The fee is applied to the baht amount and not the foreign currency amount. 

 

And if you send baht instead from your sending bank the fee is still applied because the fee is really a "receiving "and/or" conversion fee for international transfers.....they apply this fee for any currency (even baht) arriving from outside the country.   However, if you use a money transfer service like transferwise or similar service which has a peer/partner "in Thailand" who does the currency conversion in Thailand and then does a domestic transfer over to your Thai bank for the final short leg of the transfer trek then the fee is not applied because it's no longer an arriving international transfer; it's an arriving domestic transfer.    

 

With all the fee dust settled the baht is posted to your account.   Both the NY branch fee and in-Thailand fee were deducted prior to deposit to your account as the funds were flowing to your account.  Each fee was deducted separately and at different times....one fee in NY and one fee in Thailand. 

 

Neither fee will appear on your ibanking statement/screen, passbook, etc.,...this fools a lot of people into thinking no fee(s) were applied but they were indeed applied prior to deposit to your account....as the funds were flowing to your account.

 

And if you are signed up for Bangkok Bank's free SMS Remittance service you will get a SMS showing the amount of foreign funds arriving your Thailand branch from the NY branch or other foreign source (remember, this arriving amount will be light the NY branch fee), the exchange rate given, the in-Thailand fee, and finally the amount and date/time of posting to your account.

 

It's important to pay very close attention to the NY branch sliding scale fee levels, like right at the $2000 level as sending $2000.00 means the NY branch will deduct a $5 fee and $1995 continues on to Thailand.  But if only sending a penny more of $2000.01 the fee will be $10 and $1990.01 continues on to Thailand....you end up getting less posted to your account even though you sent more money. 

 

Yeap, pay close attention to the trigger levels on their sliding scale fee schedule especially since an approximate $2000 amount is close to what many monthly pensions/adhoc amounts seem to be.  For amounts just a little over $2000, say like exactly $5 over, one person sending $2000 and one person sending $2005 would both end up having $1995 arriving the in-Thailand  branch.   

 

Note: And their fee schedule above has a typo in it for the $5 fee range...it starts at $100.01 and not $100.10.

 

 

 

 

[lopburi3]

13 minutes ago, Pib said:

For amounts just a little over $2000, say like exactly $5 over, one person sending $2000 and one person sending $2005 would both end up having $1995 arriving the in-Thailand  branch.   

And for both 2/1220 and 7/0833 clearance times here that would be 65,535.25 baht into account.