Domestic transfer limits

[eisfeld]

I need to transfer around 2M THB to another bank account in Thailand and have found out (via BKK Bank and Krungsri) that the limit for a domestic wire transfer is apparently 100k THB. To transfer 2M, you would have to do 20 transfers (fill out 20 slips etc). They also would charge quite a bit (cross province and bank transfer), iirc it would have been around 5.5k THB in fees). They recommended to just take out the money in cash, walk to the other bank and deposit it. Then you can do it in one go and pay less fees so that's what I did.

 

Now filling out 20 transfer slips is not an issue but what do people do if they need to transfer 20M? Surely there must be a more efficient way of moving money between accounts inside Thailand. What is the recommended way of moving larger sums inside Thailand?

[Jip99]

You can normally request an increase in the teansfer limit. 

 

I increased mine to 500,000 Baht with Kasikorn.

[Crossy]

We had a similar issue, just drew 4M in cash and walked to the other bank.

 

For really large transfers you can make arrangements with your bank, but you will need to speak to the manager the normal clerks have no authority (or idea). Take a Customer Service ticket.

 

[eisfeld]

28 minutes ago, Jip99 said:

You can normally request an increase in the teansfer limit. 

 

I increased mine to 500,000 Baht with Kasikorn.

Is that a daily limit or per transfer? Both bank clerks told me there's a 100k THB limit per transfer and that it's a regulation thing. But it's a bit hard to believe. Probably a case of staff doesn't know because they never encountered the situation or don't have the authority as Crossy said.

 

I've transferred larger sums into Thailand in one transfer without issue and lower fees... not sure what the point of a 100k limit would be anyways if you can sidestep it with cash or repeated transfers.

[Jip99]

 

What you have been told is nonsense.

 

My 500k can be in one amount.

[Dogbarker]

I recently used cashier cheque for several million..much easier and safer

[swissbie]

4 hours ago, Dogbarker said:

I recently used cashier cheque for several million..much easier and safer

Just wanted to write the same and it's not only easier and safer, it's also cheap, cashier cheques cost only a few baht.

[janpharma]

Ask for a cashier check and pay 200 Thb fee...

 

[Jip99]

5 hours ago, Dogbarker said:

I recently used cashier cheque for several million..much easier and safer

 

Easier and safer than internet banking ?.......................................please !

[James2020]

My wife (Thai) and I were just at SCB this morning and were told that there would be no problem taking a Cashier's Check from SCB for several hundred thousand baht, and using it to pay for a deposit on a contract when it is signed.  We didn't want to pay in advance.  Also, if we wanted to deposit a Cashier's Check from another bank, we could do it at SCB, but it would take a day to clear.  No mention was made of a daily limit, and I don't know about larger sums. 

[Henricus]

internet banking no limit inside thailand 

[Jaggg88]

7 hours ago, Jip99 said:

 

Easier and safer than internet banking ?.......................................please !

Much safer and easier than carrying a large sum of money - even just across the road.

[speedtripler]

I usually move millions in cash from bank to bank

It takes about an hour and ties up the time of 3 staff members because it has to be double counted and sealed in envelopes

 

I refuse to take a cheque or a credit note which will not only cost me money but also will not be credited instantly in the next bank like cash would be

 

Usually it causes chaos in the branch and by the time we've finished counting 10 million there maybe 50+ people waiting to be served

 

It's 2018 and they could send it to the bank next door with just a couple of clicks on the keyboard but no, they want to do it the most retarded way possible then I'll have to oblige them.... 

 

 

[fletchsmile]

Limits for online banking (via internet) vary between banks. Mobile banking (via your phone) limits can be different again.

 

You will come across various types of limits, including a daily limit, per transfer limit etc.

There will be what the bank allows as a maximum, and what you choose to set for your accounts, as you can alter the default limit to be lower (but not higher than what the bank allows) 

It may also vary between type of account as to bank limits and you can set different limits on different accounts

It may also differ for 1) transfers between your own accounts 2) transfers to 3rd party same bank 3) transfers to 3rd party other banks

It's possible to set lower limits than what the bank allows, as well as different limits on different accounts.

 

As examples:

For Standard Chartered, the bank's maximum daily limit for an online transfer used to be THB 2million, however, you couldn't transfer more than 500k at a time, meaning you needed to do it 4 times.

But:

I had accounts with more than 2 million in, but would set the limit lower than that at say 100k, as an additional control against hacking, fraud etc

On the other hand for an account with only a few thousand baht in, which I would use for day to day transactions I would leave the limit at 2 million, as if hacked or fraud they couldn't get much as there wasn't much in the account. Saves keep altering limits.

If I wanted to do large transfers on accounts with large sums in, I would temporarily change the max to 2mn per day and then change it back again straight after

 

Tisco doesn't do internet banking. However their limit for mobile banking is 50,000 per transaction to 3rd parties 

 

TMB has a max of 500k (?) a day I think for my internet banking, but any transactions above 50 k (?) it will split

 

Edited February 9, 2018 by fletchsmile

[fletchsmile]

-------------------------------------------------------------------

 

To OP

 

I also have Bangkok Bank internet banking. They  added a new limit as follows, which may be what your bank staff are referring to:

 

 

Quote

 

Adjust the Maximum Transfer Limit for Newly-added 3rd Party Accounts

For security reasons Bualuang iBanking has adjusted the maximum transfer limit for all newly-added 3rd party accounts for the first five days to 100,000Bt per day but not exceed the maximum amount you have set. This will be effective from March 5, 2014 onwards.

If you would like to make a transfer to any newly-added account for more than 100,000Bt during this first five days, please contact Bualuang Phone* at 1333 or (66) 0-2645-5555 press 2-6-1.

 

 

 

http://www.bangkokbank.com/OnlineBanking/PERSONALBANKING/IBANKING/BUALUANGIBANKING/SERVICES/Pages/MaxTransferLimit.aspx

 

Alternatives include:

 

- Set your 3rd beneficiaries up more than 5 days before you need to transfer

- Open an account with a different bank

- Use a cashier's cheque. Be careful though that unlike a normal cheque the funds are deducted straight away from your account so if you lose it or it gets stolen you'll have issues I don't like using cashier's cheques made out to "cash" as anyone could find/steal it and cash it, and it's deducted already from your account you can't "stop" it before it goes out. Best to make it out in exactly the name of the beneficiary if you use, and be very careful you don't lose LOL

 

- Promptpay is another option with higher limits than the 100k

http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/NationalEpayment/Pages/PromptPayFAQ.aspx

Edited February 9, 2018 by fletchsmile

[Monomial]

You need to request a Bahtnet transfer. Their is no limit on the amount that can be sent to other Thai banks via Bahtnet. Every bank has their own requirements for this.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringWithinThailand/HighValueTransfers/Pages/default.aspx

Go into your home branch, ask to see the manager and tell him you would like to do a Bahtnet transfer of 2 million THB and see what they tell you.

[lkn]

On 2/7/2018 at 4:15 PM, eisfeld said:

I need to transfer around 2M THB to another bank account in Thailand and have found out (via BKK Bank and Krungsri) that the limit for a domestic wire transfer is apparently 100k THB

Krungsri seems to have low limits. I can do 50k per transfer online and when I went to the bank and asked them to raise the limit, they said something like being able to do 100k per transfer, but I think it had to be done from the branch. They even called up head office and gave me the phone, which confirmed that the limits are not something I can get changed (after I said this could not possibly be correct, as no business would be able to operate effectively with such low limits, but presumably a corporate account is subject to other limits).

 

But in Krungthai my online limit is 5 million. Though if I want to do a transfer > 50k it must be done as a “next day” transfer. So for instant transfers (to third parties), I am still limited to 50k per transfer.

 

I read that transfers > 50k must be reported to the Bank of Thailand, so I assumed this was the reason for the requirement of setting up transfers above 50k as “next day” (to allow for the transaction to be reported and possibly rejected).

 

Curious about what other people have been subjected to regarding limits for instant and next day transfers, and which bank.

 

[Monomial]

1 hour ago, lkn said:

Curious about what other people have been subjected to regarding limits for instant and next day transfers, and which bank.

 

 

Same day interbank transfers are limited to 100,000 baht. I'm not sure why Krungthai  would limit this to 50, but at most banks it is 100k. This is a system limit, and it is not possible for any bank in Thailand to send more than this via standard interbank transfer.

 

If you want to send more than this, it must be done via Bahtnet, which is a batch process that is only run once per day, and will be processed at the receiving bank the following day. The fees for each type of transfer are different, with Bahtnet having a much more expensive starting rate, but being much cheaper for large value transfers.

 

 

 

 

[fletchsmile]

54 minutes ago, Monomial said:

 

Same day interbank transfers are limited to 100,000 baht. I'm not sure why Krungthai  would limit this to 50, but at most banks it is 100k. This is a system limit, and it is not possible for any bank in Thailand to send more than this via standard interbank transfer.

 

If you want to send more than this, it must be done via Bahtnet, which is a batch process that is only run once per day, and will be processed at the receiving bank the following day. The fees for each type of transfer are different, with Bahtnet having a much more expensive starting rate, but being much cheaper for large value transfers.

 

 

 

 

Several of the banks I use used to have a 50k limit for immediate interbank transfers rather than 100k.

 

Also:

What I've noticed this year is settlement is often quicker, and you can do more than 100k via normal interbank transfers that will arrive same day.

For example, on 4 Jan I transferred 350k from my TMB account to a Tisco account. It arrived straight away on 4 Jan. Have to say that I was surprised, when I logged into the Tisco account and saw the money already there same day straight away, without a fee, 350k. TMB did split it into 7 amounts of 50k before sending as they apparently have some sort of channel limit on that at 50k

I've done similar a few times as well.

 

 

 

 

[eisfeld]

1 hour ago, Monomial said:

 

Same day interbank transfers are limited to 100,000 baht. I'm not sure why Krungthai  would limit this to 50, but at most banks it is 100k. This is a system limit, and it is not possible for any bank in Thailand to send more than this via standard interbank transfer.

 

If you want to send more than this, it must be done via Bahtnet, which is a batch process that is only run once per day, and will be processed at the receiving bank the following day. The fees for each type of transfer are different, with Bahtnet having a much more expensive starting rate, but being much cheaper for large value transfers.

Excellent comment, thanks! So it is possible but one has to ask the clerk to do the transfer via Bahtnet and not through the instant system they normally use (whatever the name for that is). Using this keyword, I found the following Krungsri page which confirms it all (similar to the BKK bank link from you):

 

https://www.krungsri.com/bank/en/PersonalBanking/BankingServices/DomesticMoneyTransferServices/ThirdpartytransferviaBAHTNETsystem.html

 

So using Bahtnet removes all limits but changes the fee structure. BKK Bank and Krungsri both charge 10THB per 10k THB for inter-province transfers, and have a max fee of 750 THB. This might be a standardized Bahtnet fee.

 

For the 2M THB from Krungsri, this would have resulted in a 1000 THB fee which is a lot less than doing 20 normal transfers. 0.5% is not a bad rate. Cashiers cheque might be still an interesting option, Krungsri mentions just a 20THB fee which makes the transfer basically free.

[lkn]

3 hours ago, Monomial said:

Same day interbank transfers are limited to 100,000 baht. I'm not sure why Krungthai  would limit this to 50, but at most banks it is 100k. This is a system limit, and it is not possible for any bank in Thailand to send more than this via standard interbank transfer.

 

If you want to send more than this, it must be done via Bahtnet […]

I have done plenty of transfers >100k *without* using BAHTNET.

 

Here is what it says about limits:

 

And here are the options for immediate/next day/bahtnet (incl. fee ranges shown):

 

I normally use the “Next 2 Business Days” option for transfers to other banks because of the fixed low fee, and never used BAHTNET, despite often going above the claimed 100k interbank limit.

 

Edited February 9, 2018 by lkn

[eisfeld]

19 minutes ago, lkn said:

I have done plenty of transfers >100k *without* using BAHTNET.

 

Here is what it says about limits:

 

And here are the options for immediate/next day/bahtnet (incl. fee ranges shown):

 

I normally use the “Next 2 Business Days” option for transfers to other banks because of the fixed low fee, and never used BAHTNET, despite often going above the claimed 100k interbank limit.

 

The limit per transfer/transaction for the "immediate" system seems to be 100k. Your screenshot even mentions a 50k limit in your case. Not sure what system the "Next (2) Business Day(s)" options are using or what their limits are. Bahtnet as mentioned should be without limit. The "Next 2 Business Days" option seems interesting.

 

Note that I was not interested in daily limits as I can walk into any branch and transfer without limit anyways. The thread is about the fees and per transaction limit. Your screenshot with the transfer methods is very interesting in that regard!

 

I just checked my Krungsri online banking and there's a "SMART Next Day" transfer option which allows me up to 300k per transaction and day with a 12 THB fee. I suspect this specific limit can be increased by request.

[lkn]

15 minutes ago, eisfeld said:

Note that I was not interested in daily limits as I can walk into any branch and transfer without limit anyways […]

But *I* am interested in daily *online* limits because I don’t want to walk to the branch when I need to make a transfer, which is why I posted the details about the limits I have with Krungthai (which I requested to have raised to whatever they allowed).

 

15 minutes ago, eisfeld said:

I just checked my Krungsri online banking and there's a "SMART Next Day" transfer option which allows me up to 300k per transaction and day with a 12 THB fee. I suspect this specific limit can be increased by request.

That is interesting, I have this option as well, and a 300k limit as well.

 

Very curious they did not tell me about it when I went to the branch and complained about the low online limits. But they may have thought I wanted the limit for immediate transfers raised!?!

 

As for my immediate (online) limit of 50k (both Krungthai and Krungsri), as mentioned above, I read that all transfers above 50k has to go through Bank of Thailand or some such, which I always assumed was the reason for the limit.

 

Some have said above their limit was 100k, perhaps those people could double-check and report what bank they are with.

[sometimewoodworker]

5 hours ago, Monomial said:

Same day interbank transfers are limited to 100,000 baht. I'm not sure why Krungthai  would limit this to 50, but at most banks it is 100k. This is a system limit, and it is not possible for any bank in Thailand to send more than this via standard interbank transfer.

Not according to my SCB online banking app I currently have my personal limit set to 200,000 to any other bank and can, if I want, go up to 500,000. 

Just a few hours ago I transferred 170,000.

 

if I wish to transfer between my own accounts the limit is 10,000,000.

Edited February 9, 2018 by sometimewoodworker

[eisfeld]

1 hour ago, lkn said:

As for my immediate (online) limit of 50k (both Krungthai and Krungsri), as mentioned above, I read that all transfers above 50k has to go through Bank of Thailand or some such, which I always assumed was the reason for the limit.

I haven't heard of that rule but transfers of 2M THB and up have reporting requirements.

[Dogbarker]

On 09/02/2018 at 3:41 AM, fletchsmile said:

Limits for online banking (via internet) vary between banks. Mobile banking (via your phone) limits can be different again.

 

You will come across various types of limits, including a daily limit, per transfer limit etc.

There will be what the bank allows as a maximum, and what you choose to set for your accounts, as you can alter the default limit to be lower (but not higher than what the bank allows) 

It may also vary between type of account as to bank limits and you can set different limits on different accounts

It may also differ for 1) transfers between your own accounts 2) transfers to 3rd party same bank 3) transfers to 3rd party other banks

It's possible to set lower limits than what the bank allows, as well as different limits on different accounts.

 

As examples:

For Standard Chartered, the bank's maximum daily limit for an online transfer used to be THB 2million, however, you couldn't transfer more than 500k at a time, meaning you needed to do it 4 times.

But:

I had accounts with more than 2 million in, but would set the limit lower than that at say 100k, as an additional control against hacking, fraud etc

On the other hand for an account with only a few thousand baht in, which I would use for day to day transactions I would leave the limit at 2 million, as if hacked or fraud they couldn't get much as there wasn't much in the account. Saves keep altering limits.

If I wanted to do large transfers on accounts with large sums in, I would temporarily change the max to 2mn per day and then change it back again straight after

 

Tisco doesn't do internet banking. However their limit for mobile banking is 50,000 per transaction to 3rd parties 

 

TMB has a max of 500k (?) a day I think for my internet banking, but any transactions above 50 k (?) it will split

 

BIG problem you have not mentioned  - Standard Chartered closed retail banking so what you mention is not possible and what a Bleeping issue they have created . They transferred the  business to Tisco   who are UNABLE to do International banking .. so any money brought in through Standard Chartered that you want repatriated is a mess.... I can confirm Tisco have written cashier cheques in Thai Baht for several millions for me  .. but  as for repatriating funds that is another can of worms!!!!!!!!  If I could rewind  20 years I would never have done business with Standard Chartered anywhere in the world .. it is not just in Thailand .. sorry guys rant off! 

[fletchsmile]

22 hours ago, Dogbarker said:

BIG problem you have not mentioned  - Standard Chartered closed retail banking so what you mention is not possible and what a Bleeping issue they have created . They transferred the  business to Tisco   who are UNABLE to do International banking .. so any money brought in through Standard Chartered that you want repatriated is a mess.... I can confirm Tisco have written cashier cheques in Thai Baht for several millions for me  .. but  as for repatriating funds that is another can of worms!!!!!!!!  If I could rewind  20 years I would never have done business with Standard Chartered anywhere in the world .. it is not just in Thailand .. sorry guys rant off! 

I sort of assumed anyone with a Stan Chart account knew Tisco had taken over their retail business . Wasn't really relevant to OPs thread either. I only used it as an example of how limits can differ between banks. I did write it all in the past tense, though "Used to", "had" etc  

 

Yes we've had our fair share of teething problems with Tisco as well but that's another story and there's a thread running on it elsewhere 

[Dogbarker]

30 minutes ago, fletchsmile said:

I sort of assumed anyone with a Stan Chart account knew Tisco had taken over their retail business . Wasn't really relevant to OPs thread either. I only used it as an example of how limits can differ between banks. I did write it all in the past tense, though "Used to", "had" etc  

 

Yes we've had our fair share of teething problems with Tisco as well but that's another story and there's a thread running on it elsewhere 

 As this is an open forum and you quoted Standard Chartered I felt it may not be obvious to some users interested in the transfer amount and went off to seek them out. so just trying to be helpful m'lud 

 

I did not think it  was clear that TISCO was now the "bank" supposedly operating the old SC business .. again as I had transferred money  I felt it was useful to add ... It was meant to inform , not be critical and also  vent my frustration of  the Sc/ TISCO  not a criticism  of the poster . will check out the forum for the Sc/Tisco .. thanks for the info