Bangkok Bank ibanking question

[WaveHunter]

I have a retirement visa and a savings account with Bangkok Bank.  I am signed up for iBanking, and presently have it set up for transferring funds into the account from a couple of different US banks . 

 

I was told by the officer that once I had a "long stay visa" I would be able to set it up to also transfer funds out to the US, and was assured that a work permit would NOT be required.  Now that I have the "long term visa" I am being denied.

 

Does anybody have experience with this?  I am going to visit a branch and try to straighten this out, but if I can;t I'm wondering if anyone can recommend a bank where this won;t be a problem?

 

I really need this set up as "electronic transfer" because I am often out of Thailand and during those times I need to be able to transfer funds both in and out of the account.  And besides, I simply want the convenience of electronic banking and not have to go to a branch for wire transfers.

Edited September 4, 2018 by WaveHunter

[Jingthing]

I think you're probably out of luck.

 

To add, if your transfer method INTO Thailand from the U.S. is (as I suspect) via domestic ACH transfer to Bangkok Bank New York, that will be ending effective April 2019 as well.

 

If you're getting social security funds that way, that may be ending as well also effective April 2019. That has actually been the ONLY way to get direct social security funds into Thailand, only using Bangkok Bank's domestic ACH transfer scheme. So no other Thai can do that either. 

 

Edited September 4, 2018 by Jingthing

[WaveHunter]

1 hour ago, Jingthing said:

I think you're probably out of luck.

 

To add, if your transfer method INTO Thailand from the U.S. is (as I suspect) via domestic ACH transfer to Bangkok Bank New York, that will be ending effective April 2019 as well.

 

If you're getting social security funds that way, that may be ending as well also effective April 2019. That has actually been the ONLY way to get direct social security funds into Thailand, only using Bangkok Bank's domestic ACH transfer scheme. So no other Thai can do that either. 

 

I don't think you understand.  I have iBanking (desktop banking like any Western bank would have).  SO, I can manage my account online.  I have it set up so I can transfer funds from outside the Kingdom INTO Bank of Bangkok.  All it takes is a few clicks of my mouse, and it's done.  No need to go through a branch office, no fees, just nice and simple.

 

I now want to have it set up so I can transfer funds OUT.  There's no reason for it not to work in reverse.  I was assured by bank officers I could, once I had a long-term visa, which I now have. 

 

I hate wire transfers, which would be the only alternative I know of.  No good if you are outside the Kingdom and need to transfer funds.  If they insist I can not, I'll find another bank who can. 

 

I don't like the idea of a bank putting constraints on what I do with my own money!  I already have very low esteem for bankers in general; biggest crooks in the world!  They've had all the angles figured out on how to cheat people for centuries LOL!

Edited September 4, 2018 by WaveHunter

[Jingthing]

Actually, there is a reason.

Thailand laws make it much easier to transfer money into Thailand than out.

 

 

[WaveHunter]

2 minutes ago, Jingthing said:

Actually, there is a reason.

Thailand laws make it much easier to transfer money into Thailand than out.

 

 

In my opinion, I don't think it's Thai law; When I first researched this, I saw no government regulations preventing it.  I think it's Thai banks being greedy; once they get their hands on your money, they don't want to let go.  That makes me nervous. 

 

Maybe it's time to set up a Bitcoin account  ?

 

[Jingthing]

I can tell you that serious problems getting money OUT of Thailand is a constant theme you'll see on this website as long as it's existed. 

I also think your arrogant attitude isn't going to do you any favors in talking to Thai bankers here. Not saying you're wrong, just that it won't help. 

[Jingthing]

Curious about your online Bangkok setup linking U.S. accounts to pull money into Thailand. Did you set that up before when you had a work permit here? 

I sometimes send money to Bangkok Bank using a U.S. account where I set up a ONE WAY ONLY link via ACH that goes first to Bangkok Bank New York.

Two way has always been impossible for that.

To use I log onto my U.S. account and send a domestic transfer to Bangkok Bank New York. 

But even that is going away in April 2019.

[HampiK]

I always was under the impression, that for sending the money out again you need to prove with a FET that you brought the money into Thailand before. Except you are talking about small amounts.

[scorecard]

17 minutes ago, WaveHunter said:

In my opinion, I don't think it's Thai law; When I first researched this, I saw no government regulations preventing it.  I think it's Thai banks being greedy; once they get their hands on your money, they don't want to let go.  That makes me nervous. 

 

Maybe it's time to set up a Bitcoin account  ?

 

Thai money laundering laws and regulations are perhaps tangled up with this. 

 

 

[WaveHunter]

16 minutes ago, Jingthing said:

Curious about your online Bangkok setup linking U.S. accounts to pull money into Thailand. Did you set that up before when you had a work permit here? 

I sometimes send money to Bangkok Bank using a U.S. account where I set up a ONE WAY ONLY link via ACH that goes first to Bangkok Bank New York.

Two way has always been impossible for that.

To use I log onto my U.S. account and send a domestic transfer to Bangkok Bank New York. 

But even that is going away in April 2019.

Nope, no work permit needed.  When I was looking for a bank I actually only had a tourist visa.  Lots of people said, "No way".  I found out that each bank seems to have their own policy.  Even within one bank, branches will vary in how receptive they are.  Kind of ridiculous, but this IS Thailand.  I went to SCB, they said "No".  I walked down the street and went into Bangkok Bank, and they said "sure" with a smile!

 

When Bank of Bangkok allowed me to open a savings account, they asked if i wanted iBanking and I said yes.  That was all there was to it.  I logged in, went to the "transfer tab", entered the bank routing numbers and account numbers for my international accounts.  It took about 5 minutes to do. 

 

To verify those accounts, Bangkok Bank sent token deposits (i.e.: a few baht) to each account, and then after a few days I was sent an email asking me to verify the exact deposit amounts.  That' all there was to it.

 

I actually like Bangkok Bank a lot.  They've been pretty good.  I'm hoping this latest snag is just a miscommunication.  The language barrier is always a pain; I need to learn to speak Thai!

Edited September 4, 2018 by WaveHunter

[Pib]

I have a long term visa (i.e., retirement extension of stay) and a Bangkok Bank account.   I just tried to apply via my ibanking....by clicking the New Int'l Transfer link in the ibanking menu shown directly below.   I then clicked the "Click Here" link to apply online....went through filling out the application which is mostly entering your current address, your foreign bank and account and I was given one reason for transfers which was "Salary  Repatriation."   When getting to the very last step after received the OTP, entered it, and hit submit I got a pop-up message shown below which said send in a copy of my work permit (or similar proof) within 3 business but me no have a work permit so the application will never be approved.

 

If I had been Thai I'm sure I would have been offered other choices as I seen that on the Bangkok Bank webpage before....Thai nationals are allowed a bunch of difference reasons for sending funds out via "ibanking," but foreigners only one of salary repatriation "per Bangkok Bank policy."   Salary repatriation means you have a job in Thailand which also means you have a "work permit."   And this is not to imply you can not go to a branch and transfer funds out for various reasons other than salary repatriation as you can.  

 

I know other Thai banks have different policies as I have international transfer capability on my Krungsri ibanking, no work permit required, and I have actually done a transfer to the U.S. to confirm it works....funds arrived 6 hours from the point I initiated the transfer.

 

Page you see when clicking New Intl Transfer

 

The popup message after submitting the online application...

 

 

[Pib]

Above I mentioned Thais are offered other choices for ibanking transfers...my Thai wife just checked her Bangkok Bank ibanking to see what purposes are allowed....see below.  Remember, I was only offered Salary Repatriation but the Thai wife is offered a bunch of different reasons.  Now after completing the last step of the application would a pop window appear asking for some support documentation for whatever reason chosen below I couldn't say...the wife did go that far.

 

[WaveHunter]

On 9/4/2018 at 7:37 PM, Pib said:

...I know other Thai banks have different policies as I have international transfer capability on my Krungsri ibanking, no work permit required, and I have actually done a transfer to the U.S. to confirm it works....funds arrived 6 hours from the point I initiated the transfer....

Are you able to transfer funds out of Thailand as well as in?  There's a branch right near me at Maya Mall.  Maybe I should see them if you are able to transfer out as well as in??

[Pib]

13 minutes ago, WaveHunter said:

Are you able to transfer funds out of Thailand as well as in?  There's a branch right near me at Maya Mall.  Maybe I should see them if you are able to transfer out as well as in??

Yes....that's what I said.

[WaveHunter]

5 hours ago, Pib said:

Yes....that's what I said.

Well that didn't work ?  Krungsri said "no" in no uncertain terms; you must be Thai.  Since Kasikorn Bank was right across them in Maya Mall, I tried them...they said "YES"!  Of course, we were conversing in broken English/Thai.  I opened an account and I'll be setting up internet banking tomorrow.  They said to come back once I did that and they would activate the international transfer function.  Optimistic but I'll believe it when I see it!

 

Edited September 6, 2018 by WaveHunter

[WaveHunter]

20 hours ago, WaveHunter said:

Well that didn't work ?  Krungsri said "no" in no uncertain terms; you must be Thai.  Since Kasikorn Bank was right across them in Maya Mall, I tried them...they said "YES"!  Of course, we were conversing in broken English/Thai.  I opened an account and I'll be setting up internet banking tomorrow.  They said to come back once I did that and they would activate the international transfer function.  Optimistic but I'll believe it when I see it!

 

It works!!  Kasikorn cyber-banking is letting me transfer funds from US to Thailand AND FROM THAILAND TO US!   Just goes to show that nothing is etched in stone here in the Kingdom.  ?  Great bank too with friendly, well-informed staff

[Pib]

2 hours ago, WaveHunter said:

It works!!  Kasikorn cyber-banking is letting me transfer funds from US to Thailand AND FROM THAILAND TO US!   Just goes to show that nothing is etched in stone here in the Kingdom.  ?  Great bank too with friendly, well-informed staff

Just to be sure, did you confirm the "Thailand to US" transfer by actually doing a transfer?   That is, do a 100% test?

 

And what do you mean Kasikorn banking is allowing your to transfer "from the US to Thailand?"  To me that sounds like you are saying you can "pull" funds from your US bank by initiating the transfer from the Kaiskorn end.   Or are you really trying to say you can send funds from your US bank to your Kaiskorn account....if so, you can send funds from a US bank to any Thai bank account via Int'l Wire (SWIFT). 

 

And with a Bangkok Bank  account you can send funds from your US bank account to your Bangkok Bank account via "ACH" until Apr 19.  Come 1 Apr 19 you can still do ACH transfers to Bangkok Bank but only if they are in the International ACT Transaction (IAT) format which US banks don't use for retail/man-of-street account...only used with some business accounts.

[WaveHunter]

2 hours ago, Pib said:

Just to be sure, did you confirm the "Thailand to US" transfer by actually doing a transfer?   That is, do a 100% test?

 

And what do you mean Kasikorn banking is allowing your to transfer "from the US to Thailand?"  To me that sounds like you are saying you can "pull" funds from your US bank by initiating the transfer from the Kaiskorn end.   Or are you really trying to say you can send funds from your US bank to your Kaiskorn account....if so, you can send funds from a US bank to any Thai bank account via Int'l Wire (SWIFT). 

 

And with a Bangkok Bank  account you can send funds from your US bank account to your Bangkok Bank account via "ACH" until Apr 19.  Come 1 Apr 19 you can still do ACH transfers to Bangkok Bank but only if they are in the International ACT Transaction (IAT) format which US banks don't use for retail/man-of-street account...only used with some business accounts.

Well, a token deposit was sent today to my US bank by Kasikorn (to verify my US account).  They wouldn't do that unless their intention was to let me transfer funds out.  Once I'm sure it works I'll be sending one to two other international banks; not sure how THAT will work but it would be ideal to have all my banks securely connected electronically, instead of having to rely wire transfers which I truly hate.

 

Regarding  "Kasikorn banking is allowing your to transfer "from the US to Thailand" I simply meant that their cyber-banking platform allows me to move money either way (in or out of the Kingdom) through the cyber banking platform, rather than just INTO the Kingdom as is the case with Bangkok Bank.

 

My whole thing is I simply do not want to rely on visits to a branch office for anything at all.  I spend a lot of time traveling outside of the Kingdom and want the ability to completely manage my bank account no matter where in the world I happen to be.  Who knows...there could be a coup while I'm away LOL!

 

Regarding ACH, my routing link with Bangkok Bank is already set up.  I'm not exactly sure how the new rule will affect existing links, but if it negatively impacts my ability to move funds, I'll close my account with them.  I'll probably close it anyway if Kasikorn proves to work OK. 

 

I just hate the notion of a bank telling me what I can or cannot do with my own money, or making me jump through hoops to manage my money effectively.  I'm seriously studying cryptocurrency options, even though it sounds like hell to set up here in the Kingdom, but I'm probably not going to stay here forever.

Edited September 7, 2018 by WaveHunter

[Pib]

OK...I just wanted to make sure you didn't mean you could use Kaiskorn ibanking to "initiate a pull of funds" from your U.S. bank.

[WaveHunter]

1 minute ago, Pib said:

OK...I just wanted to make sure you didn't mean you could use Kaiskorn ibanking to "initiate a pull of funds" from your U.S. bank.

I never considered "pulling funds", but if I can "push funds" from either bank, what would the advantage of "pulling" funds be?  You kind of got me wondering on that one ?

 

[Pib]

13 minutes ago, WaveHunter said:

I never considered "pulling funds", but if I can "push funds" from either bank, what would the advantage of "pulling" funds be?  You kind of got me wondering on that one ?

 

Let's assume you were using one of your  U.S. bank accounts to "send or pull" funds from another one of your U.S. bank accounts.   There is really no difference other than possibly speed of transfer....or if maybe one bank charges a sending fee and the other doesn't.   I have several U.S. banks and it seems each is different in "how fast" they accomplish ACH transfers.   

 

For example I have found I can get money into my account at bank X account faster (one or two days faster) by "sending" the money from my bank Y.   If I initiate from bank X a "pull" of funds from bank Y it takes an extra day or two for the funds to arrive bank X. 

 

But don't wonder too much as you can't using your K-bank ibanking to "pull" funds from another bank like your US bank.   Just like you couldn't use your Bangkok Bank ibanking to pull funds from another bank.

Edited September 7, 2018 by Pib

[WaveHunter]

10 minutes ago, Pib said:

Let's assume you were using one of your  U.S. bank accounts to "send or pull" funds from another one of your U.S. bank accounts.   There is really no difference other than possibly speed of transfer....or if maybe one bank charges a sending fee and the other doesn't.   I have several U.S. banks and it seems each is different in "how fast" they accomplish ACH transfers.   

 

For example I have found I can get money into my account at bank X account faster (one or two days faster) by "sending" the money from my bank Y.   If I initiate from bank X a "pull" of funds from bank Y it takes an extra day or two for the funds to arrive bank X. 

 

But don't wonder too much as you can't using your K-bank ibanking to "pull" funds from another bank like your US bank.  

I see.  Well, I'll be happy if I can just move funds both ways even if it takes a few extra days one way or another.  None of my other banks charge a fee for internet-banking transfer, and Kasikorn says they do not either, so I'm happy about that.  I know when I used to rely on wire transfers, it was such a pain going into a branch, paying fees for it, and then days of waiting for it to be received.  Internet banking is certainly the way to go!  Crypto might even be better but right now it sounds a little scary; sort of like the "Wild West" of banking, ya know?

 

Frankly I don't see why most Thai bank seem to make it so hard to transfer funds out of the Kingdom.  Obviously, if Kasikorn is allowing me to, it can't be any government imposed rule (as Bangkok Bank tried convincing me was the case).  I hate to say it but I think it's just an example of banks being greedy LOL.  Once they have their hands on your money, they want to make it as difficult as possible to let go of it.  

Edited September 7, 2018 by WaveHunter

[Pib]

24 minutes ago, WaveHunter said:

I see.  Well, I'll be happy if I can just move funds both ways even if it takes a few extra days one way or another.  None of my other banks charge a fee for internet-banking transfer, and Kasikorn says they do not either, so I'm happy about that.  I know when I used to rely on wire transfers, it was such a pain going into a branch, paying fees for it, and then days of waiting for it to be received.  Internet banking is certainly the way to go!  Crypto might even be better but right now it sounds a little scary; sort of like the "Wild West" of banking, ya know?

 

Frankly I don't see why most Thai bank seem to make it so hard to transfer funds out of the Kingdom.  Obviously, if Kasikorn is allowing me to, it can't be any government imposed rule (as Bangkok Bank tried convincing me was the case).  I hate to say it but I think it's just an example of banks being greedy LOL.  Once they have their hands on your money, they want to make it as difficult as possible to let go of it.  

Bank of Thailand (kinda like the U.S. Federal Reserve) sets the policies regarding the outflow and inflow of funds.  But Thai banks vary in how they implement those BOT policies regarding the outflow of funds.  

 

You are right the transfer of funds between "Thai banks accounts" is pretty much fee-free now....as of about 6 months ago when Thai banks agreed to drop most of those fees. 

 

However, but, that has nothing to do with fees associated with transferring funds out of the country via ibanking or doing it from a branch.  The TT "Selling" Rate will be used to buy the funds you want to send out...that is, using THB in your account to send out USD....or said yet another way Kaiskorn will "Sell" you the USD dollars you want to send out at their Selling Rate.   The TT "Selling" Rate has approx a 0.5% to 0.75% markup over the TT Buying Rate you get when receiving funds from the U.S.   So, that is your first fee...call it an "indirect" fee of 0.5-0.75% of whatever amount you send out.

 

Next fee will be a Sending fee of around Bt300...not to say that is Kaiskorn exact fee....but it will be close to that as that's the approx amount Thai banks charge.  Then you will probably be offered another optional fee of approx Bt800 which is to absorb any intermediary bank fees between the Thai bank to your U.S. bank.  If you say no I don't want to pay that approx Bt800...I'll just take my chances on whatever intermediary bank fee there is....that fee is sliced off as the funds flow from Thailand to your U.S. bank.  So, we are now up to approx Bt1100 in direct fees.   You'll need to check the Kaiskorn fee schedules for their exact fees.

 

When I did my one 100% test from my "Krungsri" ibanking transfer to my U.S. bank to I declined the Bt800 fee as I intentionally wanted to find out "if" there would be an intermediary bank fee and how much would it be.  Well, there was an intermediary bank fee of $20 as that is the amount that got sliced off by the intermediary bank between Krungsri and my U.S. bank.  $20 equates to approx Bt660 so I saved Bt140 in transfer fees by declining the optional fee for Krungsri to cover all intermediary bank fees.   The funds posted to my U.S. account 6 hours after initiating the transfer from my Krungsri banking.  And actually the transfer only took 2 hours to arrive because Krungsri did not actually do the transfer until 4 hours after I initiated the transfer as apparently they have some human eyes review/approve each transfer before the transfer is turned in electrons across the ocean.

 

Additionally, for my Krungsri account there were no test/verification amounts sent before allowing me to do my first actual transfer which was for a couple hundred dollars.  What is the max I could send you may be asking?  Well, the Krungsri international transfer screen I used allowed up to $10K...when I entered a penny more than $10K it basically said Sorry Charlie....no can do...invalid amount.  Remember, I'm talking my experience with Krungsri....don't know what Kaiskorn max amount is for international transfers via ibanking.

 

 

 

 

[WaveHunter]

3 minutes ago, Pib said:

Bank of Thailand (kinda like the U.S. Federal Reserve) sets the policies regarding the outflow and inflow of funds.  But Thai banks vary in how they implement those BOT policies regarding the outflow of funds.  

 

You are right the transfer of funds between "Thai banks accounts" is pretty much fee-free now....as of about 6 months ago when Thai banks agreed to drop most of those fees. 

 

However, but, that has nothing to do with fees associated with transferring funds out of the country via ibanking or doing it from a branch.  The TT "Selling" Rate will be used to buy the funds you want to send out...that is, using THB in your account to send out USD....or said yet another way Kaiskorn will "Sell" you the USD dollars you want to send out at their Selling Rate.   The TT "Selling" Rate has approx a 0.5% to 0.75% markup over the TT Buying Rate you get when receiving funds from the U.S.   So, that is your first fee...call it an "indirect" fee of 0.5-0.75% of whatever amount you send out.

 

Next fee will be a Sending fee of around Bt300...not to say that is Kaiskorn exact fee....but it will be close to that as that's the approx amount Thai banks charge.  Then you will probably be offered another optional fee of approx Bt800 which is to absorb any intermediary bank fees between the Thai bank to your U.S. bank.  If you say no I don't want to pay that approx Bt800...I'll just take my chances on whatever intermediary bank fee there is....that fee is sliced off as the funds flow from Thailand to your U.S. bank.  So, we are now up to approx Bt1100 in direct fees.   You'll need to check the Kaiskorn fee schedules for their exact fees.

 

When I did my one 100% test from my "Krungsri" ibanking transfer to my U.S. bank to I declined the Bt800 fee as I intentionally wanted to find out "if" there would be an intermediary bank fee and how much would it be.  Well, there was an intermediary bank fee of $20 as that is the amount that got sliced off by the intermediary bank between Krungsri and my U.S. bank.  $20 equates to approx Bt660 so I saved Bt140 in transfer fees by declining the optional fee for Krungsri to cover all intermediary bank fees.   The funds posted to my U.S. account 6 hours after initiating the transfer from my Krungsri banking.  And actually the transfer only took 2 hours to arrive because Krungsri did not actually do the transfer until 4 hours after I initiated the transfer as apparently they have some human eyes review/approve each transfer before the transfer is turned in electrons across the ocean.

 

Additionally, for my Krungsri account there were no test/verification amounts sent before allowing me to do my first actual transfer which was for a couple hundred dollars.  What is the max I could send you may be asking?  Well, the Krungsri international transfer screen I used allowed up to $10K...when I entered a penny more than $10K it basically said Sorry Charlie....no can do...invalid amount.  Remember, I'm talking my experience with Krungsri....don't know what Kaiskorn max amount is for international transfers via ibanking.

 

 

 

 

I was taken aback by Krungsri' reaction when I said I wanted to open an account as a foreigner.  They said absolutely not possible.  Still wondering why you were able to and I was not.

 

As far as transfer fees, my US banks charge zip, nada, when I transfer funds to Thailand through my internet banking.  I grilled the Kasikorn bank agent about internet banking fees for international sending from my savings account at Kasikorn to my savings account in the US and from what he told me, there is a 30 baht fee (not 300).  I asked him several times and he actually wrote "30" on a piece of paper.  Aside from that, he said there were no other fees.

 

Of course his English was not really too good, and my Thai is even worse.  You know how Thai people are when they don't understand something  said in English, right?  They just kind of loose eye contact with you while they nod affirmatively and say "ohhh yes?", more like a question than a reply.  (I think it's pretty funny actually).  Well there was a lot of that going on, so I guess I'll find out when I do my first transfer.  I have to say though, I can't imagine it being 1100 baht.  That's like the fee for a large wire transfer.

 

[Firefan]

Wavehunter; Pib is spot on. Fee Amount obviously depends on the total wire amount (which Pib have already explained in excruciating details!) Deduct the Baht 140 he saved and it was just below 1K Baht (Pib did not say the amount he wired)when remembering the exchange rate build in "fee".

 

But; please send the swift wire to the US  - which is exactly what you are doing, even when you do it via Ibanking (I agree; nice if it can be done without human contact/going to bank/signed papers Etc.).

 

Let us know how it goes and what fees you pay, including the exchange rate loss (bid/offer spread between buying THB an then later selling them for USD)! Cheers!

 

 

[Pib]

12 hours ago, WaveHunter said:

  Well there was a lot of that going on, so I guess I'll find out when I do my first transfer.  I have to say though, I can't imagine it being 1100 baht.  That's like the fee for a large wire transfer.

I'm sure it will be "around" that amount...that is the basic fee of around Bt300 and then the optional fee of around Bt800 to for Kbank to pickup any intermediary bank fees.   And it is a flat amount....it's not commission/percentage based for USD.   Ditto for Bangkok Bank as I've seen posts over the years saying they paid around Bt1150 to do a foreign transfer from Bangkok Bank and when their fee schedules were still in English also you could see their fee. As you know, Thai banks have very similar fees for their services....like their Bt220 fee for ATM withdrawals using a foreign ATM card.

 

 Paying that optional fee can become important when you need an exact amount to arrive....like you need to pay say $500 and not one penny less or more.   By paying that optional fee the exact amount will arrive.  But if you don't then a lesser amount may arrive due to an intermediary bank fee.....like in my test transfer a $20 fee was sliced off by whatever intermediary bank they used.    If sending money to yourself that's not an issue.

 

Regarding the fees Thai banks charge to send a foreign transfers they are really pretty close to what most U.S. bank charges where their Int'l Wire (SWIFT) fee is around $20 to $50 depending on the bank...and there could still be an intermediary bank fee which is always stated in their fine print on the transfer.  And in many cases they offer an additional fee to where they would pickup an intermediary bank fees which helps to ensure an exact amount arrives.

 

When I finished writing above paragraphs I decided to surf out to K-bank website to see if I could find their specific charges and got lucky.  It's Bt500 basic charge plus the optional charge of Bt800 to pick up an intermediary bank fees for a total of Bt1300.  See this snapshot/webpage...be sure to review the Global Outward Handbook for more info..

 

https://www.kasikornbank.com/en/personal/services/payment/Pages/outward.aspx

 

 

 

 

 

Edited September 8, 2018 by Pib

[Pib]

So let's do a hypothetical example of the "direct and indirect fees/costs" of a transfer to the US....to get your true, total costs.   And let's say you wanted to transfer back out "today" a chunk of money you received today from the U.S.  Let's say you wanted to transfer back out 32,630 baht which equates to $1000 when using K-bank's TT "Buying" Rate given for "incoming" money...their today TT Buying Rate is 32.63.   And not to confuse things too much we won't even talk the 0.25% (Bt200 min, Bt500 max) receiving fee paid for that incoming transfer. 

 

OK, you need to send out $1000 which means you need to buy that $1000 from K-bank and they will indeed "sell" those dollars to you at their TT "Selling" Rate which is 32.93/USD today which means you need to give K-bank 32,930 baht to get those $1000.  The 32,630 they gave you for your $1000 when it was incoming is not enough to buy those dollars back from Kbank as their selling rate is higher....a buy-sell spread thing.  So, in this case you are paying a spread (indirect fee) of Bt300 between the buying and selling rates for that $1000.

 

Add that indirect fee of Bt300 to the direct sending fee of Bt500 plus assuming as the sender you want to cover in intermediary bank fee then you have another direct fee of Bt800.  All those fees (your true cost) is now Bt1600 (approx $49)...your true total cost to send out the $1000.  Or said another way since $49 is 4.9% of $1000 then you paid total fees of $4.9%. 

 

And actually even more than that if you wanted to add-in the 0.25% (Bt200 min, Bt500 max) fee originally paid on the incoming money which you are now sending back out.....and there is even more to consider like the Bangkok Bank New York branch flat fee of $5 paid when that $1000 was incoming.    Your true, true costs are around 5% to send back out that $1000.  Nice little profit for the banksters.

 

K-bank exchange rates for 8 Sep 18

Edited September 8, 2018 by Pib

[Pib]

Bangkok Bank international funds transfer fees are: Bt300 basic fee and another Bt750 if choosing that the Bangkok Bank cover any intermediary bank fees.

https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-iBanking

 

[stevenl]

Any update WaveHunter?

[WaveHunter]

3 hours ago, Pib said:

I'm sure it will be "around" that amount...that is the basic fee of around Bt300 and then the optional fee of around Bt800 to for Kbank to pickup any intermediary bank fees.   And it is a flat amount....it's not commission/percentage based for USD.   Ditto for Bangkok Bank as I've seen posts over the years saying they paid around Bt1150 to do a foreign transfer from Bangkok Bank and when their fee schedules were still in English also you could see their fee. As you know, Thai banks have very similar fees for their services....like their Bt220 fee for ATM withdrawals using a foreign ATM card.

 

Paying that optional fee can become important when you need an exact amount to arrive....like you need to pay say $500 and not one penny less or more.   By paying that optional fee the exact amount will arrive.  But if you don't then a lesser amount may arrive due to an intermediary bank fee.....like in my test transfer a $20 fee was sliced off by whatever intermediary bank they used.    If sending money to yourself that's not an issue.

 

Regarding the fees Thai banks charge to send a foreign transfers they are really pretty close to what most U.S. bank charges where their Int'l Wire (SWIFT) fee is around $20 to $50 depending on the bank...and there could still be an intermediary bank fee which is always stated in their fine print on the transfer.  And in many cases they offer an additional fee to where they would pickup an intermediary bank fees which helps to ensure an exact amount arrives.

 

When I finished writing above paragraphs I decided to surf out to K-bank website to see if I could find their specific charges and got lucky.  It's Bt500 basic charge plus the optional charge of Bt800 to pick up an intermediary bank fees for a total of Bt1300.  See this snapshot/webpage...be sure to review the Global Outward Handbook for more info..

 

https://www.kasikornbank.com/en/personal/services/payment/Pages/outward.aspx

 

 

 

 

 

You may be right but I think there are two options to send money out because the bank agent started showing me the "international transfer" tab on the website where I could set up a one-time transfer and described the charges involved, which sounded like what you describe.  But, I said, "No, I want to have the recipient bank set up permanently in the regular transfer tab and be able to send funds out with "just a click" and with no bank charges.

 

So that's when he told me to enter all the recipient bank information as a "new recipient" on the regular transfer tab, then come back in so he could activate it, which is what I did other day with twin-token deposits being made to my recipient bank.

 

Since I made a big deal about wanting to avoid bank charges, and the only charge he described was 30 Baht per transaction, I'm assuming that's all that I pay.   Big assumption, I know.  We'll see.  

 

Truth is, I don't plan to transfer funds that often; maybe several times a year at most. If the bank is going to take advantage of me and charge me as you described it would suck, but "what ya gonna do"?  It just makes no sense to charge the same amount as a wire transfer when the bank personnel aren't even acting as a middleman.  My banks in the US charge nothing to transfer to Thailand, so why should a Thai bank feel justified to do it the other way around?

Edited September 8, 2018 by WaveHunter