Transferring money to Thailand from overseas.

[tigermoth]

Has anyone experienced a problem with transferring overseas money to their Thai bank account. I have had an account at the Kasikornbank for several years and transfer funds from Australia. I have never had any problems until recently, the last 3 or 4 months. I am getting less than the advertised telegraphic transfer exchange rate by up to almost a baht. This makes a difference of over 1000 baht to the amount that should appear in my account. I have repeatedly tried to contact them both by phone and email without success. I suspect it is someone rew at the bank ripping off not only me but the bank as well. Would appreciate any other expats having similar problems to get in touch

[Crossy]

Are you insisting on transferring Aussie $ and converting in Thailand?

 

[KhunBENQ]

It's very unlikely that an individual interferes in the exchange process.

And I doubt that is done at the individual branch but at the central (IT) branch.

 

So something must have changed and it could also be at the sending bank.

Telephone or email to Kasikorn?

I think you have to take your bankbook and go to your branch.

Insist to get details on the last transfer.

What did they receive? AUD or THB?

If received AUD, how much?

[Pib]

As Crossy said you must insure your Oz bank is sending AUD and not doing the currency exchange on their end which will surely be lower than the Thai bank TT Buying Rate.  A lot of times your sending bank will use vague language in how to send the funds to hook you into letting they accomplish the currency exchange which is additional profit for them (i.e., lower exchange rate) at your expense.

 

Or maybe your Oz bank now has to route funds thru an intermediary/correspondent bank which is taking a slice (fee) to flow the funds thru them.