Extra Charges With Swift Transfer To Krungsri

[nickmondo]

Does anyone transfer money from the UK to Krungsri with SWIFT?

I have now done twice.

SWIFT should be made direct from the UK to KRUNGSRI, but for some reason it is going via TMB Bank and therefore more fees are paid.

This is because the money arrives in TMB Bank in Bkk and then is transferred by BAHTNET to my bank in another region, hence the charges.

My broker in the UK has assured me that they are making the payment via SWIFT, and the bank details for the receiving bank they are using is my account with Krungsri.

Krungsri have told me they are a Clearing Bank and can accept SWIFT payments directly from the UK, so it should not be going via TMB.

Has anyone experienced this?

Does anyone know why the money is going to TMB?

I have seen the transfer order from my broker, and it clearly states my Krungsri bank as the receiver, and method of payment is SWIFT.

I am transferring Thai Baht, the exchange rate is calculated in the UK.

I am having to pay an extra 1,300 baht in fees, which is a pain considering the rubbish exchange rate at the moment.

Edited December 8, 2018 by metisdead
All caps removed from topic title.

[Dmaxdan]

I had a similar problem a few years ago when making SWIFT transfers from my Nationwide account. First of all I had no problems, but then completely out of the blue I started being charged twice, first the regular fee from Nationwide, and then some weeks later a couple of extra additional fees taken also from my Nationwide account which I believe came from HSBC who were acting as an intermediary bank. Nationwide were never very forthcoming about this. It was almost like they had somehow been downgraded and could no longer make SWIFT payments direct to certain foreign banks accounts. 

 

I now use TransferWise...

 

 

 

[poohy]

Sounds like one the banks is using an intermediary

You will always get a lousy exchange in uk, why dont you just send GBP it will be converted here at the better EFT rate at your bank

[nickmondo]

3 hours ago, poohy said:

Sounds like one the banks is using an intermediary

You will always get a lousy exchange in uk, why dont you just send GBP it will be converted here at the better EFT rate at your bank

You have not understood me mate.

I am not using a bank in the UK

I use a money transfer company similar to Transferwise, and I get a much better rate than the banks both here and in the UK.

[nickmondo]

3 hours ago, Dmaxdan said:

I had a similar problem a few years ago when making SWIFT transfers from my Nationwide account. First of all I had no problems, but then completely out of the blue I started being charged twice, first the regular fee from Nationwide, and then some weeks later a couple of extra additional fees taken also from my Nationwide account which I believe came from HSBC who were acting as an intermediary bank. Nationwide were never very forthcoming about this. It was almost like they had somehow been downgraded and could no longer make SWIFT payments direct to certain foreign banks accounts. 

 

I now use TransferWise...

 

 

 

yes, but the problem with Transferwise is that their fees are big.

The more you transfer, the more you get charged.

With my broker, I get a ten quid charge for any amount up to 20k pounds.  

In excess of that is free.

It just seems to have gone wrong with Krungsree somehow

 

[glegolo]

I understand that this is not the exactly same scenario, but I think that I can relay anyhow how SWIFT works for us swedes....

 

I have been doing swift transfers from Sweden to Thailand for more than 9 years now. For us ALL TRANSFERS goes to the monopol bank in Thailand called Bangkok bank... They charge 1,4% which is round 200 baht for about 50.000 baht transfer....

 

Bangkok Bank transfer my money further to Khrung Thai bank or whatever bank I might have in Thailand, which bank will charge another 250 baht.....

 

Finally last year I was tired of this double-charging so I sat up an account at Bangkok Bank and since then, only one fee 200 baht...

 

This is how it works for us......

 

glegolo

[Dmaxdan]

I understand that this is not the exactly same scenario, but I think that I can relay anyhow how SWIFT works for us swedes....
 
I have been doing swift transfers from Sweden to Thailand for more than 9 years now. For us ALL TRANSFERS goes to the monopol bank in Thailand called Bangkok bank... They charge 1,4% which is round 200 baht for about 50.000 baht transfer....
 
Bangkok Bank transfer my money further to Khrung Thai bank or whatever bank I might have in Thailand, which bank will charge another 250 baht.....
 
Finally last year I was tired of this double-charging so I sat up an account at Bangkok Bank and since then, only one fee 200 baht...
 
This is how it works for us......
 
glegolo

Yes but Transferwise gives you a better exchange rate, up to one baht more per pound than any Thai bank meaning that you will receive more which in turn offsets their higher charges.

Sent from my SM-G800F using Thailand Forum - Thaivisa mobile app

[glegolo]

3 minutes ago, Dmaxdan said:

Yes but Transferwise gives you a better exchange rate, up to one baht more per pound than any Thai bank meaning that you will receive more which in turn offsets their higher charges.

Sent from my SM-G800F using Thailand Forum - Thaivisa mobile app
 

Yes true, but I was responding to OP-----

 

glegolo

[nickmondo]

2 minutes ago, glegolo said:

Yes true, but I was responding to OP-----

 

glegolo

does the money you transfer with Transferwise go directly to your bank?

Or do they also use a third party before you receive it?

[glegolo]

43 minutes ago, nickmondo said:

does the money you transfer with Transferwise go directly to your bank?

Or do they also use a third party before you receive it?

Youi are quoting me but probably mean the other guy that talks about transferwise... But I do also since 2 months back now use transferwise and it works like this....

 

Transferwisde have bankaccounts all over the world, so they are NOT transferring any money from country to country, but merely from their own bankaccoun in Thailand into my thaibank-account... BUT on my Bangkok Bank statement it actually says; "international transfer".. This is also the reason why they can send it so quickly and also use more favourable currency rates.

 

glegolo