Bangkok bank currency receiving fees?

[Mick501]

Planning on moving to LOS from Australia in March, opening an account with Bangkok Bank, and transferring about 1.2 mill baht to support the new retirement visa requirements.  

 

Anyone happen to know whether Bangkok Bank charges receiving fees if the money is deposited to them via a third party (probably OFX)?

thanks

[Vacuum]

Max 500Baht.

[Pib]

0.25% (Bt200 min, Bt500 max)

[Mick501]

Cheers for the help!

[cliveshep]

Use Transferwise if they are in Australia, low fixed fees, better exchange rate, and no Bangkok Bank fees. Just signed up and done my first transfer from the UK - cost £5 sterling instead of close to £39 comprising exchange rate rip-offs, UK bank charges and Bangkok Bank charges.

 

Wish I'd done ir before, wasted so much money on Bank charges and poor exchange rates over the last 3 years.

 

[Chassa]

Are third party transfers listed as overseas transfers by Bangkok Bank? My pension is not!

[Spidey]

11 minutes ago, Chassa said:

Are third party transfers listed as overseas transfers by Bangkok Bank? My pension is not!

Did a SWIFT transfer from my UK bank this month and showed up as "International Transfer". Had planned to use TransferWise next month to reduce costs. However, I'm getting mixed messages from the forum as to whether this method always appears as am international transfer with Bangkok Bank. Some say that it does but @Sheryl claims that it doesn't 100% of the time. Not sure that I want to take the risk with TransferWise. 

[Jeffrey346]

13 minutes ago, Spidey said:

Did a SWIFT transfer from my UK bank this month and showed up as "International Transfer". Had planned to use TransferWise next month to reduce costs. However, I'm getting mixed messages from the forum as to whether this method always appears as am international transfer with Bangkok Bank. Some say that it does but @Sheryl claims that it doesn't 100% of the time. Not sure that I want to take the risk with TransferWise. 

Bangkok Bank iBanking App shows every TW transfer I made as an international transfer.

I would urge anyone who's transfer was listed as "local bank transfer" to download the app and see if BKK Bank has listed it as an Intl Transfer as mine are.

Edited February 2, 2019 by Jeffrey346

[Spidey]

1 minute ago, Jeffrey346 said:

Bangkok Bank iBanking App shows every TW transfer I made as an international transfer.

I would urge anyone who's transfer was listed as "local bank transfer" to download the app and see if BKK Bank is list it as an Intl Transfer as mine are.

I have that but would TI be happy with you showing them your iBanking app? I suspect not.

[Pinot]

2 hours ago, cliveshep said:

Use Transferwise if they are in Australia, low fixed fees, better exchange rate, and no Bangkok Bank fees. Just signed up and done my first transfer from the UK - cost £5 sterling instead of close to £39 comprising exchange rate rip-offs, UK bank charges and Bangkok Bank charges.

 

Wish I'd done ir before, wasted so much money on Bank charges and poor exchange rates over the last 3 years.

 

 

Take a look at XE Money Transfer. It's about $25USD to use Transferwise, $15 to use XE.

 

In answer to the OP's question. Kasikorn had no charges on my first 65K baht transfer. 

[Jeffrey346]

2 minutes ago, Spidey said:

I have that but would TI be happy with you showing them your iBanking app? I suspect not.

You don't need to show the App, just print the transaction. It shows everything.. Amount of transfer, time and date received and most importantly it's listed as INTERNATIONAL TRANSFER

[sfokevin]

2 hours ago, cliveshep said:

Use Transferwise if they are in Australia, low fixed fees, better exchange rate

For large sums TW is not really price competitive...

 

[sfokevin]

3 minutes ago, Jeffrey346 said:

You don't need to show the App, just print the transaction. It shows everything.. Amount of transfer, time and date received and most importantly it's listed as INTERNATIONAL TRANSFER

From where are you printing this detailed transaction that shows everything from?... Bangkok Bank?

 

And in general it is most likely that Thai Immigration will only accept printed documents directly from the Thai bank as anything you printed off yourself of from a foreign source  is easily manipulated...

[Jeffrey346]

10 minutes ago, Jeffrey346 said:

You don't need to show the App, just print the transaction. It shows everything.. Amount of transfer, time and date received and most importantly it's listed as INTERNATIONAL TRANSFER

 

 

 

 

 

 

 

 

 

Edited February 2, 2019 by Jeffrey346

[Jeffrey346]

11 minutes ago, sfokevin said:

From where are you printing this detailed transaction that shows everything from?... Bangkok Bank?

 

And in general it is most likely that Thai Immigration will only accept printed documents directly from the Thai bank as anything you printed off yourself of from a foreign source  is easily manipulated...

It's not a foreign source.. It's the official  BKK Bank Bualuang m Banking App

Edited February 2, 2019 by Jeffrey346

[sfokevin]

11 minutes ago, Jeffrey346 said:

It's not a foreign source.. It's the official  BKK Bank Bualuang m Banking App

My bet is that Thai Immigration will not consider screen shots of an app as official... to date they have only accepted a bank issued statement and balance letter from the bank...

[Jeffrey346]

3 minutes ago, sfokevin said:

My bet is that Thai Immigration will not consider screen shots of an app as official... to date they have only accepted a bank issued statement and balance letter from the bank...

Possible, but we really don't know for sure. The next time I go to the IO, I will show the app and the printout and ask if they will accept it as proof of transfer. 

[Pib]

The half dozen or so TW to Bangkok Bank transfers the wife and I have done with our TW accounts since around mid 2018 to just a few days ago have all been coded/described as International Transfer on our Bangkok Bank accounts. 

 

On your passbook a FTT code which mean Foreign Telegraphic Transfer will appear (Bangkok Bank passbook don't reflect layman descriptions like International Transfer (really not enough room in a passbook for a lot of words); instead like all Thai passbooks the wife and I have with three different banks we have account at it's mainly just codes which are unique to each bank.  On the Bangkok Bank mbanking or ibanking you will see "International Transfer" but no coding like FTT.  Just depends on whether the info is reflected on a passbook or mbanking/ibanking.

 

When looking at ibanking

 

However, a few others have in various related threads over the past few weeks have reported a few instances where there TW to Bangkok Bank transfer did "not" end up getting coded as an International Transfer.  Instead of getting the FTT code or International Transfer words they got a SMT code and some description that didn't say International Transfer.  That SMT transfer represents a Thailand domestic transfer using the SMART system which is one of the numerous "intra-Thailand" funds transfer system. 

 

And I expect those few transfers came from either TW's partner banks of TMB or Kaiskorn vs it's other partner bank of Bangkok Bank.   So, since TW has three partner banks (Bangkok Bank, TMB, and Kaiskorn) to complete the final leg of the transfer and apparently uses Bangkok Bank as it partner bank the great, great majority of the time "when the transfer is destined for a Bangkok Bank account" there also seems to be a minority of the time when TW will use TMB or Kaiskorn bank when the final destination is a Bangkok Bank account.

 

But one thing for sure from numerous posts I've read in various threads over the past several weeks is if you are doing a TW transfer to a Bangkok Bank account the chances are very, very high it will be coded as an International Transfer by Bangkok Bank.  But if sending to any other Thai bank the chances are very, very high it will "not" be coded as international transfer by your Thai bank.

 

 

Edited February 2, 2019 by Pib

[MikeN]

3 hours ago, cliveshep said:

Use Transferwise if they are in Australia, low fixed fees, better exchange rate, and no Bangkok Bank fees. Just signed up and done my first transfer from the UK - cost £5 sterling instead of close to £39 comprising exchange rate rip-offs, UK bank charges and Bangkok Bank charges.

 

Wish I'd done ir before, wasted so much money on Bank charges and poor exchange rates over the last 3 years.

 

Obviously it depends on your bank’s fees, but I recently transferred equal amounts from Australia via Westpac and Transferwise. Westpac charge a flat $5 if you send Aussie dollars (always best to do ) through internet banking, plus The BKK Bank fees, Transferwise have a sliding scale fee so I paid 16 dollars approx. to them.

 Net result was I got around 800 baht more through the bank than through TW, and it would get better with a larger transaction.

[Pib]

Yeap, TW definitely puts more baht per dollar into your Thai bank account considering exchange rate "and" fees when compared to a home country bank that has high fees and using the Thai bank TT Buying Rate for the exchange rate.    

 

But like MikeN said above if your home country bank has a low sending fee, you are usually going to be better off sending using your home country bank if sending more than a few thousand dollars.  And if sending large amounts using a "low sending fee" home country bank, the TW higher sending fees (sliding scale type fee that goes up as you send more) can quickly makes your home country bank a better deal.  But the key is having an account with a home country bank/financial company that does offer low sending fees versus the typically high banksters sending fees.

 

  

Edited February 2, 2019 by Pib

[Lazybones]

For what it's worth when I transferred from Commonwealth Bank of Australia to my SCB account it showed as FRCI which means Foreign Remittance and Settlement. I have lately been using TW and it shows as ATS - Automatic Transfer System. I'm not sure whether ATS is specific to International transfers. I will ask at the bank.

Don't know where MikeN got his figures from but to send Westpac A$ the fee is $20 on their website - Sending Australian Dollars via Westpac Live Online Banking: $20.

 

Edited February 2, 2019 by Lazybones

[Pib]

39 minutes ago, Lazybones said:

For what it's worth when I transferred from Commonwealth Bank of Australia to my SCB account it showed as FRCI which means Foreign Remittance and Settlement. I have lately been using TW and it shows as ATS - Automatic Transfer System. I'm not sure whether ATS is specific to International transfers. I will ask at the bank.

Don't know where MikeN got his figures from but to send Westpac A$ the fee is $20 on their website - Sending Australian Dollars via Westpac Live Online Banking: $20.

 

I think the Thailand ATS is primarily used for security/stock payments (big money movement), but can also be used for small day-to-day payments.  I expect for the final leg of the transfer within Thailand your incoming money used the ATS system..."probably first hit some intermediary/correspondent bank in Thailand" who your Oz bank needed to use to reach SCB...and then that intermediary bank relayed it via ATS to your SCB account.   So, so many domestic payment/transfer systems competing for a piece (i.e., fees) of the money movement pie.  

 

Kinda like how Bangkok Bank and UnionPay created the the Thai Payment Network (TPN) to handle domestic "credit and debit card" payments....and even came out with their dual logo TPS/UnionPay debit card from Bangkok Bank that got a lot of customer hate mail feedback since many Thai merchants were still not accepting UnionPay card for "purchases."

[Searat7]

I have been transferring money from a USA bank  (which charges nothing) to my FX account at Bangkok Bank via Bangkok Bank NY (an option which disappears soon). I have always been charged $10 per transaction to go through NY but last year I noticed that the receipt fees in Bangkok were not charged on the 2018 transactions. It used to cost about $16 to receive $10,000.

[Hotrats]

3 hours ago, Spidey said:

Did a SWIFT transfer from my UK bank this month and showed up as "International Transfer". Had planned to use TransferWise next month to reduce costs. However, I'm getting mixed messages from the forum as to whether this method always appears as am international transfer with Bangkok Bank. Some say that it does but @Sheryl claims that it doesn't 100% of the time. Not sure that I want to take the risk with TransferWise. 

I always use TransferWise for transferring money from the UK into my Bangkok Bank account here. It has shown up as an "International Transfer" (or FTT code in the bankbook) every time.

[BritManToo]

6 minutes ago, Hotrats said:

I always use TransferWise for transferring money from the UK into my Bangkok Bank account here. It has shown up as an "International Transfer" (or FTT code in the bankbook) every time.

 Metoo!

Here ya go .......... FTT = foreign telegraphic transfer

Edited February 2, 2019 by BritManToo

[Kenchamp]

It's not really the transfer fees you need to be alert to, it's the exchange rate you are given from your Thai bank. My bank ( Krungsri) only contact you to offer you a slightly negotiable exchange rate on SWIFT transfers of over $20000, and even then the rate offered is low to say the least. Anything less and they really do take the piss.

[Chivas]

7 hours ago, cliveshep said:

Use Transferwise if they are in Australia, low fixed fees, better exchange rate, and no Bangkok Bank fees. Just signed up and done my first transfer from the UK - cost £5 sterling instead of close to £39 comprising exchange rate rip-offs, UK bank charges and Bangkok Bank charges.

 

Wish I'd done ir before, wasted so much money on Bank charges and poor exchange rates over the last 3 years.

 

Unfortunately thats not telling the whole story.

 

The OP is transferring the equivalent of around £30,000. Transferwise use a rising scale of fees. There comes a point that sending via your own banks "fixed rate fee" and the monies landing at telegraphic transfer rates will give a better bottom line than using Transferwises albeit higher interbank landing rate but also higher fees.

Mines around £5200 before my banks fixed fee gives a better bottom line

 

I use Transferwise always for amounts under that

Edited February 2, 2019 by Chivas

[Pib]

3 hours ago, Searat7 said:

I have been transferring money from a USA bank  (which charges nothing) to my FX account at Bangkok Bank via Bangkok Bank NY (an option which disappears soon). I have always been charged $10 per transaction to go through NY but last year I noticed that the receipt fees in Bangkok were not charged on the 2018 transactions. It used to cost about $16 to receive $10,000.

 

Their latest fee schedule still shows a 0.25% (Bt200 min, Bt500 max) receiving fee for a FX account....same fee that applies to a Thai baht account.  And remember this fee will not appear on your ibanking/passbook as it's applied before posting to your account.

 

 

[Alotoftravel]

For those USA account holders that use a ach to Bangkok bank NY, are we now going to use swift instead after April 1St 2019  , my Bbk Thai account currently shows ftt today so we are good till eom March . Should I even try ach again after april 1st to see if it will fail before using swift?

[kokesaat]

A transfer question for the gurus:

My bank limits online transfers to $5000.  I can use an online transfer through Bangkok Bank, NY, to my account here in Thailand.

I need to transfer about $20,000.  My choices are to do online transfer through BB, NY, 4 times, or to call my bank and have them do a wire transfer ($30 fee).  

If I go the wire-transfer route, it is to my advantage to make the transfer directly to my account here or would it be better to go through BB, NY?  I suspect a direct transfer to my bank here, but defer to those who might have experience.