Transferring money out? I have a good place!

[killerbeez]

www.superrichthailand.com
 

Just transferred cash from the sale of my car using this company to the UK.
Excellent rate and a flat fee of 1,300 baht for the transfer.
Very fast, too. Money in the UK bank by the following evening.


 

 

Edited September 12, 2019 by killerbeez

[ThaiBunny]

Nothing on their site about sending money, only converting cash. Can you be more specific about the steps involved?

[topt]

1 hour ago, killerbeez said:

and a flat fee of 1,300 baht for the transfer.

Doesn't seem very cheap?

However I am not current with what the main Thai banks would charge to send. 

[Naam]

5 hours ago, killerbeez said:

flat fee of 1,300 baht for the transfer

amount?

[ThePioneer]

Yes sometimes you can transfer money cheap LOL.

 

I ahd a customer from OZ who had to send me 1500 Baht, and usually use transferwise for that.

 

This time he insisted on XE money, because the transfer would cost him 2 AUD less than transferwise.

 

When the money arrived the Thai banks deducted 460 Baht from that 1500 Baht, and obviously XE money didn't tell him that was gonna happen.

 

However on the transfer document was my Kasikorn account number, they send it first to Bangkok bank which took 350 Baht, and who then sent it to Kasikorn with Bahtnet which deducted another 110 Baht.

[Pib]

The SWIFT fee at a Thai bank is approx Bt1,200 which covers any intermediary bank fee.  If not selecting the option to cover any intermediary bank fees then the sending fee is around Bt400....then if any intermediary bank fee is applied that intermediary bank just slices off its fee as the money flows thru them. 

 

Assuming the OP's Superrich chart is for today, then he got a better rate than he could have got at any Thai bank.  And keep in mind when sending money out of Thailand the "lower" rate is best as you need to fork out less baht to buy whatever currency you are sending....like GBP to UK.

Edited September 12, 2019 by Pib

[ThePioneer]

16 minutes ago, Pib said:

Assuming the OP's Superrich chart is for today, then he got a better rate than he could have got at any Thai bank.  And keep in mind when sending money out of Thailand the "lower" rate is best as you need to fork out less baht to buy whatever currency you are sending....like GBP to UK.

What intrigues me the most in the OP is why he changed to Pound from his Thai baht.

 

I have a foreign currency account with Kasikorn and inquired some time ago about sending Euro's back to my country.

 

The answer was that if I exhange to Thai baht first then these are the fees

 

Fees

Charge Ben: The transferring party is responsible for only K-Bank's overseas fund transfer charge. Any fund transfer charge collected by the recipient (overseas) bank will be deducted from the transferred amount, which will therefore not be received in full by the transferee 500 baht per transaction Charge Our: The transferring party is responsible for charges at both ends of the overseas fund transfer. There will be a partial deduction from the money eventually received by the transferee to cover any charge assessed by the destination bank. Euro currency (EUR) : surcharge of 1,200 baht / transaction Pound sterling currency (GBP) :surcharge of 1,200 baht / transaction https://www.kasikornbank.com/en/business/sme/international-trade/global-money-transfer/Pages/outward.aspx     Though if I want to transfer Euro then the transfer fee si 0.25% on the total amount with NO limit

Edited September 12, 2019 by ThePioneer

[Pib]

13 minutes ago, ThePioneer said:

What intrigues me the most in the OP is why he changed to Pound from his Thai baht.

 

I have a foreign currency account with Kasikorn and inquired some time ago about sending Euro's back to my country.

 

The answer was that if I exhange to Thai baht first then these are the fees

 

Fees

Charge Ben: The transferring party is responsible for only K-Bank's overseas fund transfer charge. Any fund transfer charge collected by the recipient (overseas) bank will be deducted from the transferred amount, which will therefore not be received in full by the transferee 500 baht per transaction Charge Our: The transferring party is responsible for charges at both ends of the overseas fund transfer. There will be a partial deduction from the money eventually received by the transferee to cover any charge assessed by the destination bank. Euro currency (EUR) : surcharge of 1,200 baht / transaction Pound sterling currency (GBP) :surcharge of 1,200 baht / transaction https://www.kasikornbank.com/en/business/sme/international-trade/global-money-transfer/Pages/outward.aspx     Though if I want to transfer Euro then the transfer fee si 0.25% on the total amount with NO limit

But in your quote above and the link provided it says there is a surcharge of either Bt500 or Bt1,200 for transferring Euro depending on how you send.  Surcharge fee is just another name for a Sending fee.

Edited September 12, 2019 by Pib

[ThePioneer]

19 minutes ago, Pib said:

But in your quote above and the link provided it says there is a surcharge of either Bt500 or Bt1,200 for transferring Euro depending on how you send.  Surcharge fee is just another name for a Sending fee.

 

No That is not what is in my quote, because in my quote is this

 

Charge Our: The transferring party is responsible for charges at both ends of the overseas fund transfer.

 

And that is something completely different. The whole quote is about sending Thai Baht, but with either shared fees or either party pays their fees

 

To make sure that I was correct I just called Kbank support, and now they even told me that the charge is 0.5% on the total amount.

Edited September 12, 2019 by ThePioneer

[Pib]

2 minutes ago, ThePioneer said:

 

No That is not what is in my quote, because in my quote is this

 

Charge Our: The transferring party is responsible for charges at both ends of the overseas fund transfer.

 

And that is something completely different. The whole quote is about sending Thai Baht, but with either shared fees or either party pays their fees

 

To make sure that I was correct I just called Kbank support, and now they even told me that the charge is 0.5% on the total amount.

"Charge Our" means the Sender (i.e., you) pay for the sending and intermediary fees...that's why they charge the Bt1,200 surcharge (a.k.a., sending fee).

 

When you send you are not sending Thai baht....you are sending a foreign currency.  If sending from a Thai baht acct you use Thai baht to buy the foreign currency which is sent.....the rate to buy that currency is the bank's TT Selling Rate.

 

If you send Euro from your Euro foreign currency account then you don't need to buy the Euro as you already have it.  You just have the surcharge/sending fee.

 

 

[ThePioneer]

5 minutes ago, Pib said:

If you send Euro from your Euro foreign currency account then you don't need to buy the Euro as you already have it.  You just have the surcharge/sending fee.

https://www.kasikornbank.com/en/personal/Account/Documents/FeesFCDDepositandWithdrawal-en.pdf

 

 

Edited September 12, 2019 by ThePioneer

[emptypockets]

I'm so happy for you OP, really I am.

[elliss]

3 minutes ago, emptypockets said:

I'm so happy for you OP, really I am.

 

 Me too, i wish ...

[Pib]

14 minutes ago, ThePioneer said:

https://www.kasikornbank.com/en/personal/Account/Documents/FeesFCDDepositandWithdrawal-en.pdf

 

 

 

I stand corrected on no fee other than a sending fee....you do have the 0.50% transaction fee.   But it wouldn't surprise me the Bt500 outward remittance fee does not include any intermediary bank fee.  If wanting to cover such a possible fee it wouldn't surprise me for the K-bank fee to be Bt1,200.

 

 

And below is what Bangkok Bank would charge to send from a EUR FCD.   Basically, the 0.50% transaction fee plus a transfer fee which I think is Bt300 to 400 if not covering any intermediary bank fee and Bt1,100 to 1200 if covering any intermediary bank fee.

 

And that 0.50% FCD transaction fee is approx the difference between a Thai bank TT Buying Rate used for incoming transfers and their TT Selling Rate for outgoing transfers which means whether you are using your Thai baht acct to fund a foreign currency transfer or using your FCD acct, the bank is still getting a 0.5% exchange markup profit plus a sending fee.  Win-win for the bank....lose-lose for the customer.

 

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/table5/feesfcd_table5_1oct2018_en.pdf?la=en&hash=79B20040E93B7E09A24DB64299A9F4BF96D48EAB 

 

 

Edited September 12, 2019 by Pib

[Don Mega]

Thats awesome, Congrats.

[killerbeez]

Very fast... about 18 hours from cash to confirmation.
I'm guessing that 'KOGO' is the name of their agent in the UK.

There maybe better and cheaper ways, but this worked out well for me.

 

[KhunBENQ]

21 hours ago, ThaiBunny said:

Nothing on their site about sending money, only converting cash. Can you be more specific about the steps involved?

Browsed through the whole thread and still don't know how it works with Superrich.

[killerbeez]

1 hour ago, KhunBENQ said:

Browsed through the whole thread and still don't know how it works with Superrich.

Probably best if you go to a branch. My boss did this for me on her phone.

[ThePioneer]

10 minutes ago, killerbeez said:

Probably best if you go to a branch. My boss did this for me on her phone.

So how many GBP did you transfer ( I understand 3603 GBP ) and how much arrived in your account in the UK after all fees deducted?

[ThaiBunny]

29 minutes ago, killerbeez said:

Probably best if you go to a branch. My boss did this for me on her phone.

Fascinating, considering that the Superrich site says you have to produce ID when you transact with them

[ThaiBunny]

2 hours ago, killerbeez said:

Very fast... about 18 hours from cash to confirmation.
I'm guessing that 'KOGO' is the name of their agent in the UK.

There maybe better and cheaper ways, but this worked out well for me.

Looking up Kogo on LinkedIn shows that the founder and CEO is a Thai in London

[jackdd]

11 hours ago, killerbeez said:

Probably best if you go to a branch. My boss did this for me on her phone.

So you actually don't know how the money ended up on your bank account?

Was Superrich even involved in transferring the money?

How many THB did you send?

[kwonitoy]

Deposited a cashiers cheque on wednesday for the sale of my condo, 8 figures

Cheque clears on thursday

Spent two hours in SCB with proper paper work to do a transfer to my offshore HSBC account, sent in USD from thailand to USD account at HSBC

Money in HSBC 20 hours later

Cost of transfer AND conversion to USD, 1350 thai baht

Wouldn't dream of doing this outside of a bank.

[Pib]

I expect Superrich was really just an "agent" of the 2C2P EasytoSend remittance service which KogoPay (UK) interfaces with.  And whether the OP got the Superrich Currency Selling Rate like in his post I might question that because it's not uncommon for money transfer service to offer a different rate when transferring money vs just exchanging note.  And then there is that Bt1300 transfer vs the much lower 2C2P transfer fee....so maybe the 2C2P wasn't used.  If the OP knew more details about the transfer his boss arranged it would help as there sure isn't info on the Superrich website.  And then maybe Superrich has a money transfer program they simply don't advertise on their website.

 

Info on 2C2P Remittance Service

https://m.facebook.com/ThaiNewsIT/posts/2330342663855362

 

[ThePioneer]

14 minutes ago, kwonitoy said:

Deposited a cashiers cheque on wednesday for the sale of my condo, 8 figures

Cheque clears on thursday

Spent two hours in SCB with proper paper work to do a transfer to my offshore HSBC account, sent in USD from thailand to USD account at HSBC

Money in HSBC 20 hours later

Cost of transfer AND conversion to USD, 1350 thai baht

Wouldn't dream of doing this outside of a bank.

So I guess any of the regular fees as stated by SCB were all waved for you?

 

[killerbeez]

21 hours ago, ThePioneer said:

So how many GBP did you transfer ( I understand 3603 GBP ) and how much arrived in your account in the UK after all fees deducted?

139,800 baht including the fee.

[killerbeez]

21 hours ago, ThaiBunny said:

Fascinating, considering that the Superrich site says you have to produce ID when you transact with them

I'm sure my boss has Thai ID. I didn't ask!

[ThePioneer]

4 minutes ago, killerbeez said:

21 hours ago, ThePioneer said:

So how many GBP did you transfer ( I understand 3603 GBP ) and how much arrived in your account in the UK after all fees deducted?

139,800 baht including the fee.

 

So you transferred 3603 GBP and received 139.800 THAI BAHT in your UK account?

 

My question was how many GBP did you sent and how many GBP actually arrived in your UK account

[kwonitoy]

40 minutes ago, ThePioneer said:

So I guess any of the regular fees as stated by SCB were all waved for you?

 

I'm not going to post it because it's private information

But on my transfer slip

Remit amount                xx,xxx,xxx baht

commission                       550.00 baht

Bank charge                       800.00 baht

Total                             xx,xx1,350 baht

I paid the bank charges in cash 

 

Look at line 2 Swift/Telex for USD, 550 baht per transaction, and 800 baht per document, I had one document.

Edited September 14, 2019 by kwonitoy
wrong number

[killerbeez]

OK... Exact figures...

 

OUT - 139,842 (inc. fees)

IN - £3,603.18

(You do the math!)
 

 

 

Edited September 14, 2019 by killerbeez