Strange Bangkok Bank currency exchange

[ujayujay]

Today, March 10/2020, 14.40pm, I receifed my Pension in Swiss Franc directly from Swiss Pension Foundation to my Bangkok Bank Account. They give me 32,067 THB for 1 CHF insteed the official Amount of 33,365THB/ 1 CHF its displayed on Bangkok Bank foreign exchange Rates. This Difference cost me thousands THB on the whole Amount! Is this Business as usual or a Scam/Ripp off? Or has to do with the throbbing THB. I am interested in your experiences with this topic.

Edited March 10, 2020 by ujayujay

[Susco]

Is the exchange rate of 32.067 shown on your receipt, or could it be that less CHF arrived, or some fees extracted?

[ujayujay]

5 minutes ago, Susco said:

Is the exchange rate of 32.067 shown on your receipt, or could it be that less CHF arrived, or some fees extracted?

The Amount from Switzerland is the same as every Month. In my Bualuang E- Banking I see only the Amount in THB and the Fee 20THB, no exchange rate, no nothing. I sent now a Email to BB and wait for Answer!

[Lacessit]

Are you sure you are not looking at the sell rate instead of the buy rate? Bear in mind buy/sell and spreads on currencies fluctuate on a daily basis, if not in minutes.

[ubonjoe]

17 minutes ago, ujayujay said:

The Amount from Switzerland is the same as every Month. In my Bualuang E- Banking I see only the Amount in THB and the Fee 20THB, no exchange rate, no nothing. I sent now a Email to BB and wait for Answer!

You will only see the net amount credited to your account. It does not show the fees charged.

You can ask for a credit advise that will show everything.

Moved to here.

[dick turpin]

Call the BKK automated call center 1333, press 2 for English and follow thru

to incoming fund transfer from abroad and press for fund transfer of today,

it will tell you how much was received in Swiss Francs, the exchange rate and

the funds in Thai baht. You will need your bank details to hand.

 

The rates have been quite volatile in the last couple of days, so the timing of 

your transfer might not match what was on the bank's exchange rates when

you checked.

 

 

 

 

 

[Pib]

You sure your pension fund sent the same amount as they always do?  You need to confirm how many CHF was received this month.  It may be less than previous months.  

[ujayujay]

1 hour ago, Lacessit said:

Are you sure you are not looking at the sell rate instead of the buy rate? Bear in mind buy/sell and spreads on currencies fluctuate on a daily basis, if not in minutes.

yes!

[dabhand]

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

Based on the exchange rate applicable at the actual time you received your transfer (14.40) that would be update #3 on 10Mar20 with a TT rate of 33.2475. This is certainly more than that apparently given to you by BB. Will be interesting to hear the outcome of your contact with BB.

 

Note that the rate you quoted in your OP  of 33.365 was update #4 and only applicable from 15.10 (i.e after your transfer was received). A minor issue, but may be important in any contact with BB. 

[Pib]

Over the years with the numerous SWIFT/ACH transfers I've received at Bangkok Bank from the U.S., since the transfers arrived overnight during the O-dark early hours before Bangkok Bank's opening time of 0830 which is also their first exchange rate time (i.e., their 0830/Opening Day Rate) it did not matter when the funds actually "posted" to my Bangkok Bank acct....be it at 9am or 3pm...I always got the 0830/opening rate.   

This occurs because Bangkok Bank does not necessary immediately post an incoming SWIFT transfer minutes after it arrives since it may get scheduled for "batch" processing at a specific time during the day. 

 

While they may accomplish the exchange immediately using the most current rate that does not mean they also immediately post the funds; instead, the posting is scheduled for later for "batch" posting.   No, not because the bank is hoping/waiting to see if the exchange rate changes to their favor as rates are just as likely to go up as down (or vice versa) during the day. It's just the way they do a lot of banking transactions....that is, they do the transactions in batches at scheduled times during the day. 

[Pib]

Also keep in mind that a "receiving" fee applies to all incoming SWIFT transfer....ranges from Bt200 to Bt500.  And this fee will "not" appear anywhere on your ibanking/mbanking/statements as the fee is applied before posting to your acct. 

 

 

How one way to see this fee is signing up for the "free" SMS Remittance Alert for international transfers.  This SMS alert is not to be confused with the other SMS services which cost a monthly fee.  SMS Remittance Alert is "free" and the SMS you get will show the amount of foreign funds received, exchange rate used, receiving fee, amount posting to your acct, and time of posting.  It's free....it works like a charm...be sure to sign up for it.

https://www.bangkokbank.com/en/Personal/Digital-Banking/SMS-Services/SMS-Remittance-Alert

 

[ujayujay]

Thanks everybody for Information. Finally now I miss more than 2000THB after deducting all fees. I am still waiting for Answer from BB.

[Pib]

1 hour ago, ujayujay said:

Thanks everybody for Information. Finally now I miss more than 2000THB after deducting all fees. I am still waiting for Answer from BB.

Assuming you didn't make an error in your personal math, it's sounding like less CHF arrived Bangkok Bank than what normally arrives.  That is, less was sent, maybe an big intermediary bank fee, etc.  

[maxisrael]

When I receive my monthly payment I always get a SMS from bkbank with tell the amount in euro and Thai baht further the Exchange  rate 

[henry15]

Ask your bank to printout a Tax Advise/receipt. Then you see all the transfer costs  and the rate. Kasikorn give this free en immediately

[TigerandDog]

what makes you think your pension is being remitted in CHF. It's more than likely possible that your pension fund are actually remitting in THB and using an exchange rate that is applicable with their bank in Switzerland not BB Thailand.  I know with my pension from Australia this is the case. They remit in the currency of the recipients location, not the home country currency. The home country banks usually have an exchange rate of between 1/2 baht to 1 baht less than the published official rate. I know that if my pension was remitted in AUD I'd receive around 2000 baht per month more than I currently do.

[CH1961]

11 minutes ago, TigerandDog said:

what makes you think your pension is being remitted in CHF. I

Because Swiss pension is paid in CHF and not in any other currency.

[Susco]

Call me a cynic now, but 3 days and Bangkok Bank still hasn't answered the OP's question?

 

Really?

 

If I have an incoming transfer, I'll call the bank's call centre, and within 5 minutes I will know how much arrived and what exchange rate was applied.

 

Something is missing here

 

 

[sometimewoodworker]

1 hour ago, Susco said:

Call me a cynic now, but 3 days and Bangkok Bank still hasn't answered the OP's question?

 

Really?

 

If I have an incoming transfer, I'll call the bank's call centre, and within 5 minutes I will know how much arrived and what exchange rate was applied.

 

Something is missing here

 

 

It seems possible that you are correct or the OP can’t be bothered.
 

Thai banks specially the international transfer sections do actually talk to their customers and give accurate and reasonably to very fast answers. They will even call you when an unusually large foreign currency transfer happens to ask exactly what you want done and when, that is my experience at least this happened without my asking for this to happen. To say that I was astonished at the level of service proved is an understatement. FWIW the transfer was not in the multi million Baht range, as I remember it was well under a million.

 

 

[wcoast]

3 hours ago, henry15 said:

Ask your bank to printout a Tax Advise/receipt. Then you see all the transfer costs  and the rate. Kasikorn give this free en immediately

I always have my bank SCB provide the customer advice printout of an incoming transfer, it has all the details used in the transfer. As a side note it provides proof that the money was legitimate in case your ever asked about the source.

[darksidedog]

A post in German has been removed.

From the forum rule book: English is the only acceptable language anywhere on ThaiVisa including Classifieds, except within the Thai language forum, where of course using Thai is allowed. Short Thai translation of technical terms is permitted in specialty forums.

[Max69xl]

On 3/10/2020 at 8:16 PM, ujayujay said:

The Amount from Switzerland is the same as every Month. In my Bualuang E- Banking I see only the Amount in THB and the Fee 20THB, no exchange rate, no nothing. I sent now a Email to BB and wait for Answer!

There is a minimum receiving fee of ฿200. 

[Just Weird]

4 hours ago, CH1961 said:

5 hours ago, TigerandDog said:

what makes you think your pension is being remitted in CHF. I

Because Swiss pension is paid in CHF and not in any other currency.

That doesn't mean anything,  UK pensions are paid in GBP but they're sent to Thailand in baht.

[Just Weird]

On 3/10/2020 at 8:16 PM, ujayujay said:

The Amount from Switzerland is the same as every Month. In my Bualuang E- Banking I see only the Amount in THB and the Fee 20THB, no exchange rate, no nothing. I sent now a Email to BB and wait for Answer!

Why didn't you phone them to ask abut it instead of waiting for an email?

 

"Is this Business as usual or a Scam/Ripp off?"

Bangkok Bank is not known for it's "scams and rip-offs".

 

You know that the bank's notes rates and TT rates are not the same?   The bank does not guarantee that the rate you see on the rate board is current, the rates have to be changed at some time and at the time of that update they are obviously not current.  

 

How do you know what the TT rate was at the time that the bank applied your credit to your account?

 

You say E-Banking, do you mean i-Banking?   My i-Banking online statement show only the credit amount for a pension, no details of any fee.  I do get an SMS advice of that credit that details a B100 fee has been deducted, not B20.

 

Your OP seems a little Swiss cheesy.

Edited March 12, 2020 by Just Weird

[Pib]

7 hours ago, CH1961 said:

Because Swiss pension is paid in CHF and not in any other currency.

Not according to below Swiss Compensation Office (SCO) where they talk how their payments start off in CHF but "before sent out Switzerland" a partner bank exchanges the CHF to USD, EUR, THB, etc., depending on the country.  For Thailand they show CHF being converted to THB for transfers.

 

Link providing full info...shows how the convert from CHF to whatever currency:

https://www.zas.admin.ch/zas/en/home/particuliers/paiement-des-prestations/modes-de-paiement.html

 

Snapshot from doc within above weblink showing transfer payment currency used for Thailand....for Thailand it shows THB being sent....that is, converted from CHF to THB by the SCO financial partner

 

Not saying the OP's pension payer is the SCO but maybe his pension payment has always been arriving in baht and Bangkok Bank was not doing any conversion all along.  If so, this would mean maybe his pension payer just reduced his payment this month for some reason....or maybe the foreign bank that did the conversion before the funds arrived Thailand just had a crappy CHF to THB exchange rate for the latest payment. 

 

Maybe the OP will give us an update of what he found out.  A call or visit to his branch should have quickly solved the mystery because they could show him how much the bank received from his pension payer (whether received in CHF or THB) and if his bank even did the exchange....if the funds arrived in baht then his bank was not even involved.

 

  

[5633572526]

Sign up for sms notifications from Bangkok bank. All the fees are included in the sms as well as the exchange rate used.

[Max69xl]

56 minutes ago, 5633572526 said:

Sign up for sms notifications from Bangkok bank. All the fees are included in the sms as well as the exchange rate used.

If using TransferWise there's no need what so ever using sms notifications. 

[Max69xl]

17 hours ago, Pib said:

Not according to below Swiss Compensation Office (SCO) where they talk how their payments start off in CHF but "before sent out Switzerland" a partner bank exchanges the CHF to USD, EUR, THB, etc., depending on the country.  For Thailand they show CHF being converted to THB for transfers.

 

Link providing full info...shows how the convert from CHF to whatever currency:

https://www.zas.admin.ch/zas/en/home/particuliers/paiement-des-prestations/modes-de-paiement.html

 

Snapshot from doc within above weblink showing transfer payment currency used for Thailand....for Thailand it shows THB being sent....that is, converted from CHF to THB by the SCO financial partner

 

Not saying the OP's pension payer is the SCO but maybe his pension payment has always been arriving in baht and Bangkok Bank was not doing any conversion all along.  If so, this would mean maybe his pension payer just reduced his payment this month for some reason....or maybe the foreign bank that did the conversion before the funds arrived Thailand just had a crappy CHF to THB exchange rate for the latest payment. 

 

Maybe the OP will give us an update of what he found out.  A call or visit to his branch should have quickly solved the mystery because they could show him how much the bank received from his pension payer (whether received in CHF or THB) and if his bank even did the exchange....if the funds arrived in baht then his bank was not even involved.

 

  

Imo the OP hasn't got a clue about transfers and which currency was transferred by his pension provider. But it must be real easy to find out.  

[Phulublub]

Could it be simply that February is a shorter month, so less pension is due?

 

PH