International Bank Wire Rates

[Jimjim]

I sent money to Bank of Ayudhya from the U.S. It was 30 dollars and I was informed that 830 was received. This works out to a rate of 27.6 baht/1 dollar. This can't be right.

Is there any fee assessed by the receiving bank? Anyone know? My bank takes no fee and $30 was the amount sent. Perhaps they charge some fee such as 100 baht to receive a foreign wire transfer?

Any thoughts would be appreciated.

[beechguy]

I sent money to Bank of Ayudhya from the U.S. It was 30 dollars and I was informed that 830 was received. This works out to a rate of 27.6 baht/1 dollar. This can't be right.

Is there any fee assessed by the receiving bank? Anyone know? My bank takes no fee and $30 was the amount sent. Perhaps they charge some fee such as 100 baht to receive a foreign wire transfer?

Any thoughts would be appreciated.

I think most receiving banks do charge a fee. I don't have an account with Bank of Ayudhya, but have transferred money from my U.S. bank to them to pay for business services. I was asked by the receiving company, to include 500 baht to cover those fees. I think other people have mentioned a range of charges from 100 Bt to 500 Bt depending on the bank and the amount transferred.

They may have a website that explains service charges, etc.

Edited April 27, 2007 by beechguy

[LoveDaBlues]

They charged you the minimum 200 baht fee.

Fees on xfer: .25% on transferred amount with a minimum of 200 baht and a maximum of 500 baht seems to be the standard for all the banks I've dealt with.

edit: which bank in the US are you using?

Edited April 27, 2007 by LoveDaBlues

[Jimjim]

WAMU

[LoveDaBlues]

WAMU

Would that be Washington Mutual.....a West coast bank?

[Jimjim]

Yes, it's Washington Mutual, more commonly known as WAMU.

[LoveDaBlues]

I closed my account with them (WAMU) because they charged me (actually wife) a fee to use the ATM (here in Thailand) and also a fee JUST TO CHECK THE ACCOUNT BALANCE at a Thai ATM.

Never used them to xfer money to Thailand though.

Banks will get you one way or another. Example, Netbank charges ZERO to use ATM in Thailand but $20 to make a transfer to another bank.

[Jimjim]

Ya fees suck but I found using an ATM in Thailand with my WAMU card to be only one percent, which still sucks, but it's not so bad, right? So if you take out B40,000 your fee would be B400, which I could live with.

[tlpeng]

xSCB charges $700B (min) for every international transfer (outward). So I'm not surprised if they charge a few hundred baht for incoming too.

Not a direct answer but hope it helps.

[Naam]

I sent money to Bank of Ayudhya from the U.S. It was 30 dollars and I was informed that 830 was received. This works out to a rate of 27.6 baht/1 dollar. This can't be right.

it is not advisable to transfer exorbitant high amounts. they should be broken down (e.g. 10 x 3 dollars or better 20 x $1.50) and transferred with gaps of at least 3 working days. there is the danger that some sort of farang wealth tax is applied and deducted.

[LoveDaBlues]

I sent money to Bank of Ayudhya from the U.S. It was 30 dollars and I was informed that 830 was received. This works out to a rate of 27.6 baht/1 dollar. This can't be right.

it is not advisable to transfer exorbitant high amounts. they should be broken down (e.g. 10 x 3 dollars or better 20 x $1.50) and transferred with gaps of at least 3 working days. there is the danger that some sort of farang wealth tax is applied and deducted.

[bendix]

I sent money to Bank of Ayudhya from the U.S. It was 30 dollars and I was informed that 830 was received. This works out to a rate of 27.6 baht/1 dollar. This can't be right.

it is not advisable to transfer exorbitant high amounts. they should be broken down (e.g. 10 x 3 dollars or better 20 x $1.50) and transferred with gaps of at least 3 working days. there is the danger that some sort of farang wealth tax is applied and deducted.

I'm surprised 30% of the money wasn't quarantined with the BOT for a year before being released. JimJim, don't you realise it is precisely these type of substantial capital inflows that is causing the current overvaluation of the baht. You're doing us all a disservice, you know.

Edited May 8, 2007 by bendix

[Naam]

I sent money to Bank of Ayudhya from the U.S. It was 30 dollars and I was informed that 830 was received. This works out to a rate of 27.6 baht/1 dollar. This can't be right.

it is not advisable to transfer exorbitant high amounts. they should be broken down (e.g. 10 x 3 dollars or better 20 x $1.50) and transferred with gaps of at least 3 working days. there is the danger that some sort of farang wealth tax is applied and deducted.

I'm surprised 30% of the money wasn't quarantined with the BOT for a year before being released. JimJim, don't you realise it is precisely these type of substantial capital inflows that is causing the current overvaluation of the baht. You're doing us all a disservice, you know.

that might be still the case retroactively because of the overload of work on BOT. they just can't cope quarantining left and right. it's a serious problem for all of us which should not be taken lightly!

[JimGant]

If you sent baht (i.e., did the currency conversion Stateside) and not dollars, this could account for most of the discrepancy. Most wire forms have a block you check to indicate foreign or local currency.