Thai banks without inward remittance fee for receiving international transfers?

[silvester2]

I am looking for a Thai bank which does not charge inward remittance fee for receiving international transfers.

 

E.g. "Bangkok bank charges a receiving fee of 0.25% of the transfer amount (minimum 200 baht, maximum 500 baht)."

 

I am aware of alternatives like Transferwise. However I am wondering if there is any bank in Thailand which does not charge inward remittance fee for receiving international transfers.

[Dagfinnur Traustason]

So, you like to have the service, but not pay for it? No, I do not think you will find such bank in the landbased world.

[Cdzydec0]

Siam Commercial  Bank 

[KarenBravo]

18 minutes ago, Cdzydec0 said:

Siam Commercial  Bank 

 

Nope. They also charge 0.25%.

https://www.scb.co.th/en/personal-banking/other-services/swift/inward-remittance.html

[Orton Rd]

Krungsri?

[KarenBravo]

5 minutes ago, Orton Rd said:

Krungsri?

Nope. Also 0.25%.

https://www.krungsri.com/en/personal/banking-services/international-remittance/inward-remittance

[yeahbutif]

FCD account kasikone.foriegn deposit account.

[chuang]

4 hours ago, Dagfinnur Traustason said:

So, you like to have the service, but not pay for it? No, I do not think you will find such bank in the landbased world.

Maybe send by post...555

[KarenBravo]

1 hour ago, yeahbutif said:

FCD account kasikone.foriegn deposit account.

True, but, there is a 0.25% charge on withdrawal instead of deposit.

You know.......Google is really easy to use to find out this info.

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

Edited January 16, 2021 by KarenBravo

[allane]

I don't know where you have been getting your information, but I have been transferring inward to Bangkok Bank for about 9 yrs. (as well as occasional transfers before that), and never been charge a fee.

[KarenBravo]

6 minutes ago, allane said:

I don't know where you have been getting your information, but I have been transferring inward to Bangkok Bank for about 9 yrs. (as well as occasional transfers before that), and never been charge a fee.

 

Not true. You probably didn't notice it. There is also a 0.25% fee for incoming foreign funds.

You can Google it yourself.

ALL Thai banks charge 0.25% either on incoming foreign monies, or, on withdrawal.;

Edited January 16, 2021 by KarenBravo

[allane]

5 minutes ago, KarenBravo said:

 

Not true. You probably didn't notice it. There is also a 0.25% fee for incoming foreign funds.

You can Google it yourself.

ALL Thai banks charge 0.25% either on incoming foreign monies, or, on withdrawal.;

As the transfer leaves Canada, I know the amount I will be receiving (in baht) from the Canadian bank's website. I receive that exact amount a couple of days later in my Bangkok Bank account.

[KarenBravo]

20 minutes ago, allane said:

As the transfer leaves Canada, I know the amount I will be receiving (in baht) from the Canadian bank's website. I receive that exact amount a couple of days later in my Bangkok Bank account.

 

You have the choice of paying none, half, or all charges at the sending, or receiving bank. I'm betting that your Canadian bank has already subtracted the fees and then tells you what you will receive.

Banks are not charities.

I also bank with Bangkok Bank and have the charges taken by the sending bank. I once nominated the receiving bank to take the charge and that's exactly what Bangkok Bank did.

 

All the Thai banks have the same charge. They collude, just like bars and taxis. Part of the Thai business model to avoid competition. Why would you expect anything less?

The fee could also be buried in the exchange rate they give you.

Read this. Very interesting.

 

https://www.thethailandlife.com/how-to-send-money-to-thailand-no-bank-fees

Edited January 16, 2021 by KarenBravo

[Eindhoven]

22 minutes ago, allane said:

As the transfer leaves Canada, I know the amount I will be receiving (in baht) from the Canadian bank's website. I receive that exact amount a couple of days later in my Bangkok Bank account.

 

That's because you send in Baht....with fees paid and a poor exchange rate.

 

Others will send in their home currency and let the Thai bank do the exchange or simple use a method that offers better value.