Obtaining FETs from your bank

[Moonlover]

A quick, simple question. Do the the banks here make a charge for supplying FETs for pension payments? I'm weighing up the merits of having my pensions paid directly to my Krungsri account. I would need 2 per month, so if there's a charge, it could add up to quite a bill compared with the cost of monthly Wise transfers, but it would be so much more convenient.

[Lacessit]

1 hour ago, Moonlover said:

A quick, simple question. Do the the banks here make a charge for supplying FETs for pension payments? I'm weighing up the merits of having my pensions paid directly to my Krungsri account. I would need 2 per month, so if there's a charge, it could add up to quite a bill compared with the cost of monthly Wise transfers, but it would be so much more convenient.

IMO you could find the exchange rate on transfers given by the bank is quite inferior to what Wise gives.

I don't know what a FET is, apologies if you have already researched exchange rates.

[Moonlover]

36 minutes ago, Lacessit said:

IMO you could find the exchange rate on transfers given by the bank is quite inferior to what Wise gives.

I don't know what a FET is, apologies if you have already researched exchange rates.

The exchanges rates just about the same as Wise, mid market and there is no receiving bank charges. The only factor I don't know is the charge, if any for the FETs.

[topt]

6 hours ago, Moonlover said:

The exchanges rates just about the same as Wise, mid market and there is no receiving bank charges. The only factor I don't know is the charge, if any for the FETs.

Whenever I have gone and asked SCB in the past for a hard copy of my foreign bank transfer they have provided it without any issue or cost. However these were one offs and not every month.

I have also had copies sent by email so perhaps you could contact your bank and try to talk directly to their forex centre and ask them?

[Pib]

Typically Thai banks do not charge a fee for a FET document when the transfer is 3 months or less old.  If older than 3 months then a small fee of approx Bt100 per FET may apply.

[Moonlover]

22 minutes ago, Pib said:

Typically Thai banks do not charge a fee for a FET document when the transfer is 3 months or less old.  If older than 3 months then a small fee of approx Bt100 per FET may apply.

Thanks for that @Pib, that's just the kind of info I was looking for. ????

[Pib]

On 8/14/2023 at 7:15 AM, Moonlover said:

The exchanges rates just about the same as Wise, mid market and there is no receiving bank charges. The only factor I don't know is the charge, if any for the FETs.

Keep in mind that Thai banks do charge a receiving fee for SWIFT transfers.  Although it varies a little bit among Thai banks it's typically 0.25% (Bt200 min, Bt500 max).   This fee is applied "before" the transfer is posted to your account and the fee does "not" appear on your account statement/passbook which fools a lot of people in thinking no receiving fee(s) was applied.

 

[Moonlover]

34 minutes ago, Pib said:

Keep in mind that Thai banks do charge a receiving fee for SWIFT transfers.  Although it varies a little bit among Thai banks it's typically 0.25% (Bt200 min, Bt500 max).   This fee is applied "before" the transfer is posted to your account and the fee does "not" appear on your account statement/passbook which fools a lot of people in thinking no receiving fee(s) was applied.

 

Thanks for the tip, but I won't be using SWIFT. Pension payments from UK providers are paid via Citicorp or Citibank. I've received payments from them in past and know, for sure that there is no receivers fee. 

 

The rates and charges compare favorably with Wise.

[Pib]

1 minute ago, Moonlover said:

Thanks for the tip, but I won't be using SWIFT. Pension payments from UK providers are paid via Citicorp or Citibank. I've received payments from them in past and know, for sure that there is no receivers fee. 

 

The rates and charges compare favorably with Wise.

I'm sure both those banks use SWIFT to accomplish the transfers which will incur the Thai bank recieving fee.  Now if those banks are paying the receiving fee that means they are probably charging a higher sending fee.  

[Moonlover]

37 minutes ago, Pib said:

I'm sure both those banks use SWIFT to accomplish the transfers which will incur the Thai bank recieving fee.  Now if those banks are paying the receiving fee that means they are probably charging a higher sending fee.  

No they do not use SWIFT, Citicorp and Citibank use bulk currency buying to achieve favourable exchange rates and then pay the pensions out as a local bank credit in the same manner as Wise does. So better exchange rates and no receivers fee.

[KannikaP]

On 8/14/2023 at 5:30 AM, Moonlover said:

A quick, simple question. Do the the banks here make a charge for supplying FETs for pension payments? I'm weighing up the merits of having my pensions paid directly to my Krungsri account. I would need 2 per month, so if there's a charge, it could add up to quite a bill compared with the cost of monthly Wise transfers, but it would be so much more convenient.

How can anything be more convenient than Wise. You set it up on phone or PC, press Go, and it can be there in seconds, or next day if you need an FTT (as it is called at Bkk Bank, other banksdiffer)

[Moonlover]

4 hours ago, KannikaP said:

How can anything be more convenient than Wise. You set it up on phone or PC, press Go, and it can be there in seconds, or next day if you need an FTT (as it is called at Bkk Bank, other banksdiffer)

What can be even more convenient is to have my pensions paid directly to my Thai account without me having to do anything at all. Now that's what I call really convenient. 

 

And there is a purpose to this. I'm pushing 78 years and whilst right now I've got all my faculties fully functioning, one never knows when one might go into decline. What do we do if I cannot remember passwords or how to use the banking apps?

 

I'm planning ahead now to make life as simple as possible for me and my wife, especially for her, just in case.

 

I think the term is 'future proofing'.

[KannikaP]

25 minutes ago, Moonlover said:

What can be even more convenient is to have my pensions paid directly to my Thai account without me having to do anything at all. Now that's what I call really convenient. 

 

And there is a purpose to this. I'm pushing 78 years and whilst right now I've got all my faculties fully functioning, one never knows when one might go into decline. What do we do if I cannot remember passwords or how to use the banking apps?

 

I'm planning ahead now to make life as simple as possible for me and my wife, especially for her, just in case.

 

I think the term is 'future proofing'.

I take your point, hey you're only 78 not pushing it!

In the Wise app, you can schedule transfers from either your Wise balances or from other bank accounts ie a regular transfer from say Barclays to Wise to Bkk Bank.

 

[Moonlover]

10 minutes ago, KannikaP said:

I take your point, hey you're only 78 not pushing it!

In the Wise app, you can schedule transfers from either your Wise balances or from other bank accounts ie a regular transfer from say Barclays to Wise to Bkk Bank.

 

Thanks for the tip on scheduling. I'll look into that.