Bank Wire Transfers into Thailand: Shared vs Our Vs Ben

[RetiredThailand]

Hello Everyone, 🙂

 

When transferring funds to Thailand and selecting the "OUR" option, I encounter these charges:

 

• My bank transfer fees: USD 12
• Correspondent Bank charges: USD31
• TOTAL cost to transfer funds to Thailand: USD43

 

Is it correct to assume that there is a markup fee on Correspondent bank charges? If so, would it be more cost-effective for me to choose either the "Shared" or "Ben" option instead of "OUR"? Or it does not really make any difference at all?

 

Please note that I do not have access to Wise or Revolut.

 

Thank you for your help!

[Liverpool Lou]

Posts cannot be deleted. 

 

 Depends on how much you want the beneficiary to receive.  Selecting the other options doesn't alter the charge, it just shifts it to the beneficiary, or shares it between the remitter and the beneficiary.  If the transfer is to a third party, that party will receive less if you share the charge or put it all on them.

[Chivas]

I wouldnt be remotely bothered about the corresspondants fee but solely what rate is applied to the received amount

Assume it will be Telegraphic Transfer rate

 

You're missing the "landing fee" as well normally 300-500 Baht

 

You dont mention how much you're sending albeit you mention the lack of Wise account which obviously lands at interbank somewhat higher than TT but also with increased fees depending on amount

[CharlieH]

MOVED to Banking forum

[RetiredThailand]

4 minutes ago, CharlieH said:

MOVED to Banking forum

Thank you!

[RetiredThailand]

10 minutes ago, Chivas said:

You dont mention how much you're sending albeit you mention the lack of Wise account which obviously lands at interbank somewhat higher than TT but also with increased fees depending on amount

Hi Chivas, I would like to transfer THB 200,000

Yes you are right, I will also be charged 300-500 Baht landing fees

[Bill97]

2 hours ago, RetiredThailand said:

• My bank transfer fees: USD 12
• Correspondent Bank charges: USD31
• TOTAL cost to transfer funds to Thailand: USD43

My bank fee is zero.  My correspondent fee is zero.

I do pay Thai bank landing fee.

[Liverpool Lou]

If your only option is SWIFT, you're stuck with its fees and options, no point discussing correspondence banks' fees, something that is there, like it or not, and not open to negotiation. 

[Liverpool Lou]

4 minutes ago, Bill97 said:

My bank fee is zero.  My correspondent fee is zero.

I do pay Thai bank landing fee.

Good for you, very helpful for the OP.

[Chivas]

4 minutes ago, Liverpool Lou said:

Good for you, very helpful for the OP.

 

I'm still waiting for him to explain how he's managed to find the holy grail of foreign exchange dispatch.....

 

[lkn]

2 hours ago, RetiredThailand said:

would it be more cost-effective for me to choose either the "Shared" or "Ben" option instead of "OUR"?

I have been told (by a bank) that it is generally best to select “Shared”.

 

The reason is that if you select to pay all the fees, the receiving bank has to pass back information to the sending bank, and may have to do a second transfer for any fees that might not have initially been covered, so there might be additional expenses associated with this.

[topt]

30 minutes ago, Liverpool Lou said:

If your only option is SWIFT, you're stuck with its fees and options, no point discussing correspondence banks' fees, something that is there, like it or not, and not open to negotiation. 

It could depend on his bank.

I found some years ago with an offshore bank that offered supposedly "free" transfers that I got hit with a $50 correspondent bank fee. After discussing with them I found that  if I opted out of the free transfer and took all charges I manage to avoid both the correspondent fee and the 300-500 baht Thai bank fee - and ended up paying less than half in total fees.

[Bill97]

40 minutes ago, Chivas said:

 

I'm still waiting for him to explain how he's managed to find the holy grail of foreign exchange dispatch.....

 

Schwab International account,  not hard to find.  There are even several others similar if you care to look instead of making seemingly intelligent but truly uninformed comments.

[Bill97]

51 minutes ago, Liverpool Lou said:

Good for you, very helpful for the OP.

Yeh it lets him know that there are better options. But Lou I get that might be hard for you to grasp.

[NanLaew]

1 hour ago, Bill97 said:

Schwab International account,  not hard to find.  There are even several others similar if you care to look instead of making seemingly intelligent but truly uninformed comments.

 

Thanks Dick.

 

1 hour ago, Bill97 said:

Yeh it lets him know that there are better options. But Lou I get that might be hard for you to grasp.

 

It is Dick, isn't it?

[Chivas]

1 hour ago, Bill97 said:

Schwab International account,  not hard to find.  There are even several others similar if you care to look instead of making seemingly intelligent but truly uninformed comments.

 

Funny guy ehhhh

This is the same Schwab who boast they refund all overseas local ATM charges at 220 Baht a time

 

When I pointed out that if someone did it 30 days a month that would amount to a refund of $183 a month (at current rates) everyone went quiet from the Yanks onboard

 

When I then politely Emailed Schwab myself knowing full well it was a crock of shight Schwab themselves said yes but subject to a fair usage policy

 

How unsurprising lol

 

Nothing is free fella and I guarantee the rate applied from your precious Schwab transfer will reflect the supposed "free" element !

 

Put a recent real time transfer up showing all elements and we'll take a look against say Wise

 

 

[Bill97]

5 hours ago, Chivas said:

Nothing is free fella

Oh so wrong.  Such a sad belief. 
 

5 hours ago, Chivas said:

and I guarantee the rate applied from your precious Schwab transfer will reflect the supposed "free" element !

You don’t get it at all.  The rate has nothing to do with Schwab, they send dollars.  Rate is determined by recipient bank and is easily verified on their public posts.

 

Good luck with your delusional logic.

[JBChiangRai]

14 minutes ago, Bill97 said:

Oh so wrong.  Such a sad belief. 
 

….

 

Good luck with your delusional logic.

you are such a wonderful human being

[Liverpool Lou]

7 hours ago, Bill97 said:

8 hours ago, Liverpool Lou said:

Good for you, very helpful for the OP.

Yeh it lets him know that there are better options. But Lou I get that might be hard for you to grasp.

No, he wasn't asking for alternatives but I get that might be even harder for you to understand, that aside, you didn't give him an alternative with your initial revelation.

[Liverpool Lou]

7 hours ago, Bill97 said:

Schwab International account,  not hard to find.  There are even several others similar if you care to look instead of making seemingly intelligent but truly uninformed comments.

He hasn't got a Schwab account.  He was asking which was the best option for the SWIFT fees, that's all. 

[Dante99]

10 hours ago, Liverpool Lou said:

He hasn't got a Schwab account.

Where did he say that? I think you just made it up.

 

10 hours ago, Liverpool Lou said:

He was asking which was the best option for the SWIFT fees, that's all. 

Bill clearly addressed the question of the best option for the Swift fees by suggesting a way to eliminate all of them.  

[bamnutsak]

Fidelity does not charge me any SWIFT fee, nor does the corresponding bank (JP Morgan Chase). Bangkok Bank charges a sliding fee, 200 - 500 baht. I make monthly transfers, but I do have to phone in the transfer, and they rigorously verify (originating phone number, MyVoice, and even a callback after the request.)

 

Fidelity reimburses the local ATM fee, and yes I think they'd balk at reimbursing the fee for excessive use. I normally use it 2X - 3X monthly. 

 

Fidelity's Visa credit card now (been quite a few months) does NOT charge any uplift (used to be 3%) for foreign purchases. Same-same for BofA Visa Travel Rewards (no annual fee) and Chase Sapphire ($95 annual fee) Preferred.

 

I'm not sure what the OP is asking about. Which bank, and what are those options?

[RetiredThailand]

15 minutes ago, bamnutsak said:

Fidelity does not charge me any SWIFT fee, nor does the corresponding bank (JP Morgan Chase). Bangkok Bank charges a sliding fee, 200 - 500 baht. I make monthly transfers, but I do have to phone in the transfer, and they rigorously verify (originating phone number, MyVoice, and even a callback after the request.)

 

Thank you 

[Liverpool Lou]

5 hours ago, Dante99 said:

15 hours ago, Liverpool Lou said:

He hasn't got a Schwab account.

Where did he say that? I think you just made it up.

 

15 hours ago, Liverpool Lou said:

He was asking which was the best option for the SWIFT fees, that's all. 

Bill clearly addressed the question of the best option for the Swift fees by suggesting a way to eliminate all of them.

If he had a Schwab account he'd more than likely have (a) used it and (b) mentioned it but he was making a SWIFT transfer from his bank.  Unfortunately, the suggestion for the elimination of SWIFT fees clearly wouldn't work for him.

[NORDO]

Bank transfers are at the hands of the banks.    U have little input.  
 

I have been using OFX for years, they are better than the Bank to bank  fees and tell u up front what the expenses are.  However, Wise has quoted some very attractive transfer rates lately.    Last transfer was a difference of 5600 thb between OFX and Wise.

 

i have been looking into the Super Rich ATM/ Cash card.  Attractive, but only 150,000 thb , however it is rechargeable 

[drew22]

Use Wise.

 

https://wise.com/

 

Find a native in Thailand that you trust, transfer the money to them, they will take the money from their bank and give it to you. I do it all the time, 500 - 3000 USD. Very low fees. 

[john donson]

those high fees in 2024 digital world are nothing less than a scam for transferring one's and zero's ...   you forget the conversion of your whatever money to thb... another 1 - 1.5 thb per usd/euro you lose on top