Bangkok Bank Wire from the USA

[atpeace]

I'm not charged for international wires from my US bank and have been using Bangkok Bank's New York branch for wires the last 15 years. 

 

Why not send the money directly to Thailand to avoid the $10 Bangkok Bank's New York branch charges?  I think the same "telegraphic transfer buying rate"   would be used regardless.  Am I missing something?

[Dante99]

I send US Bank to Bkk Bank in Thailand direct, no NY stopover.  Get TT rate every time, no $10 fee.  Thai bank receive fee 500 or less baht, small %.

[Mike Lister]

22 minutes ago, atpeace said:

I'm not charged for international wires from my US bank and have been using Bangkok Bank's New York branch for wires the last 15 years. 

 

Why not send the money directly to Thailand to avoid the $10 Bangkok Bank's New York branch charges?  I think the same "telegraphic transfer buying rate"   would be used regardless.  Am I missing something?

Using BB NY for your international transfers means you're using the US ACH system and BB is taking care of the long haul. If I understand what you've written correctly, BB NY charges you $10 for that?

 

If you send the money directly to Thailand you would need to use SWIFT or IACH, both of which charge for their services, plus, BB Thailand would levy a receiving charge. You say your US bank doesn't charge for international transfers so that may negate the SWIFT charge but not the BB Thailand charge.

[atpeace]

Just now, Mike Lister said:

Using BB NY for your international transfers means you're using the US ACH system and BB is taking care of the long haul. If I understand what you've written correctly, BB NY charges you $10 for that?

 

If you send the money directly to Thailand you would need to use SWIFT or IACH, both of which charge for their services, plus, BB Thailand would levy a receiving charge.

I think you understood me correctly.  Issue I have is that Bangkok in Thailand  still charges the .25% or 500 baht max transfer fee.  $10 NY Branch + 500 baht in Bangkok Bank fee in Thailand.  The benefit of the NY branch is to avoid international transfer fees but my bank doesn't charge any fees hence no reason for the extra step of using the NY branch.  Confusing 🙂  Blessed that I have the time to worry about a $10 fee I pay twice a year...

[Mike Lister]

1 minute ago, atpeace said:

I think you understood me correctly.  Issue I have is that Bangkok in Thailand  still charges the .25% or 500 baht max transfer fee.  $10 NY Branch + 500 baht in Bangkok Bank fee in Thailand.  The benefit of the NY branch is to avoid international transfer fees but my bank doesn't charge any fees hence no reason for the extra step of using the NY branch.  Confusing 🙂  Blessed that I have the time to worry about a $10 fee I pay twice a year...

Your problem is the BB charge which none of us seem able to escape in a Thai banking market that is really a monopoly with no real foreign competition.

[atpeace]

21 minutes ago, Mike Lister said:

Your problem is the BB charge which none of us seem able to escape in a Thai banking market that is really a monopoly with no real foreign competition.

Yes, I agree but why not avoid the $10 New York branch fee? Aren't the exchange rate the same regardless if you use the New York branch or send directly to Thailand using Swift?

[atpeace]

40 minutes ago, Dante99 said:

I send US Bank to Bkk Bank in Thailand direct, no NY stopover.  Get TT rate every time, no $10 fee.  Thai bank receive fee 500 or less baht, small %.

Cool, missed this post.  Just sent yesterday so have to remember to use Swift ( BKKBTHBK)  in 6 months and save the $10 NY fee 🙂  Probably be posting this same question in six months 🙂

[Mike Lister]

1 minute ago, atpeace said:

Yes, I agree but why not avoid the $10 New York branch fee? Aren't the exchange rate the same regardless if you use the New York branch or send directly to Thailand using Swift?

This might depend where the currency conversion from USD into THB is done. The Thai banks forex margins on currency exchange are much tighter than in the West, the spread between buy and sell is quite narrow here. If the conversion is done at BB NY, the the ex rate will be worse than if the exchange was done in Thaiiand. Do you remit USD when you send funds to BB NY or do they make the exchange in NY?

[atpeace]

14 minutes ago, Mike Lister said:

This might depend where the currency conversion from USD into THB is done. The Thai banks forex margins on currency exchange are much tighter than in the West, the spread between buy and sell is quite narrow here. If the conversion is done at BB NY, the the ex rate will be worse than if the exchange was done in Thaiiand. Do you remit USD when you send funds to BB NY or do they make the exchange in NY?

I submit dollars.  I didn't know there was difference in the exchange rate. I wrongfully thought the telegraphic transfer rate was static. 

[Mike Lister]

1 minute ago, atpeace said:

I submit dollars.  I didn't know there was difference in the exchange rate. I wrongfully thought the telegraphic transfer rate was static. 

The midpoint rate is set by the FOREX system but the spread on either side of it is set by banks.

[atpeace]

Thanks - guess I'll try the direct transfer to Thailand next time and see what happens.  Also it will speed up the process. Wired money to NY on the 29th and still not here in Thailand. Thanks for the info.

[Dante99]

20 hours ago, atpeace said:

Cool, missed this post.  Just sent yesterday so have to remember to use Swift ( BKKBTHBK)  in 6 months and save the $10 NY fee 🙂  Probably be posting this same question in six months 🙂

Sometimes depends on the sending bank's system.  One bank I used sent via a correspondent bank in NY which charged $10,  the bank I use now does not appear to use a correspondent so no extra charges, only the Thai bank receiving charge.

[soisanuk]

On 5/1/2024 at 9:58 AM, Mike Lister said:

This might depend where the currency conversion from USD into THB is done. The Thai banks forex margins on currency exchange are much tighter than in the West, the spread between buy and sell is quite narrow here. If the conversion is done at BB NY, the the ex rate will be worse than if the exchange was done in Thaiiand. Do you remit USD when you send funds to BB NY or do they make the exchange in NY?

 

When sending US dollars to a Bangkok Bank account, they charge a conversion fee - it 1/4% of the amount received with a minimum fee of 200 baht and a maximum of 500 baht.

 

My US bank a few years ago instituted a system in their online banking to do int'l transfers for a US$5 fee, BUT to use it you had to let them convert the USD to baht before sending. When they started the system, I did a comparison for sending US$ 2,000 by their system and by Wise.  The result was a deposit of US$50 less by my bank's transfer vs that by Wise.   So my US bank's exchange rate was in essence a "hidden fee."

 

Bangkok Bank NY does have a baht remittance service (doesn't use the ACH system, you have to send them a paper check).  I used it once as a test in case I might need it as a backup system. They converted the USD to baht before transmitting and charged a US$10fee (US$60 if you want it sent in USD).  The exchange rate the NY Branch used was the same that Bangkok Bank would have charged here - so no hidden fee as the NY Branch did not use a lower exchange rate.  Since the transfer from the NY Branch was in baht, the full amount was deposited in my account here (no conversion fee).

 

[tpiety2]

On 5/1/2024 at 9:04 AM, atpeace said:

I'm not charged for international wires from my US bank and have been using Bangkok Bank's New York branch for wires the last 15 years. 

 

Why not send the money directly to Thailand to avoid the $10 Bangkok Bank's New York branch charges?  I think the same "telegraphic transfer buying rate"   would be used regardless.  Am I missing something?

What US bank do you use that has no int. wire fees? If you send direct to your Thai BB acct. you would have no $10 US BB fee or US bank wire fee only the .25% Thai BB fee. And yes you get the current TT exchange rate. My US Chase bank charges me a $40 wire fee.

 

[atpeace]

4 hours ago, tpiety2 said:

What US bank do you use that has no int. wire fees? If you send direct to your Thai BB acct. you would have no $10 US BB fee or US bank wire fee only the .25% Thai BB fee. And yes you get the current TT exchange rate. My US Chase bank charges me a $40 wire fee.

 

Interactive Brokers and it might depend on the amount in your account.  They also only allow one free wire a month.

[Dan O]

On 5/1/2024 at 9:29 AM, Mike Lister said:

Your problem is the BB charge which none of us seem able to escape in a Thai banking market that is really a monopoly with no real foreign competition.

I do swift wire transfers from US bank (Wells Fargo) direct to Krungsri, no BB involved. I send in USD and exchange at arrival at Krungsri. Wells Fargo charges $25 flat rate for swift except for large transactions then its $15 (?) and Krungrsi gives the current quoted exchange rate with no fees. 

[westsail]

You can check BB's current exchange rate anytime at:

 

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

 

The TT buying rate is the rate they pay when you send USD.  I have found very slightly better rates at other places, but the % fee has no limit.  The 500 baht max charged by BB works out better for me.

[Captain Monday]

Last time I sent  a wire from US it was registered at middle of the night, maybe around 03:00 AM Thai time.
 

The monies showed up in my Thai account by noon 

Schwab to BKK bank. Late last

month. 

 

[paulbrow]

On 5/1/2024 at 9:17 AM, Dante99 said:

I send US Bank to Bkk Bank in Thailand direct, no NY stopover.  Get TT rate every time, no $10 fee.  Thai bank receive fee 500 or less baht, small %.

Ditto, same for me for last 20 years... typically average 3 transfers a month.