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Interactive Wire Transfer In Baht to Bangkok Bank - BBK Transfer fees?


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There is a Bangkok bank wire fee but can't figure out if that fee applies if baht are wired to Bangkok Bank.  My wire are free from Interactive brokers and with a good exchange rate.  Why not save 200-330 baht on my monthly ~ 65k baht transfers.  Am i missing something?

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5 minutes ago, atpeace said:

There is a Bangkok bank wire fee but can't figure out if that fee applies if baht are wired to Bangkok Bank.  My wire are free from Interactive brokers and with a good exchange rate.  Why not save 200-330 baht on my monthly ~ 65k baht transfers.  Am i missing something?

It is very likely that you will receive a worse exchange rate if you send your funds in Thai baht.  I've only ever sent US$ but it seems very likely that the .25% fee with a minimum of 200฿ and a maximum of 500฿ is applicable to any inbound SWIFT transfer. 

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29 minutes ago, gamb00ler said:

It is very likely that you will receive a worse exchange rate if you send your funds in Thai baht.  I've only ever sent US$ but it seems very likely that the .25% fee with a minimum of 200฿ and a maximum of 500฿ is applicable to any inbound SWIFT transfer. 

That is what we both don't know.  I think also the fee might be applicable but have read it isn't when the transfer is in Thai baht.  Interactive Brokers transfer exchange rate has a tiny spread is my understanding and assume it would be comparable if not better than BBK.

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Yes BKB charges normally around 300b for TT . Always send in your own currency and to be sure it doesn't go through a holding bank as it did with me twice from OZ where I got a lower exchange rate, from the Thai holding bank, make sure to put message to bank. 'DO Not Exchange Funds' that way only your bank will exchange it, when it arrives.

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Thanks - so Bangkok does charge the .025 fee regardless if the money is sent in baht. Then I'll simply setup a monthly wire of $2,100.  Plan is to do this for 12 months and then I will have one more option for my Non-O retirement 🙂

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7 minutes ago, atpeace said:

Thanks - so Bangkok does charge the .025 fee regardless if the money is sent in baht. Then I'll simply setup a monthly wire of $2,100.  Plan is to do this for 12 months and then I will have one more option for my Non-O retirement 🙂

If you can it may be worth checking that the transfer would not have to go through a "correspondent" bank after leaving IB.

I had this some years ago with a bank where they offered free transfers but I ended up paying $50 for a correspondent bank fee (it would not have mattered how much as was a standard amount........).

 

More recently I offer to pay all charges and with SCB have not paid the min 200/max 500 charge either. However YMMV

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Can anyone please tell me the BKB TT rate for the GBP today, as you have to sign in to find it, if they show it even then, unlike the Krungsri bank that shows it on their site.

 The Baht is slowly going down over the last few days. Thanks in advance.

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1 hour ago, topt said:

If you can it may be worth checking that the transfer would not have to go through a "correspondent" bank after leaving IB.

I had this some years ago with a bank where they offered free transfers but I ended up paying $50 for a correspondent bank fee (it would not have mattered how much as was a standard amount........).

 

More recently I offer to pay all charges and with SCB have not paid the min 200/max 500 charge either. However YMMV

Thanks - SCB doesn't charge a fee?  I need to switch banks anyhow since Bangkok Bank has closed all banks within 90 minutes from where I live.

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Looks like using Interactive Brokers is not an options now. They now require you to use a corresponding bank which is Bangkok Bank New York.  I'm sure the $10 will be tacked on.  Oh well, back to using Wise.

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2 hours ago, brianthainess said:

Yes BKB charges normally around 300b for TT . Always send in your own currency and to be sure it doesn't go through a holding bank as it did with me twice from OZ where I got a lower exchange rate, from the Thai holding bank, make sure to put message to bank. 'DO Not Exchange Funds' that way only your bank will exchange it, when it arrives.

Swift wire transfers go directly to bank to bank. They don't do inter-banking transfers or use holding banks

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3 hours ago, brianthainess said:

Can anyone please tell me the BKB TT rate for the GBP today, as you have to sign in to find it

On my desktop, I have accessed Bangkok banks exchange rates many times while not logged in.

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

 

 

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3 hours ago, topt said:

More recently I offer to pay all charges and with SCB have not paid the min 200/max 500 charge either. However YMMV

There is no obvious way to see if the receiving Thai bank (Bangkok bank in my case) charged that .25% fee.  The bank statement just shows the resulting amount of ฿ with no explanation of exchange rate or fees.

 

How did you "offer to pay all charges"?  I assume that choice was at your originating bank.   I don't think that would cover any fees by the receiving bank, only for intermediary banks if any.

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51 minutes ago, gamb00ler said:

There is no obvious way to see if the receiving Thai bank (Bangkok bank in my case) charged that .25% fee.  The bank statement just shows the resulting amount of ฿ with no explanation of exchange rate or fees.

 

How did you "offer to pay all charges"?  I assume that choice was at your originating bank.   I don't think that would cover any fees by the receiving bank, only for intermediary banks if any.

The credit advice I request from SCB shows a commission charge - which used to be 520 baht. The 20 baht was apparently due to the account being outside Bangkok. 500 as per their Ts and Cs.

 

When I changed to sending with all charges paid for the advice note still shows the word Commission but the amount as zero. From memory when you SWIFT money you should have 3 options with your sending bank - Pay all, share all and receiver pays.

 

For me this way worked out cheaper in fees but will depend on your individual bank.(s). 

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2 hours ago, Dan O said:

Swift wire transfers go directly to bank to bank. They don't do inter-banking transfers or use holding banks

I am guessing he means a "correspondent" bank and it is very normal/common.

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39 minutes ago, topt said:

I am guessing he means a "correspondent" bank and it is very normal/common.

Swift wire transfers go direct from origin bank to recipient bank with no transfers in between. Many other types of transfers can use inter-banking transfers.

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1 hour ago, Dan O said:

Swift wire transfers go direct from origin bank to recipient bank with no transfers in between. Many other types of transfers can use inter-banking transfers.

He is stating it directly goes to the corresponding bank without transfers.  E.g., Interactive forces you to go through Bangkok Banks New York branch if using swift.  Put in Bangkok Bank's  Thailand swift code and are directed to the corresponding bank in New York.  No choice and they could care less about the additional fees and it is only a wire transfer to the corresponding bank and not to Thailand.    Sometime it takes days for the New York branch to send to Thailand.

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3 hours ago, Dan O said:

Swift wire transfers go direct from origin bank to recipient bank with no transfers in between. Many other types of transfers can use inter-banking transfers.

My prior SWIFT transfers even show the initials of the correspondent bank used.....

It was even discussed at length years ago on ThaiVisa before the advent of Wise due to the unexpected costs that hit some people.

 

Perhaps you should have a read of this -

https://wise.com/us/blog/what-is-a-correspondent-bank

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2 hours ago, atpeace said:

He is stating it directly goes to the corresponding bank without transfers.  E.g., Interactive forces you to go through Bangkok Banks New York branch if using swift.  Put in Bangkok Bank's  Thailand swift code and are directed to the corresponding bank in New York.  No choice and they could care less about the additional fees and it is only a wire transfer to the corresponding bank and not to Thailand.    Sometime it takes days for the New York branch to send to Thailand.

That's not accurate to my knowledge for a true swift wire transfer which is what I wrote and offered as an alternative type of transfer

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12 minutes ago, Dan O said:

That's not accurate to my knowledge for a true swift wire transfer which is what I wrote and offered as an alternative type of transfer

A "true swift wire transfer" can involve intermediary banks.

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