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

[gamb00ler]

9 hours ago, Dan O said:

If you see an intermediary bank then the recipient bank is not part of the Swift network and the transaction is processed thru intermediary banks using the swift communication network for correspondence using a bank that is part of the swift network but is actually just an international wire transfer and that is why you see additonal charges. 

 

21 minutes ago, Dan O said:

Thats what I said, nothing more or less. 

Then you didn't make your point clearly.  In the first quote above you claim that any transfer using an intermediary bank was not true SWIFT.  That explanation is incorrect.

[Dan O]

1 hour ago, gamb00ler said:

 

Then you didn't make your point clearly.  In the first quote above you claim that any transfer using an intermediary bank was not true SWIFT.  That explanation is incorrect.

You using Word salad now. Think whatever you want to. 

[Dave0206]

I send 2000chf every month to bkk bank from my bank I pay 5chf costs always chose to send in my currency and I can see when I go on to bkk banks foreign currency it's the tt rate I get it works out slightly lower than wise but it's not bad

[gamb00ler]

On 9/19/2024 at 5:04 PM, topt said:

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.

I assume you are wiring money to yourself.  If that is correct, the three choices are essentially identical because you are both sender and receiver.  The only difference would be which of your accounts ends up with the lower balance.

[Thailand J]

On 9/19/2024 at 2:12 PM, atpeace said:

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.

huh?

Chase acting as corresponding bank has no fees, both at Interactive Brokers and at Schwab. Screen shot below was from just a few moments ago.

 

Edited September 20 by Thailand J

[atpeace]

8 hours ago, Thailand J said:

huh?

Chase acting as corresponding bank has no fees, both at Interactive Brokers and at Schwab. Screen shot below was from just a few moments ago.

 

I have to try again. I wonder if  in frustration I assumed the corresponding bank was Bangkok Bank's New York office.  Thanks!  Are you getting a good exchange rate wiring from Interactive Brokers to BKK?

[Thailand J]

Try again by sending international wire with Bangkok bank swift code( not ABA number) and their Bangkok address. I get TT rate which is published online.

[Tim K]

I've sent money in USD from Russia, USA and Wise (UK) many times
I've asked staff at Bangkok, Kasi and KTB about incoming swift fees.
Only the KTB (Krungthai) charges 50b, flat.
Kasi and Bangkok do not. Bangkok gives TT rate based on the first round (8.30AM)
Kasi gives the current (within 20-30min) round's rate and it is usually better unless THB goes down then Bangkok will give better rate due to the lag.
I specifically kept records to understand who charges what.

I know exactly how many USD were sent, so I can calculate what the rate of exchange was.

Edited September 21 by Tim K

[topt]

3 hours ago, Tim K said:

I know exactly how many USD were sent, so I can calculate what the rate of exchange was.

Ask for a credit advice (either in branch or sent by email) and it will tell you.........

[RSD1]

On 9/19/2024 at 11:15 AM, 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?

You can send money directly from Interactive Brokers to a Wise account. I think you’re permitted one free transfer a month from IABK. And then from Wise, you can convert it into Baht first at a very good exchange rate and then transfer it in Baht on to your Bangkok Bank account for a fee of around ฿40. Doing it like this is two hops, but you will pay next to nothing on transfer fees and you will get the best exchange rate possible. 

[atpeace]

2 minutes ago, RSD1 said:

You can send money directly from Interactive Brokers to a Wise account. I think you’re permitted one free transfer a month from IABK. And then from Wise, you can convert it into Baht first at a very good exchange rate and then transfer it in Baht on to your Bangkok Bank account for a fee of around ฿40. Doing it like this is two hops, but you will pay next to nothing on transfer fees and you will get the best exchange rate possible. 

That is what I do but looking at other options to avoid Wise fees.  Small fees but why not save a little money.  

[RSD1]

2 hours ago, atpeace said:

That is what I do but looking at other options to avoid Wise fees.  Small fees but why not save a little money.  

If you are looking to avoid the F/X fees, I think it’s impossible to get the interbank exchange rate from any F/X service provider AFAIK.
 

If you actively trade currencies as a trader on Oanda then I think you can avoid the F/X fees, but years ago Oanda stopped allowing customers to use their services in order to purely just exchange and transfer money without actively trading.

[Thailand J]

14 hours ago, RSD1 said:

for a fee of around ฿40

I don't have a Wise account.  For about 40B, is there a limit to the amount to transfer? If there is , whats the fee for higher amounts, say B300K ?

 

[RSD1]

2 hours ago, Thailand J said:

I don't have a Wise account.  For about 40B, is there a limit to the amount to transfer? If there is , whats the fee for higher amounts, say B300K ?

 

The transfer fee is always the same to transfer Thai Baht from a Wise account to a Thai bank account in Thailand. It doesn't matter how much you are transferring. The fixed fee currently stands at ฿44.76. 

[RSD1]

2 hours ago, Thailand J said:

whats the fee for higher amounts, say B300K ?

By the way, if you want the money to arrive in your Thai bank account within seconds you need to keep the transfer amounts below ฿50,000, say at ฿49,950. If you transfer an amount higher than that, then the transfer normally takes about three business days.
 

The way to get around this would be to break the ฿300,000 transfer into six transfers of ฿49,950 each and do them in a row one after another and then you will receive all the money within seconds, but you will pay the ฿44.76 transfer fee six times.
 

If you're not in a rush to get the money into your Thai Baht account then you can do it all as one transfer, wait 3 business days for the money to arrive, and pay the ฿44.76 transfer fee only once.
 

Also, Wise is able to do transfers above ฿50,000 to only the three biggest Thai banks. Otherwise, the transfers are automatically limited to ฿49,999 per transfer by Wise anyway.
 

So to be able to do a ฿300,000 transfer all at once you need to be sending the money to an account at either Bangkok Bank, Siam Commercial Bank, or Kasikorn Bank.
 

Perhaps they've expanded that lists of banks now that they can do transfers to that are above ฿50,000 each, but the last time I checked transfers above ฿50,000 per transfer was still limited to those 3 Thai Banks. 
 

Edited September 23 by RSD1

[Thailand J]

21 hours ago, RSD1 said:

You can send money directly from Interactive Brokers to a Wise account. I think you’re permitted one free transfer a month from IABK. And then from Wise, you can convert it into Baht first at a very good exchange rate

Thank you for your replies.

Another question: is there a fee to convert USD to THB in your Wise account prior to sending the THB to Bangkok Bank?

I can use my Schwab ATM to avoid transfer fees, but the Wise exchange rate is more attractive, if there is no conversion fees.

[RSD1]

42 minutes ago, Thailand J said:

Thank you for your replies.

Another question: is there a fee to convert USD to THB in your Wise account prior to sending the THB to Bangkok Bank?

I can use my Schwab ATM to avoid transfer fees, but the Wise exchange rate is more attractive, if there is no conversion fees.

Yes, there is a fee. That's how they make money. They give you the bank to bank rate, known as the interbank rate, and then they take 0.54% from that rate as their fee. 
 

Using a Schwab ATM will avoid the transfer fee, and maybe even avoid an ATM withdrawal fee, but the exchange rate you will get will not be set by Schwab, it will be the exchange rate set by either MasterCard or Visa, which will likely be the interbank rate minus around 1%.
 

What you can do as a test is withdraw ฿1000 from the ATM and then see how much is withdrawn from your Schwab account in dollars. Then you can figure out the exchange rate that you were given and how much you lost in fees. But right before you do the withdrawal, use the free Xe app on any smartphone to check the interbank rate at that moment so you can compare the interbank rate versus the rate you were given on the withdrawal to determine the percentage of the fee taken out.

 

Edited September 23 by RSD1

[gamb00ler]

41 minutes ago, RSD1 said:

What you can do as a test is withdraw ฿1000 from the ATM and then see how much is withdrawn from your Schwab account in dollars

No need to perform a transfer to know the exact exchange rate.  That rate is published once every Tue through Sat at about 7AM Thai time.  The rate won't change until the next scheduled rate adjustment.

 

The Visa exchange rate for Thai ฿ to US $ can be found at:

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

 

Make sure you get the rate for changing ฿ to $.  Also set the Bank Fee to 0% when using a Schwab debit card with no foreign transaction fee.