Money Transfer From Canada To Thailand Surpises

[cigar7]

I just recently made my first 2 wire transfers from Canada to Thailand and ran into some surprises. I wonder if anyone else is encountering these same scenarios with other Banks.

Transfer #1 from Canada, sent C$ to Kasikornbank savings account. C$50 fee in Canada, 500 baht reception fee in Thailand. Balance incremented correctly and funds were available immediately for withdrawal.

Transfer #2 from Canada, sent USD to Kasikornbank savings account. C$50 fee in Canada, 500 baht reception fee in Thailand. Balance was US$35 short. I made an inquiry and apparently an intermediary bank was involved, Citibank, who took US$35. Now both the first and second transfer show up in the balance but neither are available for withdrawal. The main contact centre said to phone the branch, and the branch said to phone the head office. Then the branch assistant manager said that I have to come into the branch and sign some papers before the funds will be released for withdrawal.

Is there another bank in Thailand, when accepting USD from TD Canadatrust that does not use an intermediary bank?

Is it normal to not allow funds to be withdrawn until the customer returns to his branch, to sign papers telling the bank the purpose of the funds? The wire transfers did specifically state the purpose "condominium purchase". Are there banks that do not have this requirement?

[cdnvic]

Anytime you move $10,000 or more around you need to answer questions. Doesn't matter if it's wired or carried across borders.

[naka]

Anytime you move $10,000 or more around you need to answer questions. Doesn't matter if it's wired or carried across borders.

The OP did state that he had already stated the reason for the transfer.

Anyway, I recently had 2 sums for over 10 thousand each sent by swift to two different Thai banks.

Funds arrived in both accounts within two days and were available to me without delay.

Naka.

[cigar7]

What are the other banks that do not require a person to come in and sign papers every time there is a wire transfer about US$20K?

Also about the timing. The 1st transfer took 6 calendar days to arrive, and the 2nd transfer took 3 business days to arrive. Somebody must be holding-up these transfers? Who and why?

[pianoman]

What are the other banks that do not require a person to come in and sign papers every time there is a wire transfer about US$20K?

Also about the timing. The 1st transfer took 6 calendar days to arrive, and the 2nd transfer took 3 business days to arrive. Somebody must be holding-up these transfers? Who and why?

My first transfer from the States into Kasikorn Bank took 7 days, and the 2nd one took 11 days... When I had my US Bank trace the money they informed me that the money was "In Thailand" within 15 hours of my initial transfering it... Local Kasikorn branch said that it was held at their Main Office awaiting "Clearance"... And Yes, I still had to sign the papers prior to obtaining / accesing the funds...

Pianoman

[naka]

What are the other banks that do not require a person to come in and sign papers every time there is a wire transfer about US$20K?

Also about the timing. The 1st transfer took 6 calendar days to arrive, and the 2nd transfer took 3 business days to arrive. Somebody must be holding-up these transfers? Who and why?

Firstly try to keep transfer below 20k.

Who is holding your money ... The Thai bank.

In last six years I have never had to wait more than 2 days to see my transfer in my SCB account, and no need to visit the bank.

Naka.

[cigar7]

I have heard good things about SCB too. Thanks for letting me know about your success. Looks like others are experiencing unnecessary delays using Kasikornbank.

Kasikorn has finally contacted me and sent me a form:

irแบบการทำธุรกรรมเงินตราต่างประเทศ

Foreign Exchange Transaction Form ( IR07280494 )

(เฉพาะธุรกรรมตั้งแต่ 20,000 ดอลลาร์สหรัฐอเมริกาหรือเทียบเท่าตามอัตราตลาด) (For transactions valued at USD 20,000 or above or equivalent at market rate)

at the bottom it says

คำเตือน ผู้ใดฝ่าฝืนหรือละเลยไม่ปฏิบัติตามกฎกระทรวง ประกาศหรือคำสั่งที่ออกตามความในพระราชบัญญัติควบคุมการแลกเปลี่ยนเงิน พ.ศ. 2485 มีความผิดต้องระวางโทษปรับไม่เกินสองหมื่นบาท หรือจำคุกไม่เกินสามปี หรือทั้งปรับทั้งจำ

Warning Any person who contravenes or fails to comply with the Ministerial Regulations, Notifications, or Directions issued under the Exchange Control Act B.E. 2485 shall be liable to a fine at maximum of twenty thousand Baht or to imprisonment at maximum of three years or both.

The form must be faxed back along with a scan of passport, and the original form must be mailed along with a photo copy of the form to Bangkok.

Any body else having to do this paperwork just get some money into Thailand?

Edited September 4, 2007 by cigar7

[VegasVic]

I have heard good things about SCB too. Thanks for letting me know about your success. Looks like others are experiencing unnecessary delays using Kasikornbank.

Kasikorn has finally contacted me and sent me a form:

irแบบการทำธุรกรรมเงินตราต่างประเทศ

Foreign Exchange Transaction Form ( IR07280494 )

(เฉพาะธุรกรรมตั้งแต่ 20,000 ดอลลาร์สหรัฐอเมริกาหรือเทียบเท่าตามอัตราตลาด) (For transactions valued at USD 20,000 or above or equivalent at market rate)

at the bottom it says

คำเตือน ผู้ใดฝ่าฝืนหรือละเลยไม่ปฏิบัติตามกฎกระทรวง ประกาศหรือคำสั่งที่ออกตามความในพระราชบัญญัติควบคุมการแลกเปลี่ยนเงิน พ.ศ. 2485 มีความผิดต้องระวางโทษปรับไม่เกินสองหมื่นบาท หรือจำคุกไม่เกินสามปี หรือทั้งปรับทั้งจำ

Warning Any person who contravenes or fails to comply with the Ministerial Regulations, Notifications, or Directions issued under the Exchange Control Act B.E. 2485 shall be liable to a fine at maximum of twenty thousand Baht or to imprisonment at maximum of three years or both.

The form must be faxed back along with a scan of passport, and the original form must be mailed along with a photo copy of the form to Bangkok.

Any body else having to do this paperwork just get some money into Thailand?

Last week I wired funds from the U.S. to my wifes family in Thailand. It was quite simple, there was a $30(U.S.) international wiring fee that my local bank charged, then they wired the money to the Bangkok Bank branch in New York City and once it was in their (Bangkok Bank) system it was wired to the Main Bangkok Bank branch in Bangkok (500 baht fee) when they opened the next day and then later that day (in Thailand) it was transfered to our nieces account in Korat. I kept the transfer to under $20,000 and used Bangkok Bank, so perhaps that is why the transfer happened so quickly(less than 24 hours ) and without any problems.

[IMA_FARANG]

I just recently made my first 2 wire transfers from Canada to Thailand and ran into some surprises. I wonder if anyone else is encountering these same scenarios with other Banks.

Transfer #1 from Canada, sent C$ to Kasikornbank savings account. C$50 fee in Canada, 500 baht reception fee in Thailand. Balance incremented correctly and funds were available immediately for withdrawal.

Transfer #2 from Canada, sent USD to Kasikornbank savings account. C$50 fee in Canada, 500 baht reception fee in Thailand. Balance was US$35 short. I made an inquiry and apparently an intermediary bank was involved, Citibank, who took US$35. Now both the first and second transfer show up in the balance but neither are available for withdrawal. The main contact centre said to phone the branch, and the branch said to phone the head office. Then the branch assistant manager said that I have to come into the branch and sign some papers before the funds will be released for withdrawal.

Is there another bank in Thailand, when accepting USD from TD Canadatrust that does not use an intermediary bank?

Is it normal to not allow funds to be withdrawn until the customer returns to his branch, to sign papers telling the bank the purpose of the funds? The wire transfers did specifically state the purpose "condominium purchase". Are there banks that do not have this requirement?

This is slightly different from your funds transfer story but here it is:

1. I have a joint account with Bangkok Bank with my Thai g/f.

2. Have been sending her rent and living expenses for at least 20 years thru this account.

3. Transferred about $35,000 to her about 2 months ago for purchase of property in BKK.

4. Fee for wire transfer from my U.S. bank was $15 (the standard wire transfer fee).

5. No fee in Bangkok Bank. Dollars changed to Baht at the daily quoted Baht rate (was about 33 Baht per dollar at the time). Only difference was that my Thai g/f recieved a call from Bangkok Bank asking why such a large amount of money was sent and what was purpose of transfer. She told them "to purchase house" and they said okay- thanks- no problem-have a nice day.

6 This may be because I have been using that account for at least 20 years, and I personally know some of the tellers at the bank branch.

[naka]

I have heard good things about SCB too. Thanks for letting me know about your success. Looks like others are experiencing unnecessary delays using Kasikornbank.

Kasikorn has finally contacted me and sent me a form:

irแบบการทำธุรกรรมเงินตราต่างประเทศ

Foreign Exchange Transaction Form ( IR07280494 )

(เฉพาะธุรกรรมตั้งแต่ 20,000 ดอลลาร์สหรัฐอเมริกาหรือเทียบเท่าตามอัตราตลาด) (For transactions valued at USD 20,000 or above or equivalent at market rate)

at the bottom it says

คำเตือน ผู้ใดฝ่าฝืนหรือละเลยไม่ปฏิบัติตามกฎกระทรวง ประกาศหรือคำสั่งที่ออกตามความในพระราชบัญญัติควบคุมการแลกเปลี่ยนเงิน พ.ศ. 2485 มีความผิดต้องระวางโทษปรับไม่เกินสองหมื่นบาท หรือจำคุกไม่เกินสามปี หรือทั้งปรับทั้งจำ

Warning Any person who contravenes or fails to comply with the Ministerial Regulations, Notifications, or Directions issued under the Exchange Control Act B.E. 2485 shall be liable to a fine at maximum of twenty thousand Baht or to imprisonment at maximum of three years or both.

The form must be faxed back along with a scan of passport, and the original form must be mailed along with a photo copy of the form to Bangkok.

Any body else having to do this paperwork just get some money into Thailand?

If you keep transfers below 20,000 dollars or equivalent then you should not have these problems.

Naka.

[cigar7]

I asked Kasikornbank for a 'Detailed Credit Advice' for the transfers and more surprises!

For each transfer, there is a 'domestic transfer fee' of 750 baht, then a 20 baht 'leased line fee' and then a 'inward commission fee' of 500 baht. The grand total is 1,270 baht.

So the total cost to do a US$ wire transfer from TD Bank in Canada to Kasikornbank was 4,117 baht or US$120. For CDN$ transfers from TD Bank to Kasikornbank, the total cost was 2,880 baht or about US$84

If you call the Kasikornbank contact centre, their telephone help line, they only tell you about 500 baht fee and nothing else is mentioned.

What are the other Thai banks charging for inward transfers costs?

Edited September 8, 2007 by cigar7

[Bpraim1]

I send money from Canada every month.

I send it from CIBC to Krungsri bank or to UOB.

I do pay a $35 fee in Canada to send it but have not had to pay other then that.

I did send from a Credit Union once and was hit with a fee from Bangkok bank, as some how it went to them first. Fee was $150baht.

Time to switch banks.

You can open a account with CIBC just to transfer funds overseas, Is free to open.

Then go to the closes UOB or Krungsri and opeen an account. Need passport and letter from friend saying that they want you to use this bank as is so good.Blah blah

Get swift code and bank number.

Send funds in C$ funds , let the bank switch to Baht here Onshore rate is better.

Done , take money ! No fees other then to send out of Canada $35!!!!

[lopburi3]

Incoming wire transfer fee is normally .25% in the range 200 baht min - 500 baht max I believe (and believe most banks charge the same). There should also be a deduction in the total USD transfer by the intermediate bank (Bangkok Bank NY used to deduct $5) but have not requested a transfer report in years.

In US believe extra paperwork is required for anything over 10k so I always keep transfer at 9k. One done this week was call US bank at 2200 and call Bangkok Bank phone system at 1130 and money has been credited to account (as normal).

[Bpraim1]

I have sent money like this for 3 years now.

Never had a problem!

And No I do not have a work permit ! or Thousands of dollars in the bank

[Bpraim1]

P.S.

Get the hel_l out of BKK Bank, they have the worst exchange rate and the most rules and fees!!!

[rethaired]

Transferred less than 10,000 CAD to Kasikorn in Chiang Mai from a credit union in Canada.

10 CAD disappeared and is unaccounted from at this date!

BANK in Thailand

inward commission: 400 B.

domestic fee transfer: 170 B.

lease line charges (fax/telex, I suppose): 20 B.

Credit Union in Canada

28 CAD

TOTAL:

about $60 CAD

Disgusting!

Edited October 6, 2008 by rethaired

[Naam]

I asked Kasikornbank for a 'Detailed Credit Advice' for the transfers and more surprises!

For each transfer, there is a 'domestic transfer fee' of 750 baht, then a 20 baht 'leased line fee' and then a 'inward commission fee' of 500 baht. The grand total is 1,270 baht.

So the total cost to do a US$ wire transfer from TD Bank in Canada to Kasikornbank was 4,117 baht or US$120. For CDN$ transfers from TD Bank to Kasikornbank, the total cost was 2,880 baht or about US$84

If you call the Kasikornbank contact centre, their telephone help line, they only tell you about 500 baht fee and nothing else is mentioned.

What are the other Thai banks charging for inward transfers costs?

with Siam Commercial i pay a flat fee of 500 Baht. my bank abroad charges 20 EURos for SWIFT transfers (amount does not matter).

[shepsel]

Every time I have wired money through Scotia Bank I pay a C$35 fee, and the money arrives in Chiang Mai in two business days without additional charges.

[laxman1960]

I use Bangkok Bank as well.

Not a perfect bank but they are sure good at international funds transfers.

Last week I really needed my cash from the USA, my USA client wired the money their day time, it appeared in my account around noon my time the next day. Similarly had an Aussie client transfer me funds, they did it when their bank opened up and I had access to my funds after lunch the same day.

For outgoing transfers I have had a similar experience with Bangkok Bank. I have gone to the branch on Sukhumvit Soi 10, done a wire transfer at 330pm (well just before since that is when they close), and received the money in my USA account in about 4 hours!

Dan

Any body else having to do this paperwork just get some money into Thailand?

Last week I wired funds from the U.S. to my wifes family in Thailand. It was quite simple, there was a $30(U.S.) international wiring fee that my local bank charged, then they wired the money to the Bangkok Bank branch in New York City and once it was in their (Bangkok Bank) system it was wired to the Main Bangkok Bank branch in Bangkok (500 baht fee) when they opened the next day and then later that day (in Thailand) it was transfered to our nieces account in Korat. I kept the transfer to under $20,000 and used Bangkok Bank, so perhaps that is why the transfer happened so quickly(less than 24 hours ) and without any problems.

[Gumballl]

Last week I wired funds from the U.S. to my wifes family in Thailand. It was quite simple, there was a $30(U.S.) international wiring fee that my local bank charged, then they wired the money to the Bangkok Bank branch in New York City and once it was in their (Bangkok Bank) system it was wired to the Main Bangkok Bank branch in Bangkok (500 baht fee) when they opened the next day and then later that day (in Thailand) it was transfered to our nieces account in Korat. I kept the transfer to under $20,000 and used Bangkok Bank, so perhaps that is why the transfer happened so quickly(less than 24 hours ) and without any problems.

$30 fee? Wow, that seems like a lot. The Bangkok Bank in NYC is not overseas; it is a bank in the US, whose parent company happens to be in Thailand.

I've transferred funds to Thailand, going the same route (thru BB-NYC), and BofA charges me only $3. The trick, however, is getting BofA to allow me to transfer more than $10,000. I sent $9,999 on Sep 30, and I still have not received the money here in Thailand. I'm also interested in sending additional funds, but BofA's regulations are binding my hands. They limit transfers to $20,000/month and only $10,000 in 3 days. Seems like BS to me; it is my money and I should be able to transfer when and where I wish, as long as I obey the laws.

Upon my return to the US, BofA will be losing a customer for good.

[hyperdimension]

It seems so much easier and probably cheaper to simply withdraw from ATMs here over a number of days instead of doing a telegraphic transfer.

You'd get your money immediately in hand instead of waiting and hoping that everything is ok for a number of days, and the paperwork is a lot of fuss.

The currency rate may change over those days, but a similar thing can happen during the telegraphic transfer - the actual exchange rate that you get would be the rate at the time when the Thai bank receives it some days after you initiated the transfer.

Your overseas bank may set a daily withdrawal limit, but you could set up a number of different accounts (e.g. with different banks) and withdraw from each one each day.

[blakegeee]

The easiest thing would be to put the money into a canadian bank account (new account?) and just send the ATM card to Thailand so the money can be withdrawn from there.

I have also sent money through the banks with any surprises. It was over $10,000 twice. It was from Scotia Bank to "the purple Thai bank" (sorry can't think of the name at the moment.) The first time, it took about a week and the fees were about $30 from Canadian bank and 500b or so from Thai bank. The second time, the fees were consistent but it was there within 2 or 3 days available for withdrawal.

[cigar7]

Well I did a ATM withdrawl from my Canadian TDcanadaTrust chequing account while in Brazil, TD charged my account C$5 for each foreign ATM withdrawl. The Brazil bank did not charge, and the exchange rate was ok, but less than the going cash rate at the time of withdrawl. It was $3 a few years back but they have boosted it to $5.

Some of my friends have told me they have an old type of account with Royal Bank of Canada (RBC), and they have not been charged an ATM fee by RBC when withdrawing funds in Thailand. Unfortunately, that type of RBC account is no longer being offered to new clients.

Edited October 18, 2008 by cigar7

[blakegeee]

Well I did a ATM withdrawl from my Canadian TDcanadaTrust chequing account while in Brazil, TD charged my account C$5 for each foreign ATM withdrawl. The Brazil bank did not charge, and the exchange rate was ok, but less than the going cash rate at the time of withdrawl. It was $3 a few years back but they have boosted it to $5.

Some of my friends have told me they have an old type of account with Royal Bank of Canada (RBC), and they have not been charged an ATM fee by RBC when withdrawing funds in Thailand. Unfortunately, that type of RBC account is no longer being offered to new clients.

It is pretty standard for all Canadian banks to charge the $5 fee. I always just withdraw the maximum limit every time to get the most money for the fee and essentially pay fewer fees. It is still much cheaper than wiring it to a Thai account.

[eggomaniac]

Coast Capital Credit Union in BC Canada charges nothing for transfers of $100 or less. The Thai bank charges at the other end.

It worked out better to mail them a bank card, deposit money here and let them take it out there.

[Tim207]

Coast Capital Credit Union in BC Canada charges nothing for transfers of $100 or less. The Thai bank charges at the other end.

It worked out better to mail them a bank card, deposit money here and let them take it out there.

This has worked well for me also, although it is only used for small transfers. Nothing like the thousands of dollars that some other posters need to move. The only problem was the account is allowed to be overdrafted at which time I am charged an overdraft fee. I explained to my ex wife the problem with going over even a little bit which worked fine unless there was an "emergency". The way I have solved the "emergency" use is to specify exactly how much can be withdrawn and change the pin when that amount has been withdrawn. The next time I need her (actually her mother now) to pay for something I change the pin back to the number she knows and tell her how much to take out.

Never had a problem since the MIL took over but I do like that I am able to minimize access to the account to small time frames when I am paying attention. Just a quick call to an automated system changes the pin and I don't have to wory about being charged a daily overdraft fee when I didn't even know the card was used.

I made the mistake once myself. The Thai ATM machine said I had money in the account, I made a withdrawl, and found out a month later that the balance reported by the Thai machine didn't reflect other withdrawls that had not posted to my account from the previous day. The bank was unsympathetic and wanted me to pay all the fees. Since I was several hundred dollars overdrawn, not including the fees I told them I wasn't going to pay the overdraft back unless they removed the fees. After threats from the branch VP to destroy my credit, they agreed to my terms if I also closed the account.

[rethaired]

I just recently made my first 2 wire transfers from Canada to Thailand and ran into some surprises. I wonder if anyone else is encountering these same scenarios with other Banks.

Transfer #1 from Canada, sent C$ to Kasikornbank savings account. C$50 fee in Canada, 500 baht reception fee in Thailand. Balance incremented correctly and funds were available immediately for withdrawal.

Transfer #2 from Canada, sent USD to Kasikornbank savings account. C$50 fee in Canada, 500 baht reception fee in Thailand. Balance was US$35 short. I made an inquiry and apparently an intermediary bank was involved, Citibank, who took US$35. Now both the first and second transfer show up in the balance but neither are available for withdrawal. The main contact centre said to phone the branch, and the branch said to phone the head office. Then the branch assistant manager said that I have to come into the branch and sign some papers before the funds will be released for withdrawal.

Is there another bank in Thailand, when accepting USD from TD Canadatrust that does not use an intermediary bank?

Is it normal to not allow funds to be withdrawn until the customer returns to his branch, to sign papers telling the bank the purpose of the funds? The wire transfers did specifically state the purpose "condominium purchase". Are there banks that do not have this requirement?

Considering that the Bank of Nova Scotia (BNS) has acquired 49% of Thanachart afew years ago, I am going to inquire (and have it in writing) if fees would be better than what I was charged last time by way of my credit union (which according to the statement actually used BNS (which took 10 CAD) for the trouble!!!!!! I guess nothing is free and why should it, but my credit union should have advised me of this. It turns out that I might actually move my money to BNS IF they give the incentive to, although banks are notorious for their fees, so give me a month or two to read the fine print! Or should I say "fines" print!

Edited November 12, 2008 by rethaired

[henryalleman]

What are the other banks that do not require a person to come in and sign papers every time there is a wire transfer about US$20K?

Also about the timing. The 1st transfer took 6 calendar days to arrive, and the 2nd transfer took 3 business days to arrive. Somebody must be holding-up these transfers? Who and why?

My first transfer from the States into Kasikorn Bank took 7 days, and the 2nd one took 11 days... When I had my US Bank trace the money they informed me that the money was "In Thailand" within 15 hours of my initial transfering it... Local Kasikorn branch said that it was held at their Main Office awaiting "Clearance"... And Yes, I still had to sign the papers prior to obtaining / accesing the funds...

Pianoman

If you transfer the money by SWIFT and use the correct BIC or SWIFT code and the correct address of the local branch, the funds will be available in your Kasikorn account within 24 hours. Because the money will be transferred directly to the local branch and will not pass head office. Its always show up the next day on my Cyber account.

Its all about fill in the papers correct, if not, it can take indeed 7 to 10 day's. You can even choose that the recipients fees will be deduct from the senders account. Your local branch at home should have you informed about it.

Also my local kasikorn branch(Chaeng Wattana) advise me to follow this procedure to avoid delays.