The Saga Of A Wire Transfer To Los

[chicowoodduck]

Earlier this week, I stepped into the dark and murky currency exchange world and bumped into it's second cousin, the wire transfer service empire that stretches from the US to Thailand. Talk about currency exchange sticker shock! Thinking I would by-pass my Bank of America pay through the nose wire service ($75 processing fee, $25 service charge, etc.), I opted to use Orderwires.com which had a mimimal $25 set-up and processing fee. The shock came when they quoted my an exchange rate of about 25THB per USD versus the 32/33THB I can get here in Pattaya. Since I was talking about moving $30,000 USD to my THB account, we are talking about a swing of upwards of 150,000THB difference, and NOT in my favor.

For now, I'm thinking I'll wait until I hit the bottom branch while falling out of the "dumb tree" before proceeding. I am researching to see if Bank of America tacks on a service charge when I make a withdrawl from my TMB account with my US Bank oF America debit card. Today I withdrew 9,000THB and it cost me $272USD and change. If I did the wire service routine I would only be getting 6740THB for my $272USD......a difference of 2,260THB!

Just wondering if anyone has a found a better "mouse trap" to control the rats that lurk in the currency exchange world?

[lannarebirth]

I transfer money using my Interactive Brokers account. Wire transfer is free. A second wire transfer within a 30 day period costs $USD 10.

[blizzard]

why dont you just hook up yr bofa account with tmb account. it works at bangkok bank. boa charges 3$ fee to transfer, exchange rates used is market rates.

[Travel2003]

Earlier this week, I stepped into the dark and murky currency exchange world and bumped into it's second cousin, the wire transfer service empire that stretches from the US to Thailand. Talk about currency exchange sticker shock! Thinking I would by-pass my Bank of America pay through the nose wire service ($75 processing fee, $25 service charge, etc.), I opted to use Orderwires.com which had a mimimal $25 set-up and processing fee. The shock came when they quoted my an exchange rate of about 25THB per USD versus the 32/33THB I can get here in Pattaya. Since I was talking about moving $30,000 USD to my THB account, we are talking about a swing of upwards of 150,000THB difference, and NOT in my favor.

For now, I'm thinking I'll wait until I hit the bottom branch while falling out of the "dumb tree" before proceeding. I am researching to see if Bank of America tacks on a service charge when I make a withdrawl from my TMB account with my US Bank oF America debit card. Today I withdrew 9,000THB and it cost me $272USD and change. If I did the wire service routine I would only be getting 6740THB for my $272USD......a difference of 2,260THB!

Just wondering if anyone has a found a better "mouse trap" to control the rats that lurk in the currency exchange world?

This might seem stupid, so I appologize for that.

Would it be possible for you to make a new account back home, using a more international bank as HSBC, then use their local branch here in Thailand to take out money, and then walk with the cash (little by little) over to TMB and put it in there?

[chicowoodduck]

Earlier this week, I stepped into the dark and murky currency exchange world and bumped into it's second cousin, the wire transfer service empire that stretches from the US to Thailand. Talk about currency exchange sticker shock! Thinking I would by-pass my Bank of America pay through the nose wire service ($75 processing fee, $25 service charge, etc.), I opted to use Orderwires.com which had a mimimal $25 set-up and processing fee. The shock came when they quoted my an exchange rate of about 25THB per USD versus the 32/33THB I can get here in Pattaya. Since I was talking about moving $30,000 USD to my THB account, we are talking about a swing of upwards of 150,000THB difference, and NOT in my favor.

For now, I'm thinking I'll wait until I hit the bottom branch while falling out of the "dumb tree" before proceeding. I am researching to see if Bank of America tacks on a service charge when I make a withdrawl from my TMB account with my US Bank oF America debit card. Today I withdrew 9,000THB and it cost me $272USD and change. If I did the wire service routine I would only be getting 6740THB for my $272USD......a difference of 2,260THB!

Just wondering if anyone has a found a better "mouse trap" to control the rats that lurk in the currency exchange world?

For me, the problem isn't so much in the wire transfer process, it's in the exchange rate that is being quoted. If your Interactive Brokers account is competitive, that sounds like the ticket. As for doing the TMB and Bank of America hook-up, I'm not able to do that process over the internet.

[lannarebirth]

The exchange rate is whatever TMB says it is. You don't exchange currencies in America at BOA, you exchange in Thailand at TMB. Otherwise you get the "offshore rate" which is a scam. You send dollars, not baht. You exchange the dollars for baht at TMB.

[lopburi3]

It works sometimes, because Bangkok Bank has an ABA number - but if it gets reviewed it is not allowed from reports we have had by users.

A normal SWIFT wire transfer should not cost that much - I called my US bank Tuesday night at 11:05 and made a $9,000 transfer to my Bangkok Bank account (cost 9,000 plus $45 fee) and had 296,883.90 baht credit to my account before noon on Wednesday. Your ATM seems like a decent rate; if there are no later fees involved.

Obviously that orderwires is not what anyone would want to use.

[blizzard]

dont use tmb then!

[altman]

two points to consider

the cost of the wire transfer

the exchange rate

most american banks charge about $30 to do an international (SWIFT) wire transfer. if boa is charging $75 plus then you are being duped and should authorize someone in the states to open an account at another bank. or there is a misunderstanding involved in which case you should speak directly with the people in the wire transfer department. they probably have an 800 number which, using an inet cafe telephone, will only cost you a couple of dollars to sort out.

when i do a wire transfer i have a check box on the form that asks if i want to transfer dollars or the foreign currency. transfer dollars. that way you will get the 'on shore' rate, which is currently about 3 -4 baht better than the 'off shore' rate. what it means is whether your state side bank exchanges the money or if your thai bank makes the exchange after the dollars get here. (btw, you will not get 'dollars'. they will be exchanged one place or the other)

on another note: i once tried to use my brokerage account to transfer as it was cheaper or free. unfortunately they have a policy that money that comes into the account can only be wired back to the source it came from. i could conceivably have gotten around this fairly easily but why bother.

[popshirt]

I have been a customer of Bank of America for over 30 years with no problems while living in California.

However when I tried to initiate transfers to Bangkok Bank the troubles began.

I cannot tell you the time I have spent attempting to untangle the mistakes, misunderstandings, and outright carelessness of Bank of America when it comes to international banking.

My trusted accountant in California tells me that B of A is simply not attuned to international banking and that almost any other US bank will do a better job.

I now use Citibank, initiate transfers online sending DOLLARS from Citi to Bangkok Bank and obtaining a favorable exchange rate (the "real" rate, i.e., the onshore rate). The cost is $35 US per transaction.

The last and final episode with Bank of America involved their security department placing a "stop" or "hold" on my ability to make ANY transfers outside the bank, even to another bank in the U.S. After three months of emails and telephone calls I was told by an indifferent, rude, and officious individual (undoubtedly trained by the Dept. of Homeland Security) that the hold could not be removed, that I had been judged as engaged in money laundering and had no recourse. What? They blamed Bangkok Bank, BB said they knew nothing of this, I called BB New York office which handles wire transfers and also talked to the appropriate people at the main branch in Bangkok. I reported this to B of A and they said "nothing we can do".

Throughout all of this I was treated as if I were a criminal, no apologies, no real explanations. My transfer history never involved wiring more than $5,000 US per month. How on earth could that we construed as money laundering?

Fortunately I had an account at Citibank and was able to extract funds from B of A through them. And my relationship with B of A is sooooo OVER.

[Chopper]

Since I was talking about moving $30,000 USD to my THB account, we are talking about a swing of upwards of 150,000THB difference, and NOT in my favor.

I may be wrong but my understanding is if you transfer more than $20,000 USD to Thailand you will get hit for a 30% withholding tax unless you specifically state that it is for property purchase.

Can anybody give the latest information regarding this...

[grantbkk]

Earlier this week, I stepped into the dark and murky currency exchange world and bumped into it's second cousin, the wire transfer service empire that stretches from the US to Thailand. Talk about currency exchange sticker shock! Thinking I would by-pass my Bank of America pay through the nose wire service ($75 processing fee, $25 service charge, etc.), I opted to use Orderwires.com which had a mimimal $25 set-up and processing fee. The shock came when they quoted my an exchange rate of about 25THB per USD versus the 32/33THB I can get here in Pattaya. Since I was talking about moving $30,000 USD to my THB account, we are talking about a swing of upwards of 150,000THB difference, and NOT in my favor.

For now, I'm thinking I'll wait until I hit the bottom branch while falling out of the "dumb tree" before proceeding. I am researching to see if Bank of America tacks on a service charge when I make a withdrawl from my TMB account with my US Bank oF America debit card. Today I withdrew 9,000THB and it cost me $272USD and change. If I did the wire service routine I would only be getting 6740THB for my $272USD......a difference of 2,260THB!

Just wondering if anyone has a found a better "mouse trap" to control the rats that lurk in the currency exchange world?

For years I have been making wire transfers from my bank in the US, Bank of America, to Siam Commercial Bank and have never had any problem. BofA charges $35 to transfer any amount and another $5 charge is tacked on by BofA along the way. Siam Commercial Bank charges Bt500 to receive and process the international transfer. The exchange rate is made here by SCB at the current on-shore rate. The record for time reaching my Thai account is about 9 hours. It can take as long as 14 hours sometimes. Keep in mind I order the money transfered when I go to sleep here in Thailand and the next day is always NOT a Thai holiday. Another reason it goes so quickly, I learned recently that Bank of America maintains accounts with SCB and that affects the time it takes to reach my account.

SCB does not do the 30% withholding on amounts of more than $20,000 if it is going directly to my Thai savings account.

[Naam]

Since I was talking about moving $30,000 USD to my THB account, we are talking about a swing of upwards of 150,000THB difference, and NOT in my favor.

I may be wrong but my understanding is if you transfer more than $20,000 USD to Thailand you will get hit for a 30% withholding tax unless you specifically state that it is for property purchase.

Can anybody give the latest information regarding this...

transferred 25,000 €UR (37,000 dollars) january 2nd with the reference "living expenses" to SCB. had to go with my wife to the bank to get a new passbook one day later. nobody asked me any question and not a single Satang was withheld and deposited for one year interest free with the BOT.

by the way, there is and was never a withholding "TAX"!

[pumpuiman]

I transfer with BOA to Bangkok bank....$45 fee. Send dollars, onshore rate.

[lopburi3]

The last and final episode with Bank of America involved their security department placing a "stop" or "hold" on my ability to make ANY transfers outside the bank, even to another bank in the U.S. After three months of emails and telephone calls I was told by an indifferent, rude, and officious individual (undoubtedly trained by the Dept. of Homeland Security) that the hold could not be removed, that I had been judged as engaged in money laundering and had no recourse. What? They blamed Bangkok Bank, BB said they knew nothing of this, I called BB New York office which handles wire transfers and also talked to the appropriate people at the main branch in Bangkok. I reported this to B of A and they said "nothing we can do".

Were you using SWIFT or the ABA domestic account transfers to Bangkok Bank?

[chicowoodduck]

I have been a customer of Bank of America for over 30 years with no problems while living in California.

However when I tried to initiate transfers to Bangkok Bank the troubles began.

I cannot tell you the time I have spent attempting to untangle the mistakes, misunderstandings, and outright carelessness of Bank of America when it comes to international banking.

My trusted accountant in California tells me that B of A is simply not attuned to international banking and that almost any other US bank will do a better job.

I now use Citibank, initiate transfers online sending DOLLARS from Citi to Bangkok Bank and obtaining a favorable exchange rate (the "real" rate, i.e., the onshore rate). The cost is $35 US per transaction.

The last and final episode with Bank of America involved their security department placing a "stop" or "hold" on my ability to make ANY transfers outside the bank, even to another bank in the U.S. After three months of emails and telephone calls I was told by an indifferent, rude, and officious individual (undoubtedly trained by the Dept. of Homeland Security) that the hold could not be removed, that I had been judged as engaged in money laundering and had no recourse. What? They blamed Bangkok Bank, BB said they knew nothing of this, I called BB New York office which handles wire transfers and also talked to the appropriate people at the main branch in Bangkok. I reported this to B of A and they said "nothing we can do".

Throughout all of this I was treated as if I were a criminal, no apologies, no real explanations. My transfer history never involved wiring more than $5,000 US per month. How on earth could that we construed as money laundering?

Fortunately I had an account at Citibank and was able to extract funds from B of A through them. And my relationship with B of A is sooooo OVER.

Geez, your account of the mis-treatment and continuous inability to do the "right thing," by the Bank of America is spot on! I can remember them taking over three weeks just to figure out how to do a VOA (Verification of Funds) for my O-A Visa last year. As for B of A Customer service? For the VOA foul-up it took 11 DIFFERENT individuals to finally figure out how to get a signed copy to my front door. As I told my bank manager, they could <deleted>**-up a one car funeral.

[chicowoodduck]

It works sometimes, because Bangkok Bank has an ABA number - but if it gets reviewed it is not allowed from reports we have had by users.

A normal SWIFT wire transfer should not cost that much - I called my US bank Tuesday night at 11:05 and made a $9,000 transfer to my Bangkok Bank account (cost 9,000 plus $45 fee) and had 296,883.90 baht credit to my account before noon on Wednesday. Your ATM seems like a decent rate; if there are no later fees involved.

Obviously that orderwires is not what anyone would want to use.

To your question on the ATM fees? I got the answer today from my B of A internet banking statement for the withdrawl of 9,000THB on Friday from my TMB debit machine at Carrefour on Central Pattaya Road. Although my account was debited for $272.42 USD, I got charged almost $8 USD to do the transaction. Still a good rate, but not worth doing over the long haul.

01/18/2008TMB ATM WITHDRWL 01-18

#000177047 CUSTOMER... -$2.7201/18/2008NON-BANK CARD ATM FEE

ON 01-18 #000177047... -$5.00<A class=linknormal id=di2 onclick="sendDataToServer(2,'45');return false;" href="https://onlineeast1.bankofamerica.com/cgi-bin/ias/2x1mrWWhiB22EwmkJPQaSlQyT32GfgvzSFdHYg0g96846/3/AccountDetailsControl?bofaAction=45&txnID=2#skip2">01/18/2008TMB ATM WITHDRWL 01-18

#000177047 CUSTOMER... -$272.42

[Jimjim]

Conclusion? Your bank sucks. Get a new one.

[chuck6660]

I have been sendining wire transfers from the Community bank on a US base in Korea, which is operated by BOA, to Bangok Bank for the past 4 years. I always pay a $15 fee and get the onshore exchange rate.

[popshirt]

The last and final episode with Bank of America involved their security department placing a "stop" or "hold" on my ability to make ANY transfers outside the bank, even to another bank in the U.S. After three months of emails and telephone calls I was told by an indifferent, rude, and officious individual (undoubtedly trained by the Dept. of Homeland Security) that the hold could not be removed, that I had been judged as engaged in money laundering and had no recourse. What? They blamed Bangkok Bank, BB said they knew nothing of this, I called BB New York office which handles wire transfers and also talked to the appropriate people at the main branch in Bangkok. I reported this to B of A and they said "nothing we can do".

Were you using SWIFT or the ABA domestic account transfers to Bangkok Bank?

I was using ABA to transfer from Bank of America to the Bangkok Bank branch in New York.