Dilema On Sending Money By Swift Transfer

[shepsel]

Here are the facts of my dilema:

1. I tried to open a bank account in Thailand last year when I was a tourist, but was told that I could not do so as a tourist. I wanted to have an account to transfer money from Canada, so that when I retired the following year, I would have an account number.

2. I am still in Canada, received my retirement visa, and am trying to correspond with Bangkok Bank about sending money by swift code in my name, so that there will be money for me to set up a household.

I was told that I cannot send money to myself without an account number. I was also told that I physicallly have to be at a branch to set up an account. In fact they told me that I cannot send a swift transfer to myself before I open an account. If I take a bank draft it will take two to three months before the funds would be available to me. I cannot deal with Bangkok Bank in the USA because they only deal in US funds, and I am sending over Canadian Dollars.

3. I am legally only allowed to take in a limited amount of cash, and I do not feel comfortable travelling with this amount.

Question:

Has anyone else had this problem, and how did they solve it?

Any ideas of making this transfer simplified and seemless?

Thank you in advance for any constructive suggestions.

[Jingthing]

Well, I haven't had exactly your problem but it all makes sense to me.

The Thai bank is correct, you will not be able to do SWIFT without a target account number.

The only answer to that is if you have a trusted person in Thailand and you can send to their account, not really recommended!

OK, here is my suggestion. Speak to your Canadian bank and ask them how you can effect wires from abroad. In the US this is called a wire agreement and the policies vary from bank to bank. The bank I use now supplied me with a code to use when I call them from Thailand, I can effect the wire. Without this previous agreement in the US, no wiring allowed.

Again, this varies from bank to bank. If your current Canadian bank does not support this feature (there are some US banks that do not), that is wiring money from abroad while you are abroad, find a bank that does! You will need this in the future most probably .

So if you make a wiring agreement in Canada, you go to Thailand, open the account, and then call your Canadian bank and do the wire. The funds in my case are in Thailand in less than 24 hours by SWIFT.

Good luck.

[Chaimai]

Jingthing pretty much has it sorted.

Chicken and Egg -

chicken:- get the Thai bank account opened first. Forget about anything else.

egg:- The SWIFT transfers from your home bank. Have the conversation with them says "I am off to Thailand, what is the best way for me to instruct you to send me periodical SWIFT transfers to the Thai bank account that I shall open next month."

Although costly, you can take travellers cheques if you don't want to carry much cash (and who would want to ?). You can take cash out via ATM's from your home bank account - particularly if you are talking "housekeeping" numbers. From the UK cards we can get GBP 300 per day (used to be 21,000 about a year ago )

[loong]

You can make a withdrawal inside the Thai bank using your Debit card. I have done this in the past at Bangkok Bank and used my Nationwide Debit card to credit my account with 100,000 Baht. I don't know if there is a limit on the amount that can be transferred this way. Of course, Nationwide does not charge fees, so this is a cheap way to transfer money. If I had used my Lloyds card, it would be too expensive. Bangkok Bank charged about 200 Baht for the transfer.

You can pay a foreign personal cheque into your account fee, 10$, usually 10 days to 4 weeks to clear (apparently allow up to 6 weeks, but personally, never known it take that long.)

Talk to your own bank, you can always bring the Swift forms with you and post back to your bank.

It's a shame that you were unable to open an account with a tourist visa, many people have - it seems to depend on which bank or even branch you apply to.

[GungaDin]

Hi, seriously consider using Kasikorn bank on the corner of Soi 33 Sukhumvit.

They are used to dealing with expats and pass the attitude test.

Have you setup internet banking in Canada?

[henryalleman]

Gungadin is correct, go to kasikorn and open an cyber account, less problem than bangkok bank, my swift transfers are in 72 hours booked in my account. There is also a good Branch in Chaeng Wattana road.

[dsfbrit]

When you come to Thailand you can open up a bank account as explained earlier.

However, before I first came to live in Thailand I found a bank that operated in the UK and Thailand. In my case it was HSBC.

I then opened an account, whilst I was still in the UK, with HSBC in the UK and they opened an account for me in Bangkok.

It took about a month for them to open the account in Thailand I recall.

I then transferred using SWIFT from the UK before I even came to live in Thailand.

I closed the HSBC Thailand account down last year, as it was no longer of any real use as I now have a Thai Farmer account anyway.

I still have the HSBC UK account, which I SWIFT transfer money from once a year.

edit: I am sure you know this BUT do not make the exchange outside of Thailand - I did that once and got the Offshore Rate - about 10 percent less than Onshore Rate at that time... good luck.

Edited January 29, 2009 by dsfbrit

[geriatrickid]

Have you considered asking your Canadian bank to assist? Many of the canadian banks have correspondent banks. Scotia bank have a stake in a Thai Bank (Thannachart).

You may find it easier dealing with a bank that has an existing relationship with your Canadian Bank. As one of the best banking systems in the world in terms of stability, there may be an advantage to leveraging your existing bank relationship.

[shepsel]

Have you considered asking your Canadian bank to assist? Many of the canadian banks have correspondent banks. Scotia bank have a stake in a Thai Bank (Thannachart).

You may find it easier dealing with a bank that has an existing relationship with your Canadian Bank. As one of the best banking systems in the world in terms of stability, there may be an advantage to leveraging your existing bank relationship.

I deal with Scotial Bank. Upon filling out the request to transfer money, where it says "beneficiary information" it asks for the Bank, Bank Branch Address, Swift Code, and Beneficiary account number. Head office informed my branch that there has to be an account number for the beneficiary.

[popshirt]

Gungadin is correct, go to kasikorn and open an cyber account, less problem than bangkok bank, my swift transfers are in 72 hours booked in my account. There is also a good Branch in Chaeng Wattana road.

Also agree. I have dealt with Bkk Bank, TMB and Kasikorn. Kasikorn is by far the best for farang service and their cyber banking ROCKS!

The Silom branch is also very good (on Silom Rd. behind the Dusit Thani Hotel). Manager and Asst. Manager are wonderfully helpful and fluently bilingual.

Edited January 29, 2009 by popshirt

[geriatrickid]

A call on the 1-800 client services line to Scotia, or a chat with the manager, who surely would have seen the press relesae of the additional 250mullion in Thammachart might tweak something. Of all the banks, Scotia should be able to facilitate this. They helped a colleague set up a bank account when his father semi retired to Pattaya. Perhaps the local service desk rep has no idea about the bank activity. Not uncommon. You've seen some of the people that work in the branch, and it goes without saying that some wouldn't know where Thailand was.

[tonytidbury]

If you are going to be in Bangkok, open an account with HSBC in Canada. They will arrange an account in BKK, or you can apply online once you have a Canadian account. Unfortunately they have only the one Branch here (well, as of three years ago).

Downside? Their exchange rate is lower than some, and their fees are higher than some.

If you deposit over CAD 500k (including RRSPs, investment accounts) you will get a Premier account, and many things are "free", including the wire transfers.

[GungaDin]

If you are going to be in Bangkok, open an account with HSBC in Canada. They will arrange an account in BKK, or you can apply online once you have a Canadian account. Unfortunately they have only the one Branch here (well, as of three years ago).

Very impractical if the OP doesn't want to live in dirty Bangkok!

KBank are everywhere.

Even in Nakhon Nowhere.

[thaibkk]

i would say, go to kasikorn bank

all the other banks kinda suck

you can tell them you will send millions of baht, the answer will be : WORKPERMIT

unless, you go to kasikorn ...

[Beachbunny]

SCB you don't need an account. This would get you by until you get here and set one up at whatever bank.

SCB money transfer

With SCB we've never waited longer than 24 hours for a transfer and it's usually there overnight.

Beachbunny

[Jingthing]

SCB you don't need an account. This would get you by until you get here and set one up at whatever bank.

SCB money transfer

With SCB we've never waited longer than 24 hours for a transfer and it's usually there overnight.

Beachbunny

That's interesting. But that is not a SWIFT transfer so the sending bank would have to be willing to do that as well. Again, you cannot send a SWIFT transfer without a target bank account.

[toret]

Send some money to yourself using Western Union or Moneygram. Then when you arrive you open acc and tell your bank to wire the money. I have opened several accs on tourist visas or visa exemptions, this is either a new rule or it is not enforced by all banks.

Personally I have good experience with the yellow bank, Bank of Ayudhya. Bangkok Bank i have less fortunate experience with. Some of my transfer actually vanished after being deposited. But mind you this was in 1997, right before the Thaitanic, of which i am worried will have a rerun pretty soon.

If you are transferring a substantial amount of money, open several accs and send smaller transfers of the same amount. Then you will know what bank gives you the better rate.

And one more thing, in my case, a SWIFT from Norway to Thailand takes 3-4 days, an express transfer takes at least 10 because the banking systems are not compatible so my money got stuck in the thai branch of Bank of America. In this case I believe I was using Thai Farmers Bank, now called by its thai name, Kasikorn Bank.

[GungaDin]

^^^ ^^^ and a lot has changed since 1997!

[Sturbuc]

...

Question:

Has anyone else had this problem, and how did they solve it?

Any ideas of making this transfer simplified and seemless?

Thank you in advance for any constructive suggestions.

Hello. I don't have the same problem but it's very familiar to me. Tried to open an account in a Thai bank as tourist but this was refused. SWIFT to the account of my Thai girlfirend is expensive in every way (the bank, the lady... ) and i'm not sure i have access to my funds anytime. Open an account on her name and keep the atm-card will cause the same problems.

Do you keep any adress in Canada, maybe with some relatives? Maybe you might open a Canadian savings-account which allows you to take money anywhere by an ATM-card? Or you keep an account which enables you to do some e-banking so you might transfer any amount anywhere.

Sorry if it doesn't really help you.

[henryalleman]

Send some money to yourself using Western Union or Moneygram. Then when you arrive you open acc and tell your bank to wire the money. I have opened several accs on tourist visas or visa exemptions, this is either a new rule or it is not enforced by all banks.

Personally I have good experience with the yellow bank, Bank of Ayudhya. Bangkok Bank i have less fortunate experience with. Some of my transfer actually vanished after being deposited. But mind you this was in 1997, right before the Thaitanic, of which i am worried will have a rerun pretty soon.

If you are transferring a substantial amount of money, open several accs and send smaller transfers of the same amount. Then you will know what bank gives you the better rate.

And one more thing, in my case, a SWIFT from Norway to Thailand takes 3-4 days, an express transfer takes at least 10 because the banking systems are not compatible so my money got stuck in the thai branch of Bank of America. In this case I believe I was using Thai Farmers Bank, now called by its thai name, Kasikorn Bank.

If you put the SWIFT number of the Thai bank and the correct address of the branch, a Swift transfer to a Kasikorn account take at most 72hours, mostly its ok in 48 hours.

[GungaDin]

I think that the OP has got things sorted out now.

[shepsel]

Thank you all for your suggestions and advice. I have sent money by swift code to myself at a specific branch, and will collect it at that branch without opening an account. Once I show I.D. I will be able to open the account

[toret]

^^^ ^^^ and a lot has changed since 1997!

Well, if you read my post closely, I said I suspect a re-run quite soon

[GungaDin]

I did! With a microscope, there mustabin fly dirt on the lens.

[andyalford]

edit: I am sure you know this BUT do not make the exchange outside of Thailand - I did that once and got the Offshore Rate - about 10 percent less than Onshore Rate at that time... good luck.

Can I just clarify this - you mean it is better to send foreign currency (e.g. GBP) as an unconverted amount, and have the Thai bank do the currency exchange? I transfer from the UK and always thought the Nationwide Building Society would give me a better rate so transferred into local currency before the transfer.

Would onshore and offshore rates vary in a similar way for other currencies? E.g. Australia, USA?

[chiangmaibruce]

Can I just clarify this - you mean it is better to send foreign currency (e.g. GBP) as an unconverted amount, and have the Thai bank do the currency exchange? I transfer from the UK and always thought the Nationwide Building Society would give me a better rate so transferred into local currency before the transfer.

Andy, I see you have just joined up (welcome). As a newbie it would be well worth your while to spend some time and scroll through previous banking & money transfer-related discussion threads to come up to speed on these issues (and/or use the forum search facility top right this page)

-in general, you would always do the conversion at the thai end

- forget about the "always thought" bit, go online and look at the web sites of both the transmitting bank and the receiving bank on the day of the proposed transfer and SEE what the actual rates offered are - only takes a few minutes

[tutsiwarrior]

Send some money to yourself using Western Union or Moneygram. Then when you arrive you open acc and tell your bank to wire the money. I have opened several accs on tourist visas or visa exemptions, this is either a new rule or it is not enforced by all banks.

Personally I have good experience with the yellow bank, Bank of Ayudhya. Bangkok Bank i have less fortunate experience with. Some of my transfer actually vanished after being deposited. But mind you this was in 1997, right before the Thaitanic, of which i am worried will have a rerun pretty soon.

If you are transferring a substantial amount of money, open several accs and send smaller transfers of the same amount. Then you will know what bank gives you the better rate.

And one more thing, in my case, a SWIFT from Norway to Thailand takes 3-4 days, an express transfer takes at least 10 because the banking systems are not compatible so my money got stuck in the thai branch of Bank of America. In this case I believe I was using Thai Farmers Bank, now called by its thai name, Kasikorn Bank.

If you put the SWIFT number of the Thai bank and the correct address of the branch, a Swift transfer to a Kasikorn account take at most 72hours, mostly its ok in 48 hours.

for those transfering funds to Kasikorn Bank from abroad has anyone noticed the use of an intermediary bank between the sending overseas bank and Kasikorn bank? The saudi HSBC affiliate transfers thru Commerzbank in Germany who forward the funds to Kasikorn. It's hard to gauge the transfer interval as banks in the Middle East work Sat - Thurs while the transfer bank and Kasikorn work Mon - Fri. Has anyone been able to confirm the transfer time with this arrangement?

[lopburi3]

I use Bangkok Bank via Chase NY. Call to my Denver bank at 11PM Thai time has money in my account here in Bangkok before noon, so about 13 hours. If you are using banks during off time I suspect there will be delays.

[tutsiwarrior]

I use Bangkok Bank via Chase NY. Call to my Denver bank at 11PM Thai time has money in my account here in Bangkok before noon, so about 13 hours. If you are using banks during off time I suspect there will be delays.

cheers, lop...a belated 'welcome back', btw ...

[ThaiMeteor]

edit: I am sure you know this BUT do not make the exchange outside of Thailand - I did that once and got the Offshore Rate - about 10 percent less than Onshore Rate at that time... good luck.

Can I just clarify this - you mean it is better to send foreign currency (e.g. GBP) as an unconverted amount, and have the Thai bank do the currency exchange? I transfer from the UK and always thought the Nationwide Building Society would give me a better rate so transferred into local currency before the transfer.

Would onshore and offshore rates vary in a similar way for other currencies? E.g. Australia, USA?