International Money Transfers

[JJ_crow]

Just got this message from my bank in Australia...

This is a courtesy message to advise you that there has been a change in the way International Money Transfers (IMTs) sent to Thailand in Thai Baht are handled.

As of 22/01/2010, you may see a slight increase in the amount that is deducted by the Thai banks who handle your payments. Please note, this is taken out of the amount sent.

Unfortunately the amount deducted is out of our control.

[silomrama]

Not a good idea to send funds from Australia or anywhere else to Thailand in THB, anyway. Senders should always insist that funds are sent in foreign currencies, not in THB. Banks in Thailand generally offer better exchange rates than banks outside Thailand.

The advice you got is strange. None of the major Thai banks announced that they would increase their incoming international funds transfer fee. (min THB 200, max THB 500). Nor is there any plan to change the interbank BAHTNET fee, either. (Bahtnet is used to transfer proceeds of international funds transfer between banks).

One Australian bank recently advised Thai banks that as a matter of policy they would automatically convert all AUD payments below a certain amount to Thailand into THB using its own exchange rate. If their exchange rate is not better than that of banks in Thaialnd, this will result in lesser amount of funds paid to customers in Thailand.