Internet Transfer Via Bangkok Bank London

[richard47]

On the website of Bangkok Bank London, I see they have a facility whereby you can transfer money from your own, whichever, UK bank to Bangkok Bank London for onward transmission to a Bangkok Bank account here in Thailand.

Has anyone used this service, and if so, how well did it work in terms of time taken from initiating the transfer to arrival Thailand? Also, which method is best, to exchange pounds to baht in UK, or send in pounds and exchange here but incurring a higher charge?

Would be grateful for any comments.

Cheers

[Morden]

I used BBK in London (Beavis Marks) a few years ago to transfer money to my wife's BBK account in Thailand via Bangkok for land purchase. It was a great example of bank greed that caused me a great deal of concern.

In good time before I was due in Thailand to withdraw the cash I asked BBK London about the procedure. I gave them a cheque drawn on my bank account in a UK bank and completed a transfer form. They said that the transfer would take up to two weeks because they first had to clear my cheque.

In Thailand, my wife checked her balance at the appropriate time and the transfer was not done. I was with her by then and we asked to speak to the branch manager. We were treated to the all too common run around. She agreed to contact Head Office in Bangkok who denied all trace of the transfer. I asked that someone contact the London branch but was told that it was, in effect, a separate company and they were not allowed to call. Head Office also refused to call London. I called London myself and was told that the transfer was complete. I called my own UK bank and was told that the cheque cleared three days after I presented it to BBK. My money had disappeared from view for two weeks.

The next day we checked the balance in my wife's account again and the money was not there. I walked into the manager's office with proof of the transfer and told her very clearly that I wanted to know where the money was or I would go to the police station next door. She took this seriously and rushed around in a fluster for about half an hour. Her aim was to make us give up for another day but I insisted that someone trace the whereabouts of what was quite a substantial sum. We sat tight. Eventually, she said that the money was in the account and took us to the machine in the lobby to check. There it was, appearing as if by magic! If I had not put extreme pressure on the manager several more days may have passed without the money turning up. My concern was, of course, that the money had gone astray and that, in Thailand, I would never have got it back.

The greedy bank, quite able to press keyboard keys and effect an immediate transfer after my cheque cleared, had invested my money for its own benefit for around two weeks and let me sweat almighty cobs for the last few days. Never again will I transfer money through BBK London.

Regarding your last question, I believe that the exchange rate is better in Thailand - but don't expect a bank to give you the benefit of that if you transfer electronically.

If you want to transfer money from the UK, ask your own bank to do it for you. There's a fee and they play games with your money for a few days but it's quicker and more secure than BBK's version of legalised theft.

I hope this helps! Good luck.

[richard47]

I used BBK in London (Beavis Marks) a few years ago to transfer money to my wife's BBK account in Thailand via Bangkok for land purchase. It was a great example of bank greed that caused me a great deal of concern.

In good time before I was due in Thailand to withdraw the cash I asked BBK London about the procedure. I gave them a cheque drawn on my bank account in a UK bank and completed a transfer form. They said that the transfer would take up to two weeks because they first had to clear my cheque.

In Thailand, my wife checked her balance at the appropriate time and the transfer was not done. I was with her by then and we asked to speak to the branch manager. We were treated to the all too common run around. She agreed to contact Head Office in Bangkok who denied all trace of the transfer. I asked that someone contact the London branch but was told that it was, in effect, a separate company and they were not allowed to call. Head Office also refused to call London. I called London myself and was told that the transfer was complete. I called my own UK bank and was told that the cheque cleared three days after I presented it to BBK. My money had disappeared from view for two weeks.

The next day we checked the balance in my wife's account again and the money was not there. I walked into the manager's office with proof of the transfer and told her very clearly that I wanted to know where the money was or I would go to the police station next door. She took this seriously and rushed around in a fluster for about half an hour. Her aim was to make us give up for another day but I insisted that someone trace the whereabouts of what was quite a substantial sum. We sat tight. Eventually, she said that the money was in the account and took us to the machine in the lobby to check. There it was, appearing as if by magic! If I had not put extreme pressure on the manager several more days may have passed without the money turning up. My concern was, of course, that the money had gone astray and that, in Thailand, I would never have got it back.

The greedy bank, quite able to press keyboard keys and effect an immediate transfer after my cheque cleared, had invested my money for its own benefit for around two weeks and let me sweat almighty cobs for the last few days. Never again will I transfer money through BBK London.

Regarding your last question, I believe that the exchange rate is better in Thailand - but don't expect a bank to give you the benefit of that if you transfer electronically.

If you want to transfer money from the UK, ask your own bank to do it for you. There's a fee and they play games with your money for a few days but it's quicker and more secure than BBK's version of legalised theft.

I hope this helps! Good luck.

Many thanks for that Morden

Looks as though this is not such a good idea after all, certainly do not need all that hassle!!

I bank with RBS, and they tell me that the only way they will send money outside the UK banking area, is if they receive written instructions by post. No fax and certainly no internet!

Any better ideas, as I only want to transfer once a year?

Cheers

[craigt3365]

I use BKK bank for transfers from my US bank. Works great and takes only a day. All done via the internet so I can check balances. Much cheaper than a wire transfer and much easier.

I setup BKK bank in New York as an account with my US bank so I can do a transfer. That took a few days to get done, but pretty easy. I did a test transaction of 1000 baht and it worked great...the rate seemed pretty good also.

I would highly recommend this service. I have now used it to transfer about 50k USD to my account here in Thailand. I also signed up for BKK bank's online service. Works great for checking balances but have not used it for anything other than that yet....

[bkkbarnstormer]

First Direct in the UK will take instructions over the phone to transfer money from your UK account into a Thai account.

It typically takes around 2-5 business days and cost is £25

In contrast, Nat West will only take written instructions.

[JimGant]

I would highly recommend this service.

Unfortunately, the OP is a Brit, and he apparently doesn't have an equivalent of the US ACH electronic funds transfer system, whereby we can use Bangkok Bank New York as a conduit for an Internet transfer to Thailand.

If there is such a system, it is not advertised on the Bangkok Bank website, which only mentions the ACH/BB New York system. You would think that, if you could do something similar with Bangkok Bank London, it would be mentioned......

[ianguygil]

Actually the UK does have something exactly like the US ACH, it is called BACS.

If you want to transfer funds from the UK to Bangkok Bank the following links provide the details, including how to do it via BACS, which will definitely expedite things.

BACS has been around since the 70's, so it is tried and true, just like ACH.

http://www.bangkokbank.com/Bangkok%20Bank/...0from%20UK.aspx

http://www.bangkokbank.com/Bangkok%20Bank/...%20options.aspx

I will leave it to somebody else to answer the complaint of the person who encoutered delays in receiving their funds.

Good luck

[JimGant]

Actually the UK does have something exactly like the US ACH, it is called BACS.

Thanks for pointing that out. Somehow I couldn't navigate on the Bangkok Bank site to where it explains about using BB London as a conduit to Thailand. Apparently, that's what the OP was referring to.....

Interesting when compared to an ACH transfer to Thailand from the US. It's both considerably more expensive ($10 vs about $30) and slower (5 vs. 2 business days). A SWIFT transfer almost costs the same -- and is faster. The only advantage may be the ability to initiate via the Internet (not sure you can do a SWIFT transfer via Internet in GB......). Other than that, doesn't look too exciting.

Interesting that you have the option to do the exchange in GB rather than Thailand (no such option with an ACH transfer to Thailand). But why would you ever want to? Even with fee savings on both ends for not sending pounds, you'll still lose with the much less favorable exchange rate in GB. Only if you knew the pound would tank during the 5 day journey to Thailand could you come out ahead.

[ianguygil]

A SWIFT transfer assumes that your bank is a SWIFT member (many are not in the US so they have to use a local correspondent). Then they need to transfer the funds to that local correspondent either using a low value (not realtime) domestic interbank network like ACH or BACS, or a more expensive network like FEDWIRE or CHIPS.

If your bank is a member of SWIFT, they will need to either have a correspondent relationship with the bank in Thailand (Due To and Due From accounts, which means they have to have a direct banking relationship with each other) or they will need to use another bank in Thailand as their correspondent who will then need to use the domestic interbank network in Thailand to transfer the funds to your bank.

Each bank will have to make some charges along the way.

The advantage of using BACS is not in the delivery channel (Internet Banking would not be aware of how the funds are cleared) but in the fact that funds can be moved using the domestic interbank network in the UK (i.e. BACS) then using the internal Bangkok Bank network. And you have just one throat to strangle if there is a problem

The reason it is not a bad idea to exchange GPB to THB at Bangkok Bank in London is that it is a Thai bank. You will know exactly how many Baht you will receive in Thailand. Bangkok Bank is unique in its ability to do this. The rate for GBP to THB will be pretty much the same as in Thailand as the Treasury is the same and they set the rates.

You are entirely correct that with a non Thai bank (a normal UK bank) it would be a very very bad idea to exchange funds from GBP to THB in the UK as THB is not a common currency there. So you would not know how much THB you would receive in Thailand until the funds are received (unless you are sending a large amount and have agreed an FX contract for it)

Good luck.

Edited February 16, 2010 by ianguygil

[craigt3365]

I have done both. The Bangkok Bank route seemed to be faster...and was cheaper than my bank (USAA). I got the funds in one day. The wire transfer was much harder as I have to call them and they ask all kinds of questions...even though this is a regular transfer I do...got the funds in 2 days or so.

So for me, and my bank, the Bangkok Bank route is better. Plus, I can check on the internet when the funds have arrived.

[Morden]

I have done both. The Bangkok Bank route seemed to be faster...and was cheaper than my bank (USAA). I got the funds in one day. The wire transfer was much harder as I have to call them and they ask all kinds of questions...even though this is a regular transfer I do...got the funds in 2 days or so.

So for me, and my bank, the Bangkok Bank route is better. Plus, I can check on the internet when the funds have arrived.

I guess that you didn't use the BBK branch in London as mentioned by the OP.

[silomrama]

I have done both. The Bangkok Bank route seemed to be faster...and was cheaper than my bank (USAA). I got the funds in one day. The wire transfer was much harder as I have to call them and they ask all kinds of questions...even though this is a regular transfer I do...got the funds in 2 days or so.

So for me, and my bank, the Bangkok Bank route is better. Plus, I can check on the internet when the funds have arrived.

I guess that you didn't use the BBK branch in London as mentioned by the OP.

The incident mentioned in the opening involved paying wire transfer with a personal check a few years ago. BBK London may have taken too long to ensure that a personal check of a walk-in customer would not bounce before effecting the international transfer.

What BBK London offers now is using internet banking facilities of UK banks to transfer good and cleared funds from an account at a UK bank to an account with BBK Thailand via BACS and BBK London Branch. Transferred electronically and with no paper check involved, funds should arrive faster as is the case of transfer via US ACH and BBK New York (provided that one's UK internet banking facilities allow one to transfer funds via BACS to BBK London.)