Nationwide Swift Transfer

[AyG]

A little over a month ago I transferred a lump sum (in Sterling) from my Nationwide account to my Bank of Ayudhaya account. A few days ago my Nationwide account was hit with an additional charge of GBP 18, which Nationwide say is attributable to Bank of Ayudhaya. This has never happened to me before. Has this happened to anyone else? Any thoughts on what might be going on?

[dave2]

there was a 20 quid charge for swift transfers in nov 06

if you download the form to print you can read the charges below !

but they may have changed ?

dave2

SWIFT Transfer Form

You can contact the team on 01793 655752

There is a fee of £20.00 for this service.

Please ensure you provide a correct daytime telephone number. If we are unable to contact you your payment may be delayed.

The mailing address will appear on the form when you print it out.

Please mail this to:

Nationwide Building Society,

Banking Services - CHAPS Department,

Nationwide House,

Pipers Way,

Swindon,

SN38 3GN

About You

First Name(s):

Last Name:

Payment Details

This facility is restricted to FlexAccounts. Transfers from other accounts can be conducted at a Nationwide branch. Click here to locate your nearest branch.

[AyG]

I paid the GBP 20 normal charge. I just don't understand why there's another GBP 18 charge, apparently from the Thai bank.

[moobie]

Nationwide charge £20 on their side and a more recent development was a charge on the Thai bank side of life.

However, I think it was about 500 Baht or thereabouts with the bank I was sending to. I would receive a letter from Nationwide telling me of this additional debit about a week after I made the transaction.

Hope this helps.

[dave2]

ayg...... re .... I paid the GBP 20 normal charge ..... ahhhhh you didnt say that.

re ... I just don't understand why there's another GBP 18 charge .

nor do i .... tmb bank and krung thai bank charge me about 200 baht to deposit money i bring in with my debit card ( not a swift ) once a year ..... not 18 quid

its probably pointless but try asking at the Bank of Ayadtaya.

dave2

[Naam]

Nationwide charge £20 on their side and a more recent development was a charge on the Thai bank side of life.

However, I think it was about 500 Baht or thereabouts with the bank I was sending to. I would receive a letter from Nationwide telling me of this additional debit about a week after I made the transaction.

Hope this helps.

all these years a paid a flat fee of CHF 25 per SWIFT transfer (Singapore bank, any currency, any amount to anywhere). in january i transferred a EUR amount to Germany, another EUR amount to my account in Thailand and got hit with an additional EUR 25 fee (each transfer) by Deutsche Bank, Frankfurt. my best guess is that we are paying with the additional fees to compensate the billions of losses the banks made

by the way, all EUR transfers are done via Frankfurt even from one Singapore bank to another Singapore bank which might be located in the same building. if the transfer is in USD it is done via New York. needless to say that i paid an additional 500 Baht for the transfer to Thailand debited by Siam Commercial!

[Gary A]

My last wire transfer from Citibank USA cost a flat $30 regardless of the amount transfered. There was an extra $15 charge this last time. It was an intermediary bank charge. Guess who the intermediary bank was? YES, Citibank.

I used to make two wire transfers a year, now I make just one. I transfer only dollars because I wouldn't want to see Citibank make any extra fees.

[IsaanAndy]

I paid the GBP 20 normal charge. I just don't understand why there's another GBP 18 charge, apparently from the Thai bank.

I used to xfer from Nat West (UK) to SCB in Thailand and paid both the Nat West (sending) and SCB (receiving) fees so my wife didn't have to bother with it and received the whole amount in her account. I suspect all Thai banks are the same and charge a fee for receiving money into their customers accounts, just like they charge 150THB for you to withdraw money using your non Thai bank ATM card or charge you a service fee for using a branch service that is not were your account is held.

[bifftastic]

I did a direct SWIFT transfer once from Halifax to Bangkok Bank, Halifax took £9.50 and Bangkok Bank took Bt700 but they took it out of the money transferred so the amount deposited was Bt700 light rather than passing the charge back to my UK bank.

Now I use Moneybookers and the charge at the UK end is £1.60 (ish) and Bt200 is taken by Bangkok Bank, again they take it out before the deposit in Thailand, haven't heard of a charge coming back to bite me in the UK.

Bit of hassle setting up the Moneybookers in the first place but cheap and easy thereafter.

[Wentworth]

I got hit with this extra charge about a year ago. I have used the system about 4 times and only got hit once. I asked my UK bank what it was all about. In fairness, they told me that the extra charge was possible from the receiving Thai end, in the small print, to do with foreign transfers. After a very long chat with my UK bank it seems that there is no pre-requisite for what triggers the extra charge; I thought it might be when the amount hits a certain limit, or perhaps when the handling agent gets the cold shoulder from his wife. The handling agent was Kasikorn bank and they told me that they are open that they charge so much for transferring to my account once it hits Thailand. When I used their formula, the amount was still far lower than the 'Charge'. The thing that's irritating me is that we just don't know if we're going to be hit with this extra charge.

[silomrama]

I got hit with this extra charge about a year ago. I have used the system about 4 times and only got hit once. I asked my UK bank what it was all about. In fairness, they told me that the extra charge was possible from the receiving Thai end, in the small print, to do with foreign transfers. After a very long chat with my UK bank it seems that there is no pre-requisite for what triggers the extra charge; I thought it might be when the amount hits a certain limit, or perhaps when the handling agent gets the cold shoulder from his wife. The handling agent was Kasikorn bank and they told me that they are open that they charge so much for transferring to my account once it hits Thailand. When I used their formula, the amount was still far lower than the 'Charge'. The thing that's irritating me is that we just don't know if we're going to be hit with this extra charge.

Thai banks will claim their charges from foreign banks when foreign banks send them payment order instructing that full amount be paid to recipients in Thailand without any fee deduction, and charges in Thailand are to be collected from foreign banks later on. ("charge OUR option" in bank terms).

The charges Thai banks will claim from foreign banks ("charge OUR option") are usually higher than the charges Thai banks will deduct from remittance proceeds before paying out to recipients in Thailand ("charge BEN option" - around THB 200 - 500) because there are additional processes for Thai banks to claim charges from foreign banks and they get paid later on.

To avoid this kind of charge, make clear to the sending banks that charges in Thailand are to be paid by recipients in Thailand (use charge BEN option).

[difuso]

To avoid the extra charge, the SWIFT instructions must specify that Additional Charges to be met by Beneficiary.

I too neglected to do this one time and I had to pay an extra 15 pounds.

[torrenova]

To avoid the extra charge, the SWIFT instructions must specify that Additional Charges to be met by Beneficiary.

I too neglected to do this one time and I had to pay an extra 15 pounds.

And as that ranges from zero to a maximum of Bt500, it is a no brainer really which way to do it. I don't think there is a limit for charge backs to the sending bank account.

[Chaimai]

No 5 in the Terms and Conditions states:-

For payments outside of the EEA, the receiving bank or agent may pass on extra charges (without notifying Nationwide) for processing the transfer request. This means that either the beneficiary will receive a lesser sum or a charge will be debited from your account.

The Nationwide SWIFT form (presumably the online version as well) has an option as follows:-

o Receiving Account

o Mt Flexaccount[/b]

[Chaimai]

No 5 in the Terms and Conditions states:-

For payments outside of the EEA, the receiving bank or agent may pass on extra charges (without notifying Nationwide) for processing the transfer request. This means that either the beneficiary will receive a lesser sum or a charge will be debited from your account.

The Nationwide SWIFT form (presumably the online version as well) has an option as follows:-

o Receiving Account

o My Flexaccount

These charges relate to possible further charges from other institutions.

Edited March 6, 2010 by Chaimai

[Maestro]

...in january i transferred a EUR amount to Germany, another EUR amount to my account in Thailand and got hit with an additional EUR 25 fee (each transfer) by Deutsche Bank, Frankfurt...

I know why, because it happened to me. Two companies in Thailand remitted EUR to my EUR account with a Swiss bank. The remittance from one company was credited in full, the remittance from the other company was EUR 25 short. Upon inquiry my bank told me that in one case the remitting bank was not a correspondent bank of my Swiss bank for EUR and for this reason the transaction was passed through Deutsche Bank in Frankfurt, which slapped on a fee of EUR 25. This was deducted from the remitted amount and the net amount was credited to my accoount, without any indication of this third-party fee, giving me the impression the Thai company had made a payment order to their bank for EUR 25 less than the due amount.

--

Maestro

[julesdick]

I did a direct SWIFT transfer once from Halifax to Bangkok Bank, Halifax took £9.50 and Bangkok Bank took Bt700 but they took it out of the money transferred so the amount deposited was Bt700 light rather than passing the charge back to my UK bank.

Now I use Moneybookers and the charge at the UK end is £1.60 (ish) and Bt200 is taken by Bangkok Bank, again they take it out before the deposit in Thailand, haven't heard of a charge coming back to bite me in the UK.

Bit of hassle setting up the Moneybookers in the first place but cheap and easy thereafter.

Moneybookers change your money into Euros then to Baht. So they take money off you twice there as well as their £1.60. What rate did they give you for each exchange?

[01322521959]

Yes, I think that's quite normal. I was charged 20 quid when I moved some money over here by swift.

[pkrv]

I paid the GBP 20 normal charge. I just don't understand why there's another GBP 18 charge, apparently from the Thai bank.

Thanks for the update - very interesting I can see what you are saying. You know what it may now be simpler/easier/cheaper to use a simple UK cheque.

Take a look

http://www.thaivisa.com/forum/Give-Thai-Ba...nk-t355952.html

Fee about 26/27 GBP though you get the Buying Rate/Sight Bill in about 45 days time.

[Chaimai]

I paid the GBP 20 normal charge. I just don't understand why there's another GBP 18 charge, apparently from the Thai bank.

Thanks for the update - very interesting I can see what you are saying. You know what it may now be simpler/easier/cheaper to use a simple UK cheque.

Take a look

http://www.thaivisa.com/forum/Give-Thai-Ba...nk-t355952.html

Fee about 26/27 GBP though you get the Buying Rate/Sight Bill in about 45 days time.

Sounds so antiquated using a cheque !! Remember in the UK they are being abolished,

http://uk.mc863.mail.yahoo.com/mc/welcome?....jsrand=9175669

You have no control over the timing of receipt of 'cleared funds' nor, therefore, the rate of exchange you receive. Why take a gamble ?

Just open a Halifax Reward account, pay in min GBP 1,000 then you will pay 9.50 for a monthly online transfer LESS 5.00 'reward'

[pkrv]

I paid the GBP 20 normal charge. I just don't understand why there's another GBP 18 charge, apparently from the Thai bank.

Thanks for the update - very interesting I can see what you are saying. You know what it may now be simpler/easier/cheaper to use a simple UK cheque.

Take a look

http://www.thaivisa.com/forum/Give-Thai-Ba...nk-t355952.html

Fee about 26/27 GBP though you get the Buying Rate/Sight Bill in about 45 days time.

Sounds so antiquated using a cheque !! Remember in the UK they are being abolished,

http://uk.mc863.mail.yahoo.com/mc/welcome?....jsrand=9175669

You have no control over the timing of receipt of 'cleared funds' nor, therefore, the rate of exchange you receive. Why take a gamble ?

Just open a Halifax Reward account, pay in min GBP 1,000 then you will pay 9.50 for a monthly online transfer LESS 5.00 'reward'

Hi - Chaimai - I think we have chatted enough in the past for me to give a true but cheeky response ];-)

1) Cheques - antiquated - yes isn't that strange, so why is it cheaper?

2) I have no notification from any UK organisation that cheques are being withdrawn - true they are not being accepted at many UK retail outlets but that is irrelevent. (Your link does not work BTW - ];-)

3) True there is no control over the timing - as the FSA insists on saying - your investments can go up as well as down.

4) I am a little tired of opening a new account based on this premise - I liked the HBOS mechanism and am still contemplating writing to the FSA regarding SMILE's as far as I am concerend illegal activities. (see thread)

[julesdick]

I did a direct SWIFT transfer once from Halifax to Bangkok Bank, Halifax took £9.50 and Bangkok Bank took Bt700 but they took it out of the money transferred so the amount deposited was Bt700 light rather than passing the charge back to my UK bank.

Now I use Moneybookers and the charge at the UK end is £1.60 (ish) and Bt200 is taken by Bangkok Bank, again they take it out before the deposit in Thailand, haven't heard of a charge coming back to bite me in the UK.

Bit of hassle setting up the Moneybookers in the first place but cheap and easy thereafter.

Moneybookers change your money into Euros then to Baht. So they take money off you twice there as well as their £1.60. What rate did they give you for each exchange?

Im talking rubbish.

Having questioned Moneybookers staff three times, they will only send Euro to Thailand.

You pay their wholesale exchange rate + 1.99% when you change your GBP to Euros, then of course pay the Thai bank exchange rate to get Baht.

On a 1000GBP transfer using todays rates from Moneybookers and Bangkok bank (TT rate), you would save about 400 baht and your Swift charge by going the moneybookers route. 100 baht of this would go in moneybooker fees. Also due to their limited 'upload funds' options I would have to do a £9.50 swift transfer (Halifax) to get the money to them in the first place (or send a cheque that takes 10 days for them to clear)

A UK Nationwide Flex visa debit card gets the visa wholesale rate + 1% on cash at Thai ATMs. Assuming you got yesterdays wholesale visa rate consecutively for 4 daily visits to an Ayutthaya ATM (avoiding the 150 baht charge) you could take the 1000GBP out and would have paid 200 baht more than the Moneybookers option.

Amen