S W I F T Kasikornbank Transfers

[bdenner]

Normally I find a SWIFT funds transfer from my Australian account only takes a few hours to complete. I transferred a sum on Monday and as of 15:00 this afternoon (some 52 hours) it has not appeared. Did I make a mistake thinking this was a purely electronic function not affected by a holiday season?

The CBA Australia was contacted this afternoon and they confirmed that the funds had indeed been received in Thailand.

Anyone else seeing a problem right now being Song Khran and all.

[BWPattaya]

I never do a transfer on a Friday or the day before a holiday. The Thai banks are closed and it always delays the transfer. I presume (and someone may correct me) that someone has to physically ok the transfer. It is not just an automated process.

[saintofsilence]

Get the recpicent to ring the help desk of the bankin thailand .

[Pib]

You probably won't see the money in your account until Friday morning, since Tuesday thru Thursday are holidays. And if Friday turns out to be a holiday you may not see it until Monday morning.

[lopburi3]

Banks are not normally allowed more than 3 days closed regardless of holidays so they should be open on Friday.

[Chaimai]

If the banks are closed your transfer will not get processed - simple.

I transferred funds from Uk on Monday, I expect to see them next Monday. Anything else is a bonus and a miscalculation by me of bank opening times.

Two key factors to the transaction:-

1. The actions of the remitting bank and

2. The actions of the receiving bank.

In my case the funds have been sent from the UK and would have had a value date of circa 14th. This should ensure speedy processing when K Bank opens again,

[Stjohnm]

SWIFT Transfers take 3-7 Working Days to arrive, So it won't turn up till Friday @ the earliest as the country's closed until Friday - well the banks are.

Edited April 14, 2010 by Stjohnm

[Maestro]

SWIFT Transfers take 3-7 Working Days to arrive...

Wrong. You may have had this experience with a transfer from your unnamed bank in an unnamed country to your unnamed bank in Thailand, but it is not generally true.

--

Maestro

[bdenner]

Thanks for all the input, I checked back over the last 2 years and 4 out of 4 transfers using SWIFT had taken place within 36 hours regardless of when it was sent. I'm just hoping that the X-rate is calculated from the time of receipt at the TFB, which I know was sometime prior to 08:00 yesterday, and not when placed into my account.

Edited April 14, 2010 by bdenner

[bifftastic]

Even though electronic transfers don't or shouldn't need anyone present to complete them, I've experienced delays when the banks have been closed. Typical transfer for me from the UK (via moneybookers) takes 2 days, christmas and new year because the UK banks were closed christmas and the Thai banks were closed new year (january not songkhan) it took best part of a week!

Thai banks are open Friday so it may pop in the account then.

I reckon they hold on to it to get the extra interest but it could be that someone has to look at it and click a button, doubt it although I may be over cynical

[elcent]

international rule is within 48 hours not included public holidays.

[bdenner]

As of 09:00 today still not there! Been 4 days and although they throw this 5 working day thing around it is taking the piss. All they needed was a push!

I contacted my CBA (Commonwealth Bank Aust.) Business Relationship Manager, he made some phone calls and presto done within 30 minutes. It did cost me AUD $25.00 for him to do an official "Trace" so as he knew who to stick it up at the Kasikornbank.

<deleted> is wrong with the banking system here that they can stop overseas transactions just because of Song Khran? Commerce stops in Thailand for holidays!! Wake up this is the 21st century!

Edited April 16, 2010 by bdenner

[Juzrelax]

Mine's through too, what rate did you get? I got 29.6.

[Chaimai]

Mine's through too, what rate did you get? I got 29.6.

Mine is in today as well. Proves me wrong at post #6 - I thought the banks were closed today. Closed = closed = no transactions.

Happy to be wrong on this one

[clinique]

All Thai banks have to 'physically' download the overseas transfers to their system. This is becaue of FX rules imposed by bank of thailand. So transactions are not automatically posted.

Hence if itsa holiday - you have to wait,

- if the bank wants to hold onto funds for 'overhight intersst' - you have to wait'

- if the staff are too lazy to look - you have to wait..

Normally i wait 48 hours then start jumping up and screaming at the counter of my branch( used too..) they call Bkk and het presto - "your transfer just arrived " ??????????????????????????????

Now the transfers goin no delay 24-48hours max.

[lopburi3]

I suspect the account would have been credited at noon in any case (but K bank may be different). I always received an 11 PM transfer (Thai time) within one hour of Noon from my US bank (about 13 hours) but if banks closed it would be next business day and believe same noon time (although has been so long can not remember).

[theoldgit]

My UK pension was due to be credited into my account today, it is normally credited at about 11/12. It wasn't in the bank by 3pm so I called Kasikorn, the guy was very helpful and checked, but advised it wouldn't be credited until Monday, because of Songkran.

My money was however credited about 4pm, so at least I can eat this weekend

I would have thought that most behind the scene bank operations would have carried on over the holiday period, haven't these people heard of rosters?