Kasikorn Bank Foreign Transfer

[Chichi]

Hi,

I've searched the forum, but I'm still really confused about this!

I have opened a Kasikorn savings account (without WP). I'm expecting monthly transfers from the US (not from my own account). Will I be able to receive the payment without the foreign currency deposit facility?

The bank's info says no, but I seem to be getting mixed messages from the different posts.

Can anyone who has been in this situation with K bank please clarify this? It's not for big amounts- just a few hundred bucks per month.

Thanks in advance!

[FarangBuddha]

I am not really sure what your question is...can you be more specific. I will answer based on my experience. I too have a savings account with Kasikorn bank and regularlly wire-transfer money from my US bank account to my Kasikorn account. I request the transfer be in dollars and usually within 12-14 hours, the amount in baht is reflected in my K-bank account (with K-bank doing the currency conversion at the daily rate when they process the wire). I do not know what your reference to the "foreign curency deposit facility" refers to. To my knowledge, K-bank imposes no fee to process the wire/exchange the currency/post to my account the funds. My US bank similarly imposes no fee or charge (depends on bank and account terms).

Just get the SWIFT code for K-bank and you're good to go.

[Chichi]

Just get the SWIFT code for K-bank and you're good to go.

Hope this is the case sorry if I wasn't clear.

Firstly, I thought it was necessary to have a WP to receive transfers? Also not sure if the transfers have to come from your own US account.

Thanks for this info.

[FarangBuddha]

Just get the SWIFT code for K-bank and you're good to go.

Hope this is the case sorry if I wasn't clear.

Firstly, I thought it was necessary to have a WP to receive transfers? Also not sure if the transfers have to come from your own US account.

I don't have any WP...just living here on non-imm. "O" visa. Just go to your branch and tell them you want to do an international wire transfer into your account...they usually have a card they give you will the SWIFT code and their address...info you will need for the transfer. Most of the "issues" come from the other end...the sending bank. Generally, you have to prepare a standing wire-transfer authorization form and give it to them before you come to Thailand. Once they have that, transfers are no problem.

[vont]

I am not really sure what your question is...can you be more specific. I will answer based on my experience. I too have a savings account with Kasikorn bank and regularlly wire-transfer money from my US bank account to my Kasikorn account. I request the transfer be in dollars and usually within 12-14 hours, the amount in baht is reflected in my K-bank account (with K-bank doing the currency conversion at the daily rate when they process the wire). I do not know what your reference to the "foreign curency deposit facility" refers to. To my knowledge, K-bank imposes no fee to process the wire/exchange the currency/post to my account the funds. My US bank similarly imposes no fee or charge (depends on bank and account terms).

Just get the SWIFT code for K-bank and you're good to go.

u got 2 b kidding right?

as long as i can remember, all u.s. banks deduct some 45 usd for each swift.

it has never been free from the u.s. end

furthermore when swift arrives in bkk bank or thai mil bank, each swift is automatically being deducted some 850 thb too

am i the only one being lynched? or has the banking world changed so drastically since the redshirts ruled bkk.

[dsfbrit]

I send money regularly from my UK account to my Kasikorn bank account. Swift code of KASITHBK and make sure you specify you want the funds sent in your local currency - in my case pounds - for you dollars - so that you get the best exchange rate as the exchange will be carried out in Thailand. I was not aware there was a charge at the Kbank end as I request ALL the charges to be made in the UK by the sending bank. My charge is 17 pounds (about 800 baht) for the whole transfer for amounts over 2000 pounds.

[FarangBuddha]

I am not really sure what your question is...can you be more specific. I will answer based on my experience. I too have a savings account with Kasikorn bank and regularlly wire-transfer money from my US bank account to my Kasikorn account. I request the transfer be in dollars and usually within 12-14 hours, the amount in baht is reflected in my K-bank account (with K-bank doing the currency conversion at the daily rate when they process the wire). I do not know what your reference to the "foreign curency deposit facility" refers to. To my knowledge, K-bank imposes no fee to process the wire/exchange the currency/post to my account the funds. My US bank similarly imposes no fee or charge (depends on bank and account terms).

Just get the SWIFT code for K-bank and you're good to go.

u got 2 b kidding right?

as long as i can remember, all u.s. banks deduct some 45 usd for each swift.

it has never been free from the u.s. end

furthermore when swift arrives in bkk bank or thai mil bank, each swift is automatically being deducted some 850 thb too

am i the only one being lynched? or has the banking world changed so drastically since the redshirts ruled bkk.

Sorry not kidding...my bank (Citibank) does not charge me for any wire transfers. I can do unlimited transfers for any amounts free...but I have a high-net worth account. I believe on standard accounts the charge is about $20.00 per transfer. In addition, I am not aware of any charge by K-bank...they make a little money on the curency conversion of the dollar-funded wire into baht into your acount (just like if you went to one of their currency exchange booths and converted dollars to baht).

As another posted said, just be sure your US bank funds the transfer in dollars...or else they will do the currency exchange for you (dollars to baht) and you will get a much worse rate (basically exchanging baht for dollars in America) than you will for dollars to baht by K-bank in Thailand.

[theoldgit]

As above, I have a bog standard Kasikorn Savings account, no WP or anything else needed apart from passport for ID, receive regular payments into account from overseas and have never had a problem. I think they deduct a nominal fee, about 100 THB, as wire transfer receiving fee.

[selftaopath]

I send money regularly from my UK account to my Kasikorn bank account. Swift code of KASITHBK and make sure you specify you want the funds sent in your local currency - in my case pounds - for you dollars - so that you get the best exchange rate as the exchange will be carried out in Thailand. I was not aware there was a charge at the Kbank end as I request ALL the charges to be made in the UK by the sending bank. My charge is 17 pounds (about 800 baht) for the whole transfer for amounts over 2000 pounds.

I was quoted a .25 % charge by K bank for any/all electronic transfers from outside Thailand. Are others saying this is not happening?

[Poolside]

I was quoted a .25 % charge by K bank for any/all electronic transfers from outside Thailand. Are others saying this is not happening?

0.25% and K Bank sounds like Foreign Currency Account - I'm not sure about the account name.

Having such account may require WP. You can have USD sent to this account and the money stays in this currency as long as you want. Deposit fee charged by K-Bank is 0.25% of the deposited amount, BUT the fee is not less than 200 THB and not more than 500 THB. Now you can move part/all of this money to your THB account. For the exchange the bank uses TT rate (updated a few times a day), that is somewhere between Buy and Sell rates.

If your banking activities involve sending the USD to another account, in a different country, then the transfer fee is: 500THB (converted to USD) + greater of ($20 or 0.25% of the amount).

I hope, I get the numbers right. They were right in 2009.

Oops, K Bank I refer to (incorrectly) is Krung Thai Bank, not Kasikornbank, but I will leave the post as a reference. Maybe Kasikorn has similar accounts...

Edited June 27, 2010 by Poolside