Swift Transfer, Just How Do I Go About It?

[CaptainSplod]

Hi Guys!

I'm reading with interest about people making SWIFT transfers from Europe, USA or

wherever - to their bank account in Thailand. The posts contain a lot of advice

about what bank is best (or worst) to use - plus what limits they may have, charges

for transfers, et al. All very good and useful for many people. Only one thing that

bothers me (in particular) - apparently all posters already have some experience of

SWIFT transfers.

I'm in the position of not knowing anything about SWIFT transfers - apart from the

fact that they exist.

In an easy way, is there anyone that can explain for a complete beginner (me) -

How the hel_l do I, from A to Z, set up a SWIFT transfer?

The facts :

I have an offshore account (Jersey) and want to make a SWIFT transfer to my bank

account in Thailand - not a large amount, either. I have the SWIFT details of

the receiving bank in Thailand, on paper. Great - but now what?

How do I start ? What do I need to do? For example, can I just send a letter to

my offshore bank requesting an amount to be transferred to my Thai account?

Do I need to fill in any forms - if so, what forms?

No, I DON'T have online banking facilities.....and no, I don't want to

change my bank or sign up with other banks, thanks all the same.

Any info would be appreciated :jap:

Thanks, guys

Splod

[cardholder]

Look at your bank's website for further information - or give details here for others to check.

The easiest way remains online banking (with Halifax particularly easy to use and low cost at GBP 9.50)

[lopburi3]

You need to talk directly with your bank as they set the rules they operate under. In the USA do not believe any bank will make such a transfer without prior, in person, signed agreement from the account holder to allow such transfers. Once that paper is on file they may allow in person, fax, internet, phone, letter instructions but normally limit the choice to several methods. You then use that method to prove you are the account holder; advise the name and full details of receiving account, including mailing address and SWIFT code and when/amount to send and likely the currency to be used.

[wildoates]

First contact your bank.... every bank will be somewhat different. At my bank, I filled out a set of forms for what they call a repetitive wire transfer. this allows me to have a constant way to transfer funds here. Now that is done, all I do is call them, give them a special code, the amount I want to transfer and wham, it is done the next business day.

I know this is not the answer you are looking for, but you must see what your bank rules are.

[JimGant]

In the USA do not believe any bank will make such a transfer without prior, in person, signed agreement from the account holder to allow such transfers.

With the advent of virtual banking, the in person requirement seems to be going away with many banks. USAA Federal Savings Bank, for one, will set-up wire and ACH mechanics without ever having to visit them in person (I don't even know if they have a brick and mortar location....).

Would think at least some banks in Britain have done away with the in person requirement......at least those where the clerks don't wear bowler hats.

[CaptainSplod]

Hi Again!

Some quick replies, so thanks.

Making a personal visit to my bank could be difficult, as it's in the Channel Isles

and I'm in Thailand. Actually, I generally have little contact with the bank, even though

I've been a customer for decades. If it's of any help - Barclays, so USA banks don't

apply here - which by the sound of things is just as well.

I appreciate that many banks have their own end rules as to how to make transactions,

but I figured there'd be a sort of general or standard procedure in setting up an

initial SWIFT arrangement - though maybe that's just not the case.

Wildoates:

Yeah - I DID contact my offshore bank by mail, giving them the Swift details of my

Thai bank and enquiring as to whether the info was sufficient if I wanted to make a

SWIFT transfer at a later date.

The result? I was eventually called by some aggressive "Customer Relations Adviser" who

flatly refused to give any details about anything whatsoever on the phone, after I failed

some of their security questions - their computer info didn't match up with my

answers. Tough luck - on me!

Maybe this info will help you to give me some further advice

Thanks

Splod

[cardholder]

In my opinion you need to take control. You have found out what happens if you have to take pot luck with an 'adviser'. A SWIFT instruction is just that - an instruction for your bank to make a payment. Differences arise between banks in how easily (or otherwise) it is to communicate that instruction.

The 100% effective method is to call into your branch and give the instruction. Time consuming for all concerned and impossible in your case. As others have said, try writing. Good luck ! fraught with risk for loss of the letter, errors due to misunderstanding/miscommunication, loss due to tiimg that is taken to effect the instruction. As you have discovered, trying to phone will invariably result in you feeling like a member of Al Qaeda - even if you had not cocked up with your security procedure.

I would suggest that Online Banking is generally the best way to get some control.

Once set up you will have the ability to transfer money at your fingertips. My last Halifax instruction arrived in Thailand the same day. I regret that I do not have personal knowlege of Barclays so it would be helpful for you to hear from any TV members that have used their services. Website is probably

http://www.offshore.barclays.com/offshore-banking/

Edited July 17, 2010 by cardholder

[bangkokrick]

In my opinion you need to take control. You have found out what happens if you have to take pot luck with an 'adviser'. A SWIFT instruction is just that - an instruction for your bank to make a payment. Differences arise between banks in how easily (or otherwise) it is to communicate that instruction.

The 100% effective method is to call into your branch and give the instruction. Time consuming for all concerned and impossible in your case. As others have said, try writing. Good luck ! fraught with risk for loss of the letter, errors due to misunderstanding/miscommunication, loss due to tiimg that is taken to effect the instruction. As you have discovered, trying to phone will invariably result in you feeling like a member of Al Qaeda - even if you had not cocked up with your security procedure.

I would suggest that Online Banking is generally the best way to get some control.

Once set up you will have the ability to transfer money at your fingertips. My last Halifax instruction arrived in Thailand the same day. I regret that I do not have personal knowlege of Barclays so it would be helpful for you to hear from any TV members that have used their services. Website is probably

http://www.offshore....fshore-banking/

Cardholder it's much the same at Barclay's. Just give them a call and get the security questions right and they will do it very quickly. The fee is 35 quid a transaction regardless of amount, very expensive I think. I think online banking is the best option.

Cheers, Rick

[aussiebebe]

Hi Again!

Some quick replies, so thanks.

Making a personal visit to my bank could be difficult, as it's in the Channel Isles

and I'm in Thailand. Actually, I generally have little contact with the bank, even though

I've been a customer for decades. If it's of any help - Barclays, so USA banks don't

apply here - which by the sound of things is just as well.

I appreciate that many banks have their own end rules as to how to make transactions,

but I figured there'd be a sort of general or standard procedure in setting up an

initial SWIFT arrangement - though maybe that's just not the case.

Wildoates:

Yeah - I DID contact my offshore bank by mail, giving them the Swift details of my

Thai bank and enquiring as to whether the info was sufficient if I wanted to make a

SWIFT transfer at a later date.

The result? I was eventually called by some aggressive "Customer Relations Adviser" who

flatly refused to give any details about anything whatsoever on the phone, after I failed

some of their security questions - their computer info didn't match up with my

answers. Tough luck - on me!

Maybe this info will help you to give me some further advice

Thanks

Splod

Further advice? change banks! Your bank is awful; really, competely, Dark-ages dreadful - not online? in 2010? I'd understand it if you were 5 and referring to your kiddie savings account, but your writing is too advanced Why are you so attached to your bank? is it because they gave you a free pen when you joined? I'm not really surprised, most people are more likely to change their spouse than their bank. You wrote you don't want to change banks, but are happy to be messed around with hostile phone calls and writing on this forum for answers? You could have printed, completed and posted the documents to open an account with a better bank in literally less time than it's taken you to write your posts and read the responses. Your bank is obliged to have given you an electronic or paper copy of it's Terms and Conditions and FAQ's when you applied, these would have clearly stated protocol for SWIFT transfers. If the bank remains annonymous, no-one on this forum can possibly assist.

[chainarong]

Sorry you need a netbank site or go to your bank fill out a IMT form and send, some banks like HSBC require you to fill out a form stating to who you are going to send your IMT by netbank ,this is then always on your site, at CBA au you can do this yourself, not looking good to what you wish to do though.

[CaptainSplod]

Yeah, well - judging by your replies it maybe looks like online banking offers the best and easiest choice in the long run - and I presume I'd be able to set things up at a later date so that I could make a SWIFT transfer (or similar) at any time. Still, it all rather depends on what possibilities my bank offers, in the end.

Nope, don't want to CHANGE my bank - it would entail a whole lot of screwing around at various government institutions for months on end, which I'm not prepared to undertake just at the moment. Besides, I'm not a resident of the UK, which can make things slightly more "difficult".

Anyway, thanks to your input I'm starting to get an idea of things (I hope)!  <img class="bbc_emoticon" alt="" src="http://static.thaivisa.com/forum/public/style_emoticons/default/smile.gif"><br><br>

Thanks

Splod<br><br>

'/Edited to try and get rid of those irritating <br> <br> that seem to attach themselves to posts!

Edited July 18, 2010 by CaptainSplod

[chanwit]

I have a land based bank in the states and I use xe.com (XETrade) to transfer money to my Bangkok Bank account.<div><br></div><div>It takes a little effort to set up an account with XE and will require a phone call to them before the first transfer.</div><div>That is part of verifying the account. It's been a while but I remember there were pull down menus and they find the SWIFT code for your bank in the set up.</div><div><br></div><div>It's really like paying a bill. You authorize the withdrawal to XE and after they receive the money they transfer it to your account.</div><div><br></div><div>The fee is $22. You can request whatever limit you think you need and you can increase it later on line to XE.<br><br>

</div>

[Soutpeel]

Hi Again!

Some quick replies, so thanks.

Making a personal visit to my bank could be difficult, as it's in the Channel Isles

and I'm in Thailand. Actually, I generally have little contact with the bank, even though

I've been a customer for decades. If it's of any help - Barclays, so USA banks don't

apply here - which by the sound of things is just as well.

I appreciate that many banks have their own end rules as to how to make transactions,

but I figured there'd be a sort of general or standard procedure in setting up an

initial SWIFT arrangement - though maybe that's just not the case.

Wildoates:

Yeah - I DID contact my offshore bank by mail, giving them the Swift details of my

Thai bank and enquiring as to whether the info was sufficient if I wanted to make a

SWIFT transfer at a later date.

The result? I was eventually called by some aggressive "Customer Relations Adviser" who

flatly refused to give any details about anything whatsoever on the phone, after I failed

some of their security questions - their computer info didn't match up with my

answers. Tough luck - on me!

Maybe this info will help you to give me some further advice

Thanks

Splod

If this was me, I would be onto the Barclays manager and give them real sh*t,

You can effect a SWIFT transfer via phone/ FAX or if you have the facility on-line, getting treated by Barclays like this doesnt supprise me in the least along with the other gangs of gobsh*tes such as HSBC.

HSBC jerked me around with my offshore account and I pulled the whole account, not suggesting you do the same, but dont take this lying down you are paying for a service.

You starting point for resolution, put a formal complaint in with Barclays, send to the branch and the head office...its your f*kcing money and the Customer Relations dikchead is exactly that "customer relations"....if he/she came across aggresively put thhis in your complaint as well

Best of luck

Edited July 20, 2010 by Soutpeel

[topt]

Hi Again!

Some quick replies, so thanks.

Making a personal visit to my bank could be difficult, as it's in the Channel Isles

and I'm in Thailand. Actually, I generally have little contact with the bank, even though

I've been a customer for decades. If it's of any help - Barclays, so USA banks don't

apply here - which by the sound of things is just as well.

I appreciate that many banks have their own end rules as to how to make transactions,

but I figured there'd be a sort of general or standard procedure in setting up an

initial SWIFT arrangement - though maybe that's just not the case.

Wildoates:

Yeah - I DID contact my offshore bank by mail, giving them the Swift details of my

Thai bank and enquiring as to whether the info was sufficient if I wanted to make a

SWIFT transfer at a later date.

The result? I was eventually called by some aggressive "Customer Relations Adviser" who

flatly refused to give any details about anything whatsoever on the phone, after I failed

some of their security questions - their computer info didn't match up with my

answers. Tough luck - on me!

Maybe this info will help you to give me some further advice

Thanks

Splod

If this was me, I would be onto the Barclays manager and give them real sh*t,

You can effect a SWIFT transfer via phone/ FAX or if you have the facility on-line, getting treated by Barclays like this doesnt supprise me in the least along with the other gangs of gobsh*tes such as HSBC.

HSBC jerked me around with my offshore account and I pulled the whole account, not suggesting you do the same, but dont take this lying down you are paying for a service.

You starting point for resolution, put a formal complaint in with Barclays, send to the branch and the head office...its your f*kcing money and the Customer Relations dikchead is exactly that "customer relations"....if he/she came across aggresively put thhis in your complaint as well

Best of luck

To be fair to the bank they were only trying to make sure that the person calling was who he said he was. In some ways you coud argue that was the response he should have got for forgetting/getting wrong his memorable (sic) information. I am also not sure how you run a bank account offshore without either telephone and or internet banking - do you do it by post?

I recently had to to arrange a SWIFT transfer and rang my bank, spoke to the manager but even though I had all my details I still had to send an original signed instruction - faxed copy was not sufficient.. This was Lloyds in the UK. Once this was received I then was able to ring and give specific instructions as to amount and timing - but all the receiving bank details had to be in the letter. The amount was large so I could not use my Internet banking facility.

[CaptainSplod]

Well, yes, I do tend to agree with topt - at least to a certain extent.

We're nearly all painfully aware of the "security thing" when talking to a bank, especially when it's from Thailand.

I don't blame the "Customs Relations Adviser" at all for refusing to discuss any intimate details about my account, if the CRA felt I wasn't who

I was supposed to be. That is their prerogative and it's really quite understandable.

However, I never once tried to discuss the specifics of my account, nor was there any need to (seeing as I already knew them) - but wanted to ask about some "general" information and advice, referring to the said letter I'd previously sent.

Unfortunately, it seems that once you've failed their tests, then there's apparently nothing that will persuade them to even talk to you any longer.

The one thing I don't always quite understand is, why is it necessary to go through "security" before you've even stated what it is that you want to enquire about ?

Cheers

[CaptainSplod]

Oops, sorry totp, forgot to include an answer to your query.

I think it's the normal procedure if you don't use online banking.

Be also aware that even with written instructions, you can risk them writing back for proof of identity.

I try to overcome this by including a photocopy of some personal documentation when writing the first time - it's worked fine until now - though that in itself probably breaks a normal "security" situation..............

Cheers

./ Edited for spelling mistake

Edited July 20, 2010 by CaptainSplod

[chanthas]

Help needed please,

has anybody used nationwide building society internet banking SWIFT payment to their thai bank account,is the service any good?how long did it take to receive the money in your thai account?

its just that on its website it says for SWIFT transfers to india it could take up to 3 MONTHS,so i have just spoken to nationwide and they could not give me any sort of time frame when the money

could be received in thai,but she did say it could take up to 4 WEEKS ,I want to send quite a large amount (60k gdp),so would not be happy with it being lost for upto ? amount of time.

Any body use nationwide's internet SWIFT transfer services?

Thanks in advance.

[ianguygil]

Which bank in Thailand do you intend to transfer the funds to (i.e. which bank has your account? Or you do not have an account which is still possible to receive the funds as PUPID).?

If Bangkok Bank you can follow this link

http://www.bangkokbank.com/bangkok%20bank/personal%20banking/transfering%20funds/transferring%20into%20thailand/receiving%20funds%20from%20uk/pages/receiving%20funds%20from%20uk.aspx

If other banks you will have to check their websites for instructions. SWIFT should take no more than 3-5 days. I can not imagine where 30 days comes from. In some cases it can be same day, but it depends on the clearing mechanism on the UK end).