Incoming Foreign Transfer

[monty]

I have had several incoming swift transfers from Australia. Always from the same bank to the same bank (Bkk Bank).

Funds always arrived within a few hours, at the TT exchange rate of the day, minus the 0,25% Bkk bank charges (minimum 200 Baht and capped at 500 Baht.

Last Friday did the same, expected the funds in a few hours, nothing showed.

Same on Monday. Nothing.

Arrived today morning, but showed up as Bahtnet, instead of the usual Foreign Telex Transfer.

And the rate was Friday's rate, which is almost 0.7 Baht/$ lower then todays, so lost a couple of thousand Baht there...

Wondering what's up with the BahtNet thing, why it takes longer, and why they use shitty rates.

I confirmed that is was the same banks as usual, and that the funds were send in AU$, and as swift, with swift fees paid...

[ianguygil]

Monty, please PM me and I will see if I can help you to understand what happened here. Thank you.

[monty]

Monty, please PM me and I will see if I can help you to understand what happened here. Thank you.

^^^Thanks for the help!

As things stand now, it looks like for some unfathomable reason (it's still banks ) the Australian bank transferred the funds to another Thai bank, which then forwarded the funds to my Bkk bank account.

Which explains why the lower Friday rate was used, since it likely arrived at the other bank Friday, and the delay forwarding the funds as the other bank probably used the cheapest Thai Interbank transfer rate, which can take 2 days to complete...

Now gotta find out why the Oz bank didn't send it to Bkk Bank directly, as they have done several times before!

[ianguygil]

My pleasure. Always happy to help a gentleman.

Good luck

Ian

[avcomth]

Monty, please PM me and I will see if I can help you to understand what happened here. Thank you.

^^^Thanks for the help!

As things stand now, it looks like for some unfathomable reason (it's still banks ) the Australian bank transferred the funds to another Thai bank, which then forwarded the funds to my Bkk bank account.

Which explains why the lower Friday rate was used, since it likely arrived at the other bank Friday, and the delay forwarding the funds as the other bank probably used the cheapest Thai Interbank transfer rate, which can take 2 days to complete...

Now gotta find out why the Oz bank didn't send it to Bkk Bank directly, as they have done several times before!

I don't understand this. How can the Australian bank transfer the money to another Thai bank before being forwarded to you. If that Australian bank has an established relationship with BKK bank (which is most likely the case) then an intermediary institution is definitely out of the equation. But if you do find out, please tell me whether that intermediary bank is foreign (CitiBank, HSBC) as I suspect or not.

Another thing I don't understand is why did the BahtNet transaction from that different Thai bank to your BKK bank account took two days to complete. BahtNet, no matter how many millions or billion Baht will TAKE NO MORE THAN TWO HOURS to clear, not two days! So may be a foul play somewhere here? If you did find out more, please tell.

[ianguygil]

Monty has all the details. There was no foul play. He may decide to share with the forum. If anybody else has a similar problem please contact me via PM.

Good luck.

[aurelius]

I don't understand this. How can the Australian bank transfer the money to another Thai bank before being forwarded to you. If that Australian bank has an established relationship with BKK bank (which is most likely the case) then an intermediary institution is definitely out of the equation. But if you do find out, please tell me whether that intermediary bank is foreign (CitiBank, HSBC) as I suspect or not.

Another thing I don't understand is why did the BahtNet transaction from that different Thai bank to your BKK bank account took two days to complete. BahtNet, no matter how many millions or billion Baht will TAKE NO MORE THAN TWO HOURS to clear, not two days! So may be a foul play somewhere here? If you did find out more, please tell.

Bahtnet will settle "next day" for transactions submitted after about 2 or 3 pm (forget the precise cut off time). Processing in the back office may not be fully straight through so transactions can be subject to operational (staff) inefficiencies. That's why its better to use a bank with a large correspondent bank network - they have more of the direct processes.