Receiving Wire Transfer To Thai Bank Account

[male]

Is it safe to receive $3000+ wire transfer to my Kasikornbank account? Is there anything I should know before doing that? I have never dealt with Thai banks before...

Thanks,

Andrew.

[Jimi007]

I transfer every month from Bank of America to my Bangkok Bank account and I can do it online. Never any problems with the money arriving. I get an email and a SMS from Bangkok Bank advising me my money has been posted to my account. I don't have a Kasikornbank account though...

[Lefty]

I transfer funds every month from Wells Fargo bank in the US to my Kasikorn bank account --takes about a day to reach my account. Never any problem.$$ to baht conversion is good.

Lefty

[Jingthing]

How are you sending this? Are you starting the wire from a non-Thai account, or someone is doing that part for you? That is the more complicated part, effecting the wire, receiving it will likely involve nothing more than checking your Thai bank account until you see the new funds.

[Pib]

I transfer every month from Bank of America to my Bangkok Bank account and I can do it online. Never any problems with the money arriving. I get an email and a SMS from Bangkok Bank advising me my money has been posted to my account. I don't have a Kasikornbank account though...

To the OP, ditto for me also. Occasionally I send money from BOA to Bangkok Bank and I also have an automatic monthly transfer from a US govt agency to my Bangkok Bank account. Both arrive quickly with no problems. Just keep in mind when wiring funds "holidays and weekends" in your home country and Thailand can delay the funds being transferred/posted to your Thai bank account. Business days is what counts; not calendar days. Also, don't let the sending bank/agency convert to baht before sending as you will almost always get a lower exchange rate than the rate you get if letting the receiving Thai bank do the conversion.

[male]

How are you sending this? Are you starting the wire from a non-Thai account, or someone is doing that part for you? That is the more complicated part, effecting the wire, receiving it will likely involve nothing more than checking your Thai bank account until you see the new funds.

It will be sent from US company, we'll see how it goes.

Thanks for the info guys.

[Jingthing]

How are you sending this? Are you starting the wire from a non-Thai account, or someone is doing that part for you? That is the more complicated part, effecting the wire, receiving it will likely involve nothing more than checking your Thai bank account until you see the new funds.

It will be sent from US company, we'll see how it goes.

Thanks for the info guys.

They have all the info needed to do the wire?

Account number of course, SWIFT code, and sometimes the street address of your home Thai bank branch.

[schmutzie]

I've done two SWIFT transfers to my Kasikorn account from abroad (different accounts in different countries). No problems. No delays. The slow part is the UK bank!

No SMS though, although I get those on deposits done in Thailand.

Also, I don't see a lot of details on my online banking account, but that seems to be standard banking procedure both here and abroad.

You should know they'll slap on a small fee, something like 500THB their end.

[Jimi007]

I transfer every month from Bank of America to my Bangkok Bank account and I can do it online. Never any problems with the money arriving. I get an email and a SMS from Bangkok Bank advising me my money has been posted to my account. I don't have a Kasikornbank account though...

To the OP, ditto for me also. Occasionally I send money from BOA to Bangkok Bank and I also have an automatic monthly transfer from a US govt agency to my Bangkok Bank account. Both arrive quickly with no problems. Just keep in mind when wiring funds "holidays and weekends" in your home country and Thailand can delay the funds being transferred/posted to your Thai bank account. Business days is what counts; not calendar days. Also, don't let the sending bank/agency convert to baht before sending as you will almost always get a lower exchange rate than the rate you get if letting the receiving Thai bank do the conversion.

Yes, you should get the TT rate, rather than the note rate, it's almost a Baht higher. By the way the TT rate is the same that you would get if you used your US ATM card here. Check this link for different bank rates for notes vs TT. Bank Rates You can also bring up charts on different currencies.

[male]

How are you sending this? Are you starting the wire from a non-Thai account, or someone is doing that part for you? That is the more complicated part, effecting the wire, receiving it will likely involve nothing more than checking your Thai bank account until you see the new funds.

It will be sent from US company, we'll see how it goes.

Thanks for the info guys.

They have all the info needed to do the wire?

Account number of course, SWIFT code, and sometimes the street address of your home Thai bank branch.

Why would they need the street address of bank branch to send a wire transfer?

[Jingthing]

Why would they need the street address of bank branch to send a wire transfer?

Ours is not to ask why. Ours is to fill out their forms. Sometimes (not all the time) the wiring bank asks for the street address of the home branch of the recipient. Sometimes they want the main Bangkok address of the bank. The person doing the wiring might know already what is needed if they do regular SWIFTs with their US bank (so in that case if they didn't ask for it, they won't need it). Otherwise it can't hurt to give them the info if they do need it.

I have dealt with a number of US banks for wires. In my experience most of them DO want the street address of the home bank branch of the person receiving the wire.

You can easily find address info on branches from the Kasikorn website. You'll want to copy the format they use for the address rather than a creative version.

Edited September 3, 2010 by Jingthing

[male]

Why would they need the street address of bank branch to send a wire transfer?

Ours is not to ask why. Ours is to fill out their forms. Sometimes (not all the time) the wiring bank asks for the street address of the home branch of the recipient. Sometimes they want the main Bangkok address of the bank. The person doing the wiring might know already what is needed if they do regular SWIFTs with their US bank (so in that case if they didn't ask for it, they won't need it). Otherwise it can't hurt to give them the info if they do need it.

I have dealt with a number of US banks for wires. In my experience most of them DO want the street address of the home bank branch of the person receiving the wire.

You can easily find address info on branches from the Kasikorn website. You'll want to copy the format they use for the address rather than a creative version.

Sent the address to them as well, thanks.

[bungarra]

can any one tell me what i need to get. to recive any aussie tv stations.and where to go to buy the gear for this.living in don muang rangsit thanks.

[Lifer]

can any one tell me what i need to get. to recive any aussie tv stations.and where to go to buy the gear for this.living in don muang rangsit thanks.

I tried for the first time transferring money inside SCB using my debit card. My USA credit union has a daily $3000 limit to do that, but that was not a problem. Went in the bank, explained what I wanted to do, showed her my passport and gave her the card and SCB book. She ran the card through the machine for $3000, took the slip it printed out, updated my bank book, and 15 minutes later I had $3000 at the current Thai B ht rate in my account.

When you use this method you do not pay the 150 Baht fee. Give it a try and avoid all the trouble and fees of wiring money over here and paying fees. The only fee I paid was the 1% that my credit union charges when you use your ATM card.

Hope this helps others to give it a try. Bangkok bank also said they will do this direct ATM transfer to your bank account.

[chainarong]

I transferr with net bank into Kbank every fortnight no problems, only the usd/ bht, cross rate has dropped big time.

[Pib]

I transfer every month from Bank of America to my Bangkok Bank account and I can do it online. Never any problems with the money arriving. I get an email and a SMS from Bangkok Bank advising me my money has been posted to my account. I don't have a Kasikornbank account though...

To the OP, ditto for me also. Occasionally I send money from BOA to Bangkok Bank and I also have an automatic monthly transfer from a US govt agency to my Bangkok Bank account. Both arrive quickly with no problems. Just keep in mind when wiring funds "holidays and weekends" in your home country and Thailand can delay the funds being transferred/posted to your Thai bank account. Business days is what counts; not calendar days. Also, don't let the sending bank/agency convert to baht before sending as you will almost always get a lower exchange rate than the rate you get if letting the receiving Thai bank do the conversion.

Yes, you should get the TT rate, rather than the note rate, it's almost a Baht higher. By the way the TT rate is the same that you would get if you used your US ATM card here. Check this link for different bank rates for notes vs TT. Bank Rates You can also bring up charts on different currencies.

A few times each year I will use my US ATM cards from BOA and another one from federal credit union in Hawaii (just to ensure the cards stay active) and I always get a noticeably lower exchange rate compared to the TT rate for funds wired over. Plus, you usually have an additional ATM fee(s) added on for an overseas withdrawal....but of course wiring funds via TT usually has its fee(s) also.

[Pib]

can any one tell me what i need to get. to recive any aussie tv stations.and where to go to buy the gear for this.living in don muang rangsit thanks.

I tried for the first time transferring money inside SCB using my debit card. My USA credit union has a daily $3000 limit to do that, but that was not a problem. Went in the bank, explained what I wanted to do, showed her my passport and gave her the card and SCB book. She ran the card through the machine for $3000, took the slip it printed out, updated my bank book, and 15 minutes later I had $3000 at the current Thai B ht rate in my account.

When you use this method you do not pay the 150 Baht fee. Give it a try and avoid all the trouble and fees of wiring money over here and paying fees. The only fee I paid was the 1% that my credit union charges when you use your ATM card.

Hope this helps others to give it a try. Bangkok bank also said they will do this direct ATM transfer to your bank account.

When you say your got the "....current Thai baht rate..." what specific rate did you get? The rate your credit union gave you, a large notes in-Thailand rate, a TT rate, etc? Usually an ATM/debit card/credit card funds withdrawal/currency exchange get some wholesale rate as determined by the sending bank and not the higher TT rate used by Thai banks.

[Pib]

Just to supplment my response above, below is a cut and paste from the BOA web site regarding exchange rates when using their ATM card with the Visa or Mastercard logo. Most other banks/credit unions/etc., also use ATM/debit cards issued under Visa or Mastercard---and neither of these card agencies give a person currency exchange rates as high as a Thai bank TT rate when wiring funds.

Quote:

Who sets the exchange rates for foreign ATM withdrawals with my Bank of America ATM card? The actual rate for an ATM withdrawal transaction is set by VISA® or MasterCard® International. Contact Customer Service for specific information on international ATM transaction fees. The conversion rate on the processing date may differ from the rate on the date of the transaction.

End quote.

[Jimi007]

I transfer every month from Bank of America to my Bangkok Bank account and I can do it online. Never any problems with the money arriving. I get an email and a SMS from Bangkok Bank advising me my money has been posted to my account. I don't have a Kasikornbank account though...

To the OP, ditto for me also. Occasionally I send money from BOA to Bangkok Bank and I also have an automatic monthly transfer from a US govt agency to my Bangkok Bank account. Both arrive quickly with no problems. Just keep in mind when wiring funds "holidays and weekends" in your home country and Thailand can delay the funds being transferred/posted to your Thai bank account. Business days is what counts; not calendar days. Also, don't let the sending bank/agency convert to baht before sending as you will almost always get a lower exchange rate than the rate you get if letting the receiving Thai bank do the conversion.

Yes, you should get the TT rate, rather than the note rate, it's almost a Baht higher. By the way the TT rate is the same that you would get if you used your US ATM card here. Check this link for different bank rates for notes vs TT. Bank Rates You can also bring up charts on different currencies.

A few times each year I will use my US ATM cards from BOA and another one from federal credit union in Hawaii (just to ensure the cards stay active) and I always get a noticeably lower exchange rate compared to the TT rate for funds wired over. Plus, you usually have an additional ATM fee(s) added on for an overseas withdrawal....but of course wiring funds via TT usually has its fee(s) also.

I haven't used my US ATM card here in a long time. I know it was higher than the note rate. I seem to get an ever higher rate when charging airline tickets online with my B of A credit card. My credit card only charges the 1%, many charge 3%. I know my Visa ATM charges 1% to exchange foreign currency, B of A I think was $5 plus the Thai bank ATM fee for a 25,000 Baht "pull." Online B of A charges me $3, BKK Bank charges $5 at their NY branch and 200 Baht here to put it into my account. That's for a $2000 transfer. The BKK Bank NY fee goes up for over $2000, B of A remains the same and it is at the published TT rate for the time the money is deposited here. Good luck, let me know if you find a cheaper way. I've heard some brokerage firms do free wire transfers and B of A has said they would wave the fee if I call and ask, but I doubt they would wave the fee every month.

[Pib]

BOA must use a different rate depending on whether the ATM/Debit card is used to deposit money directly into a Thai bank account versus getting the money out of the Thai ATM machine. I just know the exchange rate given using a BOA ATM card is lower when getting Baht from an Bangkok Bank ATM machine than when during a wire transfer to your Bangkok Bank account where you get the TT rate.

Real life example: I used my BOA ATM card just last week (30 Aug) to get 3000 Baht from a Bangkok Bank ATM machine....I use the BOA ATM card once or twice a year just to ensure it is kept active/still works. The charge that hit my BOA account for that 3000 Baht withdrawal was for $100.86 which equates to a 29.74 Baht per USD exchange rate. And this is not including the 150 Baht ATM charged by most Thai banks that also arrived my BOA account on 30 Aug for an even/additional $5 charge against my account. The Bangkok Bank TT Update 1 rate for 30 Aug was 31.15 Baht per USD, which is significantly better than a 29.74 exchange rate provided by the ATM withdrawal.

I just hate using my BOA ATM card (or any of my home country bank ATM/debit cards due to the lower exchange rate)...but I do use them occasionally to ensure they get exercised a little/still work as I may just have to use them some day for a large withdrawal in case of an emergency. Cheers.

Edited September 5, 2010 by Pib

[Jimi007]

BOA must use a different rate depending on whether the ATM/Debit card is used to deposit money directly into a Thai bank account versus getting the money out of the Thai ATM machine. I just know the exchange rate given using a BOA ATM card is lower when getting Baht from an Bangkok Bank ATM machine than when during a wire transfer to your Bangkok Bank account where you get the TT rate.

Real life example: I used my BOA ATM card just last week (30 Aug) to get 3000 Baht from a Bangkok Bank ATM machine....I use the BOA ATM card once or twice a year just to ensure it is kept active/still works. The charge that hit my BOA account for that 3000 Baht withdrawal was for $100.86 which equates to a 29.74 Baht per USD exchange rate. And this is not including the 150 Baht ATM charged by most Thai banks that also arrived my BOA account on 30 Aug for an even/additional $5 charge against my account. The Bangkok Bank TT Update 1 rate for 30 Aug was 31.15 Baht per USD, which is significantly better than a 29.74 exchange rate provided by the ATM withdrawal.

I just hate using my BOA ATM card (or any of my home country bank ATM/debit cards due to the lower exchange rate)...but I do use them occasionally to ensure they get exercised a little/still work as I may just have to use them some day for a large withdrawal in case of an emergency. Cheers.

I just looked over some transactions from 2008 and early 2009 and I noticed the rate on my B of A ATM card used to be very close to the TT rate posted for those dates. But later transactions in 2009 it wasn't, it was getting closer to the note rate but still slightly above. I haven't used my B of A ATM card in a long time, on 14/09/09 the rate I got was 33.65 and the BKK Bank rates that day were 33.56 notes and 33.71 TT. So you are correct that B of A isn't paying the TT rate now. In 2008 the rate was very close to the TT rate, within .05 of a Baht. So, B of A is skimming a bit more to make their bottom line look better at our expense it would seem!

[Pib]

Yes, BOA is giving a significantly lower exchange rate now. Their rates now appear to be in the "mid market rates" ballpark you see quoted on ThaiVisa...and within that ballpark, BOA rate appears to be a little on the low side. Mid markets rates are neither "buy" nor "sell" rates; instead they are mid market derived from the mid-point between the "buy" and "sell" rates for notes, sight bills, TT, etc., from global currency markets. Or said another way, the mid point of what many different global banks/organizations offer for various currency instruments. Some offer good rates; some don't.