Thai Commercial Banks Agree On Single Money Transfer Rate

[webfact]

PAYMENTS

Single rate for money transfers

By The Nation

Commercial banks agreed to impose a single rate of Bt12 for money transfers upto Bt2 million from December 15 onwards, as a result of pressure from the Bank of Thailand.

Following the meeting yesterday, Chim Tantiyaswasdikul, assistant governor for information technology., said this should eat into their revenue only about Bt100 million each.

At present, banks charge three rates for the transfers: Bt12 for transfers worth upto to Bt100,000, Bt40 for transfers between more than Bt100,000 to Bt500,000, and Bt100 for transfers of over Bt500,000 to Bt2 million. Negotiations on fee reduction on other payment items will be discussed later on including ATM-related fees and BOT's compensation, Chim said.

Apisak Tantivorawong, president of Krung Thai Bank, said the reduction is acceptable to benefit bank customers.

-- The Nation 2010-09-10

[prakhonchai nick]

Banks do not currently charge 12bt for transfers up to 100,000bt as stated. It is usually 10bt for each 10,000bt or part thereof and if to a different bank, even more!

[prakhonchai nick]

I once wanted to transfer 1,000,000bt from one branch of K Bank in Pattaya to their branch in Big C Pattaya. they wanted 1000bt transfer fee!

Just wish the newspapers would report correct facts sometimes

[BillR]

transfer fees at the atm or online are 25B at the yellow bank.

[prakhonchai nick]

transfer fees at the atm or online are 25B at the yellow bank.

Think you'll find that is the minimum. Transfer 60,000bt and you pay 70bt for example

[lucky2103]

Did I miss something ?

Every time I transfer an amount of about 5000 THB to another bank, the bkkbank ATM will charge me 35 THB, which is more than my bank in Europe would charge.

So whats all the fuss about the 12 THB fee ?

[prakhonchai nick]

Did I miss something ?

Every time I transfer an amount of about 5000 THB to another bank, the bkkbank ATM will charge me 35 THB, which is more than my bank in Europe would charge.

So whats all the fuss about the 12 THB fee ?

No Fuss

The point is can you believe what you read? The report states the charge is currently 12bt up to 100,000bt transfer, which of course is a load of rubbish as we all know.

[HarrydePotter]

Did I miss something ?

Every time I transfer an amount of about 5000 THB to another bank, the bkkbank ATM will charge me 35 THB, which is more than my bank in Europe would charge.

So whats all the fuss about the 12 THB fee ?

Maybe the diff between normal- and realtime transfers? SCB normal 12, realtime 25 but goes up when more then 10.000 or so. It also depends or it is a tranfer within the same bank or to another bank... the numbers i gave are transfers to another bank...

[CosmicSurfer]

And as usual the Poor subsidize the Rich....

This deal could have been cut by the Republican Party in the USA...

The Poor pay the top Rate with no change, and the rich get their rate Cut.

Poor will transfer the smaller under 100,000 baht sums... Like my wife sending her family 10,000 to cover expenses... and they will make transfers much more often, so the banks profit more from these transactions then they do from the large ones.

To be equitable, They should change the lower rate to 0.01% for the First 100,000 and 12 Baht on all transfers over that.

BUT TIT.... so it will never happen.

CS

[tomyummer]

At least they're getting somewhere. A little discount is better than none, I guess. I'm sure the banks will find another way to screw us in the end. Raise the price of stupid 'passbooks'?

[Jose]

All this talk about transfer fees is a ridiculous and deliberate distraction. Transfer fees are pennies compared to the bank's fx spread of anything from 0.2% to 2.5% (depending on the bankster used).

One Million Baht transfer:

Bank fee: 12-1000 Baht.

Fx bank spread: 2000-25000 Baht.

Edited September 10, 2010 by Jose

[ableguy]

Did I miss something ?

Every time I transfer an amount of about 5000 THB to another bank, the bkkbank ATM will charge me 35 THB, which is more than my bank in Europe would charge.

So whats all the fuss about the 12 THB fee ?

My pension is paid into head office BKK of Bangkok Bank from USA,( I have no choice ) every month I go into my local branch where I have an account and transfer around 30000 THB into my account ( Bangkok Bank ) so I can draw from ATM. So transfer from branch to another fee ia always above THB 50, really very little work involved, this to me is a rip off.

[Boss]

I cant follow this.

My company receives daily deposits from our custumors abroad - Bank to bank transfers. Bangkok Bank charges 200 bath / transaction. ??

[Hyponeros]

12 baht is the minimum?

I NEVER paid less than 25thb! Where is this number taken from?

Or is it 12thb for Thais and 25thb for all those stupid farangs?

Edited September 10, 2010 by Hyponeros

[terence0618]

knn, why the news always give false information????????????

Are they trying to cover up or the have 2 version?

one for Thai to read and the other in English for farangs!!!!!!!!!!!!!!!!!!!!

We are no fools....u know!

[asiawatcher]

We transfer regularly - inter bank BKK is 35Baht, Bank to Bank but provincial provinces usually sucks up about 1,000 Baht - the bank claiming it is out of district! (go figure). Bank to Bank international I have my client pay incoming but the bank charges me 500 Baht. Never seen the 12 Baht deal ever - but then again - we could not expect banks to tell the truth could we? Thieves all.

[SamritT]

Commercial banks agreed to impose a single rate of Bt12 for money transfers upto Bt2 million from December 15 onwards, as a result of pressure from the Bank of Thailand. This rate is for local area transfer, not crossing provinces. If you do, it is 10 Baht fee for every 10,000 Baht transfer.

[fxe1200]

transfer fees at the atm or online are 25B at the yellow bank.

At Kasikornbank it is the same, 25THB for an online transaction.

But watch out! When the Kasikornbank experiences "technical problems" with the transfer, they will first debit and then credit your account, but they will keep the fee! Complaints remain unanswered.

[Colabamumbai]

These are obviously not International Money Transfers coming from abroad into a Thai bank, they work on a sliding scale the more transferred the more it costs you, on both ends from where you send and to where you receive.

[fxe1200]

These are obviously not International Money Transfers coming from abroad into a Thai bank, they work on a sliding scale the more transferred the more it costs you, on both ends from where you send and to where you receive.

To be in full control of the costs involved, one should first convert the amount being send into Thai Baht, and the send it via an OUR Payment. Then the amount should appear in full (100%) at the Thai bank. It works with the Bangkok Bank. Additional fees charged by the SCB and at Kasikorn were sucessfully claimed and credited. To finally compare the fees charged, one can proceed as described above but use the BENIFICARY Payment. Then all costs involved will be charged by the receiving Thai bank.

Happy banking!

[chainarong]

Banks !!!!! don't cha just luv em.

[Suradit]

knn, why the news always give false information????????????

Are they trying to cover up or the have 2 version?

one for Thai to read and the other in English for farangs!!!!!!!!!!!!!!!!!!!!

We are no fools....u know!

If you read the article in the Bangkok Post, it states that ATM transfer charges are B25 for amounts up to B10,000 and B35 for transactions from B10,000 to B35,000.

The concessions they made were for electronic interbank transactions.

It also states that interprovincial deposits, withdrawals made at branch counters, inter-provincial transfers, etc were not covered by the concession.

Unfortunately the article, as written by the Nation, is inaccurate because it isn't as specific as it should have been. Once again, announcements made in Thai seem to get mangled by translators and journalists who are limited in their understanding of the subject and who are fluent only in fairly basic English, (but far more fluent than the average farang is in the Thai language), which means much is lost in translation of any information of even a slightly technical nature.

Armed with this incomplete and/or inaccurate information, the TV mobs grab their pitchforks and torches while venting at the wrong target.

Edited September 10, 2010 by Suradit

[cardholder]

Banks do not currently charge 12bt for transfers up to 100,000bt as stated. It is usually 10bt for each 10,000bt or part thereof and if to a different bank, even more!

Surely Kasikorn to Kasikorn vi K-Cyber banking is free ?

[Tanaka]

These are obviously not International Money Transfers coming from abroad into a Thai bank, they work on a sliding scale the more transferred the more it costs you, on both ends from where you send and to where you receive.

To be in full control of the costs involved, one should first convert the amount being send into Thai Baht, and the send it via an OUR Payment. Then the amount should appear in full (100%) at the Thai bank. It works with the Bangkok Bank. Additional fees charged by the SCB and at Kasikorn were sucessfully claimed and credited. To finally compare the fees charged, one can proceed as described above but use the BENIFICARY Payment. Then all costs involved will be charged by the receiving Thai bank.

Happy banking!

Then you should compare the rate you get when exchanging in the country you send from. You may find you lose more that way.

[cardholder]

. Then the amount should appear in full (100%) at the Thai bank. It works with the Bangkok Bank. Additional fees charged by the SCB and at Kasikorn were sucessfully claimed and credited.

Bank are perfectly entitled to charge a fee on the incoming money.

Usually described as "Clean Inward Payment" in the case where funds are received in the home currency of the receiving bank.

[Tywais]

I'm a bit confused as to what they are referring to. I use Internet banking with Bangkok Bank regularly. Transfers within province has been free for me for years and inter-province 20 Baht.

[cardholder]

I'm a bit confused as to what they are referring to. I use Internet banking with Bangkok Bank regularly. Transfers within province has been free for me for years and inter-province 20 Baht.

Same for me with Kasikorn.

I think 35 Baht to another bank

[fxe1200]

. Then the amount should appear in full (100%) at the Thai bank. It works with the Bangkok Bank. Additional fees charged by the SCB and at Kasikorn were sucessfully claimed and credited.

Bank are perfectly entitled to charge a fee on the incoming money.

Usually described as "Clean Inward Payment" in the case where funds are received in the home currency of the receiving bank.

Sure they can charge, and they love to do it, especially in Thailand! We know the greed of their banks.

But the OUR payment (all fees paid by the sender) is meant to be an instrument, whereby a foreign customer is able to pay his duty to the exporter in full, without the exporter being charged anything. This is to ensure, that the recipient or exporter receives the full amount of his invoice(Payment made out in the local currency of the recipient). This works in western countries and Japan perfectly.

Charges definitely happen, when the sender opts for the BEN (BENIFICARY)payment (all fees to be paid by the recipient), or the SHARED payment (all fees are being shared inbetween the sender and the recipient).

A "Clean inward payment" fee can be claimed sucessfully, as the bank does not want to lose a customer and rather sticks to the common "OUR-payment" rules, as performed in most countries on our planet.

[fxe1200]

These are obviously not International Money Transfers coming from abroad into a Thai bank, they work on a sliding scale the more transferred the more it costs you, on both ends from where you send and to where you receive.

To be in full control of the costs involved, one should first convert the amount being send into Thai Baht, and the send it via an OUR Payment. Then the amount should appear in full (100%) at the Thai bank. It works with the Bangkok Bank. Additional fees charged by the SCB and at Kasikorn were sucessfully claimed and credited. To finally compare the fees charged, one can proceed as described above but use the BENIFICARY Payment. Then all costs involved will be charged by the receiving Thai bank.

Happy banking!

Then you should compare the rate you get when exchanging in the country you send from. You may find you lose more that way.

I suppose that those doing int. banking will compare their rates (incoming/outgoing). The average profit margin I experiencend is about 0.6 points away from the ECB Thai/Euro rate i.e.: ECB rate 40 THB/Euro(middle foreign currency rate), rate given 39,40 THB/Euro.

This way and by asking their banks, everybody can calculate the costs of an int. transfer beforehand.

Edited September 10, 2010 by fxe1200

[prakhonchai nick]

Banks do not currently charge 12bt for transfers up to 100,000bt as stated. It is usually 10bt for each 10,000bt or part thereof and if to a different bank, even more!

Surely Kasikorn to Kasikorn vi K-Cyber banking is free ?

No Cardholder.

It is the same as using an ATM, although cheaper. If the 2 branches are in different provinces a charge applies.

Money transferred in from overseas, first arrives in Bangkok, and a charge of 20bt is slapped on for transferring to your home branch,. after all the other fees and commission have been deducted.