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[ginooooo]

Had an emergency and had to send $11000 though my Wells Fargo bank in the US to family in Thailand. Wells Fargo gave me lower than the listed rate at about 1/2 baht per $1 and sent a total of 323,500 baht to the family via wire transfer. Well, the family got 320,000 even. The bank took 3500 baht for themselves as it went into family's bank account.

Is this what I expect to see when our retirement checks get sent to our bank accounts there next year when we move? Get hit with big costs just for sending money to our accounts? We sent the money as baht and seems like there should not have been a such a large amount for the Bangkok bank to take out for themselves.

Thank you for any experiences/advice.

[bifftastic]

Hi Gino,

hope you're well

The best thing to do is to make sure you send it in dollars(your bank will prefer if you don't so they can make on the swap), then the exchange happens in Thailand and you'll get a better rate.

Also, there are reports on here (somewhere) about sending it to Bangkok Bank's New York branch thus avoiding the international transfer fees, they then make a one-off charge (can't remember what folks said it was but I think it was about $10) and transfer it into the recipients Bangkok Bank account in Thailand. No further charges.

Hope this helps a little.

Biff

Have a look around in the banking forum, you should be able to find a thread with more specific info

Edited November 7, 2010 by bifftastic

[Langsuan Man]

Go here for Bangkok Bank, New York (US) transfer information

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

[scorpio1945]

I pay $25 to my Investment company (fair) and transfer in dollars to Bangkok Bank. They have never charged me a fee. On the contrary they give me the best possible exchange rate.:jap:

[Garry]

I gather there are no administrative fees involved in transactions over $10,000?

BSA (Bank Secrecy Act) Isn't the US IRS supposed to be informed by the person carrying out the transaction?

[sarahsbloke]

Bangkok Bank always take a cut, and they never tell you.

I use Hifx (online) to transfer money to my Bangkok Bank account.

Exchange rate is fixed when I press the confirm button, HiFx guarantee that amount goes to my account.

I email them a copy of the bank book, showing the deposit, they refund the amount Bangkok bank took. It doesn't appear on any statement, but what is sent in baht, and what arrives in baht are different.

If you send dollars, then you don't see what they take.

[Langsuan Man]

I gather there are no administrative fees involved in transactions over $10,000?

BSA (Bank Secrecy Act) Isn't the US IRS supposed to be informed by the person carrying out the transaction?

Yes, the Department of Treasury is informed when YOU fill out the annual TDF 90-22.1 Report of Foreign Bank and Financial Accounts, IRS finds out when you report your interest on your Form 1040

Why would you gather that there are no administrative fees involved in transactions over $10,000 ?

[ginooooo]

Hi Gino,

hope you're well

The best thing to do is to make sure you send it in dollars(your bank will prefer if you don't so they can make on the swap), then the exchange happens in Thailand and you'll get a better rate.

Also, there are reports on here (somewhere) about sending it to Bangkok Bank's New York branch thus avoiding the international transfer fees, they then make a one-off charge (can't remember what folks said it was but I think it was about $10) and transfer it into the recipients Bangkok Bank account in Thailand. No further charges.

Hope this helps a little.

Biff

Have a look around in the banking forum, you should be able to find a thread with more specific info

Hi, Biff. Been sending money to the family there for years helping them and always sent in Baht figuring that I know the amount sent via wire, but decided to check what was actually sent and received. Looked kinda strange when they received exactly 320,000. Rounded off. I get hit with my bank taking a little cut, the $20 expense of sending it via wire, and the Bangkok bank getting theirs. Bunch of bull.

Next time I will send in dollars via my bank but the the known baht rate at that time will change when the Bangkok bank gets it and they might even take more. I was wondering also if a wire via Western Union to an office in Phayao would be the best way to do it. Also sending dollars I suspect the Bangkok bank gives the lowest rates and base it on the exchange of $1 or a $100 bill. $100 bills get more. Since no bills/cash involved, get really hosed.

[ginooooo]

I pay $25 to my Investment company (fair) and transfer in dollars to Bangkok Bank. They have never charged me a fee. On the contrary they give me the best possible exchange rate.:jap:

Well, you live in Thailand and that might make a difference as I am not sending to my account there. However when my wife and I go visit in February, we will open up a joint account with her relative and that might help.

I hate banks!

[ginooooo]

I gather there are no administrative fees involved in transactions over $10,000?

BSA (Bank Secrecy Act) Isn't the US IRS supposed to be informed by the person carrying out the transaction?

I guess not since I sent over 80K there to build my home 2 years ago from my 401k. As long as you can prove you ain't dodging the system, no problem.

[bifftastic]

Hi Gino,

hope you're well

The best thing to do is to make sure you send it in dollars(your bank will prefer if you don't so they can make on the swap), then the exchange happens in Thailand and you'll get a better rate.

Also, there are reports on here (somewhere) about sending it to Bangkok Bank's New York branch thus avoiding the international transfer fees, they then make a one-off charge (can't remember what folks said it was but I think it was about $10) and transfer it into the recipients Bangkok Bank account in Thailand. No further charges.

Hope this helps a little.

Biff

Have a look around in the banking forum, you should be able to find a thread with more specific info

Hi, Biff. Been sending money to the family there for years helping them and always sent in Baht figuring that I know the amount sent via wire, but decided to check what was actually sent and received. Looked kinda strange when they received exactly 320,000. Rounded off. I get hit with my bank taking a little cut, the $20 expense of sending it via wire, and the Bangkok bank getting theirs. Bunch of bull.

Next time I will send in dollars via my bank but the the known baht rate at that time will change when the Bangkok bank gets it and they might even take more. I was wondering also if a wire via Western Union to an office in Phayao would be the best way to do it. Also sending dollars I suspect the Bangkok bank gives the lowest rates and base it on the exchange of $1 or a $100 bill. $100 bills get more. Since no bills/cash involved, get really hosed.

Hi

I sent a SWIFT transfer once, direct from my bank on the UK to my g/f's Bangkok Bank account, cost me £9.50 to do it, and BB took another

700 baht at their end! Plus, it took the best part of a week to do it.

Western Union is ok for emergencies with small amounts, here in the UK they hit me for £5 for every £50, plus their own exchange rate is much worse than the banks. The advantage is that it's available in about 5 minutes, so when Ms Tastic decided to park the motorcy without stopping it first, and it needed new mirrors, that was the quickest way of getting a couple thousand baht over to her.

For regular amounts, plus the money to pay for the house, I use moneybookers.com I'm also at the mercy of the fluctuating exchange rate as it takes a couple of days. Plus I'm sure I get stung twice as they work in Euros but their fees are about 80 baht and Bangkok Bank take 200 baht, so for me, it's not too bad and although I've never done much more than a rough calculation of what rate I get, it's pretty close to the rate shown in Thailand for that day which beats the rate if I were to send baht direct from the UK. and at least I don't pay my bank here for any part of the transfer.

I think the Thai banks use the TT or Telegraphic Transfer rate when they do the transfer from $'s or £'s, either way they win, we pay them for a service, hey ho!

There are some guys in the banking forum who get their US pensions transferred, might be worth having a look-see there to see who's in a similar situation to yourself and find out the way they do it on a regular basis, good luck

I hate banks too

[sarahsbloke]

when Ms Tastic decided to park the motorcy without stopping it first, and it needed new mirrors, that was the quickest way of getting a couple thousand baht over to her.

A pair of new Honda mirrors for a Honda click, provided and fitted by a Honda dealer, 160bht (last week)

[Garry]

I gather there are no administrative fees involved in transactions over $10,000?

BSA (Bank Secrecy Act) Isn't the US IRS supposed to be informed by the person carrying out the transaction?

Yes, the Department of Treasury is informed when YOU fill out the annual TDF 90-22.1 Report of Foreign Bank and Financial Accounts, IRS finds out when you report your interest on your Form 1040

Why would you gather that there are no administrative fees involved in transactions over $10,000 ?

I was just floating the point. As we all know, banks are generally out to make money, not give it away.If and I do say if, part ofd their administratvie pricesses are to report fund transactions like this, it may come back on the person carrying out the transaction. If it doesn't, all well and good.

[Garry]

I gather there are no administrative fees involved in transactions over $10,000?

BSA (Bank Secrecy Act) Isn't the US IRS supposed to be informed by the person carrying out the transaction?

I guess not since I sent over 80K there to build my home 2 years ago from my 401k. As long as you can prove you ain't dodging the system, no problem.

Yeah, it makes sense then Gino. I normally do swift transfers myself via TT to my thai bank and the fees do seem to be minimal both ends. The US policy makers seems to be a lot stricter and I was just wondering if there were requirements for this scrutiny for transactions of this amount from your home soil.

[bifftastic]

when Ms Tastic decided to park the motorcy without stopping it first, and it needed new mirrors, that was the quickest way of getting a couple thousand baht over to her.

A pair of new Honda mirrors for a Honda click, provided and fitted by a Honda dealer, 160bht (last week)

Yeah, thanks for that, I didn't really need a quote, nor any insinuation that I had paid too much for mirrors or that my g/f was over-pricing mirrors. Just that Western Union was only really useful for smaller amounts due to their charges. But please, do feel free to let me know how cheaply you get things done won't you?

[mcgriffith]

Just a little side note about how fees work when sending money to Thailand via Bangkok Bank New York branch.

It is a tiered fee system. Charged in NY:

Under $50- no fee

$50-2500- $5 fee

$2500+- $10 fee

In addition, charged in Bangkok a sliding scale of up to 500 B depending on the amount sent.

So the maximum fee incurred (say you send $7000) would be $10 plus 500 B- about $27 US at the current exchange rate.

There is a way to determine exactly what fees are being charged. You go to your home branch, and ask for one of these:

I've blocked off the bottom of the document for privacy reasons. On this page is listed the entire money trail, from the originating acct to BBL New York to BBL Bangkok, and all the fees incurred. Also it shows the exchange rate which is always the current telex rate (known as the "TT" rate).

As this is not Chiang Rai specific, moved to the banking sub forum, with a live link remaining.

BTW, this document can come in handy should one wish to repatriate monies from Thailand back to the home country. It proves that the money in Thailand had a foreign source, and is thus legal to take out.

[ianguygil]

Just a little side note about how fees work when sending money to Thailand via Bangkok Bank New York branch.

It is a tiered fee system. Charged in NY:

Under $50- no fee

$50-2500- $5 fee

$2500+- $10 fee

In addition, charged in Bangkok a sliding scale of up to 500 B depending on the amount sent.

So the maximum fee incurred (say you send $7000) would be $10 plus 500 B- about $27 US at the current exchange rate.

There is a way to determine exactly what fees are being charged. You go to your home branch, and ask for one of these:

I've blocked off the bottom of the document for privacy reasons. On this page is listed the entire money trail, from the originating acct to BBL New York to BBL Bangkok, and all the fees incurred. Also it shows the exchange rate which is always the current telex rate (known as the "TT" rate).

As this is not Chiang Rai specific, moved to the banking sub forum, with a live link remaining.

BTW, this document can come in handy should one wish to repatriate monies from Thailand back to the home country. It proves that the money in Thailand had a foreign source, and is thus legal to take out.

Here is the link to our website where these fees are detailed.

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

And here is the current content of that page:

Fees

1. Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH system:
   Transferred AmountFee Less than USD 50.00

   Free

   
   USD 51.00 - 100.00

   USD 3.00

   
   USD 100.01 - 2,000.00

   USD 5.00

   
   USD 2,000.01 - 50,000.00

   USD 10.00

   
   USD 50,000.01 or more

   USD 20.00

2. Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipientÆs Bangkok Bank account in Thailand.

[ginooooo]

Hi Gino,

hope you're well

The best thing to do is to make sure you send it in dollars(your bank will prefer if you don't so they can make on the swap), then the exchange happens in Thailand and you'll get a better rate.

Also, there are reports on here (somewhere) about sending it to Bangkok Bank's New York branch thus avoiding the international transfer fees, they then make a one-off charge (can't remember what folks said it was but I think it was about $10) and transfer it into the recipients Bangkok Bank account in Thailand. No further charges.

Hope this helps a little.

Biff

Have a look around in the banking forum, you should be able to find a thread with more specific info

Hi, Biff. Been sending money to the family there for years helping them and always sent in Baht figuring that I know the amount sent via wire, but decided to check what was actually sent and received. Looked kinda strange when they received exactly 320,000. Rounded off. I get hit with my bank taking a little cut, the $20 expense of sending it via wire, and the Bangkok bank getting theirs. Bunch of bull.

Next time I will send in dollars via my bank but the the known baht rate at that time will change when the Bangkok bank gets it and they might even take more. I was wondering also if a wire via Western Union to an office in Phayao would be the best way to do it. Also sending dollars I suspect the Bangkok bank gives the lowest rates and base it on the exchange of $1 or a $100 bill. $100 bills get more. Since no bills/cash involved, get really hosed.

Hi

I sent a SWIFT transfer once, direct from my bank on the UK to my g/f's Bangkok Bank account, cost me £9.50 to do it, and BB took another

700 baht at their end! Plus, it took the best part of a week to do it.

Western Union is ok for emergencies with small amounts, here in the UK they hit me for £5 for every £50, plus their own exchange rate is much worse than the banks. The advantage is that it's available in about 5 minutes, so when Ms Tastic decided to park the motorcy without stopping it first, and it needed new mirrors, that was the quickest way of getting a couple thousand baht over to her.

For regular amounts, plus the money to pay for the house, I use moneybookers.com I'm also at the mercy of the fluctuating exchange rate as it takes a couple of days. Plus I'm sure I get stung twice as they work in Euros but their fees are about 80 baht and Bangkok Bank take 200 baht, so for me, it's not too bad and although I've never done much more than a rough calculation of what rate I get, it's pretty close to the rate shown in Thailand for that day which beats the rate if I were to send baht direct from the UK. and at least I don't pay my bank here for any part of the transfer.

I think the Thai banks use the TT or Telegraphic Transfer rate when they do the transfer from s or £'s, either way they win, we pay them for a service, hey ho!

There are some guys in the banking forum who get their US pensions transferred, might be worth having a look-see there to see who's in a similar situation to yourself and find out the way they do it on a regular basis, good luck

I hate banks too

That is why we plan on opening joint accounts there to have our pension money sent to. Too much of a pain to go to the embassy in Chiangmai to get it all the time. Also will have a cashier's check, very large amount by selling my home here, belongings. I was told it takes over 30 days to deposit a large cashier's check and finally see it in the account. Lucky though wife's cousin works in the Bangkok bank branch in Phayao and the manager there speaks English to assist the process.

[ginooooo]

I gather there are no administrative fees involved in transactions over $10,000?

BSA (Bank Secrecy Act) Isn't the US IRS supposed to be informed by the person carrying out the transaction?

I guess not since I sent over 80K there to build my home 2 years ago from my 401k. As long as you can prove you ain't dodging the system, no problem.

Yeah, it makes sense then Gino. I normally do swift transfers myself via TT to my thai bank and the fees do seem to be minimal both ends. The US policy makers seems to be a lot stricter and I was just wondering if there were requirements for this scrutiny for transactions of this amount from your home soil.

All I know is the money came from my 401k and payed my taxes upon withdrawal.

[JimGant]

I pay $25 to my Investment company (fair) and transfer in dollars to Bangkok Bank. They have never charged me a fee. On the contrary they give me the best possible exchange rate.

Well, your investment company is charging you a $25 fee, which is probably the SWIFT wire fee. And, as shown above, Bangkok Bank charges .25% -- minimum 200 baht, max 500 baht. Not sure who "they" are/is, but it doesn't make any difference in this situation -- as both are definitely charging you a fee.

And, yes, by transferring dollars, not baht, you'll get a better rate (the baht is just too thinly traded to do well with offshore FX). And that rate is the telex rate (TT), which is only about 12-15 satang off the base rate/interbank exchange rate. Certainly a better rate than you would get buying baht with dollars at a Bangkok Bank cashier's cage.

In emergencies, a SWIFT wire is the fastest -- normally one business day (from the States anyhow -- but from Europe, SWIFT seems to take about a week....). But, it does cost considerably more than the cheapest way to send money (from the States, that is)..........

....which is ACH. Rates shown in a post above. And, most US financial institutions, if not all, now have the ACH electronic funds transfer option (some, like Bank of America use a middleman, which slows things down, and costs a few dollars -- but most don't charge anything). However, for this substantial cost savings, it takes two business days for the money to reach Thailand, at least with my experience with USAA Savings Bank (vice one day for a SWIFT transfer).

Don't know when the OP transferred his money, but, say it was Nov 4th, when the TT rate was 29.57. An ACH to BB NY of $11,000 would have $10, 990 sent to Thailand ($10 BB NY fee taken out up-front), where it would be converted to 324,474 baht (after the 500 baht Thai side fee was subtracted). A transfer even earlier than Nov 4th would have realized even more baht...

Why the OP's family only realized 320,000 baht -- with 3,500 baht appearing to be another fee -- is interesting. Yes, the first "cost" was exchanging to baht before transfer. But, the 3,500 "fee" ($115) doesn't quite make sense, as this is too much for a correspondent bank to charge. Maybe Wells Fargo added on to this.....

Anyway, suggest anyone with a US financial institution account -- and a Bangkok Bank account -- establish an ACH path to Bangkok Bank NY. Even if just for future emergencies.

[mcgriffith]

Just a little side note about how fees work when sending money to Thailand via Bangkok Bank New York branch.

It is a tiered fee system. Charged in NY:

Under $50- no fee

$50-2500- $5 fee

$2500+- $10 fee

In addition, charged in Bangkok a sliding scale of up to 500 B depending on the amount sent.

So the maximum fee incurred (say you send $7000) would be $10 plus 500 B- about $27 US at the current exchange rate.

There is a way to determine exactly what fees are being charged. You go to your home branch, and ask for one of these:

I've blocked off the bottom of the document for privacy reasons. On this page is listed the entire money trail, from the originating acct to BBL New York to BBL Bangkok, and all the fees incurred. Also it shows the exchange rate which is always the current telex rate (known as the "TT" rate).

As this is not Chiang Rai specific, moved to the banking sub forum, with a live link remaining.

BTW, this document can come in handy should one wish to repatriate monies from Thailand back to the home country. It proves that the money in Thailand had a foreign source, and is thus legal to take out.

Here is the link to our website where these fees are detailed.

http://www.bangkokba...0usa%20fee.aspx

And here is the current content of that page:

Fees

1. Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH system:
   Transferred AmountFee Less than USD 50.00

   Free

   
   USD 51.00 - 100.00

   USD 3.00

   
   USD 100.01 - 2,000.00

   USD 5.00

   
   USD 2,000.01 - 50,000.00

   USD 10.00

   
   USD 50,000.01 or more

   USD 20.00

2. Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipientÆs Bangkok Bank account in Thailand.

Thanks for the excellent info and clarification, ianguygil!

[ianguygil]

Just a little side note about how fees work when sending money to Thailand via Bangkok Bank New York branch.

It is a tiered fee system. Charged in NY:

Under $50- no fee

$50-2500- $5 fee

$2500+- $10 fee

In addition, charged in Bangkok a sliding scale of up to 500 B depending on the amount sent.

So the maximum fee incurred (say you send $7000) would be $10 plus 500 B- about $27 US at the current exchange rate.

There is a way to determine exactly what fees are being charged. You go to your home branch, and ask for one of these:

I've blocked off the bottom of the document for privacy reasons. On this page is listed the entire money trail, from the originating acct to BBL New York to BBL Bangkok, and all the fees incurred. Also it shows the exchange rate which is always the current telex rate (known as the "TT" rate).

As this is not Chiang Rai specific, moved to the banking sub forum, with a live link remaining.

BTW, this document can come in handy should one wish to repatriate monies from Thailand back to the home country. It proves that the money in Thailand had a foreign source, and is thus legal to take out.

Here is the link to our website where these fees are detailed.

http://www.bangkokba...0usa%20fee.aspx

And here is the current content of that page:

Fees

1. Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH system:
   Transferred AmountFee Less than USD 50.00

   Free

   
   USD 51.00 - 100.00

   USD 3.00

   
   USD 100.01 - 2,000.00

   USD 5.00

   
   USD 2,000.01 - 50,000.00

   USD 10.00

   
   USD 50,000.01 or more

   USD 20.00

2. Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipientÆs Bangkok Bank account in Thailand.

Thanks for the excellent info and clarification, ianguygil!

My pleasure.

I encourage all board members to use our Website www.bangkokbank.com to lookup information. Fees and conditions are all clearly posted (as required by the central bank) and we use as little Banker Talk as is reasonable. We updated the site a few months ago and the new Sharepoint environment has much better search capabilities than our old site if you can not easily find something using the navigation menus (I would never have admitted there was anything wrong with the prior search functionality of course )

All please feel free to PM me if you can not find something or if you are encountering problems. A PM gets my attention much faster than a post, although feel free to post also as it shares the information with the board members.

[tomallison]

I pay $25 to my Investment company (fair) and transfer in dollars to Bangkok Bank. They have never charged me a fee. On the contrary they give me the best possible exchange rate.

Well, your investment company is charging you a $25 fee, which is probably the SWIFT wire fee. And, as shown above, Bangkok Bank charges .25% -- minimum 200 baht, max 500 baht. Not sure who "they" are/is, but it doesn't make any difference in this situation -- as both are definitely charging you a fee.

And, yes, by transferring dollars, not baht, you'll get a better rate (the baht is just too thinly traded to do well with offshore FX). And that rate is the telex rate (TT), which is only about 12-15 satang off the base rate/interbank exchange rate. Certainly a better rate than you would get buying baht with dollars at a Bangkok Bank cashier's cage.

In emergencies, a SWIFT wire is the fastest -- normally one business day (from the States anyhow -- but from Europe, SWIFT seems to take about a week....). But, it does cost considerably more than the cheapest way to send money (from the States, that is)..........

....which is ACH. Rates shown in a post above. And, most US financial institutions, if not all, now have the ACH electronic funds transfer option (some, like Bank of America use a middleman, which slows things down, and costs a few dollars -- but most don't charge anything). However, for this substantial cost savings, it takes two business days for the money to reach Thailand, at least with my experience with USAA Savings Bank (vice one day for a SWIFT transfer).

Don't know when the OP transferred his money, but, say it was Nov 4th, when the TT rate was 29.57. An ACH to BB NY of $11,000 would have $10, 990 sent to Thailand ($10 BB NY fee taken out up-front), where it would be converted to 324,474 baht (after the 500 baht Thai side fee was subtracted). A transfer even earlier than Nov 4th would have realized even more baht...

Why the OP's family only realized 320,000 baht -- with 3,500 baht appearing to be another fee -- is interesting. Yes, the first "cost" was exchanging to baht before transfer. But, the 3,500 "fee" ($115) doesn't quite make sense, as this is too much for a correspondent bank to charge. Maybe Wells Fargo added on to this.....

Anyway, suggest anyone with a US financial institution account -- and a Bangkok Bank account -- establish an ACH path to Bangkok Bank NY. Even if just for future emergencies.

SWIFT payments UK to Thailand take one business day.

[ianguygil]

I pay $25 to my Investment company (fair) and transfer in dollars to Bangkok Bank. They have never charged me a fee. On the contrary they give me the best possible exchange rate.

Well, your investment company is charging you a $25 fee, which is probably the SWIFT wire fee. And, as shown above, Bangkok Bank charges .25% -- minimum 200 baht, max 500 baht. Not sure who "they" are/is, but it doesn't make any difference in this situation -- as both are definitely charging you a fee.

And, yes, by transferring dollars, not baht, you'll get a better rate (the baht is just too thinly traded to do well with offshore FX). And that rate is the telex rate (TT), which is only about 12-15 satang off the base rate/interbank exchange rate. Certainly a better rate than you would get buying baht with dollars at a Bangkok Bank cashier's cage.

In emergencies, a SWIFT wire is the fastest -- normally one business day (from the States anyhow -- but from Europe, SWIFT seems to take about a week....). But, it does cost considerably more than the cheapest way to send money (from the States, that is)..........

....which is ACH. Rates shown in a post above. And, most US financial institutions, if not all, now have the ACH electronic funds transfer option (some, like Bank of America use a middleman, which slows things down, and costs a few dollars -- but most don't charge anything). However, for this substantial cost savings, it takes two business days for the money to reach Thailand, at least with my experience with USAA Savings Bank (vice one day for a SWIFT transfer).

Don't know when the OP transferred his money, but, say it was Nov 4th, when the TT rate was 29.57. An ACH to BB NY of $11,000 would have $10, 990 sent to Thailand ($10 BB NY fee taken out up-front), where it would be converted to 324,474 baht (after the 500 baht Thai side fee was subtracted). A transfer even earlier than Nov 4th would have realized even more baht...

Why the OP's family only realized 320,000 baht -- with 3,500 baht appearing to be another fee -- is interesting. Yes, the first "cost" was exchanging to baht before transfer. But, the 3,500 "fee" ($115) doesn't quite make sense, as this is too much for a correspondent bank to charge. Maybe Wells Fargo added on to this.....

Anyway, suggest anyone with a US financial institution account -- and a Bangkok Bank account -- establish an ACH path to Bangkok Bank NY. Even if just for future emergencies.

SWIFT payments UK to Thailand take one business day.

Well, without getting too far into this, it is possible if there are intermediaries, that a SWIFT payment can take longer. But if you are sending from a UK bank which has a correspondent relationship with us, or whatever Thai bank you are using, it will take 1 day. If you are sending from your UK bank, via our London branch, it will take 1 day in most cases. But if you send from a UK bank which pays via another UK bank, who uses another bank (say Citi) as their clearing agent in Thailand, then Citi pays us via the local clearing networks, it will not only take longer, but you will encounter much more in fees.

That is why using BACS to our London branch is normally the cheapest and fastest, unless your bank in the UK is our direct correspondent.