Wire Transfer Surcharge

[sabai sabai]

If I wire transfer from my bank account overseas to my Kasikornbank account in Thailand, does Kasikornbank charge a fee or a surcharge for having wired my money into my account? I know that my US bank here charges just 30USD for the wire transfer, but what about Kasikorn when I wire money to them?

I seem to remember someone telling me that it was something like 2% or at least $25USD.

Also, what does the term "telex transfer" mean? When I went to the Kasikornbank website, under rates, it lists this Telex Transfer column with buy and sell columns om the same page.

When I wire transfer money from abroad, do I get Kasikorn's "buy" money exchange rate or the Telex Transfer rate?

Thanks for your help.

[lopburi3]

The exchange rate used should be the TT rate (better than cash).

The charge for Bangkok Bank was .0025% but it is so small have not checked it in years.

[JimGant]

As Lop says, Bangkok Bank charges .0025, but with a minimum of 300 baht, and a maximum of 500 baht. If Kasikorn Bank is charging "2% or at least $25," I'd find another bank.

A few other pointers that have been hammered home here on this forum, but which you might not have seen:

-- Make sure you wire your home currency, to be converted to baht in Thailand. Converting to baht at the wire end will cost you quite a bit in conversion horsepower.

-- Wire large amounts to absorb the fixed fees, thus effectively giving you a better exchange rate.

If you plan to use a farang ATM/Debit Card and/or credit card, make sure you've got the best deals. Most all pass on the 1% Cirrus/Plus network fee charged for foreign transactions. But many credit cards now charge 3% -- and many ATM cards have a fixed per transaction fee (but you can find some that don't, like USAA). Yes, you get a better rate than the TT rate when you use plastic. But when all the charges are added in, your effective rate can really suck.

[The rate you get is the interbank exchange rate. (See: Exchange Rates) If that rate is 40.96, and your credit card charges 3% for foreign purchases, your effective rate becomes 39.73!!)

So, wire large amounts, and use plastic issued by your Thai bank. (Unless, of course, you see another 1997 coming )

[sabai sabai]

Thanks for the information, Lopburi3 and JimGant.

[OldAsiaHand]

Just one more thought....

When you wire funds to a Thai bank, the originating bank will charge you (USD20-30 is normal range) and the receiving bank will charge you (THB500-THB1000) is normal range). Frequently, however, you will also find another USD10-25 'disappearing' in transit. That is yet another fee imposed by the correspondent bank through which the transfer is routed and you should expect it to turn up frequently, particularly on wires to Thai banks.

[dclaryjr]

Just one more thought....

When you wire funds to a Thai bank, the originating bank will charge you (USD20-30 is normal range) and the receiving bank will charge you (THB500-THB1000) is normal range). Frequently, however, you will also find another USD10-25 'disappearing' in  transit. That is yet another fee imposed by the correspondent bank through which the transfer is routed and you should expect it to turn up frequently, particularly on wires to Thai banks.

<{POST_SNAPBACK}>

I don't know what kind of amounts the OP is talking about, but the discussion in the "Bank Of America To Bangkok Bank Ltd" thread sounds like a good solution if the amounts are good.

[lopburi3]

Just one more thought....

When you wire funds to a Thai bank, the originating bank will charge you (USD20-30 is normal range) and the receiving bank will charge you (THB500-THB1000) is normal range). Frequently, however, you will also find another USD10-25 'disappearing' in  transit. That is yet another fee imposed by the correspondent bank through which the transfer is routed and you should expect it to turn up frequently, particularly on wires to Thai banks.

<{POST_SNAPBACK}>

Believe your examples may be higher than normal for all but home bank but that is the reason you send a lot of money each time - then the $5 taken by BBL New York and the few hundred baht fee at the Thai end do not amount to much as a total percentage.