prefabs Posted February 5, 2011 Share Posted February 5, 2011 I have an HSBC account in Singapore and have just started using internet banking. Just for a trial run, I transferred a small sum (US$150) to my bank here in Thailand. Took less than 24 hours but the fees were pretty steep. I had to pay over $58 in commission and transfer fees. This concerns me as I will very soon have to start remitting larger amounts. Does any one have an idea if this is normal or what? Link to comment Share on other sites More sharing options...
CharlieH Posted February 5, 2011 Share Posted February 5, 2011 (edited) Dont know woh you bank with in Thailand but if you have an account in the USA/UK, transfer the money to Bangkok Bank in New York/London and they'll transfer it to Bangkok bank Thailnd for minimal charges. Only a suggestion/alternative . Edited February 5, 2011 by CharlieH Link to comment Share on other sites More sharing options...
thrilled Posted February 5, 2011 Share Posted February 5, 2011 Bangkok bank definitely the way to go. Link to comment Share on other sites More sharing options...
GeorgeO Posted February 5, 2011 Share Posted February 5, 2011 Bangkok bank definitely the way to go. I agree. I decided to quit HSBC for Bangkok Bank a couple of years ago and have never regretted it. This move reduced my bank charges by about 65 per ecnt. Link to comment Share on other sites More sharing options...
Naam Posted February 5, 2011 Share Posted February 5, 2011 Just for a trial run, I transferred a small sum (US$150) to my bank here in Thailand may i [not so] humbly suggest that you possess a wealth of "no idea" how to make a "trial run"? Link to comment Share on other sites More sharing options...
MickeyM Posted February 6, 2011 Share Posted February 6, 2011 If you have an HSBC account in BKK and Singapore, and the combined balances meet the minimum requirement for a Premier Account, you can transfer funds with no fees. Link to comment Share on other sites More sharing options...
chainarong Posted February 6, 2011 Share Posted February 6, 2011 No Problem from HSBC HK to Bkk or KBank, within 24hrs and cheap as chips, well cheaper than a transfer from C.B.A australia, the banking land of rip offs. Link to comment Share on other sites More sharing options...
prefabs Posted February 6, 2011 Author Share Posted February 6, 2011 Just for a trial run, I transferred a small sum (US$150) to my bank here in Thailand may i [not so] humbly suggest that you possess a wealth of "no idea" how to make a "trial run"? Sorry, having a problem understanding what you men exactly. Would you care to elaborate? Link to comment Share on other sites More sharing options...
prefabs Posted February 6, 2011 Author Share Posted February 6, 2011 If you have an HSBC account in BKK and Singapore, and the combined balances meet the minimum requirement for a Premier Account, you can transfer funds with no fees. Mickey, I actually do have a Premier Account in Singapore, but not in BKK. Maybe I should try and open an account with HSBC BKK. Minimum requirement is definitely not a problem Link to comment Share on other sites More sharing options...
MickeyM Posted February 6, 2011 Share Posted February 6, 2011 If you have an HSBC account in BKK and Singapore, and the combined balances meet the minimum requirement for a Premier Account, you can transfer funds with no fees. Mickey, I actually do have a Premier Account in Singapore, but not in BKK. Maybe I should try and open an account with HSBC BKK. Minimum requirement is definitely not a problem I would recommend you open a premier account in BKK. My situation is an HSBC Premier Account in BKK and one in New York. The one in New York waves the minimum balance requirement as long as the combined accounts meet the requirement. I get 'no fee' transfers via their 'Global View' internet services (within 24 hours), where all global accounts are visible on one web page. The only charge is the obvious currency exchange rates where applicable, although most of my transfers are US$ to US$ where there is no charge. Link to comment Share on other sites More sharing options...
Pib Posted February 6, 2011 Share Posted February 6, 2011 (edited) From looking at HSBC Singapore web site regarding their fees/tariffs, I found a few places where the commission, basic wire fee, next day fee, etc., added up close to USD 58 mentioned. Appears you may have just done a basic online SWIFT funds transfer regardless of what HSBC may have called it....and a SWIFT transfer is almost alway pricey, even without any commission fees like HSBC appears to pile on. Plus you would have had the approx 200 Baht ($6.50) receiving fee on the bank in Thailand end. http://www.hsbc.com....ment-services#1 Edited February 6, 2011 by Pib Link to comment Share on other sites More sharing options...
timekeeper Posted February 6, 2011 Share Posted February 6, 2011 (edited) i expect this would be $SG but even so its still £28 so it sounds expensive i use DBS in Singapore and with the x2 issued bank cards i can draw $SG2000 a day (about £975GBP) at $SG5 each time from an ATM did you get x2 cards with the HBC account? if so why bother with a transfer? Aeon ATM don't charge fees for withdrawals DBS charge about £10 all in for a transfer from Singapore to UK or Thailand next day delivery i use HSBC in UK, they charge £17 all in for an internet do it yourself internet transfer it arrives in BKK or Sinagpore the next day, exchange to local currency is made at receiving bank end Edited February 6, 2011 by timekeeper Link to comment Share on other sites More sharing options...
GreenSnapper Posted February 6, 2011 Share Posted February 6, 2011 DBS Singapore refused opening an account for me last time I asked. Only for residents / PR. Easier with Standard Chartered, but their fees are high and exchange rates from/to SG$ have a spread of approx. 2%. Link to comment Share on other sites More sharing options...
prefabs Posted February 6, 2011 Author Share Posted February 6, 2011 i expect this would be $SG but even so its still £28 so it sounds expensive i use DBS in Singapore and with the x2 issued bank cards i can draw $SG2000 a day (about £975GBP) at $SG5 each time from an ATM did you get x2 cards with the HBC account? if so why bother with a transfer? Aeon ATM don't charge fees for withdrawals DBS charge about £10 all in for a transfer from Singapore to UK or Thailand next day delivery i use HSBC in UK, they charge £17 all in for an internet do it yourself internet transfer it arrives in BKK or Sinagpore the next day, exchange to local currency is made at receiving bank end Everything was in US Dollars. I have a US and a Singapore dollar account in Singapore, I specifically asked for the US dollar account to be used. I did the transfer because I am not in Thailand at the moment. Thanks to all who responded, I have a few things to do when I get back now Link to comment Share on other sites More sharing options...
timekeeper Posted February 7, 2011 Share Posted February 7, 2011 DBS Singapore refused opening an account for me last time I asked. Only for residents / PR. Easier with Standard Chartered, but their fees are high and exchange rates from/to SG$ have a spread of approx. 2%. non residents need an introduction from an account holder of DBS of good standing and of at least 6 months with the bank Link to comment Share on other sites More sharing options...
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