International Wire Transfers

[Indo-Siam]

My company receives international wire transfers amounting to about 45% of our total monthly revenues - including several accounts who pay recurring monthly billings this way. I believe that most of these transfers are initiated in US dollars.

Over the past three weeks, looking at transfers arriving into a long-established Bangkok Bank account, it appears to me that the average delay between money being sent, and that money reaching us (converted into Thai baht) has ballooned from 3-4 days, up to 10-12 days.

Is anyone else noticing any similar change in long-estbalished patterns of delays?

It could be that Bangkok Bank has simply decided to triple its "float" period. Or - it could be that the USA is now backlogged in "filtering" global US dollar transfers, and we are just queued in the logjam. Or ?????

I'm interested in other local perspectives concerning this issue - either confirming or denying observation of similar patterns.

Thanks!

Cheers!

Steve

Indo-Siam

[lomatopo]

It could be that the originating bank(s) in the U.S. and/or the payees have modified their remittance procedures. Maybe inquire at Bangkok Bank, as it appears that you may be a good customer, or with one of your customers. Which intermediary banks are being utilized?

[think_too_mut]

It could be that the originating bank(s) in the U.S. and/or the payees have modified their remittance procedures. Maybe inquire at Bangkok Bank, as it appears that you may be a good customer, or with one of your customers. Which intermediary banks are being utilized?

<{POST_SNAPBACK}>

That's a good point. Smaller banks from US go through BoA or some other biggie. That could be the bottleneck.

In Thai, BKK Bank is No.1 in international transfers.

The smaller ones (Aythia, Siam Com Bank...) also take their time if they are in the middle.

Say, between Citibank in Tokyo and BKK Bank, same day, Monday to Friday.

[mouse]

What you need is a US based bank account where the funds are deposited and then you just draw on the connected VISA or MasterCard by making a cash withdrawal at the Bank (not ATM). I beats the transfer charges, however, it takes for a few days for the transfer to clear, although you get your money immediately, which may have a bearing on the exchange rate.

The upcoming changes with PayPal will fix that. Not much longer now.

Edited September 8, 2005 by mouse

[redwood13]

Hi Steve,

How are your customers initiating the wire transfer requests? Do they do it through their local banks which would not necessarily be Bank of America? Or do they directly contact the wire transfer desk of their bank? I guess what I'm wondering is if there's any pattern to this re one bank vs. another, though it sounds as if you're saying it's all of the banks your customers deal with.

Is the date of the "money being sent" the date of the customer's request or is it the date the transfer desk completes the transfer process?

Last week I called the wire transfer desk of Wells Fargo Bank in the US with whom I have a repetitive wire transfer agreement and requested a transfer. I called around midnight and by that afternoon, maybe 16 hours later the money was in my Bangkok Bank account.

-redwood

[lopburi3]

Hi Steve,

How are your customers initiating the wire transfer requests?  Do they do it through their local banks which would not necessarily be Bank of America?  Or do they directly contact the wire transfer desk of their bank?  I guess what I'm wondering is if there's any pattern to this re one bank vs. another, though it sounds as if you're saying it's all of the banks your customers deal with.

Is the date of the "money being sent" the date of the customer's request or is it the date the transfer desk completes the transfer process?

Last week I called the wire transfer desk of Wells Fargo Bank in the US with whom I have a repetitive wire transfer agreement and requested a transfer.  I called around midnight and by that afternoon, maybe 16 hours later the money was in my Bangkok Bank account.

-redwood

<{POST_SNAPBACK}>

That has always been my experience also - call late at night Bangkok time and in account next day about noon but had not done any recently. This transfer is from my local Colorado bank SWIFT and goes via Bangkok Bank New York office.

[susah_sih]

Was the transfer came from Europe?

My company receives international wire transfers amounting to about 45% of our total monthly revenues - including several accounts who pay recurring monthly billings this way.  I believe that most of these transfers are initiated in US dollars.

Over the past three weeks, looking at transfers arriving into a long-established Bangkok Bank account, it appears to me that the average delay between money being sent, and that money reaching us (converted into Thai baht) has ballooned from 3-4 days, up to 10-12 days.

Is anyone else noticing any similar change in long-estbalished patterns of delays?

It could be that Bangkok Bank has simply decided to triple its "float" period.  Or - it could be that the USA is now backlogged in "filtering" global US dollar transfers, and we are just queued in the logjam.  Or ?????

I'm interested in other local perspectives concerning this issue - either confirming or denying observation of similar patterns.

Thanks!

Cheers!

Steve

Indo-Siam

<{POST_SNAPBACK}>