Charge From Thai Bank To Recieve Money

[BIGJIMMY]

Hi, around mid January I sent 2000 sterling from my Nationwide account to my Bank of Ayudha account, I was charged 25 quid on the UK side to send it, all was well. This month I had an 18 quid charge leave my Nationwide account, it was listed as an ATM withdrawal, not having made one I called them and they said the 18 pound was a charge for the money sent a month earlier from the Thai bank, they had charged me 18 pounds to recieve the money in Thailand, now I send money over every couple of months in exactly the same was and have never been charged by the Thai bank before, the UK bank said that it's common from Aisa to do that.

Has anyone else had this and more to the point - whats the reason, so it cost me 25 + 18 to send 2000 pounds over??

Thanks

Jimmy

Edited February 24, 2011 by BIGJIMMY

[ELCata]

Sounds like you're with the wrong bank(s). Halifax charges me a £9.50 flat fee for international transfers done on-line. Kasikorn then charges 300-500B on a sliding scale to process the SWIFT transfer.

[phutoie2]

Transferred some money from Nationwide account to Bangkok Bank on 18th Feb, the new charge of 25 GBP deducted from NW account, no extra charge so far!, will post again if it happens.

[CharlieH]

Bangkok Bank charge a percentage but to a MAXIMUM of 500 baht for transfers.

If you transfer money from UK account into Bangkok Bank LONDON then to BB Thailand its about 20 quid all in.

If you use Hi-Fx, they dont charge ANY fees and will refund you ANY fees made by the receivng bank.

The downside is they shave thier exchange rate by about 0.6 - 1 baht as you dont really get nothing for FREE in this life.

Edited February 25, 2011 by CharlieH

[BIGJIMMY]

Will look into Halifax when i'm back in the UK, like I say i've neer been charged by the recieving bank before weather I sent the money from Nationwide or Barclays.

Thanks

[Sophon]

Will look into Halifax when i'm back in the UK, like I say i've neer been charged by the recieving bank before weather I sent the money from Nationwide or Barclays.

Thanks

It's only a guess, but it sounds to me like you asked for "sender to pay all charges". If you do that receiving bank has to report back to sending back hos much their charges was for the transfer, and sending bank then charge the amount from sender's account. Because this results in more work for both banks, it also adds to the total cost of the transfer. Charges can be paid by 'sender', 'beneficiary' or 'shared' ('shared' = sender pays his own bank's charges and beneficiary pays his bank charges), and if transferring to your own bank account, you should always ask for charges to be shared.

Edit: I think all Thai banks charge for incoming foreign transfers, normally the charge is a small percentage with a maximum amount of something like THB 500. Unless you ask for a specification of the transfer from your Thai bank you won't see this charge, as it is subtracted before the transfer is credited your account (it's not booked separately).

Sophon

Edited February 25, 2011 by Sophon

[clinique]

Whenever you send a Swift transfer you are asked to nominate who pays the sending AND receiving bank charges. You can chooses "sender pays all" "receiver pays all" or "eachparty" pays there end.

As stated above sounds like this transfer was done on the sender pays all basis, hencethe Thai bank charges were sent to your bank. Would have been cheaper to pay here in LOS.

[jackinbkk]

When I send money with the sc*m that is RBS I am charged £20 by my bank to send my money. I am then charged £10 by the Thai bank for them to recieve MY money.

It's an absolute joke. £30 for what is essentially nothing. I have always opted to pay all charges as i'm sending the money to support my fiancee and I want her money to last as long as possible. Would it be cheaper to opt to share payments but send more?

I must check if Halifax will be cheaper for me too because this is an absolute crime.

Thanks for any help.

-Jack

[lopburi3]

The Thai receiving bank charge is 1/4 of one percent of the total in the range 200-500 baht and is normally taken out of the converted baht total.

Today for example I transferred $4,990 at exchange rate of 30.46 but received 151,615 after 379 taken out.

There is normally also an intermediate bank charge reducing the total amount transferred. In my case it was $10. For SWIFT it is normally less in my experience.

[Sophon]

When I send money with the sc*m that is RBS I am charged £20 by my bank to send my money. I am then charged £10 by the Thai bank for them to recieve MY money.

It's an absolute joke. £30 for what is essentially nothing. I have always opted to pay all charges as i'm sending the money to support my fiancee and I want her money to last as long as possible. Would it be cheaper to opt to share payments but send more?

I must check if Halifax will be cheaper for me too because this is an absolute crime.

Thanks for any help.

-Jack

Yes, it would probably be cheaper to "share" costs and send more money, it definetely wouldn't be more expensive.

The rest of your post is the typical knee-jerk reaction of people ignorant of what goes on behind the scenes in order for your money to be transferred to Thailand:

Both sending and receiving bank will have to develop and maintain computer systems capable of handling foreign transfers. Systems must frequently be updated especially for European banks since EU constantly implements new regulations concerning payment transfers. We are talking about both core foreign payment systems as well as functionality in eBanking systems to supply the functionalty to the customers.

Both banks also have to be members of the SWIFT community since the transfer will be processed via SWIFT. SWIFT charges very large fees from the bank for becomimg a member, as well as large yearly member fees.

Sending bank also have to pay a fee for each sent SWIFT message, and one transfer often results in more than one SWIFT message (one for receiving bank and one for intermediary bank)

Both banks have to establish and maintain a large correspondent bank network with banks all over the world. Bilateral agreements have to be established for each correspondent bank. The agreements have to be legally binding so this involves maintaining legal departments with extensive international experience.

Loro and Nostro accounts (accounts between the banks) have to be established with each correspondent bank to be used when booking transfer amounts and fees. The balances on these accounts have to be monitored and liquidity bought/sold in the currency market.

Both banks have to employ people to process both incoming and outgoing transfers. While much of the process is automated, a large bank can still easily have in excess of 100 people employed just to process these foreign transfers.

Who do you expect to pay for these things if not the people making the transfers?

Many of the same (or similar) things are required for domestic transfers, but as there are many more domestic transfers than foreign transfers, the per unit cost of a domestic transfer ends up being far less.

I used to work in a bank but was not directly involved with foreign transfers, so I have no doubt left out many things required in order for a SWIFT transfer to get from point A to B. So I think your statement "£30 for what is essentially nothing" is more than a little unfair.

Sophon

[phutoie2]

Whenever you send a Swift transfer you are asked to nominate who pays the sending AND receiving bank charges. You can chooses "sender pays all" "receiver pays all" or "eachparty" pays there end.

As stated above sounds like this transfer was done on the sender pays all basis, hencethe Thai bank charges were sent to your bank. Would have been cheaper to pay here in LOS.

Transferred some money from Nationwide account to Bangkok Bank on 18th Feb, the new charge of 25 GBP deducted from NW account, no extra charge so far!, will post again if it happens.

This weekend I have had news from the UK that Nationwide BS, (via a letter) have charged myself an extra 20 GBP for the SWIFT transfer on 18th Feb.

The fee has been charged by the receiving foreign Bank (Bangkok Bank).

So in total that transfer cost 45 GBP, I will bear in mind Cliniques advice above, luckily for me I do not do Swifts very often.

[lopburi3]

The only fee charged at receiving bank in Thailand is .25% in the range 200-500 baht AFAIK. There is also a charge at the corespondent bank in home country.

[Naam]

This weekend I have had news from the UK that Nationwide BS, (via a letter) have charged myself an extra 20 GBP for the SWIFT transfer

i am doing SWIFT transfers since >20 years and never had any additional SWIFT charge by the receiving bank. Lopburi is right, there could be a charge by the correspondence bank. e.g. when i transfer Thai Baht from Singapore then Deutsche Bank, BKK charges €ur 10. my bank's fees are CHF 15 (~GBP 10) for swifting regardless the amount.

[quadisking]

I have sent several payments over the last few years from my HSBC account to my Kasikorn account. For as long as I can remember, I have always marked as 'sender to pay all charges' and I was only ever charged 17 pounds by HSBC and no charges by Kasikorn.

However, I sent payments to a friend's account in March and July. He banks with Bangkok Bank, and on both occasions I was debited with a further 20 pounds from my HSBC account a month later. I have phoned HSBC who have said that the charges were made by the Thai Bank, so my guess is that these charges were never made before but have been recently introduced by some banks (anything to do with new government?)

Don't know what to suggest as I can't afford to pay 37 quid each time . I also sent some money for another friend to TMB Bank and wasn't a problem with that one either. So all I can think is to open a bank account with either Kasikorn or TMB, and avoid sending money to Bangkok Bank or Ayyuthaya Bank. I have it on good authority that Bangkok Bank are ******** for this sort of stunt.

I personally can't see why the Thai Banks are charging anything, the payments are sent in GBP and converted into Thai Baht by the English Banks, if I understand correctly.

[bifftastic]

Halifax in the UK charge me £9.50 and I have never been asked to specify 'sender pays all charges' or anything like that. Bangkok Bank charge a minimum of 200 baht and a max of 500 baht. No charge has ever been deducted later. The transfers take less than 12 hours if done on working days at both ends.

[Daveroc]

I have sent several payments over the last few years from my HSBC account to my Kasikorn account. For as long as I can remember, I have always marked as 'sender to pay all charges' and I was only ever charged 17 pounds by HSBC and no charges by Kasikorn.

However, I sent payments to a friend's account in March and July. He banks with Bangkok Bank, and on both occasions I was debited with a further 20 pounds from my HSBC account a month later. I have phoned HSBC who have said that the charges were made by the Thai Bank, so my guess is that these charges were never made before but have been recently introduced by some banks (anything to do with new government?)

Don't know what to suggest as I can't afford to pay 37 quid each time . I also sent some money for another friend to TMB Bank and wasn't a problem with that one either. So all I can think is to open a bank account with either Kasikorn or TMB, and avoid sending money to Bangkok Bank or Ayyuthaya Bank. I have it on good authority that Bangkok Bank are ******** for this sort of stunt.

I personally can't see why the Thai Banks are charging anything, the payments are sent in GBP and converted into Thai Baht by the English Banks, if I understand correctly.

i would be interested to learn more of your "good authority". Bangkok Bank quite clearly sets out the scale of charges on their website. In addition to the charge that is made by your overseas bank, the remitting bank, BBL charges .25% of the amount with a min. of 200 baht and max. 500 baht.

alternatives are offerred through using the london office of BBL.

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20into%20Thailand/Receiving%20Funds%20from%20UK/Pages/UK_Internet%20Banking.aspx

[Darrel]

I thought that Kbank didn't charge for incoming transfers: there was never any mention of it on my passbook, just a total for the deposit.

But when I asked for (and got) a foreign exchange certificate there were indeed two charges listed: one for the incoming transfer and another very small one for telex rental or something.

I wouldn't be at all surprised if other Thai banks did something similar, and were equally silent about it. Now that I have a TMB account I will test it, to see.

[Chivas]

Halifax in the UK charge me £9.50 and I have never been asked to specify 'sender pays all charges' or anything like that. Bangkok Bank charge a minimum of 200 baht and a max of 500 baht. No charge has ever been deducted later. The transfers take less than 12 hours if done on working days at both ends.

Do the Halifax give the option for the transfer to hit receiving bank in Sterling ?? Have 3 accounts with them but never used for transfers.

[thaimate]

I just transfered 9000 pounds from nationwide to ayuddha charged 25 pounds by natinwide and about 500 baht by Ayuddha ,i chose to make the bank here to make its own charge,

[SantiSuk]

Bangkok Bank charge a percentage but to a MAXIMUM of 500 baht for transfers.

If you transfer money from UK account into Bangkok Bank LONDON then to BB Thailand its about 20 quid all in.

If you use Hi-Fx, they dont charge ANY fees and will refund you ANY fees made by the receivng bank.

The downside is they shave thier exchange rate by about 0.6 - 1 baht as you dont really get nothing for FREE in this life.

Bangkok Bank in Thailand typically charges 700-800 baht to receive about £7,000 directly. That's a fairly minimal % on that kind of dosh, which is why I do transfers in big slugs.

[theoldgit]

I thought that Kbank didn't charge for incoming transfers: there was never any mention of it on my passbook, just a total for the deposit.

I asked Kasikorn recently, this was their reply:

To transfer funds from overseas, the correspondent bank will charge the sender of funds; the charge rate will depend on the conditions of the correspondent bank. The beneficiary will also be charged by KASIKORNBANK on the rate of 0.25% of the transferred amount (minimum 200 Baht and maximum 500 Baht).

I think the amount shown being deposited is the nett amount after all charges. Quite why I should be charged for receiving money into my account, but I suppose they need to re-coup their cost, and they all seem to charge about the same.

[meatboy]

i only trans.money once a year,by swift and always in sterling[uk] the last one in june [£10k] was charged this end by bkk b.450bht,but the tt trans.rate i was given was the lowest of the day,i check the rates regular so i always have a good idea,how are we to know the ex.rate and what time the money arrives,so when you trans.sizeable amounts even a diff.of 30satang can be as much in my case 3000bht=£61.

[lopburi3]

Bangkok Bank charge a percentage but to a MAXIMUM of 500 baht for transfers.

If you transfer money from UK account into Bangkok Bank LONDON then to BB Thailand its about 20 quid all in.

If you use Hi-Fx, they dont charge ANY fees and will refund you ANY fees made by the receivng bank.

The downside is they shave thier exchange rate by about 0.6 - 1 baht as you dont really get nothing for FREE in this life.

Bangkok Bank in Thailand typically charges 700-800 baht to receive about £7,000 directly. That's a fairly minimal % on that kind of dosh, which is why I do transfers in big slugs.

Believe you will find Bangkok Bank does not charge more than 500 baht. Check the amount received - the intermediate bank will forward less foreign currency that you remitted as there cut before it ever gets to Thailand.

[Daveroc]

Bangkok Bank charge a percentage but to a MAXIMUM of 500 baht for transfers.

If you transfer money from UK account into Bangkok Bank LONDON then to BB Thailand its about 20 quid all in.

If you use Hi-Fx, they dont charge ANY fees and will refund you ANY fees made by the receivng bank.

The downside is they shave thier exchange rate by about 0.6 - 1 baht as you dont really get nothing for FREE in this life.

Bangkok Bank in Thailand typically charges 700-800 baht to receive about £7,000 directly. That's a fairly minimal % on that kind of dosh, which is why I do transfers in big slugs.

Bangkok Bank charges for receiving a payment from an overseas Bank are .25% of the amount transferred with a min. 200 baht and max. 500 baht.

[nong38]

I transfered £34,000 from Metrobank in London to Bank of Ayudhya in June. Metrobank charged me £19.50 ( they do not charge for making foreign withdrawals- so I take the one off extra against Halifax), Bank of Ayudhya charged me 531 bts, so your £18 is steep, maybe they hit the wrong button, check it out. It is on sliding scale.

Edited August 24, 2011 by nong38

[monsieurhappy]

Bangkok Bank charge a percentage but to a MAXIMUM of 500 baht for transfers.

If you transfer money from UK account into Bangkok Bank LONDON then to BB Thailand its about 20 quid all in.

If you use Hi-Fx, they dont charge ANY fees and will refund you ANY fees made by the receivng bank.

The downside is they shave thier exchange rate by about 0.6 - 1 baht as you dont really get nothing for FREE in this life.

Bangkok Bank in Thailand typically charges 700-800 baht to receive about £7,000 directly. That's a fairly minimal % on that kind of dosh, which is why I do transfers in big slugs.

Bangkok Bank charges for receiving a payment from an overseas Bank are .25% of the amount transferred with a min. 200 baht and max. 500 baht.

This is correct but you will Not find this receiving payment in your passbook.

If you want to see how much BBK bank charge you will need to get a statement from the branch where you opened your account.

[lopburi3]

Actually if you receive the normal SMS of money transfer to your account Bangkok Bank offers it is listed there as below (example is ACS transfer of $5,000 where $10 is removed in New York - fee was 368 baht):

John Doe has transferred THB 147,036.09 (USD 4,[email protected] - THB368) from abroad into 1234xxx321

[bifftastic]

Halifax in the UK charge me £9.50 and I have never been asked to specify 'sender pays all charges' or anything like that. Bangkok Bank charge a minimum of 200 baht and a max of 500 baht. No charge has ever been deducted later. The transfers take less than 12 hours if done on working days at both ends.

Do the Halifax give the option for the transfer to hit receiving bank in Sterling ?? Have 3 accounts with them but never used for transfers.

Yes. You choose the currency when you set up the payee, which you can do without having to send anything at that time.

Once it's set up, you can just select it from your list of payee's in the 'payments' section, there's another tab for 'international'

[CoCo55]

Halifax in the UK charge me £9.50 and I have never been asked to specify 'sender pays all charges' or anything like that. Bangkok Bank charge a minimum of 200 baht and a max of 500 baht. No charge has ever been deducted later. The transfers take less than 12 hours if done on working days at both ends.

Do the Halifax give the option for the transfer to hit receiving bank in Sterling ?? Have 3 accounts with them but never used for transfers.

Yes.

GBP 9.50 online charge.

Very user friendly.

[bifftastic]

Just to add, I did a transfer yesterday and the money was in my Thai bank in an hour!

Halifax to Bangkok Bank, £9.50 and 200 baht, all done in an hour! I'm impressed! Very good service.