How High Are The Bank Fees,For Receivie Foreign Currency In Thailand?

[Sandman77]

Hello!

can someone plz tell me ,how high are the bank fees ,when i send foreign currency ,from my paypal acount,to the thai bank acount?

i think the exchange rate,from the thai bank,is better then from paypal itself!

i have bank acounts in thailand on kasikorn and scb bank,the last one,i use for paypal,but i dont know how high the fees for receiving money from other countrys!

is trhis a one time fee,or depent,on how high,the amount,i want to transfer?

are the any other thaibank that charge no fees for this?

[CharlieH]

From my experience PAYPAL does the exchange into Thai currency when withdrawing into a Thai account and they take atleast 1 baht more than any bank does. Paypal is really heavy on fees and exchange rate.

Bangkok Bank will charge 200 to a maximum 500 baht for foreign transfer from a convemtional bank account.

Paypal is the worst but some dont have an option.

Edited September 2, 2011 by CharlieH

[JAS21]

I'm from the UK and have used my RBS account to transfer to my Bangkok Bank a/c here.....I now used moneycorp.com as I find the overall rate better.

[Pib]

Generally, the Thai bank fee is 0.25% (200 baht min, 500 baht max) of the received amount and they provide a TT exchange rate which is generally the best exchange rate a common man can get. Any additional fees are by your sending and intermediary banks (not the Thai banks)...to include a 2-5% lower exchange rate (compared to the Thai bank TT Buying Rate) if allowing the Sending bank/firm to convert to baht before sending. Send in home country currency to get the best exchange rate.

[JAS21]

Generally, the Thai bank fee is 0.25% (200 baht min, 500 baht max) of the received amount and they provide a TT exchange rate which is generally the best exchange rate a common man can get. Any additional fees are by your sending and intermediary banks (not the Thai banks)...to include a 2-5% lower exchange rate (compared to the Thai bank TT Buying Rate) if allowing the Sending bank/firm to convert to baht before sending. Send in home country currency to get the best exchange rate.

Well I've never got what appeared to be the TT Rate..even when I complain they just said...you should let us know that money is coming then we would give you a better rate! They even said that the money came in the morning and the rate was bad....not when I checked the rate graph....so now I don't transfer between my UK and Thai Bank. At least using a company like Moneycorp I know exactly the rate I'm getting.

[TallGuyJohninBKK]

From my experience PAYPAL does the exchange into Thai currency when withdrawing into a Thai account and they take atleast 1 baht more than any bank does. Paypal is really heavy on fees and exchange rate.

Bangkok Bank will charge 200 to a maximum 500 baht for foreign transfer from a convemtional bank account.

Paypal is the worst but some dont have an option.

Yes, Paypal does take a cut of any foreign currency transfers done via their system, reducing the net funds the sender would receive.

It's hard to suggest a better course of action, without knowing in what country the sending would originate... The U.S. and UK, for example, have very good sending methods available via Bangkok Bank branches in those countries...

[Pib]

Generally, the Thai bank fee is 0.25% (200 baht min, 500 baht max) of the received amount and they provide a TT exchange rate which is generally the best exchange rate a common man can get. Any additional fees are by your sending and intermediary banks (not the Thai banks)...to include a 2-5% lower exchange rate (compared to the Thai bank TT Buying Rate) if allowing the Sending bank/firm to convert to baht before sending. Send in home country currency to get the best exchange rate.

Well I've never got what appeared to be the TT Rate..even when I complain they just said...you should let us know that money is coming then we would give you a better rate! They even said that the money came in the morning and the rate was bad....not when I checked the rate graph....so now I don't transfer between my UK and Thai Bank. At least using a company like Moneycorp I know exactly the rate I'm getting.

I expect you are not considering the associated Sending bank charges/fees that may apply "before" the money even arrives the Thai bank which would be knocking down the amount the Thai bank receives...but other times the charges/fees are additive to the amount sent. Additionally, if sending a LARGE amount you can contact some banks (normally their HQ) to negotiate a slightly higher rate than the TT Buying rate but you need to do it before sending the money.

Thai banks give you the TeleTransfer (TT) Buying rate when funds come in via wire, SWIFT, ACH, BACS, etc., and then they generally charge a 0.25% (200 min, 500 baht max) receiving fee of the received amount. The TT rate (and other exchange rates) do usually change a little a couple times during the day....sometimes up and sometimes down...just like all Forex type markets change during the day. I looked at the Moneycorp website and couldn't find anywhere they told you what exchange rate you would get in an individual transfer and specific fees...maybe I just couldn't fine them....maybe a person needs an account. The site did display Forex type exchange rates but not what an "individual" would get in an exchange...it just said they offer competitive exchange rates (to me using the word competitive is a flag word which many times mean rates by their competitors is better on the average), a spread and handling fees would apply, etc.

I did find one page that gave their Home Delivery exchange rate where the exchange rate for today was only 45.2131 baht/pound compared to today's Thai bank TT rate in the 48.20 area. Sounds like you are converting to baht before sending via wire which I never found to be a better deal since the sending bank/company takes cut through a lower exchange rate/fee while making it sound like it's the only way to go...the sending banks/agencies love it as they make a nice little profit. While you may know how much is being sent/what the exchange rate is, that doesn't necessary mean it's the best exchange rate.

Maybe you can give an example of the effective exchange rate you been receiving using Moneycorp. I mean if you send 5000 pounds what fees does Moneycorp charge and how much ends up in your Thai bank account when the dust settles? Cheers.

[JAS21]

Generally, the Thai bank fee is 0.25% (200 baht min, 500 baht max) of the received amount and they provide a TT exchange rate which is generally the best exchange rate a common man can get. Any additional fees are by your sending and intermediary banks (not the Thai banks)...to include a 2-5% lower exchange rate (compared to the Thai bank TT Buying Rate) if allowing the Sending bank/firm to convert to baht before sending. Send in home country currency to get the best exchange rate.

Well I've never got what appeared to be the TT Rate..even when I complain they just said...you should let us know that money is coming then we would give you a better rate! They even said that the money came in the morning and the rate was bad....not when I checked the rate graph....so now I don't transfer between my UK and Thai Bank. At least using a company like Moneycorp I know exactly the rate I'm getting.

I expect you are not considering the associated Sending bank charges/fees that may apply "before" the money even arrives the Thai bank which would be knocking down the amount the Thai bank receives...but other times the charges/fees are additive to the amount sent. Additionally, if sending a LARGE amount you can contact some banks (normally their HQ) to negotiate a slightly higher rate than the TT Buying rate but you need to do it before sending the money.

Thai banks give you the TeleTransfer (TT) Buying rate when funds come in via wire, SWIFT, ACH, BACS, etc., and then they generally charge a 0.25% (200 min, 500 baht max) receiving fee of the received amount. The TT rate (and other exchange rates) do usually change a little a couple times during the day....sometimes up and sometimes down...just like all Forex type markets change during the day. I looked at the Moneycorp website and couldn't find anywhere they told you what exchange rate you would get in an individual transfer and specific fees...maybe I just couldn't fine them....maybe a person needs an account. The site did display Forex type exchange rates but not what an "individual" would get in an exchange...it just said they offer competitive exchange rates (to me using the word competitive is a flag word which many times mean rates by their competitors is better on the average), a spread and handling fees would apply, etc.

I did find one page that gave their Home Delivery exchange rate where the exchange rate for today was only 45.2131 baht/pound compared to today's Thai bank TT rate in the 48.20 area. Sounds like you are converting to baht before sending via wire which I never found to be a better deal since the sending bank/company takes cut through a lower exchange rate/fee while making it sound like it's the only way to go...the sending banks/agencies love it as they make a nice little profit. While you may know how much is being sent/what the exchange rate is, that doesn't necessary mean it's the best exchange rate.

Maybe you can give an example of the effective exchange rate you been receiving using Moneycorp. I mean if you send 5000 pounds what fees does Moneycorp charge and how much ends up in your Thai bank account when the dust settles? Cheers.

Pib...Sorry about the late reply.............

I used to send GBP from my UK bank to my BB account. With UK Bank Charges, BB Bank charges and the fact that I never got TT rate I found that I was slightly better off using Moneycorp. The advantage being that I knew exactly what exchange rate I was getting when I dealt and I didn’t get pissed off due to being swindled this end...I then had three days to get the money to Moneycorp.

Even then BB charged me 100Baht to receive EVEN THOUGH Moneycorp send it charges paid!

I never ever got TT rate...their reason was that the money came in the morning when the rate was lower...me arguing that they had shown the same rate all morning and even XE.com backed it up got me nowhere....so I won’t use them. They did tell me the last time that I should tell them money is coming and they would give me a special rate!!!

I never send less than GBP5K and I don’t get charges from them. You can phone MC any time and find their rate and compare it with your Thai Bank rate.