Krung Thai Bank

[LoveDaBlues]

Anyone transfer funds from a United States bank to Krung Thai bank in Thailand?

I'm considering transferring a large sum (30k) to buy a new car here and wanted to know about fees, exchange rate, etc.. All I'm looking for is not to get ripped off big time....mainly on the exchange rate. I don't really mind the fees being around $40-50 USD total as this is a one-time transfer and normally I just use the ATM machines here to get the cash I need.

I guess what I'm asking is Krung Thai bank pretty much in line with the other Thai banks with regard to a fair exchange rate on USD to Thai Baht?

Thanks.

[zzap]

No rip-off, I've done this many times.

The exchange rate is better than the cash rate, no commission, there might be a very small nominal fee, depending which bank in the UK you use.

Transfer charges you should pay at your UK bank, tick the related box on the form, and send the money in POUNDS, otherwise UK banks have a tendency to charge through the nose.

A standard transfer usually hits the Thai account within a week (at a Bangkok branch).

Edited November 18, 2005 by zzap

[LoveDaBlues]

zzap; thanks for the reply but I'm sending from the United States to Thailand. Not from the UK. However since you've had good experience I don't expect a problem; mainly worried about exchange rate because a bad exchange rate on such a large sum (30,000 USD) can really add up.

Today I went to Krung Thai bank (with the Thai GF) and they told her/me anywhere from 200-500 baht flat fee on the Thai end. I don't mind the flat fees it's the 'percentage' on amounts sent that can be serious money.

Krung Thai requires an 'intermediary' bank in the United States (the bank here in Thailand gave me a list). I already did a small transfer from my U.S. bank to Krung Thai here. I did the transfer myself online and everything went smoothly and only took 4 days. However, there were some 'fees' taken out along the way and I'm having a hard time tracking down exactly who got what along the way. I already know that my (sending) bank charged a flat-fee of $20 USD. Tonight I'll call the intermediate bank in the U.S. and see if they can tell me what fees they charged. Once I know that I can (somewhat) figure what the Thai bank here charged and the exchange rate they gave me. Cheers.

[zzap]

Sorry, I misread.

Anyway, no problem from the Thai end of the transfer, which you seem to have found out already.

Good luck!

[lopburi3]

You should get the exchange rate that Krung Thai lists as the TT rate for the day it receives the money. This will be better than cash or checks. The 200-500 is not a fixed fee but the min/max charge based as 1/4% of the cash transfer. You then have the foreign wire transfer fee (which seems to be very reasonable at $20) and the deduction taken at the relay bank (for Bangkok Bank it is a fixed $5).

In the past there has been a problem with banks/branches playing exchange rate games on wire transfers and holding if they think they will make a profit. Do not believe this is as common (after so many got burnt in the 97 meltdown) but I have a strong aversion to KTB and the lack of service they normally seem to provide.

[OldAsiaHand]

KTB was frequently a problem some years ago (they did indeed play games with holding the credit as long as possible and playing the rate), but now their international service is as good (or bad) as any other Thai bank. We've sent funds from the US into KTB many times over the past few years and have always found the exchange rate to be fair and the credit to be applied promptly.