Moving Funds Between Different Banks

[connda]

Hypothetically let's say I have 800K in Bangkok Bank. For reasons I'll keep to myself, I want to move this money to a different bank in Thailand (say Siam Commercial, or wherever).

Now, from what I've seen in Thailand, if I move this money via a electronic transfer, both Bangkok Bank and the receiving bank will want to charge me a "transfer fee" of about 1%. I don't particularly want to pay 8K to 16K in order to withdrawal my money and deposit in another bank. But electronic wire transfers are safer than my other option, which would be to physically withdraw the 800K from Bangkok Bank and walk it to other bank. I don't particularly want to be shot and robbed while transporting that amount of cash (Not like that would ever happens here in the Land of Smiles).

So, what other "Safe" and "Inexpensive" methods can be used to transfer significant sums of money between two Thai Banks. :jap:

[true blue]

get a counter cheque made out to recieving bank.

[zziffle]

get a counter cheque made out to recieving bank.

I would think it preferable to have the cheque payable to yourself.

[sbk]

moving to Banking Forum

[Heng]

If you live near one of the malls with 'banking center' floors (that usually have clusters of 6-7 of the major bank branches) you could do that cash deposit thing without much chance of you getting shot. MBK, Fashion Island, Central Pattaya, etc.

Off topic to your needs, but I find K-Bank rather convenient for larger ATM transfers between your own or other folk's accounts within K-Bank. 1 million Baht per day is the limit. BBL limits you to something like 150,000 Baht. Krungsri limits you to 100,000. They may have changed the rules regarding upping your limits at other banks, but K-Bank was the first to give you this much control (true, it's a higher risk for folks that don't maintain PIN and card security very well).

[scorecard]

If you live near one of the malls with 'banking center' floors (that usually have clusters of 6-7 of the major bank branches) you could do that cash deposit thing without much chance of you getting shot. MBK, Fashion Island, Central Pattaya, etc.

Off topic to your needs, but I find K-Bank rather convenient for larger ATM transfers between your own or other folk's accounts within K-Bank. 1 million Baht per day is the limit. BBL limits you to something like 150,000 Baht. Krungsri limits you to 100,000. They may have changed the rules regarding upping your limits at other banks, but K-Bank was the first to give you this much control (true, it's a higher risk for folks that don't maintain PIN and card security very well).

There is another electronic transfer method. I think it's called 'Banknet.'

It somehow involves transfer to the Bank of Thailand and then to the local receiving bank.

My son used it about 12 months ago to transfer a large amount. Our local UOB manager alerted us to this service and they did the initial (simple) paperwork to get it started at that branch.

Not free but much reduced rates compared to normal electronic transfer. But you would need to check what all the fees are: sending bank, BOT, and receiving bank.

There are some other factors from memory:

- Transfer process has to started before 11.00am or was it 12 noon (needs checking).

- Process took 2 hours (as indicated by the UOB manager) for the funds to appear in the account in the receiving Thai bank.

Edited December 20, 2011 by scorecard

[Spoonman]

costs me like 25b to transfer money from my K-Bank account to another (Thai but non K-Bank) bank account, not sure what the daily limit is though.

[GreenSnapper]

Is it true, 1% each on the sending and receiving end? That sounds outrageous.

[PattayaParent]

A bankers draft costs 20Baht

[fletchsmile]

You're numbers for BKK bank don't seem right. For ibanking transfers within your region it's free. For inter-regional transfers it depends on who it's to, yourself, third party etc and how much. Ranges between 10 baht and 1,000 baht.

A cashier's cheque is another option. You pay up to about 200 baht depending on the bank. Basically they take the money from your account and give you the cheque, made payable to who you want. As it has been taken out of cleared funds everyone knows there's no danger of it bouncing. You can have it payable to "cash" so that anyone could use it to pay into any account - but obviously that's risky if lost etc, and better to specify who it's payable to if you can.

[12DrinkMore]

Dunno where you got the 1% rate from.

Here is the TRUTH

http://www.bangkokba...Net%20Fees.aspx

Using Bahtnet your maximum total cost is 1,000 Baht in sending it from yourself to yourself at another bank in the sticks, assuming the receiving bank has the same charge scheme as BKK bank.

So for 800,000 that is about 0.125%

I have always just carried the cash around in a rucksack, trying to look as poor as possible and not telling anyone.. Interestingly nobody has ever raised an eyebrow when I've dumped 500,000 on the counter.

I suppose you could always take out 100,000 a pop........ Just eight round trips will sort it.

Edited December 20, 2011 by 12DrinkMore