Which Thai Bank Quickest To Put Tt Funds From Abroad Inot Local Thai Savings Account?

[scorecard]

For years I've used a Thai UOB savings account for TT of funds from abroad, and they have always been prompt to place the funds (after received from abroad) into my local UOB account.

But I've moved and now nowhere near a UOB branch.

(I moved to UOB, previously Bank of Asia, about 15 years ago, because TT funds from abroad going into the two mainstream Thai banks were always very delayed, often taking several weeks. Always same story, bank abroad provides proof that the funds have departed, local banks deny anything had been received and no cooperation, prompting lots of folks to believe that the local banks were deliberately holding the funds to play the short term money markets.)

So, can you please share your current experiences on this matter with the two mainstream Thai banks (B & K).

Any information or other suggestions appreciated, thanks.

Edited March 2, 2012 by scorecard

[catmac]

Not sure if this helps, but I bank with BKK Bank and receive wire transers from my UK bank in about 3 to 4 days. I understand that all SWIFT transers go via Siam Commercial, the agent here, but that doesn't seem to hold anything up.

Never had any problems in Thailand, but when I did a transfer to India once, I had the same nonsense you described, the Indian bank was enjoying an interest-free "loan" for about 2 weeks!

[Priceless]

Apparently you don't consider it a 'mainstream bank', but I bank with SCB. There are regularly two whole banking days between the sending date and the arrival date, i.e. if the money is sent from my Swedish bank (any time before 3 pm CET) on a Monday it is in my SCB account on Thursday (usually before noon).

/ Priceless

[true blue]

ive found hsbc,to bkk bank, the transfer,is done within 24 hours.

[eyecatcher]

I only transfer funds a couple of times a year (due to the charges my uk bank make) but I am with kasikorn and my last transfer, i can beat you all. it took an unbelivable 1 day.

sent email to my mother, asked her to take the form to my local bank and it was here by midday mext day.

i think it was good fortune or my own bank having nothing to do. I think the biggest delay is probably your own local branch sending authorisation documents to a head office somewhere.

first few times, yes arrange monday and its here thursday.

more to do with your own bank; not a thai bank i think.

[iainiain101]

I use SCB in Thailand. Transferring from the UK and paying the extra 10gbp for immediate payment. Depending on the time of day it will take between 2 and 4 hours before I can withdraw at the ATM in Thailand.

[mcgriffith]

Of course this depends on your nationality and originating bank.

I'm from the US, and have a link set up between my US banks and Bangkok Bank in New York.

I do an online transfer of funds on the EFT system (stands for Electronic Funds Transfer) from whatever bank in the US to BKK Bank New York.

They have my local CM acct registered in my name for all incoming monies.

I would say a Monday bank transfer done online will hit my CM acct by Thursday max. Sometimes I get them in 3 days.

BKK Bank sends me an SMS detailing the transfer FX amount (USD), the exchange rate, the transaction cost, and the total THB deposit amount to my mobile. No checking at an ATM or going to a bank branch.

As far as costs- it depends on the amount transfered. The best advice I can give is to send a big amount, a few times a year. That way, the net cost ends up as a small fraction of the transfered monies. Many other posters have said the same thing.

If you are an ATM person....you're most likely paying hidden costs buried in the FX rate they give you.

No doubt many AEON fans will squawk at this, but I am pretty sure it is true. There is no free lunch. Logically, banks are in the business of making money. They often say "no fees" but ding you on the back side with a few points shaved off the exchange (FX) rate.

To each his own; your mileage will vary, etc.

[scorecard]

Of course this depends on your nationality and originating bank.

I'm from the US, and have a link set up between my US banks and Bangkok Bank in New York.

I do an online transfer of funds on the EFT system (stands for Electronic Funds Transfer) from whatever bank in the US to BKK Bank New York.

They have my local CM acct registered in my name for all incoming monies.

I would say a Monday bank transfer done online will hit my CM acct by Thursday max. Sometimes I get them in 3 days.

BKK Bank sends me an SMS detailing the transfer FX amount (USD), the exchange rate, the transaction cost, and the total THB deposit amount to my mobile. No checking at an ATM or going to a bank branch.

As far as costs- it depends on the amount transfered. The best advice I can give is to send a big amount, a few times a year. That way, the net cost ends up as a small fraction of the transfered monies. Many other posters have said the same thing.

If you are an ATM person....your are most likely paying hidden costs buried in the FX rate they give you.

No doubt many AEON fans will squawk at this, but I am pretty sure it is true. There is no free lunch. Logically, banks are in the business of making money. They often say "no fees" but ding you on the back side with a few points shaved off the exchange (FX) rate.

To each his own; your mileage will vary, etc.

Thanks to all for sharing, much appreciated.

[scorecard]

Apparently you don't consider it a 'mainstream bank', but I bank with SCB. There are regularly two whole banking days between the sending date and the arrival date, i.e. if the money is sent from my Swedish bank (any time before 3 pm CET) on a Monday it is in my SCB account on Thursday (usually before noon).

/ Priceless

Point taken.

A few years back my family (son and his wife) had a bad experience with life assurance with this bank and now, rightly or wrongly, we don't go near this bank.

But thanks for sharing your obviously good experience.

[iainiain101]

I allways check the SCB T/T rate and it is allways what I have got. It seems to be better than the more 'domestic' banks such as Kasikorn.

http://www.scb.co.th/scb_api/index.jsp

[mcgriffith]

If one wants to get really geeky on this subject, see the 4PM closing average of FX rates published by the BOT:

http://www.bot.or.th/english/statistics/financialmarkets/exchangerate/_layouts/Application/ExchangeRate/ExchangeRate.aspx

Be aware that this is an average of all the banks doing business here, and that FX rates change minute to minute during the day.

[CM4Me]

scorecard, my advice is to check with your originating bank to determine if they have 'special' arrangements with a Thai Bank.

I set-up one of my banks in Aust for EFT about a year ago & during that process discovered there was this 'special' arrangement between my Aust Bank and BKK Bank. I now do monthly EFT & within an hour or two (I'm not kidding) of requesting (on line) the transfer I receive an SMS alert from BKK Bank advising me that the funds have arrived. A very neat, quick & efficient system. My Aust bank charges me $20.00AUD & BKK Bank charges a very small % rate, which usually is between 200 & 300Thb.

Prior to the above arrangements I was using Citibank & I would wait (& fret) for up to 5 days

[cardholder]

I use SCB in Thailand. Transferring from the UK and paying the extra 10gbp for immediate payment. Depending on the time of day it will take between 2 and 4 hours before I can withdraw at the ATM in Thailand.

How does that work ?

I have never known a SWIFT transfer take 2 - 4 hours to get from the UK to Thailand.

[kjhbigv]

UK Lloyds Bank to Bangkok Bank = 2 working days. You can do it yourself online with Lloyds Bank, cost is GBP10.00 for transactions up to GBP5000.00 and you can choose to send as Sterling and exchange rate is done here at Bangkok Bank.

[avidflyer]

All I know is I can transfer $ from my US bank to Bkk Bank in 3 working days with no apparent charge. Surely there must be a charge, but I can't find it. It must be very small judging by Bangkok Post published exchange rates.

[ataloss]

I moved to Kasikorn from Bkk Bank as it took upwards of a week or more for my CMai Bkk bank account to be credited with a SWIFT transfer from North America to Thailand.

My KKorn account is credited at the start of the next banking day.I remain a happy KKorn customer after five years now. Also I find KKorn TT rates are amongst the highest if not the highest. FWIW. Cheers

[elektrified]

Swiss bank transfer to Kasikorn usually about 12 hours if order is placed before 14:00 in Europe. And that is with a 3rd bank involved (Deutsche Bank Thailand) as the agent.

[Gonsalviz]

I call my State side bank at night Thai time (morningfor them) and the money is in my account the next morning for me. I think the fee is 500 Baht. The exchange rates are posted on their website.

K bank.

[bluweyze]

I bank with Bangkok Bank but transfer money from the UK into SCB. I don't pay any premium and it always is in my bank account by 1pm (Thai time) the next day assuming I transfer before 11am UK time ( similar to 'Priceless' above) despite my UK bank telling me it will take 4-5 working days. SCB has always had a better PDS exchange rate than Bangkok Bank and I check every time I transfer. If you transfer large amounts they will come under BOT scrutiny and then the reasons for the transfer stated are important. BOT try to limit currency speculation.

[Johpa]

I just wired funds from the US to my daughter's account in SCB and in less than 24 hours and she got the e-mail notification. Quite the improvement from yesteryear when the Sophonpanichs would sit on your money for two weeks before depositing it into an account. You people should have no complaints.

[connda]

In the US, you can set up a "domestic", in-country transfer from your American bank to Bangkok Bank New York using an ACH transfer. This is cheaper than a SWIFT transfer and a whole lot less hassle (my originating bank doesn't charge a fee) . Transfers usually show up in less than two business days.

Edited March 4, 2012 by connda

[Palmeiras]

I transfer funds from Santander International in Jersey to SCB - takes 24 hours. ie. set up on internet banking Monday, arrives Tuesday. My other bank takes 48 hours so really it depends who you use and each banks correspondent arrangement

[skills32]

An online transfer of funds from the Commonwealth bank in Australia if done at night time is usually in Bangkok bank by lunchtime the next day

[supaprik]

An online transfer of funds from the Commonwealth bank in Australia if done at night time is usually in Bangkok bank by lunchtime the next day

Yes I do the same and always hits my Thai acct next day...CBA fee 22 AUD