Swift Transfers From The U.K.

[marshbags]

I made a swift transfer yesterday and while shocked, I was delighted to see it was in my Kasikorn account this morning.

That,s got to be less than 24 hours point to point.

I hope it is ok to reveal it was made via the Co_op Bank and should anyone wish for further information please do not hesitate to ask.

While I also appreciate this is an financial topic, I thought it may be more helpful in the general forum for informational purposes so again hope this is o.k.

Charges start at - 025% of the funds sent and cuts off on the max charge of 35 pounds sterling per transfer.

As i always do I have it sent in pounds sterling from the U.K. for the best exchange rates ( IMHO ) based on past experiences.

I also leave the overseas charges to be deducted at this end as they are far less than paying them at the sending end.

Well done the Co-op bank for a very speedy and efficient service

marshbags

Edited May 24, 2012 by marshbags

[BigJohnnyBKK]

Just shows that it's the originating banks overseas holding your funds for their overnight float causing delays, not the receiving ones on the Thai side.

Three cheers for Co-ops!

[catmac]

Well said, Marshbags!

I use the Co-op Bank too, and my last Swift transfer to Bangkok Bank was here in 2 days. Very pleased with their service. Pity more people don't ditch the big banks and go for quality instead.

[PattayaParent]

Min

Well said, Marshbags!

I use the Co-op Bank too, and my last Swift transfer to Bangkok Bank was here in 2 days. Very pleased with their service. Pity more people don't ditch the big banks and go for quality instead.

I looked at them many years ago but they don't have US$ accounts.

[cardholder]

I use Halifax online GBP 9.50 charge (GBP 4.50 net after the monthly 5.00 reward).

Does take 2 full working days though i.e. send Wednesday for value on Friday.

[PattayaParent]

I use Halifax online GBP 9.50 charge (GBP 4.50 net after the monthly 5.00 reward).

Does take 2 full working days though i.e. send Wednesday for value on Friday.

Minimum charge with Co-Op is GBP13.

[1bbcd5]

WOW!!! Nice Post!Kind Regards

[marshbags]

Just shows that it's the originating banks overseas holding your funds for their overnight float causing delays, not the receiving ones on the Thai side.

Three cheers for Co-ops!

I have to agree regarding those holding back the funds.

Regarding the Kasikorn who I have always used, it has never been long in transferring the funds to my accounts from the U.K so all credit is due to them also in my case.

Once when I transferred a large amount some years ago there was a delay, but this was due to them not being able to confirm with me via my registered phone number for additional security reasons, it had been received but they wouldn,t put it into my account until I had been verbally notified.

Again kudos were due for looking after my interest at the Kasikorn aka Thai Farmers as it was at the time.

marshbags

P.S.

I,m pleased with all the positive replies on the topic which show my experience isn,t a one off.

Thank you

Edited May 24, 2012 by marshbags

[apetley]

I use Hsbc to Kasikorn and money is always there next working day. One time I sent money in the morning and it was in my Thai account in the afternoon.

Sent from my GT-I9003 using Thaivisa Connect App

[Lite Beer]

I send from Nationwide to SCB.

Arrives next day but the fee is £25

[paully]

I send from Nationwide to SCB.

Arrives next day but the fee is £25

Yes, we do too. Agree with sending the money in sterling and asking receiving bank to pay additional charges, keeps fees to a minimum.

[evadgib]

I use Halifax online GBP 9.50 charge (GBP 4.50 net after the monthly 5.00 reward).

Does take 2 full working days though i.e. send Wednesday for value on Friday.

Me too, but i've recently had to refer them to the Financial Ombudsman due to their inability to deliver a replacement card (21st century an' all that).

Edited May 24, 2012 by evadgib

[Huayrat]

Im with the co-op to but they dont do the ttransfer online.. Ihave to call them everytime i need a transfer.. I do only have a basic account though

[marshbags]

Im with the co-op to but they dont do the ttransfer online.. Ihave to call them everytime i need a transfer.. I do only have a basic account though

It is convenient to do it online if possible but via phone does have it,s benefits.

I did my application via my mobile and it was reassuring that I,d managed to fill all the boxes in from confirming my status re the account I wished to send it from via set security questions that only I know.

Amount for transfer, currency preferences, ( sterling ) preferred payment for the receiving bank charges ect. ( also best as stated at the Thai end.)

Having everything read back to me to confirm details recorded in case of mistakes and reassurance along with a very patient and friendly member of staff who took my call.

She also took my Thai number in case they needed to contact me on anything.

On the phone 15 minutes at a total cost of 120 baht which in sterling terms equates to an incredible 3 pounds sterling.

Far better IMHO than the hickups that can and do occur in alternative methods of organising a SWIFT that cause misunderstandings and possible additional delays clarifying them.

Incidently I also use my Nationwide Swift facility and yes they have never taken long to complete the tranfer either.

On occasion an odd letter or digit not clearly made or understood can make the difference between completion and delay, which could be from either end of course.

( Reassuring though re security issues IMHO.)

If I may offer the following additional advice for anyone new to SWIFT

If online please double check everything slowly, efficiently and with clarity to avoid possible mistakes and misunderstandings.

Never apply when under the influence is another one I can think of.

If doing it by phone then it should be read back to you to double check your submitted details.

On this occasion, I was taking funds from another account I have with the Co-o so did it with them.

marshbags .

Edited May 25, 2012 by marshbags

[chris2004]

I use the Halifax and their 9.50 GBP charge i think is the cheapest, takes 2 days.

I have been trying to find out the chargimg policy at the Thailand end. Most websites (I'm with Kasikorn) quote 0.25% with a min of 200 baht and a max of 500 baht. I always send Sterling usually about 1,000 GBP. But the charges at this end seem to equate to about 1.5%, i.e. i'm charged 500 baht for a 1,000 GBP (50,000 baht) transfer. I've tried asking in the Bank but get no real answer.

Anyone know what Thai banks charge for receiving money and transferring it to baht. Are they all the same?

[cardholder]

I use the Halifax and their 9.50 GBP charge i think is the cheapest, takes 2 days.

I have been trying to find out the chargimg policy at the Thailand end. Most websites (I'm with Kasikorn) quote 0.25% with a min of 200 baht and a max of 500 baht. I always send Sterling usually about 1,000 GBP. But the charges at this end seem to equate to about 1.5%, i.e. i'm charged 500 baht for a 1,000 GBP (50,000 baht) transfer. I've tried asking in the Bank but get no real answer.

Anyone know what Thai banks charge for receiving money and transferring it to baht. Are they all the same?

I think you are spot on with your understanding of the fees. I use Kasikorn and can confirm the 0.25% min 200 max 500. Plus 20 Baht for inter-Province charge from BKK to Buriram.

I think the issue is knowing which rate they used. They update 3 or 4 times a day. i never see a breakdown of my conversion but I do a simple calculation to make sure that the net figure is broadly what I expected. Only once have I challenged them and it it turned out that I had ballsed up by forgetting to change the currency transfer option from Baht to GBP at the Halifax end.

[PattayaParent]

Just shows that it's the originating banks overseas holding your funds for their overnight float causing delays, not the receiving ones on the Thai side.

Three cheers for Co-ops!

I have to agree regarding those holding back the funds.

Regarding the Kasikorn who I have always used, it has never been long in transferring the funds to my accounts from the U.K so all credit is due to them also in my case.

Once when I transferred a large amount some years ago there was a delay, but this was due to them not being able to confirm with me via my registered phone number for additional security reasons, it had been received but they wouldn,t put it into my account until I had been verbally notified.

Again kudos were due for looking after my interest at the Kasikorn aka Thai Farmers as it was at the time.

marshbags

P.S.

I,m pleased with all the positive replies on the topic which show my experience isn,t a one off.

Thank you

So what you're saying is that Kasikorn refused to give you your own money until they checked with you that it was alright to do so.

That's the exact reason I closed my account with them.

[evadgib]

GBP 9.50 is the online fee. It's twice that much if you do it by Halifax callcentre.

Advisable to take a screenshot upon completion (inc failed transactions) & keep it for a week or two incase of despute.

http://take-a-screenshot.org/

Edited May 25, 2012 by evadgib

[marshbags]

Just shows that it's the originating banks overseas holding your funds for their overnight float causing delays, not the receiving ones on the Thai side.

Three cheers for Co-ops!

I have to agree regarding those holding back the funds.

Regarding the Kasikorn who I have always used, it has never been long in transferring the funds to my accounts from the U.K so all credit is due to them also in my case.

Once when I transferred a large amount some years ago there was a delay, but this was due to them not being able to confirm with me via my registered phone number for additional security reasons, it had been received but they wouldn,t put it into my account until I had been verbally notified.

Again kudos were due for looking after my interest at the Kasikorn aka Thai Farmers as it was at the time.

marshbags

P.S.

I,m pleased with all the positive replies on the topic which show my experience isn,t a one off.

Thank you

So what you're saying is that Kasikorn refused to give you your own money until they checked with you that it was alright to do so.

That's the exact reason I closed my account with them.

What you mean PP but in my " isolated " example

At the time transferring funds ( some 15 years ago ) it wasn,t as straight forward as now and the reason they did this was because they wanted to courteously advise me the funds had arrived and because they could not contact me at my supplied contact number, held them at branch until contact was made in case I,d thrown a six.....or something.

Your reasons for closing your account are possibly nothing to do with this and if you weren,t getting your funds, perhaps you will kindly explain briefly the reasons why, being a proven, reasonable poster.

I cannot see what is wrong with delaying funds until the customer is contacted and do not find it unreasonable, especially when it involves a large amount of cash.

Perhaps you had other issues to take into account that made you close your account that justified you righlty doing so.

marshbags

Edited May 25, 2012 by marshbags

[dean999]

I bank with Santander and was sending money to my wifes account, Bank of Ayudhya. Was taking 4 working days. Then when my wife came to live with me, we now send money to her daughter. I was shocked that it was taking less than 24hrs. Kasikorn Bank.

It's not the banks in Thailand, it's something to do with the third party that handles the cash to be transfered to another country. Someone explained it to me once. Quite some time ago. I'll try to find the post.

Whenever i do transfers they do say its going through a third party, but it just seams strange its quicker through one than the other.

I used the same bank for all my transfers, its only the receiving bank that has changed. So its got to be the same third party.

Not necessarily. If your remitting Bank does not have a correspondent arrangement with the receiving bank, they need to find a third pary that has a relationship with both the remitting and the final receiving Bank to complete the transfer. i.e Bank A remits to Bank B but may need to use Bank C to be the intermediary.

If you change the receiving Bank, the Remitting bank may have to find a different third party that has that relationship. Because Bank C does not have a relationship with your new receiving Bank they may have to find another Bank to complete the transaction.

http://www.thaivisa.com/forum/topic/473361-money-transfer-times/page__p__4476596__hl__dean999#entry4476596

Edited May 25, 2012 by dean999

[marshbags]

I use the Halifax and their 9.50 GBP charge i think is the cheapest, takes 2 days.

I have been trying to find out the chargimg policy at the Thailand end. Most websites (I'm with Kasikorn) quote 0.25% with a min of 200 baht and a max of 500 baht. I always send Sterling usually about 1,000 GBP. But the charges at this end seem to equate to about 1.5%, i.e. i'm charged 500 baht for a 1,000 GBP (50,000 baht) transfer. I've tried asking in the Bank but get no real answer.

Anyone know what Thai banks charge for receiving money and transferring it to baht. Are they all the same?

What I do know is that I and possibly yourself get a good rate for the pound that I find in my case anyway more than makes up for any charges.

On the day the exchange rate was 48 point zero something and I actually worked mine out as 49 plus.

I tranferred well above 1k and don,t think i,d been charged an excessive amount and even if so it would have meant I,d got an even better rate for my money.

Personally I,m well satisfied with what I got, it was also above what i,d expected prior to getting it.

Had a transfer been made by anyone in baht at the U.K. end you could take at least 3 off the 48 for those not familiar with the advantages of pounds sterling being sent.

Something else I,m able to do is wait awhile before tranferring funds and then sending for a larger amount which cuts the costs right down re the U.K. charges.per SWIFT transaction.

I appreciate not everyone can do this but it certainly saves if you can say do a transfer equating to more than one transaction.

eg only..........say 2,3k or more saving two other transfers and their costs

marshbags

Edited May 25, 2012 by marshbags

[Huayrat]

Im with the co-op to but they dont do the ttransfer online.. Ihave to call them everytime i need a transfer.. I do only have a basic account though

It is convenient to do it online if possible but via phone does have it,s benefits.

I did my application via my mobile and it was reassuring that I,d managed to fill all the boxes in from confirming my status re the account I wished to send it from via set security questions that only I know.

Amount for transfer, currency preferences, ( sterling ) preferred payment for the receiving bank charges ect. ( also best as stated at the Thai end.)

Having everything read back to me to confirm details recorded in case of mistakes and reassurance along with a very patient and friendly member of staff who took my call.

She also took my Thai number in case they needed to contact me on anything.

On the phone 15 minutes at a total cost of 120 baht which in sterling terms equates to an incredible 3 pounds sterling.

Far better IMHO than the hickups that can and do occur in alternative methods of organising a SWIFT that cause misunderstandings and possible additional delays clarifying them.

Incidently I also use my Nationwide Swift facility and yes they have never taken long to complete the tranfer either.

On occasion an odd letter or digit not clearly made or understood can make the difference between completion and delay, which could be from either end of course.

( Reassuring though re security issues IMHO.)

If I may offer the following additional advice for anyone new to SWIFT

If online please double check everything slowly, efficiently and with clarity to avoid possible mistakes and misunderstandings.

Never apply when under the influence is another one I can think of.

If doing it by phone then it should be read back to you to double check your submitted details.

On this occasion, I was taking funds from another account I have with the Co-o so did it with them.

marshbags .

Sorry but i totally disagree that its better to call them up.. Especially when you have inept staff who keep telling you that the swift code is incorrect even after ive transferred before only to be told 10 minutes later oh now its ok i forgot to put a fullstop in there... Totally clueless and why pay an extra charge of a phone call when other banks have internet banking.... Its like living in the old ages with the co-op bank and even the staff cant understand why it cant be done online like the rest of the banks...Yorkshire bank is my other bank it takes me 1 minute online and money is in kasikorn next day at a fee of 25 GBP...

[PattayaParent]

Just shows that it's the originating banks overseas holding your funds for their overnight float causing delays, not the receiving ones on the Thai side.

Three cheers for Co-ops!

I have to agree regarding those holding back the funds.

Regarding the Kasikorn who I have always used, it has never been long in transferring the funds to my accounts from the U.K so all credit is due to them also in my case.

Once when I transferred a large amount some years ago there was a delay, but this was due to them not being able to confirm with me via my registered phone number for additional security reasons, it had been received but they wouldn,t put it into my account until I had been verbally notified.

Again kudos were due for looking after my interest at the Kasikorn aka Thai Farmers as it was at the time.

marshbags

P.S.

I,m pleased with all the positive replies on the topic which show my experience isn,t a one off.

Thank you

So what you're saying is that Kasikorn refused to give you your own money until they checked with you that it was alright to do so.

That's the exact reason I closed my account with them.

What you mean PP but in my " isolated " example

At the time transferring funds ( some 15 years ago ) it wasn,t as straight forward as now and the reason they did this was because they wanted to courteously advise me the funds had arrived and because they could not contact me at my supplied contact number, held them at branch until contact was made in case I,d thrown a six.....or something.

Your reasons for closing your account are possibly nothing to do with this and if you weren,t getting your funds, perhaps you will kindly explain briefly the reasons why, being a proven, reasonable poster.

I cannot see what is wrong with delaying funds until the customer is contacted and do not find it unreasonable, especially when it involves a large amount of cash.

Perhaps you had other issues to take into account that made you close your account that justified you righlty doing so.

marshbags

I'd sent a large amount of money over to buy a condo and it hadn't been recieved this end. Kasikorn denied that it had been recieved and when I contacted the sending bank they provided proof that it had been recieved in Thailand over a week earlier.

When I presented this to them they 'found' the money in their head office and credited it to my account.

Then they were so useless as to not know what a FETF was or how to process it so I ended up doing it myself for them.

This was Kasikorn Pattaya Klang.

[marshbags]

No need to say sorry HR, we all have our own particular likes and dislikes re experience and it can only help on what possible things may occur and what to look out for.

I think you are misquoting me and taking it out of context re online and phone facilities by the way.

What I said was a specific reference to alternatives should online facilities not be available and In my recent experience outline what positives I got out of it for informational purposes along with acknowleging all the pluses I had.

Re my quote I think you refer to, the following was what I actually posted.

" It is convenient to do it online if possible but via phone does have it,s benefits. "

We can only go by our own personal experiences and in my case re my OP and follow ups I rightly give top marks to the Co-op.

Again we probably all have good and bad instances when using customer services, My good one was only 2 days ago and going on that I cannot think it is a one off as usually in depth training is given from time to time to address any reports of bad service, and to try and elliminate them via use of better communication.

Maybe they acted on any reports you and others may have made as a good company should so well done you for filling a report./ making a complaint.

Anyway I stand by my Kudos to them and the brilliant service they provided for me on this occasion.

marshbags

Edited May 26, 2012 by marshbags

[marshbags]

I'd sent a large amount of money over to buy a condo and it hadn't been recieved this end. Kasikorn denied that it had been recieved and when I contacted the sending bank they provided proof that it had been recieved in Thailand over a week earlier.

When I presented this to them they 'found' the money in their head office and credited it to my account.

Then they were so useless as to not know what a FETF was or how to process it so I ended up doing it myself for them.

This was Kasikorn Pattaya Klang.

Thanks for the feed back PP.

Yes it is inexcusable to withhold funds in this way and as with most public services in Thailand I use, inconsistency and lack of proper standardisation of rules ect.,workable knowledge and familiarisation of, as in this case basics like what an FEFT is.

This added to the language difficulties that happen is not the best of ways, but with the larger international companies, banks ect. who deal with foreigners on a regular basis were English is the accepted as a common communicator and staff should be trained to deal with us in a better way.

Please let,s not have the TIT repeats as it is inexcusable to be happy to have our custom while not so in preparing counter staff and front line communicators to understand our problems we encounter on a regular basis.

Sure back home we get negative stuff and experience the lack of civilty, but in my case I always get the top persont and make a direct compliant to them.

Usually something positive comes out of it and if it doesn,t I do / would not hesitate to take my services elsewhere if the when an alternative company is available.

Incidently, I did have a negative experience with a local branch of the Kasikorn some time ago and as they did nothing about it, I changed branches, so it was simply addressed, no problem and the service as with their other branches I,ve held accounts with has been very good.

marshbags

Edited May 26, 2012 by marshbags

[Bagwan]

The secret is to find out which foreign banks are in bed with Thai banks. For example KTB correspond with Barclays and NatWest in the UK. This means that transfers are direct without the involvement of third parties.

When I banked with Bank of Scotland if I contacted them before 1200 their time the call centre telexed the money to their Overseas department who passed the money to Barclays. The money was in my KTB account the following morning. If I directed that the money be transferred to my UOB account the money followed the same route except it would take another 2 or 3 days for KTB to transfer to UOB and they charged an arm and a leg to do so - hence I opened my KTB account to beat the system.

Now that I have to bank with Lloyds TSB I must speak to them before 1300, one hour's grace later. They then forward the dosh to Barclays.

Ask at Thai banks who they are in correspondence with and open an account with whoever talks directly to your overseas bank. This saves time and money.

Peeps may consider asking for a copy of the routing instructions at their Thai banks. Do not take no for an answer as by Thai banking law you are entitled to a copy. You can then follow the route and who is collecting on the way, and act accordingly.

P.S. As an effort to pour oil on the sometime troubled waters of relations with some elements of the American contingent here, I offer the following.

KTB are in bed with American Express, Bank of New York, JP Morgan Chase and Wachovia Bank.

For those Euros who have yet to sample the delights of a spellchecker (or a thesaurus) KTB are also buddies with American Express Bank GmbH, Hypovereins and Commerz Bank AG.

Be sure to ask your Thai bank for their Swift Code and CHIPS UID codes as your overseas bank will need them.

Edited May 26, 2012 by Bagwan

[marshbags]

The following URL shows the present SWIFT codes for Thailand and good explanation of what they are follows:-

http://www.theswiftcodes.com/thailand/

SWIFT code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank.

These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them.

The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.

• First 4 characters - bank code (only letters)
  
• Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
  
• Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
  
• Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
  For members not familiar with them and may wish to use the various banking codes, the one I use is shown next.
  As an example the Kasikorn show several covering a variety of needs re transfers.
  If you go down to 39 on the list, it clearly shows the code for general SWIFT monetary transfers most of us will need to use to get our funds out here.
  In Kasikorns case the third column referring to a particular branch is left blank with the 4th one showing KASITHBK.
  Ignore the 3 XXX,s after this as they are not part of it and only indicate an optional code or a specific branch, as is listed and highlighted in red above..
  There may be other codes not listed and if anyone has them please help by posting them.
  marshbags
  

Edited May 27, 2012 by marshbags

[chiang mai]

That's a handy list MB, thanks.

[chiang mai]

This might help explain:

Definition of 'Correspondent Bank'

A financial institution that provides services on behalf of another, equal or unequal, financial institution. A correspondent bank can conduct business transactions, accept deposits and gather documents on behalf of the other financial institution. Correspondent banks are more likely to be used to conduct business in foreign countries, and act as a domestic bank's agent abroad.

Correspondent Bank'

Correspondent banks are used by domestic banks in order to service transactions originating in foreign countries, and act as a domestic bank's agent abroad. This is done because the domestic bank may have limited access to foreign financial markets, and cannot service its client accounts without opening up a branch in another country.

Edited June 30, 2012 by astral

[marshbags]

Did a transfer via my Nationwide flexi account and got a similar result time wise to the Co-op one.

It was done last Friday am and was in my account first thing Monday morning.

Had the Thai end not questioned the account number I,d given ( which was the correct one by the way ) I,m confident it would have arrived the same day.

Kudos to N.Wide for a speedy response to the problem via my messenger facility and confirmation of the details supplied.

I gave them additional info re the branch and this solved the hick up.

I don,t understand how they couldn,t ascertain this from my acc. number as these as I am led to believe indicate the relevant branch in the first 3 numbers.

No complaints mind what so ever as they correctly followed up on a possible security issue which was to my benefit and much appreciated.

A lesson learned in respect to providing as much info as possible when completing the online request just in case a misunderstanding happens ect.

marshbags

Edited June 30, 2012 by marshbags