Money Transfers From Overseas Into Kasikorn Bank

[sezzo]

My brother is moving to Thailand shortly and wishes to move some money into his Kasikorn bank account that he opened when he was here on holidays recently. He was unable to open an account at Bangkok bank (where I have an account) but Kasikorn were willing enough to help him out. He transferred a small amount of money whilst back in Australia and left the bankbook for me to see if the transfer worked (always suspicious first time) and to see what exchange rate he got.

To my surprise he got an exchange rate about 2 - 3 baht lower per dollar than I would get at Bangkok bank. I went to the bank with my wife in tow to see why there was such a low exchange rate. The manager was at a loss to tell me why it was so low. I also asked him if he could trace the transaction back through the system to see if a fee has been taken out when the transfer has reached the bank. He told me there is no way to do that. Doubt that very much in these times of high technology.

My question is, does anybody know if Kasikorn charge a fee when money is transfer from overseas into their accounts and if they do, is there a way to avoid this fee.

Thanks for any help

[Jingthing]

The only explanation I can imagine for an extremely low rate is if the sender converted the AUD to Baht in Australia first and send in baht instead of sending in the AUDs to be converted in Thailand. So ask your brother if that's what he did or have him ask the sending bank if that's what they did.

[sezzo]

The only explanation I can imagine for an extremely low rate is if the sender converted the AUD to Baht in Australia first and send in baht instead of sending in the AUDs to be converted in Thailand. So ask your brother if that's what he did or have him ask the sending bank if that's what they did.

I queried this with him and he said that he definately asked to be sent in AUD. Either way the bank he sent it through were advertising over 31 THB at the time. Ive just been scouring through the Kasikorn bank website looking for anything that might explain the poor exchange rate or fees incurred.

[chiliwasabi]

I agree with Jingthing - He must've sent baht. I regularly send funds to my kasikorn account from Australia and always send it in Aussie dollars and let them convert it to Baht at the Thai end. You get a much better rate. I have an internet account which makes it easy to see what I get on conversion.

Usually I end up with very close to their published TT rate at the time of sending.

[sezzo]

I agree with Jingthing - He must've sent baht. I regularly send funds to my kasikorn account from Australia and always send it in Aussie dollars and let them convert it to Baht at the Thai end. You get a much better rate. I have an internet account which makes it easy to see what I get on conversion.

Usually I end up with very close to their published TT rate at the time of sending.

Im in the same boat as you using Commonwealth Netbank and I have never had a problem sending into my Bangkok bank account. Hopefully this is a one off glitch for him

Thanks

[sms747]

Thai banks are a mystery, even those working in them don't seem to know what goes on. Recently sent large amount to a bank in Bkk but they did not give me the rate they got it but a week later when the rate was low, said I had to go in an sign for it, never had to before. Manager did not know where the money was and gave phone to mrs to sort out with HQ. Still waiting for transfer document, apparently this takes two weeks! I usually take a tranquilizer before a bank visit!

[DrTuner]

I just got a couple of A4's of transactions I made previously. Go to Kasikorn's foreign trade office (In Pattaya they're the office next to tukcom, go upstairs to SME center if you visit there) with your bank book and point out the transactions you would like to have details for. They'll print it for free, it lists all the fees and rates used.

[Jingthing]

It just occurred to me because it was a SMALL amount that the reason could also be fees charged as you suspect (that you would notice a lot more on a small transfer rather than a large one). Why not call the their customer service number and try to pursue their actual policies on incoming fees?

[simple1]

It just occurred to me because it was a SMALL amount that the reason could also be fees charged as you suspect (that you would notice a lot more on a small transfer rather than a large one). Why not call the their customer service number and try to pursue their actual policies on incoming fees?

Agree - also did he send via a bank branch or internet banking - different fees

[pomchop]

Info i received from kasikorn bank fyi....

According to your enquiry about SWIFT Code , I would like to provide you with the information you have enquired. The details is below.

1. Bank's name, which is KASIKORNBANK PCL, and the name of the branch you would like to transfer money to

2. Full name of the account of the beneficiary

3. The account number of the beneficiary

4. SWIFT CODE of KASIKORNBANK, which is "KASITHBK" (This code can be used for every branch)

5. Any Special Command (if any)

To transfer funds from overseas, the correspondent bank will charge the sender of funds; the charge rate will depend on the conditions of the correspondent bank. The beneficiary will also be charged by KASIKORNBANK on the rate of 0.25% of the transferred amount (minimum 200 Baht and maximum 500 Baht). Therefore if you want the beneficiary to receive the full amount of money, you should add some extra amount for the fee when you make the transaction.

To transfer money to branches outside Bangkok and vicinity, there will be additional fees, which are leased line fee of 20 Baht per transaction, and 10 Baht for each 10,000 Baht transferred (minimum 10 Baht and maximum 750 Baht).

Service is our heart, so you can 'Leave everything in our hands'.

KASIKORNBANKGROUP Towards Service Excellence.

Nathiya Poopaitoon

K-Contact Center

KASIKORNBANK PCL.

[DrTuner]

F.ex. from one of my transfers:

Principal amount:~2.4Mbaht

INWARD COMMISSION: 500 (This is the one Kasikorn mentions)

DOMESTIC FEE TRANSFER: 750 (Because it lands in BKK and is then transferred to my account in Pattaya, I suppose..)

LEASE LINE CHARGES: 20 (The normal Kasikorn-to-Kasikorn transfer fee)

I don't know how the domestic transfer fee is calculated, would appreciate insight. Kasikorn called me when I transferred the sum and gave a bit better rate then the telex rate on their website. In addition I paid a commission to the bank where I sent it from.

EDIT: Well I'm going blind. The previous post did explain the domestic transfer fee calculation. Thanks.

Edited July 20, 2012 by DrTuner

[Pib]

Sure sounds like the money was possibly converted to baht by the Sending/Home country bank (that probably resulted in a 2-4% lower rate), maybe the Sending/Home country bank must use an Intermediary bank which takes another slice, and then the Thai bank receiving/conversion fee of 0.25% (200 baht min, 500 baht max...this fee is applied whether the money arrives in a foreign currency or baht).

While the receiving Thai bank can tell you the amount of money they "received" and whether it arrived in baht or foreign currency before they applied their receipt/conversion fee, the Thai bank probably can not tell a person how much was originally sent...only what the Thai bank received. The Sending bank would be responsible to tell the customer what sending fee(s) (if any) were applied by the Sending bank and its Intermediary bank. Then the customer needs to piece together the Sending and Receiving bank info to determine what fees/conversion rate was applied along the entire transfer trip.

The Sending/Home country bank is usually the evil one in the transfer; Thai banks just charge the 0.25% (200 baht min, 500 baht max) receiving/conversion fee and if the funds arrive in a foreign currency they give you their TT Buying Rate which is clearly shown on their bank web sites. And depending on the sending method used such as same day SWIFT transfer (usually pricey) or some slower transfer method which may flow out of the sending bank 3 business days later (usually much cheaper and don't forget holidays and weekends don't count as business days), the money won't arrive the Thai bank until the Sending/Intermediary bank gets it to the Thai bank. And when it arrives the Thai bank, it is not automatically posted to your account as some human on the Thai bank end must review/approve/post the transfer...and if the money arrives on a Thai holiday and/or weekend, it will be the next "business" day before the money is posted to your account.

Yeap, don't rush to blame the Thai bank...the Sending/Home country bank could very well be the most evil one/causing the most delay/causing the most fees.

[dominique355]

Whenever I transfer a large sum to my THB account at Kasikorn, I transfer in foreign currency. When the money arrives here,someone from Kasikorn Bank calls me and we negotiate an exchange rate acceptable for both.

Simple and easy.

Sent from my GT-I9300 using Thaivisa Connect App

[Darrel]

"To my surprise he got an exchange rate about 2 - 3 baht lower per dollar than I would get at Bangkok bank. I went to the bank with my wife in tow to see why there was such a low exchange rate. The manager was at a loss to tell me why it was so low. I also asked him if he could trace the transaction back through the system to see if a fee has been taken out when the transfer has reached the bank. He told me there is no way to do that. Doubt that very much in these times of high technology."

It sounds to me as though you are confusing the rate and the charges. For the charges you will have paid at least a sending and a receiving fee, plus perhaps a domestic transfer fee and maybe an intermediary fee. But the rate will be the standard TT rate of the day.

Kbank will give you a full breakdown of all the costs and rates, including the actual amount of FX they received (which indicates whether there was an intermediary charge). Just ask for the FEC document at the branch where your account is held. The transfer office will fax it to them.

Dont assume that just because this is 2012 there is no such thing as intermediary banks any more; there are loads of them, they all charge as much as possible for doing nothing and the banks deliberately retain this antiquated system in order to steal more fee money from you. The answer, of course, is to do your research beforehand and find out which foreign bank has a direct link to whichever local bank you use, and then act accordingly.

[Darrel]

When the money arrives here,someone from Kasikorn Bank calls me and we negotiate an exchange rate acceptable for both.

That never happened to me. They used the TT rate, without any question or comment, and I only knew about it when it was done and dusted.

On the other hand, TMB did call me before doing the exchange.

TMB: "We will give you the TT rate, is that OK?"

Me: "What happens if I dont want that rate?"

TMB: "We send the money back."

[simple1]

When the money arrives here,someone from Kasikorn Bank calls me and we negotiate an exchange rate acceptable for both.

That never happened to me. They used the TT rate, without any question or comment, and I only knew about it when it was done and dusted.

On the other hand, TMB did call me before doing the exchange.

TMB: "We will give you the TT rate, is that OK?"

Me: "What happens if I dont want that rate?"

TMB: "We send the money back."

I had the same experience with Kasikorn, I had an unsolicited call to offer a better FX rate than standard listed retail rate

[sezzo]

Thanks guys for all the advice and experiences. I have told my brother about this thread so he should have been following it.

[palexxxx]

Thanks guys for all the advice and experiences. I have told my brother about this thread so he should have been following it.

Yes, I have been reading this thread, and thanks to everyone for your advice.

What I think has happened is that my brother lucked out and opened an account with the bank that the Commonwealth Bank uses as its intermediary bank whereas I opened an account with a third bank and therefor there's an extra step involved in the transfer and therefor more fees, as already stated above by Darrel.

Anyway, on a positive note, I went to the Thai Consulate in Melbourne today and picked up my passport with my newly stamped non-immigrant visa in it. So I'm right to go, I'll be back in the sunshine in less than a month.

BTW, when I opened my Kasikorn Bank account all I had was a tourist visa and a fist full of dollars. There's no truth in the rumour that you need a non-immigrant visa or a work permit to open a bank account in Thailand.

[MrRealDeal]

Thanks guys for all the advice and experiences. I have told my brother about this thread so he should have been following it.

Yes, I have been reading this thread, and thanks to everyone for your advice.

What I think has happened is that my brother lucked out and opened an account with the bank that the Commonwealth Bank uses as its intermediary bank whereas I opened an account with a third bank and therefor there's an extra step involved in the transfer and therefor more fees, as already stated above by Darrel.

Anyway, on a positive note, I went to the Thai Consulate in Melbourne today and picked up my passport with my newly stamped non-immigrant visa in it. So I'm right to go, I'll be back in the sunshine in less than a month.

BTW, when I opened my Kasikorn Bank account all I had was a tourist visa and a fist full of dollars. There's no truth in the rumour that you need a non-immigrant visa or a work permit to open a bank account in Thailand.

Thats true however it's also true a lot of banks simply wont do it ..... they can like you say but often times they just won't.

[billd766]

I have had my pensions transferred from the UK to my Kbank account now and do online banking as well as check the daily rate of exchange.

When I compare my bank statement to the exchange rate of that day I usually get a little higher than the posted TT rate.

I also specified to my pension agencies to transfer GBP and not Thai Baht.

They all use Citibank in the UK as the forwarding agent.

[craigt3365]

A post has been removed that violated forum rules. No lobbying of other Thaivisa members.

[sabanook]

Is there any recent change in Kasikorn fees?

13Jul12

sent 1,000€, TT was 38.3950 according to kasikorn exchange rates

38.195,00 was booked what is exactly 1,000 x 38.195 - 200THB

Today received at same account, everything else without changes

21Aug12

sent 2,000€, TT was 38,7625 according to kasikorn exchange rates

77,025.00 was booked what is exactly 2,000 x 38.7625 - 500THB

Why is there a 500THB fee and not 200THB like in July ?

0.25% of 77,525.00 is 193.82THB so 200THB min rate should apply...

any idea?

Edited August 21, 2012 by sabanook

[apetley]

It just occurred to me because it was a SMALL amount that the reason could also be fees charged as you suspect (that you would notice a lot more on a small transfer rather than a large one). Why not call the their customer service number and try to pursue their actual policies on incoming fees?

Exactly what I was thinking. Don't Kasikorn take up to 500bht their end?

[sabanook]

Is there any recent change in Kasikorn fees?

Why is there a 500THB fee and not 200THB like in July ?

0.25% of 77,525.00 is 193.82THB so 200THB min rate should apply...

any idea?

sorry, was my fault - there are different rates for one day - I took the last one of the 21st, Kasikorn took the first one - the fee was 200THB what is fine

[mickjn]

Thanks guys for all the advice and experiences. I have told my brother about this thread so he should have been following it.

Yes, I have been reading this thread, and thanks to everyone for your advice.

What I think has happened is that my brother lucked out and opened an account with the bank that the Commonwealth Bank uses as its intermediary bank whereas I opened an account with a third bank and therefor there's an extra step involved in the transfer and therefor more fees, as already stated above by Darrel.

Anyway, on a positive note, I went to the Thai Consulate in Melbourne today and picked up my passport with my newly stamped non-immigrant visa in it. So I'm right to go, I'll be back in the sunshine in less than a month.

BTW, when I opened my Kasikorn Bank account all I had was a tourist visa and a fist full of dollars. There's no truth in the rumour that you need a non-immigrant visa or a work permit to open a bank account in Thailand.

I opened mine at k bank pattaya klang with a passport and hotel address, and 5000 baht,no problems

[saramsland]

Sezzo,

Mate, Im an Aussie living in BKK with a Kasikorn Account.. I regulary send money to Thailand from Australia & from Thailand to Australia...

I lose approx 800 baht in charges when transferring the amount & I send it in AUD.

Not all banks can send AUD, some have to convert the currency prior to it living the homeland for example..

I can send AUD from Australia (Commonwealth to Kasikorn) but when sending from Thailand to Australia I have to convert it first as there is no agreement to receive THB between Kasikorn & Commonwealth... If I had a NAB account in Australia I could send THB to Australia as Kasikorn & NAB have an agreement to send this currency directly...

Sounds stupid but thats how the wheel turns..

It may be worth asking your brother which bank he uses & whether their are agreements between the banks to send his money in AUD & the Thai Bank to accept AUD.. also what the charges are at different transfer amounts..

Another point to make is whether there is an intermediate bank.. I used to work in Colombia, when sending money home it went via a Intermediate Bank in New York (no choice in it) & the Intermediate Bank converted a US Dollar amount to AUD which caused me to lose 2 - 3 cents every dollar...

So my advice would be to ask him to check the agreements between the banks & whether any intermediate banks exist in the travel path...

Scottie

[rayinkrabi]

Hi Billd, This has to be the ideal way..avoids all those pesky atm charges and hassle.

I enquired about this for my pension from England some time ago but was told they definitely HAVE to covert to Thai Baht their end which obviously results in much lower rates and this defeats the object. I wonder if this ruling has changed or you've got a better pension provider than me? (Mine is managed by Capita Hartshead).

[bangkokstick]

Hello,

Do you know what is the fee for a transfer over $50000 and how long does it take from the day the money disappeared from your bank account abroad ?

Does Kasikorn contacts you to ask what is this money for ?

Thank you.