Us Bank International Wire Transfer Fees..?

[ChrisP]

Hi..

For those who wire money from the USA to LOS..

A quick survey - What are you really being charged by your US Bank..?

My California Bank wants to charge me an International Wire Transfer Fee of a flat $30 up front. Seems a bit steep..??

Thanks

ChrisP

[BKK90210]

Bank of America - here in Washington state is $45 up front!

[Carmine6]

Outrageous fees, yes. All transfers with the below firms went at about 99% of the current exchange rate. www.xe.com

WAMU $30

Citibank $30

Fidelity Brokerage $15, waived for gold comission level

Citibank allows online entry of the wire transfer information so as long as you can check your e-mail for the transaction code, you can make it from anywhere.

Bangkok bank seems to be a good choice for lots of folks. Somewhat of a sliding scale for the fee, with a cap. But the exchange rate seems better than the 99%.

[lopburi3]

There are 3 separate fees involved with most SWIFT transfers from the US.

1. Your US bank fee for a foreign wire transfer - range $15 to over $50 (remember that this can be a large amount transferred and price remains the same so do the math to come up with a percentage).

2. Transfer bank fee. In the case of Bangkok Bank that is $5 taken off the total exchange prior to sending on to Thailand.

3. Currency conversion fee. At Bangkok Bank that is 0.25% with 200 baht minimum and 500 baht maximum. The exchange rate used is 100% of the TT rate for that day.

In summary I would not be comfortable in using this system for transfers below about $5,000. But the larger the better.

[ChrisP]

Many thanks for info guys..

Citibank seems good because of the ability to order the transfer online. I think I'll go with them.

My US bank (Credit Union) wanted me to take the order in by hand.. (!).. or maybe a fax would be ok... but they weren't really sure because they needed "ID Proof" that it came from me.

Sigh.

ChrisP

[lopburi3]

Many thanks for info guys..

Citibank seems good because of the ability to order the transfer online. I think I'll go with them.

My US bank (Credit Union) wanted me to take the order in by hand.. (!).. or maybe a fax would be ok... but they weren't really sure because they needed "ID Proof" that it came from me.

Sigh.

ChrisP

Normally they set up a wire transfer agreement with you (in person) where you provide a password to prove your ID.

[Thaigreg]

Hi ChrisP,

My Credit Union in Washington state charges $17 for what they call a bank wire to intermediate bank in the states, in this case BBK,NY. BBK, NY charges $5 to transfer to my account in Thailand, a total of $22. This all can be done on line and total time from my credit union account to my BB account in Thailand is 2 days.

Greg

[IMA_FARANG]

Hi..

For those who wire money from the USA to LOS..

A quick survey - What are you really being charged by your US Bank..?

My California Bank wants to charge me an International Wire Transfer Fee of a flat $30 up front. Seems a bit steep..??

Thanks

ChrisP

I have an acount in Bangkok Bank and a small bank in Massachusetts. I have a monthly transfer agreed from U.S. bank to Bangkok Bank. Cost is a straight $15 per wire for U.S. bank per each wire transfer. No charge on Thai end as long as funds are deposited into Bangkok Bank account. My Thai girlfriend has ATM access to Bangkok Bank account. Baht rate is same as commercial bank exchange rate. Only real hassle, I must notify my U.S. bank by phone/email each month to initiate "recurring transfer".

One thing you need to know. If you are wiring more than $5000 per transaction, many banks now are complying with U.S. government notification requirements on transfers outside the U.S. and terrorism/money transfer movements. So far I never have (and unlikely to..) transfer more than $5000 in a single wire.

Edited January 19, 2006 by IMA_FARANG

[bluedragon]

Hi..

For those who wire money from the USA to LOS..

A quick survey - What are you really being charged by your US Bank..?

My California Bank wants to charge me an International Wire Transfer Fee of a flat $30 up front. Seems a bit steep..??

Thanks

ChrisP

$25.00 from Navy Federal Credit Union from on base in Japan.

[lopburi3]

Hi..

For those who wire money from the USA to LOS..

A quick survey - What are you really being charged by your US Bank..?

My California Bank wants to charge me an International Wire Transfer Fee of a flat $30 up front. Seems a bit steep..??

Thanks

ChrisP

I have an acount in Bangkok Bank and a small bank in Massachusetts. I have a monthly transfer agreed from U.S. bank to Bangkok Bank. Cost is a straight $15 per wire for U.S. bank per each wire transfer. No charge on Thai end as long as funds are deposited into Bangkok Bank account. My Thai girlfriend has ATM access to Bangkok Bank account. Baht rate is same as commercial bank exchange rate. Only real hassle, I must notify my U.S. bank by phone/email each month to initiate "recurring transfer".

One thing you need to know. If you are wiring more than $5000 per transaction, many banks now are complying with U.S. government notification requirements on transfers outside the U.S. and terrorism/money transfer movements. So far I never have (and unlikely to..) transfer more than $5000 in a single wire.

Have you looked at a transfer slip from you local Bangkok Bank? They are available for each transaction and will list exactly what was received and taken out. Believe you will find they received $5 less than sent and that they removed between 200-500 baht after the exchange to baht was made (0.25%). Or are you converting to Baht in the USA and sending baht? If so try sending dollars one time to see if your net amount is not more.

As for $5,000 reporting who cares? I have always transferred more than that. I though the amount was 10,000 through. But in South Florida it used to be $2,000 if I recall correctly because of the drug money.

[up-country_sinclair]

I'm going to be transferring $US 20 K from the US to Siam commercial next week. my US bank will charge me $30 for a foreign exchange transfer or $25 for a $ transfer. In lieu of calling both banks to get their daily rates, is there another way of finding out which choice would be best for me?

Also, is $20 K going to set off any alarms on this end or the US?

[richard10365]

I use to send money from my BOA (Bank of America) account. The account was in Los Angeles. It cost $3. Now I just send my pension directly to my Bangkok Bank account via Bangkok Bank, NY. It cost about 400 to 500 baht each month.

[dclaryjr]

For several years, I've been sending $800 to $900 a month by depositing it in a separate account and having my brother-in-law withdraw it via ATM in Thailand. They had to make multiple withdrawals with some fees in order to get the whole amount but it was cheaper than a wire. Last week my brother-in-law called and said the ATM card wasn't working--this was a month after I deposited the money. My first thought was "Oh sh1t!" because he's making the mortgage payment on my house. I did some marathon sessions online with various banks and found out that there are a lot of programs out there for moving money overseas (especially to India) but none of the programs semed to apply to Thailand. So I went ahead and shelled out the $30 to wire two months worth but in the meantime I'm looking for alternatives. $30 a month to send $900 seems a little steep!!!!!

[lopburi3]

I'm going to be transferring $US 20 K from the US to Siam commercial next week. my US bank will charge me $30 for a foreign exchange transfer or $25 for a $ transfer. In lieu of calling both banks to get their daily rates, is there another way of finding out which choice would be best for me?

Also, is $20 K going to set off any alarms on this end or the US?

You want to send $ overseas - do not convert to Baht inside the USA.

20k will no doubt require normal treasury report for large transfers but if money is clean it will be nothing to worry about.

For several years, I've been sending $800 to $900 a month by depositing it in a separate account and having my brother-in-law withdraw it via ATM in Thailand. They had to make multiple withdrawals with some fees in order to get the whole amount but it was cheaper than a wire. Last week my brother-in-law called and said the ATM card wasn't working--this was a month after I deposited the money. My first thought was "Oh sh1t!" because he's making the mortgage payment on my house. I did some marathon sessions online with various banks and found out that there are a lot of programs out there for moving money overseas (especially to India) but none of the programs semed to apply to Thailand. So I went ahead and shelled out the $30 to wire two months worth but in the meantime I'm looking for alternatives. $30 a month to send $900 seems a little steep!!!!!

So why not get a new ATM card? Probably the magnetic strip damaged. If it your bank just change and open a new account elsewhere. People can still use ATM cards in Thailand if linked to major systems such as Cirrus or Plus.

[dclaryjr]

So why not get a new ATM card? Probably the magnetic strip damaged. If it your bank just change and open a new account elsewhere. People can still use ATM cards in Thailand if linked to major systems such as Cirrus or Plus.

That's what I'm doing. I opened a Wells Fargo account that allows me four free ATM withdrawals anywhere in the world (under their Military Banking plan). So it's up to my B-I-L to find a place to do the withdrawals that doesn't add a lot on his end. But I'm just thought I'd ask and maybe uncover something better.

[sfokevin]

I just opened a CitiBank account in San Francisco to use their online wire transfer for $30. The teller who set my account up said that I could use my new CitiBank debit card to make withdrawls at the ATM machine at the BKK Citibank and there would be NO fees whatsoever! - has anyone ever done this?, were there fees? - Was the exchange rate any good?

[Carmine6]

I just opened a CitiBank account in San Francisco to use their online wire transfer for $30. The teller who set my account up said that I could use my new CitiBank debit card to make withdrawls at the ATM machine at the BKK Citibank and there would be NO fees whatsoever! - has anyone ever done this?, were there fees? - Was the exchange rate any good?

Wire transfers through them go over at about 99% of the current currency exchange rate so I'm guessing an ATM withdrawal would be about the same. The biggest problem is getting to the single branch they have in Thailand. Close enough to the Sky Train to walk, but hardly convenient.

[ProThaiExpat]

I get a free wire transfer a quarter from Schwab. Notifying them of your bank in Thailand by fax establishes the connection and then a telephone call to their wire department gets it done.

I have done the same for a bank in Australia and transferred funds from Schwab International to Australia free as well.

Its worth sending Schwab International an e-mail asking what deposit requirements are pre-requisite to get this free service.

Schwab has money link to U.S. Banks as well, so an internet transfer from your bank, initiated through Schwab's money link gets the money into your Schwab International account and then a telephone call gets it to your international bank by free wire transfer.

[haha]

I'm going to be transferring $US 20 K from the US to Siam commercial next week. my US bank will charge me $30 for a foreign exchange transfer or $25 for a $ transfer. In lieu of calling both banks to get their daily rates, is there another way of finding out which choice would be best for me?

Also, is $20 K going to set off any alarms on this end or the US?

the hksb at silom area allows you to open up a "dollar" account which means you would not need to convert into thai baht when you transfer the money over here.

at least that is what I was told a few years back.

I was thinking of opening a hksb account once until they told me you had to have a minimum of 5000 dollars to open an account. but who knows... maybe they have changed that requirement now.

[RedQualia]

I have a "free checking" kind of account with Washington Mutual in California. Pretty good deal. No monthly fees, and they'll even give you free checks to write.

So guess how much it costs to wire money overseas? Yup... Free. Until you get to Thailand, that is.

I just wired a small amount of money to Bangkok Bank for the first time. $100. I'm told that what actually got there was only 2,900 baht. BKK Bank's exchange rate for the day is 35.44. Since my bank kept nothing, BKK Bank (and the transfer bank) kept quite a bit. Very startling.

Never noticed such huge fees when sending money to my account with Krungsri...

[Smithson]

I just wired a small amount of money to Bangkok Bank for the first time. $100. I'm told that what actually got there was only 2,900 baht. BKK Bank's exchange rate for the day is 35.44. Since my bank kept nothing, BKK Bank (and the transfer bank) kept quite a bit. Very startling.

Never noticed such huge fees when sending money to my account with Krungsri...

I'd suspect Bkk Bank didn't keep the money, rather the exchange was done in the US and Baht was sent. As other posters have said, don't do this. The rate in the US is an absolute rip off. Some US banks will tell you the can't send US$ without the sender supplying heap of info, but the banks here tell me it's BS.

[RedQualia]

I just wired a small amount of money to Bangkok Bank for the first time. $100. I'm told that what actually got there was only 2,900 baht. BKK Bank's exchange rate for the day is 35.44. Since my bank kept nothing, BKK Bank (and the transfer bank) kept quite a bit. Very startling.

Never noticed such huge fees when sending money to my account with Krungsri...

I'd suspect Bkk Bank didn't keep the money, rather the exchange was done in the US and Baht was sent. As other posters have said, don't do this. The rate in the US is an absolute rip off. Some US banks will tell you the can't send US$ without the sender supplying heap of info, but the banks here tell me it's BS.

I NEVER convert to baht in the USA. The banks are a ripoff, but even the currency exchange places in the airports are abysmal (how can they give so little, and have a clear conscious?).

Doesn't mean it might not have happened in this case, however.

[lopburi3]

The Bangkok Bank fee is 1/4 of one percent (or 200 baht minimum I believe) so you lost most money outside of Thailand. There is also a payment made at the intermediary bank (large US bank that deals with foreign exchange service) on wire transfers. The exchange rate used, if done by Bangkok Bank, is that listed as "TT" on there website, which is always better than currency. As said, most likely reason for low amount in baht was by sending baht at a very bad exchange rate (which is how the US bank pays for free service).

Low amounts such as this are best done by use of direct ATM card usage if you intend to continue.

[richard10365]

When I had a Bank of America account, I use to send money to Thailand via Bangkok Bank, NY.

My check went from:

Bank of America to Bangkok Bank NY. ($3)

Bangkok Bank NY to Bangkok Bank, in Thailand. ($5)

Bangkok Bank in Thailand converted it to baht for 200 baht.

For details on how this worked:

http://www.thaivisa.com/forum/index.php?showtopic=41816

[Smithson]

I just wired a small amount of money to Bangkok Bank for the first time. $100. I'm told that what actually got there was only 2,900 baht. BKK Bank's exchange rate for the day is 35.44. Since my bank kept nothing, BKK Bank (and the transfer bank) kept quite a bit. Very startling.

Never noticed such huge fees when sending money to my account with Krungsri...

I'd suspect Bkk Bank didn't keep the money, rather the exchange was done in the US and Baht was sent. As other posters have said, don't do this. The rate in the US is an absolute rip off. Some US banks will tell you the can't send US$ without the sender supplying heap of info, but the banks here tell me it's BS.

I NEVER convert to baht in the USA. The banks are a ripoff, but even the currency exchange places in the airports are abysmal (how can they give so little, and have a clear conscious?).

Doesn't mean it might not have happened in this case, however.

[backflip]

"I get a free wire transfer a quarter from Schwab."

As do I. I set up a "standing wire order" for future transfers. Too, my Schwab rep will do the order via email, rather than a phonecall. Too, with free checks and an ATM card that allows free withdrawals worldwide, it's a hard combo to beat.

[Valjean]

I transfer from my US account (Fidelity) the Bank of Bangkok branch in New York City. That's a US bank and you don't pay any international transfer fees. In a day the money shows up in my Bangkok Bank Thailand account. Assume with any online banking in the US you just need to set up Bangkok Bank US and send the money.

[Maestro]

Also, is $20 K going to set off any alarms on this end or the US?

In Thailand, the following rules apply:

30 percent reserve requirement – summary

30 percent reserve requirement

--

Maestro

[Jingthing]

I transfer from my US account (Fidelity) the Bank of Bangkok branch in New York City. That's a US bank and you don't pay any international transfer fees. In a day the money shows up in my Bangkok Bank Thailand account. Assume with any online banking in the US you just need to set up Bangkok Bank US and send the money.

I don't understand your post.

Are you saying you actually OPENED a bank account at the Bangkok Bank in New York, or only that your US bank used the Bangkok Bank as their intermediary bank?

[richard10365]

I transfer from my US account (Fidelity) the Bank of Bangkok branch in New York City. That's a US bank and you don't pay any international transfer fees. In a day the money shows up in my Bangkok Bank Thailand account. Assume with any online banking in the US you just need to set up Bangkok Bank US and send the money.

I don't understand your post.

Are you saying you actually OPENED a bank account at the Bangkok Bank in New York, or only that your US bank used the Bangkok Bank as their intermediary bank?

I think what you have to do is open an account here in Thailand with Bangkok Bank first. Any account with any branch with Bangkok Bank will do. Bangkok Bank NY will not let you open an account. Money is automatically transfered to Thailand when it's properly routed to Bangkok Bank NY with the type of account, name on the account, and account number. Bangkok Bank NY is the intermediate bank.

I use to send money from my Bank of America account the same way.

Edited February 1, 2007 by richard10365