Thai Bank Fees, For Receiving Money From Europe?

[Sandman77]

hello!

I send 37500 bath 1000€ to my girlfriends bankok bank one weak ago for a lower bank transfer exchange rate, then the daily exchange rate was at 38,6!

One time I read on the net that the inter transfer money rate should always be higher then the normal cash exchange rate!

The money areived in Thai bath, I share the coast of sending on the Bangkok sides bank the charge 600 bath fees would it be cheaper when I would take all fees before sending from Europe Iam not sure about this!

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[lopburi3]

There are normally three fees involved - sending bank SWIFT charge - transfer bank deduction of there fee - and the exchanged baht charge in range 200-500 in Thailand (1/4 % fee). If the money arrived as Thai baht exchange must have been made offshore and that is normally at a very poor exchange rate - you should normally send foreign currency for conversion at the Thai bank for best exchange rate.

[msg362]

I normally transfer via SWIFT in GBP to BKK bank, get a very good exchange rate and only pay the SWIFT fee, no cost in BKK bank. Noramally arrives the next day!! ( ordered 3.30 pm day 1 arrives 10.00 day2!!!!!)

[Sandman77]

Hi!

here the post office,in austria,where i send the money,could not enter any swift code,in there computer system,the banknumber number 2 for bk bank was enough!

sending was around 12,40€,with splited fees ,the stuff not ask me about splitted ofshore or not,so some bank charge here over 25€ for sending!

[SantiSuk]

I normally transfer via SWIFT in GBP to BKK bank, get a very good exchange rate and only pay the SWIFT fee, no cost in BKK bank. Noramally arrives the next day!! ( ordered 3.30 pm day 1 arrives 10.00 day2!!!!!)

Think you will find that there is a fee - they just dont show it on the statement. If you check their TT rate on their website you will find that you appear to be getting a slightly inferior rate. You are not getting an inferior rate, it's just that they have deducted a fee. Last time I did a transfer of 5,000 GBP the fee was 475 baht. Maybe diffferent if what you are saying is that you transferred it entirely within the UK to the London branch of BKK bank. I agree that UK bank to BKK bank in Thailand is now normally next day, but 3:30pm is pushing it close to the limit.

[personchester]

SWIFT- transfer fees from most UK banks to Thailand are between 25 / 40 pounds, the fees of the pounds arrival at BKK bank vary between 200 / 300 baht, but it might of course increase any time

The fee is not outlined by BKK bank, (unless asked for) but just deducted when they exchange the pounds into baht, thus the official exchange rate is slightly lower as a result of it.

However, if the transfer time factor is not important then the UK bank costs of SWIFT transfers can be avoided by transferring the sum to the BKK bank in London using the BACS system which is cost free and the transfer will take place within 4 working days.

[lopburi3]

The Thai bank fee is set at 1/4% of incoming amount with range of 200 baht minimum to 500 baht maximum charge per transaction. As said unless you check the back records it will just appear to be a lower exchange rate than normal as will be taken out of the deposited baht amount.

[gamini]

never let banks send your money to Thailand in Thai Baht. If they exhange your money into Thai baht you can lose up to 5% . Thier selling rate for Thai baht is always much higher the buying rate for foreign currency in Thailand. Thai banks don't charge anything for changing money into Thai baht and you get the best rate if you simply transfer it TT for which you will pay a small fixed fee depending on the bank.

[Pib]

I normally transfer via SWIFT in GBP to BKK bank, get a very good exchange rate and only pay the SWIFT fee, no cost in BKK bank. Noramally arrives the next day!! ( ordered 3.30 pm day 1 arrives 10.00 day2!!!!!)

Think you will find that there is a fee - they just dont show it on the statement. If you check their TT rate on their website you will find that you appear to be getting a slightly inferior rate. You are not getting an inferior rate, it's just that they have deducted a fee. Last time I did a transfer of 5,000 GBP the fee was 475 baht. Maybe diffferent if what you are saying is that you transferred it entirely within the UK to the London branch of BKK bank. I agree that UK bank to BKK bank in Thailand is now normally next day, but 3:30pm is pushing it close to the limit.

Yeap, there is almost always a receiving/conversion fee on the Thai end of 0.25% (200 baht min, 500 baht max) unless maybe the sender selected another fee method which will surely result in even a higher total cost fee-wise. When the money arrives in Thailand and if it arrives in a foreign currency, the Thai bank converts it to baht using their TT Buying Rate, then they subtract above mentioned fee, and then post the remaining to your account....you won't see the 0.25% fee deduction anywhere but it definitely occurred....that's one reason why a lot of people wonder why the amount posted to their account on a certain day don't match up to any of the bank's posted TT Buying Rates for the day....another reason is a possible intermediary bank fee that sliced off a bit as it flowed through them from the Sending bank to the Thai receiving bank. If the money arrives already converted to baht by the sending home country bank (at a probable 2-4% lower exchange rate than would be given by the Thai bank), then the Thai bank still charges that 0.25% receiving/conversion fee....they didn't convert any money but they still applied the fee to receive the money.

[Sandman77]

Hi!thx for many replays!

Via Versa, when I send money from PayPal to Thai bank and convert before sending into Thb,I got exactly that amount I send, but when I send original currency without converting first Thai bank charge 500 bath around!

Inside eu makes no matter what currency I send over PayPal to my homes count without converting first it always areived in€ no fees will be charged!

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[sms747]

My bank in Bkk charged me 1250 baht for the privilege of receiving a swift transfer. The usual fee is 500, they never could explain why it was so high and I never got it back either. Something to do with saying I wanted the fees taken from sending bank who charged the same for sending it. Why it was more than double the normal fee who knows, if the Bank do they cannot, or will not explain, the usual blank looks all round.

[Sophon]

My bank in Bkk charged me 1250 baht for the privilege of receiving a swift transfer. The usual fee is 500, they never could explain why it was so high and I never got it back either. Something to do with saying I wanted the fees taken from sending bank who charged the same for sending it. Why it was more than double the normal fee who knows, if the Bank do they cannot, or will not explain, the usual blank looks all round.

Always ask for costs to be "shared" (sending bank's fee is deducted from sender's account and receiving bank's fee is subtracted from the amount credited receiver's account). Never request that all costs should be taken from senders account unless it's absolutely critical that a specific amount is received on beneficiary's account, as this costs option will generally result in higher total fees.

The reason the fees will be higher if you request that all costs are deducted from sending account is that sending bank doesn't know how much receiving bank will charge. Consequently, receiving bank will have to send a SWIFT message to sending bank to inform them how much their fee was, which results in more work and extra expenses for both sending and receiving bank. And, of course, you'll be the one paying for their extra work/expenses.

Sophon

[puck2]

My bank in Bkk charged me 1250 baht for the privilege of receiving a swift transfer. The usual fee is 500, they never could explain why it was so high and I never got it back either. Something to do with saying I wanted the fees taken from sending bank who charged the same for sending it. Why it was more than double the normal fee who knows, if the Bank do they cannot, or will not explain, the usual blank looks all round.

Ask the bank for an

"ADVICE FOR INWARD REMITTANCE"

which contains the details of your swift transfer - rate, fees, transfered amount and so on.

By request I receive it every time from my Thai bank.

Edited September 2, 2012 by puck2

[msg362]

I normally transfer via SWIFT in GBP to BKK bank, get a very good exchange rate and only pay the SWIFT fee, no cost in BKK bank. Noramally arrives the next day!! ( ordered 3.30 pm day 1 arrives 10.00 day2!!!!!)

Think you will find that there is a fee - they just dont show it on the statement. If you check their TT rate on their website you will find that you appear to be getting a slightly inferior rate. You are not getting an inferior rate, it's just that they have deducted a fee. Last time I did a transfer of 5,000 GBP the fee was 475 baht. Maybe diffferent if what you are saying is that you transferred it entirely within the UK to the London branch of BKK bank. I agree that UK bank to BKK bank in Thailand is now normally next day, but 3:30pm is pushing it close to the limit.

3.30 pm here (9.30 UK time), no london BKK, straight to Thailand didn't compare the published rate with the actual on the day but little if any difference compared to the previous day's rate. Have done it twice now, same result.

Edit, have just read earlier replies, maybe 1/4% who knows, maybe only 500 Baht, but still far better than converting in the UK

Edited September 2, 2012 by msg362