Bank Fees- 2400 Thb Per Transaction?

[alobar]

I currently transfer funds from my US bk acct Online to the Bangkok Bank branch in NY. I had been long advised that it was the simplest and most cost effective route of getting funds into my CM acct. it had seemed to be. There were minimal fees associated with it.

Yesterday I received a notice of 'increase in fees' and that:

"Please note we are now required to increase the fee for JPY international funds transfers made via Bualuang iBanking, in line with industry standards. 

From 22 September 2012, the fee to pay both Bangkok Bank and the foreign bank fees (Charge OUR) will be 2,400Bt per transaction.

We sincerely apologize for any inconvenience caused by this unavoidable fee increase. For more information, please contact Bualuang Phone 1333 or +66 (0) 2645 5555."

This seems quite excessive and more than keeping up with 'industry standards'.

Anyone with info on this or a less wallet intrusive method to send in monthly bits?

[moe666]

Have you tried to call them

[jpinx]

Change your bank! That is scandalous

[chiang mai]

All the banks seem to be increasing the cost of key services and funds transfer is a major target, I transfered GBP from London to Chiang Mai yesterday and the London charge alone was GBP 30 (THB 1,500), I expect the recieving bank will also slap a fee on top also hence the cost of my transfer is going to be close to what you've experienced.

[masuk]

I transfer my pension from Oz to BKK Bank every 3 months. It costs me $30.00 a time, hence it is not done monthly.

Certainly seems to be standard.

[lopburi3]

JPY is Japanese Yen. Seems to have nothing to do with your USD to Baht exchange using ACH.

[NotEinstein]

Seems to not be in line with their published rates.................

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[jpinx]

I still find it ok to pay 150Baht per visa hit in the ATM. Even taking into consideration the other costs of cash-by-credit-card it is still the most efficient way for me given the extreme flexibility of use.

20,000Baht costs 150Baht plus interest on cash withdrawal. You just have to time it right so it's close to the date when the credit card will be paid off. Last month caught me for 400Baht per 20,000 withdrawn about 2 weeks before the card was cleared. There is also a visa fee for cash withdrawals of about 190Baht. So total is about 740Baht per 20,000baht in my hand - about 3.7%. It depends on your own patterns of usage.

[NotEinstein]

All the banks seem to be increasing the cost of key services and funds transfer is a major target, I transfered GBP from London to Chiang Mai yesterday and the London charge alone was GBP 30 (THB 1,500), I expect the recieving bank will also slap a fee on top also hence the cost of my transfer is going to be close to what you've experienced.

The published charges (assuming you transferred in GBP) are 20GBP in UK + 200-500 baht this end.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

An unpublished 50% increase deserves to be challenged..................

[chiang mai]

All the banks seem to be increasing the cost of key services and funds transfer is a major target, I transfered GBP from London to Chiang Mai yesterday and the London charge alone was GBP 30 (THB 1,500), I expect the recieving bank will also slap a fee on top also hence the cost of my transfer is going to be close to what you've experienced.

The published charges (assuming you transferred in GBP) are 20GBP in UK + 200-500 baht this end.

http://www.bangkokba...undsfromUK.aspx

An unpublished 50% increase deserves to be challenged..................

I didn't say I used Bangkok Bank, the numbers I quoted are per HSBC UK, my post was in reference to all banks increasing their charges in this area.

[jpinx]

Fees are only a part of the bank's "take". Watch the exchange rates as well.

[chiang mai]

Fees are only a part of the bank's "take". Watch the exchange rates as well.

Generally the X rates in Asia are very attractive, western countries not so, all this may be changing however as banks look for new sources of revenue.

[jpinx]

Yes - it pays to choose where the exchange is done - if the banks involved will give you that option.

As an aside - is there a system of getting money moved around without it going through a $USD step at some point? Apparently - and I stand to be corrected on this - any transaction that even fleetingly goes through a $USD step is liable to scrutiny by US "authorities".

Edited September 20, 2012 by jpinx

[alfieconn]

I still find it ok to pay 150Baht per visa hit in the ATM. Even taking into consideration the other costs of cash-by-credit-card it is still the most efficient way for me given the extreme flexibility of use.

20,000Baht costs 150Baht plus interest on cash withdrawal. You just have to time it right so it's close to the date when the credit card will be paid off. Last month caught me for 400Baht per 20,000 withdrawn about 2 weeks before the card was cleared. There is also a visa fee for cash withdrawals of about 190Baht. So total is about 740Baht per 20,000baht in my hand - about 3.7%. It depends on your own patterns of usage.

So have you included the exchange rate differentials in your costing as per your post

Fees are only a part of the bank's "take". Watch the exchange rates as well.

[jpinx]

Indeed - but the difference between the rate I get by visa compared to the rates for other types of transfer is negligible. In many cases the rate is actually to my benefit by a very small margin, but I do watch it monthly.

[Pormax]

I don't know if this will help but could be worth looking into for the British ex-pats.

Every few months I transfer on-line from my UK Bank (Nat West) to a Company called 'Sterling Exchange' in London where I have an account/customer No. No fee for this transfer from my bank.

I follow the exchange rate (on Yahoo Finance) near to the time I wish to transfer funds then when I feel It is about as high is will get in the short term or when I need money, I call Sterling Exchange find out what Baht they will give me for British Pound and if satisfied do the deal. I have an arrangement where they pay All the costs of international transfer. I still have a small charge according to the amount I transfer but this is an internal transfer from Bangkok to my account in Buriram. Last time 780 baht for 3,100 Sterling which does kind of p..s me off as The amount is transferred into my account number in Buriram not in Bangkok.

The higher amount one transfers the better rate of exchange is given as there is a minimum charge for a transaction.

In my last transaction (a month ago) the exchange rate on Yahoo was being quoted at 49.56 and I got 49.0B. I received in my account 151,119B.

Checked on computer to see what charges I would get if sent directly from my UK bank TODAY.

The Nat West exchange rate today is quoted as 48.12 while Yahoo Finance is quoting 49.95.

The UK charges are 32.50 Sterling.

So if I transferred 3,100 from the UK today I would get just over 149,000B and still have a 32.50 debited from my UK account(about 1,600B) I would expect with the Baht up against Sterling since my transfer I would now get between 153K to 153.5K if I went through Sterling Exchange.

A difference of at least 5,500b.!!!!!!!!

There are a number of Companies such as 'Sterling Exchange' that one can deal through to transfer monies.

[jpinx]

................

Checked on computer to see what charges I would get if sent directly from my UK bank TODAY.

The Nat West exchange rate today is quoted as 48.12 while Yahoo Finance is quoting 49.95.

The UK charges are 32.50 Sterling...............

Did you ask Natwest to transfer the funds in sterling to your thai bank and then ask the thai bank what they will exchange it at? There will be a difference.

[alfieconn]

I don't know if this will help but could be worth looking into for the British ex-pats.

Every few months I transfer on-line from my UK Bank (Nat West) to a Company called 'Sterling Exchange' in London where I have an account/customer No. No fee for this transfer from my bank.

I follow the exchange rate (on Yahoo Finance) near to the time I wish to transfer funds then when I feel It is about as high is will get in the short term or when I need money, I call Sterling Exchange find out what Baht they will give me for British Pound and if satisfied do the deal. I have an arrangement where they pay All the costs of international transfer. I still have a small charge according to the amount I transfer but this is an internal transfer from Bangkok to my account in Buriram. Last time 780 baht for 3,100 Sterling which does kind of p..s me off as The amount is transferred into my account number in Buriram not in Bangkok.

The higher amount one transfers the better rate of exchange is given as there is a minimum charge for a transaction.

In my last transaction (a month ago) the exchange rate on Yahoo was being quoted at 49.56 and I got 49.0B. I received in my account 151,119B.

Checked on computer to see what charges I would get if sent directly from my UK bank TODAY.

The Nat West exchange rate today is quoted as 48.12 while Yahoo Finance is quoting 49.95.

The UK charges are 32.50 Sterling.

So if I transferred 3,100 from the UK today I would get just over 149,000B and still have a 32.50 debited from my UK account(about 1,600B) I would expect with the Baht up against Sterling since my transfer I would now get between 153K to 153.5K if I went through Sterling Exchange.

A difference of at least 5,500b.!!!!!!!!

There are a number of Companies such as 'Sterling Exchange' that one can deal through to transfer monies.

The Nat West rate is always going to be lower as it is an external rate so best it is not used for calculations, the Bank of Ayudhya TT rate at the moment is 49.70.

[chiang mai]

Banks make a profit on transfers either by charging a fee in lieu of commission or charging an exchange rate that is punitive and appearing to make the transfer for free, it's horses for courses and the end result is broadly the same. The recieving bank in Asia however will likely not charge a fee if the exchange is done by them, where it is not then expect to be hit with a fee in lieu of commission, same same on both ends of the wire.

Also, a poster asked about USD transactions that are invisible to the Fed: the US Fed does have sight of all USD transactions (because that transaction goes through them) and if you are holding USD there is no way around this that I know of.

[BB1955]

I got the same message it only applies to JPY transactions not the transactions of US dollars from a US bank ... We are still safe I do the same thing every month .. Have it all set up automatic ...... If that ever changes I ll just use my debit card from the US the only fee I get charged is the 150 baht bank fee .....

[Sophon]

JPY is Japanese Yen. Seems to have nothing to do with your USD to Baht exchange using ACH.

And not only is it only for transfers in Japanese Yen, it's also only for outgoing transfers from Thailand. Furthermore, the qouted fee of THB 2,400 if for the specific situation where you have chosen to pay all charges including those of receiving bank.

Before getting their panties in a bunch people should really read what it is the bank is saying, I bet very few people here on ThaiVisa will be effected by this change.

Sophon

[eyecatcher]

I can send upto £25k (hahahaha) for a flat fee of £25 from my UK yorkshire bank direct into kasikorn.

always make a point of sending the money as sterling, (or your own currency) so you dont get the uk diddling the exchange rate.....it arrives in chiang mai in less than 2 days mostly.

the exchange rate is normally a tad better than i was expecting as the bank/bank rates are better than tourist rates....and kasikorn dont charge one baht.

but can manage on £5k a year so not overly bothered on exchange rates

well pleased with the system.

[hellodolly]

Fees are only a part of the bank's "take". Watch the exchange rates as well.

I figure what I need for the month add a little to it and go into the bank use my Visa card and get the exchange rate for the time of the transaction. I pay a $5 Canadian on their side. I believe it is also standard practice on the visa side to take a 3% fee for the exchanging of Canadian into Thai. I then put the money into my Thai bank account and I have a ATM card with no fees unless I use a ATM machine that is not a bank of Siam.

The exchange rate can vary a lot in a day if you are putting in a large amount of money you might want to find some place that will exchange it for the current rate. Most of the places set a rate in the morning I believe and use it all day long.

[jpinx]

Here's a handy page for interbank rates which gives you a basis for comparison..

http://www.xe.com/?c=THB&r=6

[Pormax]

................

Checked on computer to see what charges I would get if sent directly from my UK bank TODAY.

The Nat West exchange rate today is quoted as 48.12 while Yahoo Finance is quoting 49.95.

The UK charges are 32.50 Sterling...............

Did you ask Natwest to transfer the funds in sterling to your thai bank and then ask the thai bank what they will exchange it at? There will be a difference.

No I have always done it the way I stated above even when I lived in Cyprus before and needed to change into Euro.

The thing is the way I do it I have some control overthe exchange rate. If I transfer Sterling to here it will take 2/3 days and by then the rate could have gone down. I have done a fair amount ofd investigations into this and I don't think can do much better to get the most baht for my pound.

Sorry for delay in reply, been out all day.

[Pormax]

I don't know if this will help but could be worth looking into for the British ex-pats.

Every few months I transfer on-line from my UK Bank (Nat West) to a Company called 'Sterling Exchange' in London where I have an account/customer No. No fee for this transfer from my bank.

I follow the exchange rate (on Yahoo Finance) near to the time I wish to transfer funds then when I feel It is about as high is will get in the short term or when I need money, I call Sterling Exchange find out what Baht they will give me for British Pound and if satisfied do the deal. I have an arrangement where they pay All the costs of international transfer. I still have a small charge according to the amount I transfer but this is an internal transfer from Bangkok to my account in Buriram. Last time 780 baht for 3,100 Sterling which does kind of p..s me off as The amount is transferred into my account number in Buriram not in Bangkok.

The higher amount one transfers the better rate of exchange is given as there is a minimum charge for a transaction.

In my last transaction (a month ago) the exchange rate on Yahoo was being quoted at 49.56 and I got 49.0B. I received in my account 151,119B.

Checked on computer to see what charges I would get if sent directly from my UK bank TODAY.

The Nat West exchange rate today is quoted as 48.12 while Yahoo Finance is quoting 49.95.

The UK charges are 32.50 Sterling.

So if I transferred 3,100 from the UK today I would get just over 149,000B and still have a 32.50 debited from my UK account(about 1,600B) I would expect with the Baht up against Sterling since my transfer I would now get between 153K to 153.5K if I went through Sterling Exchange.

A difference of at least 5,500b.!!!!!!!!

There are a number of Companies such as 'Sterling Exchange' that one can deal through to transfer monies.

The Nat West rate is always going to be lower as it is an external rate so best it is not used for calculations, the Bank of Ayudhya TT rate at the moment is 49.70.

The International Exchange rate for Thailand banks as of now is 49.73 for transfer of Sterling. Yahoo are quoting 50.04B for Sterling. I normally expect to lose about .50B on the Yahoo rate. So if I take into consideration the 20 Pounds Nat West Charge then there is less than 150B difference in the amount of Baht I get for 3,100 Sterling.

The only thing I feel of benefit is that I get to choose the exchange rate. By the time the transaction is completed (2/3 days) the exchange rate could have fallen considerably as has done in the past. Yes it could also have gone up I agree, but that is a risk I have to take.

Again sorry for delay in replying, been out all day.

[Pormax]

Here's a handy page for interbank rates which gives you a basis for comparison..

http://www.xe.com/?c=THB&r=6

The problem with the rates quoted on this sight is that it is the same as Yahoo Finance which is High Street Bank rates not the rate you would get from them if you did a transfer.

[Sophon]

I don't know if this will help but could be worth looking into for the British ex-pats.

Every few months I transfer on-line from my UK Bank (Nat West) to a Company called 'Sterling Exchange' in London where I have an account/customer No. No fee for this transfer from my bank.

I follow the exchange rate (on Yahoo Finance) near to the time I wish to transfer funds then when I feel It is about as high is will get in the short term or when I need money, I call Sterling Exchange find out what Baht they will give me for British Pound and if satisfied do the deal. I have an arrangement where they pay All the costs of international transfer. I still have a small charge according to the amount I transfer but this is an internal transfer from Bangkok to my account in Buriram. Last time 780 baht for 3,100 Sterling which does kind of p..s me off as The amount is transferred into my account number in Buriram not in Bangkok.

The higher amount one transfers the better rate of exchange is given as there is a minimum charge for a transaction.

In my last transaction (a month ago) the exchange rate on Yahoo was being quoted at 49.56 and I got 49.0B. I received in my account 151,119B.

Checked on computer to see what charges I would get if sent directly from my UK bank TODAY.

The Nat West exchange rate today is quoted as 48.12 while Yahoo Finance is quoting 49.95.

The UK charges are 32.50 Sterling.

So if I transferred 3,100 from the UK today I would get just over 149,000B and still have a 32.50 debited from my UK account(about 1,600B) I would expect with the Baht up against Sterling since my transfer I would now get between 153K to 153.5K if I went through Sterling Exchange.

A difference of at least 5,500b.!!!!!!!!

There are a number of Companies such as 'Sterling Exchange' that one can deal through to transfer monies.

But comparing using Sterling Exchange to letting your UK bank do the exchange doesnt really make sense, as no-one in their right mind would do the latter. You have to compare the exchange rate you get from Sterling Exchange to what your Thai bank would have given you.

With your last transfer the exchange rate given to you by Sterling Exchange was 0.56 THB/GBP lower than the midrate quoted on Yahoo (49.56 vs. 49.0). The current Yahoo exchange rate is 50.02, so assuming that the deduction would be the same today, Sterling Exchange would give you a rate of 49.46. You didn't mention which Thai bank you use (or maybe I missed it), but these is the latest exchange rates from Thai Banks for incoming SWIFT transfers:

As you can see all banks have better rates han what you would presumably receive from Sterling Exchange.

Then there are the fees. It sounds like you are paying more in Thailand for the resulting internal transfer than you would have for an incoming SWIFT transfer (for which most Thai banks have a maximum fee of 500 THB). On the other hand, it also sounds like you are paying small or no fees on the sending end, so fee-wise you probably come out ahead using Sterling Exchange. So for smaller transfers using your method could very well be preferable to a SWIFT transfer, but for bigger transfers the better exchange rate would more than outweigh the fee charged by your UK bank for the SWIFT transfer.

Sure, with letting the Thai bank do the exchange you don't know exactly what rate you will receive, as it will be based on the market rate 1-2 days later. But your argument that

"then when I feel It is about as high is will get in the short term or when I need money, I call Sterling Exchange find out what Baht they will give me for British Pound and if satisfied do the deal"

Is not really a valid argument in my book. If anyone of us could consistently predict future exchange rates better than the market, then we wouldn't have to worry about petty stuff like exchange rates and bank fees, as we would be raking it in on the forex market. So by doing transfers when we need the funds and let the banks worry about exchange rates you will win some and lose some, but in the long run the result will probably end up being the same.

Sophon

[lizardtongue]

I gave up transferring money into the LoS years ago I am happy to pay the 150 THB per ATM transaction, I also accept the lower exchange rate associated with withdrawing money from ATM.

If I need anything above 30k THB I take my passport and debit card into a bank and withdraw monies that way, although I have noticed that recently some banks are reluctant do continue doing this.

[Pormax]

Reply to: 'Sophon'

If I got the rate of 49.56 from my Thai bank (Kasikorn) and that is a big IF then after my UK bank charge I would be better of by less than 800B to do as you suggest. However two points: If I transfer a larger amount(excess of 5,000 Sterling) I get a much better rate of exchange, but my main reason for doing this is I DO know what money I am going to get in my Thai account not relying on the exchange rate being the same or worse going down when the money eventually reaches my account. I agree it could also go up, but in my mind i have lost nothing as I get what I expect. I have seen the Baht drop more than .75 in one day which on the amount I transferred last time equats to 2,325 Baht. Ok it could have gone the other way in my favour but knowing my luck, unlikely