Are Older Men in Thailand Trading Love for Financial Ruin

[Dancealot]

Hello all! I am transferring Euros to baths in my dutch bangkaccount en then wire then to my thai bankaccount(regular bath savings account). Is there a way to get the conversion done at my thai bank?

In short can i send euros to my thaibankaccount?

Thanks for the input.

[fredlk]

Yes you can send Euros to your Thai bank account.

[Dancealot]

Yes you can send Euros to your Thai bank account.

Thanks. And according to you what will happen then? Will the euros be converted into bath?

[fredlk]

Yes.

[Dancealot]

Yes.

Great

[Dancealot]

Anyone know which bank has the best conversion rate when i am wiring money this way?.... At kasikorn now

[Mario2008]

You can send Euro's from your Dutch bankaccount to your Thai bankaccount. Conversion is done by the Thai bank. It is often cheaper than having the Dutch bank send Baht to the Thai account.

When you enter the option for how to pay for teh transaction, you have 3 options:

1. the sender pays for it

2. the reciever pays for it

3. you both share the cost.

The cheapest option in your case is if the reciever pays for the cost, you will pay only 500 baht through your Thai account.

Can't advice on the best currency rate.

[chiang mai]

Not only can you, but you should wire Euro's and get the conversion into Baht done in Thailand rather than in Europe, the rate is much better that way. Kasokorn is as good as any for what you intend.

[Dancealot]

You can send Euro's from your Dutch bankaccount to your Thai bankaccount. Conversion is done by the Thai bank. It is often cheaper than having the Dutch bank send Baht to the Thai account.

When you enter the option for how to pay for teh transaction, you have 3 options:

1. the sender pays for it

2. the reciever pays for it

3. you both share the cost.

The cheapest option in your case is if the reciever pays for the cost, you will pay only 500 baht through your Thai account.

Can't advice on the best currency rate.

Thanks mario! I opened my eyes thanks to you and Naam. I feel ashamed i never knew this before.... :-(

The cheapest option in your case is if the reciever pays for the cost, you will pay only 500 baht through your Thai account.

Coincidentally i was playing with this the last months and indeed you are right! This week i payed B400 though.. Thanks for your input and thanks kasikorn

Edited October 27, 2012 by Dancealot

[jacnl2000]

Here’s some info of one of the Dutch banks.

In case of Beneficiary Cost (“De ontvanger betaalt alle kosten”) the amount to be wired will be decreased with the Shared Costs (“Ieder betaalt de kosten van zijn eigen bank”) before actually wiring it and the receiver has to pay his part of the costs to its own bank. It’s quite clear. This Dutch bank already subtracts the amount the Thai receiver has to pay to them (Shared Costs, “0,1% van het bedrag (minimaal € 5, maximaal € 50”) before wiring money to the Thai bank. So, for this Dutch bank two of those three options mentioned are equal.

[Dancealot]

Here’s some info of one of the Dutch banks.

In case of Beneficiary Cost (“De ontvanger betaalt alle kosten”) the amount to be wired will be decreased with the Shared Costs (“Ieder betaalt de kosten van zijn eigen bank”) before actually wiring it and the receiver has to pay his part of the costs to its own bank. It’s quite clear. This Dutch bank already subtracts the amount the Thai receiver has to pay to them (Shared Costs, “0,1% van het bedrag (minimaal € 5, maximaal € 50”) before wiring money to the Thai bank. So, for this Dutch bank two of those three options mentioned are equal.

Obviously. How come you know this? So my dutch bank account doesn't get charged if i choose: receiver pays for the costs?

[jacnl2000]

Here’s some info of one of the Dutch banks.

In case of Beneficiary Cost (“De ontvanger betaalt alle kosten”) the amount to be wired will be decreased with the Shared Costs (“Ieder betaalt de kosten van zijn eigen bank”) before actually wiring it and the receiver has to pay his part of the costs to its own bank. It’s quite clear. This Dutch bank already subtracts the amount the Thai receiver has to pay to them (Shared Costs, “0,1% van het bedrag (minimaal € 5, maximaal € 50”) before wiring money to the Thai bank. So, for this Dutch bank two of those three options mentioned are equal.

Obviously. How come you know this? So my dutch bank account doesn't get charged if i choose: receiver pays for the costs?

Right. Your dutch bank account doesn't get charged but you have to wire a little bit more money when the receiver expects and accepts nothing less than the specificed amount of money.

Read quote below.

In case of Beneficiary Cost you have to send the amount of money the receiver is expecting plus the Shared Cost! (because the Dutch Bank will remove the Shared Cost the receiver needs to pay). If you send the amount of money the receiver is expecting (s)he will not receive exactly that amount, but the expected amount minus the Shared Cost.

Currently € 5 is equal to approximately 200 BHT. Multiply it by 2 and we get the 400 BHT you mentioned earlier. The amount you've wired was less or equal to € 5000 (0.1 % of € 5000 equals € 5).

• "Bij een uitgaande Beneficiary ( = Beneficiary Cost ) opdracht wordt het tarief voor Shared Cost op het overgeschreven bedrag in mindering gebracht en moet tevens de begunstigde zijn/haar kosten aan de eigen bank betalen.
  
• Bij een uitgaande Our ( = Shared Cost ) opdracht ontvangt de begunstigde het volledige bedrag."
  

http://www.ing.nl/pa...ling/index.aspx

Copy the link into a textfile asap. Sorry, the link may or may not be deleted by thaivisa.

[Dancealot]

So B400 you got is based on what? I do not understand.

Allow me to specify then. I payed B400 on a B4000 transfer when optioning Beneficiary Cost on ING. Kasikorn showed me B3600 was transferred into my account. ING showed me B4000 was wired with no extra costs. Where did the B400 go?

Somewhere B400 was charged as a fact. Can you explain this to me then?

[jacnl2000]

So B400 you got is based on what? I do not understand.

Allow me to specify then. I payed B400 on a B4000 transfer when optioning Beneficiary Cost on ING. Kasikorn showed me B3600 was transferred into my account. ING showed me B4000 was wired with no extra costs. Where did the B400 go?

Somewhere B400 was charged as a fact. Can you explain this to me then?

This is what actually happened:

ING took 0.1% with a minimum of 5 euro, thus 5 euro = 200 BHT before NOT wiring B4000 BUT actually wiring B3800 to Kasikorn. Those 200 BHT are the costs the receiver has to pay to ING.

ING could have wired B4000, but then Kasikorn needs to wire the 200 BHT of the receiver back to ING. ING wired only B3800 so the additional wiring back of 200 BHT need not to happen. That's more efficient and reduces the costs.

Kasikorn also took their 200 BHT from the receiver (their costs; why should they take more or less money than ING ?) so Kasikorn showed you B3600 was transferred into your account.

ING showed you B4000 was wired without no extra costs implying Kasikorn took 400 BHT.

THIS IS ALSO TRUE, but 200 BHT of those 400 BHT were send back to ING.

Kasikorn took 200 BHT for wiring it back to ING (which did not need to happen in reality because ING did not wire B4000 but B3800) and Kasikorn took 200 BHT for themselves as cost.

The Kasikorn account shows B3800 - 200 BHT = B3600.

[Dancealot]

Great stuff ! What a clear answer

[Dancealot]

One more question then. I conclude that if i wire E5000 i pay the same cover charge B200 as when i wire E50. Right?

[jacnl2000]

One more question then. I conclude that if i wire E5000 i pay the same cover charge B200 as when i wire E50. Right?

ING charges the same cover charge (E5) for B4000 as well as for E5000 (0.1% with a min. of E5 and max. of E50). Today E5 equals approx. 198,6121 BHT. So, yes, B200, but you're only partially right when you assume ING would wire E5000 for you, and fully right in case you remember they are only wiring E4995.

Allow me to repeat, ING will wire E5000 - E5 = E4995 to Kasikorn.

In this case I do not know for sure what the additional costs will be at Kasikorn. I am not familiar with the exact rules they apply.

When ASSUMING the rules are the same, then the total costs for the receiver at Kasikorn will be B200 ( = E5 for ING) + B200 (the same for Kasikorn if the same rules apply) = B400 and of course we also need to take into consideration the costs of the currency exchange from E4995 to BHT at Kasikorn. So e.g. today you would receive approx. 198.414 BHT ( E4995 ) - 200 BHT (for Kasikorn) = 198.214 BHT into your Thai bank account. I don't know why but it feels quite good reading that.

Note: when you send B4000 the currency exchange needs to be done probably at ING because you instructed them to wire BHT.

Btw. I do remember a (short) period in time (forgot exactly when) during which I was not allowed by the Thai government to wire BHT but was forced to wire EUR (in my case) to Bangkok Bank. No need to worry about that again. The banking software is quite capable of handling such situations. When such a situation reoccurs again, ING will for sure popup an additional window telling you simply what other currencies still exist on our planet to keep the intended transfer of money going.

Sorry not to have cut off some of my [not quite irrelevant] thoughts. It is always good to have the intention to arouse not more suspicion but more questions.

[Dancealot]

You seem to have done your homework jacni.I understand how it works with ING. Still my OP was based on suspicions, though.

[hgma]

I lost a lot of cash i realize after reading this, i always pay the costs 30 euro now......

oeps foutje.......even..........bellen(lol)

thanks guys...great stuff

hgma

[Dancealot]

I lost a lot of cash i realize after reading this, i always pay the costs 30 euro now......

oeps foutje.......even..........bellen(lol)

thanks guys...great stuff

hgma

Dude, Always click reciever pay! How much did you loose? Fellow Dutchmen should help each other out, especially while sending money to our better half. Where in Thailand are you based?

[fvdv]

One more question then. I conclude that if i wire E5000 i pay the same cover charge B200 as when i wire E50. Right?

ING charges the same cover charge (E5) for B4000 as well as for E5000 (0.1% with a min. of E5 and max. of E50). Today E5 equals approx. 198,6121 BHT. So, yes, B200, but you're only partially right when you assume ING would wire E5000 for you, and fully right in case you remember they are only wiring E4995.

Allow me to repeat, ING will wire E5000 - E5 = E4995 to Kasikorn.

In this case I do not know for sure what the additional costs will be at Kasikorn. I am not familiar with the exact rules they apply.

When ASSUMING the rules are the same, then the total costs for the receiver at Kasikorn will be B200 ( = E5 for ING) + B200 (the same for Kasikorn if the same rules apply) = B400 and of course we also need to take into consideration the costs of the currency exchange from E4995 to BHT at Kasikorn. So e.g. today you would receive approx. 198.414 BHT ( E4995 ) - 200 BHT (for Kasikorn) = 198.214 BHT into your Thai bank account. I don't know why but it feels quite good reading that.

Note: when you send B4000 the currency exchange needs to be done probably at ING because you instructed them to wire BHT.

Btw. I do remember a (short) period in time (forgot exactly when) during which I was not allowed by the Thai government to wire BHT but was forced to wire EUR (in my case) to Bangkok Bank. No need to worry about that again. The banking software is quite capable of handling such situations. When such a situation reoccurs again, ING will for sure popup an additional window telling you simply what other currencies still exist on our planet to keep the intended transfer of money going.

Sorry not to have cut off some of my [not quite irrelevant] thoughts. It is always good to have the intention to arouse not more suspicion but more questions.

Reply from Kasikorn to my question:

According to your enquiry regarding about money transfer, I would like to inform you that the informations needed for international funds transfer are;

- Account name of beneficiary

- SWIFT Code : KASITHBK

- Account number of beneficiary

- Branch name :

- Branch address :

- Bank address- 1 Soi Rat Burana 27/1, Rat Burana Road, Rat Burana Sub

District, Rat Burana District, Bangkok 10140, Thailand

The beneficiary will receive money about 1 hour after we got a transfer order from your bank side. They will also be charged on the rate of 0.25% of the transferred amount (minimum 200 baht and maximum 500 baht) Please note that, if you transfer to the account that already existing, the rate will be changed into Thai Baht once transaction has been arrived.

In addition, to transfer 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).

Also the beneficiary can contact our K-Contact Center to check money transfer list at Tel. (66) 2888 8800 press 0 press 2 from Mon-Fri 8.30am - 4.30pm.

[Dancealot]

Also the beneficiary can contact our K-Contact Center to check money transfer list at Tel. (66) 2888 8800 press 0 press 2 from Mon-Fri 8.30am - 4.30pm.

Thanks! 1 question, is this also available on-line?