Are Older Men in Thailand Trading Love for Financial Ruin

[rockyysdt]

Hi All.

Hoping whether someone can assist.

I've been attempting to deposit an amount of money into a Bangkok Bank Savings account held by a Thai national from Australia using Western Union.

Not mentioning the extremely poor conversion rate (AUS$ to Bht) & AUS$35 fee, the road block has been that Western Union are demanding the Bangkok Bank's BIC code (3 digits) & the Bangkok Bank's Branch Code before they can proceed.

They will not accept the swift code.

Can anyone assist with these codes?

Is there a more economical way of sending such deposits with the conversion (AUS$ to Bht) occurs in Thailand where the rates are more favourable?

Many thanks.

[Naam]

Is there a more economical way of sending such deposits with the conversion (AUS$ to Bht) occurs in Thailand where the rates are more favourable?

SWIFT AUD from an OZ bank to Thai bank. forget a shady and expensive institution such as Western Union!

[panork]

Go to an Australian bank and transfer the money to the Bangkok Bank account in AUD, requesting conversion by Bangkok Bank. This has worked for me.

[rockyysdt]

Go to an Australian bank and transfer the money to the Bangkok Bank account in AUD, requesting conversion by Bangkok Bank. This has worked for me.

Which bank will offer this?

Do you need to have an account with them?

Can the account with Bangkok Bank be in anothers name?

Can a Bangkok Bank account accept foreign funds?

Thanks for your help.

[rockyysdt]

forget a shady and expensive institution such as Western Union!

Never a truer word said.

W U thrive in the absence of knowledge.

[Naam]

Go to an Australian bank and transfer the money to the Bangkok Bank account in AUD, requesting conversion by Bangkok Bank. This has worked for me.

Which bank will offer this?

Do you need to have an account with them?

Can the account with Bangkok Bank be in anothers name?

Can a Bangkok Bank account accept foreign funds?

Thanks for your help.

-any bank in Australia will offer this.

-the account in Thailand can be in anybody's name.

-all banks in Thailand accept foreign funds and it's done thousands of times on a daily basis!

[Robby nz]

Dont know about OZ but I have bank accounts in NZ and TL and I can transfer by internet from one to the other (NZ TO TL).

There is a daily limit of $10knz and I get charged at both ends but it is very simple.

As an aside; I have friends coming to visit soon fron NZ and I will get them to bring $10k with them in NZ$ I will then look round to see which bank in giving the best exchange rates, change to baht and deposit in my TL account.

It does vary a little from bank to bank and a decimal point can make a difference in Baht received.

[rockyysdt]

-any bank in Australia will offer this.

-the account in Thailand can be in anybody's name.

-all banks in Thailand accept foreign funds and it's done thousands of times on a daily basis!

Thank Naam

So in summary, request an international bank transfer from my account to the nominated Thai account, asking that the transfer be in AUS$'s and provide the receiving banks "name", "address", "contact number", "SWIFT Code", "Nominated Account number", & "Account holders Name & contact number".

The receiving bank will then convert to Thai Baht at their prevailing rate and deposit it into their account.

Is this how it would work?

[rockyysdt]

-any bank in Australia will offer this.

-the account in Thailand can be in anybody's name.

-all banks in Thailand accept foreign funds and it's done thousands of times on a daily basis!

Thank Naam

So in summary, request an international bank transfer from my account to the nominated Thai account, asking that the transfer be in AUS$'s and provide the receiving banks "name", "address", "contact number", "SWIFT Code", "Nominated Account number", & "Account holders Name & contact number".

The receiving bank will then convert to Thai Baht at their prevailing rate and deposit it into their account.

Is this how it would work?

I suspect my credit union won't have the international experience to do it.

If it becomes a regular thing, I might have to become an account holder of a main stream bank.

Edited January 19, 2013 by rockyysdt

[rockyysdt]

Dont know about OZ but I have bank accounts in NZ and TL and I can transfer by internet from one to the other (NZ TO TL).

There is a daily limit of $10knz and I get charged at both ends but it is very simple.

As an aside; I have friends coming to visit soon fron NZ and I will get them to bring $10k with them in NZ$ I will then look round to see which bank in giving the best exchange rates, change to baht and deposit in my TL account.

It does vary a little from bank to bank and a decimal point can make a difference in Baht received.

Thanks for the insights Robby.

A colleague of mine is headed for Phuket in 3 weeks.

Some how I wouldn't trust him with even $10.

It's good to have trustworthy friends.

[Naam]

-any bank in Australia will offer this.

-the account in Thailand can be in anybody's name.

-all banks in Thailand accept foreign funds and it's done thousands of times on a daily basis!

Thank Naam

So in summary, request an international bank transfer from my account to the nominated Thai account, asking that the transfer be in AUS$'s and provide the receiving banks "name", "address", "contact number", "SWIFT Code", "Nominated Account number", & "Account holders Name & contact number".

The receiving bank will then convert to Thai Baht at their prevailing rate and deposit it into their account.

Is this how it would work?

I suspect my credit union won't have the international experience to do it.

If it becomes a regular thing, I might have to become an account holder of a main stream bank.

yes that's how it works. but i can't comment on a "credit union".

[harrry]

-any bank in Australia will offer this.

-the account in Thailand can be in anybody's name.

-all banks in Thailand accept foreign funds and it's done thousands of times on a daily basis!

Thank Naam

So in summary, request an international bank transfer from my account to the nominated Thai account, asking that the transfer be in AUS$'s and provide the receiving banks "name", "address", "contact number", "SWIFT Code", "Nominated Account number", & "Account holders Name & contact number".

The receiving bank will then convert to Thai Baht at their prevailing rate and deposit it into their account.

Is this how it would work?

Some banks convert in Bangkok whith their fee and then charge a transfer fee to send it to an up country branch.

[saroq]

Go to an Australian bank and transfer the money to the Bangkok Bank account in AUD, requesting conversion by Bangkok Bank. This has worked for me.

Which bank will offer this?

Do you need to have an account with them?

Can the account with Bangkok Bank be in anothers name?

Can a Bangkok Bank account accept foreign funds?

Thanks for your help.

http://www.commbank.com.au/ will do it but I'm sure that ANZ, Westpac and any other major Australian bank will offer this service through their internet banking facilities.

[rockyysdt]

Some banks convert in Bangkok whith their fee and then charge a transfer fee to send it to an up country branch.

I don't understand why these days there needs to be a transfer to an up country branch or even the notion of "branch codes".

Hasn't computerisation done away with accounts aligned with branches?

Isn't an account virtually floating throughout a Banks network?

Aren't branches more a place where one can access banking services personally, rather than the older concept of branch fixed accounts?

[harrry]

Some banks convert in Bangkok whith their fee and then charge a transfer fee to send it to an up country branch.

I don't understand why these days there needs to be a transfer to an up country branch or even the notion of "branch codes".

Hasn't computerisation done away with accounts aligned with branches?

Isn't an account virtually floating throughout a Banks network?

Aren't branches more a place where one can access banking services personally, rather than the older concept of branch fixed accounts?

Not where charges are involved....remember they are banks.

[Naam]

-any bank in Australia will offer this.

-the account in Thailand can be in anybody's name.

-all banks in Thailand accept foreign funds and it's done thousands of times on a daily basis!

Thank Naam

So in summary, request an international bank transfer from my account to the nominated Thai account, asking that the transfer be in AUS$'s and provide the receiving banks "name", "address", "contact number", "SWIFT Code", "Nominated Account number", & "Account holders Name & contact number".

The receiving bank will then convert to Thai Baht at their prevailing rate and deposit it into their account.

Is this how it would work?

Some banks convert in Bangkok whith their fee and then charge a transfer fee to send it to an up country branch.

that additional fee does not apply for initial transfers from abroad.

[WonnabeBiker]

www.currencyonline.com

It's much easier sending money from and to the UK and the U.S., but

it works for THB as well. Deposit the amount in Australia, then disburse it to the Thai bank account.

The fee was something like 200 Baht and it took a few days. But the forex is brilliant.

I sound like a sales rep - but I have spent over 1,000 pounds on wire fees over the years and lost a lot more

than that on sh*tty forex rates.

[xen]

I always use these guys, as do a lot of Thais living in Sydney . Never had a problem and much cheaper fees and better exchange rates than the banks and western union . if you transfer to Bangkok Bank there are minimal fees or no fees as well and it goes overnight..

FIRST MONEY TRANSFER PTY LTD

Shop 22 / 477 Pitt St, Haymarket NSW 2000, Australia

T | +61 2 9575 4890

F | +61 2 8905 9466

E | [email protected]

www.first247.com

[rockyysdt]

I always use these guys, as do a lot of Thais living in Sydney . Never had a problem and much cheaper fees and better exchange rates than the banks and western union . if you transfer to Bangkok Bank there are minimal fees or no fees as well and it goes overnight..

FIRST MONEY TRANSFER PTY LTD

Shop 22 / 477 Pitt St, Haymarket NSW 2000, Australia

T | +61 2 9575 4890

F | +61 2 8905 9466

E | [email protected]

www.first247.com

Thanks Xen.

It's always good to have options, and I dislike monopolies.

I had a look at their rates and it appears you save $5.

The Western Union agent wanted $35.00 and FIRST MONEY TRANSFER are asking for $30.

Their website quotes the rate at 30.40 as of last Thursday.

Coincidentally the Bangkok Bank was quoting 30.70 on that day.

[rockyysdt]

www.currencyonline.com

It's much easier sending money from and to the UK and the U.S., but

it works for THB as well. Deposit the amount in Australia, then disburse it to the Thai bank account.

The fee was something like 200 Baht and it took a few days. But the forex is brilliant.

I sound like a sales rep - but I have spent over 1,000 pounds on wire fees over the years and lost a lot more

than that on sh*tty forex rates.

Seems appealing.

Do you open an account with them, deposit money into it, and then action external deposits online to nominated overseas accounts?

Apart from the online/phone fees, is there a fee to have the account?

How do you add money into it?

Do they send in the originators currency (Pounds in your case) and does the receiving bank (e.g. Bangkok Bank) do the conversion?

Conversion is better onshore (Thailand) as the rates are always better.

Edited January 20, 2013 by rockyysdt

[Naam]

I always use these guys, as do a lot of Thais living in Sydney . Never had a problem and much cheaper fees and better exchange rates than the banks and western union . if you transfer to Bangkok Bank there are minimal fees or no fees as well and it goes overnight..

FIRST MONEY TRANSFER PTY LTD

Shop 22 / 477 Pitt St, Haymarket NSW 2000, Australia

T | +61 2 9575 4890

F | +61 2 8905 9466

E | [email protected]

www.first247.com

Thanks Xen.

It's always good to have options, and I dislike monopolies.

I had a look at their rates and it appears you save $5.

The Western Union agent wanted $35.00 and FIRST MONEY TRANSFER are asking for $30.

Their website quotes the rate at 30.40 as of last Thursday.

Coincidentally the Bangkok Bank was quoting 30.70 on that day.

30.40/30.70... then where's the savings beef?

[rockyysdt]

30.40/30.70... then where's the savings beef?

I'm learning as l go Naam.

On the 11 Jan when I first explored my position Bangkok Bank were quoting 31.35 vs 30.04 when I called the Travelex Office who are a W.U. agent.

This equates to 3,000 Bht on the figure involved.

Total charges were going to be AUS$35.00 fee plus AUS$98 more over BoB's rates for conversion.

It appears to depend on which day you go in as to how close the rates are.

I wouldn't be surprised if Travelex added their pound of flesh as they are an expensive money converter in my country.

The closer rates were via a HSBC W.U. agent.

I'll have to take a comparison between HSBC agents & Travelex agents to see whether the agency impacts on the rate.

Naturally, as you've taught, it is much better for them to send $'s and for the conversion to take place by the receiving bank, but I suspect W.U. don't offer this as conversion is a part of their business model.

Edited January 20, 2013 by rockyysdt

[Naam]

I'll have to take a comparison between HSBC agents & Travelex agents to see whether the agency impacts on the rate.

Naturally...

naturally... why don't you forget "agents" but transfer your money to a proper bank (in case your credit union can't SWIFT) and transfer your money for a fee of approximately AUD 25 and a maximum fee (depending on the amount) of THB 500 at the receiving end.

i'm not forecasting any strengthening THB AUD but this is what happened last week and should make you act:

[mccw]

I thought the only use for western Union was for foreign cash workers to send their wages home without catching in the bank/ tax system. I'm surprised they are still allowed to operate.

[Naam]

I thought the only use for western Union was for foreign cash workers to send their wages home without catching in the bank/ tax system. I'm surprised they are still allowed to operate.

if it wasn't a U.S. based company it would have been closed since several years.

[rockyysdt]

Thanks for the advice Naam.

I couldn't send money even if I wanted to.

W.U. demand Bangkok Banks 3 digit "bank code" and 4 digit "branch" code which is the "Siam Paragon".

The Bangkok Bank won't return my e-mails, and W.U. indicate it's the customers responsibility.

Starting a new Bank Account is the long term solution, but I need to get things moving regardless of the extra $10.

I'll have to take a comparison between HSBC agents & Travelex agents to see whether the agency impacts on the rate.

Naturally...

naturally... why don't you forget "agents" but transfer your money to a proper bank (in case your credit union can't SWIFT) and transfer your money for a fee of approximately AUD 25 and a maximum fee (depending on the amount) of THB 500 at the receiving end.

i'm not forecasting any strengthening THB AUD but this is what happened last week and should make you act:

Edited January 21, 2013 by rockyysdt

[rockyysdt]

My Credit Union can provide the transfer.

They call it a Telegraphic Transfer.

They charge AUS$40 (more than W.U.).

This is what they say in the fine print:

Please note that TT’s are sent via a network of correspondent banks, which sometimes levy a small handling charge on your payment.

The consultant also said that I need to make sure I have the correct SWIFT code.

She indicated their bank has two SWIFT codes, one for receiving foreign money and one for receiving Australian money.

I have conflicting codes.

Is it BKKBTHBKXXX

or is it BKKBTHBK

Edited January 21, 2013 by rockyysdt

[simoncoll7]

best way to send money is through a trading company example ozforex the first two trades no fee try that

[rockyysdt]

best way to send money is through a trading company example ozforex the first two trades no fee try that

Yes but I still need to provide Bangkok Banks 3 digit "bank code" and 4 digit "branch" code which is the "Siam Paragon".

They don't reply to my e-mails.

The recipient can't get any sense out of them from Thailand.

It looks like I'll have to find the time to make an international call to them to hopefully find out.

[rockyysdt]

To summarize.

Not only is Western Union expensive, their dealer delivery systems are flawed and their support staff refuse to listen to the problem.

Basically when requesting a money transfer from Australia to a bank account in Thailand, their system demands that two fields relating to the receiving bank be entered, even though such detail does not exist, nor does the bank actually use them.

Even if I wanted to use Western Unions system, their ridiculous requirement means that one can never use it.

Well done Western Union.

Thanks to Simon I've created an account with OzForex Foreign, which not only offers very low ($15) or free transaction fees and exchange rate better than the posted Bangkok Bank rates.

Once the account is created, you can add money into it through a BPay payment, and then initiate a transfer to a Thai bank account online.

They're offering to waive the transfer fee during January.