International Money Transfers From Commonwealth Bank Australia

[Sydneycraig]

hey

have made several transfers all of the $2000 amount from commonwealth bank of australia to a bangkok bank account in thailand.

obviously exchange rates fluctuate, but this last transfer ended up giving 3000 baht less than the previous 2 transfers. i know this much could not be explained by exchange rates so asked commonwealth bank....there reply. "the money may pass through one or more banks on the way to the beneficiary bank" is the key bit and so basically says that it can pass though several banks who will charge and its out of my control....so if i want to transfer 2k then it may cost me 5% in fees...maby more!!??

so what are my other options...feels like a con and fast going off commonwealth!

"I can confirm you processed the IMT in AUD however please note, the funds were received at Bangkok bank however the money may pass through one or more banks on the way to the beneficiary bank. Each bank your money passes through may deduct a certain amount from the amount sent as a processing fee.

Unfortunately the amounts deducted are out of our control and not able to be determined prior to sending the money. If a specific amount is required to be received, we suggest you send a little bit more money to cover these potential costs.
The beneficiary bank may provide you with the fees charged by the intermediary bank."

[krisb]

Yeah I hear ya mate. Unless you have to its not worth it.

Option a, take it out in cash here in oz then deposit in person in Thailand.

Option b, use a commonwealth MasterCard debit card in Thailand. Press credit when taking money out and no overseas withdrawal fees incur.

[Sydneycraig]

Yeah I hear ya mate. Unless you have to its not worth it.

Option a, take it out in cash here in oz then deposit in person in Thailand.

Option b, use a commonwealth MasterCard debit card in Thailand. Press credit when taking money out and no overseas withdrawal fees incur.

assume that the mastercard option would give a worse exchange rate? and there would be local charges for using the atms??

ha, i need to figure something out as dont really want to loose 5% of my $$$!!

[krisb]

I wouldn't blame commonwealth bank. Its out of their hands. They charge 50buks transfer fee from memory though for international stuff. I would be onto the Thai banks. Seems they are at fault?

[krisb]

No it's the rate offered by the ATM of each Thai bank. No fees for using overseas if you press credit not savings etc. Usually the exchange rate is quite good.

[krisb]

Sorry the cost is only 150baht each withdrawal. Much better than 3000baht you paid. Then just deposit in your Thai bank in person.

[Pib]

I wouldn't blame commonwealth bank. Its out of their hands. They charge 50buks transfer fee from memory though for international stuff. I would be onto the Thai banks. Seems they are at fault?

I would blame Commonwealth Bank as they are the ones who established their money transfer capability. Apparently they must depend on one or more intermediary banks to accomplish international funds transfers which means higher transfer costs. I expect in most cases and if they wanted to they could tell you exactly who the funds will be transferring through and what that total transfer charge would be but that would require exact work and make some customers baulk at some transfers due to costs...instead they won't tell you as they want you to think it's out of their control....they will only tell you their front-end sending fee the bank directly charges.

But I will admit sometimes the bank may not know possibly depending on the routing setup established by the customer. Just for example, in the U.S. people can use "ACH" to transfer funds at a very low to nothing cost...even transfer to Thailand. Use of ACH requires use of a bank's "routing number." Many ThaiVisa member transfer money to their local/in-Thailand Bangkok Bank by using the Bangkok Bank "New York" branch routing number...when the funds flow-thru that NY branch (kinda like an intermediary bank in a round about way) they slice off a small fee...probably $5 for a typical transfer and they publish they fees. Now, the U.S. sending bank wouldn't know about that charge, nor care, since the customer is the one who entered the routing number to use.

[lopburi3]

When was your previous transfer? Last year on this date it would have been 2,800 baht more for a 2k AUD conversion. The Thai Baht has been going up in value very quickly in the last several months.

[Sydneycraig]

i got prinouts from bangkok bank and can see;

end of jan 2013 - @ 31.13 - this was received via SWIFT

from: citibank sydney

ordering institution: commonwealth

then start of march - no rates available - received via BAHTNET

from: citibank thailand

ordering institution: citibank, europe plc ireland ??!!

so, it wasnt the exchange rates i dont think...

[CBR250]

I use Ozforex to transfer money. Once it's set up (go to their website) it's quite simple. And better rates than banks!!

[Sydneycraig]

I use Ozforex to transfer money. Once it's set up (go to their website) it's quite simple. And better rates than banks!!

looks good...so just a $15 charge per transaction??

any other fees along the way?!

and yes their rate (31.38) better than what i got on 23/01/2013 via commonwealth @ 31.13

[krisb]

Hmm, ozforex huh. Have to check it out.

[lopburi3]

i got prinouts from bangkok bank and can see;

end of jan 2013 - @ 31.13 - this was received via SWIFT

from: citibank sydney

ordering institution: commonwealth

then start of march - no rates available - received via BAHTNET

from: citibank thailand

ordering institution: citibank, europe plc ireland ??!!

so, it wasnt the exchange rates i dont think...

Indeed - appears to be your Citibank routing may have caused the issue (but believe exchange rate is also lower now than January) as this was received by Bangkok Bank in Baht, not in AUD so Citi at some point make the conversion and if done outside Thailand it is normally a really bad rate. But they should be able to provide full details if you demand. If you had requested a SWIFT transfer in AUD it does not appear to be what you got.

[Sydneycraig]

thanks..i have asked commonwealth (my bank in oz) to explain.

i requested that commonwealth do not convert to baht which they actually said in their first reply that they had not.

not sure how/why citibanl got involved!!

will wait and see their response

[UbonOz]

Aeon do not have any fees when withdrawing from their ATM in Thailand, I use them all the time.

My funds are in US dollars and are received via a Turkish bank in Istanbul, the exchange rate is always pretty close to advertised bank rate.

I took all my cash out of Australia and avoid all the taxes, if I need funds in Australia I transfer to the NAB when required.

Edited March 27, 2013 by UbonOz

[ripstanley]

I use Ozforex to transfer money. Once it's set up (go to their website) it's quite simple. And better rates than banks!!

looks good...so just a $15 charge per transaction??

any other fees along the way?!

and yes their rate (31.38) better than what i got on 23/01/2013 via commonwealth @ 31.13

I use Ozforex as well. No charge if 10,000 or more. I do get charged this end by SCB. It has varied from 200Baht to 800Baht depending on the amount.

Watch out for exchange rate on a Monday morning. The rate is usually poor.

[Pib]

Aeon do not have any fees when withdrawing from their ATM in Thailand.

True. But unless the person is using a "no foreign transaction fee" ATM/debit card they would still incur whatever foreign transaction fee the card issuing bank applies. Not uncommon to see foreign transaction fees in the 3% ballpark.

[padped]

I use my Westpac Master Debit card regularly...every time I use the ATM it costs me 150 baht at the machine and then I am charged a foreign transaction fee etc etc on my money...about $20 each time...when I use internet banking I am charged $20 each transaction ..whether it is $2000 or $10000..so better to transfer in larger amounts to your Thai bank account if possible or bring just under $10,000 with you on your person when you come to Thailand but I wouldn't recommend this..

[gamini]

I am having a big row with ANZ bank because they seem to always try to send me Thai baht instead of A$. Doing it this way they make a lot of money. I asked them to send A$10,000 to my bank here in A$ and they sent it in Thai baht. I lost nearly bt6000 because of this. They made the excuse that it went through an intermediate bank. But this only cost about BT300. You must always insist they send in A$. It is a scam by the bank trying to get you to agree to send in Thai Baht. In your case ask them for a full account of how much the intermediate bank charged. I think you will find that they changed your A$2000 into Thai baht in Oz before they sent it.

My bank has admitted they did not carry out my instructions and I think they will refund me the loss.

[xen]

I use First Money Transfer , they are based in Thai Town section of Sydney . Their exchange rates are not that far below the current FX for the day . Also there are no Thai fees ( only a commission /fee for sending it) if you transfer to Bangkok Bank in Bangkok so if you have a Bangkok Bank account it is cheaper than sendding to one of the other banks . As far as i know they only do transfers to Thailand . I will have to try Ozforex to compare though .

I used to use Commonwealth Bank and it seems that there is one set of fees to get it to the Thailand and then if you are transferring upcountry then each Thai bank the tranaction goes thru they take a cut .

[dundas]

I avoid using any of the big Australian banks for money transfer. I have in the past used ANZ: their website makes it very difficult to transfer the money here in $A, but if you have a lot of patience can be made to do so. I don't like their $24 fee for the pleasure, though.

I have tried using ozforex, but got stung with quite a large fee from Bangkok Bank when the money arrived here (in Baht).

I now have two cards I use: the 28degrees Mastercard, and a Citibank transaction card.

The 28 degrees card charges no fees at all and so I always get a good rate; the Citibank passes on the normal Visa fees, but imposes no other fees. I take the money out using Thai ATMs; haven't used the Aeon facility so I do get hit with the B150 fee Thai banks charge.

[paulchiangmai]

i got prinouts from bangkok bank and can see;

end of jan 2013 - @ 31.13 - this was received via SWIFT

from: citibank sydney

ordering institution: commonwealth

then start of march - no rates available - received via BAHTNET

from: citibank thailand

ordering institution: citibank, europe plc ireland ??!!

so, it wasnt the exchange rates i dont think...

I wrote on this same subject a couple of years ago and got shouted down like I was the problem. I also got a printout from the Bangkok bank and it also showed Citibank transferring it through Ireland and eventially ending up here in Thailand several thousand baht short. Citibank was used all the way around the world and therein lies the problem.

[Sydneycraig]

spoke to commonwealth and she said it was me who failed to check the "do not convert" box...

its possible but have always managed to do so for all my other transfers. i cant find anywhere on netbank to get a receipt that would show this as checked or not for the transaction...

[Tomtomtom69]

I avoid using any of the big Australian banks for money transfer. I have in the past used ANZ: their website makes it very difficult to transfer the money here in $A, but if you have a lot of patience can be made to do so. I don't like their $24 fee for the pleasure, though.

I have tried using ozforex, but got stung with quite a large fee from Bangkok Bank when the money arrived here (in Baht).

I now have two cards I use: the 28degrees Mastercard, and a Citibank transaction card.

The 28 degrees card charges no fees at all and so I always get a good rate; the Citibank passes on the normal Visa fees, but imposes no other fees. I take the money out using Thai ATMs; haven't used the Aeon facility so I do get hit with the B150 fee Thai banks charge.

No problems using St. George internet banking to make a wire transfer in whatever currency you specify including $A and there's no attempt to convert to another currency before the recipient bank receives your transfer. You pay only $20 and in 2013 who still makes a telegraphic transfer at a branch? Even in 2003 or so when they launched online telegraphic transfers I was already making them online and since then I have never stepped foot in an Australian bank to make a telegraphic transfer...then again why would I? They charge you more (about $28 or $30) it takes a long time, other customers nearby could eavesdrop on the details of your transfer and you have to get to the bank. Annoying and inconvenient.

BTW Bangkok Bank charges between 200 and 500 Baht (maximum) on incoming transfers. Check their website for details. The amount charged depends on the transfer amount but is never more than 500 Baht.

Edited March 28, 2013 by Tomtomtom69

[chainarong]

The CBA is a rip off, try getting around using them and don't use your keycard at an o/sea's ATM , all OZ banks loaded up the international fee's and charges when the Federal Gov clamped down on their fee charges in OZ ATM's, they just moved fee's off shore , they should be hung. Banks don't cha just love em.

[cabralad]

I use NAB got rate of 28.92, no more tt for me , I use atm card now it works out. a bit cheaper

[ThailandInvestmentGuide]

OK, first lesson is that the best transfer option depends on a number of variables including size of transfer, urgency of transfer, purpose of transfer, country of origin/destination, and so on. There are countless prior Thaivisa threads that go into how/why these various factors are important.

You are potentially hit with costs/charges by the outgoing bank, intermediate banks, destination bank, and finally by way f the exchange rate used. You need to determine each of these to get the best value.

If you go the bank transfer route then you need to tell the outgoing bank who the destination bank is, and ask if they will need to use one or more intermediary banks. If they say yes, then you have the option to change either or both banks (assuming you are transferring to/from youself). Obviously you wouldn't go to this trouble for a one-off transfer, but if it was on ongoing matter then you might.

You also need to be mindful of having less transfers of greater value. For example I think ANZ has a $10,000 limit on their basic transfer and anything up to that still gets hit with the same fee ($24?). So in your case you are much better off one making 1x$10,000 transfer than 5x$2,000 transfers.

Finally, you aren't restricted to using a bank to do transfers ... and a couple of posters have already suggested non-bank transfer operations. Again many TV members have made recommendations (or warnings) about these agencies in earlier discussion threads that can probably be located using the forum search facility.

Edited March 29, 2013 by ThailandInvestmentGuide

[Pib]

I use NAB got rate of 28.92, no more tt for me , I use atm card now it works out. a bit cheaper

Sounds like the money was probably converted by NAB before sending reaping them a nice little profit due to a lower exchange rate....an exchange rate set by NAB.

I was looking at the NAB web site and one poster appears to have nailed it on the head where they are talking about NAB's real time exchange rates (i.e., NAB exchange rate) when transferring money internationally.

This change is a minor improvement but still lacking.

The difference in the NAB exchange rate and the actual exchange rate of 4.2% is still too great. Add to that the NAB fee of $22, then add also the international (recipient) bank fee of $??? and we end up paying $64 to NAB alone for a $1000 transfer (plus the international bank fee to take it up to a possible $90!)

Whacking your customers with 2 separate fees and not being able to provide the international bank’s fee is not good enough.

I will to continue to use Paypal where I know how much I will be paying up-front and they are cheaper.

[davidst01]

A few months ago, I took out thb10k from the same atm using a commbank card and an Anz card- on the same day. The commbank charged me $12 more than the anz.

commbank is a rip off.

[krisb]

No, Australian banks have no overseas withdrawal fees at all if used smartly. Use a master card or visa debit card ie, Commonwhealth master card debit card, then press credit at the Thai ATM not savings etc.

Result is no international ATM fee other than the 150 ish baht the Thai bank charges. Done deal!

I've read some folk saying banks like Aeon don't charge for using their ATM so that's fantastic! No 150ish baht fee! Now it's cost you no fees at all...Woohoo!

If anyone else knows of other banks in Thailand that don't charge for using their ATM please let us know.

Edited April 1, 2013 by krisb