Problem With Using Bangkok Bank For Incoming Transfers In Usd.

[Metalgear]

My salary is in British Pounds. To cut it short, I left Thailand to settle in a neighboring country in the south on Jan 2012. I have been happier since.

[khaowong1]

I've found that Bangkok Bank is the worst for service to foreigners. Their attitude is always the same... they just don't give a dame,

and aren't willing to explain anything. The bank only works for those who know exactly what they want, and how to get it.

SCB is a real winner IMO, and Krungsri isn't bad either, when dealing with foreigners. Kasikorn bank is fine as long as you don't make any mistakes when shopping online,

if a refund is issued from an online purchase or fund transfer, forget it; it will take up to nine months to get the refund. Kasikorn bank attitude is, once the money is sent,

it's up to the foreigner to fight to get it back. Accident insurance is also a nightmare with Kasikorn bank, but not so much with the other two banks.

My friend switched to SCB a long time ago and loves them. I've been with Bangkok Bank for 8 years. I had a problem with them when I first started but went to their main bank and straightened it all out a long time ago. Now, no problems.

[JimGant]

The Direct Deposit capability for US Government payments should only be for those who don't have a US bank/financial account. The hassle of having to physically appear to claim your money becomes a real problem if you're incapable of doing so (think of those down times we'll all have as we begin to creak). From the BB website:

In compliance with US regulations, Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds.

And, as PIB points out, the cost of this capability is the same as if you have your US Gov't check deposited in your US bank account, then initiate an ACH transfer thru BB NY yourself ($5 - $10 front end fee, 200-500bt back end fee). Yes, some banks charge an ACH fee of several dollars -- but many, like USAA, don't.

And, of course, once the money is in Thailand, you or your wife can access it via ATM -- or transfer it to your non-Bangkok Bank account using BB's on-line service.

Ok, the US Gov't sends this direct deposit a few days early to ensure the money arrives as scheduled. With my USAA ACH transfers, it takes 36 hours. So, if you're living hand to mouth, maybe direct deposit is your huckleberry (although, in that situation, if you're reading this on your computer, you really can't afford the electricity -- nor the gas to go to the bank to get your cash).

Granted, some maybe have let their US accounts lapse -- and can't open a new one physically from Thailand. I dunno -- but I would think in these days of electronic banking that shouldn't be too big a hurdle........

But, anyway, the idea that one has to physically appear at his bank's teller window to get his money seems loaded with potential problems -- especially if you're really dependent on that money (so much for a long vacation).

Anyone know someone with direct deposit who was incapacitated -- and what was the recourse?

[jacko45k]

Thanks for that.

Something odd going on, have tried to get the actual incoming TT transaction print out from the bank in Thai, but as I'm not there the staff are giving nothing away. Looks as if will change banks as losing about 800 baht on an incoming transfer of only 350 USD is being robbed.

I hate banks at the best of times.

Well I have used BB for some time and have had no problems.

There has always been a 500 baht charge for incoming funds, whatever currency I have sent.

I also receive a SMS notification which gives me a breakdown.

I wonder if they have changed their charges? I can't find out, as when I try to I am informed the charges are only available in Thai. That didn't impress me very much.

[edcv2007]

@Metalgear. May I know what is your "new country" wich you are talking about?

I guess...

Edited April 3, 2013 by edcv2007

[siamjimi]

Be very careful with your criticism - most likely what has happened is YOUR sending bank has requested the money to be changed into Baht BEFORE its sent - this allows the only opportunity to manipulate your funds - I had this happen to a 9000.oo USD transfer that showed up as 8000.oo

I had been making successful transfers for years and the 1 time I was ripped off was when my bank in USA - CHASE - JP Morgan Bank - decided to change the money into BAHT before it was sent - this process requesting the money be changed incorporated a 3rd intermediary bank [Chartered] do the exchange rate at a MUCH lower rate than the going day's internationally recognized exchange rate - this subsequently gleaned 1000.oo USD off the original amount of 9000.oo sent. Almost 10 % of the total transfer.

I have been using Bangkok Bank for 11 years and have never had one single USD missing from my account - as long as I left the USA bank to send USD to my BB account - the transfer is OK - I can bet you if you dig deep enough and ask for an inquiry from your USA bank you will find another intermediary bank was used to exchange the transfer into Baht before it arrived.

Whatever amount is on the Bangkok Bank ledger - that's exactly the amount which was sent from USA (?)

you do realize the low USD amount you have sent does have bank charges on both ends for the transfer (?) - right - 800.oo is also a precursory amount of 23.oo USD that is fairly close to a handling fee amount

I am not sure if i would be worried about a 350.oo transfer as I would a much larger transfer of multiple thousands of USD.

[lopburi3]

The Direct Deposit capability for US Government payments should only be for those who don't have a US bank/financial account. The hassle of having to physically appear to claim your money becomes a real problem if you're incapable of doing so (think of those down times we'll all have as we begin to creak). From the BB website:

In compliance with US regulations, Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds.

And, as PIB points out, the cost of this capability is the same as if you have your US Gov't check deposited in your US bank account, then initiate an ACH transfer thru BB NY yourself ($5 - $10 front end fee, 200-500bt back end fee). Yes, some banks charge an ACH fee of several dollars -- but many, like USAA, don't.

And, of course, once the money is in Thailand, you or your wife can access it via ATM -- or transfer it to your non-Bangkok Bank account using BB's on-line service.

Ok, the US Gov't sends this direct deposit a few days early to ensure the money arrives as scheduled. With my USAA ACH transfers, it takes 36 hours. So, if you're living hand to mouth, maybe direct deposit is your huckleberry (although, in that situation, if you're reading this on your computer, you really can't afford the electricity -- nor the gas to go to the bank to get your cash).

Granted, some maybe have let their US accounts lapse -- and can't open a new one physically from Thailand. I dunno -- but I would think in these days of electronic banking that shouldn't be too big a hurdle........

But, anyway, the idea that one has to physically appear at his bank's teller window to get his money seems loaded with potential problems -- especially if you're really dependent on that money (so much for a long vacation).

Anyone know someone with direct deposit who was incapacitated -- and what was the recourse?

In the case of mentioned USAA Bank it is very easy to set up while in Thailand, with only Thai address, and this provides the added benefit of having a debit card that can easily be used for online purchase, as well as local use if willing to pay the reasonable 1% foreign transaction fee.

[jcnbkk]

I've been using Bangkok Bank for a few years now. I transfer via bill pay from my bank in the USA using Bangkok Bank NY. Using their routing number in NY and my account number in Thailand it works, without any fees. Now Bangkok bank may not give you the same rate as For-ex but if you check their exchange rate it is spot on to what they are giving you. The transfer usually takes about 5 days. My bill pay service is free, the transfer is free as well. Just plan a week out and avoid unwanted fees.

+1. It's called an ACH transfer. Using BB NY routing # and your BB acc# here it's dealt with as a US bank to bank transfer. When I do online transfers from Wells Fargo to BB the charge is $3 instead of $40 for a wire transfer. There's info buried on the BB website on how to set it up, I don't remember where, but I learned about it from a post on TV (or maybe pattaya addicts) so you can do a search of forums on ACH transfers from US bank to BB or something similar. Or maybe another reader knows the link. Now you've got me curious though, I've never checked the stated rate against the rate used, not even sure what it is, just know it's been going down bad lately.

If using the Bangkok Bank New York routing number there is a fee as it flows through the NY branch to your local/in-Thailand Bangkok Bank Branch. You must have an in-Thailand Bangkok Bank account to use the NY branch routing number; the NY branch don't have common person retail customers as it's more a commercial bank...you don't open an account with the NY branch...you are only using their ACH routing number.

See this Link for info on using Bangkok Bank to transfer funds to Thailand and then click the sublink titled "Fees" for the NY branch fee...it varies by amount being transferred. Now the fees shown at above link is the New York branch fees only; when the funds arrive you local/in-Thailand Bangkok Bank another fee called currency receipt/conversion fee of 0.25% (200 baht min, 500 baht max) is applied. The bank uses the TT Buying Rate for the exchange rate. Then the remaining funds are posted to your Bangkok Bank account.

Example of above fees: say you transfer $2000...as the funds flow thru the NY branch $5 is sliced off (remember, the exact fee amount varies by amount transferred but I expect for most transfers it either $5 or $10)....so, $1995 arrive your local Bangkok Bank branch...the $1995 is converted to baht using the Bangkok Bank TT Buying Rate...lets say for easy math the rate is 30 baht/USD...so, 1995 times 30 is Bt59,850...the local branch then subtracts the above mentioned 0.25% fee which works out to the 200 baht minimum which means Bt59,650 is posted to your account. Excluding any home country bank sending fees, that works out to $11.67 in transfer fees. If your U.S. bank is not to fee-hungry the ACH transfer fee should be zero to around $3.

Now if transferring via SWIFT vs ACH the NY branch routing number is not used...funds flow are primarily determined by your home country bank and no doubt the SWIFT fee will most likely be in the $20-$50 ballpark. Sending via SWIFT is generally pricey; sending via ACH is generally low cost however there are some really evil U.S. banks/credit unions that even charge a very healthy price for an ACH transfer...these banks are just robbing you with their transfer fee.

I use to use Bangkok Bank for ACH transfers all the time....never a problem. But everyone needs to keep in mind that it does take X-business days for the transfer to complete. How fast those X-business days is going to depend how fast your Sending bank really transmits the money (some seem to hang onto it another few days before actually transmitting) and weekends and holidays in your home country and Thailand can delay the transfer flow. Hit the weekends and holidays wrong and it could take a week to get your money; but normally it only take 1-3 business days.

I said I "use" to use Bangkok Bank ACH transfer...well, I still have transfer links setup to use Bangkok Bank for those occasional BIG money transfers or maybe an emergency transfer, but once I got a couple of home country/U.S. bank "no foreign transaction fee" debit cards good for up to $1000 daily withdrawals I just use these cards for my day to day living expenses in Thailand. Absolutely no transfer charges plus I use AEON ATMs to avoid the 150 baht foreign card fee, I get the Visa exchange rate which equals plus or minus a few stang (usually plus) the Thai bank TT Buying Rate, and I have the money immediately in hand...just as soon as it slides out of the ATM money slot. Sometimes I will take about 20 steps to the local Bangkok Bank branch in my Lotus mall where the AEON ATM is also and deposit some of the money into my Bangkok Bank account via their Cash Deposit Machine so I have my Bangkok Bank account charged-up enough to use their debit card occasionally and use their online banking to pay utility and other bills.

Yeap, never had a problem with Bangkok Bank funds transfers using the method in above link...to include REALLY BIG money transfers when I was buying my Bangkok home.

Pib, thanks for that thorough, knowledgable post. Can I ask you what US banks you use with the "no foreign transaction fee" debit cards? I tried that a couple of years ago with some personal bank called Pacific something in So. Cal. but closed the acc. because they required a fairly large min. deposit, payed little no interest and there was a hassle and cost to transferring funds into it. BTW I use Wells Fargo for ACH to BB for $3, they charge alot for everything else. Had never heard of AEON. Thanks again.

[Pib]

Schwab and State Farm provide no foreign transaction fee debit cards. And they reimburse the 150 baht foreign card fee Thai banks charge in their ATMs; however, I don't want to help kill the golden goose (i.e., have my banks unnecessarily spend money on me) so I always use AEON ATMs which do not charge the 150 baht fee. Plus, I'm fortunate in having pretty easy access to several AEON ATMs, to include one that is in my nearby Tesco Lotus and only about 20 steps away from a Bangkok Bank outlet.

And if looking for no foreign transaction fee Visa/Mastercard credit cards (cash back cards) CapOne has them....other such no fee credit cards out there also like from Pentagon Federal Credit Union just to name a couple.

[Pib]

Thanks for that.

Something odd going on, have tried to get the actual incoming TT transaction print out from the bank in Thai, but as I'm not there the staff are giving nothing away. Looks as if will change banks as losing about 800 baht on an incoming transfer of only 350 USD is being robbed.

I hate banks at the best of times.

Well I have used BB for some time and have had no problems.

There has always been a 500 baht charge for incoming funds, whatever currency I have sent.

I also receive a SMS notification which gives me a breakdown.

I wonder if they have changed their charges? I can't find out, as when I try to I am informed the charges are only available in Thai. That didn't impress me very much.

The info is all on Bangkok Bank web site, in both English and Thai. Go to this Link and click the various fee sublinks for the fee info.

[keeniau96]

I abhor SCB (uncooperative snots), KT is quite good. Last year I opened a BKK bank account here so can use their transfer facility to send funds from my USA bank to BKK bank in NYC which then automatically routes it to my account here. No hassle, almost no cost. The local bank staff are all cheerful and friendly, and the manager was bending over backward to show me how to use their ATM to set up online account. THE Boss bank for money from USA.

[Searat7]

I use Bangkok Bank and I used to use the New York branch to send money but I found it is much better to have an FX (Foreign Exchange) account in dollars at Bangkok Bank. I now transfer $10,000 at a time from my USA Bank's website to my FX account here. My USA bank charges $10 (much less than normal wire transfer fee) and Bangkok Bank charges about $16 to receive here. Then I just transfer dollars to baht on Bangkok Bank website as needed or when I think the exchange rate is good.

[4evermaat]

In the case of mentioned USAA Bank it is very easy to set up while in Thailand, with only Thai address, and this provides the added benefit of having a debit card that can easily be used for online purchase, as well as local use if willing to pay the reasonable 1% foreign transaction fee.

And that bank has other perks too. Like if you needed a replacement card. It's like $10 to fedex it anywhere in the world, with saturday delivery if needed.

I use Bangkok Bank and I used to use the New York branch to send money but I found it is much better to have an FX (Foreign Exchange) account in dollars at Bangkok Bank. I now transfer $10,000 at a time from my USA Bank's website to my FX account here. My USA bank charges $10 (much less than normal wire transfer fee) and Bangkok Bank charges about $16 to receive here. Then I just transfer dollars to baht on Bangkok Bank website as needed or when I think the exchange rate is good.

can you confirm that you do not need to go into the branch to convert the Usd to thb? You do this 100% online for a foreign currency account?

[ianguygil]

Great to see this topic move to such a constructive tone and people providing accurate information from our Website. We strive to keep the content fresh and relevant. Lots of good input from posters.

As the only Thai bank with a full US Branch (which means we are on the ACH network) we are confident that we can offer a highly competitive service.

If anybody is still having a problem transferring from the USA to a Bangkok Bank account in Thailand please feel free to contact me and I will get the right people involved to contact you.

As usual I will ignore the ranters, but geniune customers looking for assistance are welcome to contact me. Thanks

[soihok]

So I went and got robbed by Maybank today, wanted to send 290,000 Baht which has to be bought in Malaysia as this country doesn't export its own currrency.

This cost me about 25000 baht due to the ridiculous exchange rate. Plus I had to write a letter to the bank explaining why I was sending my money out of Malaysia. This is Maybank.

So to recap. DONT send money directly from Malaysia to Thailand, you will be robbed.

The exchange rates for the major currencies look quite good, so from now on I send nothing but child support allowances out, end of contract the money in the bank will go to the UK.

Thanks for all your comments and suggestions.

[poohy]

All banks here have the same 200-500 fee. Are you sure that box you tic is not deducting your home bank TT fee from the final total? It sure sounds as if it is if you make receiving account pay all charges.

(I always tick the charges apply to beneficiary box)?

From what I read as an ex banker (sorry)your Bangkok Bank is paying all charges both outgoing and incoming ( as its been instructed to "Beneficiary to pay all charges") so in this case it sounds about right

[davidstipek]

My next door neighbour is als having a lot of problems with benefits from the US government through BKK bank in NY and BKK bank in Bangkok.

Do you know if is possible for the benefit to go to Kasikorn bank in NY, then to KBank bank in Thaiand?

Checked into that about a year ago and was told no. Not the same as BB.

Thanks for that. I will try the Agency in the US but it gets a bit expensive on hold.

Go to BKK and find Manager... ask him t help you contact BKK's Office in Bangkok at Main Bank! They have a whole office Staffed to help you do this! As BKK is the only Authorized Bank in Thailand to Accept Goverment Income (Monthly) Deposits. They are set up to do this thru BKK in New York.

Now if you set this up on your own... that maybe your issue... They even helped me find out an issue when daughter got sick and missed her student loan payments (she actually after she went back to work thought she had gotten a raise.... hahaha!) when we found out what happened she made up the missed payments (over a Years worth!) and BKK got my income back from whoever had gotten it... can't argue with that level of help!!

Okay since this topic is it seems, going deep. I researched at my end. I will stand corrected on one issue. My fee is not 2.00 USD..ok? It is and has always been 200 Baht.

Now that is corrected, I will state with absolute integrity.. "I am charged ONE FEE. It is deducted from my deposit to Bkk in New York, Example: 3,500 USD, amount sent for deposit, at Bank it is converted to Thai Baht. Then the fee of 200 Baht is deducted, the remainng balance is deposited to my account. (3,500 usd x 29.30 rate =102,550 baht - 200 fee = 102,350 deposit). This is the same total amount that shows upon my Bank book here in Thailand. If I choose to withdraw the total amount in Bangkok (102,350 baht), this the fee attached to this deposit/transaction. If I am outside Bangkok the is a 50 baht fee. Period.

[andypenn5]

The problem is caused by the transfer going via another correspondent bank which deducts 25$ for the service. It depends on whether your overseas bank has a direct relationship or not for a particular currency. I use HSBC to transfer to BBL and in Euros all is normal but when it is USD they use a correspondent bank and 25$ disappears before the money reaches Thailand.

Basically the two banks involved in a TT must hold a reciprocal account with each other, or the payment must be sent to a bank with such an account, a correspondent bank, for further benefit to the ultimate recipient. For that the correspondent bank usually nicks 25$.

Hope this help

[KED]

Bangkok Bank and Mr. Hyde

Sorry to the op for continued hijacking of this thread, but I also have a Bangkok Bank bizarro-world story.

I did ACH transfers from my U.S. bank account to the Bangkok Bank NY branch with my Thailand account number in 2010-2011 without any problems. In fact, during that time I bought a condo in Bangkok, so I transferred a large amount and all was good.

Then, in 2012, I transferred again exactly the same way. This time, however, the money never reached my Thailand BB account, so, I went to the branch to inquire about the delay. Well, it turns out that Bangkok Bank refused the transfer because name on the ACH transfer was not identical to my BB account name.

I called my bank in the U.S. and asked if there had been some change to their procedures, but there had not. However, they did disclose that on ACH transfers they only have a limited number of characters for the account name - so my first name had been truncated.

I went back to the Bangkok Bank's main branch on Silom and spoke with them about the transfer, and they indicated that because my name on the ACH transfer was shortened, they could not accept. I explained that I had done this for 2 years previously without incident, but they simply dismissed that without explanation.

Luckily, after a week of discussion, a woman at the transfer desk agreed that if I signed a letter of indemnity that the ACH transfer was indeed my account and I did intend for the money to be delivered to my Thailand account, they would accept this. However, she advised the letter was only good for one year.

As a result, I transferred monies three times in 2012 after signing the letter and all was good.

Now, in 2013 I wanted to transfer money, so I contacted the same woman who arranged the indemnity letter to advise her that the year was up and how we should proceed. I understand that she did not remember me since it had been 11 months since we communicated. However, after I explained to her about the shortened name and that it was not an exact match, her reply was "if it is close, that will be ok."

It was like living in a twilight zone with Bangkok Bank. At first, the shortened name is not a problem for 2 years, then for one year it is a problem, but now it is no longer a problem.

With some hesitation, I did the ACH transfer this year and it went through without a problem.

How can a bank be so inconsistent?

[Leung Falang]

My US bank charges $45 to wire transfer, and Bangkok Bank of New York is the routing bank which charges another $20. If I sent $350, only $330 would make it to Thailand where the local Bangkok Bank adds their fees. When in Thailand, I use the ATM unless there is a need for an amount larger than $4,500 US.

[HerbalEd]

Thanks for that.

Something odd going on, have tried to get the actual incoming TT transaction print out from the bank in Thai, but as I'm not there the staff are giving nothing away. Looks as if will change banks as losing about 800 baht on an incoming transfer of only 350 USD is being robbed.

I hate banks at the best of times.

Another bank will not save you anything except for "maybe" a very little. The bank from which you're sending the money is taking the lion's share of that 800 baht.

[Pib]

My US bank charges $45 to wire transfer, and Bangkok Bank of New York is the routing bank which charges another $20. If I sent $350, only $330 would make it to Thailand where the local Bangkok Bank adds their fees. When in Thailand, I use the ATM unless there is a need for an amount larger than $4,500 US.

If Bangkok Bank NY is charging your $20 then that means you are transferring "over $50K" through them which amounts to a 0.04% fee--pretty low fee. But as you mention there will also be the 0.25% (200 baht min, 500 baht max) fee when the money arrives the in-Thailand branch...for $50K that would amount to the max 500 baht charge (approx. $16.67). So, $20 + $16.67 = $37.67 which amounts to 0.075% in transfer fees related to Bangkok Bank only....a pretty low fee for a over $50K transfer.

If not transferring over $50K but you think $20 is being charged by the NY branch, then you must have someone else tagging you with a fee...maybe your Sending bank using another intermediary bank even before it gets to the Bangkokk Bank NY branch on its trek to the in-Thailand branch.

Additionally, that other $45 fee charged by your Sending bank "to use ACH" is outrageous....simply outrageous...very fee hungry bank/credit union. If you really meant to say the SWIFT wire charge was $45 (which is about average for a SWIFT transfer) then to the best of my knowledge the Bangkok Bank NY ACH fees would not apply as those related to ACH transfers which requires use of a bank routing number and not to SWIFT transfers which would use instead the Bangkok Bank SWIFT code of BKKBTHBK...whatever SWIFT charge Bangkok Bank might get would probably be paid by your Sending bank and not in a separate charge...in fact, when using the Bankgok Bank SWIFT code which is used worldwide regardless of the country you are sending from the money probably wouldn't even flow through the NY branch. I used the Bangkok Bank SWIFT code once years back when buying my home/sending BIG money/wanting it to get here same day and there was no separate Bangkok Bank SWIFT charge; only the SWIFT charge by my Sending bank.

Yea, if you are paying $45 to your Sending bank for an ACH transfer, which is usually free to low cost at many banks, it may be time to change banks. Heck, even evil/fee hungry Bank of America only charges $3 for a 3 business day ACH transfer...and they charge $25 for a one day SWIFT transfer. All my other banks don't charge anything for an ACH transfer.

Here are the Bangkok Bank NY ACH transfer fee table and Link (look under the Fees sublink).

[stoli]

I have been dealing with Bangkok Bank all week on this. I finally had to say "the heck with it", and transfer some money. All of the banks are now doing it. I checked the rates online for every bank. Let's say the official exchange rate for US dollars is 29.40 baht. Bankgkok Bank will give you 29.00 baht. Most banks were the same give a point or two. The street vendors are giving 29.22 at the same time, but you first need the US dollar to exchange to them. My bank in the US charges me a $40 wire fee for any amount sent, and the Bangkok Bank differential acutally costs me another $60 US, based on $5,000 being transferred. It would be $120 on $10,000 dollars. They are ripping us off, and with a smile. I tried to open a dollar account, but they charge you 1/4% to bring it in, and then only pay you 1/2 \% interest. You still lose, because they make you leave $1100 US dollars in the account to keep it open. Thai banks are becoming worse than US Banks.

[Pib]

I have been dealing with Bangkok Bank all week on this. I finally had to say "the heck with it", and transfer some money. All of the banks are now doing it. I checked the rates online for every bank. Let's say the official exchange rate for US dollars is 29.40 baht. Bankgkok Bank will give you 29.00 baht. Most banks were the same give a point or two. The street vendors are giving 29.22 at the same time, but you first need the US dollar to exchange to them. My bank in the US charges me a $40 wire fee for any amount sent, and the Bangkok Bank differential acutally costs me another $60 US, based on $5,000 being transferred. It would be $120 on $10,000 dollars. They are ripping us off, and with a smile. I tried to open a dollar account, but they charge you 1/4% to bring it in, and then only pay you 1/2 \% interest. You still lose, because they make you leave $1100 US dollars in the account to keep it open. Thai banks are becoming worse than US Banks.

Didn't know there was "an official exchange" rate for U.S. Dollars. What is you source for this official rate?

As FYI, the Bangkok Bank TT Buying Rate for USD at this moment is 29.18...real close to your street vender rate of 29.22. Usually "Sending bank" fees/exchange rates is what bites you in the butt; not the Thai bank fees for currency receipt/exchange....and the TT Buying Rate provided by Thai banks will almost always be around 3% better than what your Sending bank would provide if allowing your Sending bank to convert to Thai baht before sending....this usually provides the Sending bank a nice little approx. 3% profit (i.e., and indirect fee from your pocket). Additionally, the 0.25% (200 baht min, 500 baht max) currency receipt/conversion fee is pretty standard for Thai banks.

Edited April 5, 2013 by Pib

[4evermaat]

I have been dealing with Bangkok Bank all week on this. I finally had to say "the heck with it", and transfer some money. All of the banks are now doing it. I checked the rates online for every bank. Let's say the official exchange rate for US dollars is 29.40 baht. Bankgkok Bank will give you 29.00 baht. Most banks were the same give a point or two. The street vendors are giving 29.22 at the same time, but you first need the US dollar to exchange to them. My bank in the US charges me a $40 wire fee for any amount sent, and the Bangkok Bank differential acutally costs me another $60 US, based on $5,000 being transferred. It would be $120 on $10,000 dollars. They are ripping us off, and with a smile. I tried to open a dollar account, but they charge you 1/4% to bring it in, and then only pay you 1/2 \% interest. You still lose, because they make you leave $1100 US dollars in the account to keep it open. Thai banks are becoming worse than US Banks.

Didn't know there was "an official exchange" rate for U.S. Dollars. What is you source for this official rate?

As FYI, the Bangkok Bank TT Buying Rate for USD at this moment is 29.18...real close to your street vender rate of 29.22. Usually "Sending bank" fees/exchange rates is what bites you in the butt; not the Thai bank fees for currency receipt/exchange....and the TT Buying Rate provided by Thai banks will almost always be around 3% better than what your Sending bank would provide if allowing your Sending bank to convert to Thai baht before sending....this usually provides the Sending bank a nice little approx. 3% profit (i.e., and indirect fee from your pocket). Additionally, the 0.25% (200 baht min, 500 baht max) currency receipt/conversion fee is pretty standard for Thai banks.

I usually use the following: http://bankexchangerates.daytodaydata.net/default.aspx to check rates right before going to the ATM or you can do it shortly after. In 90% of the cases, the AEON visa/mc rates beat the best bank rate by around 10-20 satang.

If you see your thai bank isn't listed, just fill out the contact form; the banks occasionally update their rates page layout, and the admin guy has to update the script that pulls/aggregates the rates.

Bottom line is how fast and how safe do you want your cash? If your money is burning a hole in your foreign account, use the ATM for modest amounts. The key is to have an overseas-friendly bank with low or no ATM fees for foreign transactions.. Typically any bank or credit union that targets military, federal employees, or travelers should have minimal atm fees for their flagship checking/savings accounts. I get 1% flat on the first 5 atm withdrawals. After that it is $1.00 + 1%. There are some with no atm fees. For a USA bank, you can typically request an atm limit increase 1 time over the phone, or request it on a permanent basis which may require a fax authorization. I have not seen it where they have an automated process like bkb where you can increase/decrease atm limit or purchase limits via automated phone/internet banking. Those people complaining about the swift wire fees for USA/thai banks might find that ATM withdraw is much faster and the cost is about the same, even if you do not use AEON atm.

-----

Ok, continue ranting.

[lopburi3]

As I made a transfer to Bangkok Bank this week can say I received exchange rate of 29.26 for USD on April 4 which is there listed TT rate and real world experience.

[DougF]

Hi Desertdog,

I think all you need to do is set up a bank account in Thailand, then have your bank in the USA send an ACH of your funds to the Bangkok Bank in NYCity. I do the same as the post below. Every month I send money from my USA bank to my bank account at BB in Ubon Ratchatani via the BB in NYC. Never any problems and it usually takes 3-4 days. Check it out

I've been using Bangkok Bank for a few years now. I transfer via bill pay from my bank in the USA using Bangkok Bank NY. Using their routing number in NY and my account number in Thailand it works, without any fees. Now Bangkok bank may not give you the same rate as For-ex but if you check their exchange rate it is spot on to what they are giving you. The transfer usually takes about 5 days. My bill pay service is free, the transfer is free as well. Just plan a week out and avoid unwanted fees.

Can you send me more info on using BKK bank in NY? I have stopped using BKK bank here because of the fees for receiving money transfer now using K-bank. But would like to know how to set up with the NY BKK branch.. any help thanks ..will be traveling to USA next week so I can check with them...THANKS

[Pib]

I usually use the following: http://bankexchangerates.daytodaydata.net/default.aspx to check rates right before going to the ATM or you can do it shortly after. In 90% of the cases, the AEON visa/mc rates beat the best bank rate by around 10-20 satang.

bakexchangerates.daytodaydata.png

If a person has a MasterCard debit/credit card I would agree with the 10-20 stang difference since the MasterCard exchange rate is usually around 15 stang/USD lower than the Visa exchange rate. Guess MasterCard likes making a higher profit in its money changing business.

A few moments ago I went to the Visa and MasterCard exchange rate webpages which reported an exchange rate of 29.22 and 29.04, respectively. As shown in this data snapshot, the MasterCard rate is 0.18 baht (18 stang) lower than Visa's. Then I went to above website to check the Thai bank TT Buying Rate and the site says view the TT Buying Rate for ATM rates/withdrawals. SCB has the highest rate at 29.19 followed by KrungThai and Bangkok Banks at 29.18. This snapshot in time is what I have experienced over and over in using a couple of Visa debit cards in AEON ATMs and a MasterCard credit card for POS bys regarding exchange rate, and that is the Visa rate is plus or minus a few stang (usually plus) the TT Buying Rate and the MasterCard rate averages around 0.15 baht lower.

And as a reminder when using an ATM if it offers a DCC (Dynamic Currency Conversion) option which will probably be disguised with a vague words such as The Bank's Rate, Charge in Home Country Currency, or some other title that leaves you in a daze, then if you select that option you have probably just got a significantly lower exchange rate...it's something similar to letting your home country bank convert to baht before sending...good for bank profits/fees; bad for the customer.

[davidstipek]

Hi Desertdog,

I think all you need to do is set up a bank account in Thailand, then have your bank in the USA send an ACH of your funds to the Bangkok Bank in NYCity. I do the same as the post below. Every month I send money from my USA bank to my bank account at BB in Ubon Ratchatani via the BB in NYC. Never any problems and it usually takes 3-4 days. Check it out

I've been using Bangkok Bank for a few years now. I transfer via bill pay from my bank in the USA using Bangkok Bank NY. Using their routing number in NY and my account number in Thailand it works, without any fees. Now Bangkok bank may not give you the same rate as For-ex but if you check their exchange rate it is spot on to what they are giving you. The transfer usually takes about 5 days. My bill pay service is free, the transfer is free as well. Just plan a week out and avoid unwanted fees.

Can you send me more info on using BKK bank in NY? I have stopped using BKK bank here because of the fees for receiving money transfer now using K-bank. But would like to know how to set up with the NY BKK branch.. any help thanks ..will be traveling to USA next week so I can check with them...THANKS

Desertdog

TRicher is correct!

If you set up Bank Bangkok account here, your account number is same in New York at that branch.

Here is New York address for BKK:

Bangkok Bank Public Co. Limited

New York Branch

29 Broadway, 20th Floor

New York, NY. 10006 U.S.A.

I believe but check online... their Routing Code is 02600869 (Google: Bangkok Bank New York to check their routing Number!)

For your Information only ( should not need here at all) BKK Thailands Swift Code is: BKKBTHBK

Like I said in previous message get a Manager to confirm this. Also Once you have "YOUR BANK" Transfer funds to BKK/New York (To your BKK Thailand Account Number) (Account Number same in New York as here! Remember this) and you get message on cellphone (You need to get your BKK Bank here to include this message service) Once you get message take your "BKK Passbook" to ATM at any BKK Bank and update it. Your funds are in your Account!! Should be no reason to have to transfer here fom New York!!

This is same process SSI does every month for me... They deposit funds in My Account @ New York Branch BKK. I have never had to do anything personally with BKK in America. I pay a 200 Baht fee @ New York when USD are deposited and the Bank does the converting when they receive the Electronic Deposit from SSI. I had letter which I downloaded from SSI's website, which I took to Main Branch (Downtown Bangkok) and they knew exactly what I needed to do. they set up and forwarded everything to SSI for me. Set up my Cell message receival... everything! As example this month they converted to 29.30 Baht ? 1 USD. My rate converter on my home page showed it at 29.39 at same time. I cannot complain about any of this... Great Service! Great People!

Like I said before, Get a Manager to help you, If you need print this message out, let them read my comments.. They will know exactly wht you need. Get the Information from them about BKK ? New Yorks Routing Number if I am not correct. Don't Worry the address is right on! Then...

Give your Bank the BKK Information (New York) with your account Number (Here) and set up your monthly transfer. Do it as a Monthly Bill Pay to your BKK Account via New York Bank BKK routing number ... Can't get any easier then that!!

David

Edited April 6, 2013 by davidstipek

[JimGant]

As I made a transfer to Bangkok Bank this week can say I received exchange rate of 29.26 for USD on April 4 which is there listed TT rate and real world experience.

Yep. I made a transfer this week, which arrived on 5 April. Per the below site, the advertised buying TT rate was 29.12, which is exactly what I got (to the nth decimal place).

http://www.bangkokbank.com/BangkokBank/PERSONALBANKING/DAILYBANKING/CURRENCYEXCHANGE/Pages/FXRates.aspx

A couple of things to note. When the baht is moving fairly rapidly, you'll see several time hacks throughout the day for FX on this website. When you ACH money to Bangkok Bank, you'll invariably (in my experience) get the first rate of the day (8:30 AM). (LOP experienced the 8:30 rate on 4 April.) And, this money is in your account and ready to go also around this time (I brought up the account on-line at 9:00 AM, 5 Apr, and it was there).

Secondly, the advertised TT rate is normally right-on the money. I sent $8000, which means BB NY subtracts out their $10 fee, leaving $7990 to cross the pond. On this side, 500 baht is subtracted out, so I realize 232,168.80 into my account. 7990 into 232,668.80 is 29.120000000000.......... Can't be on the money any closer than that.

Of course, when you factor in the fees, the realized FX rate is 29.02. Better than the buying rate (28.87) for exchanging dollars in the bank lobby. But certainly not as good as my fee free Schwab Visa Debit/ATM card. And I do use Schwab for my walking around money. However, when the wife announces a new project, I don't have the arm strength for so many ATM pulls.

Incidentally, I use USAA, and they're free -- and as fast as any bank in the US for ACH transfers (some, like BofA, use a middleman, and are slow -- although you can pay extra for somewhat faster service). I submitted the transfer on-line at 11:00 PM Thai time, 3 April (10:00 AM USAA/San Antonio time, 3 Apr). And, as said, the payment was waiting at my Thai bank's door at, apparently, opening time. I don't know how much more time I had to play with on the US side. ACH transfers are batch, but I don't know the parameters. Probably have to get to New York close of business 3 Apr -- to be sent out to Thailand during Ny business hours 4 Apr. Not that it really matters -- 34 hour turnaround time is sufficient for most purposes (would pay USAA's $35 SWIFT fee if I needed it faster).