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Sending Money From Abroad To Bangkok Bank Account, Is This Reliable ?

rubberduck
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rubberduck Silver Member

rubberduck

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Does someone here has experience with sending money from abroad (a bankaccount in the Netherlands) to a Bangkok Bank account ? Is this reliable ? I would not be suprised that somewhere on the way the money got lost... How many days does this transfer take, and what is other useful information to know ?

Many thanks !

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rubberduck Silver Member

rubberduck

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Reliable & takes about 24 hours ...

That fuc#*&n fast ? I expected two weeks or so... I'm gonna give it a try.

What bank/account information should I give the person who is gonna send ? Something like a PIG or BIC code and my accountnumber is enough ?

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rubberduck Silver Member

rubberduck

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Don't forget to include your instructions regarding currency, e.g. leave in Euro's or convert to THB, and, which end pays the sending and the recieiving charges.

What does it mean 'leave in Euro's' ? I ask this as I do not have a special 'Euro account' zo they might pay out in THB anyway.

They will need:

" The account number

The account name

The address of the bank branch (if required by the remitting bank abroad)

Bangkok Bank’s SWIFT code "BKKBTHBK" "

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

Many thanks!

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chiang mai Star Member

chiang mai

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You can specify that a Euro account be opened in your name, or, you can specifiy that you must be allowed to accept the exchange rate from Euro to Baht, failure to accept a given rate means the funds will remain suspended and in Euro's - you can also specify a minimum exchange rate for the exchange, until that rate is reached the funds will remain in Euro's.

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gmac Gold Member

gmac

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Don't forget to include your instructions regarding currency, e.g. leave in Euro's or convert to THB, and, which end pays the sending and the recieiving charges.

What does it mean 'leave in Euro's' ? I ask this as I do not have a special 'Euro account' zo they might pay out in THB anyway.

>They will need:

" The account number

The account name

The address of the bank branch (if required by the remitting bank abroad)

Bangkok Bank’s SWIFT code "BKKBTHBK" "

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

Many thanks!

If you specify leave in Euro's, this is an instruction to your Dutch bank who will then make the transfer in Euro's, Bangkok Bank will convert to Thai Baht on receipt. It seems to be generally accepted that the rate used in your home country will not be as good as the one used in Thailand (and is my experience sending from the UK) hence, I believe most people do it this way.

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chiang mai Star Member

chiang mai

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Don't forget to include your instructions regarding currency, e.g. leave in Euro's or convert to THB, and, which end pays the sending and the recieiving charges.

What does it mean 'leave in Euro's' ? I ask this as I do not have a special 'Euro account' zo they might pay out in THB anyway.

If you specify leave in Euro's, this is an instruction to your Dutch bank who will then make the transfer in Euro's, Bangkok Bank will convert to Thai Baht on receipt. It seems to be generally accepted that the rate used in your home country will not be as good as the one used in Thailand (and is my experience sending from the UK) hence, I believe most people do it this way.

No, the instruction would be to the recieveing bank in Thailand, assuming that is the bank who will do the conversion. Making the conversion from Euro's to Baht in Europe doesn't make a lot of sence so I've presumed the OP will not be considering that option.

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rubberduck Silver Member

rubberduck

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When I do have a Euro account (say when it is possible to add this to my excisting account) does this mean that BKK bank will payout to me exactly the same amount as transferred from the other party ? (exept transfer costs ofcourse)

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chiang mai Star Member

chiang mai

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When I do have a Euro account (say when it is possible to add this to my excisting account) does this mean that BKK bank will payout to me exactly the same amount as transferred from the other party ? (exept transfer costs ofcourse)

No, you would pay fees for sending and separate fees for recieving. You would also have to pay for having the foriegn currency account in Thailand, typically the cost equalls 5% of the money you withdraw from the account.

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Langsuan Man Platinum Member

Langsuan Man

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When I do have a Euro account (say when it is possible to add this to my excisting account) does this mean that BKK bank will payout to me exactly the same amount as transferred from the other party ? (exept transfer costs ofcourse)

I think that you will find that it is not recommended to have a foreign currency account at a Thai bank since the accounts are very restrictive and expensive
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Dario Gold Member

Dario

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I have done it for years. Very reliable. I make a transfer from my Swiss account (located in the outbacks) today before 17:00 Thai Time (12:00 CET) it arrives in my Bangkok Bank account the next morning usually around 09:00 (not during weekends or public holidays, of course!). This I call: fast and reliable!

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smccolley Senior Member

smccolley

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When I do have a Euro account (say when it is possible to add this to my excisting account) does this mean that BKK bank will payout to me exactly the same amount as transferred from the other party ? (exept transfer costs ofcourse)

I think that you will find that it is not recommended to have a foreign currency account at a Thai bank since the accounts are very restrictive and expensive

I think the idea here is when you execute the transfer tell your bank to transfer in Euros and let Bangkok bank perform the exchange. I have been doing this monthly for many years and the exchange rate seems to be the best that way.

Not only that, last month I transferred 1.5m baht and Bangkok bank called me and offered a better rate than they had posted because of the amount I was transferring.

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stoli Gold Member

stoli

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Don't forget to include your instructions regarding currency, e.g. leave in Euro's or convert to THB, and, which end pays the sending and the recieiving charges.

What does it mean 'leave in Euro's' ? I ask this as I do not have a special 'Euro account' zo they might pay out in THB anyway.

>They will need:

" The account number

The account name

The address of the bank branch (if required by the remitting bank abroad)

Bangkok Bank’s SWIFT code "BKKBTHBK" "

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

Many thanks!

I have been having my money wired from my bank in the US to Bangkok Bank. You can do this through your regular Bangkok Bank account. It will show up in baht in your account. Bangkok Bank says they do not charge a fee, but I notice someone along the way someone keeps 40 basis points. By that, I mean when the offical exchange rate is 29.45, I get it into my Bangkok Bank account at 29.05 baht. Their regular bank account is paying what interest now, 3%? Well, I also asked about opening a dollar account with them, which they did. Different account number. Bangkok Bank will charge you .25% on the incoming amount, and keep it in dollars. They will only pay you .5% interest on this money, and you must keep at least $1100 in it. My bank in the US charges me a $40 wire fee. Hope this helps. Edited by stoli
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HullyGully Silver Member

HullyGully

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No issues with Bangkok Bank, I have used them for over 10 years

Transfer within 24 hours

Transfer the foreign currency to BB, do not let you Dutch bank change the funds

You get a better rate in Thailand, so transfer Euro

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Pib Star Member

Pib

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No problems in sending money from the U.S. to Bangkok Bank....done it many times over the years. There is a funds receipt/conversion fee at the Bangkok Bank of 0.25% (200 baht min, 500 baht max). Be sure to send the funds from your home country bank in Euro/USDs/Pounds/etc...do not let your home country bank convert to baht before sending as you will most likely get a worst exchange rate of a few percent from your home country bank than the TT Buying Rate you will get at a Thai bank. And the above mentioned 0.25% fee still applies whether the funds show up in a foreign currency or Thai baht. Of course you may have fees on your home country bank end and/or any intermediary/correspondent bank your home country bank might use to transfer the funds to Bangkok Bank (or any bank).

So many people seem don't seem to know or try to find out "all" the possible direct/indirect fees involved in a transfer and when less baht gets deposited in their account than what they calculate it should be based on the TT Buying Rate then they automatically blame the receiving Thai bank when in fact they should be blaming themselves for not being aware of the possible fees applied by the home country sending bank, possibly intermediately/correspondent banks, and the receiving Thai bank. Thai banks have "low" fees to receive funds (pretty much in the 0.25% ballpark) and give about the best exchange rate (i.e., the TT Buying Rate) the common man can get....the possible fee surprises/low exchange rate is upstream of the Thai bank (i.e., on the sending and middle parts).

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Langsuan Man Platinum Member

Langsuan Man

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I have been having my money wired from my bank in the US to Bangkok Bank. You can do this through your regular Bangkok Bank account. It will show up in baht in your account. Bangkok Bank says they do not charge a fee, but I notice someone along the way someone keeps 40 basis points. By that, I mean when the offical exchange rate is 29.45, I get it into my Bangkok Bank account at 29.05 baht. Their regular bank account is paying what interest now, 3%? Well, I also asked about opening a dollar account with them, which they did. Different account number. Bangkok Bank will charge you .25% on the incoming amount, and keep it in dollars. They will only pay you .5% interest on this money, and you must keep at least $1100 in it. My bank in the US charges me a $40 wire fee. Hope this helps.

You should be having funds transferred to your Bangkok Bank vis EFTS using their New York office routing number from your US bank and then you would not pay a $40 wire fee. You will pay a fee to Bangkok Bank New York branch depending upon the amount of the transfer. You will also pay a fee to Bangkok Bank here in Thailand of .25% (or 200 THB minimum or 500 THB maximum) Unfortunately this fee is the same for all banks in Thailand regardless of the method of transfer (EFTS or Wire)

For information regarding Bangkok Banks international banking see this url:

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

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