Missing Money From An International Transfer To Bangkok Bank

[Asiantravel]

At the end of February I had about £15,000 transferred using Bangkok bank, London Branch to my Bangkok bank branch here. It was surprisingly easy and fast. They say in fact on their website it should take no more than 2 to 3 working days.

Then last Tuesday, 30 April I had a further £30,000 transferred to me. Yesterday I received a copy of the remittance advice which said " We advise the following payment has been forwaded to your bank account and will be credited on 30th April "

Even as of this morning 4th May I checked with Bangkok bank and there was still no sign of these funds on their computer records.

Now it's the weekend I can't do anything and nobody can be contacted at Bangkok bank head office.

Has any one have had this kind of experience before and what is likely to have maybe caused this delay? I'm racking my brains trying to think of what could have happened to the money and where it is right now. Could it have anything to do with the amount or the fact that maybe no one has explained to the bank the source of the money?

Edited May 4, 2013 by Asiantravel

[breadbin]

There is a chap on this site who is very high up in BKK bank and I am sure he'll read this and may respond. He has been extremely helpful in my plight to have funds transferred in the opposite direction to yours and has put me in touch with the boss of global transaction and another lady,

The bank isn't open until Tuesday and do you'll get no joy until then like me,

[Naam]

Then last Tuesday, 30 April I had a further £30,000 transferred to me.
Yesterday I received a copy of the remittance advice which said " We
advise the following payment has been forwaded to your bank account and
will be credited on 30th April "

for sure the advice meant "credited value 30 april". you shouldn't worry, the money is not missing.

[Satcommlee]

30K is a large amount, they may have put a temporary block on it and you may need to explain to the bank what it is for etc..

This happened to a friend of mine some time back (also from UK) but with Kasikorn Bank, and he just told them it was for a condo purchase and they released it right away (instantly).

It may be something to do with money laundering regulations.

Maybe others have experienced this..

Edited May 4, 2013 by Satcommlee

[chiang mai]

The May Day bank holidays may have something to do with it, the banks were closed.

[Asiantravel]

There is a chap on this site who is very high up in BKK bank and I am sure he'll read this and may respond. He has been extremely helpful in my plight to have funds transferred in the opposite direction to yours and has put me in touch with the boss of global transaction and another lady,

The bank isn't open until Tuesday and do you'll get no joy until then like me,

Thank you breadbin .

Actually, I just looked back to see the exact time frame of the first transfer. I received an e-mail on Thursday 31 January to say the money was being sent that day and when I happened to check on Saturday 2 February, the money sent during the first transfer was already there . So it took just two days.

So, compared to that performance this time something has gone badly wrong somewhere in their system.

[Asiantravel]

30K is a large amount, they may have put a temporary block on it and you may need to explain to the bank what it is for etc..

This happened to a friend of mine some time back (also from UK) but with Kasikorn Bank, and he just told them it was for a condo purchase and they released it right away (instantly).

It may be something to do with money laundering regulations.

Maybe others have experienced this..

that makes sense but then i would have thought it would show on their computer as

" pending " or something equivalent?

[Asiantravel]

Then last Tuesday, 30 April I had a further £30,000 transferred to me.

Yesterday I received a copy of the remittance advice which said " We

advise the following payment has been forwaded to your bank account and

will be credited on 30th April "

for sure the advice meant "credited value 30 april". you shouldn't worry, the money is not missing.

thanks

[candypants]

30K is a large amount, they may have put a temporary block on it and you may need to explain to the bank what it is for etc..

This happened to a friend of mine some time back (also from UK) but with Kasikorn Bank, and he just told them it was for a condo purchase and they released it right away (instantly).

It may be something to do with money laundering regulations.

Maybe others have experienced this..

yes, you will likely get a phone call tuesday asking the purpose of the transfer

[breadbin]

Has it left your UK account?

When I sent money back in 2004 for a house it didn't leave my account for a week.

It is to do with fraud and money laundering rules as banks have an duty of care to themselves to not let their institutions be used for money laundering etc.

I think it'll show soon as said.

[Asiantravel]

The May Day bank holidays may have something to do with it, the banks were closed.

but the May Day public holiday is not until Monday 6th ? It hasn't happened yet?

[Asiantravel]

Has it left your UK account?

When I sent money back in 2004 for a house it didn't leave my account for a week.

It is to do with fraud and money laundering rules as banks have an duty of care to themselves to not let their institutions be used for money laundering etc.

I think it'll show soon as said.

thanks i will check on this on Tuesday, because as you say nothing will happen now with public holidays on Monday simultaneously in Thailand and UK

[candypants]

Asiantravel, on 04 May 2013 - 18:49, said:

chiang mai, on 04 May 2013 - 18:31, said:

The May Day bank holidays may have something to do with it, the banks were closed.

but the May Day public holiday is not until Monday 6th ? It hasn't happened yet?

may 1 in asia amd most of europe

[chiang mai]

The May Day bank holidays may have something to do with it, the banks were closed.

but the May Day public holiday is not until Monday 6th ? It hasn't happened yet?

1st May in Thailand is Labour Day or May day as we know it, also, Coronation Day falls in the same week.

[utalkin2me]

This may be overly paranoid, especially in this thread, but I feel there MAY be a protocol where if they can't get a hold of you, they change the money to baht on the day that best suits them via the exchange rate.

[chiang mai]

This may be overly paranoid, especially in this thread, but I feel there MAY be a protocol where if they can't get a hold of you, they change the money to baht on the day that best suits them via the exchange rate.

No, over a certain minimum the banks Treasury department is required to contact the customer to gain their approval for the offered rate (which can be refused), under that limit the funds are converted on reciept. Also, the profit margin of the banks on foriegn currency conversions is pretty constant, regardless of what the exchange rate might be or how much it fluctuates. The rate they convert at is determined by the Bid and Ask prices of the FOREX market plus their standard percentage charge.

[Nowhereman60]

I had an experience like yours a few years ago transferring money from USA to Bangkok Bank. The problem was they had my account number wrong, I gave them the right number but someone at the bank copied it wrong. It took about two weeks. I found the money got Bangkok Bank but they could not make the deposit because of the wrong account number, they held it a few days then send it back through channels it came. A few days later it got back to my bank and was re-sent with the correct account.

[Asiantravel]

This may be overly paranoid, especially in this thread, but I feel there MAY be a protocol where if they can't get a hold of you, they change the money to baht on the day that best suits them via the exchange rate.

No, over a certain minimum the banks Treasury department is required to contact the customer to gain their approval for the offered rate (which can be refused), under that limit the funds are converted on reciept. Also, the profit margin of the banks on foriegn currency conversions is pretty constant, regardless of what the exchange rate might be or how much it fluctuates. The rate they convert at is determined by the Bid and Ask prices of the FOREX market plus their standard percentage charge.

actually, I would be better off if I could get more recent exchange rates like yesterday and today. As I haven't received the money yet could I insist on that? And by Tuesday on current trends, it will be even more favourable for me.

[utalkin2me]

This may be overly paranoid, especially in this thread, but I feel there MAY be a protocol where if they can't get a hold of you, they change the money to baht on the day that best suits them via the exchange rate.

No, over a certain minimum the banks Treasury department is required to contact the customer to gain their approval for the offered rate (which can be refused), under that limit the funds are converted on reciept. Also, the profit margin of the banks on foriegn currency conversions is pretty constant, regardless of what the exchange rate might be or how much it fluctuates. The rate they convert at is determined by the Bid and Ask prices of the FOREX market plus their standard percentage charge.

I hope you are right. My situation has long past, but they had the wrong contact number for me (my fault of course), tried to call, and over a 3 or 4 day period they changed the money on the worst possible day. In my particular case, it made quite the difference too. Coincidence? I really have no idea... I have since forgotten it. It did not seem like coincidence to me, but since I didn't update the number, I figure i'd have to deal.

When I went in to ask about it, the lady was very rude in my opinion. I have since not used bangkok bank.... this and a couple other experiences just totally turned me off of them.

Edited May 4, 2013 by utalkin2me

[Asiantravel]

I had an experience like yours a few years ago transferring money from USA to Bangkok Bank. The problem was they had my account number wrong, I gave them the right number but someone at the bank copied it wrong. It took about two weeks. I found the money got Bangkok Bank but they could not make the deposit because of the wrong account number, they held it a few days then send it back through channels it came. A few days later it got back to my bank and was re-sent with the correct account.

but I have got a copy of the remittance notice and I checked all the details and everything is correct. Also, the details are the same as they used during the first transfer at the end of January when there was no problem and it was FAST. Edited May 4, 2013 by Asiantravel

[chiang mai]

I had an experience like yours a few years ago transferring money from USA to Bangkok Bank. The problem was they had my account number wrong, I gave them the right number but someone at the bank copied it wrong. It took about two weeks. I found the money got Bangkok Bank but they could not make the deposit because of the wrong account number, they held it a few days then send it back through channels it came. A few days later it got back to my bank and was re-sent with the correct account.

but I have got a copy of the remittance notice and I checked all the details and everything is correct. Also, the details are the same as they used during the first transfer at the end of January when there was no problem and it was FAST.

You are worrying unecessarily, go enjoy your weekend.

[Naam]

This may be overly paranoid, especially in this thread, but I feel there MAY be a protocol where if they can't get a hold of you, they change the money to baht on the day that best suits them via the exchange rate.

No, over a certain minimum the banks Treasury department is required to contact the customer to gain their approval for the offered rate (which can be refused), under that limit the funds are converted on reciept. Also, the profit margin of the banks on foriegn currency conversions is pretty constant, regardless of what the exchange rate might be or how much it fluctuates. The rate they convert at is determined by the Bid and Ask prices of the FOREX market plus their standard percentage charge.

why spoiling with facts a ridiculous but interesting Thai bank bashing story?

[BookMan]

There is a chap on this site who is very high up in BKK bank and I am sure he'll read this and may respond. He has been extremely helpful in my plight to have funds transferred in the opposite direction to yours and has put me in touch with the boss of global transaction and another lady,

The bank isn't open until Tuesday and do you'll get no joy until then like me,

I think that guy went back to New Zealand. ?

[Nowhereman60]

Check your name on the account and on the remittance notice If your account has your middle name and the remittance notice doesn't, that could be a problem also.

Edited May 4, 2013 by Nowhereman60

[utalkin2me]

This may be overly paranoid, especially in this thread, but I feel there MAY be a protocol where if they can't get a hold of you, they change the money to baht on the day that best suits them via the exchange rate.

No, over a certain minimum the banks Treasury department is required to contact the customer to gain their approval for the offered rate (which can be refused), under that limit the funds are converted on reciept. Also, the profit margin of the banks on foriegn currency conversions is pretty constant, regardless of what the exchange rate might be or how much it fluctuates. The rate they convert at is determined by the Bid and Ask prices of the FOREX market plus their standard percentage charge.

why spoiling with facts a ridiculous but interesting Thai bank bashing story?

A farang pastime here. Kasikorn chicks are hotter anyway. The way I see it now, all the banks are equally useless, might as well pick the one with the hottest chicks

[Asiantravel]

I had an experience like yours a few years ago transferring money from USA to Bangkok Bank. The problem was they had my account number wrong, I gave them the right number but someone at the bank copied it wrong. It took about two weeks. I found the money got Bangkok Bank but they could not make the deposit because of the wrong account number, they held it a few days then send it back through channels it came. A few days later it got back to my bank and was re-sent with the correct account.

but I have got a copy of the remittance notice and I checked all the details and everything is correct. Also, the details are the same as they used during the first transfer at the end of January when there was no problem and it was FAST.

You are worrying unecessarily, go enjoy your weekend.

[/quote

yes , I will forget about it now until Tuesday

anyway thank you to everybody who has responded

when it all becomes clear what was happened next week I will post the conclusion

Edited May 4, 2013 by Asiantravel

[Asiantravel]

Check your name on the account and on the remittance notice If your account has your middle name and the [/size]remittance notice doesn't, that could be a problem also.[/size]

checked everything and all the details are correct

[Hugh Jarse]

In my experience you have to state what the money is for BEFORE you transfer money from the UK. Bank of Thailand requirement. Suspect it is sloppy administration on the part of Bangkok Bank.

30K is a large amount, they may have put a temporary block on it and you may need to explain to the bank what it is for etc..

This happened to a friend of mine some time back (also from UK) but with Kasikorn Bank, and he just told them it was for a condo purchase and they released it right away (instantly).

It may be something to do with money laundering regulations.

Maybe others have experienced this..

[Longtooth]

30K is a large amount, they may have put a temporary block on it and you may need to explain to the bank what it is for etc..

This happened to a friend of mine some time back (also from UK) but with Kasikorn Bank, and he just told them it was for a condo purchase and they released it right away (instantly).

It may be something to do with money laundering regulations.

Maybe others have experienced this..

+1 I don't know how long it would have just sat there. I had to go in and ask. Then the same as above.

[scorecard]

I had an experience like yours a few years ago transferring money from USA to Bangkok Bank. The problem was they had my account number wrong, I gave them the right number but someone at the bank copied it wrong. It took about two weeks. I found the money got Bangkok Bank but they could not make the deposit because of the wrong account number, they held it a few days then send it back through channels it came. A few days later it got back to my bank and was re-sent with the correct account.

I've had the same experience twice:

- The sending bank (the HO in Australia) put the wrong account number (receiving bank account number) on the transfer documents (they messed /twisted the numbers on one occasion, and left a number out (in the middle of the whole number) on the second occasion.

- In both cases, after about 10 days of no action / head scratching on the part of the dispatching bank I demanded copies of the actual banking documents. They were very hesitant to give me copies of these documents and I had to call the reserve bank of Australia to get some action.

- When the scanned copies of these documents arrived I noticed the mistakes in the receiving account numbers and promptly advised the sending bank.

- A senior guy from the sending bank called me and said they had reported the whole situation to an intermediary bank and had to wait until the intermediary bank responded, estimated to be 3 weeks. No attempt at an apology.

- Again I called the Reserve Bank of Australia who obviously gave the sending bank a roasting. 48 hours later I received the funds in my local account here in Thailand.

- Sending bank made no further contact with me. I assumed they might call me / e.mail me to get confirmation from me that the transfers had actually appeared in my local bank account in Thailand. They didn't, on both occasions.

Edited May 5, 2013 by scorecard