Thai Doctor Saves Foreign Tourist After Cardiac Arrest on Pattaya Street

[4evermaat]

In a followup to a previous post about figuring out who is taking extra money from the wire transfer before it reaches your thai bank account, I've been watching several incoming wires carefully from different banks, and I can conclude the following so far for SWIFT wire transfer to minimize fees:

- Make sure the sender sends the funds in a major currency (USD, AUD, GBP, EUR, etc)

- Make sure the receiver details are correct. So far, I've only seen the Name of Bank, SWIFT code, Receiver Name, and Receiver Account # as minimum required information.

Some ask for the address of the bank as well, although when they sent the receipt/screenshot it will show the main bank branch mailing address in Bangkok. I'm guessing the input form detects the swift code and pre-fills in the address on file, or the user goes to BKB website and gets the main address.

- the swift wire transfer, if sent before the cutoff for same day processing, takes about 1 business day or 36 calendar hours depending on the timezone. No more than 2 business days.

For BkB, it usually posts in the morning the next day before 0900 GMT +7, even if it reaches the bank early. It will show in the bank online statement as an "international transfer".

If they use BahtNET, it can post immediately upon receipt. Either way, you still get the SMS with the original currency, TT conversion rate, and additional fees the receiving bank takes. (must be signed up for the appropriate SMS alert)

Some overseas banks are very clever with their online form about encouraging the sender to send the funds in a different currency. Often times they do not mention that they are doing a conversion, or make it look like it is an estimation of what the recipient will receive, not an actual pre-send conversion taking place. They do not tell you about the horrible exchange rate, or the additional intermediary fees that will be taken (e.g 500 bahtnet fee + additional receive fee).

So you must insist that the sender send it in the proper currency. I tell the sender to watch out for anything on the screen that looks like a conversion table.

vs

Make sure the sending currency is AUD (or USD or whatever). So if there is a conversion table, it should read:

1 AUD = 1 AUD,

1 USD = 1 USD,

1 EUR = 1 EUR,

etc.

Do not [pre]convert to THB to save on hidden fees and haircuts. With the additional emphasis on not pre-converting to THB, I have not had a haircut problem since, regardless of the amount. And the funds still arrive the next bank business day.

Of course, you could do the pre-conversion and possibly receive your funds faster. But is it worth losing up to 10% of your funds? The pre-conversion trick is particularly scandalous IMO because the sending bank already charges a fee to send the funds. They do not mention different avenues to process the funds and any additional fees incurred and let the customer pick. They make it appear that it is only one type of funds transfer regardless and a flat fee to transfer it.

If you do pre-convert, at least check the TT exchange rate and your bank for the fee structure. But the bank can deny having knowledge of the 'intermediary' fees; as far as BkB knew, the Bahtnet transfer was from Standard Charter Bank in Thailand and they only quoted me the funds they received AFTER the 500 baht fee.

Comments and experiences appreciated.

Edited June 4, 2013 by 4evermaat

[Naam]

Comments and experiences appreciated

what is there to comment? when i instruct my bank to

send x-amount of y-currency i don't have to "make sure"

that x-amount of y-currency is sent.

They do not tell you about the horrible exchange rate

only an insane mind would instruct his bank to make a

conversion without being told the exchange rate.

Make sure the receiver details are correct.

[Pib]

Some overseas banks are very clever with their online form about encouraging the sender to send the funds in a different currency. Often times they do not mention that they are doing a conversion, or make it look like it is an estimation of what the recipient will receive, not an actual pre-send conversion taking place. They do not tell you about the horrible exchange rate, or the additional intermediary fees that will be taken (e.g 500 bahtnet fee + additional receive fee).

Amen, Brother!!!!! Some banks seem to have mastered the art of fee deception in the their funds transfer menus/selections. Yes, Sir, DO NOT let your bank convert to baht before sending...if you do, you have just make the bank very happy as they have basically garnered an additional fee/profit by use of their lower exchange rate.

[darrendsd]

There is a simple explanation as to why some transfers attract extra charges

If your sending Bank does not have a account with your receiving bank then they route it through a bank that does, this routing bank will then charge you for this service

So for example you send money from Halifax to Bangkok Bank, Halifax do not have a account with BB so they send it to Siam Commercial who do have a account with Halifax, SCB then send it on to BB

You are non the wiser and then wonder why you have received less money then expected, you then try and ask the Bank and they will be reluctant to tell you the reason

[Pib]

Wire transfers can get downright frustrating and fee-intensive, especially if your home country bank has to use an intermediary bank to accomplish the transfer. And from numerous posts I've read on ThaiVisa, trying to find out from your home country bank what intermediarty bank(s) they may use and the associated intermediary bank fee can be super frustrating at the minimum...and of course you usually have the receiving/conversion fee on the receiving bank end like the typical fee of 0.25% (200 baht min, 500 baht max) charged by Thai banks.

Below is Q&A I googed-up from a bank ...I think it's generic enough to describe the typical situation regarding international transfers...and I just love it how the Answer puts the monkey on the customer's back to find out what the intermediary bank charges are. I can understand requiring the customer to find out the "receiving bank" fee, but the intermediary bank fee which the sending bank has an agreement/contract with to help handle transfers---come on!!!!

4. How much does it cost to transfer to an international account?
The fee to request a transfer to an international account via Internet Banking is $20. In addition, there may be further costs incurred by the intermediary bank and/or overseas bank in the handling of the request. This fee will be debited from the amount sent.

You may wish to investigate whether the intermediary bank and/or overseas bank charges a fee for the receipt of any transfer to an international account. If so, you may add this amount to the amount requested for the international transfer.

Edited June 4, 2013 by Pib

[Naam]

Below is Q&A I googed-up from a bank ...I think it's generic enough
to describe the typical situation regarding
international transfers...and I just love it how the Answer puts the
monkey on the customer's back to find out what the intermediary bank
charges are.

Pib,

a "proper" bank tells you exactly what the fees of their intermediaries

(if any intermediary used) are depending on the currency you want to

transfer.

[Naam]

There is a simple explanation as to why some transfers attract extra charges

If your sending Bank does not have a account with your receiving bank then they route it through a bank that does, this routing bank will then charge you for this service

So for example you send money from Halifax to Bangkok Bank, Halifax do not have a account with BB so they send it to Siam Commercial who do have a account with Halifax, SCB then send it on to BB

You are non the wiser and then wonder why you have received less money then expected, you then try and ask the Bank and they will be reluctant to tell you the reason

if your bank is reluctant to tell you the reason then your bank is a shitty bank. if i transfer EUR from Singapore to Thailand i pay besides the cost for SWIFT the fees of Deutsche Bank, BKK which is the intermediary bank for EUR transfers of my SIN bank. if i transfer USD i pay the fees JPMorgan, NY charges.

in both cases the fees are debited to my account in SIN specified to the last Penny. i can even download a printout or make a screenshot when accessing my account.

[darrendsd]

There is a simple explanation as to why some transfers attract extra charges

If your sending Bank does not have a account with your receiving bank then they route it through a bank that does, this routing bank will then charge you for this service

So for example you send money from Halifax to Bangkok Bank, Halifax do not have a account with BB so they send it to Siam Commercial who do have a account with Halifax, SCB then send it on to BB

You are non the wiser and then wonder why you have received less money then expected, you then try and ask the Bank and they will be reluctant to tell you the reason

if your bank is reluctant to tell you the reason then your bank is a shitty bank. if i transfer EUR from Singapore to Thailand i pay besides the cost for SWIFT the fees of Deutsche Bank, BKK which is the intermediary bank for EUR transfers of my SIN bank. if i transfer USD i pay the fees JPMorgan, NY charges.

in both cases the fees are debited to my account in SIN specified to the last Penny. i can even download a printout or make a screenshot when accessing my account.

Fees.jpg

I have no problems with my transfers so mine is not a "shitty bank" I am simply passing on information I have learned from others who have experienced this

[Naam]

passing on information learned from others... hmmm. if somebody passed on unchecked all the information "learned" in this forum then...

[darrendsd]

passing on information learned from others... hmmm. if somebody passed on unchecked all the information "learned" in this forum then...

So I am assuming that you know the information that I have given is not true then?

[Ticketmaster]

All I can say is, use Schwab;the are honest and above board.

[Obb]

 

Comments and experiences appreciated.

Have experienced exactly the obfuscation you and Pub write about here. Recovered the funds lost, and even got a small settlement.

Very interesting to see that this practice is apparently widespread. Guess bankers discuss the latest cons & manipulations when they get together - globally, no doubt.

[KittenKong]

So for example you send money from Halifax to Bangkok Bank, Halifax do not have a account with BB so they send it to Siam Commercial who do have a account with Halifax, SCB then send it on to BB

In this particular instance you should save money by initially transferring from Halifax to Bangkok Bank London branch (free BACS/FPS transfer) and then using Bangkok Bank's GBP20 internal transfer service to your Thai Bangkok Bank account.

Not necessarily a good deal for everyone and every bank, but in this case it should be.