Unethical Banking

[tjshannonigans]

Dear dancealot,

When the atm youvare using asked you if you would like to continue transaction with conversion or home currency exchange. ...what is better?

Sent from my GT-I9300 using Thaivisa Connect Thailand mobile app

 

Think outside of the box, mate.

 

Get a Thai bank account.

Yeah mate..have thought about that. But the comm bank will slug me massive transfer fee to send my monthly income to a thai bank account. And also at quite a low exchange rate.

Sent from my GT-I9300 using Thaivisa Connect Thailand mobile app

[Sirius1935]

This is normal, although I thought the max was B400, btw. when selecting receiver pays.

Indeed, Yoshiwara, It wont make so much difference if you transfer a million.

On the other side, pensions coming in are so low these days it pays to look at the small little things:thumbsup:

Have you considered downsizing to disposable razors? You can save a fortune.

Thank you for that really useful reply. I see why you have over 3,000 posts to your discredit.

I transfer an amount about ten time greater every two of three months and that always has roughly ฿200 deducted. In my opinion it is wrong for banks to deduct anything when someone is depositing money and very wrong to just take it without itemising it as a separate charge.

It very well could have been the sending method (how to share the transfer costs) chosen by the sender and/or intermediary bank fees. Intermediary bank fees (if applicable) will vary from sending bank to sending bank.

Thank you. I have asked Bangkok Bank to explain the deduction of ฿910. We'll see what they have to say.

[Sirius1935]

You must always request that funds never be sent in Thai baht. If for instant you wish to send GPP 1000 from the UK to Thailand it must be sent in GBP. If you request them to send Thai Baht they will sell you the baht and you will always lose on this kind of transaction. You have to buy the baht at thier selling price instead of selling your GBP at the buying price in Thailand. There is usually quite a difference

Thank you Gamini. I'll remember that in future. Or do cash transactions and avoid the banks completely.

[ianguygil]

<SNIP>

Firstly, if you have a complaint about how you were treated you should complain to the Head Office, not the Branch Manager.

Secondly, the branch has nothing to do with the FX rate on an incoming transfer. That is done centrally, either automatically if it is below a threshold or by a trader if above a certain amount. Anybody sending large amounts in should always negotiate a bettter rate, wholesale rather than retail as it were.

Your story has holes all over it. The Swiss Cheese of posts.

Also, you are encouraging people to use (and giving your custom to) illegal services who don't care where the money comes from. Drugs. People smuggling, Terrorism. You seem to feel that is ok, as long as you feel you save a few Baht. Strange values to me. Now that is UNETHICAL.

Finally, you say you get a rate that is 7%-10% better than the Bank rate. But our spread is not even that amount on major currencies. So how exactly do you get a better rate than market?

Sounds like a bunch of fantasy posting from somebody sitting in a flat in Scunthorpe to me.

[craigt3365]

I think this post has run it's course. Before we head into troubled waters...and members start getting warnings, let's close this now.

Topic Closed.

[ianguygil]

<SNIP>

You don't know who charged you the 910Baht but you are accusing Bangkok Bank of doing it because they are the bank you transferred the money to. While you may not understand the way the banking system works, you should get your facts straight before you accuse any party.

So now you have asked the Bank to explain your own transfer, but we can only go back to the Bank who sent the funds to us. You will need to check with your own (sending) Bank who initiated the transfer to get an explaination of all the charges.