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[Doznotdiz]

I used to send Thai Baht from my bank in Australia but then realised that the exchange rate in Thailand is much more favourable. I figured that if I were to send AUD then I would save around $1000 pa. So I submitted a request to send in AUD the last time I transferred funds. But when Bangkok Bank actually received the money it was already in Thai Baht. The money had been sent to a bank in Europe who converted the amount into Thai baht at a rate of 27.1 which was worse than the Australian bank rate on that day and considerably worse than the rate offered by Bangkok Bank. I found this information out by going to my Bangkok Bank branch (who were very helpful) and was informed that another customer had had the same problem with the same Australian bank in the same week.

I raised this issue with the Australian bank and was told that it is allowed to use an intermediate correspondent bank for these transactions even though Bangkok Bank is a correspondent bank of that bank. I was then told that Bangkok Bank is only a correspondent bank for Thai Baht transactions. Then I was told that I should have written “DO NOT CONVERT” in the “message” box. All of these statements are ridiculous and just go to show how ill-informed the help desk staff members actually are. My request stated “SEND IN AUD” as the instruction. Finally I lodged a complaint and email both of which were ignored, but on angrily raising the issue again I have been told that the bank has the right to send the money through an intermediary correspondent bank who can levy charges and convert the funds to another currency with my bank not being responsible for these actions. They refunded me around $400 as a goodwill gesture but said that they wouldn’t be doing that again. Basically I've been fobbed off and told to write to the ombudsman.

What planet am I on? I cannot believe the rubbish I have been fed by this bank. I could have an AUD account with Bangkok Bank and thus want the money to definitely arrive as AUD. What gives my bank the right to not carry out my instructions and not be responsible for the outcome? Personally I think that it is a deliberate and deceitful way of dissuading customers from sending AUD so that the bank benefit from the exchange. And if you do actually send AUD then they get a kickback from the exchange made by the intermediary.

Has anyone else had a similar problem? Does anyone have any advice? I have heard that another Australian bank has barred customers from sending AUD internationally. I need a bank that I can rely on and I will also be considering other methods of transferring money.

[Pib]

Sounds like Australian bank ranks right up there with the most fee-hungry banks in the world.

[samtam]

You appear to have acted correctly by requesting the transfer in AUD. That your Aussie bank has ignored that is their responsibility and they should rectify in full. I wouldn't let it rest. You are perfectly entitled to receive funds in the currency you specify.

I transfer funds (including AUD) between my branches of HSBC and it is sent in the currency I specify. The last transaction was payment for an auction item in Berlin, that was remitted from my HKD account in EUR. It would be unthinkable for them to send it in any currency other than the one I specified.

[tig28]

Hi Doznotdiz

Have been using ANZ for over 10 years for this purpose and have always transferred $Au.

Within the last few months they have added an extra confirmation step -- which if you happen to overlook --- will result in your 2 prior instructions to send $Au being ignored. It almost caught me out the first time I encountered it.

But they will send the $Au if you take care.

[pitchag]

Sounds like Australian bank ranks right up there with the most fee-hungry banks in the world.

I had the same problem with the Suncorp bank in Aussie the money going through too many hands before getting to Thailand, it took me a while to sort a bank that dealt direct with Bank of Bangkok, some of them flatly refused to give me the information citing commercial confidential reasons, Finally I went to the Westpac bank and found they are the best for transferring funds it is a $20 flat fee for any amount transferred the other banks charged a percentage which cost me a bomb as i was transferring most of my cash here to buy a condo. I also tried bring a bank cheque from Aussie. The first teller looked at it and then passed it onto the manager who was reading it upside down I thought then I'm in trouble here, he then passed it on to other person who knew what it was and then stated that it would take six months to clear, needless to say I canceled it. I do all my Aussie bank business on line and money is transferred over night most times

Hope this helps

[graeme72]

I have been transferring in AUD from my ANZ account for 6 years with no problems also, but watch out for the tricky small final confirmation that you wish to send AUD.

[Doznotdiz]

Tig28. I have a receipt that says "SEND IN AUD". This bank has acted disgracefully and cannot be trusted any more. They did not answer any of my questions or offer any advice. I cannot possibly use them for this purpose again. It is a deliberate and deceitful attempt to stop people sending AUD. Apparently one of the other large 4 Australian banks won't even allow people to send AUD full stop. What is going on?

[Pib]

Apparently one of the other large 4 Australian banks won't even allow people to send AUD full stop. What is going on? 

Greed...hidden cost/fees...profits.

Sent from my Samsung S4 (GT-I9500)

[BEVUP]

^{Been sending for a few years & there are the 2 boxes - Amount in Aud & do not convert - With ANZ}

^{They have a sliding scale as per amount sent IE $24 for $4900}

^{& yes they added another 4 boxes to tick to agree to before processing - Havnt actually read the 4 points (maybe i should)}

[ChrisY1]

The Comm bank have now stopped IMT in AUD. CBA getting greedier......!

I have been sending aud here for years, now looking for another bank.....ANZ still send aud