Wire from Presidents Choice Canada to BKK Bank. Pang mak mak!

[RoyLee]

Recently SWIFT wired (Canadian funds) from President's Choice to Bangkok Bank. Based on Bangkok Banks TT rate this morning and the .25% they take out, I figure I was short-changed about 3.5%.

So I called PC and they only knew about the $30 fee taken out of my account, which I already knew about. I confirmed that they sent Canadian funds. They did not have any other information.

Then I called BKK bank and they told me about their .25% fee, which I also knew about. They did not have any other information and suggested I call their international banking line, whereupon I was then told that they received the money (already converted to THB) from UOB (at an exchange rate around 2.5% less than BKK bank's TT rate). There is still another 1% unaccounted for. She suggested in the future I send the money from either Scotiabank or RBC, as they have an account with BKK bank and so the money would be exchanged at their TT rate.

So I guess my options are to open an account with Scotia or RBC when I get home, or, see if PC has a bank in Thailand they deal with (will call PC when they open later tonite.)

This is my first time wiring money. I understand now why PC customer service waited patiently on the line while I read the legal stuff on their website re wiring money before executing the transfer.

Wondering what other Canadians are doing for fast efficient wire transfers to Thailand.

[MJCM]

Removed as already answered in OP

Edited March 6, 2014 by MJCM

[tinhead]

PC *sigh*... That's the equivalent of going to Tesco Lotus and applying for a bank account. Banking for the impoverished.

Yes, do open with a real bank, better mileage. HSBC might be a good choice, too, since there are branches in both Canuckistan and LOS.

Thanachart is partially owned by Scotiabank, BTW, but no special concessions. Unfortunate since Scotia in Malaysia, India, Mexico, etc. make life simple.

[NanLaew]

Presidents Choice? I thought that was some new soft spread butter thingumabob.

Do NOT get an HSBC account as they bailed from LOS quite a while ago.

[RoyLee]

*update* ...

So I opened an RBC savings account upon my return to Canada. RBC is one of Bangkok Bank's correspondent banks in Canada (the other being Scotiabank), so a wire from RBC goes straight to my Bangkok Bank account without going through an intermediary. I sent a wire a few weeks ago and after accounting for the .25% Bkk bank takes out, received the money at almost the TT-rate (shy about another .25% , perhaps because of timing differences between when I looked at the rate and the actual exchange ...not enough to worry about). I have to wire enough money to take the sting out of the $45 wire fee but overall much more efficient than previous wires from PC or atm withdrawals.

However, I have to physically be in an RBC branch to send the wire (same with Scotia), so I have to make sure I wire enough money before I leave Canada. The other option I have heard about (for getting the TT rate) is depositing a personal cheque (Canadian) into my Thai bank account though this takes 3-4 weeks to clear. Looks like I'll be taking my chq book with me.

[Pib]

For that cheque you'll probably get the sight bill/travelers cheque rate which is usually around 0.05 baht/Canadian dollar lower than the TT Buying Rate used for electronic incoming transfers...and there will be approx a Bt300 collection fee.