How do I use SWIFT?

[Jimjim1968]

Hi,

Recently I came under scorn on here for using the "Cash Advance" facility at the yellow Thai bank. They charge 6% for doing it, which is quite a chunk of change.

Today, I want to take 15,000 Baht out of my LloydsTSB account using my debit card from my savings account. Normally, I would use Cash Advance, however, people are telling me I should use the Swift system.

Could a kind soul please explain it to me and instruct me how do i do it?

Gracious thanks in advance.

Jim

[AyG]

SWIFT is a funds transfer system - rather like an international version of the UK's BACS. You tell your bank to transfer money from your account in the UK to your account in Thailand, asking them to transfer in Sterling for a better exchange rate.

Your bank will charge you something like 20-25 GBP (some are cheaper), and your Thai bank will make an additional small charge.

With most UK banks you can initiate a SWIFT transfer through Internet banking.

[lopburi3]

I am not sure about UK banks but you can not do with most US banks unless you have signed in person an agreement to do so at a branch office. Normally Internet Banking does not authorize SWIFT transfers in itself. This is highly restricted as can be used to whip out accounts.

With a normal ATM withdrawal using card you should not be changed anything near 6% if you do not use DCC option (payment in home currency). Use another bank ATM if unable to do in Baht.

As suspect you were informed Bangkok Bank has direct transfer options from US and UK at cheaper rates if you open an account with them. Suspect Western Union would be a cheaper option than 6%

[pmarlin]

I am not sure about UK banks but you can not do with most US banks unless you have signed in person an agreement to do so at a branch office. Normally Internet Banking does not authorize SWIFT transfers in itself. This is highly restricted as can be used to whip out accounts.

With a normal ATM withdrawal using card you should not be changed anything near 6% if you do not use DCC option (payment in home currency). Use another bank ATM if unable to do in Baht.

As suspect you were informed Bangkok Bank has direct transfer options from US and UK at cheaper rates if you open an account with them. Suspect Western Union would be a cheaper option than 6%

Don't know about most US banks because I have never had a problem doing SWIFT transfers using on line banking and I never had to sign anything. I have two US bank accounts. BOA is the most difficult one because I have to provide a OTP which I can get from a provided "Safe Pass Code Card" or by text message to a US based cell phone number. Some US banks require a phone call to make the transfer.

[i claudius]

Also it is not worth using swift for such a small amount , i never transfer less than about 5000 pounds using swift ,as was said before there is a 25 pounds fee.

[qdinthailand]

I am not sure about UK banks but you can not do with most US banks unless you have signed in person an agreement to do so at a branch office. Normally Internet Banking does not authorize SWIFT transfers in itself. This is highly restricted as can be used to whip out accounts.

With a normal ATM withdrawal using card you should not be changed anything near 6% if you do not use DCC option (payment in home currency). Use another bank ATM if unable to do in Baht.

As suspect you were informed Bangkok Bank has direct transfer options from US and UK at cheaper rates if you open an account with them. Suspect Western Union would be a cheaper option than 6%

Don't know about most US banks because I have never had a problem doing SWIFT transfers using on line banking and I never had to sign anything. I have two US bank accounts. BOA is the most difficult one because I have to provide a OTP which I can get from a provided "Safe Pass Code Card" or by text message to a US based cell phone number. Some US banks require a phone call to make the transfer.

My experience is similar to pmarlin. I have initiated SWIFT transfers from here in Thailand. I receive an email a short while later (during normal business hours in US) telling me to phone bank to confirm. I use Skype, call the bank's toll free number so zero cost. The usually ask last 4 digits soc.sec.#, date of birth, mothers maiden name type questions to confirm.

[lopburi3]

Have you previously signed a wire transfer agreement with your bank by chance? This was a special form to allow overseas transfers but not specific to any bank or country - just absolving home bank of any responsibility if they do as they believe I ask them to do (kind of scary). But was done about 15 years ago so perhaps things have changed - but know the bank I did this with rescinded the ability to SWIFT transfer (was done by phone only) unless I called them to reinstate with code word recorded conversation (which I have not done as do not use - use ACH transfer from another bank).

[curtklay]

Hmmm. I think things have changed, Lopburi3. I initiate SWIFT transfers from 2 different US banks online regularly. I have never signed a wire transfer agreement with either bank. Normally, I don't even need to call them to confirm.

[Gonsalviz]

I am not sure about UK banks but you can not do with most US banks unless you have signed in person an agreement to do so at a branch office. Normally Internet Banking does not authorize SWIFT transfers in itself. This is highly restricted as can be used to whip out accounts.

With a normal ATM withdrawal using card you should not be changed anything near 6% if you do not use DCC option (payment in home currency). Use another bank ATM if unable to do in Baht.

As suspect you were informed Bangkok Bank has direct transfer options from US and UK at cheaper rates if you open an account with them. Suspect Western Union would be a cheaper option than 6%

That's because the greedy American government has to have their hands in everything.

[stoli]

I am not sure about UK banks but you can not do with most US banks unless you have signed in person an agreement to do so at a branch office. Normally Internet Banking does not authorize SWIFT transfers in itself. This is highly restricted as can be used to whip out accounts.

With a normal ATM withdrawal using card you should not be changed anything near 6% if you do not use DCC option (payment in home currency). Use another bank ATM if unable to do in Baht.

As suspect you were informed Bangkok Bank has direct transfer options from US and UK at cheaper rates if you open an account with them. Suspect Western Union would be a cheaper option than 6%

Another fact to consider. Check with whether your bank allows inter-bank transfers. I unfortunately use a bank in the states that does not allow this. I can use it for bill pay, but not to transfer money from my account in the states to my Bangkok Bank account in New York. They don't want to lose the $40 wire transfer fee. My bank suggested that I send a payment to myself through bill pay, that would not incur a fee, but do not explain how this is possible. Any ideas anyone? Safe ideas only, please.

[curtklay]

Stoli: I have used "bill pay" to send a payment to myself, but only works from US to US accounts. Same thing as a domestic interbank transfer. No international option.

Edited March 21, 2014 by curtklay

[stoli]

Stoli: I have used "bill pay" to send a payment to myself, but only works from US to US accounts. Same thing as a domestic interbank transfer. No international option.

Thank you for your response. I would assume then that if I do a bill pay from my bank in California to my Bangkok Bank account in New York, I could then use SWIFT to move it to my Bangkok Bank account in Pattaya without a fee?

[curtklay]

I can't answer that because I don't use Bangkok Bank, but I think if you use SWIFT there will always be a fee. It's the ACH system between Bangkok Bank New York and Thai branches that is no fee. I'm sure other members can clarify this.

[AyG]

Stoli: I have used "bill pay" to send a payment to myself, but only works from US to US accounts. Same thing as a domestic interbank transfer. No international option.

Thank you for your response. I would assume then that if I do a bill pay from my bank in California to my Bangkok Bank account in New York, I could then use SWIFT to move it to my Bangkok Bank account in Pattaya without a fee?

Not free. See http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

[Suradit69]

I am not sure about UK banks but you can not do with most US banks unless you have signed in person an agreement to do so at a branch office. Normally Internet Banking does not authorize SWIFT transfers in itself. This is highly restricted as can be used to whip out accounts.

With a normal ATM withdrawal using card you should not be changed anything near 6% if you do not use DCC option (payment in home currency). Use another bank ATM if unable to do in Baht.

As suspect you were informed Bangkok Bank has direct transfer options from US and UK at cheaper rates if you open an account with them. Suspect Western Union would be a cheaper option than 6%

Another fact to consider. Check with whether your bank allows inter-bank transfers. I unfortunately use a bank in the states that does not allow this. I can use it for bill pay, but not to transfer money from my account in the states to my Bangkok Bank account in New York. They don't want to lose the $40 wire transfer fee. My bank suggested that I send a payment to myself through bill pay, that would not incur a fee, but do not explain how this is possible. Any ideas anyone? Safe ideas only, please.

I use Bank of America in the US. I seem to recall there was a fee or some other issue sending money to Bangkok Bank in New York, so I keep money for transferring in a Vanguard money market account. I registered my Bangkok Bank account number and the Swift number etc with Vanguard and they send money by electronic transfer for free. It's sent by the close of business on the day I request it online. Never had to sign anything. There is an option to send a wire transfer, but as I recall that did involve a fee,

For some reason it's easier/quicker to tell Vanguard to deposit money in my money market account by transferring money from my Bank America account than to ask BAC to send it to Vanguard, but I have done it either way without signing anything.

When I bought my condo many years ago I contacted Vanguard online and asked them to send the money directly to my Bangkok Bank account in Thailand, supplying them with my account number and BB's swift number... before I knew about making deposits via the NY branch ... and they did it, again never asking me to sign anything, I don't think they charged me anything.

I think if the account name is exactly the same on all the accounts involved there's less hassle.

Edited March 21, 2014 by Suradit69

[ekamaihouse]

SWIFT is for say Telegraphic Transfers from account to account - pointless for 15K. Why not just use your debit card in an ATM - cost for an overseas card is 180 baht per transaction

[Regyai]

Back to to OP (and away from USA banking) Assuming you've online banking its easy but as already stated it costs. If however you can arrange to open a Halifax current account - if only for this purpose - their online swift transfer fee is only £9.50GBP which eases the pain then just free transfer over the necessary amount and swift it onwards to your Thai account.

.

[davejones23]

If you use SWIFT to transfer 15,000 baht (around £283), you'll be charged £25. That's an 8.8% fee. You are better off transferring large amounts. I usually transfer enough to lat me a year and put some on term deposit, as interest rates here are better than in the UK.

[ronaldo0]

I have had nightmares trying to transfer money with banks here.Look up western union payment card,i seen it the other day and seems to be an easy solution for sending money either way. Dont know if you get them here but i know you get them in UK. i have asked someone to get me one and just post it here.

[hutchings1963]

Its okay lloyds charge you 9 pound for transferring the money to here,some take 3 days sometimes 6 days ive had no problems.

[hutchings1963]

Its okay lloyds charge you 9 pound for transferring the money to here,some take 3 days sometimes 6 days ive had no problems.

i forgot to say always transfer english pounds you get better rate over here

[lopburi3]

Stoli: I have used "bill pay" to send a payment to myself, but only works from US to US accounts. Same thing as a domestic interbank transfer. No international option.

Thank you for your response. I would assume then that if I do a bill pay from my bank in California to my Bangkok Bank account in New York, I could then use SWIFT to move it to my Bangkok Bank account in Pattaya without a fee?

I advise checking that carefully as I tried that route with my bank and found bill pay was only for selected merchants and no provision to pay individual accounts - maybe your bank is different but I canceled the bill pay next day as it required several transaction each month that with no bills I would not be able to do.

[Jonmarleesco]

It facilitates electronic transfers, which means you have to instruct LloydsTSB to transfer the funds to your Thai account. That will typically take between one and three days and will incur a LloydsTSB charge, a recipient charge by your Thai bank - typically around B200 - and possibly a fee en route to an unnamed correspondent bank, or banks. If you can instruct LloydsTSB online, then that should cut costs. But don't have them effect the transfer in THB; GBP only.

But if, by the yellow bank, you mean BAY, I have only drawn cash from them on my UK account one time, having erred in assuming there was a UOB branch in Hua Hin. It cost me B150 - 3% - plus the UK bank's fee - 2.5%? But their FX rate is usually better than other Thai banks.

[Jonmarleesco]

Its okay lloyds charge you 9 pound for transferring the money to here,some take 3 days sometimes 6 days ive had no problems.

9 pounds? For a TT? With usual fees around 20 pounds, that sounds incredibly cheap.

[stoli]

I can't answer that because I don't use Bangkok Bank, but I think if you use SWIFT there will always be a fee. It's the ACH system between Bangkok Bank New York and Thai branches that is no fee. I'm sure other members can clarify this.

It is hell to get old. I have been using the SWIFT code, which costs me $40 per wire. I want to learn more about using ACH.

[stoli]

Stoli: I have used "bill pay" to send a payment to myself, but only works from US to US accounts. Same thing as a domestic interbank transfer. No international option.

Thank you for your response. I would assume then that if I do a bill pay from my bank in California to my Bangkok Bank account in New York, I could then use SWIFT to move it to my Bangkok Bank account in Pattaya without a fee?

Not free. See http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

Thank you.

[nithisa78]

I am not sure about UK banks but you can not do with most US banks unless you have signed in person an agreement to do so at a branch office. Normally Internet Banking does not authorize SWIFT transfers in itself. This is highly restricted as can be used to whip out accounts.

With a normal ATM withdrawal using card you should not be changed anything near 6% if you do not use DCC option (payment in home currency). Use another bank ATM if unable to do in Baht.

As suspect you were informed Bangkok Bank has direct transfer options from US and UK at cheaper rates if you open an account with them. Suspect Western Union would be a cheaper option than 6%

Don't know about most US banks because I have never had a problem doing SWIFT transfers using on line banking and I never had to sign anything. I have two US bank accounts. BOA is the most difficult one because I have to provide a OTP which I can get from a provided "Safe Pass Code Card" or by text message to a US based cell phone number. Some US banks require a phone call to make the transfer.

BBVA Compass, USA. Allows you to set up pin#. , repetitive code. Will refund any transfer fees, upon request. Take collect calls. They get money from exchange rate of currency and content customers.

[edwardflory]

Transfer of funds: ( USA )

I was in the States and my Thai wife needed some money, ( I was in States 2 weeks more than expected - legal crap ) so off to """MY""" bank I go:

My bank wanted a SWIFT fee of $85US for $300US transfer and 2 day delivery ( granted I deal with a small bank )

Western Union cost me a little over $4.00US for $300US and I got less than 2 hour delivery ( I called bank in Thailand and got ROUTING number ) If you use Western Union: 1) BANK NAME - include BRANCH name, 2) ROUTING number, 3) Account NAME, 4) Account NUMBER ... you should get from USA, 2 to 4 hour delivery. Almost EVERY BANK is a Western Union Agent. I did my business at a Kroger Food Store ( agent ) at 8:06PM my USA time, she got the money at 9:00AM her Thai time.

I use my debit card in Thailand at ATM, NO PAPERWORK, INSTANT CONVERSION and $2US to $3US fee

Need I say more?

YEP!!!!!

Now go to Western Union and read information about the "WESTERN UNION MY WU" debit card! - then THINK if it might be of help to you in the future

[wooloomooloo]

Western Union cost me a little over $4.00US for $300US and I got less than 2 hour delivery...

What f/x rate did you secure with Western Union.

Western Union doesn't work for nothing as I'm sure you understand.

[jcnbkk]

I have an account with Bangkok Bank I opened in Bkk. Online with my US account with Wells Fargo I set up transfers (ACH) using BB New York routing number and my BB Thai account number. This in effect allows an ACH transfer between US bank branches. WF charges only $3 per transfer. When you first set it up WF sends a minimal trial transfer in and out, a few cents each. I then had to call BB in Thailand to get those amounts in US to enter on a verification page on the WF website. Once verified it's set and I can go online to make a transfer. Funds arrive in3-5 business days. No charge from BB. Exchange rate is reasonable. I assume you can use any US bank that allows transfers online. By Using the BB New York routing number it is an ACH transfer, in effect, a transfer between US banks. There is some info on the BB website, don't remember where, a little difficult to find, but there.