How do I use SWIFT?

[edwardflory]

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

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

I never asked her what the $-B conversion was, let's put it this way, if over $5.00, the phone lines from TH to US would still be on FIRE after 3 weeks. She thinks $2US to $3US is too much to pay at a ATM for basically NO paperwork and US converted to B!!

[wooloomooloo]

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

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

I never asked her what the $-B conversion was, let's put it this way, if over $5.00, the phone lines from TH to US would still be on FIRE after 3 weeks. She thinks $2US to $3US is too much to pay at a ATM for basically NO paperwork and US converted to B!!

Why would the phone lines be on fire if your wife received what she required. It's your account after all.

I wouldn't send money unless I knew the f/x rate and total charges incurred in the transfer and charged to my account.

You seem to be looking at one half of the transaction with the other eye shut.

In this instance I'll discount your good fortune as there isn't any that I know of with Western Union. There's a premium for what you are patronising and it isn't cheap.

Edited March 21, 2014 by wooloomooloo

[sfbandung]

Make sure you have internet banking with your overseas account and of course a Thai account to transfer to. I transfer money from my ANZ bank in Australia and a business account in Papua New Guinea (of all places) all the time. It's not instant but the funds are here in 24 hours. The exchange rates are good and the overseas fees at the originating bank are reasonable. I have to have a chat with Kasikorn though because there seems to be an element of variability in the fee they charge for the inwards transfer, but it isn't silly.

[akentryan]

Beware. I signed up thru my American bank (Chase) for their on-line wire transfer app. They phoned an activation code to my US address which was forwarded to me in Pattaya. Went on-line and scheduled a $5K wire transfer to my account at Bangkok Bank. I received an e-mail telling me the wire transfer did not go thru. Tried to go on-line and look at my accounts only to find myt access had been "blocked for suspicious activities." Have not been able to get Chase to unblock my account despite a dozen calls, each lasting about 45 minutes. It now stands that I must fly to the USA and take a picture ID to the branch where I opened the account. Meanwhile I have 3 credit cards with at least one with a payment due. I do not know the balance in my accounts, payments due on cards or anything else. One piece of advice, Bangkok Bank is the only Thai bank that has a USA ABA number. Transfers to any other bank must go thru an intermediary bank. For four years previously I was depositing hard copy checks at UOB and having the funds available in 14-16 days. UOB then changed how they do it and it now takes 40 days plus. UOB used a German Savings Bank as an internediary to clear the last check. Go figure.

Edited March 21, 2014 by akentryan

[edwardflory]

Why would the phone lines be on fire if your wife received what she required. It's your account after all.

I wouldn't send money unless I knew the f/x rate and total charges incurred in the transfer and charged to my account.

You seem to be looking at one half of the transaction with the other eye shut.

In this instance I'll discount your good fortune as there isn't any that I know of with Western Union. There's a premium for what you are patronising and it isn't cheap.

CASH wired to HER account......Around $10US to wire and convert $300US to Thai Baht around $10US with 2 hour speed...Ill pay that ANYDAY especially since US banks are closed at night.

Remember, she thinks $3US to use ATM in Thailand ( with conversion to Baht ) is too much money.

Edited March 22, 2014 by edwardflory

[GordonP]

I use LloydsTSB in the UK and Kbank here.

LTSB do not charge me for the transfer

I bank with their "Offshore" division who made a big play last year of dropping charges.
http://www.lloydstsb...-transfers-020/

and the rate I get from Kbank is acceptable for amounts below £5k, OK for amounts £5-10k and quite good for larger amounts and having spent 30+ years working on and running an FX desk I believe I know what I'm talking about (imho).

Both are accounts online and generally, if I make the Sterling payment before UK opens for business on day 1, I get a text message from Kbank advising me of the amount credited to my account before 10am Thai time on day 2.

[lopburi3]

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

WU exchange rate will not be the same as the exchange rate inside Thailand and is how they make a lot of there profit. For speed it is ideal but for larger transfers that can wait a day or two not ideal.

The debit card ATM fee in Thailand is $6 plus the loss using VIsa (or worse) Mastercard exchange rate plus the normal fee for overseas usage (from 1-3% is normal). So not a good option even with a no fee card anymore unless you also get foreign ATM fees refunded.

[sandyf]

SWIFT is not a transfer system as such. It is a bank identification code used in electronic transfers. The code can be 8 or 11 characters, the last 3 characters of an 11 char code is the branch identifier. In Thailand they only use the 8 character code which means funds go to the main branch and are distributed from there.

Europe also uses another bank identification code known as IBAN.

I normally use HSBC online banking without a problem, their fee is £17.

[AyG]

SWIFT is not a transfer system as such. It is a bank identification code used in electronic transfers. The code can be 8 or 11 characters, the last 3 characters of an 11 char code is the branch identifier. In Thailand they only use the 8 character code which means funds go to the main branch and are distributed from there.

Not 100% accurate. SWIFT is the name of a company, Society for Worldwide Interbank Financial Telecommunication. It provides a network for funds transfers and allocates SWIFT codes (bank identifiers) and defines message formats.

In Thailand there are both 8-character and 11-character codes such as BKKBTHBKTRD (Bangkok Bank bond trading), KASITHBKIBF (Kasikorn International Banking Facility), SICOTHBKTSD (Siam Commercial Bank Treasury Department) and many more.

[Naam]

SWIFT is not a transfer system as such. It is a bank identification code used in electronic transfers. The code can be 8 or 11 characters, the last 3 characters of an 11 char code is the branch identifier. In Thailand they only use the 8 character code which means funds go to the main branch and are distributed from there.

Not 100% accurate. SWIFT is the name of a company, Society for Worldwide Interbank Financial Telecommunication. It provides a network for funds transfers and allocates SWIFT codes (bank identifiers) and defines message formats.

In Thailand there are both 8-character and 11-character codes such as BKKBTHBKTRD (Bangkok Bank bond trading), KASITHBKIBF (Kasikorn International Banking Facility), SICOTHBKTSD (Siam Commercial Bank Treasury Department) and many more.

the correct definition is "SWIFT provides the messages, not the transfers."

[PhillyBoy]

SWIFT is an international Bank Transfer system. I have used it many times from the US to Thailand. They always charged me a fee from my Wells Fargo Bank acct. Not economical for small transactions.

As one of the other members said I have a Vanguard account and they have sent money from my account in the US to my bank account here in Thailand but it had to be in my exact same name. No charge for that.

For anyone in the US I have found at least one bank, First Republic Bank of NY, that refunds any ATM fees at the end of each month for any out of country withdrawals. You must maintain a $3500 balance to get this service. When you take money here at an ATM you get charged for the withdrawal but when you check your bank statement at the end of the month they deposit those fees back into your account.

The good thing was I never physically went to this bank. I contacted them by phone and email and the account was set up. Sent the money to them in a check, signed some forms online and scanned them and sent them back. I have been with them since April 2013 and never have an ATM fee. I don't care what ATM Bank I take my money from now as whatever it is I get it back.

A little off topic but good info for anyone from the US who uses an ATM machine here.

[PeVee1st]

I think from my reads here that it all depends on the persons bank. For me, Im Australian & monthly I transfer money using Swift to my Thai Acct.for living, etc. Using this option I pay AUD 30 from my Australian bank & about 200thb at the Bangkok Bank. Recently I opened a KBank Acct.& use Swift to transfer to that acct., fees are the same, but KBank goves a better TT Rate, usually 50 satang more than other Thai banks.

Now I sometimes get a cash advance on my Australian Bank Visa debit card at the Krungsri Bank, Krungsri Bank does not impose fees on this type of transaction, your home bank may charge you 6% for the service, lucky for me that my bank does not.

Sent from my GT-P7500 using Thaivisa Connect Thailand mobile app

Edited March 22, 2014 by PeVee1st