Delay International Money Transfer

[Elmer Gantry]

I transfered money from my UK bank on the 30th July on an urgent transfer which usually arrives the same day.It still has'nt arrived by today the 1st.The money left my UK bank on the same day ( 30th).I checked with the UK bank for a problem,they advised me to contact SCB quoting the reference number on my statement ( SCB took the transfer fee of 25 quid ).Speaking to SCB today,they told me the money has arrived and maybe cleared by Monday.I was a bit concerned incase I had made a cockup and the money had gone astray.My missus now tells me that it has been on the news that the they are checking money transfers.Has anyone had the same problem.This is the first time ever it has taken so long.Would be interested to know if this is normal procedure now.

[MJCM]

Good Question !!!

 

May I ask, how much money did you transfer, maybe it's related to that. I limit my transfers to 5000 Euro's (approx 4000 GBP), and they usually arrive the next day.

[Elmer Gantry]

Good Question !!!

 

May I ask, how much money did you transfer, maybe it's related to that. I limit my transfers to 5000 Euro's (approx 4000 GBP), and they usually arrive the next day.

 

I usually do 10k GBP to save on bank fees.Never had a prob before with this amount.

[MJCM]

Strange, I haven't transferred any money over in a while, so I cant tell if its common practice nowadays. Maybe another member who did a transfer recently could care to comment?


Sent from my iPad so Please excuse any typos

[Baerboxer]

My transfers usually arrive into my account here the next day.  I have transferred various amounts but do larger now to reduce the bank charges.

 

My bank outside of Thailand do say allow 4-5 working days on transfers anywhere, although like I said, so far mine have always been here the next day,

[mjnaus]

I can confirm a similar thing happening to me. One of my clients in the UK has transferred money from their UK account to my Thai company's account with Bank of Ayudhya. This was a regular swift transfer and was made last Friday (25th) and as of today, the money still hasn't made it to our Thai account. These transfers typically take 2,3 or 4 working days max, so something has definitely changed.

[Greenhill]

The Pound is going down at the moment, so the banks hold onto the money as long as possible, hoping that it'll go down even further and they'll have to give you less baht!!    Only a theory, of course!!

[MJCM]

I found this on the BKK Bank website.

 

Especially the last part is interesting, but I have no idea if it is a recent addition or not (or if it is even relevant) . When I transfer money in, I always state in the description (sending bank) "Transfer For Living expenses Month Year"

 

6. What is the largest amount I can transfer into a Bangkok Bank account in Thailand?
There is no limit to the amount of funds that can be transferred from abroad into a Bangkok Bank account.

However, senders must specify the purpose of the money transfer for every transfer, as commercial banks are required to report this to the Bank of Thailand on the client’s behalf.

 

Link: http://www.bangkokbank.com/BangkokBank/PERSONALBANKING/DAILYBANKING/TRANSFERINGFUNDS/TRANSFERRINGINTOTHAILAND/Pages/InwardFAQs.aspx#6

[Elmer Gantry]

Thanks for the feedback,I have never known SCB to delay transfer before,but as per 1 comment it seems they are holding on to the money longer expecting the pound to drop hence less baht.What concerns me also is that I paid for an urgent transfer,SCB took their fees on the same day but are still holding the money.This was the first time I paid the SCB fees locally instead of from my UK bank as I thought they might be less but they turned out to be more i.e, 12 pounds 50 pence against from the UK as against 25 pounds from SCB.so another lesson learnt.

[meatboy]

 

Good Question !!!

 

May I ask, how much money did you transfer, maybe it's related to that. I limit my transfers to 5000 Euro's (approx 4000 GBP), and they usually arrive the next day.

 

I usually do 10k GBP to save on bank fees.Never had a prob before with this amount.

 

I do the same as you if there's no emergency its 10k.once a yr.but as I have been doing this since 1989 I do know that they are getting the jitters[I think its the junta] but I do put down on the[ any message part] what it is for.last one I done was at 1pm.thai time and it was here before 9am next day.roy world express 30quid.thai bank scb.

[Elmer Gantry]

 

 

Good Question !!!

 

May I ask, how much money did you transfer, maybe it's related to that. I limit my transfers to 5000 Euro's (approx 4000 GBP), and they usually arrive the next day.

 

I usually do 10k GBP to save on bank fees.Never had a prob before with this amount.

 

I do the same as you if there's no emergency its 10k.once a yr.but as I have been doing this since 1989 I do know that they are getting the jitters[I think its the junta] but I do put down on the[ any message part] what it is for.last one I done was at 1pm.thai time and it was here before 9am next day.roy world express 30quid.thai bank scb.

 

I have never put a reason for transfer,only a reference for my own records i.e. exchange rate on day of transfer which I got from SCB exchange rate site.I agree it seems they are looking at all incoming and out going transfers.The trouble and strife quoted the Dutch guy who has been nicked for drug dealing and also the not so squeeky clean Thais.It seems The times they are achanging.

[chiang mai]

I transferred 10k three days ago, HSBC to UOB, it took the usual 24 hours before it was in my account, no change really.

[Elmer Gantry]

I transferred 10k three days ago, HSBC to UOB, it took the usual 24 hours before it was in my account, no change really.

 

I was told to check again on Monday,just wondering if different banks are adopting different policies.My UK bank is the Natwest,never had a problem before.

[Pib]

Expecting money posting to your account on a Saturday or Sunday may not be realistic.   I know many bank branches are open on Saturdays....and mini-branches like in malls open 7 days a week, but some centralized operations in banks, like international funds transfer final processing & posting, may operate on a Monday through Friday basis.  Hopefully your money will post on Monday assuming there were no problems like maybe a name on account misspelling, etc.

[meatboy]

 

I transferred 10k three days ago, HSBC to UOB, it took the usual 24 hours before it was in my account, no change really.

 

I was told to check again on Monday,just wondering if different banks are adopting different policies.My UK bank is the Natwest,never had a problem before.

 

I would be more than happy TT RATE UP yesterday scb.54.04.

tues.29th. TT RATE 53.73.

[Pib]

OP, you said SCB took a 25 quid fee...that fee was most likely applied by your UK sending bank and/or its correspondent bank. The SCB fee to receive funds is only 0.25% (Bt300 min, Bt500 max).

Sent from my Samsung S4

[Elmer Gantry]

Expecting money posting to your account on a Saturday or Sunday may not be realistic.   I know many bank branches are open on Saturdays....and mini-branches like in malls open 7 days a week, but some centralized operations in banks, like international funds transfer final processing & posting, may operate on a Monday through Friday basis.  Hopefully your money will post on Monday assuming there were no problems like maybe a name on account misspelling, etc.

 

Checked with Natwest and SCB.I made a point of giving SCB a reference number from my Natwest statement and they told me the money has come but not cleared yet.Can only think it is taking time because it is the first time I have said for the receiving bank to pay the fees,before I always paid the fees from Natwest.Hopefully Monday will be ok.
 

[Elmer Gantry]

OP, you said SCB took a 25 quid fee...that fee was most likely applied by your UK sending bank and/or its correspondent bank. The SCB fee to receive funds is only 0.25% (Bt300 min, Bt500 max).

Sent from my Samsung S4

 

Not sure,that is what I thought also.Can't remember if it shows fees when you make up the bank book or they deduct them from the transfer,still on a learning curve.

[Elmer Gantry]

 

 

I transferred 10k three days ago, HSBC to UOB, it took the usual 24 hours before it was in my account, no change really.

 

I was told to check again on Monday,just wondering if different banks are adopting different policies.My UK bank is the Natwest,never had a problem before.

 

I would be more than happy TT RATE UP yesterday scb.54.04.

tues.29th. TT RATE 53.73.

 

 

Hope this is the case.

 

[Pib]

It's usually best to select the option of letting the banks apply their own fees...less chance of duplicate fees, usually faster, and sometimes lower overall fee total.

Sent from my Samsung S4

[96tehtarp]

 

Expecting money posting to your account on a Saturday or Sunday may not be realistic.   I know many bank branches are open on Saturdays....and mini-branches like in malls open 7 days a week, but some centralized operations in banks, like international funds transfer final processing & posting, may operate on a Monday through Friday basis.  Hopefully your money will post on Monday assuming there were no problems like maybe a name on account misspelling, etc.

 

Checked with Natwest and SCB.I made a point of giving SCB a reference number from my Natwest statement and they told me the money has come but not cleared yet.Can only think it is taking time because it is the first time I have said for the receiving bank to pay the fees,before I always paid the fees from Natwest.Hopefully Monday will be ok.
 

 

 

"Can only think it is taking time because it is the first time I have said for the receiving bank to pay the fees,before I always paid the fees from Natwest.Hopefully Monday will be ok."

 

See post #20.

 

Let's hope that's what is causing the delay.

 

I too have had unexplainable delays with SWIFT transfers to SCB. Those were before the two most recent coups.

[Elmer Gantry]

It's usually best to select the option of letting the banks apply their own fees...less chance of duplicate fees, usually faster, and sometimes lower overall fee total.

Sent from my Samsung S4

 

I think that is what I will stick to in the future.It was partly a costing excercise on my part which seems to have backfired.
 

[Pib]

It's usually best to select the option of letting the banks apply their own fees...less chance of duplicate fees, usually faster, and sometimes lower overall fee total.

Sent from my Samsung S4

 
I think that is what I will stick to in the future.It was partly a costing excercise on my part which seems to have backfired.
 

"By duplicate fees may be applied"is when the receiving Thailand bank still applies it's 0.25% ( Bt200 to 300 min fee, Bt500 max) fee while your Sending bank has already worked an amount to cover any receiving fee if you selected the option to let your sending bank cover all fees. Best to just let the sending and receiving banks share and apply their own fee. That way the receiving bank doesn't have to do additional paperwork to send a fee charge back to the sending bank and probably up the fee due to the extra manhours/paperwork evolved. Keep it simple for the banksters.

Sent from my Samsung S4

[paulmw]

Yep had the same problem 2 weeks ago UK to Thai normally 2 to 3 days this time 6 days

[Chivas]

Recent small Transfer from Halifax in UK to Krung Thai hit receiving account on 5th day including day sent....

[Chivas]

 

Good Question !!!

 

May I ask, how much money did you transfer, maybe it's related to that. I limit my transfers to 5000 Euro's (approx 4000 GBP), and they usually arrive the next day.

 

I usually do 10k GBP to save on bank fees.Never had a prob before with this amount.

 

 

That will automatically trigger a Notification enquiry to HMRC in the uk so possibly the reason why......In or out transfers at £10,000 and above always do.

[MJCM]

Recent small Transfer from Halifax in UK to Krung Thai hit receiving account on 5th day including day sent....

 

IMHO Krung Thai always been slow with this, SCB and BBL are normally next day, but KTB an extra 2 days.

 

But it could well be that they are now checking incoming transfers, but for what reason ? Money Laundering, Tax, I have no idea.

[Pib]

Quite a few banks offer 3 choices in how SWIFT/wire fees will be paid.  The choices offered will be worded along the lines as shown below.  When sending money to yourself, probably best to choose the "Share" approach to avoid the possibility of duplicated fees, like the receiving bank still charging its receiving fee and the sending bank has already collected a fee to supposedly cover that incoming fee which never comes.   Plus the receiving bank may up its receiving fee charge to cover additional manhours/paperwork if it needs to send a charge back to the sending bank for fee payment.   Now if sending money to someone else say as a payment I guess you could choose the "Ben" method and see how pissed-off that someone else gets in ending up with less money due to the fees...and then comes back to you for incomplete payment.

 

**********************************************

The sender may choose one of three ways that the fees are paid

• Share: the sender and the receiver both pay their own fees, this is the most popular option.
• Our: the sender will pay the fees for both the sending bank and receiving banks. With the option that part of the fee will be recovered after the funds arrive the receiving bank,
  as the bank will send a request to the bank for the fees.
• Ben: the beneficiary will pay the fees for both the sending bank and receiving banks.

[Pib]

Sending a SWIFT/wire transfer basically just ensures the Sending bank gets it transmitted quickly...once it's transmitted the Sending bank has less or no control on how fast its Correspondent bank (if it needs one) relays the payment on to the Sending bank who then do their own processing to complete the transfer.    And usually in the Sending bank's funds transfer fine print they basically say that.

 

Maybe kinda like a 3 person relay race...the first runner (Sending bank) springs out of the starting blocks and runs fast to hand off the baton to the second runner (Correspondent bank) who may be a slow runner...and then the second runner hands it off to the third/final runner (Receiving bank) who also may be a slow runner to the finish line (posting to your account).

[White Tiger]

^{I sent a small amount by internet transfer with HSBC to Bangkok Bank. Made the transfer on the 25th July and the money arrived in my account with Bangkok Bank on 29 July.}