BMTA Tightens Safety Checks on 809 NGV Buses to Ensure Public Confidence

[Dogberry]

I have been utilizing Bangkok Bank NY for several months and have been satisfied enough. But I had $200 I wanted to move so I decided on a whim to move $50.00 at a time. Bangkok Bank states there is no fee for amounts of fifty dollars and below. I received the transfer yesterday in the amount of ฿1432. For simplicity I will call that 28.50 to the dollar. Yahoo, Google etc. quoting +32.50 buy and sell (some sites quoting 32.84 [at the moment I checked]). I can not seem to get Bangkok Banks internet banking site to cooperate and haven't updated my passbook to verify previous rates (I'll do it later today). But is this correct? I thought I had received better in the past... or ???

Edited November 17, 2014 by Dogberry

[BuddhistVirus]

From BKKBANK site http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CurrencyExchange/Pages/Fees.aspx#1

'Receive an overseas funds transfer

Charge fee from beneficiary

Note You will not receive the full amount of funds

as Bangkok Bank will deduct a fee prior to depositing

funds into your account.

0.25% of the transfer value

(minimum 200 Baht, maximum 500 Baht)'

[Dogberry]

From BKKBANK site http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CurrencyExchange/Pages/Fees.aspx#1

'Receive an overseas funds transfer

Charge fee from beneficiary

Note You will not receive the full amount of funds

as Bangkok Bank will deduct a fee prior to depositing

funds into your account.

0.25% of the transfer value

(minimum 200 Baht, maximum 500 Baht)'

Got it... so in smaller amounts (like 50 bucks) it really shows up in what you get even without a fee... in large amounts the ฿500 cap blends into the total transaction and ends up looking like a better exchange rate... curiosity satisfied.

Edited November 18, 2014 by Dogberry

[Langsuan Man]

To accurately determine the rate given (for over $50 transfers) you have to reduce the amount of your transfer request by the dollar fee charged (based upon their price list)

and then the 0.25% (min 200 THB, max 500 THB) and compare that to the foreign exchange rate list by time of day as reflected by on the exchange rate page here:

http://www.bangkokbank.com/BANGKOKBANK/WEBSERVICES/RATES/Pages/FX_Rates.aspx

So far in every case of a transfer via the New York branch my figures have matched exactly the exchange rate that was listed on the exchange rate page listed above

And OP you are not the first that was caught by the $50 "no fee" discrepancy. They got me when I tried to "test" the system for "free"

[Pib]

It's important to determine the correct exchange to "subtract the applicable fees and subtract them at the right time" in doing your calculations, otherwise you'll never be able to get your math to exactly match one of the bank's posted exchange rates.

Say a person sends $2,000 and uses the Bangkok Bank NY branch routing number. As that $2,000 flows through the NY branch they slice off their $5 fee and $1995 arrives you in-Thailand Bangkok Bank branch. Now, before the received funds are posted to your account the exchange rate in affect at the time is applied, then the receiving/conversion fee of 0.25% (Bt200 min, Bt500 max) is applied, and then the remaining amount is posted to your account. Note: important to note the receiving fee is deducted after the currency exchange and before posting to your account....and that fee or the NY branch fee is posted to our account so some folks actually think no fees were applied but fees were indeed applied but just don't reflect on your account statement.

So, for example, let's say the posted TT Buying Rate exchange rate at the time was Bt32/USD. Ok, $1995 rec'd, 1995 times 32 equals Bt63,840. Now apply and subtract the receiving fee which is Bt200 in this case, which leaves Bt63,640 to be posted to your account. If you pulled out your calculator to determine the exchange rate given and you took into account the NY branch fee knowing only $1995 arrived, well 63,640 divided by 1995 results in a 31.90 exchange rate which is incorrect due to not taking the receiving fee into account. Remember the correct exchange rate was 32.

Not taking into account associated fees and "when" they were subtract by the bank often results in folks never being able to get the exchange rate they got from using their math to exactly match one of the TT Buying Rates in affect during the day....and their math makes it appear they got a lower exchange rate when in fact they got a higher exchange rate. If a person signs up for the Bangkok Bank free Remittance SMS notification it will tell you the amount of currency received, exchange rate given, how much that calculates out to, the receiving fee, and then the final amount and date of posting to your account.

[Dogberry]

If a person signs up for the Bangkok Bank free Remittance SMS notification it will tell you the amount of currency received, exchange rate given, how much that calculates out to, the receiving fee, and then the final amount and date of posting to your account.

Thanks guys for the info. I did locate my notes and calculations from previous transactions and yes they were right on. So I obviously did think it through and got caught surprised when I ended up with only ฿1432... my bad I did not know about the SMS notification either so I'll get signed up... Another plus in my book for BB.

[Langsuan Man]

Pib

Where on the Bangkok Bank Bualuang iBanking site can you sign up for "free Remittance SMS notification" ? I can only find this list:

Modify your alerts and notifications and click 'Update' to confirm selections. Send a notification upon occurrence of the following events.

Log on to Bualuang iBanking (requires OTP to cancel)

Add a new 3rd party account or card

Activate SMS OTP Authentication

Deactivate SMS OTP Authentication

Add a new payee

Register a new direct debit service

Change transaction limits

Transfer to 3rd party account (requires OTP to cancel)

[Dogberry]

I found this on Google... and I finally realized I cannot log in BB using Internet Explorer. Google Chrome works fine but it was weird at first as everything was displaying at about 300 times too large... finally got it shrunk up. Just saying if anybody else has this problem. Anyway:

from Bangkok Bang....

Convenient
If you regularly receive funds from overseas we can notify you as soon as the funds arrive in your account with an SMS Remittance Alert to your mobile phone.

Complete transfer details
Receive complete details about the funds transferred from overseas, including the amount in Thai Baht and in the foreign currency, the exchange rate, fees, and the sender's name.Fast
Once you have received the SMS, you will be able to withdraw or transfer your money at any Bangkok Bank branch, Bualuang ATM nationwide or via Bualuang iBanking.

Edited November 18, 2014 by Dogberry

[Pib]

You can't via ibanking...you need to use the ATM or Call Center number. You'll need an ATM/debit card in both instances. Here's the weblink to the SMS Remittance webpage...click the Enroll Now -- It's Easy sublink for details on how to enroll.

If no card issued like with a Bangkok Bank Direct Deposit account then you have to go to the bank and they fill out a form to get it added....or at least that's what happened years ago when I had the SMS Remittance added to my Direct Deposit account which I don't use anymore...it's still open with a couple thousand baht in it, I just don't use it for Direct Deposit anymore.

And if you happened to open a regular savings account "with no ATM" then you may not be able to add it since they seem to have their system setup now to require an ATM/debit card to add the SMS Remittance feature...guess that's one way they push you towards getting an ATM/debit card (along with the associated annual fee).

[Langsuan Man]

Am a little confused. Does this only work with " Direct Deposit" only or can this notification work with any "transfers into" a Bangkok Bank account ?

[Pib]

It works with a Bangkok Bank Direct Deposit account or a Bangkok Bank regular current/savings account.

It's just to set it up with a Direct Deposit account "which does not have a ATM/Debit card" you need to have it manually setup at your branch; you can't use the ATM or Call Center setup methods since you don't have an ATM/debit card required to use those methods.

[Dogberry]

OK I'm all set up with the SMS and it works as advertised. Perfectly.

Is my math correct here? Any amount in baht under 80,000 is reduced by the minimum fee of ฿200. Over ฿80,000 the fee increases by 0.25% up to ฿200,000 when you have then exceeded the ฿500 maximum.

Thanks for the help.

Edited November 27, 2014 by Dogberry

[Pib]

Yes. Whatever amount of foreign currency arrives first convert it to baht using the bank TT Buying Rate, then apply the 0.25% (Bt200 min, Bt500 max) equation and subtract that amount...then that result is posted to your account. If anyone was dumb enough to send baht meaning they got a lower exchange rate from their sending bank, then no conversion required...just start applying the equation.

Some examples below after conversion to baht using TT Buying Rate:

60,000 converted. 60,000 X 0.25% equals 150...since that does not meet the min 200 fee the round up the 150 to 200....then subtract the 200...59,800 posted to your account

80,000 converted. 80,000 x 0.25% equals 200...since that meets the min 200 then the min is met...then subtract the 200...79,800 posted to your account

150,000 converted....150,000 x 0.25% equals 375...then subtract the 375....149,625 posted to your account

200,000 converted....200,000 x 0.25% equal 500...since that meets the max 500 then the max fee is met...then subtract the 500...199,500 posted to your account

500,000 converted...500,000 x 0.25% equals 1,250...since that exceeds the max 500 fee then round down the 1,250 to 500...then subtract the 500...499,500 posted to your account.

[Langsuan Man]

It works with a Bangkok Bank Direct Deposit account or a Bangkok Bank regular current/savings account.

It's just to set it up with a Direct Deposit account "which does not have a ATM/Debit card" you need to have it manually setup at your branch; you can't use the ATM or Call Center setup methods since you don't have an ATM/debit card required to use those methods.

I wrote to them since I do have an ATM / Debit card and the instructions are somewhat complicated, so much so that i will just keep checking my account page after I make a transfer:

In addition, you will also receive advice about the latest card promotions and other news.

The SMS alert service can be received by any phone using a Thai mobile network. There is a 10Bt fee per month per account.

Enroll via Bangkok Bank's Call Center - here's how:

1.Call (66) 0-2645-6655

2.For Thai language, press 1. For English, press 2

3.Press 1 to access the SMS Account Alert service

4.Enter your 16-digit ATM or Be1st card number

5.Enter your 4-digit PIN

6.Press 1 to register for the SMS Account Alert service

7.Listen to the terms and conditions and press 1 if you agree

8.Enter the 10-digit deposit account number (in case you have more than one account linked to the card)

9.Enter the 10-digit mobile phone number that you wish to use to receive the SMS

10.Re-enter the 10-digit mobile phone number that you wish to use to receive the SMS

11.Press 1 to confirm, or press 2 to change your registered mobile phone number. To listen to the information again, press *. To cancel your registration, press 9

Unfortunately they did not indicate that it could be done for me at my "home" branch

[Pib]

LSM,

The SMS service you quoted above is the SMS Account Alert package which is different from the SMS Remittance Alert package. Bangkok Bank has 4 different packages. Go to this Bangkok Bank webpage and look at the Enroll Now requirements and Terms & Conditions for each package. You will see available methods to sign up vary between the packages. Some you can do at the ATM, home branch, or Call Center......others may be at the ATM or via Call Center only....others at the ATM only. You will also see some SMS packages are not available on "joint account" but are available for a one person account---strange Thailand banking laws/regulations. Since a Direct Deposit account does not come with an ATM card, you must signup for that at your home branch.

[Langsuan Man]

LSM,

The SMS service you quoted above is the SMS Account Alert package which is different from the SMS Remittance Alert package. Bangkok Bank has 4 different packages. Go to this Bangkok Bank webpage and look at the Enroll Now requirements and Terms & Conditions for each package. You will see available methods to sign up vary between the packages. Some you can do at the ATM, home branch, or Call Center......others may be at the ATM or via Call Center only....others at the ATM only. You will also see some SMS packages are not available on "joint account" but are available for a one person account---strange Thailand banking laws/regulations. Since a Direct Deposit account does not come with an ATM card, you must signup for that at your home branch.

Noted and thanks for the reference but the only difference that I can see is that the web site states:

• Bangkok Bank does not charge a fee to use the service, but retains the right to apply a fee for the service if deemed appropriate. You will receive prior notice should any fee apply.

Where the bank mail indicated that:

The SMS alert service can be received by any phone using a Thai mobile network. There is a 10Bt fee per month per account.