Delayed funds Transfer

[davemos]

Why does it take 4/5 days to transfer money to a Thai Bank .Dhl can send Freights faster.Is this a system that is outdated and why is is so

[Upnotover]

SWIFT from my UK account to Kasikorn takes 12-18 hours. Maybe your problem is at the other end, not here.

[Gsxrnz]

Maybe you should look at the overseas bank you are using.

I send money by IMT from NZ (ANZ Bank) to Kasikorn Bank regularly. From the time I email the signed request to my bank in NZ to the time I get an SMS from KBank saying it's been deposited to my account is usually less than 8 hours if I time the email correctly and allow for the time differential.

A few times it has been only 3 hours, but that was from a THB FCA account so maybe no need to convert currency made it quicker at the Thai end.

It's nearly always the same day. Occasionally has been overnight due to the time differential.

[CharlieH]

wrong forum

MOVED

[davemos]

Used Ozforex Says 4 Days ?

[ukrules]

From memory there are two levels of SWIFT transfer - express and standard.

I believe your bank are using the cheap 'standard' SWIFT option. There's an 'express' SWIFT transfer which I used to use all the time but to do this I needed to fill out forms or send a fax instruction (yes it was that long ago).

It's more expensive to use the express (same day) transfer but you're talking about £10 for the slow service and £25 for the fast service so it's negligible for larger amounts.

The online banking that I use only offers one level of service - it appears to be the slow one and it takes 4 business days to complete.

It sounds as if you have the same issue as me. These days I just send the money three days earlier and it seems to solve the problem.

[davemos]

yes using Ozforex

[Jip99]

HSBC are usually same day, Halifax Bank and World First are 3rd working day..... (just by way of comparison)

[IMA_FARANG]

SWIFT from my UK account to Kasikorn takes 12-18 hours. Maybe your problem is at the other end, not here.

-------------------

Agreed.

My pension is sent every month to my Bangkok Bank account from the U.S. by computer.

There is a 12 hour time difference between Bangkok and the East coast of the U.S.

Midnight in the East Coast (Baltimore Maryland in this case) is therefore 12 noon in Bangkok.

Last month my pension was sent by a batch process on a computer at midnight on the 3rd Of December (U.S. time).

At 12:14 on the 4th of December, it showed up as a incoming foreign credit in my account and I updated my passbook with a foreign fund transfer.

That's a total of 14 minutes, from release to update in my Bangkok Bank passbook showing the funds credited to my account

to transfer funds halfway around the world.

Most of that time is probably someone in Bangkok Bank, checking (manually) that the account number is correct, and my name is correct.

Then pushing the Enter on his or her computer to authorize and complete the transfer.

How much faster do you want it to be?

Edited December 19, 2014 by IMA_FARANG

[chris2004]

My Halifax to Kasikorn using SWIFT always takes 2 working days. I suspect the money is parked for a while so they can make more interest on it.

[JimGant]

That's a total of 14 minutes, from release to update in my Bangkok Bank passbook showing the funds credited to my account

to transfer funds halfway around the world.

Things work a little differently for repetitive direct deposit EFTs than for ad hoc wire transfers. To ensure the money is available on the promised day, some ahead-of-time handshaking takes place. The following is an example of military pay (DFAS) direct deposit to USAA:

USAA Bank provides members with DFAS direct deposit funds one day before DFAS sends the funds to USAA.

The date you see on the MyPay site is the date DFAS sends a notification to USAA Bank about a future deposit. The actual funds are not transferred to USAA Bank until the official pay date.

More details on the DFAS direct deposit process ...

Step 1 — Notifications: Several days prior to a military payday, DFAS sends notifications to financial institutions about deposits that are coming on the next payday. The notifications are sent over several days, and they include the deposit amount for each account holder.

Step 2 — Payment: On the actual military payday, DFAS releases the funds to financial institutions.

Edited December 21, 2014 by JimGant

[fletchsmile]

Quote: "Why does it take 4/5 days to transfer money to a Thai Bank .Dhl can send Freights faster.Is this a system that is outdated and why is is so"

Used Ozforex Says 4 Days ?

There's you are answer then as that's what their website says it should take. Seems to take 1 day for Ozforex to receive your funds, and then it says 4 days for your beneficiary to receive in Thailand

Question is better asked of Ozforex. The issue is not on the Thai banking side.

As people have said above if you send regular bank to bank by SWIFT it'll be 1-2 days depending on where in the world you start and what time of day you send out

Cheers

Fletch