External money transfers between Thai banks ... info wanted

[Jingthing]

OK, I have two different Thai banks (savings accounts with online access) that I might need to transfer money between.

I know how this works in the U.S. but have never done this here, so that's why I'm asking.

Questions:

-- Assume this can be set up online if you have online banking access, correct?

If so, how is the link established? Is it done instantly or is there a process with test deposits and verification?

-- Is it possible to do this at ATMs?

If so, is there a setup process for that?

-- As this is something I don't need to use often and I have security concerns about online banking, can this be done directly at a bank branch.

If so, the outgoing bank, the incoming bank, or either?

I may as well say the banks in question if that makes a difference:

Siam Commercial Bank

Bangkok Bank

Edited June 20, 2015 by Jingthing

[burgerking]

Very easy to link accounts via online banking from 1 bank to another. or transfer between banks via any ATM. So easy to do.

[TallGuyJohninBKK]

No trial deposits here similar to the U.S., Jing.

In online banking with BKK Bank, if I recall correctly, you enter in the account number info for the external account you want to link, and then the bank sends a one time password to your Thai mobile phone that you need to enter online to confirm the setup. Then at that point, the link is saved for future use.

At the ATM, my wife says, since I never use that method, you just need to select what bank is the recipient and then type in the full account number of the recipient account.

I believe, in both cases, once you enter in the account number, the system then pops up showing the name/owner of the recipient account, I presume, to confirm that the destination you've entered is really the one you want/intend.

In both cases, with some exceptions, the banks generally charge a per transfer fee for xfers to other banks that can vary based on whether you want it immediate or next business day, and whether the recipient account is local to you or in a different province.

AFAIk, everything here is done by "push", meaning originating from the sending account. I don't believe the Thai banks are set up to allow you to use one account to pull money in from a different account at a different bank, even once two accounts are linked for transfers.

Edited June 21, 2015 by TallGuyJohninBKK

[kokesaat]

I've been paying a maid and a gardener via online transfers for about a year. My maid has a krungthai account, so I transfer from my krungthai account to hers on online. My gardener has a SCB account, so I transfer from my SCB account to his. Both transfers are done without charge. Both banks notify the recipients via email/sms of the transfer/amount. Krungthai also allows me to add a short note that's sent to the recipient if I need to add any clarifying data.

I set up both account transfers with little problem.....I believe both required two ?test? transfers that need a One Time Password (OTP) that's sent from the bank to your mobile phone (for security). Once that's done, there's no further need to use OTP........transfers can be done very simply online.

For the past several months, I've been out of the country but still employ my maid and gardener. I'd be lost if I didn't have online transfer capability.

If you want to transfer from SCB or Krungthai to a different bank, you can do that as well.....but pay a very small fee (20 or 30 baht).

[Sophon]

I've been paying a maid and a gardener via online transfers for about a year. My maid has a krungthai account, so I transfer from my krungthai account to hers on online. My gardener has a SCB account, so I transfer from my SCB account to his. Both transfers are done without charge. Both banks notify the recipients via email/sms of the transfer/amount. Krungthai also allows me to add a short note that's sent to the recipient if I need to add any clarifying data.

I set up both account transfers with little problem.....I believe both required two ?test? transfers that need a One Time Password (OTP) that's sent from the bank to your mobile phone (for security). Once that's done, there's no further need to use OTP........transfers can be done very simply online.

For the past several months, I've been out of the country but still employ my maid and gardener. I'd be lost if I didn't have online transfer capability.

If you want to transfer from SCB or Krungthai to a different bank, you can do that as well.....but pay a very small fee (20 or 30 baht).

You remember wrong about the test transfers, but as you say you will be sent a OTP when adding a new beneficiary in internet banking. Adding a new beneficiary takes a couple of minutes and after that you will be able to transfer to the account immediately. There is no such thing as test transfers for domestic transfers via internet banking in Thailand.

Sophon

[KittenKong]

There is no such thing as test transfers for domestic transfers via internet banking in Thailand.

There are no obligatory test transfers here, but I think that only a fool would not do a small test transfer of his own before making a large transfer between two accounts.

I do that here or in the UK or anywhere. It's common sense.

[ubonjoe]

There is no such thing as test transfers for domestic transfers via internet banking in Thailand.

There are no obligatory test transfers here, but I think that only a fool would not do a small test transfer of his own before making a large transfer between two accounts.

I do that here or in the UK or anywhere. It's common sense.

Not sure how things work in the UK with online banking.

When I set up a new recipient of a transfer on Bangkok Banks online banking the final step is a confirmation that includes the name on the account I have entered that the system gets back from the other bank. I have had a failure when the other banks info could not be accessed and had to try again.

I would not be worried about the need for a test transfer here.

[2fishin2]

First what is your primary question online banking or ATM? ATM transfers couldn't be any easier. Just need to know the bank name and account number of where you are transferring too and it can be done in less than 3 minutes at any ATM.

[alocacoc]

I use SCB and pay for instance my landlord who have a Kasikorn Acount. To transfer to another Thai Bank Account, you need register your Telephone Number in a branch of your bank. Go there and bring your passport with you. This registration is for the OTP. Then you are able to add a account as receiver into your online banking.

[Soutpeel]

First what is your primary question online banking or ATM? ATM transfers couldn't be any easier. Just need to know the bank name and account number of where you are transferring too and it can be done in less than 3 minutes at any ATM.

Exactly, lots and lots of words written already, US, UK blah blah...use the ATM is easy, even a child could do it

[Jingthing]

This has all been very useful.

Thank you very much.

I suppose I should try a test ATM transfer of a small amount to get my feet wet with this, as it were.

Oh about the fees, are they based on transaction for all transactions or as a percentage of the amount of money?

For example, same fee for a 1000 baht ATM transfer vs. 300,000 baht?

Is there an amount limit ... for example would 300,000 baht be a problem?

What are typical fees?

Edited June 21, 2015 by Jingthing

[topt]

This has all been very useful.

Thank you very much.

I suppose I should try a test ATM transfer of a small amount to get my feet wet with this, as it were.

Oh about the fees, are they based on transaction for all transactions or as a percentage of the amount of money?

For example, same fee for a 1000 baht ATM transfer vs. 300,000 baht?

Is there an amount limit ... for example would 300,000 baht be a problem?

What are typical fees?

I made a 14k transfer online from SCB to another bank the other week and was charged 25 baht.

This from the transfer page to "other bank accounts" -

No idea if you can ask for a higher limit but I guess unlikely online.

[Jingthing]

Aha.

So limits are an issue.

I'm particularly interested in ATM limits Bangkok Bank to SCB Bank, same account name (me).

Any info?

[TallGuyJohninBKK]

There are no obligatory test transfers here, but I think that only a fool would not do a small test transfer of his own before making a large transfer between two accounts.

I do that here or in the UK or anywhere. It's common sense.

That's a good point and suggestion. As mentioned above, here there are no bank-required trial deposits for first linking accounts -- unlike in the U.S.

However, I too was getting ready to move a decently large amount of Thai funds via online banking xfer from one Thai bank to another banking company where I had a newly opened account that I had newly added as a link in my established sending account.

And I was feeling a bit nervous, especially since I'd never done any prior online xfers between that pair of accounts before in any amount. So, before sending the larger amount of funds, I did my own voluntary "trial deposit" by just sending a small amount, to make sure it worked correctly. And it did.

And the nice part was, my sending account with Standard Chartered has a benefit of allowing free online xfers from your SC account to any other Thai bank -- which is not the normal Thai bank policy. I believe, both BKKB and SCB pretty much always charge fees for xfers to other company's banks. Though I think TMB also has some accounts that include free online xfers.

As of a few months ago, this was BKK Bank's schedule for online xfer fees from BKKB to other banking company accounts:

I can't say for certain, but the posted fee schedule would suggest they seem to allow up to 500,000b per online xfer. Dunno if the ATM limits are the same or different.

Edited June 21, 2015 by TallGuyJohninBKK

[Jingthing]

It wouldn't be so bad to have to do multiple 100K ATM transfers.

However it does sound like online I can easily do large amounts, Bangkok Bank to SCB.

I am trying to understand if setting up this link between Thai banks is really much more of security risk than doing online banking at all here.

[Langsuan Man]

It wouldn't be so bad to have to do multiple 100K ATM transfers.

However it does sound like online I can easily do large amounts, Bangkok Bank to SCB.

I am trying to understand if setting up this link between Thai banks is really much more of security risk than doing online banking at all here.

The beauty of the system here in Thailand is that is can be done just once, to pay a particular bill or something, or you can keep the information in your online banking profile and use it multiple times

You really are not setting up a "link" in the traditional sense but are just saving the information to be used in the future

I don't know what you are getting at with your last sentence but the "security" risks on doing online banking here is minimal, IMHO. I think that there is less risk because it is done all the time here. In the US many banks refuse to do "third party" transfers just because they are not all that familiar with it, since in the US most people still pay or transfer money by check

I used E*trade Bank for years but the first time I needed to send (via wire) a large amount of money to a friend I learned that they would not transfer funds to a "third party", only to another bank account in my name. Immediately closed E*trade and opened a USAA Bank account since they will transfer to a third party without a verification amount so long as it is only a one way to transfer

Personally, I much prefer sitting at my computer and transferring funds than standing in front of an ATM with a piece of paper with account numbers on it trying to transfer funds with everyone distracting me

My main bank account is SCB but I use Bangkok Bank primarily for the ability to EFTS funds via the New York branch. When I make a transfer I just usually pay the 12 baht fee as shown on the chart provided by TallGuyJohninBKK to transfer the funds to my SCB account. I could save the 12 baht by going to a Bangkok Bank ATM and withdrawing the cash and walking over to SCB and depositing it, but my time and gas getting to the banks is not worth saving the 12 baht fee

[TallGuyJohninBKK]

I agree with LSM, in that I see no particular risk to doing online banking here vs using an ATM for making fund transfers -- provided you're doing so from a home computer that's kept safe and secure. Just be careful about entering the correct recipient account number info, and make sure that recipient name that pops up is in fact the recipient account owner you're intending.

In contrast, for example, I wouldn't generally want to be using an Internet cafe or other public computer to enter in any kind of private/important password info, because of the risk those kinds of computers may have been compromised or that your info could be retrieved and stolen by a subsequent user (or the shop itself).

Similarly, I'd rather pay a few baht fee for an online large funds xfer vs. going to a bank, withdrawing cash at the counter, and then walking the funds around to another bank or cash deposit machine to make the recipient account deposit. Seems to me much safer and more secure to do the online xfer route.

For a lot of Thais, though, traditional online banking seems to be a relatively new, unfamiliar thing. So their preferred approach seems to be doing fund xfers thru the bank ATM-initiated online xfers. With ATMs, of course, there's always the risk of card skimming. Not a great risk for any single transaction. But for me, I'd still prefer to rely on online banking and my PC at home where at least everything is under my own control.

Edited June 21, 2015 by TallGuyJohninBKK

[Suradit69]

I regularly transfer money from my account to accounts in other banks using the ATM. Enter the necessary info asked for and it's done in one minute.

Also have done it as a counter service in the sending bank and have had other people put my money in my account the same way from whatever bank, but the quickest way to do it is at an ATM and it can be the ATM for the sending or receiving bank.

Just shove in the ATM card for the sending bank, choose "transfer," select the bank to which it will be sent, enter the account number at the receiving bank, confirm the account name that pops up on the screen to be sure it's going to go where you intended and hit the button to confirm the transaction. You can even enter a mobile phone number to be called to confirm the transaction was completed if you want.

Edited June 21, 2015 by Suradit69

[WorkingTourist]

I think the OP is confused about security because in the US anyone who knows your account and routing number can theoretically withdraw money from your account (via the ACH system), so you need to guard this information.

In Thailand (and most other countries) it’s safe to give your account number to anyone, and they can use it to send you money, but they cannot misuse it.

As for online banking, I think it’s pretty standard here in Thailand to make use of one-time-passwords that are sent by SMS. For me though, I only need an OTP the first time I add an account to which I want to send money, any subsequent transfer (to this account) will not require OTP verification (unless I do not save the account details).

Fee is fixed and in the 5-25 baht range, and generally free when it’s within the same bank, but with the option of notifying the receiver by SMS, which might have a fee associated with it.

Limits, I had my daily limit increased to 5 million baht, before that, it might have been 100,000 baht.

Both fees and limits vary.

[Pib]

Yea, it's basically done as a 3rd party transfer like shown in above Tallguy's snapshot from the Bangkok Bank ibanking transfer screen. When doing one transfer, it leaves the link setup so you can do it a little faster next time next time since the info is already entered. Only takes a fews minutes to setup the transfer...if you are a really fast and accurate typer then I guess you could do it around a minute flat.

I've transferred money from one of my Bangkok Bank accounts to my Krungsri Bank account...and I've also transferred to other folks K-bank and SCB accounts using the "T-Express" service which is "immediate" transfers...I just used the T-express because I wanted the money transferred "now" vs a day or two later. Fast and easy via ibanking. All my transfers were between Bt10K and Bt20K simply because that's all I needed to transfer.

When I did the transfer from my Bangkok Bank account to my Krungsri Bank account within 5 seconds of hitting the transfer button on Bangkok Bank ibanking I got an SMS from Krungsri saying the money had been deposited in my account. And for those transfers to other folks accounts I confirmed it arrived immeidately by me contacting them and asking them to check their account...they checked...money was there.

Never tried it from an ATM simply because I've always used the easy and fast ibanking from the comfort of my home.

[KittenKong]

And the nice part was, my sending account with Standard Chartered has a benefit of allowing free online xfers from your SC account to any other Thai bank -- which is not the normal Thai bank policy. I believe, both BKKB and SCB pretty much always charge fees for xfers to other company's banks. Though I think TMB also has some accounts that include free online xfers.

Yes, I get free transfers from my SC account and my TMB account, so nothing lost by doing test transfers.

As a precaution I like to keep the transaction limit/ATM limit of my account at a very low setting (I usually go for 5000B) except when actually doing a transfer etc. I just put the level up for the time it takes to do the payment, then put it back down again. Each change requires a one-time-password and so it adds another measure of security.

[KittenKong]

Not sure how things work in the UK with online banking.

When I set up a new recipient of a transfer on Bangkok Banks online banking the final step is a confirmation that includes the name on the account I have entered that the system gets back from the other bank. I have had a failure when the other banks info could not be accessed and had to try again.

This is true and is an obvious improvement on the UK system where you have no indication at all beyond the account number and sorting (routing) code as to where your money is actually going. It's very easy to make a mistake on UK online banking and send your money God knows where, and many people there have lost large amounts like this.

Even so, I see no harm in being cautious here.

[sfokevin]

First what is your primary question online banking or ATM? ATM transfers couldn't be any easier. Just need to know the bank name and account number of where you are transferring too and it can be done in less than 3 minutes at any ATM.

I have waited behind a Thai at the ATM line and NEVER seen them able to do this in less that 3 minutes!...

Edited June 22, 2015 by sfokevin

[2fishin2]

First what is your primary question online banking or ATM? ATM transfers couldn't be any easier. Just need to know the bank name and account number of where you are transferring too and it can be done in less than 3 minutes at any ATM.

I have waited behind a Thai at the ATM line and NEVER seen them able to do this in less that 3 minutes!...

Maybe they cant but I damn sure can. Maybe I should time it for you?

Ok back to topic, yes there is a limit on transfer amounts. I have BK bank also. Anytime I want to xfer large amounts I go to BK bank get cash and walk over to other bank and deposit the cash. Normal amounts use ATM.

Couple things....

I myself only use ATMs that are INSIDE common areas of malls or banks as skimming is a problem here.

If making the large cash deposits, I go to a mall. The magic about malls here is normally all the banking facilities are located next to each other. Take large cash out and walk across the hall to the other bank.

Banking in Thailand for some things is extremely simple sometimes too much so.