Night of the Iguana: Old Fogies with young Thai Nubiles. Do they mix?

[kradum]

Hello,

anybody has the information about the UBS (correspondent bank) bank account-no from Krungsri in Switzerland?

[Maestro]

When you make a remittance from your Krungsri bank account to a person in Switzerland, you do not need to indicate the name or number of Krungsri's ccorrrspondent bank in Switzerland.

What you need is the name and address of the beneficiary, ie of the person to whom you want to send money, and the name, address and SWIFT code of the beneficiary's bank and the number of his account at that bank. The beneficiary has to give you these details.

[PCA]

When you make a remittance from your Krungsri bank account to a person in Switzerland, you do not need to indicate the name or number of Krungsri's ccorrrspondent bank in Switzerland.

What you need is the name and address of the beneficiary, ie of the person to whom you want to send money, and the name, address and SWIFT code of the beneficiary's bank and the number of his account at that bank. The beneficiary has to give you these details.

you do need the correspondent bank if you want to receive to or send from a foreign currency account with Krungsri Bank and I guess that's the case with the OP.

[Maestro]

I don't need to know what correspondent bank my bank uses, nor does my bank ask me for this information on the payment order form. If Krungsri bank does not know their own correspondent banks, that's their problem and I certainly won't be able to help them.

I do have to give my bank the name, address and SWIFT code of the beneficiary's bank. If this happens to be also my bank's correspondent bank for the currency I am sending mk, so much the better for the beneficiary because he will get one fee less deducted before my remittance is credited to his account.

[PCA]

I don't need to know what correspondent bank my bank uses, nor does my bank ask me for this information on the payment order form. If Krungsri bank does not know their own correspondent banks, that's their problem and I certainly won't be able to help them.

Usually you don't need to know this if you don't transfer from an 'investment account'. Bank to bank is never a problem, BIC and/or IBAN is enough.

Funny to state it's their problem

[Maestro]

Now I am curious. Could you post a copy of Krungsri's payment order form for a remittance to a beneficiary in Switzerland or any other country?

[Maestro]

While you're at it, please post also a copy of the payment order form you use for a remittance from your 'investment account' in Thailand to a beneficiary outside Thailand so that someone can explain to you that what you believe to be a reference to a correspondent bank on that form is in fact no such thing.

[Maestro]

I searched through the backup disk of a Swiss juristic person whose accounts I am auditing and while I found no copy of a payment order to Krungsri Bank, I found this copy of an order to Kasikorn Bank:

ORDER BY: [company giving the payment order]

PURPOSE: [reason for the payment]

TT. TO: [name and address of beneficiary's bank]

ACC.NO.: [number of beneficiary's bank account]

BENE;NAME: [name of the beneficiary]

The remitted amount was credited to the beneficiary's account on the same date as the payment order was dated (despite three typing errors in the address of the beneficiary's bank and one in the beneficiary's name and the absence of the SWIFT code), minus a fee of CHF 12.00 deducted by an intermediary bank, ie Kasikorn's correspondent bank in Switzerland, which according to the credit advice given by the beneficiary's bank to the beneficiary was UBS AG.

Does anyone see the name of the correspondent bank on this payment order?

[topt]

I searched through the backup disk of a Swiss juristic person whose accounts I am auditing and while I found no copy of a payment order to Krungsri Bank, I found this copy of an order to Kasikorn Bank:

Kasikorn payment order.jpg

ORDER BY: [company giving the payment order]

PURPOSE: [reason for the payment]

TT. TO: [name and address of beneficiary's bank]

ACC.NO.: [number of beneficiary's bank account]

BENE;NAME: [name of the beneficiary]

The remitted amount was credited to the beneficiary's account on the same date as the payment order was dated (despite three typing errors in the address of the beneficiary's bank and one in the beneficiary's name and the absence of the SWIFT code), minus a fee of CHF 12.00 deducted by an intermediary bank, ie Kasikorn's correspondent bank in Switzerland, which according to the credit advice given by the beneficiary's bank to the beneficiary was UBS AG.

Does anyone see the name of the correspondent bank on this payment order?

I am with you on this Maestro as normally the payer/receiver has no knowledge of the intermediary bank other than sometimes seeing a bigger overall charge than expected. One exception to that was when I had a $US account with AIB their payment instructions quoted the details of the Intermediary bank one should use to remit money to them (see attached). However my current bank seems to receive without going through one but uses one to send out.........or I just do not see any charge on receipts

Routing_Details Anglo Irish.pdf

[Maestro]

I am with you on this Maestro as normally the payer/receiver has no knowledge of the intermediary bank other than sometimes seeing a bigger overall charge than expected. One exception to that was when I had a $US account with AIB their payment instructions quoted the details of the Intermediary bank one should use to remit money to them (see attached). However my current bank seems to receive without going through one but uses one to send out.........or I just do not see any charge on receipts

Routing_Details Anglo Irish.pdf

I assume that you are talking about a USD remittance from your Thai bank's account to your USD account at Anglo Irish Bank (AIB) on the Isle of Man.

The Wells Fargo bank in the USA listed by AIB as intermediary bank for USD transactions is not necessarily, and probably is not, the correspondent bank of your Thai bank, ie your Thai bank and Wells Fargo do not maintain USD accounts at each other's banks. Presumably, Wells Fargo was AIB's only correspondent bank anywhere in the world for USD transactions. It is a function of the SWIFT system to match up correspondent banks and, if the sender's bank and the beneficiary's bank do not have a common correspondent bank for the transaction currency, to determine the most suitable intermediary bank.

In your case, the transfer order went from your Thai bank to its USD correspondent bank in the USA, from there to Wells Fargo, and from there to AIB. It was not strictly necessary for your Thai bank to have the details of Wells Fargo, but it could do no harm.