Slower international fund transfers

[JohnOFphon]

Every month for the last 5 years I have transfered money thru BKK bank New Yorks ACH service.

I know exactly how long it takes from the time I start the transfer until it arrives here. I get an SMS telling me how much and the exchange rate.

I know that Monday was a bank holiday in NY, but my transfer should of come in yesterday around 10am.

I called the bank and they said "slow, or can't find, or no idea. "

Today it's after 10 and still, NO money!!!

I will wait until 1pm and call again.

Is this happening to anyone else???

[JohnOFphon]

It came through today at 11:55. 35.85 to 1

Better late than never..

[Patanawet]

My pension from the UK was late arriving at my SCB account. The pensions people in England explained that there were delays due to an American bank holiday (they use Citibank for the international transfers).

Edited September 9, 2015 by Patanawet

[Overcome]

Twice this week I have authorised online transfers from my Australian National Australia Bank account (transfer details already set up) which appeared in my K Bank account within 4 hours - same day. Impressive. A week ago a SWIFT TT from the Bank of China in Beijing took 3 days from being confirmed as sent (with me sighting all the routing numbers so I knew the funds had been sent) to be credited to my Siam Commercial Bank account. According to SCB they had not received the funds.

Arrange funds from your PayPal account to a Thai bank and the funds are debited immediately but take 5-7 working days to be credited.

What does this all teach you?

Money does not vanish. It doesn't lie in cyberspace or limbo and if it's debited in one place it's credited elsewhere and telegraphic transfers are instant. My experience between National Australia and K Bank shows this.

In the case of SCB they (like many banks around the world) receive all inward transfers into a holding account and choose to take 3 days to credit it to the recipients account. This is a massive mountain of free cash for the Bank and a core part if their business model. Assurances by staff that the money hasn't yet arrived means the funds have not yet been credited to the recipient but don't be fooled into thinking SCB doesn't have the money - they are simply using what isn't theirs to make a tidy profit and it is a dirty fact about banks in many countries.

As to PayPal, this criminal organisation has developed greed and deception to Himalayan proportions, managing to dupe regulators and customers with atrocious multiple level charges amounting to usury, customer service that makes the State Railway of India look impressive, a judge, jury and executioner approach to issue resolution that would make Genghis Khan look moderate, capped by the shameless rorting of customer balances by paying zero credit interest, sitting on the funds for at least 5 days before transmitting them, and charging clients an exorbitant amount for the privilege of being screwed by them.

These circumstances will not change until customers revolt and say 'enough'. Even though I'm forced to take what I get many times I for one refuse to go down without a fight! BTW this is NOT a situation that is unique to Thailand and can be seen in some of the most developed and sophisticated economies in the world. Corporate greed transcends cultures and borders.

[Spock]

I regularly transfer money to Thailand from Australia, from my National Bank (NAB) account to the recipients Bangkok Bank account. Provided the transfer leaves here before the 2pm cut off time it always arrives on the same day. My last transfer was in July. If there is any change, I will let you know. Sounds like Siam Commercial are a bank to be avoided in terms of international transfers.

Edited September 9, 2015 by Spock

[dominique355]

I transfer money from my bank account in Switzerland to my Thai bank account at Kasikorn. Unfortunately my Swiss bank tells me they transfer the money first to Bangkok Bank, their corresponding bank here in Thailand. BangkokBank then calls me and ask me to sign a document at my KBank branch. After this my KBank account is credited with one hour.

But the whole transfer from Switzerland to KBank takes 2 days at best.

[Spock]

I transfer money from my bank account in Switzerland to my Thai bank account at Kasikorn. Unfortunately my Swiss bank tells me they transfer the money first to Bangkok Bank, their corresponding bank here in Thailand. BangkokBank then calls me and ask me to sign a document at my KBank branch. After this my KBank account is credited with one hour.

But the whole transfer from Switzerland to KBank takes 2 days at best.

Simple solution. Switch to Bangkok Bank.

[maccraw]

To Patana, Thanks for your report--I too had delay with Uk pension--a day late and no sms message. I rang the pension people and have to say I was amazed how easy and relatively quick it was to get an answer --not why ,I didnt ask, just pleased to hear the lady confirm that payment had been sent.

[SOTIRIOS]

...better late than never ...better rate than ever....

[Spock]

...better late than never ...better rate than ever....

From England, yes, from Australia no.

[asdecas]

Good grief, don't you old hairy-<deleted> have anything better to do that track your pension every four weeks?

Actually, I do the same, I just thought I'd stir things somewhat.

[Dustdevil]

Good grief, don't you old hairy-<deleted> have anything better to do that track your pension every four weeks?

Actually, I do the same, I just thought I'd stir things somewhat.

Ha ha! Best post of the day.

[fred Kubasa]

Thailand banks embrace what other nations call bank fraud AKA " The Float" involving receiving wired funds immediately but not crediting to accounts for days and, in my case, weeks. Meanwhile they use these funds, paying no interest to you. My bank is Siam Commercial.

[Si Thea01]

I have two accounts with Krung Thai, one in Loei, the other BKK. My bank in Australia is Westpac, who use Citibank as their intermediary in Thailand. I often send funds, sometimes twice a month and when sending to Loei it was taking 24 hours. This didn't worry me but the other day I decided to send some extra funds to the BKK branch and it was delivered within fours hours. It was over 5k and only charged B100 fee.

About two months ago I transferred funds around 9.00pm on a Thursday, Thai time but did not receive it until the following Monday. Checked with Westpac, found out that the funds had been transferred at 1.30am Sydney time 3.5 hours

after I carried out the transaction. They contacted Citibank and were told the funds had not been sent owing to a public holiday in Thailand. Funny thing about that, there wasn't one. A bad habit of someone telling a fib and being caught out. Doubt if anything resulted other than the late payment as heard nothing further. So not much to complain about.

[chiang mai]

Incredible, an entire post dedicated to how an international funds transfer arrived less than one hour later than expected. Interesting to note that the OP's post is timed at 10.00 precisely so no time lost there complaining eh!

Tomorrow we'll be hearing no doubt from the pizza hub customer who counted nine slices of pepperoni on his pizza instead of the customary ten!

Edited September 9, 2015 by chiang mai

[overherebc]

Incredible, an entire post dedicated to how an international funds transfer arrived less than one hour later than expected. Interesting to note that the OP's post is timed at 10.00 precisely so no time lost there complaining eh!

Tomorrow we'll be hearing no doubt from the pizza hub customer who counted nine slices of pepperoni on his pizza instead of the customary ten!

UOB generally 2 to 3 working days here to UK, and the reason for getting the pizza cut into 9 slices is because he cant eat 10

[Fookhaht]

I've decided to bypass the SWIFT & ACH system entirely.

I use my American bank debit card at Bangkok Bank in Thailand.

15 minutes.

No fees and a good exchange rate.

Edited September 10, 2015 by Fookhaht

[henry15]

My Belgian bank(Europabank) made the transfer on Monday. The money was in my Kasikorn Account on wednesday 14.00 hours

The Belgian Government pension made a transfer using Fortis bank, on the same monday. The money was in the same kasikorn account on monday 12.22 pm

Reason

The correspondent bank from my Belgian bank was Deutsche Bank, Fee 15 EUR.charged by Deutsche Bank

The Correspondent bank from Fortis was Commerz bank. Fee 00.00 EUR charged by Commerz Bank

Its the Correspondent bank who is is the culprit for the delay in transfers

Edited September 10, 2015 by henry15

[SamuiRes]

I have a client who sends me funds on a regular basis. Barclays UK to Bangkok Bank. All charges paid at his end. Arrives overnight with no problem and gets the advertised rate on the morning it arrives. SCB is and always has been a shambles. Worst internet banking I have ever come across.

[NanLaew]

Thailand banks embrace what other nations call bank fraud AKA " The Float" involving receiving wired funds immediately but not crediting to accounts for days and, in my case, weeks. Meanwhile they use these funds, paying no interest to you. My bank is Siam Commercial.

I go online at 10 AM Bangkok time and set up a transfer from my UK bank to my Bangkok Bank account. The money is credited to my Thai account any time between 1 PM and 4 PM the same day. Every time.

Been like this for donkeys years.

PS. I never make a transfer on a Monday or Friday and always check the dates of local banking holidays at either end and avoid them as well.

Edited September 10, 2015 by NanLaew

[Pib]

Since the OP was using the U.S. Automated Clearing House (ACH) transfer system which is a "batch" transfer system and depending on how fast the Sending bank actually transmits after a person initiates a transfer can easily add on an additional business day or two in transfer speed assuming no other delays like holidays in the sending or receiving country. Below are the batch transmittal times for ACH and some banks may require an ACH be initiated before 3pm to have a hope of actually starting its trip same day. See below for ACH batch transfer times.

Been around 4 years since I've done an ACH transfer since I now use no foreign transaction fee cards which also reimburse ATM fees or do fee-free counter withdrawals, but Bank of America would always take around 3 days and USAA Bank one or two days....a lot can depend on the Sending bank....just pressing the transfer button does not mean the money has started its trip to Thailand...it could very well set in the Sending bank's Outgoing Transfer file until the next business day before it gets transmitted from the bank.

Now for folks who receive U.S. govt pension payments via ACH, like through the Bangkok Bank ACH capability due to their New York branch, those ACH pension transfers actually get sent by the govt a day or two before they are actually allowed to post to your account...so they kinda have a head start over an ACH being initiated from a person's U.S. bank....but even U.S. govt pension payments being sent via ACH to Bangkok Bank can varying slightly in posting date/time to your account due to various factors.

[Naam]

Thailand banks embrace what other nations call bank fraud AKA " The Float" involving receiving wired funds immediately but not crediting to accounts for days and, in my case, weeks. Meanwhile they use these funds, paying no interest to you. My bank is Siam Commercial.

i too bank with Siam Commercial and in 11 years never had a problem. SWIFT transfer from Singapore on monday afternoon before 1600 hrs = phone call from SCB tuesday morning between 10-1100 hrs.

"your transfer of USD or €UR xxxyyy has been booked. will you accept an exchange rate of zz.zz? Yes? withdrawal possible this afternoon past 1500 hrs at your branch."

in very rare cases it took one day longer.

[hugh2121]

I transfer money from my bank account in Switzerland to my Thai bank account at Kasikorn. Unfortunately my Swiss bank tells me they transfer the money first to Bangkok Bank, their corresponding bank here in Thailand. BangkokBank then calls me and ask me to sign a document at my KBank branch. After this my KBank account is credited with one hour.

But the whole transfer from Switzerland to KBank takes 2 days at best.

Unfortunately, more and more foreign banks are now using Bangkok Bank as intermediary agent. Bangkok Bank take a fee, up to 500THB for their service, then if you want the transfer to end up in, say, Kasikorn (or any other) they then charge a further fee (again max 500 THB) for accepting it. Barclays in UK recently started using BKK as agent but used to transfer direct to my account with Krung Sri. I have now opened an account with BKK bank so transfers now go to my account with them (cost 500THB). I then make an internet transfer to my account with Krung Sri, charge 30THB.

[dominique355]

I transfer money from my bank account in Switzerland to my Thai bank account at Kasikorn. Unfortunately my Swiss bank tells me they transfer the money first to Bangkok Bank, their corresponding bank here in Thailand. BangkokBank then calls me and ask me to sign a document at my KBank branch. After this my KBank account is credited with one hour.

But the whole transfer from Switzerland to KBank takes 2 days at best.

Simple solution. Switch to Bangkok Bank.

Bangkok Bank told me I need a working permit to open an account. But I am retired.

[NanLaew]

I transfer money from my bank account in Switzerland to my Thai bank account at Kasikorn. Unfortunately my Swiss bank tells me they transfer the money first to Bangkok Bank, their corresponding bank here in Thailand. BangkokBank then calls me and ask me to sign a document at my KBank branch. After this my KBank account is credited with one hour.

But the whole transfer from Switzerland to KBank takes 2 days at best.

Simple solution. Switch to Bangkok Bank.

Bangkok Bank told me I need a working permit to open an account. But I am retired.

Bangkok Bank told me I needed a WP as well when I inquired while changing £10,000 to baht but that requirement mysteriously went away when she realized I was sitting there with 70k baht wedge... ah, those were the days. I was on a non-O (business) visa back then as well.

[robblok]

When i transfer from my Dutch bank i got the money the next day.. before that went slower but currently its super fast.

[IMA_FARANG]

Labor day is a federal holiday in the U.S.

In 2015 it happens to fall on Monday the 7th of September.

Traditionally it is considered the "end of Summer" and many families take an end of Summer holiday on Labor day weekend and travel to visit relatives.

It is one of the biggest traffic days for flights, buses, and highway traffic in the U.S.

I expect that on Monday 7 September the Bangkok Bank in NYC was closed and no transfers were done.

Therefore you probably will get at least a 24 hour delay in any transfer at that end.

What Americans refer to as "labor Day" is the equivalent of "International Workers Day" in Socialist countries..... which is why in the early 1950's it was moved to September to get it's celebration as far as possible from May 1st during the "Communist Hysteria" times in the early 1950's just after the end of WW2 and the birth of "communist China" with the Communist takeover by Mao and the People's liberation Army in China.

Before WW2 "Labor Day" in the U.S. used to be 1 May also.

[IMA_FARANG]

Labor day is a federal holiday in the U.S.

In 2015 it happens to fall on Monday the 7th of September.

Traditionally it is considered the "end of Summer" and many families take an end of Summer holiday on Labor day weekend and travel to visit relatives.

It is one of the biggest traffic days for flights, buses, and highway traffic in the U.S.

I expect that on Monday 7 September the Bangkok Bank in NYC was closed and no transfers were done.

Therefore you probably will get at least a 24 hour delay in any transfer at that end.

What Americans refer to as "labor Day" is the equivalent of "International Workers Day" in Socialist countries..... which is why in the early 1950's it was moved to September to get it's celebration as far as possible from May 1st during the "Communist Hysteria" times in the early 1950's just after the end of WW2 and the birth of "communist China" with the Communist takeover by Mao and the People's liberation Army in China.

Before WW2 "Labor Day" in the U.S. used to be 1 May also.