Nasty Problem!

[otherstuff1957]

I don't know if this is the right place to post this, but I've got a difficult problem here. I sold some of my assets in California and had the proceeds - $20,000 - wired to my wife's Bangkok Bank account. When the money arrived she checked and found that the deposit was only 759,000 baht. I had called Bangkok Bank the day of the transfer and they had assured me that they would use the Buy TT rate for the transfer. Without going into further detail, I seem to be short by about 20,000 baht, or $500 US.

Now here's my problem. The man who sent the money is an old friend. We've known each other and worked with each other for over ten years. I know that he is in something of a financial bind (partly due to my leaving his company), but I'm having a hard time believing that he would hold back part of the money.

So... Any thoughts as to where I go from here? I don't have any firm evidence of wrongdoing, but the numbers just don't add up. BKK Bank assured us that the only fees charged were 750 baht and that they used a 38.97 $/baht exchange rate. So, either they have misplaced some of the money, or it was never sent.

Any advice?

[NedKelly]

You can ask your friend to fax you the pay in slip that he would have received when he sent the money. This will show you exactly what was paid in. If it shows the whole amount and the fee, then you will know where to go from there.

[the gentleman]

You can ask your friend to fax you the pay in slip that he would have received when he sent the money. This will show you exactly what was paid in. If it shows the whole amount and the fee, then you will know where to go from there.

in a nutshell!

[mrmnp]

Bangkok Bank receives all of its wire transfers through a wire transfer office at their main branch in Bangkok.

They maintain records of all transfers and should be able to produce the actual wire transfer order from the U.S. bank showing the dollar amount transferred.

I obtained such a confirmation of transfer when I had to prove to immiegration the source of the wired funds and the country from whence they came.

[lopburi3]

On transfers there is a bank fee of about $45, and a small fee ($5 on under $10,000) collected prior to conversion into baht at BBL New York exchange office. There is another fee, which used to be a percentage collected here in Thailand prior to payment into account. Believe there may be higher fees involved in transfers over 10k as they require special reporting paperwork AFAIK.

As said; the Bangkok Bank branch office can easily obtain the full details and provide you a copy.

There is also the chance your friend sent baht (conversion done at US bank first) in which case you never get the normal exchange rate that you would receive for dollars and this could well be what occurred.

[otherstuff1957]

On transfers there is a bank fee of about $45, and a small fee ($5 on under $10,000) collected prior to conversion into baht at BBL New York exchange office. There is another fee, which used to be a percentage collected here in Thailand prior to payment into account. Believe there may be higher fees involved in transfers over 10k as they require special reporting paperwork AFAIK.

As said; the Bangkok Bank branch office can easily obtain the full details and provide you a copy.

There is also the chance your friend sent baht (conversion done at US bank first) in which case you never get the normal exchange rate that you would receive for dollars and this could well be what occurred.

Thanks LB3 (and the rest of you), I'll get the full records from BKK Bank before I say anything. I don't want to ruin a longtime friendship if there were extra fees and a bad exchange rate that ate up the difference, but I do want my money !

The money was sent by Wells Fargo to BKK Bank in NY where it was converted into baht & sent to Thailand. It's possible that BKK Bank NY used a different rate & charged extra fees based upon the amount transferred being greater than $10,000!

[Richard W]

I have always had the impression that the banks take less if money transfers to Thailand are done in the foreign currency than in baht, and that it was cheaper overall to let the recipient 'pay their bank's charges'. It seems to be the opposite of 'rip-off Thailand' - the farang banks rip off more than the Thai banks. Banks are also quite skilled at ensuring you get the worst exchange rate as rates fluctuate.

I may be unfair saying 'farang banks' - it may just be the UK banks.

[JimGant]

There is also the chance your friend sent baht (conversion done at US bank first) in which case you never get the normal exchange rate that you would receive for dollars and this could well be what occurred.

Lopburi, I bet you're right! When I first wired money to Thailand, I was puzzled by the option boxes to check, either "US dollars" or "foreign currency." This ain't intuitive, but fortunately the clerk explained I'd get a better rate by checking "US dollars." Without that explanation, I might have checked "foreign currency."

I don't know why you'd ever check "foreign currency," unless that locks in the rate there and then, while going 'dollars' uses the rate effective when it gets to Thailand. That would be helpful if the dollar was tanking rapidly.

[tutsiwarrior]

I've had problems with Wells Fargo going back to the early 70's. They would not deliberately cheat you but would fight to maintain that they had no hand in a mistake regarding exchange rate and so on. As suggested above, do a paper chase to pin point the origin of the mistake. Maybe you are pissing in the wind regarding a $500 descrepancy but it is nice to let them know that a descrepancy has been noted...

[utapaortnab]

We have been sending $$$$ to Thailand using Wells Fargo for years. First they charge us $35 U.S. for each transaction. Then the baht rate they give is lacking a big chunk from what my wife's family members receive.

We just sent $2,700 U.S. and theyshould have received over 105,000 baht using the day rate Wells Fargo quoted for the day we sent the $$$. What they received was 97,020 Baht.

I really never paid any attention to what they were receiving in all the almost 9 years we have sent money every 3-6 months, but this time we had promised to send 100,000 baht to facilitate some work on Lat's house there.

I don't know whether Wells Fargo is "profitting" and keeping the whole difference, or if my wife's sisters bank in Thailand is also taking a chunk.

IF I ever get off my lazy butt, I'll remember to stop in at our branch here and get details.

Ken Bower

[dr_Pat_Pong]

Alas, the bankers of the world are all profit oriented first, second and third. You the customer, just don't rate at all.