BIC and IBAN code for SWIFT transfer? (condo)

[condo bought]

We are making a SWIFT transfer today to purchase a condo.

SWIFT Transfer from Ireland to my Krungsri BAY bank.

The SWIFT code is: AYUDTHBK.

The family member taking care of the SWIFT transfer from Ireland was told by the Irish bank they need the BIC and IBAN.

The BAY website says nothing of these and from reading on the net, I believe that the BIC code (Bank Identifier code) is the another name for the SWIFT Code, except that it has the 3 digits code for the bank branch. (332, for my branch), so presumably the BIC code would be AYUDTHBK332.

But Thailand doesn't use BIC, they just use the Swift code without the branch identifying digits.

And that the IBAN code (International Bank Account Number) can be used instead of the of the SWIFT/BIC code, and that Thailand doesn’t have IBAN codes for their banks.

The person transferring the funds from Ireland passed on that they were told they need the BIC and IBAN codes.

No one involved has done a SWIFT transfer before.

Please help if you have done one before from a country requiring BIC/IBAN codes to Thailand.

Thanks.

[condo bought]

Great, thanks.

I believe it is Bank of Ireland.

[condo bought]

Yes, it does.

Thanks, great help.

"A BIC (Bank Identifier Code) is the SWIFT Address assigned to a bank in order to send automated payments quickly and accurately to the banks concerned. It uniquely identifies the name and country, (and sometimes the branch) of the bank involved. BICs are often called SWIFT Codes and can be either 8 or 11 characters long.

Bank of Ireland’s BIC is BOFIIE2D"

So the SWIFT code for my Bank Account is the 8 digit BIC code. AYUDTHBK

Thai banks don't use the 11 digit version which is the same code but with 3 digits added to specify the branch, Thai banks also have an IBAN.

[KhunBENQ]

Thai banks also have an IBAN.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/Pages/InwardFAQs.aspx

What is an IBAN?

IBAN stands for ‘International Bank Account Number’, a code offered to an individual or company in European countries only. Bangkok Bank doesn’t have IBAN and the remitter does not have to specify an IBAN in the payment instruction to Bangkok Bank. Remitters must specify Bangkok Bank’s SWIFT code: BKKBTHBK when sending funds to Thailand.

Its some years that I had done electronic transfer, things might have changed, but never been confronted with anything else than the SWIFT code.

Account number specified separately in the (electronic) forms.

Edited November 30, 2015 by KhunBENQ

[KhunBENQ]

International coverage of IBAN/SEPA due to the WiKi:

Edited November 30, 2015 by KhunBENQ

[KittenKong]

I find that my incoming transfers always go the Thai bank's head office, from where they are redirected to the local branch after the forex is done. So the SWIFT address is just that of the head office. The branch address and account number form part of the details of the transfer.

That applies to TMB and Kasikorn and KrungSri.

[MJCM]

I find that my incoming transfers always go the Thai bank's head office, from where they are redirected to the local branch after the forex is done. So the SWIFT address is just that of the head office. The branch address and account number form part of the details of the transfer.

That applies to TMB and Kasikorn and KrungSri.

And also BKK Bank, SCB and KTB (so I suspect that all Thai banks do it that way)

[chiang mai]

Yes, a SWIFT code is for the bank as a whole, not the branch. And the head office is generally where the banks Treasury department sits hence the foreign exchange is done there and the proceeds forwarded to the branch.

[condo bought]

The funds were transfered yesterday morning Irish time, provincial city, they first need to go to Dublin (capital city), and the estimated arrival in Thailand on Friday. 5 working days.

Thanks for the help.

[MJCM]

The funds were transfered yesterday morning Irish time, provincial city, they first need to go to Dublin (capital city), and the estimated arrival in Thailand on Friday. 5 working days.

Thanks for the help.

Good that you managed to work it out

But B... H.ll 5 working days.

Edited December 1, 2015 by MJCM

[condo bought]

that's what they said to the remitter.

Maybe they give a wide time frame so it seems to arrive early if it happens to arrive in 3 days.

Provincial city to Dublin, to Bangkok (presumably without another bank in between) then to my branch.

Will be good if it arrives early, but not too bothered about the time frame.

[meatboy]

that's what they said to the remitter.

Maybe they give a wide time frame so it seems to arrive early if it happens to arrive in 3 days.

Provincial city to Dublin, to Bangkok (presumably without another bank in between) then to my branch.

Will be good if it arrives early, but not too bothered about the time frame.

most banks have,economy 3-5days,next day and express 1-2hrs.

hope you sent it to thailand in euro's not baht.

and did you declare what it is for if not they can refuse it.

if you did ensure you get an international transfer certificate,just in case you sell up and want to take the proceeds out of thailand.

[condo bought]

Yes, sent in Euro, not to be exchanged until in Thailand, declared for purchase of a condo.

How do I know when it arrives, I presume the bank (BAY) call me to inform me?

[MJCM]

Usually not, but you could ask them.

I personally check via Internet Banking, or what you can do is activate SMS alerts on your account, usually you activate that via ATM or your branch.

Please note this SMS Service is usually NOT free of charge

[condo bought]

Thanks.

I'm using my BAY Mee Tae Dai (or whatever it's called) savings account. As it is where I keep my Thai money (not daily cash account) I keep it with no internet or debit card, only ATM and bank book, for security.

Guess I will be checking the local BAY atm quite a lot this week.

Thanks.

[MJCM]

^Maybe this helps

https://www.krungsri.com/bank/en/PersonalBanking/BankingServices/OnlineServices/KrungsriSMSBanking.html

[condo bought]

Thanks, but just out of personal preference I like to keep that account as electronically free as possible. ATM (non debit card) and bank book both kept in separate safe locations being the only connection to the account. Works for me. A few runs to the ATM won't do me any harm.