HerbalEd Posted March 30, 2016 Share Posted March 30, 2016 Keep track of your transaction paperwork...when you convert US $dollars to Thai baht...you will likely have to fill-out a FACTA form showing your micro-managing US government bureaucrats...details of the money you took away from their control and deposited in a foreign bank account... They are quite jealous of you taking their money out of the country... Enjoy your stay...be aware of scams to remove you from your hard earned money... You have a vivid imagination. In purchasing several houses and a condo, I've transferred a total of about $2M over the past 10 years, and have made many trips back-&-forth between Thailand and USA during that time, and I've never been approached by IRS, or any other US govt. agency about any of it. Link to comment Share on other sites More sharing options...
Pib Posted March 30, 2016 Share Posted March 30, 2016 Use transwerwise or if you you can bitcoin. Can't speak to bitcoin, but transferwise is "not that cheap for USD transfers." For USD to THB transfers there is 1% fee up to $5000 (0.7% for amounts over $5,000) and you may still get hit with a Thai bank receiving/transfer fee depending on the setup transferwise uses. See this Transferwise link regarding fees for SWIFT currencies which the THB is (that is Transferwise must use SWIFT to complete the transfer). But for transfers from Europe/UK I hear it works out pretty well. Link to comment Share on other sites More sharing options...
bernard75 Posted March 30, 2016 Share Posted March 30, 2016 Well, then im cool with your home bank and the receiving bank charging you for a transfer that should be almost instant and should cost you below 1%(bitcoin well below 0.1%). But im done ranting among the experts! Link to comment Share on other sites More sharing options...
Pib Posted March 30, 2016 Share Posted March 30, 2016 I set up an FX dollar account at Bangkok Bank here. I can go into my USA bank's website and transfer up to $10,000 for a $10 fee. At the receiving end I pay the equivalent of 500 baht in dollars (for $9990 transfer). Then I can go online at BB website and convert to baht as needed or when the exchange rate is good. At the beginning I used Bangkok Bank in New York but I prefer the FX account when one is able to send larger amounts (vs. a monthly pension check). You mean to say, you hold a USD account with Bangkok bank here in Bangkok? Are you sure that the incoming charge by bangkok bank is only 500 THB equivalent in USD? If I remember correctly, they usually charge this 500 THB + some percentage of incoming amount i.e. 0.25 % , so a total 2 type of fees for incoming funds in a foreign currency account, that's the reason I was never interested in opening a foreign currency account here in Thailand. The incoming fee is 0.25% (Bt200 min, Bt500 max) for a FCD account or regular Thai bank account. Below is a snapshot from the Bangkok Bank website listing the incoming fee for a FCD. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx Link to comment Share on other sites More sharing options...
ggt Posted March 30, 2016 Share Posted March 30, 2016 Keep track of your transaction paperwork...when you convert US $dollars to Thai baht...you will likely have to fill-out a FACTA form showing your micro-managing US government bureaucrats...details of the money you took away from their control and deposited in a foreign bank account... They are quite jealous of you taking their money out of the country... Enjoy your stay...be aware of scams to remove you from your hard earned money... You have a vivid imagination. In purchasing several houses and a condo, I've transferred a total of about $2M over the past 10 years, and have made many trips back-&-forth between Thailand and USA during that time, and I've never been approached by IRS, or any other US govt. agency about any of it. Some people do not file their yearly income taxes either...works just fine until you are caught... I should have reported it is called FATCA...NOT FACTA... Foreign Account Tax Compliance Act FATCA Current Alerts and Other News The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010. FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts FATCA focuses on reporting: By U.S. taxpayers about certain foreign financial accounts and offshore assets By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest The objective of FATCA is the reporting of foreign financial assets. I will add that their is push-back from Republican about this reporting...but at this time it is still a lawful requirement... Link to comment Share on other sites More sharing options...
Searat7 Posted March 30, 2016 Share Posted March 30, 2016 I set up an FX dollar account at Bangkok Bank here. I can go into my USA bank's website and transfer up to $10,000 for a $10 fee. At the receiving end I pay the equivalent of 500 baht in dollars (for $9990 transfer). Then I can go online at BB website and convert to baht as needed or when the exchange rate is good. At the beginning I used Bangkok Bank in New York but I prefer the FX account when one is able to send larger amounts (vs. a monthly pension check). You mean to say, you hold a USD account with Bangkok bank here in Bangkok? Are you sure that the incoming charge by bangkok bank is only 500 THB equivalent in USD? If I remember correctly, they usually charge this 500 THB + some percentage of incoming amount i.e. 0.25 % , so a total 2 type of fees for incoming funds in a foreign currency account, that's the reason I was never interested in opening a foreign currency account here in Thailand. The incoming fee is 0.25% (Bt200 min, Bt500 max) for a FCD account or regular Thai bank account. Below is a snapshot from the Bangkok Bank website listing the incoming fee for a FCD.http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx Capture.JPG It's really very cheap when you can make a $10,000 transfer in dollars for only $26-$27 in total but the best part is that you choose when to buy baht and this is done easily online. Link to comment Share on other sites More sharing options...
HerbalEd Posted March 30, 2016 Share Posted March 30, 2016 Keep track of your transaction paperwork...when you convert US $dollars to Thai baht...you will likely have to fill-out a FACTA form showing your micro-managing US government bureaucrats...details of the money you took away from their control and deposited in a foreign bank account... They are quite jealous of you taking their money out of the country... Enjoy your stay...be aware of scams to remove you from your hard earned money... You have a vivid imagination. In purchasing several houses and a condo, I've transferred a total of about $2M over the past 10 years, and have made many trips back-&-forth between Thailand and USA during that time, and I've never been approached by IRS, or any other US govt. agency about any of it. Some people do not file their yearly income taxes either...works just fine until you are caught...The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts The only thing I've had to do re. FATCA is report how much interest my BKK Bank accts. have made each year ... which is miniscule. The US government doesn't care about how many US dollars I've changed into baht. Thus, there is no need to, as you say, "Keep track of your transaction paperwork...when you convert US $dollars to Thai baht." Link to comment Share on other sites More sharing options...
Pib Posted March 30, 2016 Share Posted March 30, 2016 It's really very cheap when you can make a $10,000 transfer in dollars for only $26-$27 in total but the best part is that you choose when to buy baht and this is done easily online. Yea, but with the speed of transfers now days, currency variations that many times make zero sense...up, down, etc, and considering the possible fees associated with a FCD account (like dropping below minimum balance, etc) I don't think it really offers a lot to a person who has a FCD just for transfer/exchange purposes. But if needing the FCD for other purposes like needing to pay some bills in foreign currency, then that supports the need. But hey, everyone has different needs and desires. There have been times I considered opening a FCD but I really can't justify it to myself due to my needs since I would only use it for exchange purposes...I don't save anything in fees and would need to keep the account above a certain level to avoid an additional fee. Heck I haven't done any type of SWIFT/wire/ACH transfer in 5 years as I just use my no annual fee, no foreign transaction fee and no cash advance fee debit/credit cards to do counter withdrawals/ATM withdrawals as I need them. I can even check the Visa exchange rate before during the counter/ATM withdrawal...basically ensuring I get an exchange rate I'm OK with. And for the ATM withdrawals I'm reimbursed the Bt200 ripoff fee. Whenever I use my credit card for a counter withdrawal cash advance I have it prepaid/paid same day to avoid any interest charge. And the Visa exchange rate is plus or minus a few stang of the TT Buying Rate used for incoming transfers or exchanges from a FCD account. I simply incur no fees in using my debit and credit cards. But that is just me as I'm lucky to have several no fee/fee-reimbursing debit/credit cards...but I did research and make effort to get such cards. Plus I use my no foreign transaction fee credit cards for the bulk of my day-to-day living needs/purchases here in Bangkok (purchases, groceries, fuel, restaurants, just anything I can) as that really cuts down on my cash need...the cards even pay me 1.5% cash back. Once again, I'm lucky to have such cards (I know most don't) and haven't done a transfer in around 5 years....my U.S. debit/credit cards are my magic (and fee free) funds portal. Link to comment Share on other sites More sharing options...
Suradit69 Posted March 30, 2016 Share Posted March 30, 2016 As noted from above, I set up a repetitive wire transfer service from my bank in the USA through the Bangkok Bank in New York, I used my existing account here in Thailand. I call the bank's wire transfer desk in the USA when they open (night time in Bangkok) make the transfer, the US bank charges me $40 for this service, there are no transfer fees by BKK Bank (none that I know of anyway). The following morning, provided it is a weekday and not a holiday here in Thailand, when the bank opens, my money is in my account here. I'm a bit confused.. I use BKK Bank NY to do 3 transfers each month from 3 different sources. My bank charges me $1.50 and BKK Bank NY charges $5. for each transfer. BKK Bank Thailand has the funds in my account the next working day and charges me B200 for each transfer. What confuses me me is why you are paying $40. and no BKK fees and why the need to call the bank in NY? Yes. My US bank charges $0 to do a domestic transfer to the NY Branch of Bangkok Bank. Bangkok Bank deducts $5 ( at one time I think they charged a bit more for larger amounts. Not sure if that's still the case). Bangkok Bank in Thailand deducts Baht 200 from the baht deposit. If you sign up for the SMS service in Thailand, you'll get an SMS when the transfer is completed showing the dollar amount, the exchange rate, the Baht 200 deduction, the amount deposited here and your account balance following the transfer. Been doing it for more than 10 years and never once had any problem or delays (although weekends and either Thai or US holidays can slow things down occasionally). As several others have said, you open an account with Bangkok Bank at a branch in Thailand. That's the account number you use when doing the transfer to the New York branch. Link to comment Share on other sites More sharing options...
bernard75 Posted March 30, 2016 Share Posted March 30, 2016 1 piB or down, you are on the watchlist. ?Ill stay awy from the experts now. Link to comment Share on other sites More sharing options...
gandalf12 Posted March 31, 2016 Share Posted March 31, 2016 For arrival amount. 1. Call Bangkok Bank in Thailand. 2. Set up SMS alert prior to using. 3. Set up transfer account as send only from your home bank and transfers may not be required (as they can not be returned). Just get the Internet Banking and you can see how much has arrived in your account Link to comment Share on other sites More sharing options...
gemguy Posted March 31, 2016 Share Posted March 31, 2016 I have never had a problem transferring money from my home country account to my account here in Thailand. It helps if you have some sort of prior arrangement with you bank including a contact name and correspond with that person. I simply make up my own wire transfer instructions that includes all the account details on the home country end and all the account details on the Thai bank account end and the request to transfer the money ....including my signatures and including my Passport photocopy and any other relevant documents signed and then faxed to: Attention: Mr. or Ms....Please transfer this amount of money to me as per the instructions...Thanks. Recently I was told that my bank will allow me to transfer money to myself by way of international money transfer using the computer...but the limit is $ 2,999 Dollars per transaction and they claim there is no service fee...they claim. Well.....that is fine ...but if I want a larger shot of money I have to send the fax as explained above. Meantime the money comes to your banks central clearing, head office and of course they delay paying you for 2 or 3 or even 5 days before you see it confirmed in your bank account...minus their fees......what ever they are....of course. Cheers Link to comment Share on other sites More sharing options...
gandalf12 Posted March 31, 2016 Share Posted March 31, 2016 I have never had a problem transferring money from my home country account to my account here in Thailand. It helps if you have some sort of prior arrangement with you bank including a contact name and correspond with that person. I simply make up my own wire transfer instructions that includes all the account details on the home country end and all the account details on the Thai bank account end and the request to transfer the money ....including my signatures and including my Passport photocopy and any other relevant documents signed and then faxed to: Attention: Mr. or Ms....Please transfer this amount of money to me as per the instructions...Thanks. Recently I was told that my bank will allow me to transfer money to myself by way of international money transfer using the computer...but the limit is $ 2,999 Dollars per transaction and they claim there is no service fee...they claim. Well.....that is fine ...but if I want a larger shot of money I have to send the fax as explained above. Meantime the money comes to your banks central clearing, head office and of course they delay paying you for 2 or 3 or even 5 days before you see it confirmed in your bank account...minus their fees......what ever they are....of course. Cheers You sound like Canadian where there are stupid online transaction limits Link to comment Share on other sites More sharing options...
lopburi3 Posted March 31, 2016 Share Posted March 31, 2016 For arrival amount. 1. Call Bangkok Bank in Thailand. 2. Set up SMS alert prior to using. 3. Set up transfer account as send only from your home bank and transfers may not be required (as they can not be returned). Just get the Internet Banking and you can see how much has arrived in your account Internet banking does not provide details - only the amount credited to your account - not very helpful for reporting the normal 3 or 4 cent transaction. Link to comment Share on other sites More sharing options...
hugh2121 Posted March 31, 2016 Share Posted March 31, 2016 Extract from Bangkok Bank website applies to UK but probably the same for US. Who can use it? Anyone with a UK bank account can transfer funds into a Bangkok Bank account in Thailand using this service. People who receive a regular payment or pension from the UK government or a private UK organization may find it particularly useful. Benefits Lower fees than most other international transfer services offered in the UK A quick and convenient way to transfer funds either online or over the counter at any bank in the UK An easy way to receive your pension or salary payments directly into your Thai bank account What is the difference between the Faster Payments Service and BACS? Faster Payment will reach our London Branch within two hours. BACS takes three days to reach our London Branch. How to transfer funds from the UK using your UK bank’s Online Banking or Counter Services If you have an account with a UK bank, you can transfer funds to your Bangkok Bank account in Thailand via our London Branch using your UK bank’s online services, or instruct your local bank in person to transfer the funds to us (via Faster Payments Service or BACS) for onward transmission. Funds will be credited to the nominated account in Thailand on the next working day after we receive them in London.Instructions Log into your UK internet banking service or visit your local UK bank. You need to check with your bank what options are available to transfer funds or make a payment. Choose “Pay a Person” WITHIN THE UK. Do not choose “International Transfer”, otherwise the funds will be sent directly to the account in Thailand by your bank with their charges. Choose the payment method then quote the following relevant details into the appropriate field on your bank’s internet banking screen or money transfer form.Required Information "Clearing" Service Accounts/Details to be filled in Explanation Payee Sort Code 60 93 98 Bangkok Bank London branch’s 6 digit "sort code" Payee Account Number 92 00 10 00 (For Thai Baht transfers)OR The funds from your UK bank in Pound Sterling are converted to Thai Baht at Bangkok Bank, London, using the London Branch’s exchange rate. The Thai Baht funds will then be transferred to the nominated account with Bangkok Bank in Thailand. You will need to enter the account number of the final beneficiary into "the special instruction” field (see below). 92 00 20 00 (For Pounds Sterling transfers) Bangkok Bank London receives the funds from your UK bank and transfers them to your account in Thailand in Pound Sterling. The currency is converted from Pound Sterling to Thai Baht at Bangkok Bank, Bangkok, using its daily TT buying rate. You will need to enter the account number of the final beneficiary into "the special instruction" field (see below). For Payee/ Beneficiary First name and surname of the receiving party Enter the recipient’s first name and surname as shown in the recipient’s Bangkok Bank passbook. DO NOT put Bangkok Bank. Special Instruction (Payment Reference or Payment Description) Ten-digit account number followed by BKKBTHBK Enter the full 10-digit Bangkok Bank account number, followed by BKKBTHBK (the SWIFT address of Bangkok Bank in Thailand). (e.g. 1234567890BKKBTHBK) After you correctly enter the details, funds will be transferred into the recipient’s Bangkok Bank account in Thailand the next working day after the funds are received by Bangkok Bank in London. Please note that the final amount credited to your account will vary according to the conversion option chosen, as the exchange rates used by London Branch and Head Office in Thailand can differ. For more information, please call Bangkok Bank London's Customer Service Department on (44-207) 929-4422, email [email protected], or write to Bangkok Bank PCL London Branch, Exchequer Court, 33 St. Mary Axe, London EC3A 8BY. How to receive payments from a UK-based state/private pension provider or company If you currently receive UK-based payments such as a pension, annuity or salary, you can arrange for your payments to be directly deposited into your account at Bangkok Bank in Thailand via Bangkok Bank’s London branch.How to apply You will need to first register and obtain a unique reference number to send funds to Thailand via Bangkok Bank’s London branch. Registration can be made either in person or in writing with the following documentation and transaction details: Copy of your passport – an original is preferred if visiting the London branch in person. Proof of address – a recent utility bill or bank statement which bears your name and address. Original documentation will be returned upon completion of the funds transfer registration. Copy of your Bangkok Bank passbook account – the account may be in your or another person’s name. Details of the origin of funds – you will need to specify the name of the State/private pension provider or company where the funds originated. Expected amount and frequency of funds transfers (single or recurring funds transfer) to Thailand. The London branch will post a confirmation letter to you, including the unique reference number and registered bank details. Provide the confirmation details to your state/private pension provider or company for them to process with each payment. Funds will be received in Thailand the next working day after the funds are received by Bangkok Bank in London. For more information, please call Bangkok Bank London's Customer Service Department on (44-207) 929-4422, email [email protected], or write to Bangkok Bank PCL London Branch, Exchequer Court, 33 St. Mary Axe, London EC3A 8BY. Fees and conversion options The following fees are charged for fund transfers initiated via the Faster Payments Service or BACS:Conversion Options (Select the appropriate "clearing service accounts" or indicate your preference when registering for the service with Bangkok Bank, London) When transferring funds in Baht: 92 00 10 00 When transferring funds in Pound Sterling: 92 00 20 00 Exchange rate applied Pounds Sterling converted to Thai Baht using the London Branch's exchange rate Pounds Sterling converted to Thai Baht using the daily TT buying rate at Bangkok Transfer fees (Bangkok Bank London branch) GBP 15 GBP 20 Transfer fees (Bangkok Bank Thailand) No transfer fees An additional international fee of 0.25% of the transferred amount will be deducted by Bangkok Bank Thailand before crediting funds to recipient account (minimum 200Bt, maximum 500Bt). Funds will be received in Thailand the next working day after the funds are received by Bangkok Bank in London. FAQs I specifically asked about charges for this. Here is their reply: Our charge to the beneficiary's account is only 0.25 percent from the remittance amount (min THB200.- and max THB500.-). Exchange rate as the annoucement of Bangkokbank. Whatever method you use, it seems that you Thai bank will still charge you for receiving funds into your account, even though it comes from the same bank abroad. Link to comment Share on other sites More sharing options...
lopburi3 Posted March 31, 2016 Share Posted March 31, 2016 No it is not the same for the USA. US uses ACH system for domestic transfers. But poster is asking about SWIFT transfer and if his bank does not have direct connection to Bangkok Bank the funds must go to a bank that does - and in this case a bank that handles Euro. This information should be available on SWIFT web site as I have looked up in years past. But in most cases the sending bank will do this - but for poster it seems it is required by his on-line form to provide. Link to comment Share on other sites More sharing options...
aronp1 Posted March 31, 2016 Share Posted March 31, 2016 You can open an account here in Thailand and then give the routing # and account # to you income source. Link to comment Share on other sites More sharing options...
Searat7 Posted March 31, 2016 Share Posted March 31, 2016 It's really very cheap when you can make a $10,000 transfer in dollars for only $26-$27 in total but the best part is that you choose when to buy baht and this is done easily online.Yea, but with the speed of transfers now days, currency variations that many times make zero sense...up, down, etc, and considering the possible fees associated with a FCD account (like dropping below minimum balance, etc) I don't think it really offers a lot to a person who has a FCD just for transfer/exchange purposes. But if needing the FCD for other purposes like needing to pay some bills in foreign currency, then that supports the need. But hey, everyone has different needs and desires.There have been times I considered opening a FCD but I really can't justify it to myself due to my needs since I would only use it for exchange purposes...I don't save anything in fees and would need to keep the account above a certain level to avoid an additional fee. Heck I haven't done any type of SWIFT/wire/ACH transfer in 5 years as I just use my no annual fee, no foreign transaction fee and no cash advance fee debit/credit cards to do counter withdrawals/ATM withdrawals as I need them. I can even check the Visa exchange rate before during the counter/ATM withdrawal...basically ensuring I get an exchange rate I'm OK with. And for the ATM withdrawals I'm reimbursed the Bt200 ripoff fee. Whenever I use my credit card for a counter withdrawal cash advance I have it prepaid/paid same day to avoid any interest charge. And the Visa exchange rate is plus or minus a few stang of the TT Buying Rate used for incoming transfers or exchanges from a FCD account. I simply incur no fees in using my debit and credit cards. But that is just me as I'm lucky to have several no fee/fee-reimbursing debit/credit cards...but I did research and make effort to get such cards. Plus I use my no foreign transaction fee credit cards for the bulk of my day-to-day living needs/purchases here in Bangkok (purchases, groceries, fuel, restaurants, just anything I can) as that really cuts down on my cash need...the cards even pay me 1.5% cash back. Once again, I'm lucky to have such cards (I know most don't) and haven't done a transfer in around 5 years....my U.S. debit/credit cards are my magic (and fee free) funds portal. One warning on the US credit/debit cards which reimburse foreign fees. The last 2 times I used my USA debit card (Bali and Luang Prabang) there were no separate fees charged by banks there and I received a poor exchange rate because the fee was rolled into the amount received. Since the fee was not indicated my bank in USA could not reimburse. I think that unless you receive a warning on the screen that a fee will be charged this could happen to anyone. Link to comment Share on other sites More sharing options...
Pib Posted March 31, 2016 Share Posted March 31, 2016 Sounds like you might have unknowingly accepted a Dynamic Currency Conversion (DCC) transaction where the bank's/vendors exchange rate is used versus the Visa/Mastercard exchange rate...and the bank's/vendor's exchange rate will probably be around 4% lower than the card-network rate. Basically, DCC is not a fee; it's just a lower exchange rate but has the same effect as an indirect fee. And if your card-issuing bank happens to apply a foreign transaction fee(s) (1 to 3% is typical on many cards) you could still get charged that fee not because your card-issuing bank or the Visa/Mastercard network was involved in the exchange, but simply because it was a foreign transaction....it's like a double whammy. For a DCC transaction on an ATM (Mastercard cards seem to incur this DCC offering much more that Visa cards) the ATM screen will probably "not" call it a DCC transaction but some warm & fuzzy term like Bank Rate, Home Rate, etc. and they "may" list the exchange rate. Decline that offering and continue on to get the better Visa/Mastercard exchange rate. A DCC transaction can happen in purchases also....and the indicator is the receipt/receipt for signature shows "both" the local currency (like Baht) and your home country currency (like USD, GBP, EUR, etc). And in fine print at the bottom of the receipt or on a slip that prints out just below or after the receipt for signature shows the lower exchange rate/fee percentage....sometimes checkout clerks do not show you the slip as they have been trained not too...evil store manager trying to make more money off foreign cards. Although DCC is frowned upon by Visa/Mastercard because they get the blame for a lower exchange rate, it is legal in most countries to include Thailand. Maybe once or twice a year some store here in Bangkok will attempt a DCC transaction and I spot it easily since the receipt for signature shows both baht and USD....I refuse to sign...say cancel the transaction and reprocess in baht only....they have always done it without argument...takes them about 2 minutes. When I'm unsure if a store attempts the DCC rip off or not, when I hand the checkout clerk my credit card I make eye contact while handing them my card and say "Charge Thai baht, not U.S. Dollars." I have to do that at some stores such as Homepro, Pizza Company, and a few others as they default to DCC for foreign cards unless you tell them otherwise....tell them upfront and they happily charge in your card's home country currency....not a DCC transaction. DCC very bad for the customer; DCC very good for the vendor/his local processing bank. And then sometimes a vendor will only accept a debit/credit card if you agree to a fee of a few percentage points of around 2 to 3%....they just increase the price of the item when processing the charge and it does not appear as a separate fee....that Bt1000 purchase they just ring up a Bt1030. This practice is greatly frowned on by Visa/Mastercard and I think illegal in "some" countries but once again not illegal in Thailand...well, I'm assuming it not illegal as I frequently several stores that do this and they have signs up saying the do it if you want to use a debit/credit card....doesn't matter if it Thai bank card or foreign card. Watch closely some ATMs and vendors when doing credit/debit transactions as they have a variety of methods such as DCC and additive fee to make a little more profit off you/completely offset the fee they incur when allowing payment by credit/debit card---although they most likely already have it built into the price of the item. Link to comment Share on other sites More sharing options...
uthaithanirules Posted March 31, 2016 Share Posted March 31, 2016 Sounds like you might have unknowingly accepted a Dynamic Currency Conversion (DCC) transaction where the bank's/vendors exchange rate is used versus the Visa/Mastercard exchange rate...and the bank's/vendor's exchange rate will probably be around 4% lower than the card-network rate. Basically, DCC is not a fee; it's just a lower exchange rate but has the same effect as an indirect fee. And if your card-issuing bank happens to apply a foreign transaction fee(s) (1 to 3% is typical on many cards) you could still get charged that fee not because your card-issuing bank or the Visa/Mastercard network was involved in the exchange, but simply because it was a foreign transaction....it's like a double whammy. For a DCC transaction on an ATM (Mastercard cards seem to incur this DCC offering much more that Visa cards) the ATM screen will probably "not" call it a DCC transaction but some warm & fuzzy term like Bank Rate, Home Rate, etc. and they "may" list the exchange rate. Decline that offering and continue on to get the better Visa/Mastercard exchange rate. A DCC transaction can happen in purchases also....and the indicator is the receipt/receipt for signature shows "both" the local currency (like Baht) and your home country currency (like USD, GBP, EUR, etc). And in fine print at the bottom of the receipt or on a slip that prints out just below or after the receipt for signature shows the lower exchange rate/fee percentage....sometimes checkout clerks do not show you the slip as they have been trained not too...evil store manager trying to make more money off foreign cards. Although DCC is frowned upon by Visa/Mastercard because they get the blame for a lower exchange rate, it is legal in most countries to include Thailand. Maybe once or twice a year some store here in Bangkok will attempt a DCC transaction and I spot it easily since the receipt for signature shows both baht and USD....I refuse to sign...say cancel the transaction and reprocess in baht only....they have always done it without argument...takes them about 2 minutes. When I'm unsure if a store attempts the DCC rip off or not, when I hand the checkout clerk my credit card I make eye contact while handing them my card and say "Charge Thai baht, not U.S. Dollars." I have to do that at some stores such as Homepro, Pizza Company, and a few others as they default to DCC for foreign cards unless you tell them otherwise....tell them upfront and they happily charge in your card's home country currency....not a DCC transaction. DCC very bad for the customer; DCC very good for the vendor/his local processing bank. And then sometimes a vendor will only accept a debit/credit card if you agree to a fee of a few percentage points of around 2 to 3%....they just increase the price of the item when processing the charge and it does not appear as a separate fee....that Bt1000 purchase they just ring up a Bt1030. This practice is greatly frowned on by Visa/Mastercard and I think illegal in "some" countries but once again not illegal in Thailand...well, I'm assuming it not illegal as I frequently several stores that do this and they have signs up saying the do it if you want to use a debit/credit card....doesn't matter if it Thai bank card or foreign card. Watch closely some ATMs and vendors when doing credit/debit transactions as they have a variety of methods such as DCC and additive fee to make a little more profit off you/completely offset the fee they incur when allowing payment by credit/debit card---although they most likely already have it built into the price of the item. Yes, it wasnt till the 50th post in this thread anyone mention exchange rates??? No use worrying about saving $20 in fees if you are losing $80 on a crappy exchange rate Are some here not even paying attention to that. Even with the US Bangkok Bank branch, there is still a currency conversion, what exchange rate are the guys getting? Next time someone does it, could they tell us what the diffence between the spot exchange rate and the exchange rate the bank gives you is? I seriously doubt any bank exchange rate is going to be better than many of these online transfer companies. Even with moneygram nowadays I get better than any bank in my country or the mastercard rate Link to comment Share on other sites More sharing options...
lopburi3 Posted March 31, 2016 Share Posted March 31, 2016 Exchange takes place in Thailand at the published rate TT for the time processed. Currently 35.08 Moneygram current rate about 33.66 About a 4% loss using commercial transfer service Link to comment Share on other sites More sharing options...
Pib Posted March 31, 2016 Share Posted March 31, 2016 Yes, it wasnt till the 50th post in this thread anyone mention exchange rates???No use worrying about saving $20 in fees if you are losing $80 on a crappy exchange rate Are some here not even paying attention to that. Even with the US Bangkok Bank branch, there is still a currency conversion, what exchange rate are the guys getting? Next time someone does it, could they tell us what the diffence between the spot exchange rate and the exchange rate the bank gives you is? I seriously doubt any bank exchange rate is going to be better than many of these online transfer companies. Even with moneygram nowadays I get better than any bank in my country or the mastercard rate Bangkok Bank ATMs and every ATM in Thailand and the world provide the Visa/Mastercard/etc., exchange rate unless they happen to offer a DCC transaction (i.e., their "lower" rate) and you accept it. Do not accept DCC and continue on to get the Visa/Mastercard exchange rate "minus what foreign transaction fee your home country card-issuing bank may apply." Note I said your "card-issing bank and not Visa/Mastercard. Now Visa/Mastercard does charge an approx 1% currency exchange fee but whether your card-issuing bank passes that fee along to you are not is purely up to your card-issuing bank. Not uncommon for many card-issuing banks to pass that 1% fee along to you and also add another percent or two for pure profit purposes. A card with no foreign transaction fee means your card-issuing bank absorbs that 1% Visa/Mastercard fee for you and does not add on any additional fee. Hard to believe you get more via MoneyGram....using the Moneygram and Visa exchange rate calculators a few minutes ago for an amount the Moneygram exchange rate is 49.72 Baht/GBP plus a 27 pound sending fee. The Visa Europe exchange rate is 50.13 Baht/GBP...and if you have a no foreign tansaction fee debit/credit card there is no fee...if your debit card reimburses the Thai ATM Bt200 fee then there is no fees of any kind. Visa clearly wins over Moneygram (and Paypal and Western Union). A person really needs to understand who the actual pickpocket is...that is, is it the local ATM/vendor in hitting you with a DCC transaciton or additive fee.....or your card-issuing bank who applies a foreign transaction fee and also does not absorb the Visa/Mastercard 1% fee....or possibly both the ATM/vendor and your card-issuing bank has their hands in your pockets. The Thai bank TT Buying Rate used for incoming transfers will be plus or minus a few stang of the Visa/Mastercard no fee exchange. You can see a bank's exchange rate at their webpages like this Bangkok Bank exchange rate webpage. I see the Bangkok Bank TT Buying Rate for GBP to THB rate for today was 50.16 Baht/GBP...just 3 stang below than the Visa rate...other days the Visa rate will be a little better. Bangkok Bank Exchange Rates for Today Visa Europe Exchange Rate for Today https://www.visaeurope.com/making-payments/exchange-rates MoneyGram Exchange Rate at this time (note the fee also) https://secure.moneygram.co.uk/estimate/payment-options Check out Mastercard Exchange Rates Here. Mastercard does not show current day exchange rates, always a day behind. But yesterday's GBP-THB rate was 50.64...better than Moneygram's today rate. Yes, know who is actually giving you the lower exchange rate/apply a fee....so many people jump to blaming Visa/Mastercard when it fact it not them at all---it's the vendor/ATM and/or card-issuing bank. Link to comment Share on other sites More sharing options...
uthaithanirules Posted March 31, 2016 Share Posted March 31, 2016 Yes, it wasnt till the 50th post in this thread anyone mention exchange rates??? No use worrying about saving $20 in fees if you are losing $80 on a crappy exchange rate Are some here not even paying attention to that. Even with the US Bangkok Bank branch, there is still a currency conversion, what exchange rate are the guys getting? Next time someone does it, could they tell us what the diffence between the spot exchange rate and the exchange rate the bank gives you is? I seriously doubt any bank exchange rate is going to be better than many of these online transfer companies. Even with moneygram nowadays I get better than any bank in my country or the mastercard rate Bangkok Bank ATMs and every ATM in Thailand and the world provide the Visa/Mastercard/etc., exchange rate unless they happen to offer a DCC transaction (i.e., their "lower" rate) and you accept it. Do not accept DCC and continue on to get the Visa/Mastercard exchange rate "minus what foreign transaction fee your home country card-issuing bank may apply." Note I said your "card-issing bank and not Visa/Mastercard. Now Visa/Mastercard does charge an approx 1% currency exchange fee but whether your card-issuing bank passes that fee along to you are not is purely up to your card-issuing bank. Not uncommon for many card-issuing banks to pass that 1% fee along to you and also add another percent or two for pure profit purposes. A card with no foreign transaction fee means your card-issuing bank absorbs that 1% Visa/Mastercard fee for you and does not add on any additional fee. Hard to believe you get more via MoneyGram....using the Moneygram and Visa exchange rate calculators a few minutes ago for an amount the Moneygram exchange rate is 49.72 Baht/GBP plus a 27 pound sending fee. The Visa Europe exchange rate is 50.13 Baht/GBP...and if you have a no foreign tansaction fee debit/credit card there is no fee...if your debit card reimburses the Thai ATM Bt200 fee then there is no fees of any kind. Visa clearly wins over Moneygram (and Paypal and Western Union). A person really needs to understand who the actual pickpocket is...that is, is it the local ATM/vendor in hitting you with a DCC transaciton or additive fee.....or your card-issuing bank who applies a foreign transaction fee and also does not absorb the Visa/Mastercard 1% fee....or possibly both the ATM/vendor and your card-issuing bank has their hands in your pockets. The Thai bank TT Buying Rate used for incoming transfers will be plus or minus a few stang of the Visa/Mastercard no fee exchange. You can see a bank's exchange rate at their webpages like this Bangkok Bank exchange rate webpage. I see the Bangkok Bank TT Buying Rate for GBP to THB rate for today was 50.16 Baht/GBP...just 3 stang below than the Visa rate...other days the Visa rate will be a little better. Bangkok Bank Exchange Rates for Today Capture3.JPG Visa Europe Exchange Rate for Today https://www.visaeurope.com/making-payments/exchange-rates Capture.JPG MoneyGram Exchange Rate at this time (note the fee also) https://secure.moneygram.co.uk/estimate/payment-options Capture2.JPG Check out Mastercard Exchange Rates Here. Mastercard does not show current day exchange rates, always a day behind. But yesterday's GBP-THB rate was 50.64...better than Moneygram's today rate. Capture4.JPG Yes, know who is actually giving you the lower exchange rate/apply a fee....so many people jump to blaming Visa/Mastercard when it fact it not them at all---it's the vendor/ATM and/or card-issuing bank. Ok, thanks for that. As long as they are getting the TT or interbank rate Im from Australia, pretty much no such thing as currency exchanges from the banks that dont slap on percentages their end, mastercard transactions included Some will advertise the interbank rate on the website, but thats not what the customer gets So, yeah moneygram works out better than any swift transfer, and int transaction fees on mastercard, crappy exchange rates on travel cards. Its an australian thing I think. But when doing a transfer, they are definitely getting that TT buy rate? definitely? Even that calculator on the website I'm suspicious of, still doesnt necessarily mean its the rate they get Link to comment Share on other sites More sharing options...
jmd8800 Posted March 31, 2016 Share Posted March 31, 2016 From your bank in USA do a domestic transfer to BKK NYC, most banks (including Chase) do that transfer for free. Per Pib above, check the BKK bank website for exact instructions, it is quite simple and very cost effective. The only bit of complication are the two test transfers which your USA bank will make to ensure that the link you have set up to BKK NYC is OK. Those transfer actually zip through the NYC office and into your Thai bank account, thence they will show up as baht. You have to report the arriving value to your bank in US$, so have to guess at the forex conversion. Hopefully somebody will chime in with the way to get the Thai arrival in US$, I know it is simple but never did it that way. I stopped in to a BKK Bank branch and asked for the amount of deposit on the dates specified. Later I thought to myself... why didn't I just check online banking? Link to comment Share on other sites More sharing options...
Pib Posted March 31, 2016 Share Posted March 31, 2016 Sign up for Bangkok Bank's free SMS Remittance Alert....it will tell you the amount received in Thailand (then you know how much your sending bank and/or intermediary/correspondent bank may have skimmed off before it arrived Bangkok Bank), the exchange rate given, the currency receipt fee amount (i.e., the 0.25% Bt200 min, Bt500 max fee), and the date/time & amount posting to your account. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/SMSAlerts/Pages/SMSRemittanceAlert.aspx Link to comment Share on other sites More sharing options...
JimGant Posted March 31, 2016 Share Posted March 31, 2016 But when doing a transfer, they are definitely getting that TT buy rate? definitely? Even that calculator on the website I'm suspicious of, still doesnt necessarily mean its the rate they get All my ACH transfers over the years to Bangkok Bank have been exactly per the 0830 buying TT rate -- exactly to the precise satang (decimal places 3 thru at least 9 are zero). And, it's always the 0830 TT rate, as the transfer has apparently been queuing up before the bank opens (I don't see its posting, however, until between 9:15 and 9:30). But, as Pib has said, you need to use the right amounts to determine the rate received, as it is not otherwise reported. I.e., if you ACH $10,000, only $9,990 crosses the pond. And, after the 0830 TT rate converts it, the .0025% backend fee is subtracted *before* you see what you ended up with. So, just make sure you accurately account for the fees. The reported Visa FX rate at their website is also within two decimal places of what I always realize -- as long as I make sure I build in a day's delay for "offline" credit purchases vs same day rate for "online" ATM transactions. However, it's not as precise as a Bangkok Bank ACH transaction, as decimal places 3 thru 9 aren't zero, and don't ever line up. Some giant making money off minute spreads, no doubt. Link to comment Share on other sites More sharing options...
seedy Posted March 31, 2016 Share Posted March 31, 2016 post discussing bitcoin removed - illegal in Thailand Link to comment Share on other sites More sharing options...
Langsuan Man Posted April 1, 2016 Share Posted April 1, 2016 Sign up for Bangkok Bank's free SMS Remittance Alert....it will tell you the amount received in Thailand (then you know how much your sending bank and/or intermediary/correspondent bank may have skimmed off before it arrived Bangkok Bank), the exchange rate given, the currency receipt fee amount (i.e., the 0.25% Bt200 min, Bt500 max fee), and the date/time & amount posting to your account. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/SMSAlerts/Pages/SMSRemittanceAlert.aspx I use the free SMS Remittance Alert and it is great, especially for the math challenged like myself Interestingly, had the TG get a Bangkok Bank account so that I could transfer funds from the US and had her sign up for the notification alerts so that she could tell me the exact exchange rates but when they come to her in Thai they do not have the exchange rates in the SMS alert Had her inquire at BB bank and they just said the the exchange rate cannot be provided to Thai account holders ???? Link to comment Share on other sites More sharing options...
lopburi3 Posted April 1, 2016 Share Posted April 1, 2016 Had her inquire at BB bank and they just said the the exchange rate cannot be provided to Thai account holders ???? Suspect that might be a software issue if true. Perhaps too many characters required for the Thai version? Could also be most would not be looking for this as closely as a foreigner and be confusing. Link to comment Share on other sites More sharing options...
Langsuan Man Posted April 1, 2016 Share Posted April 1, 2016 Had her inquire at BB bank and they just said the the exchange rate cannot be provided to Thai account holders ???? Suspect that might be a software issue if true. Perhaps too many characters required for the Thai version? Could also be most would not be looking for this as closely as a foreigner and be confusing. I don't read Thai but am sure that there are no exchange rate numbers in the text that she receives, see for yourself, compared to BB SMS in English Link to comment Share on other sites More sharing options...
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