K-Bank Delaying Incoming Wires

[sstuff3]

For the fourth time this year, K-Bank has delayed processing an incoming wire transfer (presumably to wait until the exchange rates are more favorable to the bank). The wire was initiated at 0930 this morning and immediately out of the originating account but still hadn't been received into the account at K-Bank by 2200.

The previous 3 times this has happened this year my missus called the bank and was told they couldn't see any incoming wire and then magically the wire was received within 30 minutes of hanging up. This time she didn't call.

When I transfer money from this same originating account to my US account, the funds are received into the account within minutes. This was also the case with K-Bank until recently.

This post is to serve as a warning to anyone using K-Bank for incoming wires. If you need the money promptly you may be better off using a different bank.

[Pib]

It's probably not an exchange rate thing. It' probably just K-bank doing a manual (human) review of every incoming transfer before posting to your account and sometimes that human is not around to accomplish the transfer promptly. Whereas in the U.S./western countries it's more on autopilot/computer review with a human review by exception.

[HampiK]

I actually never had a problem with the transfer... But It always used about 2 days. They even call me almost every time, if I wish to use this exchange rate. Even when I not have a forein amount account. I am surprised. I had more problem with my homecountry banks.. some banks had a delay of about 4-5 days while with 1 bank it's always done in 2 days... It seems the wired from america seems much faster than from swiss

[tagalong]

Never a problem with K bank.. I transfer before 12 am and always in my acc by 8.30am..This is through internet banking..

[meatboy]

only once i had a problem with SCB.i moniter every exchange rate by the bank when doeing a express trans.from the uk.

trans.done 12.30pm.thai time and its always in bkk.main by 1.30pm. but on 28th.april 2015 it was held for 24hrs. because there was going to be drop in the thai.base rate.it cost me over 5,000bht.

[Jip99]

Mine are usually received within a few hours of sending.

I do agree with the comment about calling them so I will phone after 4 hours and it invariably 'unblocks' the transaction.

I now have a direct contact point and this results in a noticeably better exchange rate being received.

[sstuff3]

Never a problem with K bank.. I transfer before 12 am and always in my acc by 8.30am..This is through internet banking..

Try it recently? This is the 4th time they've held my transfer over the weekend to enjoy the exchange rate in their favor.

[sstuff3]

It's probably not an exchange rate thing. It' probably just K-bank doing a manual (human) review of every incoming transfer before posting to your account and sometimes that human is not around to accomplish the transfer promptly. Whereas in the U.S./western countries it's more on autopilot/computer review with a human review by exception.

Don't be misled into thinking the Thai banking system is not as automated as those in the west. The main difference is that they can override the automation and execute the transfer when it benefits them the most. In the west, there are regulations that prevent this type of manipulation, apparently not here. Edited May 28, 2016 by sstuff3

[meatboy]

Never a problem with K bank.. I transfer before 12 am and always in my acc by 8.30am..This is through internet banking..

Try it recently? This is the 4th time they've held my transfer over the weekend to enjoy the exchange rate in their favor.

i can go back as far as the 80's when i was told NEVER change money or trans.on fri.aft-till mon.morn. i still abide by this.

[sstuff3]

Never a problem with K bank.. I transfer before 12 am and always in my acc by 8.30am..This is through internet banking..

Try it recently? This is the 4th time they've held my transfer over the weekend to enjoy the exchange rate in their favor.

i can go back as far as the 80's when i was told NEVER change money or trans.on fri.aft-till mon.morn. i still abide by this.

I would agree but this transfer was initiated well before noon.

[anthony0339]

Never a problem with K bank.. I transfer before 12 am and always in my acc by 8.30am..This is through internet banking..

Try it recently? This is the 4th time they've held my transfer over the weekend to enjoy the exchange rate in their favor.

If you transfer money Friday evening in Bangkok, while its Friday during the day in your home country like Canada or England, the transfer will not get deposited until Monday. The dept responsible does not work on the weekends. I transfer money from Canada Sunday-Thursday Evenings and it's always in my account no later than 8:30 AM the coming morning. Edited May 28, 2016 by anthony0339

[sstuff3]

Never a problem with K bank.. I transfer before 12 am and always in my acc by 8.30am..This is through internet banking..

Try it recently? This is the 4th time they've held my transfer over the weekend to enjoy the exchange rate in their favor.

If you transfer money Friday evening in Bangkok, while its Friday during the day in your home country like Canada or England, the transfer will not get deposited until Monday. The dept responsible does not work on the weekends. I transfer money from Canada Sunday-Thursday Evenings and it's always in my account no later than 8:30 AM the coming morning.

The transfer was initiated Friday morning (0930 Thailand time) and originated in Hong Kong. No rational reason for the delay.

[brianinbangkok]

It's probably not an exchange rate thing. It' probably just K-bank doing a manual (human) review of every incoming transfer before posting to your account and sometimes that human is not around to accomplish the transfer promptly. Whereas in the U.S./western countries it's more on autopilot/computer review with a human review by exception.

Don't be misled into thinking the Thai banking system is not as automated as those in the west. The main difference is that they can override the automation and execute the transfer when it benefits them the most. In the west, there are regulations that prevent this type of manipulation, apparently not here.

Every time I use a Dutch bank they do exactly the same thing.

They hold the transfer till the moment it benefits the Dutch bank.

From 3 to 5 days total time between my bank accounts every time.

They must override it every time.

I can see the change of the rates when I am giving the order online.

And see the rates when it has been actually transfered by the Dutch bank. The Dutch bank does this.

Edited May 28, 2016 by brianinbangkok

[jcowle]

I have had the same experience with Yellow bank, the past 3 times, it can some times take 3/4 days, before it always it account here within 24 hours, as long as they were working days

JOHN

[Robert24]

2 things:

1) with what value date did you wire the funds? I have done many overseas payments to Thailand and I always received it on he correct v/d.

2) why not send THB and make the FX with your bank in the US? I do it that way because the FX rate is better (only take 30 BP margin)

[retarius]

I've never had a problem really. But if you transfer a lot of money, they must check for money laundering. A few years back (2011) they sent my funds to CitiBank in Bangkok and I had to telephone them telling them why I needed the money etc before they would release it to my account at KBank. A bit of a cheek I thought at the time, but I haven't transferred as much since and haven't has a problem. I understand that CitiBank has left Thailand so I'm not sure what the procedure is now.

[steve73]

I've had this problem a few times with the green bank... It can take 3-4 days and the rate applied is usually very near the lowest that the bank publishes over the period.

I'm thinking of opening a GBP FCD account and keeping it here in Sterling, only transferring it to my THB account when I need it or when the rate is particularly good, and using a counter service in the bank at the time. Anyone else used this method & any problems forseen?

[Ken Khomdee]

I had a similar problem with K bank not posting my wire transfers. The first time took 10 days to post, although the money was taken from my dollar account immediately. The next time took 4 days...that was the last one. Bangkok Bank is much faster, usually one day at most.

[johnatong]

I doubt the OP has the ability to track exactly what time the requested transfer was actually activated from the 'originating' bank/account.

These problems are often associated with intermediary banks associated with the transfer (mostly invisible to the account holder)

To suggest some 'jiggery -pokerey " linked to exchange rates smacks of paranoia unless this can be evidenced.

Edited May 28, 2016 by johnatong

[thai3]

Had this with the orange bank a few years ago, the rate was 50 when sent and when they got it, hung onto it for three day and when it went into my account it was down to 49. Cost me 40k. I never use swfit via the banks any longer,

Edited May 28, 2016 by thai3

[johnatong]

Had this with Tanachet a few years ago, the rate was 50 when sent and when they got it, hung onto it for three day and when it went into my account it was down to 49. Cost me 40k. I never use swfit via the banks any longer,

Do you have evidence of the bank receiving the money and then deliberately holding the money for 3 days before placing it in your account ?

[thai3]

They held it while waiting for me to go in a sign for it, it was still higher when they got it than when they put it in the account. Never knew I had to go in and sign for it.

Edited May 28, 2016 by thai3

[Suradit69]

The wire was initiated at 0930 this morning and immediately out of the originating account

Just because it was deducted from your account balance it doesn't mean the wire was sent at the same time and it's possible it first went to a different account at a bank that acts as a correspondent bank for K bank in the US. If the transfer was initiated at 9:30 on Saturday morning here that would have been late at night at the start of a long weekend in the US.

When I do domestic transfers without charge from a money market account at my broker in the US, they do the transfers at the end of the business day even though the transaction is immediately posted online and shows as pending.

In most cases a little planning ahead on your part would mean less need to get your knickers in a knot. Much ado about nothing.

[domdom]

Good morning

We had exactly the same problem.. 3 different transfers made from 2 different accounts in France on May 3rd (really sent 3rd morning from France, checked with my bank there HSBC).

2 transfers appeared on the account on May 11th only (last transfer same amount same condition, same bank HSBC to KSK was there within 24 Hours 6 months ago).. Surprinsingly, the euro went a lot down between May 3rd and May 11th..

But this is not the end of the story..

No news from the same transfer and after phoning, I went to KSK Jomtien branch on 16th morning..

Was received by a guy with a tag "expert", VERY unfriendly and quite rude.. no hello, eyes on his computer, wouldn't listen to explanations, saying "let me check".. Printed the records of the 2 transfers which had come... So, I told him, this was not my problem, my problem was the 3rd one.. He phoned central services (I imagine) and his simple answer was "money was sent back, check with your bank".. I told him, I checked with my bank and I didn't understand why the money was supposingly sent back and if sent back why it was not back into my account 2 weeks later..His only explanation was "money came in one name only"... (I point out that we have a joined account in 2 names and yes, 2 transfers had come in one name and the 3rd one in the second name)..

I then told him, then, why are 2 transfers into the account (one transfer on the first name and one on the second name) and not the third one which is exactly made the same way i.e. in one name only, same way one of the transfers which had reached).. Answer was "slow down, go and talk to your bank".. !!!!

I came home and filed a complaint with customer service about this rude employee..

I went again to the bank on 23 rd as money had not come back to my account in France.. and with a nicer employee, I came to know money had been sent back on... 18 th (so 15 days after the money was sent from France).

I finally got it back into my account on 24th.

I decided to close my account in KSK and opened one in Bangkok bank.. I then got the hassle of transfering the money into BKK bank account.. Again went on 24th to KSK Jomtien and asked to make a transfer.. Was answered I could transfer only 100.000 per day and throught ATM in 3 transfers of 30.000 and one of 10.000 per day..each of them charged 35 bahts.. !!

On 25th, as I was not convinced of the answer, I went to KSK bank Pattaya Tai, and came to know I could transfer as much money as I had in my account, in one shot from the counter, which I did..

I must say the employees in Pattaya Tai were very nice and helpfull and could not believe Jomtien branch had given such wrong info..

This is my recent and final experience with KSK.. I transfered all except 500 bahts and go tomorrow to Jomtien branch to close my account..

In between I remade my last transfer directly into BKK bank account.. will check today if it reached already

Have a nice sunday

[sstuff3]

I doubt the OP has the ability to track exactly what time the requested transfer was actually activated from the 'originating' bank/account.

These problems are often associated with intermediary banks associated with the transfer (mostly invisible to the account holder)

To suggest some 'jiggery -pokerey " linked to exchange rates smacks of paranoia unless this can be evidenced.

I think the facts that the transfers last year were received into the account on the same day, usually within hours, and that the previous 3 delayed transfers were magically credited within minutes of my missus calling the bank (after the bank staff telling her they cannot see any incoming wires for our account) proof enough that they are manipulating the transfers for their own benefit.

[Gsxrnz]

Most delays in IMT's is because the initiating "bank" is not actuallly a bank, but some sort of mickey mouse credit union or building society that doesn't have a SWIFT number. The credit union or building society must therefore use an intermediary bank to facilitate the transfer. Typically, these transfers will be slow, and if you do it on a Friday then you're going to have delays.

And always make sure that the beneficiary name/s are identical to the receiving banks record of the account. A mis-spelling or an omission invariably means that the transaction will fall out of the automated basket and a staff member has to verify the validity of the beneficiary account.

I've used K-Bank for seven years and done many IMT's from New Zealand. Typically I can initiate the transaction online at 08:00 local time (13:00 Thai time) and I get a text from K-Bank saying the money has been deposited at 15:00 Thai time. The cut off time for IMT's in NZ is 15:00, or it goes the next day. So I never initiate a transfer after 13:00 NZ time.

[55Jay]

My US bank (Schwab) gives a conservative 3 to 4 days processing notice for ACH transfers. I screwed up the first two times, waiting too late in the business week and they got hung up in the weekend queue.

Now I make an effort to transfer earlier in the week. I ordered a transfer this past Wednesday, 25 May, about 2200 US time. They processed it on Thursday 26th, via BB New York, posting in my local acct Friday at 0942 local time.

The two times I've done large SWIFT wires, also via BB New York, it only took 14 and 16 hours respectively.

[Thailand J]

I have been using Bangkok Bank, took 2 days for SWIFT from US to arrive compared to 3-4 days with K. Also K charges a fee to transfer the money from the head office to the local branch but Bangkok Bank does not.

[sstuff3]

Most delays in IMT's is because the initiating "bank" is not actuallly a bank, but some sort of mickey mouse credit union or building society that doesn't have a SWIFT number. The credit union or building society must therefore use an intermediary bank to facilitate the transfer. Typically, these transfers will be slow, and if you do it on a Friday then you're going to have delays.

And always make sure that the beneficiary name/s are identical to the receiving banks record of the account. A mis-spelling or an omission invariably means that the transaction will fall out of the automated basket and a staff member has to verify the validity of the beneficiary account.

I've used K-Bank for seven years and done many IMT's from New Zealand. Typically I can initiate the transaction online at 08:00 local time (13:00 Thai time) and I get a text from K-Bank saying the money has been deposited at 15:00 Thai time. The cut off time for IMT's in NZ is 15:00, or it goes the next day. So I never initiate a transfer after 13:00 NZ time.

Originating bank is HSBC. Never have delays transferring to other accounts and didn't have delays into K-Bank until recently.

[Robert24]

What do you mean by delays? HSBC not processing the payment with the value date you instructed? Or K-bank not crediting the funds on the v/d when they receive it?