BANK CHARGES 'use of funds public'. what does it mean?

[mooma]

I regularly transfer funds from my HSBC account to my Bangkok Account and just get charged the £4 from HSBC. In the past month, i have been charged , a separate £18 (approx), on three occasions, under 'use of funds public'. I rang HSBC, they said it was charges from the receiving bank. Although they couldn't confirm the name of the Bank and had no address or contact number for this transaction. I have been told Bangkok Bank do not charge for receiving funds. So how do i find out who is taking the money and why they have only just started doing so. I have researched on line, till i'm blue in the face and can't find anything.

Anyone had similar problems?

[Bunnychow]

Is the transfer direct HSBC to BKK bank or through intermediate banks ? if so thats where the addtional charges are coming from

[mooma]

yes , its direct. i usualy get the funds the next day or day after.

[thai3]

sounds like you are using swift, I got tired of these extra charges and double transfer fees so started using transferwise, you pay one fee and know what the rate is as soon as you send, no more guessing and fiddling by Banks here. Other services are just as good.

[Bunnychow]

yes , its direct. i usualy get the funds the next day or day after.

Is the charge in GBP or THB ?...if its in GBP then its the HSBC end and believe HSBC dont have personal banking in Thailand anymore, so my money is on they are using an intermediate bank to effect the transfer, if the charge is in Thb then its the Thai end

[mooma]

thankyou.tai3. yes it is swift... the annoying thing is ive been using this method since last june and have had no problems with hidden charges till now... so i'll have a look to see about doing what your doing.. is it easy to set up?

[Bunnychow]

sounds like you are using swift, I got tired of these extra charges and double transfer fees so started using transferwise, you pay one fee and know what the rate is as soon as you send, no more guessing and fiddling by Banks here. Other services are just as good.

Its nothing to do with swift, its to do how the transaction is being routed by your own bank, if there is an intermediate bank involved you will most likey be charged extra..i use swift regularly and dont get any addtional charges as there is no intermediate bank involved

[Pib]

It's probably an intermediary/correspondent bank HSBC must use to reach Bangkok Bank, But usually the intermediary/correspondent bank just slices off their fee as it passes through them and what arrives the receiving bank is minus that fee....then the receiving bank charges their fee. Unless you have selected a sending method that direct fees back to you for payment.

Now usually when you send money your sending bank will ask you how your want to pay/share the sending charges...usually three different options under the SWIFT system. Unless you need an exact amount to arrive someone which doesn't allow any fees to be charged to them (but the fees are sent back to you for payment usually at a higher amount), then be sure to use "Shared" fees which means you the Sender pay the Sending and Intermediary bank fees and the Receiving bank takes their fee slice from the arriving amount. Unless you allow the receiving (or intermediary) bank to immediately charge/slice off their fee they just send the fee back to your Sending bank for payment usually at a higher amount due to the extra effort.

[mooma]

The charge is in sterling.. HSBC say that it goes directly to my thai bank.. i did try asking them for details of a 'middle bank'. but they just kept saying the receiving bank was charging me.. and that they didn't have any contact details for them... i can't believe they haven't got any details of who ever is taking the money.. doesn't sound right to me... its very frustrating..

I've rung them twice and been on the phone forever and their online chat, .. don't understand why they wont tell me they are using an intermediate bank. They obviously have only just started using this method as i haven't been charged before these last two months.

Thanks everyone for your input.

[mooma]

Thank you Pib. I have always gone for 'pay all' as its my own account i'm paying into. but its always only been £4. whats confusing me, is that i have used this method since last June and have been only charged the £4... I am only now getting these 'use of funds public' charges. I just wonder what has changed.

I can't very well change banks, as i wont be back in England till April. But i Obviously need to do something different as i can't keep paying these extra charges.

As HSBC wont tell me anything. I got to try another way of getting my money into my Thai account. Any suggestions ?..

[Bunnychow]

The charge is in sterling.. HSBC say that it goes directly to my thai bank.. i did try asking them for details of a 'middle bank'. but they just kept saying the receiving bank was charging me.. and that they didn't have any contact details for them... i can't believe they haven't got any details of who ever is taking the money.. doesn't sound right to me... its very frustrating..

I've rung them twice and been on the phone forever and their online chat, .. don't understand why they wont tell me they are using an intermediate bank. They obviously have only just started using this method as i haven't been charged before these last two months.

Thanks everyone for your input.

If the charge is in sterling and Thb then its the HSBC end...someone BS you me thinks

[Pib]

The charge is in sterling.. HSBC say that it goes directly to my thai bank.. i did try asking them for details of a 'middle bank'. but they just kept saying the receiving bank was charging me.. and that they didn't have any contact details for them... i can't believe they haven't got any details of who ever is taking the money.. doesn't sound right to me... its very frustrating..

I've rung them twice and been on the phone forever and their online chat, .. don't understand why they wont tell me they are using an intermediate bank. They obviously have only just started using this method as i haven't been charged before these last two months.

Thanks everyone for your input.

I've read a lot of posts of the years where posters where trying to figure out where a certain charge came from when wiring money over. When they contacted their sending bank about where the charge came from they were usually told the same thing...that is, blaming it on the receiving bank.

But some of the posters didn't stop there...continued to research the issue by pressing the Sending bank for more info(who specifically , talking to the receiving bank, etc. And usually turns out it was an intermediary bank charge which the Sending bank seems to consider a "receiving bank" although they are not actually the final receiving bank. I'm pretty sure if you do a ThaiVisa search you find posts talking this very issue regarding HSBC specifically and how their rabbit trail journey ended....I think they found out it was an intermediary bank charge.

Ask your Thai bank how much was received "before" they applied their receiving fee. Repeat, before they charge their receiving fee assuming the fee sharing method you chose allowed them to immediately charge their fee vs sending it back to the sending bank/you for payment. Whatever the difference between the amount you sent and how much the Thai bank initially received is what some middleman bank (intermediary/correspondent bank) sliced-off as a fee.

And as mentioned earlier, determine/understand "what fee sharing method" you chose to the send the money.

[mooma]

The charge is in sterling.. HSBC say that it goes directly to my thai bank.. i did try asking them for details of a 'middle bank'. but they just kept saying the receiving bank was charging me.. and that they didn't have any contact details for them... i can't believe they haven't got any details of who ever is taking the money.. doesn't sound right to me... its very frustrating..

I've rung them twice and been on the phone forever and their online chat, .. don't understand why they wont tell me they are using an intermediate bank. They obviously have only just started using this method as i haven't been charged before these last two months.

Thanks everyone for your input.

If the charge is in sterling and Thb then its the HSBC end...someone BS you me thinks

yeah.. that's what i've been thinking.. don't know why they can't just tell me what method they are using to transfer my money.. I just want an honest answer. if they are now going to charge me this extra £18 per transfer.. at least tell me and then i can try looking for a cheaper way.. Which looks like i'm going to have to do anyway. Any suggestions gratefully received.

[mooma]

The charge is in sterling.. HSBC say that it goes directly to my thai bank.. i did try asking them for details of a 'middle bank'. but they just kept saying the receiving bank was charging me.. and that they didn't have any contact details for them... i can't believe they haven't got any details of who ever is taking the money.. doesn't sound right to me... its very frustrating..

I've rung them twice and been on the phone forever and their online chat, .. don't understand why they wont tell me they are using an intermediate bank. They obviously have only just started using this method as i haven't been charged before these last two months.

Thanks everyone for your input.

I've read a lot of posts of the years where posters where trying to figure out where a certain charge came from when wiring money over. When they contacted their sending bank about where the charge came from they were usually told the same thing...that is, blaming it on the receiving bank.

But some of the posters didn't stop there...continued to research the issue by pressing the Sending bank for more info(who specifically , talking to the receiving bank, etc. And usually turns out it was an intermediary bank charge which the Sending bank seems to consider a "receiving bank" although they are not actually the final receiving bank. I'm pretty sure if you do a ThaiVisa search you find posts talking this very issue regarding HSBC specifically and how their rabbit trail journey ended....I think they found out it was an intermediary bank charge.

Ask your Thai bank how much was received "before" they applied their receiving fee. Repeat, before they charge their receiving fee assuming the fee sharing method you chose allowed them to immediately charge their fee vs sending it back to the sending bank/you for payment. Whatever the difference between the amount you sent and how much the Thai bank initially received is what some middleman bank (intermediary/correspondent bank) sliced-off as a fee.

And as mentioned earlier, determine/understand "what fee sharing method" you chose to the send the money.

I always write down the amount that gets sent. then check it against what i actually receive in my Thai account, and its never very much. Last time it was less than 15BHT.. The total amount i have always paid, has just been the £4. Up until now, of course. So now it seems they are using a intermediate bank. I just don't understand why they can't tell me that and give me the details.

[Pib]

The Thai bank receiving fee is generally 0.25% (Bt200 min, Bt500 max) although it varies a little among Thai banks...by a little I mean some are higher. And that is the fee specifically charged by Bangkok Bank.

The fee is applied after they apply their TT Buying Rate used for incoming transfers and "before", repeat, before posting to your account. And even if you allow the sending bank to convert while sending (bad idea due to lower exchange rate than given by Thai banks) the 0.25% (Bt200 min, Bt500 max) fee is still applied. The fee is even applied to Foreign Currency Deposit arriving funds. And the receiving fee they apply does not appear anywhere on your bank statement/ibanking since it's applied before posting....this fools a lot of people into thinking no fee was applied.

You are probably not doing your math right because you are not considering when the 0.25% (Bt200 min, Bt500 max) fee is actually applied. And I expect your math has never been able to get your calculated exchange rate to match to the exact decimal point to match the daily exchange rate(s) posted by the bank.

Snapshot from Bangkok Bank website:

[Bunnychow]

The charge is in sterling.. HSBC say that it goes directly to my thai bank.. i did try asking them for details of a 'middle bank'. but they just kept saying the receiving bank was charging me.. and that they didn't have any contact details for them... i can't believe they haven't got any details of who ever is taking the money.. doesn't sound right to me... its very frustrating..

I've rung them twice and been on the phone forever and their online chat, .. don't understand why they wont tell me they are using an intermediate bank. They obviously have only just started using this method as i haven't been charged before these last two months.

Thanks everyone for your input.

I've read a lot of posts of the years where posters where trying to figure out where a certain charge came from when wiring money over. When they contacted their sending bank about where the charge came from they were usually told the same thing...that is, blaming it on the receiving bank.

But some of the posters didn't stop there...continued to research the issue by pressing the Sending bank for more info(who specifically , talking to the receiving bank, etc. And usually turns out it was an intermediary bank charge which the Sending bank seems to consider a "receiving bank" although they are not actually the final receiving bank. I'm pretty sure if you do a ThaiVisa search you find posts talking this very issue regarding HSBC specifically and how their rabbit trail journey ended....I think they found out it was an intermediary bank charge.

Ask your Thai bank how much was received "before" they applied their receiving fee. Repeat, before they charge their receiving fee assuming the fee sharing method you chose allowed them to immediately charge their fee vs sending it back to the sending bank/you for payment. Whatever the difference between the amount you sent and how much the Thai bank initially received is what some middleman bank (intermediary/correspondent bank) sliced-off as a fee.

And as mentioned earlier, determine/understand "what fee sharing method" you chose to the send the money.

I always write down the amount that gets sent. then check it against what i actually receive in my Thai account, and its never very much. Last time it was less than 15BHT.. The total amount i have always paid, has just been the £4. Up until now, of course. So now it seems they are using a intermediate bank. I just don't understand why they can't tell me that and give me the details.

Maybe they are routing through an HSBC commerical account, HSBC dont do personal banking in Thailand per se anymore, but they do comnerical/ corporate banking, so it come through that sort of account, so technically they would not be lying if they said no intermediate banks are involved..ie HSBC UK transfers the money to HSBC Thailand, who transfers to BKK bank..HSBC UK have charged you and HSBC Thailand have charged you again

[pgardiner]

In regards to receiving overseas funds. I do not use HSBC but HIFX. Recently transferred money from Oz to Thailand, Kasikorn Bank. Was charged $15 for the transfer to Australia to the Kasikorn Swift Account no. On arrival here the amount was 996 baht less than what was sent. There was no intermediary bank. So the charge was about $40 Aus. to deposit into my account. About 5 years ago I sold a vehicle for$800,000 in Nakon Nayok, went to the local Kasikorn Bank, relayed electronically to my branch in Pattaya and was charged 2,000 baht for the deposit! Would anybody please explain where this is above board and all legit, cheers? Except when debiting, a small fee, but when depositing large amounts and already paid the service fee to me is daylight robbery!

[B1TcoinLife]

In regards to receiving overseas funds. I do not use HSBC but HIFX. Recently transferred money from Oz to Thailand, Kasikorn Bank. Was charged $15 for the transfer to Australia to the Kasikorn Swift Account no. On arrival here the amount was 996 baht less than what was sent. There was no intermediary bank. So the charge was about $40 Aus. to deposit into my account. About 5 years ago I sold a vehicle for$800,000 in Nakon Nayok, went to the local Kasikorn Bank, relayed electronically to my branch in Pattaya and was charged 2,000 baht for the deposit! Would anybody please explain where this is above board and all legit, cheers? Except when debiting, a small fee, but when depositing large amounts and already paid the service fee to me is daylight robbery!

Would you feel better if they robbed you at nighttime?....

[blackcab]

Why not transfer to Bangkok Bank London and let them credit your Bsngkok Bank Thailand account?

[Mojomor]

Many years ago HSBC and I had a major difference of opinion, which resulted in me closing my account. Shortly afterwards,

nothing to do with me, they were fined heavily by the US and British governments for very dubious banking procedures.

Seems they are up to their old tricks again!