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 pay the £4 fee from HSBC. But in the past Month i have had 3 lots of charges come out under 'use of funds public'. They were separate to the usual charges and were each nearly £18. I have been on the phone, forever, with HSBC and after putting me on hold several times, they said that it was charges from the receiving bank. Although they can't tell me the banks name, address or contact number. Also Bangkok Bank do not charge for receiving funds. So i am at a loss. I need to find out who is taking these fees out of my account and why.

Anyone had similar problems?

[mamborobert]

Might be worth posting in a more appropriate forum than just Chiang Mai.

Not trying to be a smart arse just I recall a similar post (to me) by Caps very recent.

Posted 2016-06-15 11:33:57

I am with the HSBC and they are good doing transfers, never really had a bad one. But after I have paid the £4 internet fee I get charged another £16 ish. When I rang them up they said that the money goes via HSBC Thailand (which I found out is only Commercial) as they don't have a direct link to SCB in BKK. So I end up paying because HSBC in the UK has to use an intermediary Bank (even though its the same Banking group), has anyone else found this?

[mooma]

Thankyou.. i have posted it in the banking etc section. was just covering all possibilities, wasn't sure what section to put it in. .. Didn't come across that one when i was looking.. was it in the banking section? . Anyway. thanks for sharing this one..appriciated

[Dante99]

Might be worth posting in a more appropriate forum than just Chiang Mai.

Not trying to be a smart arse just I recall a similar post (to me) by Caps very recent.

Posted 2016-06-15 11:33:57

I am with the HSBC and they are good doing transfers, never really had a bad one. But after I have paid the £4 internet fee I get charged another £16 ish. When I rang them up they said that the money goes via HSBC Thailand (which I found out is only Commercial) as they don't have a direct link to SCB in BKK. So I end up paying because HSBC in the UK has to use an intermediary Bank (even though its the same Banking group), has anyone else found this?

If they do not need an Intermediary Bank, they will get one anyway and maybe two. You pay more fees to them and they keep the money interest free longer.

Be happy, your fees are still on the low or reasonable side.

[lagavulin1]

Um, I cannot see if you are English but why not set up a transfer over BKK in London. Its on the BKK Bank London internet page. HSBC to BBK L ondon is a national transfer so no International fees. Pretty fast too.

[true blue]

I transferred a lump sum recently from hsbc to bkk bank and apart from 4quid charges up to now nothing else,been levied.

[JaseTheBass]

What rates are (were) you guys getting for Sterling to Baht transfers with BKKBank?

My boss reckons he's only been getting 47 to the Pound for transfers of £20k to £30k, but I think he's BSing me to try and get me to accept a pay cut.

[true blue]

What rates are (were) you guys getting for Sterling to Baht transfers with BKKBank?

My boss reckons he's only been getting 47 to the Pound for transfers of £20k to £30k, but I think he's BSing me to try and get me to accept ut.

I got nearly 52 about 3 weeks ago But todays price is nearly 48. been a average 50 for the last few months.

[true blue]

if you don't stipulate GBP when you transfer,YOU WILL PROBALY ONLY GET 47???

[JaseTheBass]

if you don't stipulate GBP when you transfer,YOU WILL PROBALY ONLY GET 47???

It's our clients who need to do the stipulating, but I'll look into it.

[true blue]

if you don't stipulate GBP when you transfer,YOU WILL PROBALY ONLY GET 47???

It's our clients who need to do the stipulating, but I'll look into it.

I reckon it will be lower than the euro soon.

[Pdavies99]

Okay, if these charges were not expicit at outset, then just request a formal complaint and eventually as goodwill they will give that money back to you.

The issue in general is that many UK and other overseas banks use an intermediary for the transfer and thats usually at a cost passed onto you.

I know you can get the money back, I have done so many times with HSBC and also Lloyds bank international.

[yardrunner]

To transfer money from the UK I use smart currency exchange which is based in London, rates are slightly better than BKK bank and if you are transferring over 3000 GBP they don't charge a fee

[Generalchaos]

Use of public funds is the charges that get made to your account (HSBC) by the Thai bank that you transfer it to. (You can opt to pay for everything at the HSBC side or you can opt for the charges to be made at the Thai side)

What you do now is, telephone the HSBC bank helpline on the UK local number (Which is their India office in the Punjab) Then you ask the Indians what are these charges for - They will have absolutely no idea as they are clueless. (Make sure you use SKYPE as you will be redirected between a lot of different Indians who also have no idea)

Then when you have spent about 30 minutes being passed from one idiot to the next, log into your internet banking and use the E mail function to make a complaint, make sure you tell them that you were on the phone for almost an hour and that the international charges were almost 50 quid.

In about a month you will receive 50 Quid credit plus a refund of your Use Of Public Funds!

[MissAndry]

Bangkok Bank charge up to 500bht for incoming transfers.

You don't see it, because they don't itemise the deduction.

[Chicog]

Have a look at Transferwise.com

[jippytum]

Um, I cannot see if you are English but why not set up a transfer over BKK in London. Its on the BKK Bank London internet page. HSBC to BBK L ondon is a national transfer so no International fees. Pretty fast too.

Not correct From HSBC or any UK bank to BB London for onward transfer no charge.

To then transfer to sterling account in Thailand .BB London charge £20 if transfer in Thai Baht and if £25 if sterling transfer to Thailand requested.

Those fees are clearly indicated on BB London website .Local BB branch also charge 500 baht for incoming transfer.

[hugh2121]

I also use BKK bank for receiving international transfers. They certainly do make a charge for receiving the funds. I think it's 0.2% of the amount received. Max charge is 500 THB.

[ResandePohm]

Moomi

I had a similar charge when transfering funds from my UK bank (Loyds) to an account in China. On arrival the funds had a further £20 charged for the transfer. Lloyds charges were £10 and like the Bangkok Bank the Chinese bank did not charge for receiving transfers. The charge turned out to be a handling fee by a bank in HK which was used as an intermediary and they charged £20.

Also when I was last in the UK I heard about the HSBC only charging £4 for a transfer so I went to them thinking to open an account so I could take advantage of this cheap transfer charge.. However on investigation I found out that the funds to Thailand would be sent via their branch in HK and the same handling charge would be applied. Very naughty of the banks not to explain to you about these extra charges. Just another way of robbing you.

I have this week transfered funds from my UK Loyds account (trying to save it from the effects of Brexit) to Kasikorn bank. There were no extra charges. I suggest you change your UK bank for transfers.

[true blue]

Moomi

I had a similar charge when transfering funds from my UK bank (Loyds) to an account in China. On arrival the funds had a further £20 charged for the transfer. Lloyds charges were £10 and like the Bangkok Bank the Chinese bank did not charge for receiving transfers. The charge turned out to be a handling fee by a bank in HK which was used as an intermediary and they charged £20.

Also when I was last in the UK I heard about the HSBC only charging £4 for a transfer so I went to them thinking to open an account so I could take advantage of this cheap transfer charge.. However on investigation I found out that the funds to Thailand would be sent via their branch in HK and the same handling charge would be applied. Very naughty of the banks not to explain to you about these extra charges. Just another way of robbing you.

I have this week transfered funds from my UK Loyds account (trying to save it from the effects of Brexit) to Kasikorn bank. There were no extra charges. I suggest you change your UK bank for transfers.

incorrect information very misleading, The last 3 transfers from account in hsbc uk to Thailand has only cost me 4 pound in charges, transfer done near enough straight away,never taken more than 3 days to receive transfer.i only have a current account with hsbc.

[mooma]

true blue.... I too, only have an HSBC current account and i was only getting charged the £4.... i used this method for over a year and never got charged anything but the £4.. it is only now i am getting charged the extra fee..

[Willy Scully]

I was charged 20 pounds recently for transfering money from HCBC UK to Malaysia HSBC. ..But the transfer was on the 2nd Dec, but was charged on the 28th Dec. Why so long? They should have warned people there will be a charge, but stated no charge on the time of transfer. Had made a few tranfers since, so now await the charges to come one by one! What a con!!

[Dante99]

A con?  Perhaps you should read the details of your banking relationship which you agreed to when you opened the account.