Big problem with Krung Thai bank transfer to Cambodia today

[Scouse123]

Guys,

Help required.

I am retired and brought reasonable legitimate monies into Thailand bank to bank.I have kept and retained all inward remittance advice documents

I sent them from my name in UK to my THB accounts.

Today I went to transfer 5,000,000 baht to my Cambodian account. They initially accepted and charged me a fee of 4,000 baht for the service. I was given a receipt and told funds were on their way.

Late today the bank called. Head office in Thailand requesting work permit ( none needed nor require, I am retired on retirement extension) address in Cambodia, which I gave, and copies of my Cambodian bank books, again which I gave them.Passport and retirement extension also given, with copies of my legal status as a resident in Cambodia.

They are now saying they want 18,000 baht to transfer these monies, if they are prepared to transfer them at all. This seems slightly expensive and a little ridiculous. This I repeat is not my local branch, this is Krung Thai in Bangkok.

Anybody know how I should handle this?/ Are they correct? The bank had closed when I received this late call and funds have been returned to my account. The way I feel at the moment is like withdrawing it in cash and getting on a plane with it in my hand luggage!

[worgeordie]

They want to charge you 18,000 THB to transfer, yes it would be

cheaper flying with it yourself.

regards Worgeordie

[Scouse123]

Actually not,

My flights are booked already as I had to follow the money and sign to put it on term deposit in person in Cambodia.

The started first saying 4,000 baht which was paid without quibble, then the phone call. When queries they said fees for Krung Thai, fees for Bank of Thailand and fees for the Cambodian receiving bank which i just do not believe.

Why would they get involved in a Cambodian banks charges and fees or even take responsibility?.

[Briggsy]

My advice would be to cancel the transaction. There could be nothing to do here other than get your 4000 Baht refunded. Do nothing over the phone. Do it in branch in person.

Move your 5,000,000 Baht to another Thai bank e.g. Bangkok Bank and have them do the transfer.

Krung Thai, because of its structure and role, is nowhere near as customer-oriented as the leading private sector banks. It and its staff have other priorities more alligned with those of the government and civil servants in general. This is not just my view but many Thais consider this to be the case as well. In addition, their complaints procedure is non-existent / atrocious. (See my earlier civil servant comment). They have shown themselves to be incompetent in your case. Do not flog a dead horse. Quit with Krung Thai now.

[blackcab]

My advice would be to cancel the transaction. There could be nothing to do here other than get your 4000 Baht refunded. Do nothing over the phone. Do it in branch in person.

Move your 5,000,000 Baht to another Thai bank e.g. Bangkok Bank and have them do the transfer.

Krung Thai, because of its structure and role, is nowhere near as customer-oriented as the leading private sector banks. It and its staff have other priorities more alligned with those of the government and civil servants in general. This is not just my view but many Thais consider this to be the case as well. In addition, their complaints procedure is non-existent / atrocious. (See my earlier civil servant comment). They have shown themselves to be incompetent in your case. Do not flog a dead horse. Quit with Krung Thai now.

I agree entirely.

There is, of course, a restriction of something like 500,000 baht for taking physical baht to Cambodia.

5 million baht might end up getting your bag inspected at x-ray anyway; it's just over 5.5kg in weight.

Would the Cambodian bank accept a Thai cashiers cheque? How much would they charge to accept it from you? A cashiers cheque made payable to yourself costs just a few baht to have made out.

If you are uncertain of the Cambodian fees you could do a trial run for a lesser amount.

Not suggesting any of this is right for you, but just thinking of alternatives for you.

Edited July 27, 2016 by blackcab

[swissie]

Money transfers within Thailand are no problem.

When it comes to international money transfers (Bank to Bank), is the time one realizes that Thailand is an advanced "Banana-Republic" and Cambodia remains a full-blown "Banana-Republic".

To shuffle or park 5 mill in a Bank in either country is just not a good idea. Practically every Thai or Cambo Bank would fail any "stress-test", as currently conducted in Europe.

PS: Considering the large amount, the main reason holding up the transaction is probably that the parties involved (Thai/Cambo-Bankers) can't agree of how to split this royal commission.

Cheers.

[Scouse123]

Thanks a lot guys,

Just to answer Swissie, I have always been of the impression that because I am with the biggest bank in Cambodia, that if that bank was to go down so would Cambodia, as it has a presence in every province. Cambodia also has a GDP of about 54 billion USD a year.

I know it is still a backwater, but that is two and a half times higher than say, Laos. They also have to deposit large sums at the Cambodian central banks as guarantees which are far higher than the criteria for western banks.

I am certainly not saying you are wrong and really appreciate your advice, I know it's a risk, but they are now currently talking about the possibilities of negative interest rates in the UK, Europe and by the Fed.

I have been toying with the idea of moving the monies to Malaysia ( there is quite a bit more money doing nothing and parked in these banks ) as the government guarantees any funds in the banks.

I don't want a business in Thailand and the UK looks dangerous right now to be investing in property.

[gdgbb]

"Anybody know how I should handle this?/ Are they correct?"

Here's a great idea, you want to transfer a large amount of THB to Cambodia using one of the biggest and most respected, legitimate Thai banks for which they have advised you in advance of their 0.36% charge so why not ask Thaivisa posters if the bank's charge is correct, after all they'll all be in a better position to know KTB's regulations and fees, won't they?

What are you going to do if some forum expert here tells you it's too much, go to KTB and tell them some bloke on Thaivisa told you he thinks their fees are too high?

You want to make a transfer, the bank will do it and you know the charge, where's the big problem?

[keeniau96]

Consider some alternative to the local banks, possibly some of the large, well-known money changers.

[Henricus]

Just do it online in say 5 times 1.000.000 than you don`t have problem

[nahkit]

"Anybody know how I should handle this?/ Are they correct?"

Here's a great idea, you want to transfer a large amount of THB to Cambodia using one of the biggest and most respected, legitimate Thai banks for which they have advised you in advance of their 0.36% charge so why not ask Thaivisa posters if the bank's charge is correct, after all they'll all be in a better position to know KTB's regulations and fees, won't they?

What are you going to do if some forum expert here tells you it's too much, go to KTB and tell them some bloke on Thaivisa told you he thinks their fees are too high?

You want to make a transfer, the bank will do it and you know the charge, where's the big problem?

Well, if a bank initially charged me 4,000 baht for a transfer and then someone called me to say they wanted 18,000 baht after all, I think I'd be inclined to wonder if it was a legitimate charge.

I don't think there is any problem with the poster asking the question on here, perhaps he was hoping that someone with a similar experience could re-assure him (or tell him he was being ripped off)

[Henricus]

Every transaction for 2 million baht or above need to go true the new rules and you need a lot of paperwork under 2 million no problem.

[Scouse123]

"Anybody know how I should handle this?/ Are they correct?"

Here's a great idea, you want to transfer a large amount of THB to Cambodia using one of the biggest and most respected, legitimate Thai banks for which they have advised you in advance of their 0.36% charge so why not ask Thaivisa posters if the bank's charge is correct, after all they'll all be in a better position to know KTB's regulations and fees, won't they?

What are you going to do if some forum expert here tells you it's too much, go to KTB and tell them some bloke on Thaivisa told you he thinks their fees are too high?

You want to make a transfer, the bank will do it and you know the charge, where's the big problem?

Well, if a bank initially charged me 4,000 baht for a transfer and then someone called me to say they wanted 18,000 baht after all, I think I'd be inclined to wonder if it was a legitimate charge.

I don't think there is any problem with the poster asking the question on here, perhaps he was hoping that someone with a similar experience could re-assure him (or tell him he was being ripped off)

Nakhit,

Thank you and that is exactly what happened after them actually telling me the monies had been sent. I live in the sticks not in the city and the staff have to phone Bangkok , who actually speak down to them when they are trying to do a transaction. They also have little experience of these types of transactions as they are unusual for them up here.

I was indeed asking if people had similar experiences. Also, today they attempted 18,000 Baht, but changed this to 12,900 baht when I had queried the charges. The breakdown on this they say is 12,500 charges for the Bank of Thailand?? I rather think this is commission for head office but may be wrong, and 400 baht local bank charge. The 5,000 baht, they told me was what the Cambodian bank would want to accept the transaction, which I told them to cut out and I would deal with my Cambodian bank directly regards this fee.

I did ask about online transfer as I have an online account although I have not done international transfer,I have used it to check balances, and transfer monies to Thai accounts and pay bills. They gave me a brochure purely in the Thai language to do this!! I, therefore chose the best option in my view and to do it through the bank.

They have now told me for the second time that all is in order, so we will see at the close of business today.

gdgbb,

I find no reason or useful purpose to be sarcastic or smug whatsoever in your post.

If you have nothing to contribute, scroll past. There was no mention of any 0.36% charges by me or the bank and this is the first transaction I have done from Thailand to Cambodia.

The whole idea of a forum is to gather information from like minded people or people in similar situations who have experience of different subjects for the benefit of all. Nobody knows everything and rules and regulations change at a fast speed in the Far East.

There is a vast well of knowledge here on TV on many subjects which I have found very useful, as well as a number of idiots who have nothing better to do than attempt to put people down.

[thaidrew]

There is another alternative, however it may be a little inconvenient, open an account with Cimb, and do an interbank transfer. I have not done it from Thailand to Cambodia, but I have done it from Malaysia to Cambodia. The branch in Cambodia organised it all for me, no hassles and no fees to speak of. It also solves your fears about Cambodia economy.

Regards TD

[Scouse123]

There is another alternative, however it may be a little inconvenient, open an account with Cimb, and do an interbank transfer. I have not done it from Thailand to Cambodia, but I have done it from Malaysia to Cambodia. The branch in Cambodia organised it all for me, no hassles and no fees to speak of. It also solves your fears about Cambodia economy.

Regards TD

Hi,

Can you help?

Sorry I don't get the part about ' fears about Cambodian economy ' Can you elaborate on this?

Cambodia is growing at 7% a year and is expected to continue this path for the next two/ three years according to all the analysts and data available,.

I get the part where you transferred monies from Malaysia to Cambodia via CIMB.

[mekongsailor]

There is another alternative, however it may be a little inconvenient, open an account with Cimb, and do an interbank transfer. I have not done it from Thailand to Cambodia, but I have done it from Malaysia to Cambodia. The branch in Cambodia organised it all for me, no hassles and no fees to speak of. It also solves your fears about Cambodia economy.

Regards TD

No hassles? Seems to me that there is still a bit of paperwork needed.

http://www.cimbthai.com/CIMB/en/personal/product/money_transfer/cimb_thai_international_money_transfer/

Regards,

MS

[thaidrew]

See cimb preferred,

Regards TD

[thaidrew]

Two word's,, Hun sen

[davemos]

Hi for all bank problems contact the Bank of Thailand They are the regulatory body and can help you free