FUNDS TRANSFER FROM FRANCE TO THAILAND (BANGKOK BANK)

[charliepanda]

I have recently transferred 1.500.000 THB from France to Thailand. Because I wanted that the Thai beneficiary receives the exact amount of 1.500.000 THB, I expressly required my French bank to send in THB.

Before transferring the money, I checked on Bangkok Bank website what would be the receiving fees and found out that it would 0,25% of the amount received with a minimum and a maximum of 500 THB. I was therefore thinking that the beneficiary would receive 1.499.500 THB since Bangkok Bank will receive the funds directly in THB and not in euros.

My French bank account has been debited in euros with an exchange rate I was expecting in regard with the current forex market and a quite normal bank transfer fee, so no problem there.

However, to my very big surprise, at arrival into beneficiary's bank account, there was a missing amount of 15.048,11 THB (including the max 500 THB of Bangkok Bank receiving fee).

Does anyone know who got the missing amount ? intermediary bank ? and for next operations, how should I transfer money (in euro or thai baths ?) to avoid these such high missing amounts and fees ?

[MJCM]

I think the missing amount is because you transferred in Thai Baht ! NEVER DO THAT.

 

Next time when you transfer money from EUROPE -> THAILAND send it in EURO else you will get a very BAD exchange Rate and you noticed that already.

[Pib]

A good chance exists your French bank had to use a correspondent/intermediary bank to get the money to Bangkok Bank and that correspondent bank applied a fee/took a slice as it relayed the funds to Bangkok Bank.   Bangkok Bank would "not" know if such an event occurred....they could only tell you which bank the funds arrived from and how much funds arrived the Bangkok Bank inbox to to speak....Bangkok Bank could not tell you any fees applied along the way other than their 0.25% (Bt200 min, Bt500 max) fee.  And if your French bank did have to use a correspondent bank, that bank was possibly in Thailand (it could just as easily been outside of Thailand), and that correspondent bank actually accomplished the exchange, that in-Thailand correspondent bank would have completed the transfer to Bangkok Bank via "domestic" baht transfer and Bangkok Bank would not have charges  receiving fee.  Yeap, transfers can vary and can present a vague trail sometimes.

 

Also, as already mentioned, to get the best exchange rate do not let your Sending bank convert to baht as you get a lower exchange rate than the TT Buying Rate provided by Thai banks.   Of course that makes it hard to pay someone an exact amount but you get more baht for you money. 

[Jiu-Jitsu]

https://www.xendpay.com

[charliepanda]

Thank you for your posts

I know a little more now how to handle with these crapulous banks

[mike13]

the missing amount is ordinary taxes corresponding to both banks (yours and receipient one). they both charge your transfer. when i do it from france  (BNP) i can choose to pay :

- fees shared  with recipient (half/half) = 2 x 0,25%

- fees only charging me. this last one is more expensive than the sum of half+half above. so forget it.

i'm french