FX transfer question

[ketherin]

Hi, 

 

Could someone help clear something up for me, it's no big deal, but I'm intrigued to find out the answer. 

 

Just completed a FX deal with my broker had a confirmation trade deal purchasing 231,000 Thai Baht. 

 

When the money arrives in my Kasikorn account there's 230,020.

Nothing on my kasikorn statement about any charges etc, so where's the 980 Thai baht gone? 

 

Thank you guys 

[Pib]

Could be an intermediary/correspondent bank fee that your broker needed to use to complete the transfer to Kasidorn....that fee would have been sliced off by the intermediary bank as the funds flowed throw them.  And even if the funds arrive in baht already, if arriving from an international bank/financial company there will be an approx 0.25% (Bt200 min, Bt500 max) receiving fee.   

[KhunBENQ]

Quote

there will be an approx 0.25% (Bt200 min, Bt500 max) receiving fee.  

Yep, at this amount 500 Baht will be deducted in Thailand.

 

As far as I understood it's a law/regulation.

Same at all banks.

[Pib]

It's not law/regulation just what "most" of the Thai banks charge...not a whole lot of banking competition in Thailand...the Thai Bankers Association probably helps to ensure that along with banksters ensuring politicians and BOT are kept aligned with the banksters point of view on fees. 

 

Some of the smaller banks charge a little different rate and/or flat fee but i doubt many western foreigners have accounts at these banks.

 

At this Bank of Thailand webpage (Google Translate is  your friend) for those banks who report their fees you'll see some banks vary from the 0.25% (Bt200 min, Bt500 max) fee but the variation is small.  

https://www.bot.or.th/app/feerate/Internal.aspx?PageNo=23