Transferring money from Australia to Thailand via private companies

[ellathai]

Hi

Just transferred money from Australia to Kbank through Currency Online, If l transfer over $10,000 there is no transfer fee, however Kbank hit me with a 1299Bht fee. l know Currency Online does not have a local bank in Thailand and that's why l got hit with that fee, any of you Australians over there use companies like Currency Online that have local bank account in Thailand to avoid this Kbank fee?

 

Cheers

Bruce

[ubonjoe]

Not sure about KBank but the standard fee for incoming transfers is .25% at other banks.

[ellathai]

Yes l knew it was something like that, however if you deal with a company that has a local bank in Thailand you can avoid these fees because it becomes a local transfer of money rather than a international one, l know these companies exists but can't seem to fine one in Australia. That's where l need some advice.

Cheers

Bruce

[Pib]

How do you know it was Kbank hitting your with the fee?  Do you have something stating it was Kbank?    Don't automatically blame the receiving the bank when the funds transfer comes up short of what was expected.   You sure it was an intermediary party (a middle man) that took a slice...or even the private company that sent the funds in apply some fee.

 

The Kbank fee for receiving an "international" transfer is 0.25% (Bt200 min, Bt500max), but for an incoming domestic transfer there would be no fee.     However, if your private company that did the exchange/transfer sent the money to their contract peer in Thailand, that contract peer may have sliced off a fee when relaying it over to Kbank as a domestic transfer.

 

Edited February 5, 2017 by Pib

[ellathai]

That's a good point, l will check it out tonight.

Cheers

Bruce