Sending money from Australia

[geordiebloke]

Good afternoon,

 

I'm looking for some advice as to the easiest/ most economical way to send money from Australia to my partners bank account in Thailand.

 

I have been sending relatively small amounts monthly from my bank account, but have found that I'm getting stung for up to $40 on a $400 transfer and even the same when I've sent $200

 

Any advice would be appreciated

 

Steve

[Peterw42]

• There are a couple of recent threads that cover Money from Australia, links below. It comes down to the amount, for small amounts there are no fee options with a lower rate, for large amounts its often cheaper with a bank transfer that has a fixed fee and higher exchange rate. You will get a better bank rate sending $AU and letting the Thai bank change it, dont change to AU using your Australian bank its always lower.

 

 

Edited May 4, 2017 by Peterw42

[geordiebloke]

Cheers Peter

[steven100]

georgebloke,  I did get slugged up to $70 for a transfer from a building society in Auss to a Thai bank account.  So I did use Western Union a few times although it is quite expensive also.

Then when in Brisbane I started sending cash through MoneyGram ....  similar to WU and I think I was charged $25 up to a certain amount. 

Then got a Citibank account,  no charges,  I check the rate for ' buying TT ' in Thailand and bingo !!    send.

The Citi bank account is a blessing, much easier and cheaper , wished I had it years ago.

[geordiebloke]

4 hours ago, steven100 said:

georgebloke,  I did get slugged up to $70 for a transfer from a building society in Auss to a Thai bank account.  So I did use Western Union a few times although it is quite expensive also.

Then when in Brisbane I started sending cash through MoneyGram ....  similar to WU and I think I was charged $25 up to a certain amount. 

Then got a Citibank account,  no charges,  I check the rate for ' buying TT ' in Thailand and bingo !!    send.

The Citi bank account is a blessing, much easier and cheaper , wished I had it years ago.

Hey Steven,

Funny you should say that, I'm actually transferring the money from a "no fee" Citibank account........but apparently its the middle man (third party intermediary) who is applying the charges............where am I going wrong?

 

Cheers

 

Steve 

[steven100]

4 minutes ago, geordiebloke said:

Hey Steven,

Funny you should say that, I'm actually transferring the money from a "no fee" Citibank account........but apparently its the middle man (third party intermediary) who is applying the charges............where am I going wrong?

 

Cheers

 

Steve 

hmmmm  ...  that's weird   ....   I'd check with Citibank ,  something isn't correct as it's a TT telegraphic transfer.   Is it going into a Thai bank account . ?   

I just sent some a few days ago, no fee.

[geordiebloke]

Just now, steven100 said:

hmmmm  ...  that's weird   ....   I'd check with Citibank ,  something isn't correct as it's a TT telegraphic transfer.   Is it going into a Thai bank account . ?   

I just sent some a few days ago, no fee.

Yes and my partner also gets charged a fee by her Thai bank.........I did question the fee during an online chat with a Citibank bank rep.....which is when she mentioned the third party charges 

[steven100]

6 minutes ago, geordiebloke said:

Yes and my partner also gets charged a fee by her Thai bank.........I did question the fee during an online chat with a Citibank bank rep.....which is when she mentioned the third party charges 

CitiBank Plus account ....

Tired of paying fees for your day-to-day bank account? Citibank Plus is a no-fee everyday account that rewards you at home and when you travel.

Apply now for a Citibank Plus account today and start getting more out of every moment.

It's the moment when:

   You get a free bottle of wine every time you dine at a Citibank Dining Program partner restaurant and pay with your Citibank Plus Debit card⁴

   You withdraw money at over 3,000 ATMs Australia-wide for free

   You transfer money to friends and family anywhere in the world for free².

   You withdraw money from any ATM overseas and are not charged a Citibank fee or FX transfer fee¹.

 

Benefits :

• Pay no account fees or transaction fees with a Citibank Plus everyday account.
• Get a free Citibank Debit Card, with contactless payment, so you can shop online, in-store or overseas using your own funds.
• Use any Citibank, Westpac, St. George, Bank of Melbourne or BankSA ATM in Australia, free of charge.
• Access your Citibank Plus account online (desktop, tablet and mobile), through 24/7 phone banking, or at any Citibank branch or Australia Post.
• Pay $0 Citibank fees for any overseas ATM or in-store transactions¹.
• Fee-free international money transfers to any bank, anywhere².
• Enjoy free, instant money transfers to Citibank accounts, in selected countries, via Citibank Global Transfers³.
• Receive a free bottle of wine from award-winning wineries every time you dine at any Citibank Dining Program partner restaurant and pay with your Citibank Debit Card⁴

[geordiebloke]

Just now, steven100 said:

CitiBank Plus account ....

Tired of paying fees for your day-to-day bank account? Citibank Plus is a no-fee everyday account that rewards you at home and when you travel.

Apply now for a Citibank Plus account today and start getting more out of every moment.

It's the moment when:

   You get a free bottle of wine every time you dine at a Citibank Dining Program partner restaurant and pay with your Citibank Plus Debit card⁴

   You withdraw money at over 3,000 ATMs Australia-wide for free

   You transfer money to friends and family anywhere in the world for free².

   You withdraw money from any ATM overseas and are not charged a Citibank fee or FX transfer fee¹.

 

Benefits :

• Pay no account fees or transaction fees with a Citibank Plus everyday account.
• Get a free Citibank Debit Card, with contactless payment, so you can shop online, in-store or overseas using your own funds.
• Use any Citibank, Westpac, St. George, Bank of Melbourne or BankSA ATM in Australia, free of charge.
• Access your Citibank Plus account online (desktop, tablet and mobile), through 24/7 phone banking, or at any Citibank branch or Australia Post.
• Pay $0 Citibank fees for any overseas ATM or in-store transactions¹.
• Fee-free international money transfers to any bank, anywhere².
• Enjoy free, instant money transfers to Citibank accounts, in selected countries, via Citibank Global Transfers³.
• Receive a free bottle of wine from award-winning wineries every time you dine at any Citibank Dining Program partner restaurant and pay with your Citibank Debit Card⁴

Cheers mate,

 

I will have to chase them up and see whats going on

 

Thanks again

 

Steve

[steven100]

5 minutes ago, geordiebloke said:

Cheers mate,

 

I will have to chase them up and see whats going on

 

Thanks again

 

Steve

ok,   let us know what happens.

[damo]

ANZ $18 for online TX

24.44B / $ as I'm posting.

[Pib]

Three places for transfer fees to be applied

 

1.  The Sending bank.

 

2.  The Intermediary/Correspondent bank the Sending Bank may have to use since the Sending bank doesn't have the capability to transfer directly to some worldwide locations.  Summary: they have to use a middle man to help them transfer the funds.

 

3.  The Receiving Bank.  For Thai banks most use a Receiving fee of 0.25% (Bt200 min, Bt500 max) for incoming  international transfers.

 

While a Sending bank may say they provide free transfers that only means "they" are not charging a fee to transmit the money out their front door.  However, along the way the Intermediary/Correspondent the Sending bank might use and the Receiving bank may charge a fee.   A person should consider an Intermediary/Correspondent bank fee a fee caused by the Sending bank as the Sending bank had to use an Intermediary/Correspondent bank.  Some Sending banks need to use such banks; others do not.  

 

Don't be surprised if the Sending bank blames all unknown fees on the Receiving bank when in fact the unknown fees were applied by an Intermediary/Correspondent bank.  Sending banks like to play stupid regarding their Intermediary/correspondent bank fees.

 

Also, if you select the sending option of "you" paying all transfers fees the Receiving bank will not charge its receiving fee, however, they will relay a fee back up stream to your bank charging a fee...and of course your Sending bank hits your account with that fee.  And this fee they have to relay back upstream will be higher than their normal receiving fee since they had to go through extra administrative work and time to get their fee.  Unless you need a person to receive an exact amount with no fee reductions always select the "shared fees" option which means you pay an Sending bank fees but the Receiver gets any Intermediary/correspondent bank fee and the Receiving bank fee.  If your a sending money to "yourself" this is the way to go to minimize any fees.

 

 

[Peterw42]

8 hours ago, steven100 said:

CitiBank Plus account ....

Tired of paying fees for your day-to-day bank account? Citibank Plus is a no-fee everyday account that rewards you at home and when you travel.

Apply now for a Citibank Plus account today and start getting more out of every moment.

It's the moment when:

   You get a free bottle of wine every time you dine at a Citibank Dining Program partner restaurant and pay with your Citibank Plus Debit card⁴

   You withdraw money at over 3,000 ATMs Australia-wide for free

   You transfer money to friends and family anywhere in the world for free².

   You withdraw money from any ATM overseas and are not charged a Citibank fee or FX transfer fee¹.

 

Benefits :

• Pay no account fees or transaction fees with a Citibank Plus everyday account.
• Get a free Citibank Debit Card, with contactless payment, so you can shop online, in-store or overseas using your own funds.
• Use any Citibank, Westpac, St. George, Bank of Melbourne or BankSA ATM in Australia, free of charge.
• Access your Citibank Plus account online (desktop, tablet and mobile), through 24/7 phone banking, or at any Citibank branch or Australia Post.
• Pay $0 Citibank fees for any overseas ATM or in-store transactions¹.
• Fee-free international money transfers to any bank, anywhere².
• Enjoy free, instant money transfers to Citibank accounts, in selected countries, via Citibank Global Transfers³.
• Receive a free bottle of wine from award-winning wineries every time you dine at any Citibank Dining Program partner restaurant and pay with your Citibank Debit Card⁴

I have seen Citibank mentioned in other threads and there are no "sending" fees. The Thai/intermediary bank will charge fees.

Citibank TT rate is lower than other banks to cover the "no fees"

[geordiebloke]

3 hours ago, Pib said:

Three places for transfer fees to be applied

 

1.  The Sending bank.

 

2.  The Intermediary/Correspondent bank the Sending Bank may have to use since the Sending bank doesn't have the capability to transfer directly to some worldwide locations.  Summary: they have to use a middle man to help them transfer the funds.

 

3.  The Receiving Bank.  For Thai banks most use a Receiving fee of 0.25% (Bt200 min, Bt500 max) for incoming  international transfers.

 

While a Sending bank may say they provide free transfers that only means "they" are not charging a fee to transmit the money out their front door.  However, along the way the Intermediary/Correspondent the Sending bank might use and the Receiving bank may charge a fee.   A person should consider an Intermediary/Correspondent bank fee a fee caused by the Sending bank as the Sending bank had to use an Intermediary/Correspondent bank.  Some Sending banks need to use such banks; others do not.  

 

Don't be surprised if the Sending bank blames all unknown fees on the Receiving bank when in fact the unknown fees were applied by an Intermediary/Correspondent bank.  Sending banks like to play stupid regarding their Intermediary/correspondent bank fees.

 

Also, if you select the sending option of "you" paying all transfers fees the Receiving bank will not charge its receiving fee, however, they will relay a fee back up stream to your bank charging a fee...and of course your Sending bank hits your account with that fee.  And this fee they have to relay back upstream will be higher than their normal receiving fee since they had to go through extra administrative work and time to get their fee.  Unless you need a person to receive an exact amount with no fee reductions always select the "shared fees" option which means you pay an Sending bank fees but the Receiver gets any Intermediary/correspondent bank fee and the Receiving bank fee.  If your a sending money to "yourself" this is the way to go to minimize any fees.

 

 

The intermediary bank applying the charges was how it was explained to me by Citibank.......I just thought a fee of $40 for transferring $196 was excessive.

 

I always select "you" paying all of the transfer fees, but my partner still gets hit with the 200 - 500 baht receiving fee for some reason? 

[Youbloodybeauty]

Last week did my first transfer with Citibank and seems we got the TT bank rate OK and no Citibank fee for doing it.

 

The only thing, when I set the transfer up I chose for myself (from funds transferred) to pay the Thai Siam Commercial bank charge.

 

Now, I have no idea what that charge was as there is no indication on the recieving account. The person recieving the amount in Thailand asked the bank but they couldn't say what the fee was.

I'm thinking next time to let the receiving account wear the fee so I will probably see how much it is.

I'd just like to know any fees but I'm still happy with the process through Citibank and the amount was in the Thai account the next business day.

By the way before transferring I checked the Siam Commercial bank TT exchange rate with the "good" exchange rate that we have recieved in the past from Xwing in Sydney (no fees) and the TT rate was similar so I'm thinking just use Citibank in the future for either big or small transfers. Also, a problem with Xwing is you have to visit their office, Citibank can do it online.

Edited May 5, 2017 by Youbloodybeauty

[steven100]

7 hours ago, geordiebloke said:

Thai banks most use a Receiving fee of 0.25% (Bt200 min, Bt500 max) for incoming  international transfers.

This is what my Thai bank charges for incoming TT which I don't mind as it's usually only around 200 baht so thats approx A$8  ...

[Youbloodybeauty]

4 minutes ago, steven100 said:

This is what my Thai bank charges for incoming TT which I don't mind as it's usually only around 200 baht so thats approx A$8  ...

 

Thanks, sent A$10K so guess the max. but will charge the account next time to see.

It's crap that there seems to be no statement of exchange rate or fee charged. The person receiving it only uses a bank book for their account which gets stamped. Maybe if they had an online account, this may show details but the bank teller should be able to give it surely!

[steven100]

5 minutes ago, Youbloodybeauty said:

 

Thanks, sent A$10K so guess the max. but will charge the account next time to see.

It's crap that there seems to be no statement of exchange rate or fee charged. The person receiving it only uses a bank book for their account which gets stamped. Maybe if they had an online account, this may show details but the bank teller should be able to give it surely!

ok,   always choose '   beneficiary to pay charges '    .....   does the receiver have access to the internet ? if so they can bring up the banks website and check the ' buying TT ' rate.

[ripstanley]

7 minutes ago, Youbloodybeauty said:

 

Thanks, sent A$10K so guess the max. but will charge the account next time to see.

It's crap that there seems to be no statement of exchange rate or fee charged. The person receiving it only uses a bank book for their account which gets stamped. Maybe if they had an online account, this may show details but the bank teller should be able to give it surely!

I send money from Australia  to Thailand  very often. I have approached both SCB and Bangkok Bank re their fees. They have given me a printout of the fees for a particular transaction. The SCB  printout was called   Advice to Customer (Bahtnet) and The BB one was called  CreditAdvice/ Receipt.                 

[Pib]

1 hour ago, Youbloodybeauty said:

 

Thanks, sent A$10K so guess the max. but will charge the account next time to see.

It's crap that there seems to be no statement of exchange rate or fee charged. The person receiving it only uses a bank book for their account which gets stamped. Maybe if they had an online account, this may show details but the bank teller should be able to give it surely!

All fees applied "before posting" to the account, such as any intermediary bank or receiving bank fee, are not reflected on your Thai bank account...passbook or ibanking.  This fools a lot of people into thinking no fees were applied and explains why their personal math never matches up to any of the daily TT Buying exchange rates given by the bank.  

 

Now with Bangkok Bank you can sign up for the free SMS Remittance Alert for incoming international transfers which will show the amount "arriving" the bank, the exchange rate used, the Receiving fee applied, and then the amount and time of posting to your account.   If you send say $5000 but the SMS shows $4,990 arriving then that mean an intermediary bank applied a $10 fee/took a slice "before" arriving Bangkok Bank.  Bangkok Bank then takes that $4,990 and coverts it to baht and apply their Receiving Fee "before" posting to your account.  Works the same at other Thai banks.    

 

And if by chance you let your Sending bank do the exchange (bad idea due to lower exchange rate) the Thai bank still applies its receiving fee...that receiving fee is applied regardless of the currency arriving...be it baht already or foreign currency.

 

If you go to or call the Thai bank to ask about fees applied they will only be able to tell you how much arrived their inbox so to speak and what fee they applied.  They can't tell you what fees were applied upstream of them like at any intermediary and the sending bank.  

[Pib]

1 hour ago, steven100 said:

ok,   always choose '   beneficiary to pay charges '    .....   does the receiver have access to the internet ? if so they can bring up the banks website and check the ' buying TT ' rate.

 

Yeap.  It will vary among banks are to what wording and options they offer for fee sharing for transfer   Below is how one bank explains it...and where the word "we" is used that means the "receiving bank."  

 

There is only a fine line between the meaning of SHA and BEN...but since your Sending bank charges any Sending fee separately to you when initially sending, the SHA and BEN options are basically the same.   Just don't select you want to pay all fees which may allow the beneficiary to receive the full amount sent but a receiving fee (higher than the normal receiving fee) still gets sent back to you for payment...and it will probably take a few weeks for that fee to hit your account.

 

[geordiebloke]

I think that the easiest / cheapest option in my circumstances maybe to open another "fee free" Citibank joint account with my partner.....

Then transfer funds into this account, which  my partner can access via ATM in Thailand.

 

That way we will only incur the 200 baht ATM fee.