Bangkok Bank transfers from London changed

[Oxx]

It appears that Bangkok Bank has changed its procedure for "cheap" transfers via BACS and that one now has to pre-register before using the service.  PITA.

 

Waiting to hear from them the details of what evidence is required for registration.

 

(Trust a Thai organisation to take something that was simple and worked well and turn it into a bureaucratic nuisance.)

[gmac]

Magic.  Typical Bangkok Bank, if something is working well change it!  Just emailed the address shown on their website for new details or procedures but the e-mail address they provide is not working!

[observer90210]

Why not change and  try Krungsri Bank (Ayudhia Bank)?

 

I have heard good feedback from expats in Thailand.

[ubonjoe]

This is on their website.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

Quote

How to receive payments from a UK-based state/private pension provider or company If you currently receive UK-based payments such as a pension, annuity or salary, you can arrange for your payments to be directly deposited into your account at Bangkok Bank in Thailand via Bangkok Bank’s London branch. How to apply   You will need to first register and obtain a unique reference number to send funds to Thailand via Bangkok Bank’s London branch. Registration can be made either in person or in writing with the following documentation and transaction details: Copy of your passport – an original is preferred if visiting the London branch in person. Proof of address – a recent utility bill or bank statement which bears your name and address. Original documentation will be returned upon completion of the funds transfer registration. Copy of your Bangkok Bank passbook account – the account may be in your or another person’s name. Details of the origin of funds – you will need to specify the name of the State/private pension provider or company where the funds originated. Expected amount and frequency of funds transfers (single or recurring funds transfer) to Thailand.   The London branch will post a confirmation letter to you, including the unique reference number and registered bank details.   Provide the confirmation details to your state/private pension provider or company for them to process with each payment. Funds will be received in Thailand the next working day after the funds are received by Bangkok Bank in London. For more information, please call Bangkok Bank London's Customer Service Department on (44-207) 929-4422, email [email protected], or write to Bangkok Bank PCL London Branch, Exchequer Court, 33 St. Mary Axe, London EC3A 8BY.

 

[Oxx]

11 minutes ago, observer90210 said:

Why not change and  try Krungsri Bank (Ayudhia Bank)?

 

I already have an account with them.  However, they don't offer the quick, easy way of transferring funds that Bangkok Bank did until recently.

[observer90210]

2 minutes ago, Oxx said:

 

I already have an account with them.  However, they don't offer the quick, easy way of transferring funds that Bangkok Bank did until recently.

Oki thanks for the information. Since you have both, which bank is easier regarding in getting either a debit or credit card? And which bank do you consider having the fairer costs for various services, operations etc?

[Oxx]

2 hours ago, observer90210 said:

Oki thanks for the information. Since you have both, which bank is easier regarding in getting either a debit or credit card? And which bank do you consider having the fairer costs for various services, operations etc?

 

Credit card is difficult for most foreigners living here.  Bangkok Bank was eager to give me a debit card.  Krung Sri required a bit of prompting.  As for costs, they're pretty much equal.

 

Broadly speaking, Bangkok Bank is more foreign-friendly, but Krung Sri is pretty good.

[OJAS]

Below is the text of an email plus attachments which I have received from Bangkok Bank’s London branch following a phone call to them a few hours ago:-

 

Dear OJAS,
 
Further to our conversation over phone, I have attached the registration form and Identity verification Guide. As discussed we need two forms of identification from you and please send the required documents by post to us for security reasons. You can go to any Local branch of your Bank and can get your documents verified. Once we receive the documents and form we will issue you with a unique Banking code. You can quote that code every time you send money to Thailand. If you wish to enquire more information please do not hesitate to contact me.
 
Kind Regards
Amber Tahir
Customer services and Operations
Bangkok Bank Public Company Limited
Exchequer Court
33 St.Mary Axe
London EC3A 8BY
TEL: +442079294422 ext. 2251

 

Basically Ms Tahir has confirmed that what is needed are the docs and info as listed in ubonjoe’s post at #4 plus a completed registration form. However, the passport and passbook copies, along with the address proof, will need to be verified at our local Bangkok Bank branch. And then we shall need to send everything off to London by snail mail in the interests of security and then await the arrival of the necessary unique banking code in the post, no doubt at Bangkok Bank’s and Thailand Post’s leisure.

 

All in all, it looks to me like we’re expected to embark on a convoluted process which could well take at least 3 months from start to finish. What I find particularly irksome is that Bangkok Bank have apparently decided arbitrarily in their infinite wisdom to temporarily withdraw this service with zero advance notice, thus leaving those of us who were planning to use it over coming weeks high and dry. I have never held Thai banks in particularly high regard, and this nightmarish nonsense has only served for me to continue holding them all in the lowest esteem possible.

 

So it looks like the only way of avoiding all this hassle would be through SWIFT transfers instead, and I now plan to look into the feasibility charge-wise of proceeding on this basis in future. I have, however, reluctantly come to the conclusion that it would probably be tantamount to cutting off my face to spite my nose if I were to transfer my banking business to another bank in protest. After all, I would still be faced with having to make SWIFT transfers – and, in any case, the number of alternative banks which would be available to me is constrained by the fact that Krung Thai, Kasikorn and Krungsri are already in my black book for various reasons.
 

identity-verification-guide.pdf

Remittance registration form.pdf

Edited July 20, 2017 by OJAS

[CharlieH]

Going through Bangkok Bank London is by no means the cheapest way either. There are other services like "transferwise" and numerous others that give a better deal. If you happen to be with Lloyds or Halifax its only 9.50 and HSBC is just 4.50  as opposed to the £20 - £25 fee plus a % baht charge on receipt in Bangkok. 

 

I cant see any benefit to jumping through the hoops and hassle they now expect you to do.

[perthperson]

5 hours ago, ubonjoe said:

This is on their website.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

 

This appears to be a NEW service which permits UK pension providers to make payments directly into the BKB in London for onward transmission to accounts held in Thailand.

 

I will make urgent enquiry because I use the BKB(London).  

 

[4evermaat]

might be more flexible to get paid into UK bank account, and then have standing instructions to send funds to bkb london acct.  No need to go to the bank every month and sign for anything.

[topt]

14 hours ago, Oxx said:

(Trust a Thai organisation to take something that was simple and worked well and turn it into a bureaucratic nuisance.)

My guess would be that this is something to do with "Know your Customer"/CRS or similar but implemented in a typically Thai way .

 

An IOM broker I have been using has, in the last month, asked me for the same sort of information even though I have been dealing with them for over 2 years.

[SOUTHERNSTAR]

I think it is more about banks to know your client and AMLO related than Bangkok bank specific. There is an effort made to prevent cross border crime. 

[alant]

Looks like a government made reminder about anti laundering rules 

[Eff1n2ret]

1 hour ago, topt said:

 

An IOM broker I have been using has, in the last month, asked me for the same sort of information even though I have been dealing with them for over 2 years.

Indeed, I had the same rigmarole with UKForex (now OzForex) a couple of years back, having previously been with them for 5 years. It was rather annoying at the time because they only applied the verification process when I'd done a deal, and then insisted on waiting to receive actual documents by post rather than online, so that they kept my money for 2 weeks. I would have thought they could have taken it on trust as I was an existing customer, and sorted out the paperwork afterwards.

Apart from that they're brilliant, and I prefer them to swift transfers from my UK Bank which cost £25+, also I know how many Baht I'm buying and the online process is very quick and easy.

[Oxx]

34 minutes ago, SOUTHERNSTAR said:

I think it is more about banks to know your client and AMLO related than Bangkok bank specific. There is an effort made to prevent cross border crime. 

It does, however, seem illogical.

 

The start point of the money is a UK bank account, so the identity of the sender is known.  The end point of the money is a Thai bank account, so the identity of the recipient is known.  Bangkok Bank only acts as as an intermediary.  This really is little different from a SWIFT transfer where an intermediary bank is used - and the intermediary bank doesn't require this sort of documentation.  (At least, not yet.  Perhaps it's coming.)

 

And AFAIK, other, Internet-based money transfer services don't require the same upfront documentation.

[Eff1n2ret]

2 minutes ago, Oxx said:

And AFAIK, other, Internet-based money transfer services don't require the same upfront documentation

Yes they do - see the previous post to yours. When I first signed up with that company the process was much simpler. I'd not long left the UK, and for verification they just checked the voters' list, which I was still on.

[OJAS]

9 hours ago, perthperson said:

This appears to be a NEW service which permits UK pension providers to make payments directly into the BKB in London for onward transmission to accounts held in Thailand.

 

I will make urgent enquiry because I use the BKB(London).  

 

That's what I thought at first, but the lady at Bangkok Bank's London branch to whom I spoke yesterday seemed adamant that the changes applied to existing transfer arrangements from UK bank accounts as well.

 

But would definitely be interested to learn of the outcome of your enquiries. As is the case with Immigration and banks here in Thailand, what one is told might depend not only on to whom one speaks in a particular organisation but also on which side of the bed they got out of that particular morning. So if you find yourself also speaking with Ms Tahir (+442079294422 as quoted at the end of her email to me appears, in fact, to be her direct line), I only hope for all our sakes that she had got out of bed on a different side to the one which she had got out of yesterday!

[Estrada]

Nothing has changed in the procedure in the last four years I have been using Bangkok Bank London for my UK State Pension. What has changed is that Bangkok Bank here quote 3 months for sending a cheque from Abbey National Lloyds Bank London for collection. Before it was 19 days max for a long time then one month and last year two months. Abbey National insist that they can only send me a cheque.  Can I take the cheque to their Lloyds Bank Branch that issue the cheques and draw cash or do I have to have an account with that branch. I think Lloyds Bank is owned by Citibank now so any ideas to avoid the absurd 3 months delay in receiving my pension credit to my account (actually >4 months since the cheque was issued).

[SantiSuk]

11 hours ago, CharlieH said:

Going through Bangkok Bank London is by no means the cheapest way either. There are other services like "transferwise" and numerous others that give a better deal. If you happen to be with Lloyds or Halifax its only 9.50 and HSBC is just 4.50  as opposed to the £20 - £25 fee plus a % baht charge on receipt in Bangkok. 

 

I cant see any benefit to jumping through the hoops and hassle they now expect you to do.

Pedantic I know, but HSBC is £4 quid not £4.50. Used to be £35 up to a coupla' years ago for the larger amounts I've transferred. Dunno the limit for the £4 charge now - may be as high as 50 grand. I've done £25,000 at that £4 price. Very nice!

 

Krungsri are my receiving bank - they credit it next working day (if I went online HSBC early in the morning Thai time) and charge nothing extra (even though I specify that HSBC should deduct only their charges - and of course that vital selection of "send £GBP" not "send Thai baht").

 

To comment on another post I am enthusiastic about Krungsri's services and products. I have my main Krungsri Exclusive accounts in Bangkok at a branch where they speak English and an English speaking relationship manager who is available/responsive to my phone calls and very willing to meet when I'm in BKK (latter is only for the Exclusive customers but English language capability at certain branches country wide is generally published I seem to recall). Online is very intuitive, better than my HSBC UK online experience. A downside is that staff in my boondocks speak no English and have little experience of the type of stuff that falangs want to do. I suspect that Bangkok Bank being bigger are more likely to provide a more comfortable experience to those living in rural towns. As with any Thai bank (I suspect), you have to be on the ball if using Thai banks for deposits or investment purposes. In the UK, banks have a veneer of responsibility towards customer best interests. In Krungsri I am finding that they will let you do stupid stuff (like failing to rollover a deposit on time, despite their prior reminder, and not pre-warning you or telling you that the money will go/has gone for 3 months into a "bugger-all account"). I suspect this is Thai banking practice, not Krungsri incompetence.

Edited July 21, 2017 by SantiSuk

[cnx355]

15 hours ago, observer90210 said:

Why not change and  try Krungsri Bank (Ayudhia Bank)?

 

I have heard good feedback from expats in Thailand.

I think it is because UK people can use the Bangkok Bank London Branch to have their money deposited directly in their Thai branch.  US citizen can do the same at the Bangkok Bang New York Branch.

 

They do not need to use Swift or IBAN transfer with the cost for those transfer.

 

No other Thai bank offer this service and   only for those 2 countries.

 

By the way, I have a Yellow bank account but I am not a US citizen or British citizen, so I do not have this kind of service available to me with Bangkok Bank.

[NanLaew]

2 hours ago, topt said:

My guess would be that this is something to do with "Know your Customer"/CRS or similar but implemented in a typically Thai way .

 

An IOM broker I have been using has, in the last month, asked me for the same sort of information even though I have been dealing with them for over 2 years.

Exactly. With regard to enforcement of "Know your Customer"/CRS mandates, Bangkok Bank in London is beholden to the same laws and regulations as other UK banks. My Isle of Man bank requested this information after almost 28 years of banking with them...,and once again about 14 months later when they 'lost' the original documentation in some internal reshuffle and realignment of their personal banking business.

 

11 hours ago, OJAS said:

You can go to any Local branch of your Bank and can get your documents verified.

Thanks for posting that email and the two provenance documents. At least Bangkok Bank is permitting your local Bangkok Bank branch to verify the Thai-sourced documentation. FWIW, their proof of address requirements are pretty much the same as all other UK banks are requesting and as you may note, seem oblivious to the lunacy of seeking UK resident document requirements to prove a non-UK residency! The major issue I had with their demands is that they don't realize that Thailand doesn't use English (for statements, utility bills and the like). In my case, it took several emails and phone calls over several months to find a mutually acceptable solution.

 

Here's hoping that the 'snail mail' delays are the worst you have to put up with.

[NanLaew]

55 minutes ago, Oxx said:

And AFAIK, other, Internet-based money transfer services don't require the same upfront documentation.

Not for now anyway.

[jippytum]

Not sure if this applies to transfers other than state pension . Does it also apply to personal one off  savings deposit transfer from Uk personal savings account to BB London branch for onward transfer to currency account with BB in Thailand ie transfer in GBP.

[SunsetT]

So how much are/were these 'cheap' transfers?

 

When SWIFT transfers were £20 in UK banks, they charged £15.

[Mad mick]

18 hours ago, gmac said:

Magic.  Typical Bangkok Bank, if something is working well change it!  Just emailed the address shown on their website for new details or procedures but the e-mail address they provide is not working!

Nothing works in amzing thailand if not brocken we can brake it . 5 5 5 amazing 

[JRUSA]

15 hours ago, CharlieH said:

Going through Bangkok Bank London is by no means the cheapest way either. There are other services like "transferwise" and numerous others that give a better deal. If you happen to be with Lloyds or Halifax its only 9.50 and HSBC is just 4.50  as opposed to the £20 - £25 fee plus a % baht charge on receipt in Bangkok. 

 

I cant see any benefit to jumping through the hoops and hassle they now expect you to do.

My 2 cents...I have been using transfer wise..for the last 2 months..very impressed..my transfer wed. Evening 1000 US arrive in my bkb Thursday evening..total cost less than 10.00 US and no fee on Bangkok end..

[johnnort]

I repeat Jippytum (24)

"Not sure if this applies to transfers other than state pension . Does it also apply to personal one off  savings deposit transfer from Uk personal savings account to BB London branch for onward transfer to currency account with BB in Thailand ie transfer in GBP."

Very interested in a reply.

[CharlieH]

53 minutes ago, johnnort said:

I repeat Jippytum (24)

"Not sure if this applies to transfers other than state pension . Does it also apply to personal one off  savings deposit transfer from Uk personal savings account to BB London branch for onward transfer to currency account with BB in Thailand ie transfer in GBP."

Very interested in a reply.

My understanding is "any" transfer requires registration.

 

To satisfy yourself I would recommend you email London branch.

[perthperson]

4 hours ago, OJAS said:

So if you find yourself also speaking with Ms Tahir (+442079294422 as quoted at the end of her email to me appears

Many thanks for the number. Only 06:15 in the UK so another 3 hours before London is at work! 

I the meantime I have arranged an appointment with my local BKB  branch manager early this PM. 

Will post again when I have some more info......