Bangkok Bank transfers from London changed

[KittenKong]

One thing that should be remembered about Transferwise (and other similar services) is that if they go belly-up whilst your money is with them then you do not have the official protection that you would have with a "real" UK bank.

 

http://www.moneysavingexpert.com/banking/foreign-currency-exchange#safecash

 

I'm not saying that it's likely, but who knows?

 

It's also not at all clear to me what official protection you have should funds just vanish in transit, for whatever reason.

 

Edited July 24, 2017 by KittenKong

[chickenslegs]

20 minutes ago, KittenKong said:

One thing that should be remembered about Transferwise (and other similar services) is that if they go belly-up whilst your money is with them then you do not have the official protection that you would have with a "real" UK bank.

 

http://www.moneysavingexpert.com/banking/foreign-currency-exchange#safecash

 

I'm not saying that it's likely, but who knows?

 

It's also not at all clear to me what official protection you have should funds just vanish in transit, for whatever reason.

 

Good point ... but ...

According to your link one's money is protected if using an "authorised" company. Transferwise is an "authorised" company. So, one's money is held separately and is not part of the company's assets if it goes bump.

Now I'm starting to sound like an ad for this company - sorry.

[OJAS]

27 minutes ago, KittenKong said:

One thing that should be remembered about Transferwise (and other similar services) is that if they go belly-up whilst your money is with them then you do not have the official protection that you would have with a "real" UK bank.

 

http://www.moneysavingexpert.com/banking/foreign-currency-exchange#safecash

 

I'm not saying that it's likely, but who knows?

 

It's also not at all clear to me what official protection you have should funds just vanish in transit, for whatever reason.

 

Hmm, when I enquired of my UK bank last week as to the possibility of doing a SWIFT transfer to my BBL account, they made it abundantly clear to me that such a transfer would be undertaken entirely at my risk.

[scubascuba3]

Hasn't it already been discussed and agreed that Transferwise is better for smaller amounts and banks better for larger amounts?

[TeaMonkey]

1 minute ago, OJAS said:

Hmm, when I enquired of my UK bank last week as to the possibility of doing a SWIFT transfer to my BBL account, they made it abundantly clear to me that such a transfer would be undertaken entirely at my risk.

If going through the London branch doesn't this have the same UK protection?

[OJAS]

1 minute ago, TeaMonkey said:

If going through the London branch doesn't this have the same UK protection?

The SWIFT transfer would have been directly from my UK bank to my BBL account here in Thailand and not involved their London branch.

[KittenKong]

On 24/07/2017 at 11:45 PM, OJAS said:

Hmm, when I enquired of my UK bank last week as to the possibility of doing a SWIFT transfer to my BBL account, they made it abundantly clear to me that such a transfer would be undertaken entirely at my risk.

 

Perhaps it's time to change banks?

 

That said, my comments were mainly related to the time that your money is in the hands of the company doing the exchange/sending. It has happened: http://www.bbc.com/news/uk-england-cornwall-32597375

 

Edited July 25, 2017 by KittenKong

[KittenKong]

On 24/07/2017 at 11:43 PM, chickenslegs said:

According to your link one's money is protected if using an "authorised" company. Transferwise is an "authorised" company. So, one's money is held separately and is not part of the company's assets if it goes bump.

 

I think that should read "supposedly" protected. The difference is that real banks actually have government guarantees whereas authorised companies just have rules. If they dont follow the rules then you may not get your money back.

 

Not likely, I admit, but worth considering for large sums. Though it certainly didnt stop me from using Revolut for a few hundred USD.

[SantiSuk]

"It cannot be determined if FSCS cover would apply to this firm. Please contact the firm directly to understand whether their products/services would be covered by FSCS."

 

Transferwise web-site in their "regulated" section. Sounds like lawyers (theirs or the regulator) won't let them put some nice comfortable words in that section.

 

Looked good until I read that. I'm sticking with HSBC and Krungsri thanks. But I do tend to make transfers in the thousands and tens of thousands, not hundreds, plus I'm at the risk-averse end of the spectrum! 

 

Edit: I'd better add a bit of personal risk management! That's not conclusive evidence that using Transferwise is any less safe than a mainstream UK/Thai bank. I'm not a banking or regulatory expert. Best to contact them as directed before forming your own view.

Edited July 26, 2017 by SantiSuk

[surat04]

Received my new reference codes today from BKK bank London along with instructions for transfering funds.

[OJAS]

On 7/26/2017 at 6:57 AM, KittenKong said:

Perhaps it's time to change banks?

Easier said than done in practice since I am no longer a UK resident.

 

On 7/26/2017 at 1:23 PM, SantiSuk said:

 But I do tend to make transfers in the thousands and tens of thousands, not hundreds, plus I'm at the risk-averse end of the spectrum! 

As already said, banks tend to work out cheaper than TransferWise for transfers exceeding £5,000 in any case.

[fcgprg]

I transferred cash from my UK Bank account via Bangkok bank in London to Bangkok Bank in Thailand on Monday, the only difference from my previous transfers was that it  took 2 days to arrive here . 15 gbp charge in London and 500 Baht here.

[phetphet]

On 20/07/2017 at 2:02 PM, ubonjoe said:

This is on their website.

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

 

So do they want proof of address in Thailand? Or are they looking for proof of address where UK bank account is registered?

 

I will be in London next week, and could maybe take my passport into the Bangkok Branch.

[fcgprg]

1 minute ago, phetphet said:

So do they want proof of address in Thailand? Or are they looking for proof of address where UK bank account is registered?

 

I will be in London next week, and could maybe take my passport into the Bangkok Branch.

No address needed, on line transfer from my UK Bank to Bangkok Bank in London who forward it to your Bangkok Bank in Thailand. The Bangkok Bank in London is only a clearing bank they do not hold accounts. That is what they told me when I started using them 5 years ago. The Bangkok bank website explains everything.

[phetphet]

Just now, fcgprg said:

No address needed, on line transfer from my UK Bank to Bangkok Bank in London who forward it to your Bangkok Bank in Thailand. The Bangkok Bank in London is only a clearing bank they do not hold accounts. That is what they told me when I started using them 5 years ago. The Bangkok bank website explains everything.

Thanks.

 

But when I went to their site today to look at "Faster Payments service", this is what I found:

 

Funds Transfer services will be available soon as there has been some changes to our terms and conditions. If you wish to enquire more information, please contact Bangkok Bank, London on 0207-929-4269 or e-mail [email protected]

 

 

[surat04]

Current address required. See the identity verification attachment in post #8

[fcgprg]

11 hours ago, phetphet said:

Thanks.

 

But when I went to their site today to look at "Faster Payments service", this is what I found:

 

Funds Transfer services will be available soon as there has been some changes to our terms and conditions. If you wish to enquire more information, please contact Bangkok Bank, London on 0207-929-4269 or e-mail [email protected]

 

 

if you already are registered with them you can transfer, as I said the money was transferred from my UK account via BB London on Monday and arrived at my BB account yesterday.

[fcgprg]

11 hours ago, surat04 said:

Current address required. See the identity verification attachment in post #8

If you are already registered and hold a BB Account in Thailand which you must have to be able to transfer funds they have your current address with your Thai bank account details.  

[surat04]

When I contacted the London branch I was told that everyone must register or future payments will be held up.
I also transferred money last week using the old method but I now have my new codes to use next time.

[fcgprg]

3 hours ago, surat04 said:

When I contacted the London branch I was told that everyone must register or future payments will be held up.
I also transferred money last week using the old method but I now have my new codes to use next time.

I would be interested to know what the old method was as it was the same for me. If you have new codes to use where on the funds transfer form from your UK bank will you put them?.

Ref No? or Remitter ? no other boxes available to enter any new code numbers.

[surat04]

I would be interested to know what the old method was as it was the same for me. If you have new codes to use where on the funds transfer form from your UK bank will you put them?.

Ref No? or Remitter ? no other boxes available to enter any new code numbers.

Your new unique reference code replaces what you entered in the reference code box before.

 

[fcgprg]

15 minutes ago, surat04 said:

Your new unique reference code replaces what you entered in the reference code box before.

 

Thanks for that I will contact them.

[phetphet]

I will pop into the London branch next week with my passport, and a UK bank verified statement, (unfortunately I don't have my BKKBK passbook with me), and see if I can do the ID part at this end. Quicker than posting from Thailand.

 

Edited August 3, 2017 by phetphet

[surat04]

I will pop into the London branch next week with my passport, and a UK bank verified statement, (unfortunately I don't have my BKKBK passbook with me), and see if I can do the ID part at this end. Quicker than posting from Thailand.
 

My bank book wasn't asked for.

[phetphet]

Just now, surat04 said:

My bank book wasn't asked for.

Ok. Thanks. 

[fcgprg]

8 hours ago, phetphet said:

I will pop into the London branch next week with my passport, and a UK bank verified statement, (unfortunately I don't have my BKKBK passbook with me), and see if I can do the ID part at this end. Quicker than posting from Thailand.

 

I Contacted them by e mail, the registration form was e mailed to me .

Information required copy of passport, proof of address, copy of bankbook.

All can be scanned and e mailed to Bangkok Bank London.

[phetphet]

11 hours ago, fcgprg said:

I Contacted them by e mail, the registration form was e mailed to me .

Information required copy of passport, proof of address, copy of bankbook.

All can be scanned and e mailed to Bangkok Bank London.

Great. Thanks.

[sandmonster]

On 24/07/2017 at 10:16 AM, SunsetT said:

I have used the Halifax Clarity card ever since it was issued and their Mastercard rate has been the  best available for 90% of the time. Mind you they are a bit devious in that I believe that Halifax do manipulate the rate that they give you. It is rarely exactly the advertised Mastercard rate. Sometimes more but most often a bit less. I have argued with them about this many times. One year they told me the deviation is because the rate given is not the rate on the day of the ATM withdrawal but the rate on the day that it is 'entered' or debited from your CC account. The following year they told me the opposite was the case. Last year they told me it could be the rate on either day! So I reckon this is how they can offer  a 'so-called' fee free service; by manipulating the rate they give you.Overall,  I have found their rate to be about .5thb below the live rate shown on Xe.com and the rate offered by Transferwise after their charge to be about .3thb less. So now I use Transferwise and also escape the Thai banks rip-off ATM withdrawal charge.

Halifax do not manipulate the rate at all. In foreign currency transactions, there is the MasterCard fx rate at authorisation date. They use it convert and suspend the amount withdrawn. However, usually the next day ( infact at some USA time zone Monday to Friday, taking into account any holidays ), at what is known as the EOD settlement cutover,  there is new fx rate for the following period. It is THIS rate that is used to debit your account. This is the settlement fx rate. Clarity will adjust the suspended amount accordingly to take into account the change in fx from authorisation to settlement date. Sometimes you win a bit, sometimes you lose. They are not trying to scam you. 

Edited August 8, 2017 by sandmonster
Pressed Enter by mistake

[fcgprg]

On ‎03‎/‎08‎/‎2017 at 3:41 PM, surat04 said:

Your new unique reference code replaces what you entered in the reference code box before.

 

e mailed all the required documents to them, new unique reference code was posted out to me yesterday .The staff at Bangkok Bank London are extremely helpful.

[brling]

On 7/20/2017 at 4:53 PM, OJAS said:

 

 

 

 

So it looks like the only way of avoiding all this hassle would be through SWIFT transfers instead, 

 Is the registration only required for Bacs transfers, and not needed for Swift ?