Wire Transfer sent in US$ and converted to Baht, verify how?

[SunandFun]

I have been making several Wire Transfers for various things. I make the International Wire Transfer from the US in US$ and send it to various Thai Banks. (Not my account, but others) It is then credited on the Thai end in Thai Baht. Now when I made my transfer for the down payment of my Condo, I was sent a "Credit/Advise Receipt" that showed how much it was converted to, in Thai Baht, date, time, etc. My question is, "Can I contact the bank that I sent the wire transfer to, and ask them to give me those details over the phone?" I wish to verify the converted amount against what I am being told by the vendor(s) that I am sending the money to. I have also asked the vendor(s) for this information and a copy of the "Credit/Advise Receipt." But in case I do not receive it timely or before I need to make a final payment, I want to have my facts correct. I don't distrust those I am doing business with, and I choose not to risk being taken advantage of. Any advise or experience in dealing with anything similar would be appreciated.

[JW]

I doubt you will be able to get the detail over the phone. There must be a difference of what they said and what you expected them to say... if that difference is something like 600-1500 baht it will be commission for receiving at the bank this end. I don't think its anything to worry about to be honest.

[SunandFun]

Thanks JW, The Credit/Advise Receipt shows the Inward Commission. I am aware of it. It is generally small as you said. In My first payment, I am usually careful to make sure it exceeds the requirement by 3-5k Baht, so it does not delay the order. But when I get reported back that the exact amount required was deposited, no more and no less, I see red. This way, I can send a little less when I complete the payment in full. Thereafter, I can make up any small differences in person as I will be here. I can still check in person when I come. Do you know if they will give that information to me if I come into the branch? Thanks.

[Super Joe]

When I made my transfer for the down payment of my Condo, I was sent a "Credit/Advise Receipt" that showed how much it was converted to, in Thai Baht, date, time, etc. My question is, "Can I contact the bank that I sent the wire transfer to, and ask them to give me those details over the phone?" I wish to verify the converted amount against what I am being told by the vendor(s) that I am sending the money to.

when I get reported back that the exact amount required was deposited, no more and no less, I see red.

S&F, re: the parts I underlined... are you saying you received a "Credit/Advise Receipt" with only the converted Thai amount on, and no US$ amount + exchange rate? The receiving bank will issue, as standard procedure, an inward transfer credit receipt (or other terminology), and on that document will be your (the senders) name and address, your bank name, transfer date, method of transfer, Dollar amount, exchange rate, Thai Baht amount, reason for transfer etc. Plus your bank's reference number for the transfer.

This will be an official Thai bank document, with their reference number on it. Receiving account holder, the vendor, can obtain this certificate easily from their branch and I believe are duty bound to provide you a copy under the Condo Act. Plus the bank is actually mandated by their guvvners, the BoT, to provide these certs to the customers... but the banks are clueless to this.

If you obtain this document you should be able to verify everything, ie: your sending amount tallies, and the exchange rate tallies with the historical record on the bank's website. I'm not sure how much the rates fluctuate within the day, but the exchange rate from their website X the amount you sent should get you within 2k Baht on a 3m transfer... might let you know if their in the right ballpark.


SJ

[SunandFun]

Hi SJ,
Yes you are correct. everything is listed on this receipt. My question is, for other transactions: furniture, cabinets, etc., can I get this info directly from a bank. If so, how do I do it? Phone or In person? (I do note the exchange rates on the day of and the day after the transaction for reference.)

[Super Joe]

Hi SJ,
Yes you are correct. everything is listed on this receipt. My question is, for other transactions: furniture, cabinets, etc., can I get this info directly from a bank. If so, how do I do it? Phone or In person? (I do note the exchange rates on the day of and the day after the transaction for reference.)

In my experience even if the transfer was made into your own account and you were sat in your own branch, but without passport, then they will not provide you this info. So via telephone I would expect no chance really, unless maybe if you had some kind of 'telephone banking' facility in place AND transfer was to your own account.

But you can get a transfer exchange receipt, of varying types, for even small amounts, so in person if sent to your own account, or obtain a copy off the account holder.
But would be interested to hear if you end up achieving a better result

SJ