Is there a ceiling on private money transfer?

Post by **Big Boy** » Thu Jul 20, 2006 2:05 pm

I have recently transferred 50 thousand pounds sterling to a friend's bank account in Thailand (it was her money, from her own account). When I say recently, it was a month ago. She has just advised that the money has not been credited to her Thai account.

Before I start screaming at her UK bank, can you please advise if there is any known problem with transferring that sort of money from the UK to Thailand?

My friend is currently without funds, and I am looking for a very quick answer please.

Post by **lomuamart** » Thu Jul 20, 2006 2:36 pm

I'm not 100% sure, but I don't think there's a problem with transfers like that. People must do it to buy property.
It might be a case that Head Office of your friend's bank is holding onto the money to earn interest. Ha she checked that out?
I've heard of this type of thing happening before, but a month sounds a long time.

Post by **Big Boy** » Thu Jul 20, 2006 2:40 pm

To prevent any delays, she created her account at the head office in Bangkok ie the money doesn't have to move from eg Bangkok to Khon Kaen.

The reason I'm asking is because I've seen people on this forum talking about convaluted ways of getting money to Thailand - even the mention of money laundering. I just thought I would check before I started thumping the bank manager's desk.

Post by **Guess** » Thu Jul 20, 2006 2:56 pm

Big Boy,

There are indeed limits but mainly on the UK side. However the bank in the UK should have informd you of this when accepting the money.

A month is much too long no matter what method that you used to transfer it.

I have never heard of money being fraudulently misplaced in these circumstances but I have heard of money being placed into the wrong account. In any case you need to get on the case asap.

You need to know what details the bank recorded from you and what method of transfer was used. It will be a lot quicker to deal with it from your end. I believe that the sending bank must keep all details of the transaction for seven years but certainly at aleast five. Once the money has arrived at the recipient bank and the acknowledgement is recievd it is then the reponsibilty of the recipient bank to monitor the movement.

Post by **Big Boy** » Thu Jul 20, 2006 3:27 pm

Thanks guys - I'll do as advised right away. I'll let you know how I got on later.

Post by **Big Boy** » Thu Jul 20, 2006 5:04 pm

Everything is fine - surprise, surprise it was a computer error at the UK end.

I'm really greatful for your prompt advice - I did not want to turn up at the bank only to find that we had been breaking some Thai law.

Post by **Guess** » Thu Jul 20, 2006 6:52 pm

Big Boy wrote:Everything is fine - surprise, surprise it was a computer error at the UK end.

I'm really greatful for your prompt advice - I did not want to turn up at the bank only to find that we had been breaking some Thai law.

That is good news. BTW the statement "Computer error" really should read "We are very sorry but some incompitent twat pressed the wrong button". One day computers will get their revenge for all these false allegations against them.

Now that you are in the money again so to speak could I take this opportunity to ask you to contribute to the Food for football program that has now been set up help the poor Juventus players who will have to exist on meagre Serie B salaries for two years.

A mere 10,000 Euros will keep a Juventus player in food, drink and women for a whole week. It will also go a long way to making the monthly payment on the Ferrari. Please give generously.

Post by **STEVE G** » Thu Jul 20, 2006 8:39 pm

Guess wrote;
"We are very sorry but some incompitent twat pressed the wrong button"

Hi Guess,
I agree with that, last year I made a transfer from a branch of Lloyds in the UK of several thousand pounds. In my typed instruction I used the abbreviation GBP for pounds sterling which I thought anyone working in a bank would know. I was sadly wrong; they transferred that amount of Thai baht instead, causing me all sorts of problems. If they had sent nothing it would have been easier, they then had to send the full amount again as it was sadly beyond there abilities to deduct the small original transfer. Then they tried to charge me for two transfers, which I only avoided by spending more on phone calls than the charge!

Post by **Big Boy** » Thu Jul 20, 2006 9:20 pm

A mere 10,000 Euros will keep a Juventus player in food, drink and women for a whole week. It will also go a long way to making the monthly payment on the Ferrari. Please give generously.

I wish I could help such a worthy cause, but if you read my first post you would have seen the remark (it was her money, from her own account). I'm just a poor old boy.

Basically, if we win the lottery this week, I'll oblige.

Post by **Guess** » Thu Jul 20, 2006 9:40 pm

STEVE G wrote:..............In my typed instruction I used the abbreviation GBP for pounds sterling which I thought anyone working in a bank would know.

Sounds par for the course. Any idiot should realise that GBP meant British Pounds and could not possibly mean Thai Baht.

One the of the problems though is that internally in the banking industry it is know by the mnemonic PST which is derived from Pounds Sterling. Probably unlikely thought that the banking official knew that anyway.