More Baht for your Pound

[Big Boy]

To Big Boy Steve G & Only Me
A Huge Thank Youfor all your Help. When we move to Hua Hin in February there will be a drink In Crawfords for you [/b]

And a plane ticket to get me there to collect it?

[Guess]

I1 year if over 20K USD. Perhaps it's not worth their time and effort to deal in such small sums or so many multiple transfers of small sums. Pete

Yes I guess its something like that. Still what IO don't understand as XE give the each way conversion and if you do the math they tie up so they are quoting a middle rate rather than buy and sell.

[JimboPSM]

Hope the following might answer some of the questions above.

The following are the current links to Kasikorn, Bangkok & Siam Commercial Bank, these all give the actual latest rates offered for what I will call “normalâ€

[Guess]

Thanks for that Jimbo.

Now I have a question. I need to get about 1,000 Pounds Sterling transfered to Bank Bangkok. The sender can not get to the Bank's office in London and a check will take too long. The sender has access to many banks but not all. Bearing in mind that transfer fees are quite significant on such a small sum could any body out there let me know if they have done this recently and what bank was it, what service (CHAPS etc.), how long the money took to arrive and what the charges were. My understanding is that the Thai account will be credited wit 1000 pounds - charges which will then be converted to Thai BHT at the banks sell rate as shown in Jimbo's link.

[redzonerocker]

don't know what the bank charges are.i always use western union where ever i send money to.it may be slightly more expensive but its done in minutes rather than days. it would cost £47 to send £1000.

[JD]

I’ve just transferred 5,000 pounds over via my Nat West Account in England to my Bank of Ayudhya Account here in Hua Hin.

I sent it via ‘Swift’. The money left my account on the 20th June, I was told 2 banking days for the transfer.

The money was finally deposited into my account on the 29th June.

I have had nothing but trouble with Bank of Ayudhya over this transfer, they didn’t even acknowledge receiving the money until the 28th June. Total bullshit, I think they want to sit on the hard currency for as long as possible before they deposit it into your account. I resorted to phoning the head office in Bangkok every hour asking when were they going to deposit my funds they have had since the 22nd June into my account.
After two days of this, the lady who’s Tel number I had stopped answering her phone, on the 28th June she called me to say it would be deposited on 29th June - 1 Week LATE.

If they pulled this scam with every transfer they do, how much foreign currency do you think they have ‘Floating’ on their books.

[Big Boy]

Guess,

The last time I transferred any money was 21 May 07. I used Nat West's Standard Transfer (advertised as 'Up to 4 Business days'), and it cost 20 Pounds. I did not elect to pay the Agent Banks charges (these never get charged at the Thai end anyway). That method takes about 5 to 7 days.

Natwest also do an Urgent Transfer (advertised as 'Up to 2 business days') that costs 27 Pounds.

The above 2 methods are for any amount. However, Nat West also offer a service called Relay (advertised as 'Up to 5 business days') for amounts up to 2000 Pounds. that only costs 10 Pounds.

Having said all of the above, the only service I've ever used is the Standard Transfer, and I've found it to be very reliable.

[Big Boy]

I have only just seen JD's post (busy doing my own). He was obviously using Urgent Transfer.

As I said, I've only ever used the Standard Transfer. In recent weeks I've transferred a considerable amount using Standard, and the reliability has been first class.

I also know many others that use the Nat West Standard method, and they have never experienced any problems either.

The only problem I have experienced was when I was transferring 30000 Pounds from a friend's bank account to her account in Thailand. On that occassion a glitch in the system (blamed as computer error) cancelled the payment. When the problem was identified, it was transferred as Urgent, and all cost returned - with an apology.

[JimboPSM]

............... which will then be converted to Thai BHT at the banks sell rate as shown in Jimbo's link.

"Guess" slight correction to above, conversion from GBP to THB is at the Buying rate - they are buying your GBP.

[Big Boy]

I have just been reading the Nat West documentation a bit more, and came across the bit on Agents Charges. If you opt to pay Agents Charges on a transfer to Thailand you will be charged 18.50 Pounds.

Does anybody know where this money goes? If you don't opt to pay the charges, nobody else pays them. Is this a British Bank scam?

[JimboPSM]

I have just been reading the Nat West documentation a bit more, and came across the bit on Agents Charges. If you opt to pay Agents Charges on a transfer to Thailand you will be charged 18.50 Pounds.

Does anybody know where this money goes? If you don't opt to pay the charges, nobody else pays them. Is this a British Bank scam?

• Based on my knowlege of some years ago (there may have been changes since):
  
  1. If you opt to pay the charges, the bank in the UK keeps the 18.50GBP.
  
  2. If you decline to pay the UK charges, the receiving bank in Thailand will deduct an agreed (between the banks) fee for UK bank charges and credit it back to the UK - the agreed fee (I've no idea what current fees actually are) is usually substantially less than the 18.50 GBP UK charges. You should be able to work the fee out if you are also the beneficiary in Thailand.

[ozuncle]

Fellows,
It is simple!!!!!
Send you Pounds or Dollars to your bank in Thailand.
If you T/T it, it will be EXACTLY the rate that is shown on their website.

OK you have to pay a fee. Currently in AUS $20

But that is nothing.

Look at the Thai bank website and it will tell you EXACTLY how much will be put into your Thai bank A/C.
If you are not happy.
Dont send it.
Believe me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Big Boy]

I have just been reading the Nat West documentation a bit more, and came across the bit on Agents Charges. If you opt to pay Agents Charges on a transfer to Thailand you will be charged 18.50 Pounds.

Does anybody know where this money goes? If you don't opt to pay the charges, nobody else pays them. Is this a British Bank scam?

• Based on my knowlege of some years ago (there may have been changes since):
  
  1. If you opt to pay the charges, the bank in the UK keeps the 18.50GBP.
  
  2. If you decline to pay the UK charges, the receiving bank in Thailand will deduct an agreed (between the banks) fee for UK bank charges and credit it back to the UK - the agreed fee (I've no idea what current fees actually are) is usually substantially less than the 18.50 GBP UK charges. You should be able to work the fee out if you are also the beneficiary in Thailand.

Jimbo,

I know what you're saying, and it makes sense. However, I've been sending money to Thailand for about 20 years without paying the Receiving Agents Charges. No additional charges have ever been made to the recipient ie they get exactly what it says on the receiving bank's website.

Regarding the amount, when Guess asked his question, I took out the Nat West guidance notes. I was amazed when I read that the fee was 18.50 Pounds.

ozuncle wrote:

Send you Pounds or Dollars to your bank in Thailand.
If you T/T it, it will be EXACTLY the rate that is shown on their website.

OK you have to pay a fee. Currently in AUS $20

But that is nothing.

Look at the Thai bank website and it will tell you EXACTLY how much will be put into your Thai bank A/C.

I think you're saying exactly the same as I did. I agree, the only thing I've ever paid is the charge made by my bank. Incidentally, in Australia do you get asked if you want to pay receiving agents costs?

It is the Receiving Agent's charges that are looking like a scam to me. Can anybody explain what they are, and if they know anybody who has paid them? If they do, what was the advantage?

[JimboPSM]

.........However, I've been sending money to Thailand for about 20 years without paying the Receiving Agents Charges. No additional charges have ever been made to the recipient ie they get exactly what it says on the receiving bank's website.............

.............Look at the Thai bank website and it will tell you EXACTLY how much will be put into your Thai bank A/C.............

It is the Receiving Agent's charges that are looking like a scam to me. Can anybody explain what they are, and if they know anybody who has paid them? If they do, what was the advantage?

BB, I should have added that in many banks charges are often discretionary, it may be (but I don't know for certain) that Thai banks exercise that discretion more often than UK banks or they may not have a charge at all. I can't recall any charges ever being deducted in Thailand when I've sent money there in the past; I always assumed that they were getting something from the rate (even though the rates were superior to any quoted in the UK).

As I think I said before, large amounts (and I can't quantify "large") are actually referred to a forex dealer and may be slightly different to the Thai bank website rates - all things being equal, the rate should be better as they work on a tighter spread.

Sadly, I have to admit I don't know exactly what the receiving Agents charges are, I know that over many years of making international payments I've always refused to pay them and never had any complaints from the recipients. On the other side I've received many incoming charges from my bank although in negotiation they were offset against the annual arrangement fee (which they probably inflated to eliminate the offset).

I have "politely discussed" charges that my UK bank has made and until recently they have always been withdrawn - IMHO there is now a much tougher regime on charges now in the UK than there used to be - that's why banks are nearly all in the FTSE 100 and now totally driven by profits for the men in suits instead of service for the customer.

[Big Boy]

Jimbo,

Thank you for confirming my thoughts.

I know many Farang (is that the right term, living in the UK talking about UK residents?) who have returned from Thailand, and have started sending money to their new girlfriend. In many cases, until I have advised them differently, they have often opted to pay the Receiving Agents charge to maximise the amount their girlfriend gets.

Unfortunately, most of these guys have been a little ashamed/shy about what they have been doing, and the process has gone on many months before they discuss what they are doing. That means that UK banks are conning these guys out of 18.50 per month, and giving them absolutely nothing for it.