Problems receiving money to SCB

[handdrummer]

Last Thurs. I had a large sum of money sent to my SCB acct. via international wire transfer, and didn't receive the usual phone message informing me of the amount.

Since Thurs. I've been receiving calls every day from a number claiming to be SCB Chidlom and when I called back no one answered and the line goes dead, so I figured it was a scam.

Today I received a call from SCB Hua Hin, saying that theirs a large sum of money that was transferred to me and I would have to go to Bangkok and present ID for them to release the money into my acct.

I can understand questioning sending money out, but questioning receiving it doesn't make any sense.

Fortunately, my wife is going to Bangkok on Thurs. anyway. Even though her name isn't on the acct. she can sign for the money.

I really don't understand this culture at all.

[PeteC]

The current law (unless it's been changed recently) is that if the incoming amount is over USD20,000 an explanation is needed as to what it is for. House, car purchase child's school tuition etc. Even with a Thai as recipient a trip to the bank office where the account is, is required. No idea why if your funds were sent to a Hua Hin branch they require someone to go to Bangkok.

I'm guessing that the rules have to do with international money laundering laws.

[HHTel]

I transferred £35,000 to my HH Bangkok Branch account 18 months ago. It arrived as expected with no questions asked. However as has been stated, maybe the rules have changed.

[PeteC]

I transferred £35,000 to my HH Bangkok Branch account 18 months ago. It arrived as expected with no questions asked. However as has been stated, maybe the rules have changed.

No, no rule change at least for K Bank who have been using that limit and procedures for at least the past 15 years, although if I recall correctly it used to be 10 or 15 and went up to 20 where it is now.

[PeteC]

To guard against fraud and money laundering, the Bank of Thailand’s regulations state that all banks in Thailand must obtain specific reasons for funds transfers before they are credited into an account in Thailand. Transfer purposes may include paying for goods, buying a condominium, investing in a business or living expenses.

Bangkok Bank will report the purposes for all incoming funds transfers to the Bank of Thailand on your behalf.

That's from Bangkok Bank FAQ page at link as it's the first reference on google that I came across.

https://www.bangkokbank.com/en/Personal ... iland/FAQs

If they didn't or don't, and other banks do or do not do, it's simply another TIT anomaly IMO.

[handdrummer]

Chapter 2. This afternoon the bank, in Bangkok, called and said we wouldn't have to come in. They didn't want any info, not even my passport #. So what was it all about?
'Anomaly?"

One caveat, I will receive today's exchange rate and not the rate the day the money arrived because it didn't go into my account that day. Bless their little 3rd. world heads.

[PeteC]

That could have been part or all of it. The baht has gained considerably against the USD over the past week.

https://www.oanda.com/currency-converte ... B&amount=1

[PeteC]

I need to send in money within the next month and I've been keeping my fingers crossed it will reach 35. Now, I don't think that will happen, although the Thai gov predicts 35 before the end of year in line with the Fed interest rate increases to come.

[Nereus]

If you have a record of TT transfers into Thailand most banks will process them without a problem.

Incoming transfers are processed by the head office bank, not the branch that you use.

[HHTel]

Just thinking. I've been using Transferwise for all my transfers. Their limits are high and part of the transfer is to state the reason for the transfer. Maybe that's why I was never approached by Bangkok Bank.

[PeteC]

Just thinking. I've been using Transferwise for all my transfers. Their limits are high and part of the transfer is to state the reason for the transfer. Maybe that's why I was never approached by Bangkok Bank.

That makes sense. The WT's that I use are from a company account to a Thai national and no reference required on the sending end. Therefore I'm sure the need for explanation here when over the amount that K Bank currently uses.

[handdrummer]

I've received many wire transfers over the past 8+ yrs. and never was asked anything. The reason for the transfer was never stated. This transfer had two transfer numbers, one from the transferring company and the other a US Federal transfer #. I think that indicates that the transfer was legitimate and not a money washing scheme. I think the whole thing was an SCB screw-up.

SCB said that yesterday's rate was 34.02 but they could offer me 34.2. Their generosity is overwhelming.

If my Social Security wasn't with SCB, and it's a pain to change, I'd change banks, but then, would it be any better anywhere else? Doubtful.