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Sydneycraig

International Money Transfers From Commonwealth Bank Australia

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hey

have made several transfers all of the $2000 amount from commonwealth bank of australia to a bangkok bank account in thailand.

obviously exchange rates fluctuate, but this last transfer ended up giving 3000 baht less than the previous 2 transfers. i know this much could not be explained by exchange rates so asked commonwealth bank....there reply. "the money may pass through one or more banks on the way to the beneficiary bank" is the key bit and so basically says that it can pass though several banks who will charge and its out of my control....so if i want to transfer 2k then it may cost me 5% in fees...maby more!!??

so what are my other options...feels like a con and fast going off commonwealth!

"I can confirm you processed the IMT in AUD however please note, the funds were received at Bangkok bank however the money may pass through one or more banks on the way to the beneficiary bank. Each bank your money passes through may deduct a certain amount from the amount sent as a processing fee.

Unfortunately the amounts deducted are out of our control and not able to be determined prior to sending the money. If a specific amount is required to be received, we suggest you send a little bit more money to cover these potential costs.
The beneficiary bank may provide you with the fees charged by the intermediary bank."

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Yeah I hear ya mate. Unless you have to its not worth it.

Option a, take it out in cash here in oz then deposit in person in Thailand.

Option b, use a commonwealth MasterCard debit card in Thailand. Press credit when taking money out and no overseas withdrawal fees incur.

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Yeah I hear ya mate. Unless you have to its not worth it.

Option a, take it out in cash here in oz then deposit in person in Thailand.

Option b, use a commonwealth MasterCard debit card in Thailand. Press credit when taking money out and no overseas withdrawal fees incur.

assume that the mastercard option would give a worse exchange rate? and there would be local charges for using the atms??

ha, i need to figure something out as dont really want to loose 5% of my $$$!!

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I wouldn't blame commonwealth bank. Its out of their hands. They charge 50buks transfer fee from memory though for international stuff. I would be onto the Thai banks. Seems they are at fault?

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No it's the rate offered by the ATM of each Thai bank. No fees for using overseas if you press credit not savings etc. Usually the exchange rate is quite good.

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Sorry the cost is only 150baht each withdrawal. Much better than 3000baht you paid. Then just deposit in your Thai bank in person.

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I wouldn't blame commonwealth bank. Its out of their hands. They charge 50buks transfer fee from memory though for international stuff. I would be onto the Thai banks. Seems they are at fault?

I would blame Commonwealth Bank as they are the ones who established their money transfer capability. Apparently they must depend on one or more intermediary banks to accomplish international funds transfers which means higher transfer costs. I expect in most cases and if they wanted to they could tell you exactly who the funds will be transferring through and what that total transfer charge would be but that would require exact work and make some customers baulk at some transfers due to costs...instead they won't tell you as they want you to think it's out of their control....they will only tell you their front-end sending fee the bank directly charges.

But I will admit sometimes the bank may not know possibly depending on the routing setup established by the customer. Just for example, in the U.S. people can use "ACH" to transfer funds at a very low to nothing cost...even transfer to Thailand. Use of ACH requires use of a bank's "routing number." Many ThaiVisa member transfer money to their local/in-Thailand Bangkok Bank by using the Bangkok Bank "New York" branch routing number...when the funds flow-thru that NY branch (kinda like an intermediary bank in a round about way) they slice off a small fee...probably $5 for a typical transfer and they publish they fees. Now, the U.S. sending bank wouldn't know about that charge, nor care, since the customer is the one who entered the routing number to use.

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When was your previous transfer? Last year on this date it would have been 2,800 baht more for a 2k AUD conversion. The Thai Baht has been going up in value very quickly in the last several months.

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i got prinouts from bangkok bank and can see;

end of jan 2013 - @ 31.13 - this was received via SWIFT

from: citibank sydney

ordering institution: commonwealth

then start of march - no rates available - received via BAHTNET

from: citibank thailand

ordering institution: citibank, europe plc ireland ??!!

so, it wasnt the exchange rates i dont think...

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I use Ozforex to transfer money. Once it's set up (go to their website) it's quite simple. And better rates than banks!!

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I use Ozforex to transfer money. Once it's set up (go to their website) it's quite simple. And better rates than banks!!

looks good...so just a $15 charge per transaction??

any other fees along the way?!

and yes their rate (31.38) better than what i got on 23/01/2013 via commonwealth @ 31.13

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Hmm, ozforex huh. Have to check it out.

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i got prinouts from bangkok bank and can see;

end of jan 2013 - @ 31.13 - this was received via SWIFT

from: citibank sydney

ordering institution: commonwealth

then start of march - no rates available - received via BAHTNET

from: citibank thailand

ordering institution: citibank, europe plc ireland ??!!

so, it wasnt the exchange rates i dont think...

Indeed - appears to be your Citibank routing may have caused the issue (but believe exchange rate is also lower now than January) as this was received by Bangkok Bank in Baht, not in AUD so Citi at some point make the conversion and if done outside Thailand it is normally a really bad rate. But they should be able to provide full details if you demand. If you had requested a SWIFT transfer in AUD it does not appear to be what you got.

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thanks..i have asked commonwealth (my bank in oz) to explain.

i requested that commonwealth do not convert to baht which they actually said in their first reply that they had not.

not sure how/why citibanl got involved!!

will wait and see their response

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Aeon do not have any fees when withdrawing from their ATM in Thailand, I use them all the time.

My funds are in US dollars and are received via a Turkish bank in Istanbul, the exchange rate is always pretty close to advertised bank rate.

I took all my cash out of Australia and avoid all the taxes, if I need funds in Australia I transfer to the NAB when required.

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BANGKOK 25 July 2017 07:43
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