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Bangkok Bank transfers from London changed

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Thanks - I'll wait and see. My next transfer is not until around October.

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1 hour ago, chickenslegs said:

Good point. I guess that the Bangkok Bank will charge the same fee on foreign currency payments, regardless of where they originate. I won't know for sure until I transfer some money using Transferwise at the end of this month.

Not if the foreign currency is £ or US$  transferred via the BKB in London or NYC..........

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10 hours ago, chickenslegs said:

Good point. I guess that the Bangkok Bank will charge the same fee on foreign currency payments, regardless of where they originate. I won't know for sure until I transfer some money using Transferwise at the end of this month.

Within the last year Kasikorn have upped their charge for receiving the Baht transfers that I make via Ozforex from about 250Baht to over 600. For me it's rather tarnished the image of what is otherwise an excellent bank.

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2 minutes ago, Eff1n2ret said:

Ozforex

 

No longer exists !  Maybe you should try using OFX :smile:

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11 hours ago, chickenslegs said:

Good point. I guess that the Bangkok Bank will charge the same fee on foreign currency payments, regardless of where they originate. I won't know for sure until I transfer some money using Transferwise at the end of this month.

 

10 hours ago, perthperson said:

Not if the foreign currency is £ or US$  transferred via the BKB in London or NYC..........

 

The fee charged by BKB is min 200THB and max 500THB ...

Transfer_money_from_the_UK_to_Thailand_-_2017-07-22_11_22_32.png.edb5d09af09dec50bdb65e383f952409.png

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Just now, chickenslegs said:

The fee charged by BKB is min 200THB and max 500THB ...

 I am aware of this. I was responding to a post that implied BKB charged 500Bht for ALL transfers. 

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1 hour ago, chickenslegs said:

 

 

The fee charged by BKB is min 200THB and max 500THB ...

Transfer_money_from_the_UK_to_Thailand_-_2017-07-22_11_22_32.png.edb5d09af09dec50bdb65e383f952409.png

I suspect that BBL probably don't add any extra fee to a Transferwise transfer, on the assumption that Transferwise themselves do the GBP-to-THB conversion before passing it on to BBL. After all, as is evident from your table above, BBL don't add any extra fee to transfers which have already been converted to THB by their London branch.

 

But I should be able to confirm (or deny) this on Tuesday when Transferwise have promised that 43,158.56 THB should reach my BBL account on the basis of the inaugural £1,000 transfer I instigated with them earlier today - on the basis of your glowing testimony, by the way!:biggrin:

 

One strong recommendation which I would have for anyone setting up a transfer arrangement with Transferwise for the first time, though, would be to take (or scan) a high-definition image in JPEG format of their passport photopage beforehand, since this will be needed for ID confirmation purposes. Otherwise they will need to hold the photopage in front of their device camera with an extremely steady hand, which can prove hit-and-miss as I discovered this morning! Presumably an ID check is required each time a new transfer is instigated?

 

Other than this slight problem, though, I do have to say that I found my initial experience of Transferwise to be (to paraphase the national airline's strapline) "as smooth as silk". And because of their low fee (mine was £7.46 for my inaugural transfer), it appears ideally suited to transferring relatively small amounts. On the other hand I have had to transfer at least £5,000 each time using the BBL London branch method so as to avoid being disproportionately hit by fixed-rate fees - which, for me, has equated to putting all my eggs into 1 basket and left me feeling nervous as a result.

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53 minutes ago, OJAS said:

I suspect that BBL probably don't add any extra fee to a Transferwise transfer, on the assumption that Transferwise themselves do the GBP-to-THB conversion before passing it on to BBL. After all, as is evident from your table above, BBL don't add any extra fee to transfers which have already been converted to THB by their London branch.

 

 

Of course. Stupid of me not to realize that Transferwise do the currency conversion and BKB receive THB.

 

Transferwise fee is proportionate to the amount transferred. For example, a transfer of 25,000GBP would attract a fee of 150GBP. However, the exchange rate offered is around 1THB/GBP better than the Bangkok Bank - thus still a better deal.

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I've just looked at transferwise, for £25,000 they will give me B1,080,524.97 which they claim is an FX of 43.48294. But do the sums and the Fx is 43.221 due to their £150.60 charges.

 

Now Bangkok bank's Fx is today quoted as 43.0775. If you use Halifax with a charge of £95.0 to Bangkok bank (in £) and Bangkok bank take 500 Baht I will get B1,076,028

 

Which is almost B5,000 more using Transferwise, or B4,500 if Bangkok bank charge their B500 for receiving the Baht.

 

Reworked the calculation for £2,500 and still get a B1,209 profit. Over 2 cases of Chang.

 

 

.  

 

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On 7/20/2017 at 7:00 PM, observer90210 said:

Why not change and  try Krungsri Bank (Ayudhia Bank)?

 

I have heard good feedback from expats in Thailand.

That's a bit better as it's owned by a Japanese Bank, but they are still staffed by often clue less Thais. They started to debit me a small amount each month for a service I did not ask for and which never worked. Took weeks to get them to stop and in the end they swore I had rang them up and asked them to do it, never got the money back either.

 

I always use transferwise  it works and you know what you will get and when, using swift direct from a Bank ended up with the bank in Thailand hanging onto large amounts until the rate went down and charging me again for the transfer fee. I'd still use transferwise  even if it cost a bit more

Edited by Orton Rd
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On 7/22/2017 at 2:59 PM, chickenslegs said:

Transferwise fee is proportionate to the amount transferred. For example, a transfer of 25,000GBP would attract a fee of 150GBP. However, the exchange rate offered is around 1THB/GBP better than the Bangkok Bank - thus still a better deal.

 

21 hours ago, briley said:

I've just looked at transferwise, for £25,000 they will give me B1,080,524.97 which they claim is an FX of 43.48294. But do the sums and the Fx is 43.221 due to their £150.60 charges.

 

Now Bangkok bank's Fx is today quoted as 43.0775. If you use Halifax with a charge of £95.0 to Bangkok bank (in £) and Bangkok bank take 500 Baht I will get B1,076,028

 

Which is almost B5,000 more using Transferwise, or B4,500 if Bangkok bank charge their B500 for receiving the Baht.

 

Reworked the calculation for £2,500 and still get a B1,209 profit. Over 2 cases of Chang.

I suspect that TransferWise's fees are only less than BBL's for transfers up to £5,000. According to a quote for this amount which I have just obtained, their fee would be £31.31, which is roughly equal to the £20 charged by BBL at the London end plus the max 500 THB at the Bangkok end.

 

But, personally speaking, I don't see myself doing any single transfer exceeding £2,000 (unless, of course, I were to win the National Lottery jackpot).

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On 7/21/2017 at 5:37 PM, chickenslegs said:

I have been using the Bangkok Bank service for several years but this topic has caused me to look at the Transferwise option.

 

This is a real time quote from them ...

5971d8dd8ad34_Transfer_Money_Online__Send_Money_Abroad_with_TransferWise_-_2017-07-21_17_20_37.png.e5e4b199689d97f741e24073ba079997.png

 

And, this is what it would cost using Bangkok Bank ...

2,000 GBP

 

-20 GBP Charge in UK

 

-5 GBP Charge in Thailand (0.25%)

 

 

 

1,975 @ 43.07750 (TT rate at 17:30hrs 21/7/17)

 

= 85078.0625 THB

 

 

 

 

If i had used my I use my Halifax clarity credit card, on Friday i would have got 86,909 baht, slightly more than Transferwise. Of course would need to go to the ATM 4 times so the ATM fees would make it slightly lower, plus you have to pay off the credit card straight away to avoid interest. But still way better than Bangkok bank, and so much more convenient most of the time - just take out the money you need for the week or fortnight.

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1 hour ago, rickudon said:

If i had used my I use my Halifax clarity credit card, on Friday i would have got 86,909 baht, slightly more than Transferwise. Of course would need to go to the ATM 4 times so the ATM fees would make it slightly lower, plus you have to pay off the credit card straight away to avoid interest. But still way better than Bangkok bank, and so much more convenient most of the time - just take out the money you need for the week or fortnight.

You can use your Clarity and withdraw from the counter, I've done a couple of 50,000 withdrawals, a friend has done 150,000 avoiding ATM fees, you just need to find a friendly bank. The max Halifax allows is your available credit limit.

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3 hours ago, rickudon said:

If i had used my I use my Halifax clarity credit card, on Friday i would have got 86,909 baht, slightly more than Transferwise. Of course would need to go to the ATM 4 times so the ATM fees would make it slightly lower, plus you have to pay off the credit card straight away to avoid interest. But still way better than Bangkok bank, and so much more convenient most of the time - just take out the money you need for the week or fortnight.

I have used the Halifax Clarity card ever since it was issued and their Mastercard rate has been the  best available for 90% of the time. Mind you they are a bit devious in that I believe that Halifax do manipulate the rate that they give you. It is rarely exactly the advertised Mastercard rate. Sometimes more but most often a bit less. I have argued with them about this many times. One year they told me the deviation is because the rate given is not the rate on the day of the ATM withdrawal but the rate on the day that it is 'entered' or debited from your CC account. The following year they told me the opposite was the case. Last year they told me it could be the rate on either day! So I reckon this is how they can offer  a 'so-called' fee free service; by manipulating the rate they give you.Overall,  I have found their rate to be about .5thb below the live rate shown on Xe.com and the rate offered by Transferwise after their charge to be about .3thb less. So now I use Transferwise and also escape the Thai banks rip-off ATM withdrawal charge.

Edited by SunsetT

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1 hour ago, SunsetT said:

I have used the Halifax Clarity card ever since it was issued and their Mastercard rate has been the  best available for 90% of the time. Mind you they are a bit devious in that I believe that Halifax do manipulate the rate that they give you. It is rarely exactly the advertised Mastercard rate. Sometimes more but most often a bit less. I have argued with them about this many times. One year they told me the deviation is because the rate given is not the rate on the day of the ATM withdrawal but the rate on the day that it is 'entered' or debited from your CC account. The following year they told me the opposite was the case. Last year they told me it could be the rate on either day! So I reckon this is how they can offer  a 'so-called' fee free service; by manipulating the rate they give you.Overall,  I have found their rate to be about .5thb below the live rate shown on Xe.com and the rate offered by Transferwise after their charge to be about .3thb less. So now I use Transferwise and also escape the Thai banks rip-off ATM withdrawal charge.

I've found the exact same thing and had discussions with them also. Yesterday i checked my statement to their published rates and it didn't tie in. I'm pretty sure a year or so ago it tied in all the time.  Whenever i check though its a better rate than TT in Soi Buakhao so better than cash anyway

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BANGKOK 17 August 2018 04:18
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