Thai banks 'scamming' with wire transfers from USA

[think_too_mut]

>What this means is that one cannot write SWIFT instructions that do not work with the preset messages and expect the sending bank to accept them, or the receiving bank to respond.

 

 

I did it wrong once, over the net: permutted 2 digits in the account number.

The money was instantly taken from my account and, I believe, syntaxly correct transaction queued for processing. 3 days later, the money was not still in.

 

Suddenly, I realized what was wrong and went to the branch of the receiving bank. They checked and found that account number I had supplied does not exist and that the money will be returned back to the sending bank and account. And it happened, 4 days later altogether.

 

That was between 2 banks. They have no means of checking validity of each other's account number.

[shotover]

I wired funds from my USA bank (actually credit union) to my Thai Kasikorn bank account in April and July this year without any problems. Both transfers were credited to my Kasikorn bank account within 1 business day after I submitted the wire request to my USA bank.

 

One important detail to include on the wire transfer request form is the specific Kasikorn branch where your account is held. Kasikorn Bank has dozens of branches in Bangkok alone.

 

I assume one or both banks make some money on the exchange rate (in addition to the fee the originating bank charges). On both of my transfers, the exchange rate I got was about 0.6 baht per USD less than the average rate shown on Oanda.com.

[Guest]

PSILVERS here...

 

From my experience, the wire transfer was completed in 2 days from the time it was sent from the US until it showed up in a Bangkok Bank account.

 

I asked a buddy of mine who also had very good experience sending from the US. It took him 3 days - no troubles going to Thai Farmers (I guess now the bank has changed names). And this was about 5 million for a condominium purchase.

 

I think there was a bit of bad luck, which I think does happen more than it should. Somebody working at the bank probably did not know what he/she was doing and just let things slide along.

 

Hang in there.

 

PSILVERS

[jasmine]

HI,

 

Hubby and I transferred money to the KrungThai bank in a province up North, it takes 3 days. It gets to the BKK office in 2 days. We have never had any problem yet.

 

Jasmine

[Lamock Chokaprret]

Banks are always playing games with transfers. The last time I transferred visa money to Thailand from Citibank HK, they routed the transfer through Citibank Thailand. The result was that each bank took a cut. Citibank HK, Citibank Thailand (1000 baht) and about 200 baht to Kasikorn bank (this was the fee to process the check sent by Citibank Thailand). However the money was credited relatively quickly (less than 5 days).

 

Citibank, to me, seems to be the worst. They provide transfer instructions to HK that are ridiculously roundabout. They need to traverse the country whose currency is being sent and it's supposed to go through an intermediate account.

 

I've found though that their instructions are not required to be followed. I can transfer money directly to my Citibank HK account by using their SWIFT code. This bypasses intermediates taking fees. Probably pisses them off but they credit the money pretty quickly if they know it's coming. Routinely transfer HK$ from there to there in 1 day.