Money from Abroad.

Post by **trubrit** » February 25, 2014, 10:23 am

I have seen a lot of discussion about transferring money from your home country to Thailand, or getting your pension here but I can't find the topic. However as this is a completely different way to consider maybe it needs a new one .
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Kind regards,
#SENDER
This link is direct info re pensions .
http://www.caxtonfx.com/currency-inform ... transfers/
Basically the system works by having your pensions paid into their card account ,a Visa card, which you then use to purchase goods or withdraw baht from ATM's all without charge.The exchange rate used is the best available, today 54.16 compared to Bangkok Bank listing 53.75.I must admit I have only just received this info from my pension adviser and haven't actually tried it yet, but he reckons I will gain over 150pound per month in exchange rates and bank fee's , so will certainly having a good look at it . My only concern at this stage is whether my pension providers will pay my pension into it and how will I prove income for immigration purposes .When I have details on these I will post again. In the meantime I would appreciate comments from others who know or are using the scheme .

Post by **rick** » February 25, 2014, 1:09 pm

Be aware that the currency card may have 'no fees' but the exchange rate they use with it is 2.75% below interbank rate (or maybe the below the visa rate). And it will still incur all the surcharges Thai's may impose (i.e. 150 baht to use at an ATM, and up to 3% surcharge in some shops, such as Dohome). I will be interested to find what rates you actually get on the international transfer - the rate they give you is higher than an ordinary UK bank, but below the international visa rate - by how much they do not say.....

It will be interesting to see how the international transfers compares with my 'fee free' UK credit card (which would still be better than the currency card).

Post by **davecryan** » March 20, 2014, 1:41 pm

Received a letter from Natwest Bank, UK this morning.......after dealing with them since 1966 they have just told me to ---- off, on or before 14 May 2014.
I suppose it is because they make very little from me by way of fees, etc.....one Direct Debit and two transfers each year for State and Private Pensions receipts.
I seem to remember from a previous post by Trubrit that the UK Govt will transfer your State Pension direct to TH.
I will have to make a similar arrangement with my Private Pension and also try and arrange for Barclaycard to accept a Direct Debit from BKK Bank in Nong Khai.
If anyone has had experience of any of the above, I would be pleased to receive their advice.
On a lighter note the need to take out an Annuity was removed yesterday in the UK Budget....it must be the only benefit that I have received from them in the last 20 years.

Post by **retired** » March 20, 2014, 7:04 pm

and arrange for Barclaycard to accept a Direct Debit from BKK Bank in Nong Khai.

Be interested how you get on with this, I had previously made enquiries and was told Barclaycard is for UK residents and they were not geared up to receive payments from anywhere other than thro cash or a UK bank.

Post by **maaka** » March 21, 2014, 1:38 am

Re davecryan's comment
we have a tv ad running here in NZ, that says if you have a UK pension and want to transfer it to NZ, you only have until early April to do it..not sure why it says that, but alludes to some sort of change of law in UK, re overseas penisons..

Post by **parrot** » July 7, 2014, 2:40 pm

There's a thread on TV about Fidelity stopping money transfer overseas....supposedly tied into US efforts to crack down on money laundering/drug cartels/etc. I believe the article below is related....although the headline is misleading......as Africa and Latin America are not the only affected money-destinations.
Since a lot of folks in Udon could possibly be affected by changes in money transfers, how about anyone with recent experience post an update here for others to read.
http://dealbook.nytimes.com/2014/07/06/ ... transfers/

I just plugged in a transfer from Schwab through the NY BBK Bank. Should be here in 48 hours or less......I'll post if/when it arrives.

Post by **pf-flyer** » July 7, 2014, 4:12 pm

I requested a transfer on 30 June 2014 it arrived at our SCB account via BNY Mellon on 2 Jul 2014 in the afternoon.
Note: Because of the increase of fraud; our bank in the states was required to impose verification procedures in the international money wire transfer process several months ago.

Post by **parrot** » July 7, 2014, 4:49 pm

Disregard my post above about Fidelity and overseas transfers. Bad info. Sorry for any confusion.

Post by **retired** » July 7, 2014, 5:47 pm

pf-flyer wrote:I requested a transfer on 30 June 2014 it arrived at our SCB account via BNY Mellon on 2 Jul 2014 in the afternoon.
Note: Because of the increase of fraud; our bank in the states was required to impose verification procedures in the international money wire transfer process several months ago.

Bear in mind July 1st was a Bank Holiday here which may also account for any delay in receiving it.

Post by **udonthani** » July 8, 2014, 12:11 pm

I can not understand why you guys has so many problems in transfer from abroad, I have an Bangkok Bank account since 15+ years now and I have NEVER any problems, even with my pension which is promptly transferred every month, all it takes is 3 days and 250Bht in transfer fee, I can even access my overseas account and make additional transactions via web, no problem

Post by **parrot** » July 9, 2014, 12:03 pm

I made a Schwab transfer this week....same as always, no problems.....Schwab-to-Bangkok Bank of NY-to-Udon account

Post by **tutone** » July 9, 2014, 12:25 pm

Have been transferring from U.S. to Bangkok Bank on a monthly basis for 5 years. Never a problem, takes only about 2-3 working days. I have not received any notification from my financial institution that any changes are coming. Is this just a problem with financial institutions in England?

Post by **retired** » July 9, 2014, 6:03 pm

No problems with the UK, have been receiving monthly Swift transfers for many years, arrives within 24 hours unless a Bank Holiday either end.

Post by **wazza** » July 11, 2014, 4:40 am

I generate an international money transfer from my Australian Bank to BKK Bank Udon,

15 mins later approx., I get a SMS from BKK Bank to confirm the deposit, with the rate , Thai Baht deposit , fee charged,

It does depend on the banking hours of the Australian Bank, as long as its within their Int Money Tranfer window for that day, its in my bank that day also.

FYI - I transfer the deposit in AUD and allow BKK Bank to FX it, its 7% less if the Aust Bank converts it first

Post by **Philrjones** » July 11, 2014, 11:30 am

Hi Wazz - yes I do the same and haven't had any problems at all. I too transfer in AUD and let the Thai bank change it - definitely cheaper.

Post by **Peter USNR** » August 15, 2014, 5:46 am

I question how Bangkok Bank can get away with charging fees twice for a direct deposit from the US Govt. They charge in NY and then again in Bangkok a total close to $20.00 for each deposit.

They operate in New York and New York State has a Law pertaining to fees for direct deposit of income. Bangkok Bank never disclosed these fees in advance to me as to the actual amounts and reasons.

Under OCC regulations(which by the way they were audited by OCC) they are also required to report to you the amount of the US funds, the fee's charged, the exchange rate and the amount converted to Thai Baht. All required under US Law. OCC regulates all Foreign Banks operating in the US and they are required to follow US Law.

Post by **dutchdog3000** » February 25, 2015, 5:28 am

Hi all, well I have tried several options of getting money from Australia, I used to send via combank to my thai bank but the charges of $22.00 from combank and 2 baht or even 3 baht lower exchange rate and 250 baht thai bank charges was to much, I then used to just take out from my combank atm but again 1 to 2 lower exchange rate difference. if the thai bath would be say 25.5 but would only get 23.6 at atm then the thai bank charge of 180 baht and also combank charge of $5.00, so I checked a few options and OZforeux was the best options, ie if thai baht rate was 25.6 I would get 25.3 from them and also no fees, the only problem was it would take about 3 days to get into my thai bank, and I would still get the international 250baht fee in my thai bank, and the lowest amount you can send is $1000.00, but I could save about 2000baht , has anyone else used OZforeux? thanks

Post by **wazza** » February 25, 2015, 5:37 am

DD

I use Commbank and on average they are 5-6% less than the Thai rates.

Ate you sending the transfer over as AUD or are you allowing their web site to re calculate it into THB before sending as that does hurt.

When referring to what the THB rate is. What Bank etc and are you using the buying TT rate not the selling rate

Post by **dutchdog3000** » February 25, 2015, 5:54 am

hi wazza
im checking the XE.com rates and also OZforeux rates then check the http://bankexchangerates.daytodaydata.net/ rates, I was sending over AUD as the bank was nasty when I first started sending money and got caught out on this when they converted to thai baht then sent, like u said about 5-6% less, check out this site http://www.ozforex.com.au/?cid=204&kid= ... vQodCjgAQg
and xe-com and they give a gud indication on wat u should be getting but as I said Oxforex does take 3 days and its much better to set up and account when ur back in OZ.

Post by **wazza** » February 25, 2015, 6:00 am

DD

The rate sites ur quoting arent reflective of what the Thai Banks give you as the buying rate.

Need to compare apples with apples there.

Having said that an Aussie mate uses some Westpac 4X crowd. But as u say takes days perhaps.

Yesterday my transfer from Commbank to BKK Bank Udon took 18 minutes.