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Home » Reader question » Reader question: What information is required for a transfer to Thailand?
Hello
I would like to know something about transferring money from a Dutch bank to a Thai bank.
In addition to the usual data, are special bank codes also required, such as the bic code in the Netherlands? Or do people only use a bank number with the name of the person and place of residence?
Greetings,
Jer
You need the swift code of the Thai bank where you want to send the money and the account number. Check the website of the relevant bank, e.g. Bangkok Bank.
Your bank asks for 1- the name and address details of the person who will receive the money, of course also for 2- the account number to which you deposit the money,
at 3- the name and address details of the receiving local (!!) bank,
and at 4- the SWIFT code of the bank. (Thai banks often do not use BIC codes.)
You can look up the Swift code of the Thai bank via Google, e.g.
http://www.theswiftcodes.com/thailand/
This also includes further information about Iban, Bic and Swift.
If you transfer money, you will be given 3 options regarding the costs that the bank will charge you.
That is OUR = all costs are charged to your Dutch account and that is quite a bit: see the website of your bank.
SHA = the costs are shared between your Dutch bank and (part of the costs are deducted by) the Thai bank (deducted from the total amount transferred), whereby the Dutch bank is also not frugal.
BEN = the Dutch bank does not charge any costs, these are borne by the recipient, so deducted from the amount transferred, but it is the cheapest in terms of transferring money to Thailand.
That sums it all up nicely. What is the most beneficial remains guesswork. So far I have used to SHA (shared), and 1 time as a test OUR (was considerably more expensive) and 1 time BEN (was also slightly more expensive because a relatively hefty amount was taken by the Thai bank). What exactly that is... the combination of the bank in question (what kind of costs do they charge), the size of the transaction, the frequency, etc. Very opaque. But I'll get to work with BEN sometime… It's a shame to pay more than strictly necessary, isn't it?
In the many years that I transfer money from the Netherlands to Thailand, I notice that BEN is the cheapest: ING (or sometimes via Rabo) does not charge any costs; BkB (or sometimes via UOB) about ThB 50 per Euro 1000 transferred. There will certainly be reactions that I calculate it incorrectly, I'm not doing it right and that it can all be done differently and cheaper.
However, if I transfer say 42 euros at a rate of 1000 and I receive an additional ThB 41.950, you won't hear me grumbling. If the bank books ThB 42.050 because the exchange rate has meanwhile risen, I don't grumble either.
That in a different way of calculating and transferring Euro 1000 I might have made ThB 42.025: given that the Baht in Thailand gives me so much more than the value of Euros in the Netherlands, and thus enables me to a greater extent I'm not going to worry about a few bahts more or less. It means only a magnum less at the 7/11 after the (also cheaper) refueling, which is good for the line too.
Dear,
In the Netherlands we do not use a BIC code. Abroad they do use a BIC code. In the Netherlands we use an IBAN code. Everyone with a Dutch bank account has an IBAN number.
If you receive money from abroad, you must know the BIC number of your bank. Every Dutch bank has a BIC number.
As mentioned, if you transfer money abroad, you must use your IBAN number and not a BIC number.
good luck,
Stephan
@stephan: you mix up all kinds of concepts and that makes things confusing for the questioner and other blog readers. A Dutch bank account has an International Bank Account Number, IBAN. That's just your account number.
Banks have a Bank Identification Code, BIC: for information, see http://bic-code.nl/ and on http://swift-code.nl/
Thai banks do not work with a BIC, but with a Swift: see http://www.thaivisa.com/thai-bank-swift-codes.html. On this site you will find almost all swift codes of almost all thai banks.
If you transfer money to Thailand, your bank will ask you to enter the BIC of the receiving Thai bank. But you don't have one, so you can enter the Swift code.
Try it out.
In short: the Thai (foreign) bank does not work with your IBAN, but with its own Swift code and the bank account number of the person receiving the money.
It's already written here. It is not known which costs are deducted here and which there. I have asked various banks what the costs are that are charged for OUR and SHA for 9999 € to be transferred. I have never received a clear answer. People always refer to the conditions but never mention an amount. Since I am sender and receiver, I choose BEN.
The IBAN number is for European use, all other countries require the BIC code
I am in the event that I want to have my Belgian pension transferred directly from the pension service to my account here in Thailand. I contacted the pension service for this and they informed me of the following: “We can transfer your pension to an account number as soon as you and your financial institution have accepted the conditions on the enclosed form. We therefore ask you to complete, sign and return the form, “Application for payment by bank transfer to a bank account”. It is also stated: “It is important that the account number and the BIC code (SWIFT address) are entered clearly and correctly. The signature and the stamp of your financial institution on the form are mandatory”. It is also stated "We inform you that the transaction costs, the exchange costs and the costs charged by the bank are the sole responsibility of the beneficiary"
I have inquired with the pension service, which costs are payable by me in Belgium. Of course I will find out here from my bank in Thailand. Today the pension service has informed me that I have to inquire about this at the bank in Belgium. It is not stated which bank the pension service uses to make transfers, so that I also have to inquire about it. My bank in Belgium charges far too high costs and I therefore want to close my account with that bank. Does anyone know what costs are charged in Belgium from the pension service, if any?
With the information that was sent to me, it is therefore clear that in addition to the name and local address, the signature and stamp of the bank here in Thailand are also required.
This information can undoubtedly be useful to other people who have the same or similar problem.
Dear Hemelsoet, why on earth would you let your pension provider transfer your pension directly to Thailand? Apart from the fact that there are costs involved that you have no control over, you do not control the transfers yourself. Living in Thailand means that you have to keep control yourself. For example, if you decide to switch to another bank in Thailand, or if you want to stop transfers to Thailand for a while or permanently due to circumstances, then you depend on the speed or slowness of your pension institution. Don't just give up your say, I'd say. Of course you decide for yourself about your own situation.
Dear Dennis,
I sent an email to ARGENTA asking if I could open an online current account. Their answer is negative: it is only possible if you have an address in Belgium (or the Netherlands) and I don't have that. So I can't do anything with that bank.
Dear Rudolph,
Until now I get my money from the Belgian bank with a bank card. I can only withdraw 25000 ฿ at a time, which means that the bank in Belgium charges an average of 12 euros per time and here in Thailand, 180 ฿ per withdrawal. That is together 3×500 ฿ in Belgium and 3×180 ฿ here = 540 ฿, so 1040 ฿ per month! (Bat calculated at today's domestic rate, 41,62฿/euro). That deduction amount is way too much for me, so I want to have my pension transferred directly from the pension service to my account here in Thailand. ARGENTA to have that transferred is not an option since I need an address in Belgium or the Netherlands for this, which I don't have. I therefore have the advantage that I can withdraw money from my account here at any time. Now I have to wait a week every time to do that. (The limit here is 25000 ฿/week).
Regards, Roger.
Yes, my dear Heavenly Soet, then you open a bank account here in Thailand, for example at the Bangkok Bank, etc., with which you can also bank via the internet. You then transfer money from your Belgian bank account to your Thai bank account yourself, at any time that seems favorable to you.
On this blog you can find many articles about money transfers to Thailand. Just click on this link: https://www.thailandblog.nl/lezersvraag/bankrekening-thailand/
Yes, dear Rudolf, I have had a Thai account for a long time, that's not the problem. That is with my Belgian bank, which is one of the most expensive, if not the most expensive, that exists in Belgium. That is PNB Parisbas-Fortis. They charge way too much for transfer and I want to get rid of that by seeing if it isn't much cheaper if I have a transfer directly from the pension service. That is only possible for a few months, before it always had to be paid into an account in Belgium and in my wife's name, as well as in my name. It was previously not possible to transfer directly to an account outside the European Union. There is hardly any delay in the transfer to my bank here (4 days) and the monthly dates are now set for the whole year so that I can see exactly when the money will be deposited. I can follow that on the electronic mail of the website of the pension service.
Dear Hemelsoet, hopefully the moderator will let this reaction through, but I would use your PNB account for internet banking. You haven't said anything about that yet, so it seems to me that you should investigate that possibility more closely. Do not send money through your bank, but transfer money through the internet (banking). Very easy and very cheap. It seems to me in accordance with European regulations that the costs of this are at the same level as in the Netherlands. In various postings on this blog, advice is given on the most advantageous method of electronic transfer.
In the other case that your PNB bank continues to be difficult, I would look around in Belgium to see which bank can be of service to me and not a burden. So looking for a bank that works with me. You don't stick to a couch if you don't like it, do you?
We are actually busy following a question from Ger. Thus, one last piece of advice: ask Thailandblog a specific question about the Belgian situation and your circumstances regarding this issue. You may get tips and advice from compatriots about how they have dealt with the matter. Good luck!
Strange that you ask me that question, denis. On Thailandblog you can find many posts about money, banks and opening Thai bank accounts. As you may (not yet) know in Thailand, one answer is not the other. One bank refuses someone an account, while another can easily open all kinds within 5 minutes. One takes out a loan from a bank, the other does not even receive one baht from the Atm. Why? Thailand is very flexible, and the Thai was born with bamboo. In addition, I note that the Thai is very sensitive to how a farang presents itself. I have accounts with BkB (and Uob and KtB) with which I do internet banking, I have saving accounts there, and a foreign account deposit. Why 3 banks? Answer: spread. Again my advice to open the link to the relevant article on Thailandblog that I added to Hemelsoet in my response. Use it to your advantage!
As far as that safe is concerned: it is true that Thai banks rent it out if it does indeed contain items with a considerable value, or a relatively large sum of money. A farang acquaintance of mine wanted a safe at BkB. Wanted to put papers in it. He was kindly referred to HomePro.
Yes Rudolf, I've been working with internet banking for 30 years and last year I made a transfer along that route, but it really ripped my pants, it cost me a lot more than collecting with the bank card. I suspect that is because (as far as I know) Belgium has not concluded any trade agreements with Thailand, the Netherlands, I suspect, does have them.
According to wikipedia, internet banking started in 1999.
30 years of internet banking therefore seems a bit exaggerated.