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Reader question: Is it true that a Thai bank charges a 3% commission on a transfer?

By Submitted Message
Posted in Reader question
Tags:
20 September 2014

Dear readers,

At certain times I make a Non-European transfer via my bank in Belgium to the Bangkok Bank Thailand on behalf of a second-hand car company in Chang Mai.

However, I have to increase the agreed amount by 3% each time because the management claims that the bank in turn deducts or takes 3% commission as you like.

When asked in a local branch, they were unable or unwilling to give a conclusive answer. I find that very strange that they charge an amount on their customer's account as an expense.

Does anyone have experience who also regularly makes a money transfer and has the same goal? Or is that normal for them to charge for expenses? Of course it doesn't have to be a second hand car business, but the general rule of money transactions.

Thanks.

Alfons

Number of times read: 175

12 responses to “Reader question: Is it true that a Thai bank charges a 3% commission on a transfer?”

  1. erik says up
    21 September 2014 on 02: 11

    You can have a look here…

    http://www.bangkokbank.com/OnlineBanking/PERSONALBANKING/IBANKING/BUALUANGIBANKING/NEWUSERS/Pages/FeeInformation.aspx

    I bank at Kasikorn and money that comes here from ING NL costs 500 baht on the Thai side. Only the sun rises for nothing….

  2. david h. says up
    21 September 2014 on 05: 20

    My experience is that the Belgian (or other intermediary bank possibly) charges shipping costs, you can choose how the costs are divided, from your side, recipient side, or shared, but I have always been charged costs from the Belgian side depending on the sum. Thai receiving Kassikorn bank still costs less than 500bht .
    Ex;
    Keytrade Bank Belgium:
    15€ fixed cost +0,30% for amounts under 12500 €
    higher than 12500€ is 15€+0,10% with a maximum of 125€

    PS : you should also not forget the currency conversion , and all that is almost impossible to provide yourself , so the sent / received amount fluctuates even more !

  3. Roel says up
    21 September 2014 on 05: 35

    Hi Alfred,

    I bank myself at the bangkok bank and regularly transfer money from the Netherlands to bangkok bank Thailand. Bangkok bank does not charge 3%. In the Netherlands, the normal transaction costs are always up to an amount of 6000 euros, which is 5.50 euros. I always have a good exchange rate when I recalculate it to the daily rate of Thai bath.

    If you have a euro account with bangkok bank, you pay 2% commission up to a maximum of 500 euros on the deposited amount. Not recommended because no interest payment is given.

    But you can check that very easily, ask for an addition to the bank book of bangkok bank, it will say the amount of thai bath you have sent and so you can trace back to the amount of money you have transferred.

    In the Netherlands I must always mention that the recipient pays the costs, then I only pay a small amount in NL, 5.50 and in Thailand almost nothing. For example, if the exchange rate is 42 baht, then I will receive approximately 41.90. At the siam bank the exchange rate ratio is much worse.

  4. henry says up
    21 September 2014 on 10: 39

    With all shipping costs, I pay 200 Baht on the Thai side (Kasikorn). and the exchange rate is the Telex rate. I do live in Bangkok metropolis.

  5. Daniel says up
    21 September 2014 on 11: 17

    I have already asked the banks in Belgium several times what it will cost me to transfer 10.000 € to MY account in Thailand. All are too lazy to make a simulation. They always refer to the general terms and conditions. These are usually formulated in terms that are difficult to understand and interpret. I only make a transfer once a year, which is to top up my 800.000 Bt three months before visa renewal. Sometimes it is not too bad, sometimes against the prevailing exchange rate.
    During the year I use that account to pay for my daily expenses.
    I know foreigners who then put money on the account and then (after visa extension) put it back on their account in Belgium.

  6. William van Doorn says up
    21 September 2014 on 14: 09

    Suppose person A wants to transfer money from Thailand to the Netherlands and person B wants to transfer an equal amount from the Netherlands to Thailand. They both have a Thsaise and a Dutch account
    Well, person A then transfers that amount from Thailand to Thailand from his account to that of B and B simultaneously transfers the same amount from the Netherlands to the Netherlands from his account to that of A.
    Transferring money from the Netherlands to the Netherlands - I thought - no bank earns anything from that, and if that is also the case in Thailand, then you avoid paying bank costs, right?
    A useful idea perhaps?

    • David H says up
      21 September 2014 on 16: 01

      Unusable if your transfer must demonstrably come from outside Thailand, including; this is necessary for purchasing a condo, or for financial requirements for “retirement extension”!
      This would be possible for a normal transfer, and then the question is: who will deposit first, trust is a "must" in this one, I would rather pay the bank costs and sleep peacefully in anticipation ...

  7. Nico B says up
    21 September 2014 on 14: 32

    If you indicate to your bank that you pay the costs SHA (shared), you pay in NL at ING Eur 6,00 and the Bangkok Bank charges 0,25% with a minimum of THB 200 and a maximum of THB 500.
    You then get the TT Rate, which is more favorable than the Balie rate.
    This is usually the cheapest way; but you can easily find that out at ING and BKB on their sites at various amounts.
    Success.
    Nico B

    • Ruud NK says up
      21 September 2014 on 17: 10

      NicoB, you are right. I bank ING and SCB in Thailand. SCB calculates the costs in the same way as your Bangkok bank. Also 0,25% with a minimun amount.

      The rate is of course a different story because it can differ per minute. Perhaps the company is building in a security for the exchange rate.

  8. These says up
    21 September 2014 on 16: 22

    I transfer money monthly from Belgium to my Thai account, but I pay 0 percent for that transfer, but then you have to make that international transfer via Argenta, they do not charge any costs for the transaction. What I transfer arrives in Thailand completely according to the exchange rate at that time.

    • Daniel says up
      22 September 2014 on 07: 43

      You can only use Argenta to transfer money when you are actually in Belgium. You must then submit application forms to your agency. The transfer is carried out by ING via the head office in Antwerp. International transfers cannot be made with the internet at Argenta. As David H points out here, you also have no proof that the money comes from a foreign bank. Not even if you have the transfer done by persons in Belgium. The amounts must come from a foreign account in your own name. This for getting visa extension upon retirement..

      • Kito says up
        22 September 2014 on 10: 52

        Dear Daniel
        I regularly make transfers from Argenta to my Thai bank account myself, without personally traveling to Belgium.
        Perhaps your office manager interprets the instructions a bit too rigorously.
        For my branch manager, it is sufficient that I fill in and sign the special transfer form “international transfer” by hand (that signature is essential, because the branch manager must indeed have a signature, but that can be one of an outprint printed from a digital document) and forward it to him by email.
        He then prints that form in the office in Belgium and then forwards everything to the head office in Antwerp. Three days later the amount is credited to my account.
        And that costs me much less than if I made the transfer via one of the other Belgian banks where I am a customer.
        MVG
        Kito


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