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Reader question: Transfer costs when transferring money from the Netherlands to Thailand

By Submitted Message
Posted in Thailand in general
Tags: ,
October 16, 2019

Dear readers,

Does anyone know about transfer costs when transferring an amount in euros from a Dutch bank to a Thai bank via internet banking Private?

I do a transfer every month with SHA as a transfer fee of 6 euros, but the last one of September now has an additional transfer fee of 15 euros via a German bank (stated separately on the receipt receipt from the Thai Bank) which I do not understand and this has also not been deducted at my Dutch bank.

Regards,

ferry

Number of times read: 220

39 responses to “Reader question: Transfer costs when transferring money from the Netherlands to Thailand”

  1. Jacques says up
    16 October 2019 at 10: 06

    Dear Ferry, your question has recently been discussed on this blog by various people, including myself.
    I assume that you have not read this and that is a pity because then you would have had an answer to this question.
    But for you two things are important:
    1- the transaction via the Dutch bank goes through the Deutsche bank (you are probably affiliated with the ING)
    2- the statement that you (probably) received from the bank in Thailand also states the amount they received, which therefore differs from what you sent and which you can see as confirmation on your statements.

    With shared sending, the costs of 6 euros are stated separately, but not with BEN shipping.
    Those 15 euros have stuck with the Deutsche bank because it doesn't work for nothing either.

    • Jacques says up
      16 October 2019 at 10: 11

      Forgotten and certainly important is that the bank does not include this amount as separate costs, probably because the Deutsche bank collects it. However, ING does state in the provisions that costs may be charged by third parties (in this case the Deutsche bank) for worldwide shipping and that the Thai bank still charges costs.

    • Musty says up
      17 October 2019 at 00: 07

      I have been using Transfer wise for a few years, works perfectly and good rate!

  2. Khun Fred says up
    16 October 2019 at 10: 54

    Dear Ferry,
    has been discussed in detail recently:
    https://www.thailandblog.nl/lezers-inzending/lezersinzending-wereldbetaling-met-ing-en-verborgen-kosten/

  3. ruud says up
    16 October 2019 at 11: 01

    I suspect, but am not sure, that third bank has to do with money laundering law.
    I think the banks are outsourcing the work and risk of money laundering to a bank that takes care of the controls.
    The transfer from the Dutch bank is within Europe, where those strict laws do not apply and the bank in between can specialize in the investigation of suspicious transactions for a large number of banks.

    The question is, of course, whether the customer should pay extra for checks by a third bank, which should actually be done by their own bank.
    Your own bank then no longer incurs any costs for these checks, and allows the customer to pay (extra) for the outsourced work.

  4. Ruud Vorster says up
    16 October 2019 at 11: 04

    Go to Google and immerse yourself in TRANSFERWISE BORDERLESS Account !

    • Gerard says up
      16 October 2019 at 14: 35

      I pay Thai tax on the total annual amount that I have transferred from my NL account to my TH account (always the same account). For this I need a one-year bank statement (with stamp and signature of bank employee) that I include with my PIT form. Does anyone know if Transferwise also officially issues a bank statement? Then it would be interesting for me to arrange transfers via Transferwise in the future.

      BVD, Gerard

    • Lung John says up
      16 October 2019 at 16: 11

      Dear Ruud,

      I note TRANSFERWISE BORDERLESS account would be best. Can you give me more explanation about that. I use Transferwise to send money, but from TRANSFERWISE BORDERLESS, I didn't notice that.

      Yours faithfully,

      Lung John

      • aduard says up
        17 October 2019 at 03: 46

        A while ago I opened a Euro account with Transfarewise via the internet, my pension (have several) are now jointly transferred directly to this account every month. Without scrambling intermediaries (banks), I transfer my money every month, is normally in my bank in Thailand within 24 hours, the costs are always including the costs of Transfarewise, "mind you" money from several pensions jointly, total around 17 €, 570 Baht.

    • john says up
      16 October 2019 at 22: 41

      note there is a clear difference between sending money from euros to euros. So don't have it converted to Thai baht at the receiver or at the sender or from euros to Thai baht. In the latter case, you run into two pain[points. First send at cost and second convert from euro to thai baht at cost. Also confusing in the discussion.

  5. RNO extension says up
    16 October 2019 at 11: 09

    Dear Ferry,

    scroll to previous pages there is a lot of information about this matter.

  6. willem says up
    16 October 2019 at 11: 15

    I am sometimes amazed at the constant repetition of the same questions in this forum.

    A question about transfer costs has been discussed several times in recent months. Even yesterday about exactly the subject Ferry asks about.

    A tip: First use the search box to see if it has already been discussed.

  7. Pieter says up
    16 October 2019 at 11: 42

    I don't have the same experience at the moment, but then I would try some options. Choose a different transfer bank or method. With SHA you actually only pay your own bank costs and not the intermediary banks.
    So you can go to an OUS setting, but then the net effect may be almost the same.
    The Difference between BEN, OUR, SHA
    BEN (BENeficiary) –
    The Payee (recipient of the payment) will incur all of the payment transaction fees
    Typically, the recipient will receive the payment minus the transfer charges
    The Payer (sender of the payment) will not pay any payment fees
    PLR –
    The Payer (sender of the payment) will bear all of the payment transaction fees
    Normally you will be billed separately for the payment transfer
    The Payee (recipient of the payment) will not pay any payment fees,
    The beneficiary will receive the full amount of the payment
    SHA (SHAred) –
    The Payer (sender of the payment) will pay all fees charged by the sending bank
    You will be billed separately for the payment transfer
    The Payee (recipient of the payment) will pay all fees charged by the receiving bank
    The recipient will receive the payment minus any correspondent/intermediary fees

    • Pieter says up
      16 October 2019 at 11: 42

      So I meant OUR instead of SHA

  8. Guy says up
    16 October 2019 at 11: 46

    I can give you some advice – you can check that on the internet.
    Visit ”TransferWise”” — there you always get a better rate, a clear agreement about transfer costs, the amount that will be deposited into Thai account.
    TranserWise works over Deutsche Bank – Transfer Duration == usually 2 business days.

    The more intermediaries, the more costs - Everyone wants to earn something and banks are quite specialists in this.

    Greetings
    Guy

    • john says up
      16 October 2019 at 22: 43

      transferwise can only be used if you convert the sent euros into Thai Baht!

  9. Ger Boelhouwer says up
    16 October 2019 at 11: 47

    Dear Ferry,

    This was written about extensively on this blog earlier this week.
    Result, download the app 'transferwise'
    And transfer money through them
    Advantages compared to regular banks;
    – it is faster on the account of the receiving party
    – costs of transfer are much lower
    – exchange rate is much more favourable
    – no hidden costs of, for example, an intermediate bank that ordinary banks use
    – transparent, you see exactly what you pay, the exchange rate they charge, the costs and what the receiving party receives
    - easy to use

    It may now seem that I have shares with them, but that is not the case

    Success!

    Groet

    Jer

  10. Erik says up
    16 October 2019 at 11: 55

    Which NL bank does this for you? This week there has been plenty of writing about that 15 euros for a transaction via ING.

    As for the cost, someone has to pay for this. In your case, the receiver.

  11. it is says up
    16 October 2019 at 12: 17

    I transfer money with Transferwise and pay € 1000 in costs for € 7,61
    All banks are scammers, including ing.

  12. Rob says up
    16 October 2019 at 12: 41

    I would say use transferwise, they offer a better rate and you see the exact costs for the actual transfer and they are low with a not too large amount.

  13. Freezer Danny says up
    16 October 2019 at 12: 43

    Have you tried Western Union? First create an account, with the PC you choose Sofort banking, so they make a connection with your bank and you also fill in a Thai account number + address and data.
    Price that way is free, they only take a little profit on the price, but so do the banks!

  14. Bob, yumtien says up
    16 October 2019 at 12: 54

    Read back a few days. Use Western Union with assignment to yourself.

  15. Keith de Jong says up
    16 October 2019 at 13: 09

    Do you know transferwise? I've been using it for 6 months now and really like it. Very low cost and you get the current price of the moment. The morning can already be different than the afternoon. Just google and read.

  16. Pieter Ronald Schuette says up
    16 October 2019 at 13: 33

    Dear Ferry, NEVER do a transfer from Ned, bank to a Thai bank again. The banks give bad rates and charge too much transfer costs. Look on the Internet for Transferwise (www.transferwise.com).
    Create an account, which is very easy, and follow the instructions.
    Super clear. You immediately see the transfer costs, for which exchange rate and when you can expect the money to be in your Thai account. You will also receive your money much faster and in the meantime they will keep you informed of the progress by email. The money is usually in your account in 1 or 2 days.
    You will see how safe it is and how much better it is than the money hungry banks.
    Many a friend I've recommended it to is also very enthusiastic.

    • Rene Chiangmai says up
      17 October 2019 at 04: 15

      I just transferred 500 Euro via Transferwise to my account at the Bangkok bank.
      It was in my account within 15 minutes.

  17. Henk says up
    16 October 2019 at 13: 44

    Well, with those low interest rates, banks earn less, so they look for other ways to earn money. I have encountered many problems with ING internet banking. When I transferred money from my Dutch account to a Thai bank, it went through a German bank. That bank also charged costs, in addition to ING. I never got an answer to why. It looks like criminal! Why not directly without that German bank in between?

    • Jacques says up
      17 October 2019 at 12: 42

      In fact, I had contacted ING customer service about this problem by telephone and the lady in question told me that sending with the BEN method would not incur any costs and why it went through a German bank, she also owed me the answer. She knew nothing about this. I had to point it out to her myself about the provisions (6 euros) and the message I had received from the Bangkok bank of the actual amount they had received and the fact that the Deutsche bank was involved (+ 15 euros). . I don't think she had ever had an explanation about world payments.

  18. tooske says up
    16 October 2019 at 14: 43

    I took a look at the transferwise site but it is lead to old iron.
    costs ING 6 + 15 = € 21.–
    costs VAT € 20,78
    transferring € 2000 gives 66.431 thb at ING and 66.515,64 at TW, so I don't think we will switch for that hundred thb.
    Just as well, no style of ING announcing with great fanfare that only € 6. will be deducted as costs for world transactions.
    To then have these hidden costs deducted by the German bank.
    Possibly a nice subject for KASSA.

    • Rob V says up
      16 October 2019 at 17: 57

      In addition to Transferwise, there are also competitors such as ThorFX. Just google. Anyone who is still looking or switching from a regular bank to another way of transferring money internationally can, in my opinion, look around a little longer than do what the crowd does. The majority is not always right and what was true yesterday may be outdated today. Banks are happy with tame loyal sheep that take the non-transparent practices for granted, but so are other commercial parties. As a customer, therefore, look around critically every now and then.

    • Willem says up
      16 October 2019 at 19: 20

      The costs of VA are only that high if you choose fast transfer. That is often not necessary at all. With a low cost transfer it costs 13 euros for a 2000 euro transfer and the amount is often on your account in Thailand within a day. Please don't compare apples with oranges.

    • Khun Fred says up
      17 October 2019 at 03: 57

      Tooske, we're not going to switch for 100 bath?
      Then just transfer € 2000 through your bank to Thailand and then also via Transferwise.
      Then you will see that it is not about 100 bath.

    • Jacques says up
      17 October 2019 at 12: 30

      You forget that there are even more costs. The Thai bank charges even more costs than ING does in the Netherlands. I assume that euros have been sent to Thailand via ING and they still have to be exchanged and the Thai bank uses a lower rate for this. In addition, a fixed amount of 6 euros (200 baht). For my transfer of 2250 euros in the Netherlands and Germany I lost a total of 21 euros (6 + 15 euros) and in Thailand 28 euros (6 + 22 euros) in total. So a total loss of 49 euros.
      Transferwise is already being exchanged and the amount in bahts will be transferred to your Thai bank account, so no costs will be charged by the Thai bank. I think that will suffice with 200 baht in total.
      Perhaps those who have already sent can check whether there are still costs associated with their Thai bank via Transferwise, I am curious about that.

      • Khun Fred says up
        17 October 2019 at 15: 01

        Dear Jacques:
        at Transferwise you have the exchange rate and the amount that you actually get deposited, in this case, on my Thai account. And that's true for me every time.
        A happy user who gets a transparent overview.

  19. Paulie says up
    16 October 2019 at 14: 48

    I solved this problem cheaply years ago. Open a 2nd bank account in the Netherlands with your bank. You can deposit the amount of money to be sent on this. You can send the accompanying card to Thailand by registered mail, or take it with you on your next visit. Costs almost nothing, the disadvantage is a maximum of 500 euros per day.

    • Jos says up
      16 October 2019 at 21: 29

      I don't understand why you open a 2nd account for that?
      Isn't that also possible with your regular account?

    • Rene Chiangmai says up
      17 October 2019 at 04: 12

      But then you have to pay the pin costs every time to the Dutch bank + exchange rate surcharge at many banks + 220 Baht for the Thai bank.

    • Paulie says up
      17 October 2019 at 10: 02

      Why 2nd account, you have control over the maximum that can be debited. Advantage, you transfer money, and it is available immediately. I pay 1 euro per 100 euros for my bank, and in thailand, depending on the bank and the amount around 4 euros. I know several people who do it this way, it's really the easiest.

  20. Manfred says up
    16 October 2019 at 19: 34

    To be read on the website of ING.nl under the heading world payment (after clicking through of course):
    “Shared (SHA): you are charged a rate for this by ING and the recipient is charged by his bank. Additional costs may be charged by intermediaries.”
    With attention to the second sentence, which refers to additional costs. So they covered themselves.
    However, it is indeed a pity that these costs are not clearly stated when transferring money to Thailand.

  21. Jos says up
    17 October 2019 at 06: 34

    66780 THB for 2000 Euro
    Use this to easily compare prices for EUR to THB transfers. https://transferwise.com/us/compare/eur-to-thb


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