Bank fees and exchange companies lesson

Stargazer

Stargazer

Surin Legend
Sitting in a hotel room in Bangkok with some spare time, on route for my annual return to USA for the 'summer', I just got around to reconciling my currency transfers, and discovered concealed bank fees $$$ I had not expected.:cry:

Initially, I set up a Bangkok Bank account at a branch in Bangkok, where I kept the required 800,000฿ on deposit in order to qualify for a retirement visa. I moved quite a lot of US dollars there over 2 years via xe.com to fund building a house and various farm and family structures and equipment. I was very busy, and didn't bother to audit the account.

I became dissatisfied with BB's service, and their requirement that I show up in person in Bangkok at the branch where my account was established to change anything, and so I set up a K-Bank account in Ta Tum. I was able to make that a sole account as required to meet the visa deposit requirement, but with my wife as beneficiary, which Bangkok Bank would not do for me. :)I have heard that it is difficult to impossible to get BB to give your sole account money back to your Thai wife when you die. They like to keep it.:screamcat:

I began trying another major currency exchange company, called 'Wise.com', and started comparing just how much net ฿ I got compared with xe.com. That is when I discovered that Bangkok Bank was taking a hidden fee off all transfers from xe.com to themselves or K-Bank. I'd send 600,000 ฿ over, and only get 598,400 ฿ in the account. No fee is indicated, but it's there. :rage: However, when I sent the same money over via Wise to K-Bank, it all was credited, no fee.:innocent: I just queried xe.com and they said 'we sent it, and have no control over incoming bank fees'.:tearsofjoy: I estimate that the Bangkok Bank fees amounted to close to 25,000 ฿ over two years. Foolish me for not auditing earlier.

So now, sayonara to Bangkok Bank and xe.com. So far, I have found Wise to have good rates and superior performance (money is credited here within 1-2 days, very fast). Others here may have their own favorites, and it may depend on where you're sending from. The moral is: shop around, reconcile bank accounts, and trust but verify. And set up bank accounts close to home.
 
Members have been singing the praises of Wise (formerly Transferwise) for several years now.

I am interigued by your comment that Kasikorn will allow a beneficiary to be named on a sole account. Thats a new on on me! I know it can be done in the US but had never previously heard of it being possible either in Thailand or the UK - a joint account always being a necessity. I will enquire further.
 
Prakhonchai Nick said:
Members have been singing the praises of Wise (formerly Transferwise) for several years now.

I am interigued by your comment that Kasikorn will allow a beneficiary to be named on a sole account. Thats a new on on me! I know it can be done in the US but had never previously heard of it being possible either in Thailand or the UK - a joint account always being a necessity. I will enquire further.
Click to expand...
Well, that’s what we requested and what my Thai wife thinks we have. I hope that’s correct, as I’m keeping a lot of ฿ in there! It might be prudent to have my wife’s lawyer brother read the documents. Let me know what you find out.
 
We have a joint account and my wife has access to my own main account via the ATM card and both my main account and supplementary account via on-line banking. Kasikorn Bank.

[Edit: I also have access to her account via ATM card but I don't think I'll be taking a World Cruise should I empty it!]
 
Last edited:
Mel Malinowski said:
Sitting in a hotel room in Bangkok with some spare time, on route for my annual return to USA for the 'summer', I just got around to reconciling my currency transfers, and discovered concealed bank fees $$$ I had not expected.:cry:

Initially, I set up a Bangkok Bank account at a branch in Bangkok, where I kept the required 800,000฿ on deposit in order to qualify for a retirement visa. I moved quite a lot of US dollars there over 2 years via xe.com to fund building a house and various farm and family structures and equipment. I was very busy, and didn't bother to audit the account.

I became dissatisfied with BB's service, and their requirement that I show up in person in Bangkok at the branch where my account was established to change anything, and so I set up a K-Bank account in Ta Tum. I was able to make that a sole account as required to meet the visa deposit requirement, but with my wife as beneficiary, which Bangkok Bank would not do for me. :)I have heard that it is difficult to impossible to get BB to give your sole account money back to your Thai wife when you die. They like to keep it.:screamcat:

I began trying another major currency exchange company, called 'Wise.com', and started comparing just how much net ฿ I got compared with xe.com. That is when I discovered that Bangkok Bank was taking a hidden fee off all transfers from xe.com to themselves or K-Bank. I'd send 600,000 ฿ over, and only get 598,400 ฿ in the account. No fee is indicated, but it's there. :rage: However, when I sent the same money over via Wise to K-Bank, it all was credited, no fee.:innocent: I just queried xe.com and they said 'we sent it, and have no control over incoming bank fees'.:tearsofjoy: I estimate that the Bangkok Bank fees amounted to close to 25,000 ฿ over two years. Foolish me for not auditing earlier.

So now, sayonara to Bangkok Bank and xe.com. So far, I have found Wise to have good rates and superior performance (money is credited here within 1-2 days, very fast). Others here may have their own favorites, and it may depend on where you're sending from. The moral is: shop around, reconcile bank accounts, and trust but verify. And set up bank accounts close to home.
Click to expand...

AtB is the guy to contact when it comes to Bangkok Bank charges.
 
Yorky said:
We have a joint account and my wife has access to my own main account via the ATM card and both my main account and supplementary account via on-line banking. Kasikorn Bank.

[Edit: I also have access to her account via ATM card but I don't think I'll be taking a World Cruise should I empty it!]
Click to expand...
Access to one anothers accounts via ATM and online banking is strictly illegal, and even more so if one of the parties has died. Nevertheless it is commonplace.

Beware though, as problems do occur and several widows that I have helped, who relied on husbands ATM card have come a cropper.
1) ATM card expired
2) ATM Card damaged and will not work
3) Wife/widow has forgotten the PIN number. 3 unsuccessful trys and the card is swallowed up by the ATM machine
4) Wife/widow trying to take out/transfer unusually large amounts of baht, which causes the banks computer to lock the account and request the account holder personally visits the branch!
 
Prakhonchai Nick said:
Access to one anothers accounts via ATM and online banking is strictly illegal, and even more so if one of the parties has died. Nevertheless it is commonplace.
Click to expand...

I appreciate that but it does not worry me.

Prakhonchai Nick said:
Beware though, as problems do occur and several widows that I have helped, who relied on husbands ATM card have come a cropper.
1) ATM card expired
2) ATM Card damaged and will not work
3) Wife/widow has forgotten the PIN number. 3 unsuccessful trys and the card is swallowed up by the ATM machine
4) Wife/widow trying to take out/transfer unusually large amounts of baht, which causes the banks computer to lock the account and request the account holder personally visits the branch!
Click to expand...

ATM will be the main access to the accounts. On-line banking as a back up.

Do you think anyone will really care (even if they were aware of it)? Not that I'm advocating illegal activities, of course.
 
Yorky said:
I appreciate that but it does not worry me.



ATM will be the main access to the accounts. On-line banking as a back up.

Do you think anyone will really care (even if they were aware of it)? Not that I'm advocating illegal activities, of course.
Click to expand...
Pat and myself have a joint company account in an Australian bank--no plomplam.
Our income stream is via our pension fund, paid monthly.
We get the funds automatically transfereed twice monthly ( tax purposes) into a pre-nominated account which I have to transferee manually to our SCB via OFX.
THAI ฿ is not a trusted currency that can be set up$ as a recurring transaction, ( lord knows, I tried ).
It sounds like a sh*t storm but, it works.
Our transferee costs $15 AUD flat rate and, the quoted rate I recieve from OFX in ฿ is what we recieve here within 24-30 hrs
Just saying.
 
I really don't like the way that Bangkok Bank operate but I still use them. My principle is still to keep the absolute minimum of money in Thailand.
Bangkok Bank (I still believe) gives a better exchange rate than the other Thai banks, but then, as already said, they offset that with crafty charges. I do compare my figures through Bangkok Bank against the exchange rate.

A direct transfer from my UK bank every month, fulfils retirement visa requirements and, as was the case this year, it is then straightforward to get Bangkok Bank in Bangkok, to send the necessary 12-months paperwork via their Surin Robinson's Branch so that the Immigration people have something simple (and Thai only) that they can understand and haven't got enough reason to dispute.
My wife has a second card for my account (which still has my name and signature on it, but a second different card number approved by B Bank and they took a copy of her ID card in the knowledge that she would be using it - I can't remember whether she filled in a form as well, I'm guessing not). She is not a named beneficiary or anything like that, but if something happened to me, she should be able to get at the money before B Bank blocked my account.
She can transfer electronically to her own personal separate B Bank account, and does that every month, then always transfers from that account to other people, such as University, retailers, family etc without it potentially disturbing any Bangkok Bank watchdogs in regard to my account. I realise it means you have to be in a position to totally trust your wife in regard to handling your money.

That is all ok within Thailand, but enquiring about using even her own Bangkok Bank account while she is here in UK for a while, (in case of emergency), was a nightmare of difficult complicated unnecessary bureaucratic nonsense - so forget it.

I accept that using Wise is easy, gives a better initial figure and is much quicker, but I'm not convinced that the differences outweigh what for me is currently an easy routine way to manage my money from UK to Thailand.
 
Prakhonchai Nick said:
Members have been singing the praises of Wise (formerly Transferwise) for several years now.

I am interigued by your comment that Kasikorn will allow a beneficiary to be named on a sole account. Thats a new on on me! I know it can be done in the US but had never previously heard of it being possible either in Thailand or the UK - a joint account always being a necessity. I will enquire further.
Click to expand...
So does Bangkok Bank.
 
gotlost said:
So does Bangkok Bank.
Click to expand...
Perhaps they do for you. We tried valiantly to get them to add my wife as beneficiary, and they swore it was impossible. That we would have to prove we were married, attested to by the US Embassy and 'legalized' by Thai Consular Services. The US Embassy says that they cannot (or will not) verify a certificate of marriage, which, in the USA, is issued by your local government. I have that stamped official document. Thai Consular Services will not 'legalize' it without the verification by the Embassy. Remember 'Catch-22'? By the way: we walked into Consular Services two days ago to legalize our marriage certificate, and found that you now must book an advance appointment online. Next available one: April 24th.
 
Yorky said:
I appreciate that but it does not worry me.

ATM will be the main access to the accounts. On-line banking as a back up.

Do you think anyone will really care (even if they were aware of it)? Not that I'm advocating illegal activities, of course.
Click to expand...
For crying out loud. 555555. The Bank does not care when its the damned tellers embezzling your money.
None to the least that the proper owner is taking it.
 
I raised the question on Asean Now (Thai Visa) This came back from a respected member.....................

At some banks ,mine Bangkok Bank , you can add another
person , they sign on the bank book, where you have to have
UV light to check the signatures , they are not named on the
main page, they can pay in and withdraw money ,but cannot
close the account.
I am not sure if they can clear out the whole account on your
death , maybe the authorities would look into the matter,
 
Prakhonchai Nick said:
I raised the question on Asean Now (Thai Visa) This came back from a respected member.....................

At some banks ,mine Bangkok Bank , you can add another
person , they sign on the bank book, where you have to have
UV light to check the signatures , they are not named on the
main page, they can pay in and withdraw money ,but cannot
close the account.
I am not sure if they can clear out the whole account on your
death , maybe the authorities would look into the matter,
Click to expand...
My wife has it writhing from BB in KC it is hers. ;;victory;; ;;money;;
 
Prakhonchai Nick said:
I raised the question on Asean Now (Thai Visa) This came back from a respected member.....................

At some banks ,mine Bangkok Bank , you can add another
person , they sign on the bank book, where you have to have
UV light to check the signatures , they are not named on the
main page, they can pay in and withdraw money ,but cannot
close the account.
I am not sure if they can clear out the whole account on your
death , maybe the authorities would look into the matter,
Click to expand...
Here's the problem for me, mate, a bit different from yours perhaps: how to have one account where I keep relatively large amounts of cash that will benefit my Thai wife immediately when I die, especially if I die prematurely [whatever that means, (before I want to, perhaps?) haha, I guess if I get run over by a bus in Bangkok], but not be available for her to 'loan' to her relatives in the meantime. She seems unable to say no to them, which is very Thai, and has been discussed at length on the forum. The second problem is being careful to meet the somewhat inscrutable technical requirements for my retirement visa deposit.

Thanks to all the forum members who have shared helpful comments and experience. I'm going to eventually post an essay about my quixotic attempts to satisfy the insatiable Thai appetite for official stamps in the visa section, that may be of interest to American farang. It's a big world, and I suspect a majority of the forum members active are not from the USA.
 
You must log in or register to reply here.
Back
Top