bank charges

[paperboy]

hi, just got riped off :dontknow:

I bank with santander in spain, went today to send my friend a birthday present of 200 euros
to his bank account in SCB bank ( Siam Commercial Bank )
They charged me 25 euros for the transaction :violent1:

wow wow, thats a lot, but i really wanted him to have a nice day for his birthday so

i payed it like a fool, is there another cheaper way to send money to Thailand

thanks

[ceejay]

There's no cheap way of making small transfers like this via your bank. Probably the best way is to get your friend a pre-paid visa card, which you can top up if you want to send him money. I don't know what prepaid cards are available in Spain - you'll have to do your own research on that, I'm afraid.

No its not cheep to send....Western union charge fee acording to exchange rate and amount sent...its about just under 500 baht to send 4000 baht

[christianpfc]

Didn't you know that banks can gauge you when you sent money abroad?

Paypal might be an alternative. I am strongly opposed to paypal because ebay Germany wants to press it into the market by trying to force it onto their customers to earn even more and squeeze other methods of payment (that are free and as safe and fast as paypal) out of the market. [/rant over] But for sending money from one currency to another it might be the fastest and cheapest way.

[lexusgs]

Try this next time..........

http://www.hifx.co.uk/affiliates.aspx

[Mancs]

Last year I twice sent a man in Thailand 5000 baht as a transfer to his bank account. I used a uk current bank account and paid a fee -I recall ┬г8. After the second transfer the man thanked me for the 4000 baht. Both times he had only received 4000 baht. He said that happened all the time to his friends who received bank transfers. He viewed it as normal.

I was angry that the bank was taking money from someone who was poor without me as the the sender being told this. I rang my bank which explained that a 'correspondent' bank was needed to arrange the transfer to the bank in Thailand, so three banks were involved in all. The Thai bank took off 1000 baht from the recipient. So the total charge each time was something like ┬г28. I told my bank that my father was a solicitor (true, though I forget to mention he died a long time ago) and said that he thought their actions were conspiracy to defraud. After a long conversation I asked for and got a full refund of the 2000 baht plus extra for my phone calls, stress, upset, time. I piled it on with a trowel in that phone call. I took great pleasure in using Western Union to send the man the 2000 baht that the banks had taken from him.

[gaymandenmark]

I don't think it is possible to say what is the best way to send money, because it is different from country to country.

I can only say that in my country the cheapest way to send money via my bank, is to use the internet and my homebanking, and to part the costs between you (your bank) and the receiver (his bank).
My experience is that the amount he can take out, is better than if I pay all the costs, but maybe it does not look so nice.

I regularly send money - I use Caxton FX Currency Card which is a pre-paid Visa - I load it at this end and get ┬г1 = $1.57 with no loading fee, and he withdraws it from the nearest ATM with only the local ATM fee if applicable.

In my view it's an excellent way to do it - easily beats Bank Transfers and costs less than Western Union by a mile.

[joe552]

Any chance you could send some this way SG? I may not be as cute as your BF but I'd be just as grateful. :notworthy:

One charity case is quite enough Joe.

:sign5:

[cameroncat]

This is how I handle it with my Boyfriend in Bangkok: I opened a checking account with an internet based bank (In my case - "Bank of Internet"). I got a "Senior Account" that refunds any ATM fees worldwide. I got an extra ATM Card (NOT a MC/VISA debit card), and gave that card to him. I keep the account mostly empty until there is a need to transfer some funds. Works great!

[pong]

read the instructions that in my country all banks are obliged to provide for INTernational money transfers.
there is a choice of OUR cost/SHARED cost and and COST at receiver. This last is often from Europe the best (cheapest) option, as then the Thai bank sets his rates-which are often a lot cheaper as in Europe- kasikorn its 500 THB, maybe untill a certain amount. If you do not provide the needed info on that, mostly shared cost will be applied for=paying at both ends.

[christianpfc]

Didn't you know that banks can gauge you when you sent money abroad?
I meant: gouge. (alternative: take you to the cleaners, bleed you white, rip you off, screw you, to have s.o. for breakfast, to run rings round s.o., to fleece s.o., to clean s.o. out, to have the shirt off s.o.'s back)

As far as I know: For international money tranfers, there are charges by the bank who sends the money and charges by the bank who receives the money. So if the Thai bank deducts 1000 Baht, you can't blame your bank. Usually there is a box to tick when you do online banking: all charges are paid by the sender, else the receiver will pay his bank's charges.

[francois]

Paperboy; you may want to consider sending money by MoneyGram which has locations in Spain and Thailand. Can send 6000 Baht for a fee of 300 Baht; this may vary by country.
Cheaper than Western Union. The receiver picks up the money at Thai Military Bank and sometimes Siam Commercial Bank. Once you send the money you text the receiver the reference # and amount. The exchange rate is somewhat less than official x-rate but not more than one Baht difference.

[paperboy]

thanks everyone

i think i will try what francois suggested the next time
anyway he got his money and is having a party tonight
with all his friends :party