Money, Money, Money...
Like many expats in Thailand, we still have some financial commitments back in our home country, so there comes a point when the pounds start to run low and you need to send some of those hard-earned Thai baht back to the UK.
I’ve read many Facebook posts on this topic, with people seeking the most cost-effective or ideally free way to transfer money internationally. Options available range from using a third-party company, to posting your Thai ATM card to your home country and getting someone to withdraw cash. We concluded that the safest option is probably just to do an international bank transfer. And so, the fun begins!
Banking in Thailand is a bit weird. I’ll admit that I don’t fully understand it, nor can I be really bothered to research it. There are several different banks to choose from although I was told by my employer that I had to open an account with Bangkok Bank if I ever wanted to get paid – the HR team marched me in there before I had time to argue! Some of Chris’ colleagues were told the same story about Bangkok Bank but somehow Chris managed to completely independently open an account with Kasikorn and still get his salary paid so it’s clearly a load of nonsense.
When you move to Thailand you assume that banking will be as straightforward as it is in the UK (although recent issues with TSB and VISA might signal a backward step). As with most industries in Thailand, efficiency and ease of use for customers are not really a priority, especially when it might do someone out of a job.
The first thing you notice is that there are groups of individual ATMs for each bank in various places, all heavily branded so easy to distinguish. It seems there is a lack of integration between banks and you generally need to go to the ATM for your bank if you want to avoid being charged a fee. This segregation also extends to card payments in shops, there are normally multiple card machines and the shop assistant must use the correct one for each bank. If you want to do a bank transfer to another bank there is also a fee for this. Bank transfers and cash do seem to quite a preferred method of payment for goods and services - cash on delivery for online shopping is quite common. There are probably many other complexities that I’m not yet aware of and maybe never will be.
The actual account set up process is quite straightforward, and you get issued with your debit/ATM card there and then, not waiting 7 days for it to turn up in the post. It doesn’t have your name on it, it just says ‘Privileged Member’ which I’ve decided makes it perfectly acceptable for me to flagrantly use Chris’ card in his absence! Chris’ unwittingly wise decision to set up his account with Kasikorn (based only on the length of the queue at that time) means that he has a nice VISA card so he can use it anywhere. As I am with Bangkok Bank, I must make do with a Union Pay card which unfortunately does not appear to be that widely accepted in Thailand let alone anywhere else! But since moving here we’ve started using cash for around 90% of our transactions. This is a bit of a leap from our approach in the UK where we were both significant credit card users but with generally empty pockets. In Thailand, we withdraw our weekly allowance from the ATM and use that for whatever we want to buy.
Bangkok Bank claimed to have a very easy to use international transfer service, where once you’d registered the 3rd party international account you’d be able to make transfers at the touch of the button. You could also register the account online, albeit you could only complete the form during bank working hours, you had to email a copy of your work permit separately and then call a number to confirm this. This still sounded easier than waiting in line at the bank.
So, I followed the instructions, completed the form, emailed a copy of my work permit, called the number and the friendly voice at the bank confirmed this had been received. I also received an email confirmation of my application. I sat back, feeling safe in the knowledge that my UK bank balance might soon start looking a little healthier.
As if it was ever going to be that easy – this is Thailand for crying out loud! Many days passed, and I heard nothing. I sent a chasing email and they said they were still waiting for a copy of my work permit but again, I could only send that during working hours and must call again. I know full well that this will be futile and there will be no avoiding having to physically go to the bank to sort this out. I just need to summon up the energy.
Chris, on the other hand, had a complicated and lengthy experience but was successful nonetheless. His first mistake was that he visited the bank at lunchtime. Of course, all the staff in Head Office are at lunch so they cannot make the transfer! No such thing as staggered breaks in a Thai office. Unfortunately, it took the staff in the branch 40 minutes to tell him this, but he was in it for the long haul and decided to wait the remaining 20 minutes until they returned. Lesson number one; do not attempt to do anything at lunchtime in Thailand.
The second lesson is never to assume that it’s obvious to them what you’re trying to do. After a few false starts, he realised that he needed to be very specific that he wanted to make an international transfer and currency exchange at the same time, and that the currency was British pounds. I think it probably makes some sort of difference in charges depending on where the currency exchange happens so maybe not that obvious. What also didn’t help is that Chris had gone to the trainee.
After 2 hours and now running late for a meeting, he emerged victorious, although slightly perturbed that it would take a week for the money to reach the UK – that’s a long time not to be able to see the money in either account. Fortunately, the money appeared in the account the next day – they under-promised and over-delivered!
Fingers crossed I'll have more luck on my next attempt otherwise you’ll find me hitting up UK ATMs sometime in August.
Background Research
I’ve read many Facebook posts on this topic, with people seeking the most cost-effective or ideally free way to transfer money internationally. Options available range from using a third-party company, to posting your Thai ATM card to your home country and getting someone to withdraw cash. We concluded that the safest option is probably just to do an international bank transfer. And so, the fun begins!
Banking in Thailand is a bit weird. I’ll admit that I don’t fully understand it, nor can I be really bothered to research it. There are several different banks to choose from although I was told by my employer that I had to open an account with Bangkok Bank if I ever wanted to get paid – the HR team marched me in there before I had time to argue! Some of Chris’ colleagues were told the same story about Bangkok Bank but somehow Chris managed to completely independently open an account with Kasikorn and still get his salary paid so it’s clearly a load of nonsense.
To Assume - Makes and Ass out of U and Me
When you move to Thailand you assume that banking will be as straightforward as it is in the UK (although recent issues with TSB and VISA might signal a backward step). As with most industries in Thailand, efficiency and ease of use for customers are not really a priority, especially when it might do someone out of a job.
The first thing you notice is that there are groups of individual ATMs for each bank in various places, all heavily branded so easy to distinguish. It seems there is a lack of integration between banks and you generally need to go to the ATM for your bank if you want to avoid being charged a fee. This segregation also extends to card payments in shops, there are normally multiple card machines and the shop assistant must use the correct one for each bank. If you want to do a bank transfer to another bank there is also a fee for this. Bank transfers and cash do seem to quite a preferred method of payment for goods and services - cash on delivery for online shopping is quite common. There are probably many other complexities that I’m not yet aware of and maybe never will be.
It All Seemed So Simple...
The actual account set up process is quite straightforward, and you get issued with your debit/ATM card there and then, not waiting 7 days for it to turn up in the post. It doesn’t have your name on it, it just says ‘Privileged Member’ which I’ve decided makes it perfectly acceptable for me to flagrantly use Chris’ card in his absence! Chris’ unwittingly wise decision to set up his account with Kasikorn (based only on the length of the queue at that time) means that he has a nice VISA card so he can use it anywhere. As I am with Bangkok Bank, I must make do with a Union Pay card which unfortunately does not appear to be that widely accepted in Thailand let alone anywhere else! But since moving here we’ve started using cash for around 90% of our transactions. This is a bit of a leap from our approach in the UK where we were both significant credit card users but with generally empty pockets. In Thailand, we withdraw our weekly allowance from the ATM and use that for whatever we want to buy.
Going International
Bangkok Bank claimed to have a very easy to use international transfer service, where once you’d registered the 3rd party international account you’d be able to make transfers at the touch of the button. You could also register the account online, albeit you could only complete the form during bank working hours, you had to email a copy of your work permit separately and then call a number to confirm this. This still sounded easier than waiting in line at the bank.
So, I followed the instructions, completed the form, emailed a copy of my work permit, called the number and the friendly voice at the bank confirmed this had been received. I also received an email confirmation of my application. I sat back, feeling safe in the knowledge that my UK bank balance might soon start looking a little healthier.
As if it was ever going to be that easy – this is Thailand for crying out loud! Many days passed, and I heard nothing. I sent a chasing email and they said they were still waiting for a copy of my work permit but again, I could only send that during working hours and must call again. I know full well that this will be futile and there will be no avoiding having to physically go to the bank to sort this out. I just need to summon up the energy.
Lunchtime! You must be joking!
Chris, on the other hand, had a complicated and lengthy experience but was successful nonetheless. His first mistake was that he visited the bank at lunchtime. Of course, all the staff in Head Office are at lunch so they cannot make the transfer! No such thing as staggered breaks in a Thai office. Unfortunately, it took the staff in the branch 40 minutes to tell him this, but he was in it for the long haul and decided to wait the remaining 20 minutes until they returned. Lesson number one; do not attempt to do anything at lunchtime in Thailand.
The second lesson is never to assume that it’s obvious to them what you’re trying to do. After a few false starts, he realised that he needed to be very specific that he wanted to make an international transfer and currency exchange at the same time, and that the currency was British pounds. I think it probably makes some sort of difference in charges depending on where the currency exchange happens so maybe not that obvious. What also didn’t help is that Chris had gone to the trainee.
After 2 hours and now running late for a meeting, he emerged victorious, although slightly perturbed that it would take a week for the money to reach the UK – that’s a long time not to be able to see the money in either account. Fortunately, the money appeared in the account the next day – they under-promised and over-delivered!
Fingers crossed I'll have more luck on my next attempt otherwise you’ll find me hitting up UK ATMs sometime in August.
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