Bangkok Bank International Transfers & Exchange Rates
Bangkok Bank is a leading financial institution in South East Asia and ranks 6th in terms of total assets. This review explores the bank’s international money transfers services as well as its core banking products such as foreign exchange rates, fees, pros and cons and key questions about Bangkok Bank.
About Bangkok Bank
Bangkok Bank is Thailand's largest commercial bank and one of Southeast Asia's largest financial institutions. Entrepreneur Chin Sophonpanich founded Bangkok Bank in 1944 from two storehouses in Bangkok's Chinatown, and the company has gone on to open 1,200 bank branches across Asia. Bangkok Bank’s presence in China is particularly significant, with branches in key cities like Shanghai and Beijing. In addition to this, Bangkok Bank now owns a number of subsidiary companies in other Asian countries including Bangkok Bank Berhad, Bangkok Bank (China), PT Bank Permata Tbk (PermataBank), Bualuang Securities, BBL Asset Management, and Bualuang Ventures.
Can I Use Bangkok Bank for International Bank Transfers?
Yes. An electronic funds transfer (EFT) is the easiest way to send and receive funds using your Bangkok Bank account. The bank's SWIFT code is BKKBTHBK; this code is the same for all Bangkok Bank branches in Thailand. This code should be sent to the foreign bank or individual transferring cash to your Bangkok Bank account in Thailand via SWIFT.
To prevent fraud and money laundering, the Central Bank of Thailand imposes laws which require all Thai banks to seek precise explanations for money transfers before crediting them to a Thai account. Purchasing items online, buying a property, investing in a business, and living costs are all examples of common transfer reasons.
Other Ways to Send Money With Bangkok Bank
Other money transfer options available with Bangkok Bank include online, mobile, phone, and ATM services.
Bualuang iBanking and Bualuang mBanking allow customers to transfer money via online and mobile banking, respectively. For Bualuang iBanking (online banking), customers must register their account online first to access its services. For Bualuang mBanking, customers must register through the app to access its services. Debit card or credit card details can be used to link and register to the said banking methods.
Phone banking can be used by contacting 1333 or (66) 2645 5555 for overseas calls. This service allows customers to initiate fund transfers and make bank balance inquiries.
ATM banking can be used for local transfers only.
Bangkok Bank Exchange Rates and Fees
Bangkok Bank offers its own exchange rates and fees which are derived from the total amount being transferred. Additional fees may apply, depending on the type of transfer, for example, a foreign exchange transaction. We will review these costs in this section.
Exchange Rates
The mid-market rate refers to the true value of foreign currency conversion. Bangkok Bank uses this rate to exchange foreign currencies, but with hidden costs known as “mark-ups”. Customers will therefore pay a higher exchange rate than the true market value, helping the bank make a profit.
Many banks charge an exchange rate and this is why money transfer providers tend to offer more competitive rates. If you would like to know the foreign currency exchange, check out our foreign currency converter tool and get the real exchange rate.
Bangkok Bank Foreign Exchange Rates
Before crediting funds, Bangkok Bank will use its Telegraphic Transfer Buying Rate to convert foreign currency funds transfers into Thai Baht (THB). Mark-ups appear to be 2 - 6% above the mid-market rate for most major currencies.
Transfer Fees
In addition to exchange rate mark-ups, a flat fee of 0.25 percent of the transfer amount is applied as a fee; with a minimum of 200 THB (5.99 USD) and a maximum of 500 THB (14.98 USD). However, before transmitting cash to Bangkok Bank, an intermediate bank (between the sending bank and Bangkok Bank) may collect an extra processing fee.
When transferring cash in a different foreign currency, recipients are subject to bank fees of 400 THB (11.98 USD) per foreign exchange transaction. A fee of 300 THB (8.98 USD) is added if Bangkok Bank issues a special extra funds transfer instruction.
Additional Costs
For the bank’s commission in lieu of exchange, the payment is made in the same currency as the funds transfer. Additional fees on the transfer value (minimum 500 THB) are as follows:
0.25% for USD, CNY
0.50% for EUR, GBP, JPY
0.75% for AUD, CAD, CHF, HKD, NZD, DKK, NOK, SEK, MYR
1.25% for SGD
How Do Bangkok Bank Transfer Fees Compare to Using a Money Transfer Provider?
Bangkok Bank applies markups to foreign exchange in addition to transfer fees, making the overall price of an international payment less competitive than most money transfer providers. Xe Money Transfer is an example of an alternative international money transfer service that caters to over a hundred countries and currencies around the world, offering customers transparent, accurate currency exchange rates and the latest information on forex trends.
Bangkok Bank SWIFT Codes
Bangkok Bank uses one code for its SWIFT transfers. Customers can use this to receive funds from abroad. The bank’s SWIFT code is “BKKBTHBK”.
Bangkok Bank Pros and Cons
The following are some of Bangkok Bank's biggest benefits and drawbacks, presented in a way that will help our customers understand the bank’s key offerings:
Pros
Cons
How to send and receive money with Bangkok Bank
This section serves as a guide for customers on sending and receiving money with Bangkok Bank for local and international money transfers. Customers can use this to initiate their money transfers.
Sending Money
To send money using Bualuang iBanking follow the below steps:
Step 1: Log in to your Bualuang iBanking account
Step 2: Select “Add 3rd Party Intl. Account” from the “Transfer” menu
Step 3: Fill out the form completely. On bank working days, you can submit your request from 6:00 a.m. to 9:00 p.m. within three business days, the Bank will send you an email with the results of your request
You may also apply to any Bangkok Bank branch in Thailand. You can print the "Application for International Funds Transfer Service via Bualuang iBanking" if you have a Bualuang iBanking account. Follow the instructions below:
Step 1: Log in to your Bualuang iBanking account
Step 2: Select “International Funds Transfer” from the “Transfer” menu
Step 3: On the screen’s right side, choose “Print” and then “Application Form”
Step 4: Fill out the application form completely
Step 5: Send your application to any Bangkok Bank branch, along with the needed papers
Receiving Money
Customers can receive remittances through SWIFT transfers, which can be done by giving the SWIFT code of the Bangkok Bank. The amounts will be reflected in their accounts after 1-2 business days.
Customers can also receive money by accessing cash deposit machines and ATMs. These can be used to transfer money to their own account or other local accounts. An SMS message will confirm successful transactions or deposits.
Additional Information
No additional information relevant to Bangkok Bank international transfers was available. If you would like to use another bank, please check our different bank reviews.
What Customer Support Options Are Available?
Clients of Bangkok Bank may contact the bank using the following methods:
By Mail - Bangkok Bank Public Company Limited, 333 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand
By Phone - Call its Bualuang Phone at 1333 in Thailand or (66) 0 2645 5555 from overseas. The service is available 24 hours a day, seven days a week.
Credit Card Call Center - Call (66) 0 2638 4000 for its Bangkok Bank Visa/Mastercard/UnionPay Credit Card, and call (66) 0 2638 4400 for its Bangkok Bank American Express Credit Card.
Summary
Bangkok Bank is a well-established, trusted brand in Thailand and other parts of Asia. However, due to the somewhat outdated procedures used by traditional financial institutions like Bangkok Bank, organisations such as these cannot compete. The overall cost, speed, foreign exchange rates and foreign exchange transactions offered by banks are simply not as competitive as the options provided by specialist operators like TorFX and XE.
Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks.You can review the best operators in the remittance market by reading all our company reviews here. While you are here, why not check out our comparison tool too, to weigh up all your available options.
Other Banks
Answers to key questions about Bangkok Bank
This section provides key information about various international services offered by Bangkok Bank which may be used to compare their services with other money transfer operators or financial institutions.