Warning on 'easy'transfer of funds overseas.

Steve Merchant

Dec 11, 2009
If you happen to be making a payment for bike parts to another country please take note of the following. I recntly worked for an American tour company and they realized I still had $545 of their money which they wanted returned. Having seen the advertising I headed to the Bangkok Bank in Tesco Kamtieng and proceeded to use the Western Union system they operate. I actually had 545 cash dollars so inquired what the cost would be. 1,300thb or about $40. Wow, a bit expensive but i had to get this back before I spent it. The bank then proceeded to pull a 'fast one'. They changed my cash dollars into thai baht at their poor exchange rate and then changed them back to dollars at another rate unhelpful to me. The result was that my $545 would be $515 paid out in America and I still paid $40 charges. Thats $70 missing from a payment of $585! Thats a new definition of bank robbery!


Mar 30, 2010
Sad to say.. this is pretty standard.

Had the same thing when I lived in Singapore..

Opened up an AUD account.. had been putting SGD in when the rates were good against the AUD.
When I left, decided to take out my AUD in bank draft to carry back with me.

The bank proceded to give me an AUD bank draft after changing it to SGD then back to AUD.. When I complained, they said that is how it works.
Needless to say I was unhappy as the first time I did this ( couple of years earlier) they didn't play this game and gave me a staright bank draft in AUD with no forex, just the bank charge for the draft.. Guess they worked out there is more money to be made by skimming people three times.

* once when I changed to AUD from SGD to deposit in the AUD account
* twice / third time when I wanted to take out my AUD.. (convert to SGD then to AUD)

When you read the fine print as they pointed out.. They can change the rules when ever they like. Gotta love banks..

Only benefit is that I didn't have to keep AUD under the bed and could get a better interest rate while the cash sat there...