ianguygil

SCHWAB app works from Thailand. Plus you can use your Thai address and not have to hide behind the address of a friend in the USA

I assume SCHWAB UK App would do the same. That is a hunch. I do not know it and do not use it even though I have UK citizenship too. 

Regardless of which Bank you choose, and i would obviously recommend you use Bangkok Bank, you should ask for a special rate for such a large transfer. Anything over about $100K USD should be eligible for a better rate which will make a real difference. While it may be a few points, multiple by hundreds of thousands it will all add up

So please go to the Bank. Explain the source of funds (both legally required and what we should all expect and want) and ask for a preferred rate from their Treasury

On 7/3/2023 at 10:46 PM, shortstop2 said:

I'm considering transferring money from Bangkok Bank to my Fidelity Brokerage in the USA.  It seems pretty easy, the fees are low, and the TT Selling Rate, while not great, looks reasonable enough for an approx 100K THB transfer.   

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Out-of-Thailand/IFT-mB

 

For those who have used Bangkok Bank for sending money are there any surprises lurking or anything that I should be aware of?

I do this myself a couple of times a year. It is smooth - just make sure that your bank details in the USA are right. If you are sending a large amount at any point it is worth asking for a special rate, but 100K THB will get the street rate which is good. 

I always tell people to simply divide the currency you purchased by the currency you sell to see the true rate. Other services can be deceptive hiding fees, commissions and spreads. Also you need to consider the credit worthiness of the company you are using to send your money. With us sending via SWIFT this is not an issue. 

PM me if you have any problem 

On 6/17/2023 at 12:32 AM, Tuvoc said:

I've had the app on two phones for quite a while. I got rid of one old phone and removed it from the device management section using the remaining phone. I went into the bank today to get them to help me install on a newly acquired phone as well, only for them to tell me that things have changed now and you can only have it one on device. A new rule. Anyone else had this very recently ?  I need to use the userID and PIN method on the new phone which the app says you can get from an ATM, so I may try it myself instead of asking the branch which is what I've done successfully before. Or try another branch...

This is required now by the Central Bank. We are no longer allowed to offer Mobile Banking on multiple devices. 

T

On 5/20/2023 at 5:30 PM, Pib said:

And I will add to my above post that I just transferred  significantly "over" Bt50K from my Krungsri acct (I had my photo taken about a week ago) to one of my Bangkok Bank accts---no problem.  My Krungsri daily limits are still set "above" Bt50K...don't know if Krungsri has started restricting transfer to Bt50K if a person has not had their photo taken.  I will assume not since the transfer that was above Bt50K  did not require the taking of a facial photo to complete the transfer which is suppose to be the new Bank of Thailand (BOT) requirement.

 

Then I went to that Bangkok Bank acct (transfer from Krungsri arrived in milliseconds) and I then did an transfer for "over" Bt50K between two of my Bangkok Bank acct with no problem.  

 

So, although I can no longer up my daily transfer limit "above" Bt50K in my Bangkok Bank mobile app (Android version 3.25.1 which updated today/20 May), I "can" still transfer "above" Bt50K between my Bangkok Bank acct....internal transfer so to speak.  Have not tried (and probably will not) try a transfer above Bt50K from Bangkok Bank back to my Krungsri acct.   

 

So although Bangkok Bank's app update has made it so I can not increase my daily limit above Bt50K it has not limited me from doing transfers above Bt50K between my Bangkok Bank accts (i.e., internal transfers) but I don't know about an "external" transfer from Bangkok Bank to another Thai bank.

 

Will just get my photo taken soon to satisfy Bangkok Bank; got my photo taken a week or so ago to satisfy Krungsri Bank.   Then kick back and see how "transfer and limit changes" occur over the coming weeks/months as Thai banks implement the new BOT facial recognition thingie.

 

This will be enforced in the coming few weeks. You will be forced to update the App by all banks I assume unless they have this as some kind of Webpart component which is unlikely. 

This is a regulatory thing. Mandated by the BOT. Banks have no choice. For Thai people we can use the images stored with the Citizenship Card process. 

As I said this is mandatory. We can not choose to do it or now. But it is a good idea to prevent a lot of the Fraud which has happened particularly on ANDROID which is approx 80% of the market here. To protect people from themselves. I will not get further into this. But all of the Bank's will do this. And - we have no authoritative source for non-Thai citizens so you will have to give a photo to the Branch with your passport or other accepted ID

On 5/4/2023 at 2:29 PM, Time Traveller said:

Huh?    Clearly the Thai bank regulators are not smart if they have to change the security procedures every few months. If all of the security features are so important, then why do we need more of them?

The answer is, because they are not any stronger than a simple a passcode or PIN 

It appears that you think that security threats are static and that all are known in advance. Tech as with all knowledge advances every day and these are some smart people making the Malware. The Thai regulators are world class and the security protections here are better than in the UK etc. The main problems as I said in the preface to my prior post was that Thailand has immediate transfers. Plus many Thai people use ANDROID which is inherently less secure because you can install Apps from outside PLAY. Finally, Thai people are not well educated in general about info security basic

Making snide comments about Thai regulators is pointless. There is no "Clearly" to it. If a new medical advnace is made today were the doctors using the prior approach not "smart"? They were in general, it is just that knowledge has evolved. Most of the people I deal with in the BOT are UK educated (Oxford, Cambridge, UCL or Imperial) or US educated (Berkely, MIT etc.). They are smart and they are hard working. I admire them

Again, without getting too far into it on a public forum. Thailand is relatively unique in that all these payments and transfers are realtime. The money is gone between parties synchronously. Not a day delay or even a few minutes. as in some markets This combined with the relatively high use of ANDROID and a reasonably low level of customer education/awareness of information security principles, leads to the Thai market being a target for leading edge hackers. The most recent of which was exploiting "Accessibility" (which help people with disabilities).

I have great respect for the Thai regulators. They are smart. The hackers are smart. 

The requirement of allowing only 1 device (phone) to be used for Mobile Banking is from the regulators. This is not a choice now. Previously it was and some banks like us allowed and some did not. It is a security related requirement in response to the recent wave of fraud.

That is as much as I can say about it on a public forum. 

Haven't had a chance to read all answers

There is no need to have a Drivers License in addition to your passport. Here is the authoritative guide

If you need help more than this PM me

Ian

FCD for Web (bangkokbank.com)

On 3/20/2023 at 3:22 PM, scubascuba3 said:

Do some reading 

 

https://www.ais.th/roaming/en/howto.html

The above is technically a part of USSD, which is an old and a basic capability which is delivered via the GSM stack. So you effectively have 2 signals on your phone which you see at the top. The "GSM" signal and the data signal. And again, USSD is a basic capability to allow for the delivery of effectively text based interactions from any device, old dumb candy bar phones of the latest iPhone or ANDROID. So you do NOT need a data signal / plan for USSD. You just need to connect to the GSM Phone network. 

Here you go 

What is USSD (Unstructured Supplementary Service Data)? (techtarget.com)

@Lemsta69 please PM me and I will get back to you. I am in the UK right now. It may take a couple of days. Thank you

On 3/26/2023 at 7:51 AM, treetops said:

Was I correct in my recollection mentioned upthread that Aeon account holders could now use cardless withdrawal at your ATMs?

Yes. You can use AEON at our ATMs

Here we go. I'm not sure if these URLs are going to be blocked

If they are please look on the Website about Be1st Digital Debit Card

Be1st Digital Debit Card (bangkokbank.com)

Be1st Digital Debit Card (bangkokbank.com)

We see a huge and continuing progression of customers moving away from using cards at our ATM's to Cardless transactions using Mobile Banking

I travel a lot internationally on business, so I do have a new ATM card so I can get cash if need to in US, UK, Japan etc. However, I do not use the Card at all in the Thai market. 

There is a move in Thailand for interbank Cardless cooperation (i.e. use our App at other banks ATM, use other Bank Apps at our ATM). And some initial investigations less advanced into International. But that will take a LOT of time. 

All Thai banks see the volumes of transactions overall dropping on ATM's, card or Cardless. ATM is the most affected by the move to DIGITAL. We are already a largely Cashless society. So expect the use of your App as the center of your financial world to continue and to significantly accelerate. Authentication across channels using the App will become more commonplace.

We also have a good and an exciting Virtual Card which addresses many of the security concerns that many customers have regarding using cards online

Hope this all makes sense

Ian

Send me an PM please. I will get somebody to help you. You PM me. I send my email. You keep my details private.

I've helped many people but this is NOT a Bank channel. You will be contacted and an appointment setup at a branch

Thanks

I don't have time to look back at what I have that is public or what is not. Without any firm information I would imagine that the technologies behind Project Inthanon could be used for the securitization of Thai Government assets. like bonds.

Other consumer oriented examples under discussion separate from the BOT work include some kind of tokenization of loyalty.

Tokenization of physical assets is taking place but is a minefield in many ways. It is worth noting that the vast majority of :"money" in the world is electronic (i.e. not in physical cash) but it relies on banks. As FTX has shown, keeping your Digital Assets (Tokens) in a less than well run place can be ... interesting. 

But what I can see right now is a focus on collaboration with other central banks to simplify FX (moving away from Correspondent accounts to some extent).

Good examples of the use of Distributed Ledger in regulated markets in action today are SIX in Switzerland plus DTCC in the USA. Both are real world customers of R3, and are using CORDA, something that I do know about and am at liberty to discuss because they are publicly announced. 

Here is a link to the R3 DTCC announcement 

That's as far as I am going on this discussion. 

DTCC's Project Ion | DTCC

There is no clear link between a CBDC and the acceptance of BITCOIN in a market that I know of. 

The reasons for banning BITCOIN in a market would probably be concerns about either ill informed investors or the use of this kind of product by malignant players like Terrorists or Criminals who require anonymity 

The business case for Project Inthanon, initially, is for Real Time Gross Settlement between Banks. We are of course a part of this and I am a Board Advisor to R3 (BOT use CORDA for this) but I can not really get in to answering in detail as that would not be appropriate.

It is thought this will increase liquidity and remove single points of failure. Yes, Bahtnet is tried and proven but this is an obvious next step forward. Scalability needs are extreme because this needs to be almost instant. A

Please contact the BOT if you want more info. As I said I need to be careful answering things on projects which are not owned by the Bank. 

You can download papers from the Bank of Thailand on Project Inthanon which is the CBDC in Thailand being planned and associated efforts regionally.