money transfering

[rwill]

To answer your original question about checks.  You can deposit a check from a US account in a Thai bank here.  BUT it takes time to clear.  I only have experience with 2 banks doing it, SCB and KTB.  SCB  I had no problems with and it took about 3 weeks to clear.  I did 2 checks with KTB one cleared in about 4-5 weeks and the other one never cleared.  That one was for my Retirement visa and it was getting close to where I would miss the 3 months seasoning.  So I put a stop payment on the check and sent money to my sister and had her wire it to KTB, which cleared in less than 24 hours.  Then about a month later KTB hit me with about a $40 fee for the check not clearing.

 

As far as others have mentioned about using Bangkok bank you don't need to open an account with the NY branch.  You just use your account number from your Thai branch and they automatically forward it for you, for a fee of course.  I personally would not use it for monthly deposits.  You can save fees by having the monthly payments go to a US bank account and sending larger less frequent amounts.  But perhaps you could use the NY branch account for the monthly deposits and then transfer to the Thai account less frequently.

[lopburi3]

7 minutes ago, rwill said:

You can save fees by having the monthly payments go to a US bank account and sending larger less frequent amounts.  But perhaps you could use the NY branch account for the monthly deposits and then transfer to the Thai account less frequently.

There is no NY branch account - the only account is those in Bangkok Bank Thailand.  There is no fee below $50 and fees are easily available - as below:

Fees

Transferred Amount	Fee (USD) for  Bangkok Bank’s New York Branch in US	Fee (THB) for  Bangkok Bank in Thailand
Not more than USD 50.00	Free	0.25% of the transfer     value (minimum 200Bt,         maximum 500Bt)
USD 50.01 – 100.00	3.00
USD 100.1 – 2,000.00	5.00
USD 2,000.01 – 50,000.00	10.00
USD 50,000.01 or more	20.00

[willyumcr]

I am surprised there is no mention of Charles Schwab Bank. I have my SS deposited into Schwab Bank and use there VisaDebt card to withdraw funds here in Thailand at ATM. The 220 baht fee charged by Thai banks is reimbursed by Schwab at end of month so no fees at all. My account I can withdraw up to $1,000 a day if needed. Why keep extra money in Thailand. Krungsiri bank allows 30,000 withdraw for the 220 baht fee.

[soisanuk]

On 11/20/2017 at 4:17 AM, Jackvanberg said:

OK, thanks everyone for the advice. So I will open a Bangkok Bank account at the NY branch and when I get to Thailand I will open an account there and send my direct deposits using the NY routing number and my Thai account number to receive the money in my ThaI account. I am planning on retiring in Thailand and am liquidating my assets in the US except my stocks with dividends which I will direct deposit the same as my SS. Again thank you for all the help. I was just worried about getting to Thailand and having trouble getting my finances in place for my extension and then my O-A visa.

You do not open an account with Bangkok Bank's NY Branch, it is not a retail bank.  You open an account at a Bangkok Bank branch here in Thailand - with an O-A Visa (or any long stay extension), Bangkok Bank will set up online banking (they call it Bualong Banking or iBanking).

 

If you do not have the Thai account before you leave USA, then be sure you have internet banking with your US bank that will allow you to set up an ACH transfer.  Once you have your Bangkok Bank account, you can then set up your US bank transfer - you use your Bangkok Bank account name,  Bangkok Bank's NY Branch ACH number, and then your Thai Bangkok Bank account number. 

 

As with others, I too have been transferring funds from my Chase bank account in USA (my pension and social security funds are direct deposited into that account), I log on to my Chase account through the internet and send whatever amount I want (using ACH, it will be in US Dollars) through the ACH transfer system.  Bangkok Bank's NY Branch receives the funds, deducts their fee, and transfers the funds in US$ to Bangkok Bank here in Thailand, they convert the $ to Baht and deposit it in my Thai Bank Account (I use a Pattaya Branch).

 

The fees are much less than doing wire transfers using SWIFT -- NY Branch charges "0" for up to $50, for $50 to $2,000 it is $5, for $2,000 to $50,000 it is $10 (If I recall correctly, it is $15 for the next increment and maybe $20 as maximum).  Bangkok Bank here in Thailand charges a 1/4 percent fee with a minimum of 200 baht and maximum of 500 baht. 

 

Please note, when you are setting up the link, your bank will send two small transfers of less than $1 which you will need to confirm the amounts to your US bank to finalize the set up.  For those small deposits, there are no fees involved. You will either need to set up Bangkok Bank's SMS text messaging for Int'l transfers OR call the bank to get the US$ amount which is needed to know the amount to confirm for the two small transfers made during the set up (iBanking will only show the baht deposited to your account which varies with each transaction depending the Bank's conversion rate at the time they make the deposit to your account).

 

 

Edited November 21, 2017 by soisanuk

[MyFriend You]

On 11/18/2017 at 7:31 AM, Jackvanberg said:

My bank told me I could transfer with the Swift form. Will the Thai bank charge a flat fee or will it be a percentage. My concern is that I will transfer a fairly large sum.

Do like I did, transfer say $1,000 the first time to see how long it takes and what the exchange rate you get.  Once you are satisfied the transfer is secure, you can transfer as much as you like.    You can also carry a fair amount of cash with you if you are game for that.  I carried $75,000 once and claimed it on the back of the immigration card  -  just wrote $75K, immigration never even asked me about it..........the only negative part of carrying a substantial amount of cash is what you are going to do with it, it may have to be proven it came from abroad so I kept the Withdrawal slip from my bank - the Bank Clerk asked me for it when I deposited it, stapled it to the deposit slip and no more questions were asked.........only reason I did that was I was closing that account, and they refused to transfer the balance, because if anything went wrong there would be  no account to deposit it in.

[lopburi3]

The exchange rate is set by the Thai bank (several times a day for most) and as long as you have conversion done in Thailand you will the the TT rate for the time transfer is recorded here (just remember the .25% fee is deducted after conversion and normally is 200-500 baht limited).  There is no need to make a transfer for this information as banks display the exchange rates.

[Pib]

5 hours ago, soisanuk said:

Please note, when you are setting up the link, your bank will send two small transfers of less than $1 which you will need to confirm the amounts to your US bank to finalize the set up.  For those small deposits, there are no fees involved. 

This is generally true but some US banks will offer you two methods to setup the transfer link. 

 

One method which I will refer to as a "Send or Pull funds" transfer links setup using to two trial transfer amounts.  This method will take a few days for the trial amounts to arrive/appear at Bangkok Bank and for you to complete the validation with your US bank.  When validated/setup you can also "pull" funds using ACH "from a US bank;" HOWEVER, BUT, do not attempt to pull funds from your Bangkok Bank account to your US bank as it will not work because Bangkok Bank will reject the pull funds attempt.   Your US bank will get that rejection notice, possibly think a fraudulent transaction was attempted, and possibly deactivate that transfer link in addition to contacting you about the issue.  And the Bangkok Bank webpage talking use of the Bangkok Bank NY branch ACH transfer route makes a point of that---that is, don't attempt a "pull" of funds as it will be rejected.   This is due to Bank of Thailand regulations that govern Thai banks and what requirements must be met to transfer funds out of Thailand.  Keep in mind Thailand is the Land of Smiles for "incoming" funds, but the Land of Frowns for "outgoing" funds.

 

Second method which I will refer to as a "Send Only" funds transfer link.  This method does not require use of the the trial transfer amounts/validation.  The transfer link will either be setup immediately by your bank or within about one business day through whatever method.   

 

So, if your US bank offers the second method, like some of my US bank do, save yourself some transfer link setup  time and setup the link for Send only vs Send & Pull, because you can not pull funds from your Bangkok Bank account via ACH anyway.  Remember, the Bangkok Bank ACH capability using the NY branch routing is for "receive only" on the Thailand end.

[Anon999]

Transferring money from the USA

 

Holders of US bank accounts can save on fees for international funds transfers by transferring funds from the United States to Thailand via the US Automated Clearing House system (US ACH) and Bangkok Banks New York branch. By stipulating the 9-digit routing number for the Bangkok Bank New York branch (026008691) in your US transfer instruction, the funds will be transferred via the US ACH system directly to the receiver's Bangkok Bank account in Thailand.

 

Benefits

Fees for funds transfers via the US ACH system and Bangkok Bank's New York branch are up to US $20 lower than most other international wire transfer services in the US.

 

You can make transfers directly online via the internet banking service provided by your own bank in the US. You will enjoy a better exchange rate because the USD amount will be converted into Thai Baht at the daily Bangkok Bank exchange rate in Thailand. (Call the US branch to find out about transfers to a FCD account.)

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/NorthAmerica/Pages/BranchinUSA.aspx. 

 

Who can use it?

The service is available for holders of US bank accounts transferring funds to recipients with a Bangkok Bank account in Thailand. It is particularly useful for:

 

Making funds transfers via the internet banking services of US banks. Receiving payments from US government agencies or private organizations (Direct Deposit Service) Receiving E-Commerce payments from online payment service providers in the US.

 

Step-by-step Instructions

Full step-by-step instructions are carried on the website to enable easy transfer of funds.

[bttao]

On 11/20/2017 at 10:51 PM, willyumcr said:

I am surprised there is no mention of Charles Schwab Bank. I have my SS deposited into Schwab Bank and use there VisaDebt card to withdraw funds here in Thailand at ATM. The 220 baht fee charged by Thai banks is reimbursed by Schwab at end of month so no fees at all. My account I can withdraw up to $1,000 a day if needed. Why keep extra money in Thailand. Krungsiri bank allows 30,000 withdraw for the 220 baht fee.

.

I also have an account with Schwab Bank... but after reading the  reviews/comments, I don't know if it's a wise idea...

https://www.mybanktracker.com/Charles-Schwab-Bank/Reviews

 

.

[willyumcr]

4 hours ago, bttao said:

.

I also have an account with Schwab Bank... but after reading the  reviews/comments, I don't know if it's a wise idea...

https://www.mybanktracker.com/Charles-Schwab-Bank/Reviews

 

.

If you have an account with Schwab, have you encountered any of those problems. I and some friends living here have had Schwab for 10 years and have not encountered any of those problems. However I guess I would have reason to be careful had I read those reviews before I opened an account with them but I have been very satisfied doing business with them.

[Redcurry]

Oh...money transferring has always been a problem in my expat life. I cannot bring too much money out of my home country, as well as into the new country. Even if I can bring it in, I can't just show up at the bank, open an account and deposit cash, they keep asking me to prove where the money comes from. My most recent way to avoid this headache is to transfer money via Paypal. You know, having money on Paypal account, then transfer it to your own bank account. I entered my Thai bank instead, then the money will be automatically deposited, with a fee of course, but much cheaper than other oversea transaction services. Not only Paypal but some other payment gateways also provide the same function, Stripe is an alternative if you're wondering.

[Rhys]

...so another theme on this questions.... 

If someone from the USA just wants to send you money say  7-9 K USD... Can you just go through the bank's systems without much hassle or restrictions such as the  Sender bank in USA to  Beneficiary's Bank in Thailand?

 

Of course, if the amount is over 10K then the necessary forms are required.

 

I just always used WU for under 5K.

 

[soisanuk]

9 hours ago, Rhys said:

...so another theme on this questions.... 

If someone from the USA just wants to send you money say  7-9 K USD... Can you just go through the bank's systems without much hassle or restrictions such as the  Sender bank in USA to  Beneficiary's Bank in Thailand?

 

Of course, if the amount is over 10K then the necessary forms are required.

 

I just always used WU for under 5K.

 

You can transfer funds by international wire from a bank in USA to a Thai bank account using the SWIFT code for the Thai bank along with necessary account information.  But this usually requires you to personally complete the transfer forms at the sending bank. Although it has been several years since I wired funds in excess of 10k USD (I now do my transfers through Bangkok Bank's NY branch), the bank did not require me to complete any other forms when I wired the funds since it was not a "cash" transaction but rather a bank account to bank account wire (US money laundering laws require banks report "cash" transactions - deposits/withdrawals - but if you used "cash" as the source of funds being wired, then the report most likely would be required).

[Rhys]

On 2/19/2018 at 8:57 AM, soisanuk said:

You can transfer funds by international wire from a bank in USA to a Thai bank account using the SWIFT code for the Thai bank along with necessary account information.  But this usually requires you to personally complete the transfer forms at the sending bank. Although it has been several years since I wired funds in excess of 10k USD (I now do my transfers through Bangkok Bank's NY branch), the bank did not require me to complete any other forms when I wired the funds since it was not a "cash" transaction but rather a bank account to bank account wire (US money laundering laws require banks report "cash" transactions - deposits/withdrawals - but if you used "cash" as the source of funds being wired, then the report most likely would be required).

 

Thanks... Just found out about the swift code this AM.. then saw your post... Thanks.

 

Thus the person sending will fill out the forms in the USA... It will be a bank to bank transfer.

 

Cheers mate

 

[bttao]

Can a  FINANCIAL INVESTMENT entity like FIDELITY INVESTMENTS  be used as a "SENDER BANK" to use BBK  in NY to transfer funds to a Thai BBK  Branch?

Edited February 25, 2018 by bttao

[Langsuan Man]

21 minutes ago, bttao said:

Can a  FINANCIAL INVESTMENT entity like FIDELITY INVESTMENTS  be used as a "SENDER BANK" to use BBK  in NY to transfer funds to a Thai BBK  Branch?

Yes

 

[Pib]

Sure....a financial company would use the Bangkok Bank NY routing number and your in-Thailand Bangkok Bank savings account number just like a sending bank would for an ACH transfer.

 

It's just like setting up a funds transfer link say on your Schwab Brokerage Account or Schwab Checking/Savings account.   In the past I have sent funds from my Schwab Brokerage account via ACH transfer to my Bangkok Bank account.  Works just like sending from any bank.

[soisanuk]

10 hours ago, bttao said:

Can a  FINANCIAL INVESTMENT entity like FIDELITY INVESTMENTS  be used as a "SENDER BANK" to use BBK  in NY to transfer funds to a Thai BBK  Branch?

The sending institution needs to be part of the Automated Clearing House (ACH) system used by banks in USA to transfer funds and route checks, etc. between banks, Fed. Reserve, etc. - most of the larger banks in USA will do inter-bank domestic transfers through the ACH system, usually for no fee - BUT, not all banks provide this service - so check with your financial institution to see if they offer the service.

 

The ability to use Bangkok Bank NY Branch to send money is because they are in the ACH system to receive funds - it is my understanding that once received, the Branch transfers the funds internally to the Bangkok Bank Account  in Thailand.

[Rhys]

On 2/19/2018 at 8:57 AM, soisanuk said:

You can transfer funds by international wire from a bank in USA to a Thai bank account using the SWIFT code for the Thai bank along with necessary account information.  But this usually requires you to personally complete the transfer forms at the sending bank. Although it has been several years since I wired funds in excess of 10k USD (I now do my transfers through Bangkok Bank's NY branch), the bank did not require me to complete any other forms when I wired the funds since it was not a "cash" transaction but rather a bank account to bank account wire (US money laundering laws require banks report "cash" transactions - deposits/withdrawals - but if you used "cash" as the source of funds being wired, then the report most likely would be required).

OK, so with Swift code, this is a fee that is a little higher with a 10K USD transfer as compared to WU   at 65 usd for 5 K,,.?  Is this the best rate?

 

[soisanuk]

The SWIFT code is an interbank code used for international wire transfers - the cost will depend on what is charged for such transfers by the sending bank.  It has been several years since I sent such a transfer, but at the time, my bank charged me US$40 for an international wire transfer and US$20 for a domestic (using ACH) wire transfer - it was for each transfer without regard to amount.  My US Bank does not charge me for my ACH transfers through the NY Branch, but that method is available only for transfers between my own bank accounts - not to third party accounts.  They now have a new system for interbank transfers to third party accounts using ACH - I think it is free, but have never attempted to use it.

 

Bangkok Bank's NY branch has a variable fee - $0 for up to $50, $5 for $50 to $2,000 (as I recall), $10 for $2,000 to $50,000, and $20 for higher amounts, again as I recall.

 

I have not done any Western Union transfers so have no idea of costs or increments - as I understand it, one advantage to Western Union is how quick the funds are available - using Bangkok Bank NY branch, usually take 3 business days for funds to be deposited in my account.  Bank wire as I recall was one or two days.

[edwardflory]

I DO have a Thai Bank Account.

 

3 days ago I used my MC debit card →→INSIDE←← the bank.  I got 22,000THB,  DEPOSITED straight into my account. The charge against my MC was 700.29US$, my cost. VERY slightly over the international rate of the hour ( based on 1000US$ ) was 698.38US$.....roughly $2.00US$ my cost, PLUS $2.00 to my US Bank.

 

 

[Rhys]

 

WHAT A Flying pain this has turned out using Western Union....  First time an issue... OK here it goes.. Ask my sister to send 5K USD from the US to Thailand using WU.. She tells me WU held up the transfer because of 1. Thailand is a hum of Money laundering.. and so on.  2.  Next  WU would not refund all the money back only allowed 1K USD return and they are holding 4k for whatever F the reason.   Will find out more on this..

 

Anyone have an issue like this before?  In retrospect, should have just done SWIFT code Transfer.