Regarding Money Transfer from the US to Thailand

[khaepmu]

I attempted using the Bangkok Bank money transfer once but was unsuccessful. The one where you transfer money from your US bank to the Bangkok Bank branch in New York which in turns transfers the money to your Bangkok Bank account in Thailand. My US bank requires that I send the two amounts that they initially transfer (test amount) which is something like 15 cents or 12 cents. I have to go online to my US bank's website and  fill in two boxes with the two test amounts and then add them together and fill in a third box which is the sum of the two tests amount that were transferred. I tried using this service once. After  the transfer was made, I called Bangkok Bank to find out the test amounts and they told me what they were in Thai baht but I said I need the amount in US dollars. They told me but they were not the same amounts as what my bank said and the transfer was not made. I thought I might have made a typo (very possible) or maybe there is a currency exchange rate problem. I am going to try it gain this week. It seems to be the most convenient way to make transfers. 

 

What I normally do though, and it works rather well and is not expensive,  is write a check to myself on a check from my checking account with my US bank. I do this at Siam Commercial Bank. A check for about $9,500 Us dollars, written to myself,  cost about 500 Baht. The problem is it usually takes about 4-5 weeks for the money to be deposited into my Siam Commercial Bank account. I don't mind the wait. I have been doing this for  a few years. I asked the bank guy who helps the teller fill out the forms needed to make the transaction if this type of transfer is a common practice, he said it was especially with retirees and other long term residents. You get a detailed receipt with your check number, the amount,  exchange rate, your address in Thailand, date of transaction, singed and stamped.

[ubonjoe]

You need to check the buying TT rate for the date the transfer was done to get the amount sent in dollars.

You can select the date at the top of this page on the banks website. http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

[lopburi3]

If you have Bangkok Bank SMS alert for deposits (free) it directly reports what is sent in original currency and what is received and the exchange rate in one short msg.  I have not used for 12 cents however but believe it would work.  My bank did not require such funds transfer when you set up as send only (which is how it should be set up - as if for a third party rather than yourself).

[Langsuan Man]

You should sign up for Bangkok Banks SMS notification service (in English) and then you would receive an SMS giving you the exact test amounts in USD, then it is easy to verify the amounts (especially for a math challenged person like myself)

 

But that being said, many US banks don't require the test deposit method if the transfers are only going to be sending IN to an account and not OUT of an account.   USAA Savings Bank, for instance, only requires the verification for two way transactions;  if I only want to "push" funds into an account, no verification amounts required, just a three day wait for the account to be "verified" as a legitimate 

 

Since you can't pull funds out of your Bangkok Bank account back to your US account anyway, there is no reason to jump through the hoops for test deposit verification 

 

I have gotten money out of my US account into the Bangkok Bank account in as little time as overnight or worse case the day after.  Sorry,  but I could never live with having to wait 4-5 weeks for a check deposit, not just for the inconvenient wait,  but having to go that long to know what exchange rate I am going to get 

[Pib]

OP,

   When you contact Bangkok Bank to get the trial transfer amounts just be clear you need to know the foreign currency amount received "before it was converted to baht....you could care less about the baht amount."   

 

    I would "not" use a personal estimation/math method of looking at the currency exchange rate for that day and do personal math since the exchange rate can change several times per day and your rounding may be different than Bangkok Bank.   

 

    Over the years in setting of transfer links with my US bank and contacting Bangkok Bank either via phone or a personal visit I've never had a problem in getting them to provide the amount of received in the two small amount transfers.

 

    And like LSM said some banks may offer a transfer link setup method that does not use trial ACH transfers as the link is setup for "Send" only.  And even if you do setup a Send & Withdraw transfer link which will use the trial transfer method, DO NOT ever attempt a withdrawal as Bangkok Bank will reject it which may cause your US bank to suspend/delete the transfer link thinking a fraudulent transaction has been attempted.  The Bangkok Bank website basically states this on their webpage regarding the setup of ACH transfers---DO NOT attempt a withdrawal (a.k.a., pull funds transaction).