Is There A Need For A Us Based Wiring Assistance Business

[richard10365]

My retirement paycheck goes from the U.S. Treasury to Bangkok Bank, NY, who then SWIFTS it over to Thailand. $5 to swift it and 200 baht to convert it to baht once it gets here.

The first step is to open an account here in Thailand with Bangkok Bank. After that, using the internet, I requested my monthly pension check go to Bangkok Bank, NY using their ABN routing number, my account number, my name and the type of account it will go in (savings or checking).

When I need it, Bangkok Bank gives me a letter showing the money was transfered from the USA to Thailand.

Dealing with a U.S. based organization while living here in Thailand seems counter productive. My money and assets are here in Thailand. Putting your organization in the loop would be an unneeded step and increase the possibility of things going wrong.

Besides, I'm not sure you can beat the rates Bangkok Bank is providing using their New York office.

If this was done with a normal Bangkok Bank account it might not be legal if found out as US Government deposits can only go to authorized countries/bank accounts and normal accounts in Thailand do not meet those requirements (there is a personal access in person account from BBL that can be set up using special procedures that meets requirements - what they need is ability to stop access upon your death). You might want to confirm the legality with payer.

Lopburi,

I think, legally (from a U.S. stand point) it is legal. Bangkok Bank does have direct deposit procedures to setup Direct Deposit. It is designed to stop access upon your death.

The way I understand it, if you let them set up your direct deposit, you physically have to be present withdraw money from a Bangkok Bank bank teller using your bank book and passport. This type of account does not issue an ATM card (so your account cannot be accessed if you die) and cannot be a joint account.

Bangkok Bank, NY does have an ABA routing number so they must meet the federal requirements to send and receive money in the USA.

I am guessing the reason Bangkok Bank allows for deposits to accounts in this way is because of the large number of Thai's in the USA who are sending large sums of dollars back to accounts here in Thailand.

Using the internet, I was able to set up direct deposit myself with my payer (DFAS - Defense Finance and Accounting Service). When I inserted the ABA routing number, my payer said it belonged to Bangkok Bank PLC., NY. So every month, DFAS sends my check to my account here in Thailand via the routing number from Bangkok Bank, NY.

Your probably right about it not seeming totally legal (at least in principle). If I did die, my wife would still be able to access my money by using my ATM card.

Maybe one day they will catch on and close this little loophole and I will have to physically go to the bank to get my money instead of using my ATM card. Things are always changing in Thailand and I wouldn't be surprised if this changed as well. What is legal one day can easily be illegal the next.

Change seems to be the only constant for foreigners living in Thailand. If you can handle the changes, then you can handle Thailand. "Ever changing Thailand" would be a good motto for Thailand to adapt.

[silverhawk_usa]

From the Bangkok Bank NY website;

New York Branch

The New York branch is a US federal chartered branch which functions as a wholesale bank.

There are many services available including:

* Trade Finance

* Corporate Lending

* Remittance/Funds Transfer

* Deposit Accounts (restricted)

[hotgeekus]

well, as a US passport holder, with the internet I see no need for such as service. The service seems only useful to those who want to transfer money that they don't want 'someone' to see.

Anyone who wants a retirement visa here in LOS would do a little homework before they sign up for the minimum $700 one way plane ticket.

I agree that the world is now closer. With the recent laws around 9/11 etc, it is becoming more difficult but things are happening that helps that by far, by paypal, skype etc.

Seeing how I am in LOS and awaiting a credit card after the 'first application got lost', I have survived here with no problem. Everytime I need to pay a bill in US, just log on and epay it. Easy squeezy, lemon breezie....

If I had a problem with the USA based credit card, call from my skypeout number, then establish who I am and take care of it...

[jinjok]

yes, i am amerikkkan and living/traveling asia since 1992-3.

but im not your target. i have been a vis runner (proudly) for years and will continue to do so.

i will stay in thailand as much as the country wants me and when it does not - i will go elsewhere to enjoy my life.

i am 'young' by retirement standards. i do understand if people have health issues and want to reside in thailand. but i will never seek a retirement visa or go begging for any sort of long term visa.

if/when the time comes and i front up paperwork in order and im given some lame reason on denail it will be the last paperwork filed in the kingdom.

thailand can do what it wants. so can i -

ps: i also have family than can wire funds and then i can pay them back by having my parents send them a pre-signed check which i have @ the ready for 'emergencies' - which i have never used.

i loooooooooove debit cards! they have totally freed me.

Edited January 28, 2007 by jinjok