What is the best American bank for someone living in Thailand?

[KhunFred]

Here's my situation. About six months before I left the United States to live in Thailand in 2015, I opened an account at the Army Aviation Center Federal Credit union. I was assured by several officials there, that there would be no problems accessing my money in Thailand. Mostly true, but it has not been that simple. I also have a Direct Deposit account at Bangkok Bank, where my Social Security is direct deposited. My state retirement payment and my annuity payment remain with the credit union and can be accessed with a debit card. Very frequently, I have a need to transfer money from Bangkok Bank to the credit union to avoid insufficient funds charges and accessing my overdraft privileges, which have rather high fees. I pay all of my credit card bills out of the credit union account, because I can't determine if I can pay them out of the BB account. I set up a transfer system between the credit union and Bangkok Bank to try and rectify this situation. The problem is that the credit union uses a "verification system" which involves making two very small temporary deposits (less than a dollar) into my BB account and then having me verify them online. I can't accomplish this because the deposits show up as baht, not US currency. I tried to convert using the current rate but this was rejected. I spent an hour on the phone with someone from the credit union who told me that this problem was something I would have to work out with Bangkok Bank. I need not explain how nearly impossible this is. The only solution seems to be to have my state retirement check and annuity deposited into a regular bank with a swift code (which credit unions don't use). Someone suggested Citibank, though it appears that there are considerable hoops to jump through in order to accomplish this. Does anyone on TV have any advice that may solve this problem? Poor money management is only part of the problem. I take full credit for my own mistakes, but I am trying to pay bills and dig my way out of this mess. Any advice will be appreciated. Thanks.

[lopburi3]

Normal transfer from USA to Bangkok Bank is a one way system through their New York Bank using domestic ACH clearing - this would not allow you to transfer money into your US account from Thailand.

 

If you have military service would recommend setting up USAA account (which can be done from Thailand) and having your retirement sent there and then using them to transfer to Bangkok Bank using ACH.  That way you have money is USD for payments of cards and such but can easily transfer when you need when you need it (online).

 

Edit:  for amount sent into your account you can call Bangkok Bank for that information - they know of the requirement and can provide.  USAA did not require as I recall as was set up as send only.

Edited July 5, 2018 by lopburi3

[KhunFred]

24 minutes ago, lopburi3 said:

Normal transfer from USA to Bangkok Bank is a one way system through their New York Bank using domestic ACH clearing - this would not allow you to transfer money into your US account from Thailand.

 

If you have military service would recommend setting up USAA account (which can be done from Thailand) and having your retirement sent there and then using them to transfer to Bangkok Bank using ACH.  That way you have money is USD for payments of cards and such but can easily transfer when you need when you need it (online).

 

Edit:  for amount sent into your account you can call Bangkok Bank for that information - they know of the requirement and can provide.  USAA did not require as I recall as was set up as send only.

I do not have military service. This credit union was recommended by co-workers. Bad move on my part. I knew of the New York branch connection, but if that prevents me from transferring money from Bangkok Bank to the US, then I have a real problem.

[bkk6060]

I had a similar problem several years ago when I set up my account.

Call Bangkok Bank and get a good English speaker on the phone and ask them the exchange/amount that was transferred.

Go from there.

[Sheryl]

If you are the child of someone with military service you will also qualify for USAA> or maybe that has to be, child of a USAA member, I'm not sure on that point.

 

I know I qualified due to my father.

[xvend]

All you need to do is contact bangkok bank and ask them the amount of the deposits in USD. I had a similar issue with E*Trade. Bangkok Bank can tell you.

[KhunFred]

1 minute ago, Sheryl said:

If you are the child of someone with military service you will also qualify for USAA>

Thanks, Sheryl. My Dad did thirty years in the Army, so I suppose I qualify. Thank you. I have never heard of USAA.

[Sheryl]

Ask your Dad if he is a USAA member. If he is, you're in . If not you might still qualify but I'm not 100% sure on that as my father was a member. Most military are.

 

You can call USAA free from Thailand at this number

 

001 800 531 80000

 

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

 

 

 

 

[KhunFred]

9 minutes ago, bkk6060 said:

I had a similar problem several years ago when I set up my account.

Call Bangkok Bank and get a good English speaker on the phone and ask them the exchange/amount that was transferred.

Go from there.

I even took a translator with me to the local branch. Absolutely NOTHING was accomplished. It's probably a moot point since someone else has said that I can't transfer money to the US from Bangkok Bank. Very confused. USAA may be my best option.

[KhunFred]

6 minutes ago, Sheryl said:

Ask your Dad if he is a USAA member. If he is, you're in . If not you might still qualify but I'm not 100% sure on that as my father was a member. Most military are.

 

You can call USAA free from Thailand at this number

 

001 800 531 80000

 

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

 

 

 

I would need a Ouija board to talk to Dad but I am fairly sure he was not a member. He got out of the Army in 1949. I suppose I can call them. Thanks for the contact info.

[bkk6060]

4 minutes ago, Sheryl said:

Ask your Dad if he is a USAA member. If he is, you're in . If not you might still qualify but I'm not 100% sure on that as my father was a member. Most military are.

 

You can call USAA free from Thailand at this number

 

001 800 531 80000

 

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

 

 

 

 

So how many branches of that bank are there in Thailand?

It may be fine but Bangkok Bank is everywhere.  If there is an issue, which believe it or not things come up, walk into a BKK Bank branch and figure it out.

I think Bangkok Bank is the best for a US person living here.

Just my opinion they have always given me great service.

 

PS:  If saving some baht on transfers is the goal, then I guess go with whatever.

Convenience, service, expedited transfers is mine and Bangkok Bank is that.

[bkk6060]

5 minutes ago, KhunFred said:

I even took a translator with me to the local branch. Absolutely NOTHING was accomplished. It's probably a moot point since someone else has said that I can't transfer money to the US from Bangkok Bank. Very confused. USAA may be my best option.

Then go with USAA.

Good luck..

[Sheryl]

There are no branches of USAA in Thailand. My impression is thst he is talking about a bank in the US that will be easy to do transfers from etc.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[KhunFred]

4 minutes ago, bkk6060 said:

So how many branches of that bank are there in Thailand?

It may be fine but Bangkok Bank is everywhere.  If there is an issue, which believe it or not things come up, walk into a BKK Bank branch and figure it out.

I think Bangkok Bank is the best for a US person living here.

Just my opinion they have always given me great service.

 

PS:  If saving some baht on transfers is the goal, then I guess go with whatever.

Convenience, service, expedited transfers is mine and Bangkok Bank is that.

Apparently, I did not make it clear that I am making credit card payments from my credit union account. I have not been able to determine if I can set up the same arrangement with Bangkok Bank. Even when I took .a translator, they were babbling about "work permits" when I told them I was RETIRED. Communicating with Thais has been a very difficult thing for me, even with a paid translator. They seemed not to understand that I wanted to have my state retirement and annuity deposited there just like my Social Security. Then the issue of making payments came up. I simply could not determine if I could have all my money in Bangkok Bank and still transact business. I take debts seriously.

Edited July 5, 2018 by KhunFred
clarity

[FatVern]

I was recently unable to setup one way transfers from 2 different US based credit unions. They both informed me that the Bangkok Bank New York Branch notified them, that my account did not exist, which was bullshiznik. Nothing I could do to convince them otherwise, and they refused to investigate further. Although, they did try a couple of times they said.  They said I’d have to work through Bangkok Bank which also refused to help or investigate.  I was able to finally setup one way transfers through Charles Schwab banking service via a Schwab form letter and a Bangkok Bank officer provided form letter (Bangkok Bank officer refused to fully provide the Schwab requested info as there wasn’t a field on their form but did sign and provided advice to me. They refused to add my account number so I wrote that in) but all this too was a multi week hassle. I was told that a Schwab brokerage account would be much easier but I don’t know. Anyways, YMMV. Apparently, this operation must smell fraud like suspicious to US banks and Bangkok Bank because they did not like setting this up. Another issue may be (I’m just guessing) that after they make those small deposits, since it’s one way only, they can’t retrieve them, and even though is like 18 cents, they don’t like losing money like that. To compound my frustration others on ThaiVisa here told me it was super easy for them, so I don’t know why it was such a hassle for me. 

Edited July 5, 2018 by FatVern

[KhunFred]

10 minutes ago, bkk6060 said:

 

PS:  If saving some baht on transfers is the goal, then I guess go with whatever.

Convenience, service, expedited transfers is mine and Bangkok Bank is that.

This is not about saving baht on transfers, although that would be nice. I'm trying to pay bills which I owe from the credit union account. It does not appear possible to transfer the other two accounts to Bangkok Bank, nor does it appear possible to make credit card payments from my BB account. I could be wrong. Perhaps the translator was not clear on what I was trying to do. The BB official CERTAINLY was not helpful. Kept babbling about "work permits" while I kept telling him I am retired and cannot work. Rather like talking to a brick wall.

[lopburi3]

1.  Transfer via Bangkok Bank using ACH will not allow transfers from Thailand - only to your account in Thailand.  If provided the option by US bank set up as send only and the deposits may not even be required.  You need to phone Bangkok Bank Hqs to obtain the deposit amounts - local branches do not have a clue.

2.  You should have a US account to pay US cards and other USD based payments.  Another option might be PayPal with local payment if you really need cards.  For local use better for most people to just use a local card if you want to use plastic. 

[KhunFred]

2 minutes ago, lopburi3 said:

  For local use better for most people to just use a local card if you want to use plastic. 

I was under the impression that I did not qualify for a Thai credit card since my income does not originate in THailand. I do not work here. I am retired.

[bkk6060]

16 minutes ago, KhunFred said:

Apparently, I did not make it clear that I am making credit card payments from my credit union account. I have not been able to determine if I can set up the same arrangement with Bangkok Bank. Even when I took .a translator, they were babbling about "work permits" when I told them I was RETIRED. Communicating with Thais has been a very difficult thing for me, even with a paid translator. They seemed not to understand that I wanted to have my state retirement and annuity deposited there just like my Social Security. Then the issue of making payments came up. I simply could not determine if I could have all my money in Bangkok Bank and still transact business. I take debts seriously.

OK, no problem.

Not sure I fully understand.

I have a US bank account.  All my monies go into that account.

Then, at the first of each month I transfer all that I need here in Thailand via Bangkok Bank.  Usually takes 2 days.

That is it.

I do not transfer my retirement, etc into Bangkok Bank.

Just make one transfer from my US account on the 1st for what I need here.

 

With this, I just pay my credit cards/US bills online from my US account.

It is all very simple for me.

Not sure I am helping you.  But, it all works well for me.

Edited July 5, 2018 by bkk6060

[lopburi3]

4 minutes ago, KhunFred said:

I was under the impression that I did not qualify for a Thai credit card since my income does not originate in THailand. I do not work here. I am retired.

With secured account believe a credit card can be issued but do you really need?  I have not used an actual credit card locally for decades - debit card takes care of things here.  For online believe banks offer options to pay with local debit cards or believe you can set up PayPal to a local bank account for such use.

 

But really believe it best to have a US bank account and deposit into that and then transfer as needed.  If not USAA believe there are other options (but most require you visit actual bank in US to set up).

[KhunFred]

1 minute ago, bkk6060 said:

OK, no problem.

Not sure I fully understand.

I have a US bank account.  All my monies go into that account.

Then, at the first of each month I transfer all that I need here in Thailand via Bangkok Bank.  Usually takes 2 days.

That is it.

I do not transfer my retirement, etc into Bangkok Bank.

Just make one transfer from my US account on the 1st.

 

With this, I just pay my credit cards/US bills online from my US account.

It is all very simple for me.

Not sure I am helping you.  But, it all works well for me.

OK, when I came here, I was led to believe that I HAD to have my Social Security deposited into Bangkok Bank in order to get a "retirement visa". Apparently that is NOT necessary unless I were using the bank deposit method, which I am not. I just get my income verified by the Embassy and get my extension every year. The ATM charges are outrageous unless you are withdrawing the entire amount at one time. Throughly confused now after thinking that I had it figured out. That's what I get for relying on a YouTube "guru" for information. Thanks to everyone for your suggestions. I still don't know if I can accomplish what I need to do by having all my money here. The officials at the branch that I went to seemed to be telling me that I could not have my other retirement payments transferred here,(which is hard to believe). On the USA side, my annuity said it was just a matter of providing them with information. Same story with my state retirement. The problem seems to be very bad information on the Thai end from bank officials who are used to dealing with working expats. 

[KhunFred]

4 minutes ago, lopburi3 said:

With secured account believe a credit card can be issued but do you really need?  I have not used an actual credit card locally for decades - debit card takes care of things here.  For online believe banks offer options to pay with local debit cards or believe you can set up PayPal to a local bank account for such use.

 

But really believe it best to have a US bank account and deposit into that and then transfer as needed.  If not USAA believe there are other options (but most require you visit actual bank in US to set up).

I have six thousand dollars in credit card debt on three credit cards. I keep the cards because I might need them if I have to go to the hospital. Thai hospitals want money before they release you. If they allowed payments like hospitals in the US, there would be no problem. With no health insurance, the cards are necessary and the need to pay what I owe is a matter of honesty.

[lopburi3]

1.  It is never required for funds to be direct deposit into Thai account - if using bank account for retirement all that is required is proof of 800k in account for the previous 3 months.

2.  Most US accounts would not transfer using anything but ACH and Bangkok Bank New York is the only option for that method.

3.  SWIFT transfers could be made to any bank account here but again many US banks do not have a clue how to do.

4.  For the credit card use in emergency believe a SWIFT type transfer to your home bank for payment is an option but you must visit Bangkok Bank to do and they see that funds were remitted from outside Thailand allowing payment to be made.  Suspect cards could also be tied to PayPal for automatic payment.

[KhunFred]

1 minute ago, lopburi3 said:

1.  It is never required for funds to be direct deposit into Thai account - if using bank account for retirement all that is required is proof of 800k in account for the previous 3 months.

2.  Most US accounts would not transfer using anything but ACH and Bangkok Bank New York is the only option for that method.

3.  SWIFT transfers could be made to any bank account here but again many US banks do not have a clue how to do.

4.  For the credit card use in emergency believe a SWIFT type transfer to your home bank for payment is an option but you must visit Bangkok Bank to do and they see that funds were remitted from outside Thailand allowing payment to be made.  Suspect cards could also be tied to PayPal for automatic payment.

I have never had that much money in a bank account in my life and now that I am retired, I certainly won't have it. I extend based on monthly income, which is more than enough, Credit unions do not have SWIFT numbers, which is one reason why I need a way to access my money locally AND pay my bills. The rather dense official at Bangkok Bank SEEMED to be telling me that the only thing that could  be direct deposited is my Social Security. I think he is wrong, but we all know how futile it is to argue with Thais wearing a business suit. My translator seemed as confused as the bank official. I am out of ideas and charges are mounting up every in my credit union account because the money may not be there when the bill arrives. A difficult situation but i suppose I am on my own with this one. Never thought it would be so difficult to give a bank my money. FATCA regulations have poisoned the water for expats.

[FatVern]

The short answer to your original question is going to be Charles Schwab. 

Edited July 5, 2018 by FatVern

[TallGuyJohninBKK]

55 minutes ago, KhunFred said:

Apparently, I did not make it clear that I am making credit card payments from my credit union account. I have not been able to determine if I can set up the same arrangement with Bangkok Bank. Even when I took .a translator, they were babbling about "work permits" when I told them I was RETIRED. Communicating with Thais has been a very difficult thing for me, even with a paid translator. They seemed not to understand that I wanted to have my state retirement and annuity deposited there just like my Social Security. Then the issue of making payments came up. I simply could not determine if I could have all my money in Bangkok Bank and still transact business. I take debts seriously.

 

OP, this shouldn't be so complicated.

 

It sounds like you have some expenses owed/paid in the U.S., and then others owed/paid in Thailand. And two or more different sources of U.S. income -- Social Security, state retirement and annuity...

 

So if it were me, I'd arrange to have enough of my income sources direct deposited into my U.S. accounts to cover my U.S. expenses and pay my U.S. bills out of that account. And then I'd arrange for my Social Security or whatever to be direct deposited into Bangkok Bank, and use that to pay my Thai expenses. Or whatever combination of income sources and deposit locations is appropriate for your needs.

 

The notion of trying to have everything sent to Thailand and then turn around and try to pay U.S. bills out of a Thai bank account is probably a non-starter in practical, economical terms.

 

This whole subject also has been complicated a bit lately by BKK pulling some funny business with their longstanding New York branch ACH transfer system that MAY have that system not working currently for US bank ACH transfers to BKKB accounts in Thailand.

 

Edited July 5, 2018 by TallGuyJohninBKK

[Pib]

OP,

 

-  Contact Bangkok Bank to ask the amount of foreign funds rec'd in the two trial deposits.  Trying to estimate the each amount based on the exchange rate is problematic because you may not use the correct exchange rate since it's not uncommon for Bangkok Bank to adjust/update it's TT Buying Rate several times per day and you may use the wrong rate.  Plus, rounding errors could cause you to be  a penny off which is the same as being a mile off in the verification process.

 

- If you set-up free SMS Remittance Alert on your Bangkok Bank account you will get an SMS on incoming international transfers such as ACH trial deposits, SWIFT transfers, ACH transfers, etc.   Go to this Bangkok Bank weblink for more info.   Now you will see the enrollment procedure described talks using your Bangkok Bank debit card to sign-up for the SMS Remittance alert, however, since you said you have a Direct Deposit acct that means you don't have a debit card for that account.   But, you can still sign-up for the SMS Remittance alert without a debit card by doing it at the bank branch....it's a one page form which is nothing more than entry of of your name, address, account number, mobile number...the bank processes the form and within a few business days (say 5) you will be setup for the free alert.  I've done it on my Direct Deposit acct, my wife has done it on hers, a friend for his, etc.  The SMS will give you info such as amount rec'd in foreign currency (even pennies), exchange rate used, amount posted, fee applied, etc....just everything you need.

 

-  OK, let's say you complete the verification successfully, here is an important and critical point:  you can only "receive" funds via this ACH method with Bangkok Bank...you "CAN NOT" send/pull funds from your Bangkok Bank acct "via this ACH method"...you CAN NOT pull funds via ACH (which is really sending funds) like trying to use you credit union ibanking to pull/withdraw funds from your Bankgok Bank account.   When using ACH, Bangkok Bank only allows ACH "receiving" capability; not ACH "sending from/withdrawal from" from the account.   If you try to pull funds the transaction will be rejected by Bangkok Bank.   It doesn't matter which U.S. bank/credit union/financial company you were using, the transaction will be rejected.

 

  -- As you mentioned if you want to send money from your Bangkok Bank account to pay a bill in the U.S. you must go a Bangkok Bank branch and initiate a SWIFT transfer which is pricey and can sometimes be tough to do if for "large" amounts.  Now if you had a work permit/job in Thailand you can setup Bangkok Bank ibanking to send a limited amount of funds (basically your money salary) via SWIFT from your ibanking....but you are on a retirement visa/extension of stay so that is not an option. 

 

  --Thailand is the Land of Smiles for incoming money, but the Land of Frowns for outgoing money regardless of Thai bank being used due to strict controls set by the Bank of Thailand which all Thai banks must follow.   

 

-  I do have a question for you:  where those ACH trial deposits "recent"....I mean like over the last month?   And just to reconfirm, you saw the trial deposit amounts "actually post to your Bangkok Bank account?"   The reason I ask is over the last month or so several U.S. folks using three different U.S. banks trying to setup an ibanking transfer link using the trial deposits method had the trial deposits "rejected" by Bangkok Bank New York branch due to an apparent recent policy change by Bangkok Bank requiring ibanking ACH transfers to be in the International ACH transfer (IAT) vs Domestic format.  

 

-  Open a USAA bank account as they are expat/military/civil servant friendly.   Plus they offer two methods to set an ibanking ACH transfer like....trial deposits for send and pull fund (but remember you can't pull from your Bangkok Bank acct....a normal U.S. bank you can...but not from Bangkok Bank).....and the other method is for send/deposit only where trial deposits are not used....takes 3 business day to activate.  For now the later method avoids the problem some US folks are now running into with Bangkok Bank regarding trying to setup ibanking ACH transfer links using the trial deposit method.    At least this allows you to transfer funds into your Bangkok Bank account via ibanking.

 

  Sorry, as mentioned you will not be able to "pull/withdraw" funds from your Bangkok Bank accounts using U.S. ibanking...not from "any U.S. bank/credit union (not even USAA)" as Bangkok Bank will reject the transaction.  You can sure setup the ibanking link at US banks/credit unions for push and pull of funds, but when actually trying to pull funds the transaction will be rejected by Bangkok Bank.   So, trying to pay your U.S. bills from your Bangkok Bank account using ACH transfer/Bill Payment is NOT going to work; you must pay from a U.S. bank/credit union.   You will need to change/redirect where some of your direct deposits/pensions go....have some go into a U.S. bank/credit union so you can pay your U.S. bills from your U.S. bank/credit union.

 

 

 

 

 

[bkk6060]

Some good advise almost thinking a troll post. ?

[TallGuyJohninBKK]

I think the main point to take from Pib's point above is, especially for a retiree, there is no good way in the Thai banking system to send funds OUT of Thailand and back to the U.S., especially on a recurring and economical basis.

 

Thus, another thing any U.S. retiree to Thailand probably ought to do -- assuming you still have some kind of U.S. residence address you can use -- is to open an account at one of the U.S. banks or brokerage firms that 1] don't charge any foreign currency fee when their debit card is used outside the U.S., and 2] reimburse foreign ATM withdrawal fees such as the current 220b charged by most Thai ATMs.

 

Entities like that are Charles Schwab, State Farm Bank, Fidelity and a few others, depending on your personal circumstances and location.  In that way, you pretty much have unlimited access to your U.S. funds just by withdrawing them in baht from any Thai ATM, usually at 20,000 to 30,000 baht per withdrawal. One or two withdrawals per month ought to be enough to cover most people's cash needs here.

 

And if your personal needs go beyond that for some reason, as some threads here lately have noted, the private service Transferwise can be pretty economical for sending money from most U.S. bank or CU accounts to any bank in Thailand, especially for smaller amounts.

 

 

Edited July 5, 2018 by TallGuyJohninBKK

[james1995]

I receive all my legit freelance business earnings into my trusty little fidelity account.  Wonderful little atm card.  I don't pay any atms fees and never will again.