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

[jimmyyy]

The best in My opinion would be Navy Federal Credit Union with a Active duty checking account.  Fees are returned on the 20th of every month, i can send 5000.00 USD per day to my bangkok bank account for free takes 3 days, i think bangkok bank charges a small fee to receive.  They are very easy to deal with.  But, you would need to be eligible. 

[suzannegoh]

14 minutes ago, khaepmu said:

   I have mentioned this way of transferring funds from the States to Thailand before and some felt it took too much time and one could not  pinpoint the exact exchange rate. But every year I write a check to myself and deposit it in my Thai bank. The check is from my US bank account. It takes between 4-5 weeks to clear.  The exchange rate has always been favorable .My check is usually for  9,500 to 9,900 dollars and the fee from the Thai bank is about 500 baht. It has never failed  ( have been using it for the last 11 years) and I am hoping that this kind of transfer remains an easy option. 

Is the amount of the check that you write usually between $9500 and $9900 because a problem of some sort arises with checks that are $10K or more?

[ubonjoe]

33 minutes ago, suzannegoh said:

Is the amount of the check that you write usually between $9500 and $9900 because a problem of some sort arises with checks that are $10K or more?

Checks $10k or more are reported to the IRS is the reason.

[Pib]

3 hours ago, khaepmu said:

   I have mentioned this way of transferring funds from the States to Thailand before and some felt it took too much time and one could not  pinpoint the exact exchange rate. But every year I write a check to myself and deposit it in my Thai bank. The check is from my US bank account. It takes between 4-5 weeks to clear.  The exchange rate has always been favorable .My check is usually for  9,500 to 9,900 dollars and the fee from the Thai bank is about 500 baht. It has never failed  ( have been using it for the last 11 years) and I am hoping that this kind of transfer remains an easy option. 

 

Good info...thanks.  Not to put you on the spot (well, maybe a little), any possibility you can be more specific as to what exchange rate you got on the date it posted/cleared to your Thai bank account and if you think there as intermediary bank processing fee based on the final amount posting/clearing to your account?  

 

Where you mention "...could not pinpoint the exact exchange rate...the exchange rate has always been favorable..." the best I can figure out from looking at various Thai bank fee structures over the years they will use the "Sight Bill/Cheques Buying Rate" which is usually 0.1 to 0.2 baht lower  (depending on the Thai bank) than the Telegraphic Transfer (TT) Buying Rate used for incoming electronic funds transfers.   

 

Where the charge use to be 300 baht plus 3 baht stamp duty it appears to be 500 baht plus 3 baht stamp duty from looking at the Bangkok Bank and Kaiskorn websites...below is the snapshot from Bangkok bank.   The fee just like  you said.  All Thai banks have very similar fee structures. Then comes the possibility of an intermediary/correspondent bank charge that the Thai bank may use to clear/process the check.   And then it usually takes 2 to 6 weeks for the personal check to clear and the funds are made available in your Thai bank account.

 

 

 

And there is even the possibility for an additional fee depending on the draft/check the bank might even advance the payment to your account instead of waiting for it to clear....snapshot from Bangkok Bank website.

 

After reading many ThaiVisa posts over the years I can not remember one where a person has or was able to detail-out the charges other than the initial fee which now seems to be Bt503.   Detail it out to confirm if they received the Sight Bill/Cheque Exchange Rate, was their an intermediary bank processing fee, etc.   If anyone can that would be great crossfeed.    Thanks again.

 

 

 

 

 

 

[lopburi3]

3 hours ago, khaepmu said:

But every year I write a check to myself and deposit it in my Thai bank.

Have started to see reports of checks no longer being accepted by some banks that previously did accept.  Seems Bangkok Bank may be one of these as they had an online clearance systems for low denomination checks recently but do not see any indication it is still active.  I believe check cashing is still an often used method in Philippines but checks have never been welcome at most Thai banks and believe that may be getting more so.  

[TallGuyJohninBKK]

4 hours ago, jimmyyy said:

The best in My opinion would be Navy Federal Credit Union with a Active duty checking account.  Fees are returned on the 20th of every month, i can send 5000.00 USD per day to my bangkok bank account for free takes 3 days, i think bangkok bank charges a small fee to receive.  They are very easy to deal with.  But, you would need to be eligible. 

 

I don't have a Navy Fed account as yet, so let me ask:

 

What method are you using thru Navy Fed to send your funds to BKKB?  ACH transfer to their NY branch or international wire transfer straight to Thailand?

 

If it's an ACH transfer, you know BKKB will be shutting down that route as of April 1, 2019.  If it's an international wire, I wasn't aware Navy Fed provided free international wires to its regular account holders.

 

Perhaps there's some special deal for "active duty" accounts -- which wouldn't be available to the general expat population here.

 

[TallGuyJohninBKK]

4 hours ago, khaepmu said:

   I have mentioned this way of transferring funds from the States to Thailand before and some felt it took too much time and one could not  pinpoint the exact exchange rate. But every year I write a check to myself and deposit it in my Thai bank. The check is from my US bank account. It takes between 4-5 weeks to clear.  The exchange rate has always been favorable .My check is usually for  9,500 to 9,900 dollars and the fee from the Thai bank is about 500 baht. It has never failed  ( have been using it for the last 11 years) and I am hoping that this kind of transfer remains an easy option. 

 

One downside to that approach for me, other than the hassle of dealing with Thai banks and U.S. check cashing, is you're probably leaving a relatively large sum of funds (declining thru the months) deposited in Thai bank/banks for a good part of the year earning very little interest -- whereas the same amount kept in U.S. accounts for the same period probably could be earning twice as much or more these days.

 

Plus at $9500 per year, you're getting the equivalent of about $900 per month if averaged out over the full year -- which wouldn't cover my cash living expenses.

 

 

[TallGuyJohninBKK]

28 minutes ago, lopburi3 said:

 Seems Bangkok Bank may be one of these as they had an online clearance systems for low denomination checks recently but do not see any indication it is still active. 

 

What was that about, Lopburi, re BKK Bank and small denomination checks clearing?  Never heard of that.

 

I remember getting some $10 or $20 rebate checks from the U.S. for electronics purchases a couple years back, and in checking around, the check cashing fees charged by BKKB and SCB then were pretty much going to eat most or all of the rebate check amounts -- making the process worthless here.

 

These days, of course, if you are OK having the funds deposited into your U.S. account, lots of banks and CU's now offer online check deposit systems either via their mobile apps or by their websites. Which eliminated the problem I had had in the past with handling small value U.S. checks arriving here.

 

[Pib]

The best in My opinion would be Navy Federal Credit Union with a Active duty checking account.  Fees are returned on the 20th of every month, i can send 5000.00 USD per day to my bangkok bank account for free takes 3 days, i think bangkok bank charges a small fee to receive.  They are very easy to deal with.  But, you would need to be eligible. 

Yeah it's not uncommon for your bank to not charge an ACH sending fee and $5000 per day is the default limit per day used by many U.S. banks.

There is Bangkok Bank New York branch fee of $5 or $10 plus the in-Thailand branch receiving fee of 0.25% (Bt200 min, Bt500 max) when you send the funds via ACH like you are doing.

But come 1 Apr 19 you ACH transfers will be rejected/returned unless the Navy Fed Credit Union uses the IAT format and I expect they do not just as other banks/credit unions do not use IAT for retail accounts.

[suzannegoh]

Checks $10k or more are reported to the IRS is the reason.

So are wire transfers in excess of $10K. But does it make a difference?

[ubonjoe]

2 minutes ago, suzannegoh said:

4 hours ago, ubonjoe said:

Checks $10k or more are reported to the IRS is the reason.

So are wire transfers in excess of $10K. But does it make a difference?

Same for both.

[suzannegoh]

2 minutes ago, ubonjoe said:

Same for both.

I got that, but if the check is more than $10K does it cause some tangible problem such as an increase in fees, taxes, or the amount of time that it takes to clear?

[TallGuyJohninBKK]

6 minutes ago, suzannegoh said:

I got that, but if the check is more than $10K does it cause some tangible problem such as an increase in fees, taxes, or the amount of time that it takes to clear?

Having a $10K or more total balance in your foreign bank accounts at any point during the year will trigger federal government FBAR reporting for the account holder.

[lopburi3]

51 minutes ago, TallGuyJohninBKK said:

What was that about, Lopburi, re BKK Bank and small denomination checks clearing?  Never heard of that.

A few years ago they started to offer same day check clearing for US checks (believe up to $200 but could be wrong on that) using automated check clearing system as used by banks in USA now.  I never used as use USAA direct deposit which works fine over internet.    But I do not see this Bangkok Bank service listed anywhere now so suspect it is no longer offered.

[lopburi3]

29 minutes ago, suzannegoh said:

I got that, but if the check is more than $10K does it cause some tangible problem such as an increase in fees, taxes, or the amount of time that it takes to clear?

No current knowledge but when living in Florida in 1989 (drug central) they lowered that to 4K trigger and indeed you had to fill out more paperwork - not sure if any extra charges as made sure to keep below.

[Pib]

A comparison between using the ACH transfer method or depositing a personal check.    The check method fairs pretty well assuming the bank will cash/deposit a personal check (some may not) and keeping in mind you will need to wait weeks for the check to clear and the funds be made available to you.  Be sure to read the notes at the bottom also.

 

[riclag]

On 7/5/2018 at 3:23 PM, KhunFred said:

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

What ever became of your issues?

1."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".

2.  Did you resolve what banking or brokerage/bank institution you are going to use?

Edited March 11, 2019 by riclag