Opened Bangkok Bank Account, tried to X-fer from US, trial ACH deposits failed

[TallGuyJohninBKK]

13 hours ago, mtls2005 said:

I'll do some more research, but plan to sort this out on my next trip back (Christmas/New Years, but may have to go mid-Sep as well). I'll probably add both BBL and SCB.

 

I think the likely takeaway here, on this item, is that ideally, you shouldn't have to make a trip back to the U.S. just to get Fidelity to authorize (medallion stamp) a Fidelity form every time you need/want to add a new wire transfer recipient to your account.

 

Whether there's a realistic way of avoiding that, apparently, remains to be seen.

 

Of course, even if a medallion stamp could be had somewhere in Thailand, having it done here would pretty much signal to Fidelity that the account holder might not be in the U.S., and that issue has been a problem with Fidelity in the past.

 

All of which, sounds pretty troublesome. And potentially takes the sheen off the offer of $10 fee international wires thru Fidelity -- at least, for those who aren't periodically traveling back to the U.S.

 

 

 

[Thailand J]

I don't know anything about Fidelity wire services set up. I have set up and use Vanguard SWIFT services while I am in Thailand, easy once you know how.

 

The Vanguard wire transfer set up form is not available online, you have to call and ask for it to be delivered to you in the secured message system.

In lieu of the a medallion signature required by Vanguard, you can have your signature witnessed by a US embassy staff. The embassy will provide you with a separate letter stated that . Cost: $50.  Vanguard will add to your bank option once they got the forms and you can order wire online into the same account thereafter. $10 wire fee can be waived if you have a flagship account, with a balance above $1M.

 

Vanguard to BBL BK: JPMorgan Chase was the intermediary with $2 fee. No other hidden fees aside from the inward commission of 200-500B we all know. You will get TT rate .

Vanguard to K Bank: HSBC was the intermediary with no fees. In additional to the inward commission,  you have to pay for inter-provincial transfer from BKK to Pattaya. Another bank robbery.

 

Ask Fidelity if they will accept an embassy letter instead of Medallion signature.

 

I have Fidelity, Schwab and Vanguard with Thai address and Thai phone number. It is nice not having to "hide".

[mtls2005]

13 minutes ago, Thailand J said:

Vanguard to BBL BK: JPMorgan Chase was the intermediary with $2 fee. No other hidden fees aside from the inward commission of 200-500B we all know. You will get TT rate .

Vanguard to K Bank: HSBC was the intermediary with no fees. In additional to the inward commission,  you have to pay for inter-provincial transfer from BKK to Pattaya. Another bank robbery.

 

Ask Fidelity if they will accept an embassy letter instead of Medallion signature.

 

Thank you for this info.

 

Did you have to specifically identify the intermediary banks - there is a space for this info. on the form, or was that done automagically?

 

Yes, the U.S. Embassy's Notarial Service may be a substitute for a Medallion Authorization, some financial institutions say they accept that alternative means, but I haven't asked Fidelity specifically about that as I can do that on a return trip.

 

 

1 hour ago, TallGuyJohninBKK said:

you shouldn't have to make a trip back to the U.S. just to get Fidelity to authorize (medallion stamp) a Fidelity form every time you need/want to add a new wire transfer recipient to your account.

 

Of course. My trips are for family/family business reasons. 

 

 

Edited August 3, 2018 by mtls2005

[Thailand J]

I had specified HSBC for all my wire transfer set up, until a few years ago i realized they will use whatever bank they want anyway. so now I just don't bother to fill in that section. On the other hand your form may be rejected if you left it blank. If you want to, use JPMorgan Chase or HSBC.

 

Embassy notary is not acceptable to substitute a medallion signature. The embassy will give you a separate letter to certify that someone had witnessed your signature. You have to attach the letter to the form.

Please ask for signature certification, not notary when you are at the embassy.

 

Edited August 4, 2018 by Thailand J

[mtls2005]

I was probably a bit lazy when writing, but yes the appointment service is categorized as 

 

"Request notarial and other services not listed above."

 

The US EMB BKK site does say:

 

Services we CAN provide:

 

Acknowledgement of signature
An Acknowledgement of signature verifies that a particular person signed a given document such as a deed or bill of sale. We can notarize only the signatures of those who are present to sign in front of a Notarizing Officer. If you are signing on behalf of a corporation, LLC, etc., you are required to provide proof that you are authorized to sign on behalf of the organization.

 

 

 

 

Services we CANNOT provide: 

 

Signature or Medallion guarantees:  A Medallion Signature Guarantee is not a notarial service, but rather a special procedure related to securities, which can only be performed by an authorized representative of a financial institution participating in a medallion program approved by the U.S. Securities and Exchange Commission (SEC).

 

 

https://th.usembassy.gov/u-s-citizen-services/local-resources-of-u-s-citizens/notaries-public/

 

 

[mtls2005]

I don't know if Citibank, JP Morgan-Chase or Bank of America-Merill Lynch here offer the Medallion Signature Guarantee service (for a fee, assuming you're not a fee-waiving eligible customer)?

 

I'll ask in Citi the next time I go there.

[jerry921]

I had to get a bank medallion signature on a form to open up a US Treasury Direct account. In theory it can be done at any bank in the US. In practice, several banks I tried simply wouldn't do it for me unless I had an existing relationship with them. It wasn't about a fee, it's about them being liable for saying they knew who I was. Eventually I got it done at my Mom's bank because my Mom had added me as an authorized second party on her checking account 10 years before when I had a US address. Even then it took an hour of phone calls between the bank branch and their corporate lawyers before the lawyers would allow it.

 

I'll be interested to hear whether Citi in Thailand will do it for an existing customer.

 

I doubt Fidelity requires it for every wire, that's just obstruction. Once is bad enough. It's probably literally easier to get a birth certificate or a passport than a medallion signature guarantee.

[mtls2005]

3 hours ago, jerry921 said:

I doubt Fidelity requires it for every wire

 

Correct. 

 

You simply need it to set up a standing international wire transfer, after which time you can use it repeatedly, including an on-line initiation. It will show up in your list of transfer options.

 

However, you do need to fill one out for each account, so I plan to get one done for BBL, and one done for SCB. I may add Kasikorn or Khrung Thai as a third option. 

 

4 hours ago, jerry921 said:

In theory it can be done at any bank in the US.

 

Yes, as long as that bank is part of the STAMP program. I think a lot of banks, brokerages and FINSERV companies are. I think Bank of America recently started offering this service to their customers? But not sure if the BofA/ML office (All Seasons Place) here can do it for you?

 

Can I get a Medallion Signature Guarantee from Bank of America?
Yes. This service is available to anyone. If the Guarantee is for an account other than a Bank of America or Merrill Edge account, though, you must be a Bank of America or Merrill Edge client for at least 6 months. If you are a Merrill Lynch or U.S. Trust client, please contact your Advisor for assistance.

 

[jerry921]

5 hours ago, mtls2005 said:

 

Can I get a Medallion Signature Guarantee from Bank of America?
Yes. This service is available to anyone. If the Guarantee is for an account other than a Bank of America or Merrill Edge account, though, you must be a Bank of America or Merrill Edge client for at least 6 months. If you are a Merrill Lynch or U.S. Trust client, please contact your Advisor for assistance.

 

Well that's double-speak. Their service is "available" to anyone, as long as you have an account with BoA. That's not "anyone", that's account holders only.

[Pib]

It's bankster talk. 

[mtls2005]

15 hours ago, jerry921 said:

Well that's double-speak. Their service is "available" to anyone, as long as you have an account with BoA. That's not "anyone", that's account holders only.

 Probably my fault, that was copied and pasted from the BofA website, I failed to mention that, so then it becomes obvious that they mean available to anyone who is a BofA customer.

 

I should have been more careful - it was a pop-up page and I couldn't grab a link to paste.

 

 

 

 

[jerry921]

1 hour ago, mtls2005 said:

 Probably my fault, that was copied and pasted from the BofA website, I failed to mention that, so then it becomes obvious that they mean available to anyone who is a BofA customer.

 

I should have been more careful - it was a pop-up page and I couldn't grab a link to paste.

 

 

 

 

No worries, I understood it was cut & paste from their web site from the way it was written. I was complaining about BoA double-speak (or bankerspeak).