Jingthing Posted July 21, 2018 Share Posted July 21, 2018 (edited) Maybe this fits better int the home country forum, but I put it here because it's kind of a banking nerd question. I was talking to a U.S. credit union about their services and while they do SWIFT wires out, as they don't have a SWIFT code, they can only accept INCOMING international wires in this odd way -- -- Bank Routing number -- Bank account number The sending bank can use an intermediary bank of their choosing and THAT bank of course WOULD have a SWIFT code. The credit union doesn't specify any. Will THAI banks be able to do such a wire? Obviously the standard is to use the SWIFT code of the destination bank. Or do you think they would just say no can do? In case people don't know, U.S. credit unions have many (or more but in this case a bit less) of the same services as banks but they are non-profit rather then profit entities. This thread is not about why I want to use this credit union. I have good reasons but the topic here is the question of wire without SWIFT codes for the destination financial institution. Edited July 21, 2018 by Jingthing Link to comment Share on other sites More sharing options...
Pib Posted July 21, 2018 Share Posted July 21, 2018 Not uncommon for many U.S. credit unions, or even banks, to not have SWIFT codes. But usually they can give a person instructions as to a SWIFT code which the credit union has an intermediary bank relationship with....usually one they use when credit union sends an a SWIFT transfers. Those instructions would include additional instructions such as routing number of the credit union. But when a credit union/bank does not give such details instructions such as a SWIFT code to use, the Thai bank would just use the intermediary U.S. bank that the Thai bank uses for transfers to the U.S. Once the funds arrive in the U.S. then that intermediary bank just relays the funds to your credit union's ACH/ABA routing number and your account number. 2 Link to comment Share on other sites More sharing options...
Jingthing Posted July 21, 2018 Author Share Posted July 21, 2018 Thanks for that. But I'm a little confused still. Normally a SWIFT to the U.S. to a bank wouldn't need a U.S. Intermediary bank would it? Anyway I guess the real question Boiled down here is whether a typical Thai bank if they otherwise agree to a wire out would be OK with such a request without a SWIFT code? Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
Pib Posted July 21, 2018 Share Posted July 21, 2018 (edited) 26 minutes ago, Jingthing said: Thanks for that. But I'm a little confused still. Normally a SWIFT to the U.S. to a bank wouldn't need a U.S. Intermediary bank would it? All depends on the capability of the Thai bank as to if they need to use an intermediary bank....I expect they will use one but that's not your worry if they do. Even when a U.S. bank SWIFTs money to a Thai bank they may be using an intermediary bank. And just because no intermediary bank fee was applied does not mean they didn't use an intermediary bank which they have a relationship (contract agreement) with because that relationship may also include an agreement for no additional customer charges as the funds flow through. Take a look at below post which includes a 2007 doc showing intermediary banks in different countries that Bangkok Bank used to get money into other countries. Expect all Thai banks have their own list of intermediary banks they can use. Edited July 21, 2018 by Pib 1 Link to comment Share on other sites More sharing options...
Jingthing Posted July 21, 2018 Author Share Posted July 21, 2018 Great. Excellent. Not something I will need soon or maybe ever but worth considering as this credit union may end up being the only banking relationship left in the U.S.That would be awkward to have a large sum to wire to the U.S. and no place to wire it to. Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
GinBoy2 Posted July 21, 2018 Share Posted July 21, 2018 I ran into this problem with etrade when I was repatriating money. There are work arounds with intermediary banks, but depending on how much money you are talking about, depends how much time, effort and risk you can deal with. I just ended up transferring it to my BoA account, which was seamless, then doing the interbank transfer to etrade. Link to comment Share on other sites More sharing options...
Jingthing Posted July 21, 2018 Author Share Posted July 21, 2018 I ran into this problem with etrade when I was repatriating money.There are work arounds with intermediary banks, but depending on how much money you are talking about, depends how much time, effort and risk you can deal with. I just ended up transferring it to my BoA account, which was seamless, then doing the interbank transfer to etrade.That assumes an expat still has a U S. bank account with a SWIFT code. So etrade bank doesn't have a SWIFT code either huh? Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
scorecard Posted July 21, 2018 Share Posted July 21, 2018 1 hour ago, Jingthing said: Thanks for that. But I'm a little confused still. Normally a SWIFT to the U.S. to a bank wouldn't need a U.S. Intermediary bank would it? Anyway I guess the real question Boiled down here is whether a typical Thai bank if they otherwise agree to a wire out would be OK with such a request without a SWIFT code? Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app Not so sure about that. A few years back we use a Bkk branch of an a US bank to send money to another US bank in Chicago (both had SWIFT codes). Initially it worked fine, 2 to 3 days all received. But then a transfer wasn't received, we asked the bank in BKK to check. They e-mailed copies of various documents to prove they had sent the money, then we realized it had been sent to the bank of New York. We queried why not direct to the bank in Chicago? Their response: 'all SWIFT transfers into US go through the bank of New York'. Why wasn't explained. A few hours later our transfer turned up at the bank in Chicago. Link to comment Share on other sites More sharing options...
Pib Posted July 22, 2018 Share Posted July 22, 2018 9 hours ago, scorecard said: Not so sure about that. A few years back we use a Bkk branch of an a US bank to send money to another US bank in Chicago (both had SWIFT codes). Initially it worked fine, 2 to 3 days all received. But then a transfer wasn't received, we asked the bank in BKK to check. They e-mailed copies of various documents to prove they had sent the money, then we realized it had been sent to the bank of New York. We queried why not direct to the bank in Chicago? Their response: 'all SWIFT transfers into US go through the bank of New York'. Why wasn't explained. A few hours later our transfer turned up at the bank in Chicago. Why would your Bangkok Bank branch in Thailand even mention what routing they are going to use....most customers would only give a Deer-in-the-Headlights type look in response....or just say, OK, as long as my money gets to my bank. As shown in the earlier email Bangkok Bank uses its Bangkok Bank New York or JP Morgan Chase New York as their U.S. intermediary banks. So, yes your money was routed thru New York. And one transfer taking a few extra days than most transfer is not unusual especially if some non-working days such as weekends or holidays were involved. 1 Link to comment Share on other sites More sharing options...
Pdavies99 Posted July 22, 2018 Share Posted July 22, 2018 (edited) 15 hours ago, Jingthing said: Thanks for that. But I'm a little confused still. Normally a SWIFT to the U.S. to a bank wouldn't need a U.S. Intermediary bank would it? Anyway I guess the real question Boiled down here is whether a typical Thai bank if they otherwise agree to a wire out would be OK with such a request without a SWIFT code? Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app Well read what you were suggested, get the Intermediary Bank Swift Code, and ensure on the reference to place your Bank account name and account number. I've done this several times. And of course you are asking for trouble ie lose the money if you send without any Swift code. Edited July 22, 2018 by Pdavies99 Link to comment Share on other sites More sharing options...
thailand49 Posted July 22, 2018 Share Posted July 22, 2018 I use a Credit Union for 95% of my banking, as indicated there are reasons particularly interest rate is much higher in the CD's. The one I used is considered one of the biggest if not the biggest and offers all the same services a bank does. Never had a problem just using their Routing Number. 1 Link to comment Share on other sites More sharing options...
ChouDoufu Posted July 22, 2018 Share Posted July 22, 2018 (edited) that is common. for example, fidelity investments that many expats have accounts with, requires the use of a correspondent bank when sending a SWIFT to them. they recommend using JPM in new york. funds are deposited in a specified fidelity account at jpm; your name and fidelity account are detailed in a separate entry on the swift form. ask your credit union for their swift instructions: you want to know the name, address, routing number and swift code for their preferred correspondent bank, and their account number at that bank. have sent usd a dozen times from bank of china (in china) using jpm as the intermediary. always received by the next morning, some times within a few hours. Edited July 22, 2018 by ChouDoufu Link to comment Share on other sites More sharing options...
scoutman360 Posted July 27, 2018 Share Posted July 27, 2018 (edited) I have a lot of experience with this and can help you. On the Thai bank transfer form, where it says "Swift No." Put "ACH #xxxx." or "ABA #xxxx" or "routing No. #xxxx". Kasikorn Bank has transferred money to my U.S. credit union continuously for years. As for Bangkok Bank, I spoke to the manager and they said they can accommodate this as well. The previous posters are right, the credit unions go through an intermediary bank. But you do not need any concern for that. Just fill out the form. It may take 2 days for the transfer, but Kasikorn has always accomplished the transfer by next morning. Edited July 27, 2018 by scoutman360 1 Link to comment Share on other sites More sharing options...
Jingthing Posted July 27, 2018 Author Share Posted July 27, 2018 Does SCB in Thailand tend to use a specific U.S. intermediary bank and if so what is it? Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted July 27, 2018 Share Posted July 27, 2018 On 7/21/2018 at 9:30 PM, GinBoy2 said: I ran into this problem with etrade when I was repatriating money. There are work arounds with intermediary banks, but depending on how much money you are talking about, depends how much time, effort and risk you can deal with. I just ended up transferring it to my BoA account, which was seamless, then doing the interbank transfer to etrade. E*Trade seems to offer instructions for wiring them funds from foreign banks: Quote If your financial institution is located outside the United States: The receiving institution information (example): Wells Fargo Bank, N.A. 420 Montgomery Street San Francisco, CA 94104 SWIFT Code: WFBIUS6S For the benefit of: E*TRADE Securities ABA Routing Number: 056073573 Your information: The amount you want to wire in U.S. dollars Your eight-digit E*TRADE Securities account number Your name and address Please note, your wire should ONLY be routed through the Wells Fargo WFBIUS6S SWIFT Code if your international bank does not have a corresponding US Bank. Any attempt should be made by your bank to send directly to ABA 056073573, as sending through the additional account may lead to delays in the processing of your wire. https://us.etrade.com/what-we-offer/our-accounts/fund-my-account#tab_2 1 Link to comment Share on other sites More sharing options...
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