Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[pablo el sueco]

I hope someone with experience with Transferwise can answer a couple of questions. 

1. I assume that when I do an ACH funds transfer from a US domestic bank to Bangkok Bank (via the NY branch), somewhere in the process is a handshake with the US Treasury alerting them of the outflow.  If that is a valid assumption, is there a similar handshake performed when one transfers money using Transferwise; or is that something I have to take care of somehow?
2. When I transfer money into Bangkok Bank from my US bank, it is flagged in my passbook as an FTT transaction.  Is a deposit from Transferwise identified as an FTT transaction?

[Suradit69]

4 minutes ago, pablo el sueco said:

When I transfer money into Bangkok Bank from my US bank, it is flagged in my passbook as an FTT transaction.  Is a deposit from Transferwise identified as an FTT transaction?

If you read Pib's response to my similar question (his post #29) ( and a few others earlier on), they do appear as a foreign transaction.

 

Quote

Yes, for transfers arriving  Bangkok Bank the description appearing with be International Transfer.

 

[ningnong]

Buried in the bill pay section of my US credit union online site is POPmoney. It's free and works well. If not free it's $0.95 for transfer. POPmoney has a webpage you can check if your bank offers the service.

https://secure2.popmoney.com/richux/faces/base/popmoney/prelogin/searchBank.xhtml

My transfers to BKK bank accounts all seem to be fine now for a few years, exchange rate correct and normal charges by BKK bank.

FWIW my daughter in the US just set up a transfer to her mom in Thailand last week and it worked without a problem, same credit union. This was a first time set up and use. There are none of the test deposits POPmoney being a 3rd party handles the transfer. My guess is the service will continue without a hitch after the Apr. 2019 deadline mentioned in this thread.

[Langsuan Man]

3 hours ago, pablo el sueco said:

The USAA Service Rep said USAA is “already in compliance to process International ACH Transactions (IAT)”; however, when I asked whether I needed to specifically request IAT when setting up an external fund transfer, she asked me to call them during office hours and ask the question again.

I wouldn't put too much faith in what your USAA rep stated since they are in many cases clueless in what exactly is involved

 

My first attempt at a EFTS was rejected by USAA because of the "Bangkok Bank" name resulting in USAA telling me I couldn't do an international EFTS.  They backed down when I pointed out that I provided a US routing number and the link was established in three days without any verification required

 

I knew that something would eventually  happen with this "domestic" EFTS system with BB since I was able to establish a link with my Thai girl friend's BB account with only name verification.  Which would be basically untraceable if I were into money laundering and was a good way around the FBAR 10K limit if needed   

[TallGuyJohninBKK]

50 minutes ago, ningnong said:

Buried in the bill pay section of my US credit union online site is POPmoney. It's free and works well. If not free it's $0.95 for transfer. POPmoney has a webpage you can check if your bank offers the service.

 

I guess it depends on just what kind of transfer setup was done, as to whether it will survive April 1 2019.

 

But when I look up PopMoney, I find the following:
 

Quote

 

Is Popmoney available outside the United States?

Currently, Popmoney is only available for use between Eligible Transaction Accounts and registered users residing in the United States.

 

https://secure2.popmoney.com/richux/faces/base/popmoney/prelogin/signup.xhtml

 

Also, their info seems to indicate the recipient would need to use their account's account number and ABA routing number to obtain the sent funds, which would be a future problem with BKKB.

 

Quote

Eligible Transaction Account information (routing and account number): money will be directly deposited into your contact's Eligible Transaction Account.

 

https://secure2.popmoney.com/richux/faces/base/popmoney/prelogin/searchBank.xhtml

 

They also appear to have daily transfer limits of $500 is funded via a debit card and $2000 if done via a bank account.

 

Edited July 27, 2018 by TallGuyJohninBKK

[Searat7]

I wonder if ACH transfers from USA banks directly to Bangkok Bank in Thailand are affected. I stopped using the NewYork connection about 5 years ago when I set up FX dollar account at Bangkok Bank. I go online at USA bank and can transfer up to $10,000 (via ACH) for $10 fee. Receiving fee in Bangkok is about $16. 

[Pib]

I wonder if ACH transfers from USA banks directly to Bangkok Bank in Thailand are affected. I stopped using the NewYork connection about 5 years ago when I set up FX dollar account at Bangkok Bank. I go online at USA bank and can transfer up to $10,000 (via ACH) for $10 fee. Receiving fee in Bangkok is about $16. 

If you are using ACH transfers to Bangkok Bank you are still using their New York branch ACH routing number. It's just no exchange of your dollars is occurring since it's going into a FCD account. Whether the funds are being exchanged or not makes no difference as to the IAT requirement.

[quandow]

I did some searching around and couldn't find the answer to this question:

 

Why are they ending this transfer program?

[chicowoodduck]

Just one more hoop to try and jump through....and one more reason I like the fact that I a booked to leave LOS sooner than later...the shine is slowly going off of the   place.....??

[jeffandgop]

I was not able to find the link to the Bangkok Bank webpage detailing their change.  
Could someone please post the link?

 

[Suradit69]

5 hours ago, Pib said:

If you are using ACH transfers to Bangkok Bank you are still using their New York branch ACH routing number. It's just no exchange of your dollars is occurring since it's going into a FCD account. Whether the funds are being exchanged or not makes no difference as to the IAT requirement.

I'm filling out forms so I can do SWIFT transfers directly to Bangkok Bank if/when it is no longer possible to do it through Bangkok Bank NY.

 

One thing I have to fill in is the name of a US correspondent bank. When I do a search for that I keep coming back the Bangkok Bank's New York branch. Is the NY branch of Bangkok Bank the correspondent bank since it is a registered US bank? And it's SWIFT code is the same BKKBTHBK ?

 

Also it asked for my bank branch address. I assume one uses the Silom address in Bangkok, not the address of my sub-branch in Pattaya??

[kokopelli]

17 minutes ago, jeffandgop said:

I was not able to find the link to the Bangkok Bank webpage detailing their change.  
Could someone please post the link?

 

Like jeffandgop, I cannot find any info on the web concerning this change. Please do provide a link.

[Suradit69]

3 minutes ago, kokopelli said:

Like jeffandgop, I cannot find any info on the web concerning this change. Please do provide a link.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

 

Click on the tab that says "advice to senders using US bank internet services."

 

 

 

[zlodnick]

Could someone please explain why a SWIFT transfer is supposedly expensive compared with an ACH transfer?

 

From what I can see, a SWIFT transfer is as easy and fast as an ACH transfer and Bangkok Bank charges the same for both. I assume the expensive part is the fee charged by the US sending bank?

[Suradit69]

7 minutes ago, zlodnick said:

I assume the expensive part is the fee charged by the US sending bank?

Depends on your sending bank. The ACH transfer to the NY branch of Bangkok Bank is considered a domestic transfer by US banks for which they charge a small amount or may do it for free.

 

Doing a international transfer, your US bank will likely charge considerably more and, if the transfer passes through a correspondent bank or banks, they may add additional charges.

 

 

 

Edited July 28, 2018 by Suradit69

[jeffandgop]

14 minutes ago, Suradit69 said:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

 

Click on the tab that says "advice to senders using US bank internet services."

 

 

 

Thank you very much....

 

[Suradit69]

47 minutes ago, Suradit69 said:

One thing I have to fill in is the name of a US correspondent bank. When I do a search for that I keep coming back the Bangkok Bank's New York branch. Is the NY branch of Bangkok Bank the correspondent bank since it is a registered US bank? And it's SWIFT code is the same BKKBTHBK ?

OK I guess I finally stumbled across the answer to my own question. The SWIFT code for Bangkok Bank in New York is BKKBUS33 and it must be its own US correspondent bank.

 

Bank :    Bangkok Bank Public Company Limited New York
Country :    United States
City :    New York Ny
SWIFT Code :    BKKBUS33 
BKKBUS33
Address :    29 BROADWAY, FLOOR 20 - Post / ZIP

[mahjongguy]

- The main advantage of ACH transfers to BKK NY was the low fee but if the amount exceeded US$20,000 then the fee savings compared to SWIFT got much smaller. Also, at that level, KBank goes "off-tariff" and pays about 8 satang more per dollar. That's more than enough to cover the receiving end fees.

 

- It can be difficult to set up a SWIFT transfer at a bank without appearing in person the first time. Those who don't plan to visit the U.S. before April should investigate brokerages; some of them will set up (and activate) SWIFT transfers online, sometimes at no charge.   

[jeffandgop]

We know that Bangkok Bank in Thailand charges these fees for receiving ACH transfers processed thru their NY branch.

 

Are these fees the SAME for receiving SWIFT transfers?

 

[Pib]

4 hours ago, quandow said:

I did some searching around and couldn't find the answer to this question:

 

Why are they ending this transfer program?

 

It's explained in the Bangkok Bank announcement/webpage given earlier...partial quote below....see webpage for additional details 

 

Quote

 

Advice to senders using US bank internet banking services If you have a U.S. bank account, you can conveniently transfer funds to a recipient's bank account at Bangkok Bank in Thailand via the internet by completing the steps described below for an international ACH transaction (IAT). International ACH payments are processed in accordance with operating rules and formats developed by the Electronic Payments Association (NACHA). The IAT is a special code (a Standard Entry Class or “SEC” Code) for ACH payments that enables financial institutions such as Bangkok Bank to identify and monitor international ACH payments and to perform screening to ensure compliance with Office of Foreign Assets Control (OFAC, U.S. Department of the Treasury) requirements.The NACHA  rules require Bangkok Bank’s New York Branch which serves as intermediary, to ensure that payments that are transmitte  d to account of beneficiary in other country are appropriately classified as IATs and contain information as described below.  Bangkok Bank, New York Branch, is required to receive the ACH transactions in the required IAT format.  This means that we must require that senders who wish to transmit funds to recipients at Bangkok Bank in Thailand to provide certain identifying information.

 

[Pib]

5 minutes ago, jeffandgop said:

We know that Bangkok Bank in Thailand charges these fees for receiving ACH transfers processed thru their NY branch.

 

Are these fees the SAME for receiving SWIFT transfers?

 

Yes.  They call it a receiving and/or exchange fee...the fee applies for international transfers arriving via SWIFT whether the funds are in a foreign currency or already converted to baht by your sending bank or intermediary bank.   

[Pib]

For a comparison of how much baht a person's put in this pocket "after taking in full consideration of exchange rates and fees" below is comparison I did on 19 Jul 18 between "Transferwise vs Bangkok Bank ACH vs Int'l Wire (SWIFT)Transfer."  For the Int'l Wire sending fee I used $25 which is on the low end of most banks/credit unions Int'l Wire fees which generally range from $25 to $50....like Schwab is $25....USAA $45....etc....and it's assumed the Int'l Wire did not incur any additional intermediary bank fee which happens sometimes.   Review the Notes below for more info.  

 

[Suradit69]

1 hour ago, mahjongguy said:

Those who don't plan to visit the U.S. before April should investigate brokerages; some of them will set up (and activate) SWIFT transfers online, sometimes at no charge.   

Yes, my Bank America account wanted a lot of jumping through hoops to arrange setting up International transfers without appearing in person or having a US cell phone to get PIN numbers. But my broker is far more accommodating.  They emailed a form to be filled out and my signature can be guaranteed by a US consular officer.

 

Fortunately (??) I'll have to go to the embassy for my income affidavit at the end of August so I can get this done too. Two stamps from a consular officer = $100, but hey you have to do what you have to do.

 

Broker charges $10 for international transfers, so that's not too  bad. Far less than my bank would have done.

[Pib]

1 hour ago, Suradit69 said:

OK I guess I finally stumbled across the answer to my own question. The SWIFT code for Bangkok Bank in New York is BKKBUS33 and it must be its own US correspondent bank.

 

Bank :    Bangkok Bank Public Company Limited New York
Country :    United States
City :    New York Ny
SWIFT Code :    BKKBUS33 
BKKBUS33
Address :    29 BROADWAY, FLOOR 20 - Post / ZIP

 

You do not need to use an intermediary SWIFT/BIC code when sending from your U.S. bank to Bangkok Bank.   You just need to enter their SWIFT code of  BKKBTHBK per their website below which is for deposit into your "in-Thailand" Bangkok Bank account.  You could even use BKKBTHBKXXX....the XXX part is generic for Headquarters Bangkok Bank. 

 

Now banks can have multiple SWIFT codes for different divisions within the bank.   Like Bangkok Bank in Thailand also has a SWIFT code of BKKBTHKTRD for their Bond Trading division.   And the BKKBUS33 New Branch SWIFT should only be used if your were sending money to be posted to a corporate account you have with their NY branch. 

 

 

 

From Bangkok Bank website

 

 

 

[soisanuk]

16 hours ago, Hank Gunn said:

If you read the OP carefully, you'll note that ACH transfers through the BBK Bank NY branch that have already been set up and used successfully will continue to work until the cutoff date of April 1, 2019. For those who are trying to initiate this setup (ACH transfers from an American bank to their BKK Bank acct. in Thailand by routing through the BKK Bank NY branch) the door has been closed they will not be able to set up this methodology of funds transfer.

I must have been half asleep as I didn't notice it was April 2019 rather than 2018.  At least that gives me some time to find an alternative method. 

[Rama]

Paypal has a new international money transfer system called Xoom. Haven't looked at it yet. May be an alternative.

[Hank Gunn]

35 minutes ago, soisanuk said:

I must have been half asleep as I didn't notice it was April 2019 rather than 2018.  At least that gives me some time to find an alternative method. 

Yeah, when I first read it, I thought it said April 19 of this year. ? However, like you, I've been able to make a couple of ACH transfers from my American bank to my BKK bank acct. here in Thailand, as recently as a few weeks ago.

 

This is really a bummer because I really researched this and set it up just about a year ago. (Just retired here to Thailand a yr. ago.)

[connda]

1 hour ago, Suradit69 said:

Yes, my Bank America account wanted a lot of jumping through hoops to arrange setting up International transfers without appearing in person or having a US cell phone to get PIN numbers. But my broker is far more accommodating.  They emailed a form to be filled out and my signature can be guaranteed by a US consular officer.

 

Fortunately (??) I'll have to go to the embassy for my income affidavit at the end of August so I can get this done too. Two stamps from a consular officer = $100, but hey you have to do what you have to do.

 

Broker charges $10 for international transfers, so that's not too  bad. Far less than my bank would have done.

What brokerage?  Also, did your brokerage give you any problems considering that you are sending money from a domestic account in your name to a foreign account that is also in your name?  And what are you using for the "Reason for the transfer"? 

Edited July 28, 2018 by connda

[Hank Gunn]

26 minutes ago, Rama said:

Paypal has a new international money transfer system called Xoom. Haven't looked at it yet. May be an alternative.

 

Actually, Xoom was bought by PayPal back in 2015 (when I was still a PYPL employee) so not so new.

 

Great suggestion though. Sadly however, Thailand does not show up in the list of countries where you can send money. (Looks like Indonesia, Philippines, and Singapore are currently the only ASEAN countries supported by Xoom.) ?

 

[connda]

13 hours ago, ningnong said:

Buried in the bill pay section of my US credit union online site is POPmoney. It's free and works well. If not free it's $0.95 for transfer. POPmoney has a webpage you can check if your bank offers the service.

https://secure2.popmoney.com/richux/faces/base/popmoney/prelogin/searchBank.xhtml

My transfers to BKK bank accounts all seem to be fine now for a few years, exchange rate correct and normal charges by BKK bank.

FWIW my daughter in the US just set up a transfer to her mom in Thailand last week and it worked without a problem, same credit union. This was a first time set up and use. There are none of the test deposits POPmoney being a 3rd party handles the transfer. My guess is the service will continue without a hitch after the Apr. 2019 deadline mentioned in this thread.

"My guess is the service will continue without a hitch after the Apr. 2019 deadline mentioned in this thread."

If you have an account with them you may want to ask their customer service department if those transfers will be affected or not.  If they are domestic ACH based transfer (and I'm betting they are), then come Apr 2019 you may be in for an unpleasant surprise.  Best to figure that out now than later, then let the rest of us know what you find out.