Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[Pib]

If sending in the domestic wire format using ABA 02008691 which basically complies with the ACH "IAT" info requirement/format excluding the Standard Entry Class (SEC) code of IAT then it may continue to work fine.   A lot will depend on the format/info your sending bank will include in the wire....such as does it include the sender's name and address and does it include the receiver's name and address in Thailand.   What's critical is the transfer include specific info the sender and receiver.   It does not matter that the sending and receiving bank already have that info....like the receiving bank has the receiver's info...."what matters is that the specific sender and receiver info in in the transfer."  

 

And keep in mind if accepted then the Bangkok Bank NY branch will apply their sliding scale fee to relay the funds which would be $5 or $10 on typical amounts people send (it's $10 for over $2K being sent).   So even with a domestic wire you would have your sending bank's fee like Schwab's of $25 (just for example) plus Bangkok Bank NY fee of $10 plus Bangkok Bank in-Thailand receiving fee of 0.25% Bt200 min, Bt500 max) which adds up to approx $41 minimum for any transfer over $2K.     

 

For sending amounts of around Bt65K per month you are going to be better off fee-wise, baht posting to your account wise using Transferwise.   But then you may have some issues in getting the transfer coded as an international transfer unless getting Transferwise to tag your transfers to always using Bangkok Bank as their partner bank when sending to your Bangkok Bank account.   And you never know, some day Bangkok Bank may not be one of the three partner banks Transferwise currently uses in Thailand.  

 

 

[JimGant]

11 hours ago, singburisam said:

The transfer I made two days ago did NOT use any Swift code -- it DID use {"domestic wire" 026008691}.  (Don't blame me if "wire" is the wrong word -- I think that's what Schwab's webpage called it.)

 

My question is:  Will this option disappear next month?

Look at post 478 in this thread. It explains that somebody at Bangkok Bank NY believes domestic wires ending up in Thailand won't be affected by the Federal crackdown on domestic ACH transfers ending up in Thailand -- maybe because the guidance was to comply with NACHA regs on domestic ACH transfers crossing borders -- and domestic wires are NOT governed by NACHA. And, of course, wire transfers already have two flavors -- domestic and international. The latter, with its SWIFT data elements, satisfies the Fed for information required. Why would they think there's a chink in the armour by sending a domestic wire to Bangkok Bank NY, a domestic bank. Sounds like, if only the Feds discover the mechanics of the eventual destination of this domestic wire, will they tell BB NY to cease and desist on international wires in these situations.

 

So, yeah, there definitely is a difference between a domestic wire transfer and and an ACH transfer:

Quote

ACH transfers and wire transfers are methods of moving funds from one bank account to another. They may seem similar, almost identical. However, the two are quite different, and understanding the differences between them is beneficial for anyone who is interested in using electronic methods of payment for moving money to and from bank accounts.

https://www.avidxchange.com/ach-vs-wire/

Just as an example of my comparison of an ACH transfer and domestic wire transfer through BB NY to my account in Thailand:

 

Both from USAA, and both in the morning, Thai time: ACH cost the customary no fee from USAA, and the $10 front end fee BB NY, .0025 backend fee Thailand. Wire fee, all aspects exactly the same (normally, I would have paid a USAA domestic wire fee of $20, but since I've been a member since the Civil War, I get a discount). The only difference was that the wire transfer arrived about an hour after the ACH transfer -- roughly 24 hours or so for both.

 

Anyway, if ACH transfers disappear from BB NY after June 30, just maybe domestic wire transfers can replace. Nevertheless, keep some other options open. This just doesn't sound like solid ground with BB NY.

[55Jay]

21 hours ago, skatewash said:

Unless something has changed very recently with TransferWise there's something additional you must do to ensure that your transfer will come from Bangkok Bank into your Bangkok Bank account (and therefore show up as a foreign transfer) rather than come from one of the of TW's other partner banks (TMB and Kasikorn).  If the transfer were to come from one of these partner banks it would end up in your Bangkok Bank fine, but might be marked as a domestic transfer which could cause a problem with immigration when you go to get your extension of stay.

Again, there is an additional step that you need to execute with TW (an email or phone call) to ask them to use Bangkok Bank as the intermediary bank in Thailand when transferring money to your Bangkok Bank account in Thailand.  You might think, "why wouldn't they," but their business model does not make that guarantee and it could work fine 10 straight times and then you could have one transfer that used say Kasikorn as the intermediary bank (for TW internal business reasons) and that one might be marked as a domestic transfer.  

Hopefully, someone will be able to provide you with the latest guidance from TW that you need to use with TW to guarantee that this doesn't happen to you.

Yeah, I remember scanning over something about that and thought it was only for those who don't use BKK Bank here.  Didn't catch that it is also a potential issue for BKK Bank customers.   

 

Important point for the guy who was asking, thanks for plugging the glaring hole in my response.

Edited May 10, 2019 by 55Jay

[Thaigreg]

I received the following email from US Embassy in Thailand:

 

Message for U.S. Federal Benefits Recipients:   The United States Department of the Treasury now offers direct deposit of federal benefit payments, including Social Security Administration (SSA), Department of Veterans Affairs (VA), and Office of Personnel Management (OPM), to banks in Thailand.  The payments are automatically converted to Thai Baht (THB) at the international exchange rate before they are deposited in the account.  U.S. dollar payments are not available.  The United States Department of the Treasury does not charge fees to make the deposits.  However, Thai banks may charge fees.     Direct deposit is the safest, most convenient and reliable method of receiving your benefits.  The payment is electronically transmitted to your bank account and you have immediate access to your funds by the payment date.  There are no delays, including missing and stolen checks.   You do not have to do anything if you are currently enrolled in direct deposit.  Your payments will continue to be sent to your current bank.   If you wish to sign up for direct deposit or switch your direct deposit arrangement to another bank in Thailand, please contact the agency listed below.   Social Security Administration U.S. Embassy Manila 1201 Roxas Boulevard Ermita 0930 Manila, Philippines Email:              [email protected] Phone No.:      +63 2 301 2000 ext. 9 (from 8:00 a.m. to 11:00 a.m. Manila Time, Tuesdays and Thursdays except Philippine and U.S. Holidays)   Department of Veterans Affairs Email:              [email protected] Phone:             +1 (918) 781-7550 (from 9:00am to 5:30pm, Eastern Standard Time, Monday through Friday)   Office of Personnel Management Retirement Operations Center PO Box 45 Boyers, PA 16017 U.S.A. Email:              [email protected] Phone:             +1-888-767-6738 (from 7:40 a.m. to 5:00 p.m. Eastern Time)   I received the following email for US Embassy in the Philippines when inquiring about Direct Deposit of SSA monies:   Cuevas, Kristina - FSP Manila <[email protected]> Tue, May 7, 7:51 PM (3 days ago)     to me                 Sir,   Thank you for your inquiry.   To have your benefits deposited to a local bank account in Thailand, please complete the attached Form SSA-1199 “Direct Deposit Sign-up Form (Thailand).” Please make sure that your account is in Thai Baht (THB) currency. An account in U.S. Dollar (USD) currency is not acceptable.   After completing the Form SSA-1199, please scan and email it back to us for our processing. It will take about one or two months for your new direct deposit arrangement to take effect. Please do not close your old account, if any, until you confirm that payment has been received at your new account.   Thank you.   Kristina D. Cuevas | Claims Examiner | Social Security Administration Embassy of the United States of America | 1201 Roxas Boulevard Ermita 0930 Manila, Philippines| email: [email protected] Phone: +63 2-301 2621 | Fax: +63 2-708 9723 and +63 2-708 9714 | website: http://www.socialsecurity.gov/   New Operating Hours effective December 3, 2018:   In-Office Appointments and Walk-In Services: 8:00 a.m. to 12:00 p.m., Monday through Friday, except Philippine and U.S. Holidays Telephone Hours: 8:00 a.m. to 11:00 a.m. (Manila Time), Tuesdays and Thursdays, except Philippine and U.S. Holidays     From: |FBU Manila <[email protected]>  Sent: Wednesday, May 8, 2019 10:48 AM To: Cuevas, Kristina - FSP Manila <[email protected]> Subject: FW: [EXTERNAL] Direct Depost   Attachments area                      ReplyForward

 

 

 

 

 

 

 

 

 

[TallGuyJohninBKK]

On 5/9/2019 at 4:34 PM, singburisam said:

Like others here, my U.S. broker offers free Domestic wires but charges $25 each for International wires.  I clicked Domestic, entered the 9-digit routing code for BKKBank New York; just now I confirmed the money is in my account with a total fee of about $10.  (I don't know what the BKKBank fee is the Swift way, but won't worry about $10.)

 

But then I see this thread: Bangkok Bank ACH Transfers will no longer be available.

Ouch!  My plan was to do these transfers monthly for the rest of my life.

 

A shorter version of Pib's answer above looking to the future is as follows:

 

--You can continue sending international wires direct to BKKB TH, just as you've always done.

 

--You can continue sending domestic wire transfers to BKKB NY using their 9-digit ABA routing number and your TH BKKB account number just as you've always done, especially if your brokerage account offers fee-free domestic wires.

 

--But what you probably won't be able to do, post June 30, is send any kind of domestic ACH transfer (which is different from a domestic wire transfer) from a U.S. bank or brokerage to BKKB NY and onward to BKKB Thailand. That's because BKKB is going to start requiring the newer IAT format for ACH transfers that U.S. banks simply don't offer their customers.

 

So as long as you're planning to continue your existing practice of sending domestic wire transfers thru BKKB NY, you won't have to change a thing. And the fracas over the basic end for U.S. customers of ACH transfers via BKKB NY won't affect you at all.

 

BTW, BKKB NY has both a U.S. 9-digit ABA routing number AND a letters-based Swift code address. But when I used my U.S. brokerage account to send a domestic wire transfer to BKKB NY and onward to TH, my brokerage's system would only accept me using their ABA routing number for the domestic wire, and not their Swift code. YMMV.

 

 

 

Edited May 10, 2019 by TallGuyJohninBKK

[chingmai331]

TallJohn speaks true.  But bear in mind that such wire transfers, from any USA sender to Bangkok Bank NYC, might need to come thru the Brokerage account, not the bank checking account.

I 'chatted' with Schwab and was told that to make domestic bank checking wire transfers to International bank (BKK in NYC) i would need more paperwork at Schwab, which may include lots of info i'm not sharing.

 

So as far as i can tell, this will be my future money sending plan. Transfer $ from CapOne bank, USA, to Schwab bank, checking to checking.  Then transfer $ from Sch bank to Sch brokerage, then wire transfer from brokerage account to my Bangkok Bank, NYC, account.  All this at no charge.

Or use Schwab debit card at local ATM machines. All ATM fees reimbursed by Schwab.

 

 

 

 

 

 

Quote

 

 

[Pib]

7 minutes ago, chingmai331 said:

 

  Then transfer $ from Sch bank to Sch brokerage, then wire transfer from brokerage account to my Bangkok Bank, NYC, account.  All this at no charge.

Schwab charges $25 for a domestic or int'l wire transfer unless you have over $100K in assets with them.  Now for poor folks like me who don't have $100K in assets with Schwab the domestic or int'l wire would not be free.

[TallGuyJohninBKK]

1 hour ago, chingmai331 said:

TallJohn speaks true.  But bear in mind that such wire transfers, from any USA sender to Bangkok Bank NYC, might need to come thru the Brokerage account, not the bank checking account.

I 'chatted' with Schwab and was told that to make domestic bank checking wire transfers to International bank (BKK in NYC) i would need more paperwork at Schwab, which may include lots of info i'm not sharing.

 

So as far as i can tell, this will be my future money sending plan. Transfer $ from CapOne bank, USA, to Schwab bank, checking to checking.  Then transfer $ from Sch bank to Sch brokerage, then wire transfer from brokerage account to my Bangkok Bank, NYC, account.  All this at no charge.

Or use Schwab debit card at local ATM machines. All ATM fees reimbursed by Schwab.

 

 

We need to be careful to distinguish between ACH transfers and domestic wire transfers. They're not the same.

 

With domestic ACH transfers, that involves the advance linking of two accounts, sending and recipient, usually via trial deposits confirmation.  That's the part that's going to come to an end for BKKB NY transfers.

 

Then there's domestic wire transfers, that at least with Schwab, don't require any kind of pre-established approval process. At least on the brokerage side, you just sign into your Schwab online banking, go to the Transfers tab, choose domestic wire, and then enter in the ABA number for BKKB NY's branch and your TH BKKB account number, along with your residence location in Thailand. And that should do it. It works and has been done recently by multiple posters here.

 

When you send a domestic wire to BKKB NY, you're not sending a wire to an international bank. You're sending a wire to a U.S. bank location, just like BofA, or Citi or Chase, etc etc...   What happens after BKKB NY receives the funds is NY is an entirely separate matter.

 

People who have U.S. Schwab brokerage accounts often also have an associated Schwab checking account. But I have no idea if online domestic wires can be sent from Schwab checking. I don't think they can, from memory. And instead, Schwab checking would use the ACH transfers process for moving funds, which is going to die soon for BKKB NY.

 

 

Edited May 11, 2019 by TallGuyJohninBKK

[coccigelus]

just my 2cents. I am using IB and It worked nicely till now ACH, domestic wire and international wires (using both GS and bangkok bank as intermediary bank). 

Now that ACH will soon be unavailable without IAT, It seems the most logic conclusion will be to use domestic wire that according to my knowledge should continue to work because those further data required are included with domestic wire format. 

 

IB offers one free transfer per month and after that I think* 2$ .  

 

*need to be checked again this

Edited May 18, 2019 by coccigelus

[riclag]

What is IB

[coccigelus]

Interactive broker

[Thailand J]

IB charges $10 after the once a month free wire transfer. If you create a domestic bank wire transfer, the IB web page wiil ask for an ABA number, not SWIFT code. So i believe the transaction will not meet IAT standards.

 

Since it's the same fee at IB,  I would just shoot the money to Bangkok Bank Bangkok with Chase as intermediary.

Edited May 18, 2019 by Thailand J

[coccigelus]

Good point. But since the IAT requirements are needed only for ACH I do not think It will make any issue for domestic wire. Surely I can be wrong, time will tell . Anyway, as You pointed out we can use intermediary bank. But is my understanding that the intermediary bank would be in charge for currency exchange. So I think would be better use Bangkok bank as intermediary:

 

[Pib]

If you send USD from your Sending bank it will not be any intermediary bank doing the exchange; it will be the receiving bank which is Bangkok Bank "in-Thailand" for your transfer....the Bangkok NY branch will not do the exchange.   However, Bangkok Bank NY will apply the same sliding scale pass-thru fee as they do for ACH transfers to relay your funds to your in-Thailand Bangkok Bank branch.

 

 

[JohnK777]

Although there have been multiple recent threads on how things are changing with ACH transfers via the Bangkok Bank New York Branch, I figure the latest breaking update deserves a new thread to help ensure the word gets out.   
 
As many already know from the other threads as of a few months ago Bangkok Bank started rejecting new ibanking funds transfer links which are setup using the trial/micro deposit methods which most U.S. banks/credit unions use.  However, funds transfer from already established transfer links continued to flow...."and will continue to work until 1 Apr 19."   Also, U.S. govt benefits payments such as social security, military retirement ,etc., will not be affected.  See below post for more info.
 
[/url]  

I’m retired military as well but I let my regular Military Retirement Pay go into our bank in the states and I just save that along with my wife’s United States Retirement Social Security Pension Benefit payments. Although I have begun having my VA Pension benefit payments sent to my SCB account via International Direct Deposit and that’s gonna start next payday. So no more paying $20 dollars a month for wire transfers every month and no more calling our bank in the states to do it manually every month, from now on it’ll be automatic Direct Deposit. This is the new service that was recently put out by the US Embassy last month regarding international Direct Deposit of Federal Benefit Payments.

I’m medically retired after 21 years of service.

Since I’m rated at 100% disabled just my VA pension alone is way more than enough to live on and support us both and it’s more than triple what immigration requires for my marriage extension or even a retirement visa if I ever decided to switch when I turn 50 years old. So it works out very well for us here. We’ve been living here for 5 years. We just save the rest of our income in our United States bank such as my military retirement pay and my wife’s Social Security, and we only use my VA pension as income which is more than we need in Thailand.

So bottom line with the new Federal Benefit Payments option for international Direct Deposit you really no longer need Bangkok Bank branch in New York, however unfortunately the international Direct Deposit option is only available for the VA, Social Security, and OPM. So it’s a great option for me and many others like me but it’s not necessarily for everyone yet unfortunately. Hopefully they’ll get there for all government pension benefit payments eventually such as DFAS and others. I just save my DFAS Military Retirement Pay anyway and only use my VA pension since I’m rated at 100% disabled permanent and total. So it is worth mentioning but I don’t know if this new option will help you or not it just depends on your circumstances and situation. Before this new option I was just doing wire transfers every month but now it’s going to be automatic which will be nice. It shows up in my eBenefits account under Direct Deposit account information as International Treasury Services (ITS).

I hope this helps you it just depends on your retirement situation from the military or whatever type of government pension plan you’re on.


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[JohnK777]

I’m sure you’ve probably seen this before:

https://th.usembassy.gov/message-for-u-s-citizens-direct-deposit-of-federal-benefit-payments/


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[coccigelus]

56 minutes ago, Pib said:

If you send USD from your Sending bank it will not be any intermediary bank doing the exchange; it will be the receiving bank which is Bangkok Bank "in-Thailand" for your transfer....the Bangkok NY branch will not do the exchange.   However, Bangkok Bank NY will apply the same sliding scale pass-thru fee as they do for ACH transfers to relay your funds to your in-Thailand Bangkok Bank branch.

 

 

 

Pib Thank You to have taken the time to clarify better the situation. If You do not mind I have a few questions:

 

Do You think then would be the same in term of fee the domestic wire transfer compared to the international wire transfer with correspondent bank? (*assuming brokerage fee are the same for both option, in my case IB)

 

In case of international wire transfer with correspondent bank would be the same in term of fee choose between any US bank compared to Bangkok bank chosen as correspondent bank as well? (* It is really not clear what would be the interest for a correspondent bank to getting involved if They do not get any fees)

 

Many thanks,

Paolo

[Pib]

10 minutes ago, coccigelus said:

Do You think then would be the same in term of fee the domestic wire transfer compared to the international wire transfer with correspondent bank? (*assuming brokerage fee are the same for both option, in my case IB)

 

In case of international wire transfer with correspondent bank would be the same in term of fee choose between any US bank compared to Bangkok bank chosen as correspondent bank as well? (* It is really not clear what would be the interest for a correspondent bank to getting involved if They do not get any fees)

 

Many thanks,

Paolo

Whether or not a fee is charged by an correspondent bank depends on the relationship the sending and correspondent bank have.  The Sending bank may have an agreement that they will pickup all fees (except the receiving fee)....or the sending bank may not cover any correspondent bank fee.   You just don't know for sure until you do a test.

 

Normally you do not need to specify any correspondent bank....you can leave it up to the Sending bank based on the receiving bank SWIFT code.  But I know some sending banks seem to demand you enter a correspondent bank....but generally that only occurs with the more anal or smaller banks.

 

Actually, with you entering the Bangkok Bank in-Thailand SWIFT code of BKKBTHBKXXX and also telling them to use the Bankgok Bank NY correspondent bank SWIFT code of BKKBUS33XXX may actually "cause" an intermediary fee you would not have experienced if just leaving the correspondent bank area blank.

 

Just leave the correspondent bank area empty unless forced to enter one.

[JohnK777]

Whether or not a fee is charged by an correspondent bank depends on the relationship the sending and correspondent bank have.  The Sending bank may have an agreement that they will pickup all fees (except the receiving fee)....or the sending bank may not cover any correspondent bank fee.   You just don't know for sure until you do a test.
 
Normally you do not need to specify any correspondent bank....you can leave it up to the Sending bank based on the receiving bank SWIFT code.  But I know some sending banks seem to demand you enter a correspondent bank....but generally that only occurs with the more anal or smaller banks.
 
Actually, with you entering the Bangkok Bank in-Thailand SWIFT code of BKKBTHBKXXX and also telling them to use the Bankgok Bank NY correspondent bank SWIFT code of BKKBUS33XXX may actually "cause" an intermediary fee you would not have experienced if just leaving the correspondent bank area blank.
 
Just leave the correspondent bank area empty unless forced to enter one.

The nice thing about the international Direct Deposit Program is that it’s totally free except for whatever pennies your Thai bank account charges.


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[coccigelus]

Thank You for the explanation. If I remember correctly the correspondent bank must be entered with IB. But I think the proposed correspondent bank is Chase as shown before by Thailand J.  Anyway, thank You again. 

 

If domestic wire will be banned then I will try to do a test between international wiring and TW. It's so confusing!!

[JohnK777]

Thank You for the explanation. If I remember correctly the correspondent bank must be entered with IB. But I think the proposed correspondent bank is Chase as shown before by Thailand J.  Anyway, thank You again. 
 
If domestic wire will be banned then I will try to do a test between international wiring and TW. It's so confusing!!

Naw actually it’s really simple if you are not or can’t do international Direct Deposits then you just do international wire transfers every month which is as simple as picking up the phone and calling your bank in the States or home country every month and doing it manually over the phone. That’s what I’ve been doing until I set up my international Direct Deposit so I won’t have to do that anymore. It’s really not that bad or confusing, it’s really simple as long as you have a cooperative bank in the states. It’s a lot cheaper using a Thai bank anyway no giant ATM fees.


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[how241]

I can understand the need for the USA to keep track of outgoing international transfers.  I have been using for years the method of transferring funds from my USA bank to the New York bangkok bank and then have them send the money to Thailand.   Now they want this IAT code.  Why can't the NY bangkok bank just add this code when they send the money over to Thailand ???   Has anyone found a USA bank that will send funds to the NY  Bangkok bank using this IAT code ??

[JohnK777]

I can understand the need for the USA to keep track of outgoing international transfers.  I have been using for years the method of transferring funds from my USA bank to the New York bangkok bank and then have them send the money to Thailand.   Now they want this IAT code.  Why can't the NY bangkok bank just add this code when they send the money over to Thailand ???   Has anyone found a USA bank that will send funds to the NY  Bangkok bank using this IAT code ??

Try looking into this info:

https://th.usembassy.gov/message-for-u-s-citizens-direct-deposit-of-federal-benefit-payments/

You don’t need Bangkok Bank in New York City. If this information I gave you doesn’t work for you because you can’t or are unwilling to do it then you can always just call your bank in the states and make the international wire transfers manually over the phone like I’ve been doing for almost 7 months now. Although I actually just set up my VA pension benefit payments via international Direct Deposit so I will not have to do it manually over the phone anymore. I don’t know if this will work for your situation but it’s at least something to think about because I don’t know it might help you. It’s going to work really well for me starting next payday.


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[lopburi3]

9 hours ago, JohnK777 said:

It’s going to work really well for me starting next payday.

Suspect it may be better not to assume anything - hope it does work really well and you will follow up on results.

[longball53098]

10 hours ago, JohnK777 said:

 

 

Try looking into this info:

https://th.usembassy.gov/message-for-u-s-citizens-direct-deposit-of-federal-benefit-payments/

You don’t need Bangkok Bank in New York City. If this information I gave you doesn’t work for you because you can’t or are unwilling to do it then you can always just call your bank in the states and make the international wire transfers manually over the phone like I’ve been doing for almost 7 months now. Although I actually just set up my VA pension benefit payments via international Direct Deposit so I will not have to do it manually over the phone anymore. I don’t know if this will work for your situation but it’s at least something to think about because I don’t know it might help you. It’s going to work really well for me starting next payday.


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Hey JohnK, Can I ask if you can increase the size of the font you use for replies? Your small font is hard to read for these old eyes.

 

Thanks

[Pib]

12 hours ago, how241 said:

I can understand the need for the USA to keep track of outgoing international transfers.  I have been using for years the method of transferring funds from my USA bank to the New York bangkok bank and then have them send the money to Thailand.   Now they want this IAT code.  Why can't the NY bangkok bank just add this code when they send the money over to Thailand ???   Has anyone found a USA bank that will send funds to the NY  Bangkok bank using this IAT code ??

It more than just the code of IAT which goes in the Standard Entry Class (SEC) ACH transfer file field. 

 

The ACH Domestic and ACH IAT formats are different.    The IAT format is a more extensive/longer file format...like the IAT format requires name, address, and phone number of sending......and also name, address, and phone number of the receiver.....along with that different SEC code of IAT.  It's the Sender and Sending bank's responsibility to ensure this info is included. 

 

But Bangkok Bank NY branch as a "gateway" bank.  As a gateway between the US & Thailand (or any country) they have the responsibility to ensure any ACH transfer they receive for relay to Thailand is received in ACH IAT format....complies with US Treasury/NACHA rules....otherwise, Bangkok Bank could face legal actions/fines/suspension from ACH system/etc.

 

Good luck in finding any US bank/credit union that will "send" transfers via ACH IAT format for retail bank accounts....the common man account like you and I have.   All can receive ACH IAT format no problem every since the 2009-2013 timeframe, but sending via ACH IAT they do not want to do....they want to use SWIFT (a.k.a, International Wire) probably because many countries do not interface with the US ACH transfer system whereas with SWIFT they can send to any country on Earth.

 

[JohnK777]

Suspect it may be better not to assume anything - hope it does work really well and you will follow up on results.

It already shows up in my eBenefits account under my Direct Deposit account information as International Treasury Services. And according to the VA they do these all the time and they very rarely ever have any problems with them. They said that the most common problem they have with international Direct Deposits is caused by people filling out the form wrong usually simple stuff such as it’s a savings account and someone checks checking account on the form. Other than that they never have any problems with them and they’re always paid on time. Although I am curious myself to see how well it’s going to work.

If I don’t like it so what the worst thing that could happen is I just switch my Direct Deposit back to my bank in the states and continue doing monthly wire transfers every month but I really don’t think that’s going to be necessary. I really did a lot of research and I asked a lot of questions before doing this of the VA’s international Direct Deposit Department and I even asked my local bank a lot of questions about it. When I showed my local bank the international Direct Deposit form they knew exactly what it was. They said that they have no problem receiving deposits from the Treasury Department they do it all the time, and my local bank even started helping me fill in the bank information portion of the form.

I’ll know for sure in about 10 days and I will let you know I might even post a topic about it to help other people. I’ve heard that if anything you might get paid a few extra days early with these international Direct Deposits from the VA because they release the funds early each month and the Thai bank doesn’t necessarily wait till the 1st of the month to release the funds into your account so it sounds like a good deal but we’ll see.

I still have my regular Military Retirement Pay from DFAS and my wife’s Retirement Social Security pension benefit payments going to our bank in the states which we just save. I only use my VA pension income because it’s more than enough to support us both and it’s more than triple the immigration requirement for the marriage or even the retirement extension. I’m rated at 100% so yeah it’s a lot just my VA income alone. And I’m only on a marriage extension when I hit 50 I don’t know if I’ll switch to a Retirement Visa or not I might I’d be qualified for either one.


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[how241]

4 hours ago, Pib said:

It more than just the code of IAT which goes in the Standard Entry Class (SEC) ACH transfer file field. 

 

The ACH Domestic and ACH IAT formats are different.    The IAT format is a more extensive/longer file format...like the IAT format requires name, address, and phone number of sending......and also name, address, and phone number of the receiver.....along with that different SEC code of IAT.  It's the Sender and Sending bank's responsibility to ensure this info is included. 

 

But Bangkok Bank NY branch as a "gateway" bank.  As a gateway between the US & Thailand (or any country) they have the responsibility to ensure any ACH transfer they receive for relay to Thailand is received in ACH IAT format....complies with US Treasury/NACHA rules....otherwise, Bangkok Bank could face legal actions/fines/suspension from ACH system/etc.

 

Good luck in finding any US bank/credit union that will "send" transfers via ACH IAT format for retail bank accounts....the common man account like you and I have.   All can receive ACH IAT format no problem every since the 2009-2013 timeframe, but sending via ACH IAT they do not want to do....they want to use SWIFT (a.k.a, International Wire) probably because many countries do not interface with the US ACH transfer system whereas with SWIFT they can send to any country on Earth.

 

Excellent post.  Thanks for the info.  Now I understand the difference but it is still disappointing as Bangkok Bank, in NY + Thailand, have my address and info and they could easily get whatever other info they need but I guess that would all be too much work. Mostly I used them for my social security payments and I might try what JohnK777  suggested.  I am a little afraid to 'rock-the-boat' , as the monthly payments have been coming in nicely to my USA bank.  I don't want to have problems and then have to try to call them and be put on hold for a long time.  I would like to get one more payment through the NY Bangkok Bank.  Has anyone very recently received their transfer ?   Will they still be doing transfers until June 30 ???   Thanks for all of your help. 

[JohnK777]

Excellent post.  Thanks for the info.  Now I understand the difference but it is still disappointing as Bangkok Bank, in NY + Thailand, have my address and info and they could easily get whatever other info they need but I guess that would all be too much work. Mostly I used them for my social security payments and I might try what JohnK777  suggested.  I am a little afraid to 'rock-the-boat' , as the monthly payments have been coming in nicely to my USA bank.  I don't want to have problems and then have to try to call them and be put on hold for a long time.  I would like to get one more payment through the NY Bangkok Bank.  Has anyone very recently received their transfer ?   Will they still be doing transfers until June 30 ???   Thanks for all of your help. 

You can always do wire transfers every month from your bank in the states to your Thai bank, that’s what I’ve been doing since November and I’ve never had a problem. But with the international Direct Deposit option it’s free I will no longer have to pay the $20 dollar fees every month for my international wire transfers and I will no longer have to call my bank in the states long distance every month and do it manually over the phone every month anymore. From now on my Direct Deposit from only my VA income will be automatically Direct Deposited to my Thai bank. I wouldn’t be worried about it if I were you it’s a lot safer than doing those wire transfers every month and waiting two business days for them to post to my Thai bank. Plus you save a lot of money using a Thai bank account instead of your stateside account and regardless immigration requires us to have funds going into a Thai bank when we renew our extensions. My manual wire transfers have always gone through just fine every month so I’m sure my international Direct Deposit will as well.


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[how241]

Thanks for all your info.  On a side note, I see Transferwise is very cheap for small transfers.  1000 dollars will cost less than what Bangkok Bank used to charge.  Anything more than 1300 will cost more than Bangkok Bank used to charge but that is not really relevant now that they have stopped. Bigger transfers are very expensive.  I have never used them yet.