Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[Jingthing]

8 minutes ago, ThaiBob said:

I just initiated a test transfer from my Schwab brokerage account to BB NYC scheduled for Monday. A friend recently did a successful transfer from his Etrade account. Perhaps the brokerage banks are using IAT format? Keep on posting. 

It's not supposed to end until the end of this month. My recent successful transfers were from a regular bank.

[Langsuan Man]

17 minutes ago, ThaiBob said:

I just initiated a test transfer from my Schwab brokerage account to BB NYC scheduled for Monday. A friend recently did a successful transfer from his Etrade account. Perhaps the brokerage banks are using IAT format? Keep on posting. 

I'll try the same with my Fidelity Brokerage account but my Fidelity wire actually beat the normal EFTS time but since I have a standing order for free International wires it will just be for informational purposes only.  The major disadvantage of Fidelity's wire system is that you have to call during business hours to send a wire, it cannot be requested electronically, even if you have a standing order on file  

[ThaiBob]

On 8/23/2019 at 10:03 PM, ThaiBob said:

I just initiated a test transfer from my Schwab brokerage account to BB NYC scheduled for Monday. A friend recently did a successful transfer from his Etrade account. Perhaps the brokerage banks are using IAT format? Keep on posting. 

The ACH test transfer ($100) posted as a FTT to my BB account this morning. The issue for now appears to be isolated to USAA ACH transfers. 

[Pib]

3 hours ago, ThaiBob said:

The ACH test transfer ($100) posted as a FTT to my BB account this morning. The issue for now appears to be isolated to USAA ACH transfers. 

What would really be good to know is if the Schwab transfer was in IAT format or not?  That would require you to ask Bangkok Bank.  If they say it was in IAT then awesome....if they sat it was non-IAT format then you may have just got lucky.

 

As to being isolated to USAA, well, maybe....maybe not.  If Bangkok Bank is just doing "random" transfer reviews before their Sep 2019 line in the sand those non-IAT transfers being rejected right now could be luck of the draw....that is, a person's non-IAT just randomly got looked at....seen to not be in IAT format...and then rejected.  But if that non-IAT format transfer did not get looked at then it just flowed thru automatically.

Edited August 27, 2019 by Pib

[ThaiBob]

22 hours ago, Pib said:

What would really be good to know is if the Schwab transfer was in IAT format or not?  That would require you to ask Bangkok Bank.  If they say it was in IAT then awesome....if they sat it was non-IAT format then you may have just got lucky.

 

As to being isolated to USAA, well, maybe....maybe not.  If Bangkok Bank is just doing "random" transfer reviews before their Sep 2019 line in the sand those non-IAT transfers being rejected right now could be luck of the draw....that is, a person's non-IAT just randomly got looked at....seen to not be in IAT format...and then rejected.  But if that non-IAT format transfer did not get looked at then it just flowed thru automatically.

I have submitted an email to BB NYC asking this very question. Waiting for reply. 

[ThaiBob]

On 8/28/2019 at 12:18 PM, ThaiBob said:

I have submitted an email to BB NYC asking this very question. Waiting for reply. 

This is the reply I received from BB NYC. 

"Your payment from Charles Schwab was not in the correct IAT format. Kindly request Charles Schwab to transfer funds to us with the IAT code.

If they are unable to do so, please request that the transfer funds to us by wire transfer using the same routing number 026008691 with your same beneficiary information in Thailand.

Please contact me at 212 329-9237 if you have any further questions.

Regards,

Lyn"

 

 

[Pib]

Yea, based on Bkk Bk NY's reply I would say they are just randomly reviewing transfers for the req'd IAT format.   If unluckly and your transfer is selected for review then it gets rejected if not in IAT format.   But come 6 Sep when they said they would reject non-IAT personal transfers that's when they could easily just set their system to look for the "IAT" code in the Service Entry Class (SEC) data field....if not IAT then it's rejected.  Time will tell as we are now within a week or so of reaching the next the line in the sand.

 

But notice they did make a point if you did a domestic wire to their routing number they would process it on Thailand.  Some people have already posted positive results in doing it that way.   However, the downside is most people will incur a domestic wire fee from their sending bank that usually runs around $20 although some bank charge less.  Plus you will still incur the Bkk Bk NY ACH fees as you did with an ACH transfer.  So, basically what ever total fees you currently incur using the ACH method would be increased by what the domestic wire cost.  But if a person can do free/low cost domestic wires they can still use the Bangkok Bank method fairly cheaply---and get the FTT coding each and every time that many seek.

[longball53098]

On 8/30/2019 at 7:50 AM, ThaiBob said:

This is the reply I received from BB NYC. 

"Your payment from Charles Schwab was not in the correct IAT format. Kindly request Charles Schwab to transfer funds to us with the IAT code.

If they are unable to do so, please request that the transfer funds to us by wire transfer using the same routing number 026008691 with your same beneficiary information in Thailand.

Please contact me at 212 329-9237 if you have any further questions.

Regards,

Lyn"

 

 

Am I reading this post correct? A person can send a US domestic wire transfer from a US bank to BBL NY branch using the routing number shown and they will then send to your account in Thailand? For a wire transfer fee I assume? So, I can wire USD from my Chase Bank to my Thai BBL FCD USD account using this method? For a domestic wire fee?

[riclag]

28 minutes ago, longball53098 said:

Am I reading this post correct? A person can send a US domestic wire transfer from a US bank to BBL NY branch using the routing number shown and they will then send to your account in Thailand? For a wire transfer fee I assume? So, I can wire USD from my Chase Bank to my Thai BBL FCD USD account using this method? For a domestic wire fee?

That method, unfortunatly is stoping in early September.You can’t use a domestic wire anymore.Just international 

[ThaiBob]

2 hours ago, longball53098 said:

Am I reading this post correct? A person can send a US domestic wire transfer from a US bank to BBL NY branch using the routing number shown and they will then send to your account in Thailand? For a wire transfer fee I assume? So, I can wire USD from my Chase Bank to my Thai BBL FCD USD account using this method? For a domestic wire fee?

That is my understanding. Early in September, all ACH transfers must be in ACH IAT format. Schwab does not use that format for regular clients. Schwab charges $25 for both domestic and international wire transfers so it won't make any difference to me costs wise. I believe a domestic wire will process on a Saturday whereas international transfers are M-F only. 

[Pib]

2 hours ago, longball53098 said:

Am I reading this post correct? A person can send a US domestic wire transfer from a US bank to BBL NY branch using the routing number shown and they will then send to your account in Thailand? For a wire transfer fee I assume? So, I can wire USD from my Chase Bank to my Thai BBL FCD USD account using this method? For a domestic wire fee?

You are reading it correct.  As along as the domestic form your US bank uses has you include the address of the recipient in Thailand and the Purpose of the Transfer. 

 

You pay to your sending bank whatever domestic wire fee they charge.  And the Bangkok Bank fees are the same as for the ACH transfer method....that is, the Bangkok Bank NY sliding scale fee of $5 or $10 for most transfers and the in-Thailand Bangkok Bank receiving fee of 0.25% (Bt200 min, Bt500 max). 

 

Other people in this thread or related threads have already tried this method and it works.   Basically it works just like the current ACH method....you are sending to the Bangkok Bank NY routing number and they relay it to your Thailand Bangkok Bank acct number.

[JimGant]

20 minutes ago, Pib said:

As along as the domestic form your US bank uses has you include the address of the recipient in Thailand and the Purpose of the Transfer. 

Well, that would allow Bangkok Bank NY to meet the Fed requirement for additional information attached to international wire transfers (physical address and purpose) -- thus they are effectively morphing a domestic wire into an international wire, at least from the information provided perspective.

 

But, here's what USAA requires, and provides for with their online request for a domestic wire:

Quote

    Amount you want to send
    Full name of the recipient (person or business)
    Recipient's ZIP code
    Recipient's bank transit routing number
    Recipient's bank account number

 

I don't know if there's an "additional information" field -- I'm somehow locked out of doing an online wire transfer at this time. But if not, would BB NY bounce the request? They certainly didn't a few months ago, when I sent a domestic wire thru BB NY to my account in Thailand, using only the above information. But maybe after Sept they'll tighten up, thus keeping the Feds happy by collecting the same additional data elements for domestic wires as are now required for IAT transfers...... How definite is this info, Pib?

 

I guess I could do a phone request, assuming USAA could plug in that additional info BB NY wants. Would be handy, as USAA has waived domestic wire fees for me, as I've been a member since Christ was a corporal.

[Pib]

How definite is it?   Well, as in ThaiBob's 30 Aug post where he quoted a Bkk Bk NY reply...the NY branch rep said just to do a domestic wire.  Basically the rep was repeating what been posted a few times already in this thread or related threads.   

 

Expect a domestic wire will work since it provides equivalent info as to what is required in an ACH IAT transfer....and is also the same info as contained in an international transfer when disregarding the bank coding (i..e, use of SWIFT code vs routing number).    Now the "sending" bank may scratch their head when sending to a NY bank but entering the recipient address in Thailand, but a person can have an account at a bank and live in a different part of the world....like us expats.

 

Sometime next month I may attempt a domestic wire transfer from my SDFCU (St Dept Fed Credit Union) where I can get $6 domestic wires....see what happens.  I can initiate the wire online....no need to call like for USAA.  And maybe some of these folks with more than $100K in Schwab accts (which I don't) might try a domestic transfer since they get three free domestic transfers per quarter...I think one person did that already about 6 months back and it went thru no problem.

 

 

Edited August 31, 2019 by Pib

[longball53098]

1 hour ago, Pib said:

How definite is it?   Well, as in ThaiBob's 30 Aug post where he quoted a Bkk Bk NY reply...the NY branch rep said just to do a domestic wire.  Basically the rep was repeating what been posted a few times already in this thread or related threads.   

 

Expect a domestic wire will work since it provides equivalent info as to what is required in an ACH IAT transfer....and is also the same info as contained in an international transfer when disregarding the bank coding (i..e, use of SWIFT code vs routing number).    Now the "sending" bank may scratch their head when sending to a NY bank but entering the recipient address in Thailand, but a person can have an account at a bank and live in a different part of the world....like us expats.

 

Sometime next month I may attempt a domestic wire transfer from my SDFCU (St Dept Fed Credit Union) where I can get $6 domestic wires....see what happens.  I can initiate the wire online....no need to call like for USAA.  And maybe some of these folks with more than $100K in Schwab accts (which I don't) might try a domestic transfer since they get three free domestic transfers per quarter...I think one person did that already about 6 months back and it went thru no problem.

 

 

Pib I look forward to your domestic wire transfer and all it entails. I hope this works for you. If so I may try one from my Chase Bank account as domestic transfers are cheaper than international transfer for sure

[JimGant]

1 hour ago, Pib said:

Expect a domestic wire will work since it provides equivalent info as to what is required in an ACH IAT transfer....and is also the same info as contained in an international transfer

Well, as I indicated, the USAA domestic wire template doesn't have fields for recipient's physical address or purpose of wire ......

Quote

    Amount you want to send
    Full name of the recipient (person or business)
    Recipient's ZIP code
    Recipient's bank transit routing number
    Recipient's bank account number

...... unlike their template for an international wire:

Quote

    Amount you want to send in U.S. dollars or foreign currency
    Full name of the recipient (person or business)
    Recipient's physical address
    Recipient's account number
    Recipient's bank SWIFT code or other bank code
    Name of recipient's international bank
    Address of international bank
    Purpose of the payment

 

But, if there's room for free form additional information, this could certainly allow you to provide that additional information, should that really be what BB NY now requires....

[Pib]

Jim,

  Guess it will vary from US bank to bank as to what domestic format/form they use.  Below is what SDFCU and Schwab use for a domestic wire....notice both have field to enter the recipient's name and address.

 

 

SDFCU 

 

Schwab

[Pib]

33 minutes ago, longball53098 said:

Pib I look forward to your domestic wire transfer and all it entails. I hope this works for you. If so I may try one from my Chase Bank account as domestic transfers are cheaper than international transfer for sure

Oh, don't wait for me....I just said I "may" do a domestic transfer.  I really don't need to get anymore money form the US any time soon....I'm topped-up pretty well right now.  If I do the domestic transfer it will just be a "to satisfy my curiosity" type thing.

 

You might want to check what domestic wire format Chase uses....see if their format allows entry of the recipient's name and address.

[JimGant]

29 minutes ago, Pib said:

Below is what SDFCU and Schwab use for a domestic wire....notice both have field to enter the recipient's name and address.

Yeah, plus they both have 'additional instructions/notes' space, where purpose of wire can be indicated. I would think this would satisfy BB NY, if they are indeed requiring physical address and purpose info on their domestic wires.

[Pib]

1 minute ago, JimGant said:

Yeah, plus they both have 'additional instructions/notes' space, where purpose of wire can be indicated. I would think this would satisfy BB NY, if they are indeed requiring physical address and purpose info on their domestic wires.

The SDFCU even has a specific field for the Purpose....no need to enter the purpose in the Notes/Additional Instructions field.   

 

Yeap, the domestic wire format/form will vary among banks.

[livram]

52 minutes ago, JimGant said:

Well, as I indicated, the USAA domestic wire template doesn't have fields for recipient's physical address or purpose of wire ......

...... unlike their template for an international wire:

But, if there's room for free form additional information, this could certainly allow you to provide that additional information, should that really be what BB NY now requires....

 

57 minutes ago, JimGant said:

Well, as I indicated, the USAA domestic wire template doesn't have fields for recipient's physical address or purpose of wire ......

...... unlike their template for an international wire:

But, if there's room for free form additional information, this could certainly allow you to provide that additional information, should that really be what BB NY now requires....

 

[JimGant]

9 minutes ago, Pib said:

The SDFCU even has a specific field for the Purpose....no need to enter the purpose in the Notes/Additional Instructions field.

I missed that. Looks like SDFCU's template is what BB NY would appreciate.

[livram]

Just now, livram said:

 

 

 

The last 3 months I sent a domestic wire from SDFCU for $6. No problem and the thing that amazed me is that Bangkok Bank received the money the NEXT day.

[Pib]

2 minutes ago, livram said:

 

The last 3 months I sent a domestic wire from SDFCU for $6. No problem and the thing that amazed me is that Bangkok Bank received the money the NEXT day.

For the recipient's address did you use a Thailand address?

[Pib]

Here's TallGuyJohninBKK talking doing a domestic wire to Bangkok Bank back in March....he did one....I think he did it from Schwab.

 

 

Edited August 31, 2019 by Pib

[livram]

9 minutes ago, Pib said:

For the recipient's address did you use a Thailand address?

Yes used my Thai address as it is the only one I have. Also SDFCU account has my Thai address. Special instructions I put my BBK location The Mall Korat

[Pib]

1 hour ago, livram said:

Yes used my Thai address as it is the only one I have. Also SDFCU account has my Thai address. Special instructions I put my BBK location The Mall Korat

Thanks....I used my Thai address to open my SDFCU acct also.  

[ThaiBob]

2 hours ago, Pib said:

The SDFCU even has a specific field for the Purpose....no need to enter the purpose in the Notes/Additional Instructions field.   

 

Yeap, the domestic wire format/form will vary among banks.

Schwab's wire transfer forms, both domestic and international, have fields for the account holder and the account holder's address. There is no specific field for reason/purpose. There is a notes field where year's ago, I purchased a condo here and included sales contract number, address, etc. 

[TallGuyJohninBKK]

On 8/31/2019 at 10:55 AM, riclag said:

That method, unfortunatly is stoping in early September.You can’t use a domestic wire anymore.Just international 

 

No, that's not correct.

 

What is ending is the ACH transfer route thru BKKB NY branch, unless someone's sending institution sends their ACHs in the IAT format, which no known U.S. banks do.

 

BKKB NY has confirmed to me previously that they will continue to accept domestic U.S. wire transfers sent to the NY branch for forwarding onward to the sender's TH BKKB account -- even after the non-IAT ACH transfers have ceased. And I've sent domestic wires to BKKB in recent months that they did indeed forward onward to my TH BKKB account.

 

The email excerpt that ThaiBob posted above from the staff member Lyn at BKKB NY talking about the option to continue sending domestic wire transfers via BKKB NY and onward to Thailand is correct. And Lyn is the staff person there in the BKKB NY branch who deals with those kinds of transfers.

 

The only real disadvantage for most folks to the option of sending a domestic wire to BKKB NY (instead of an ACH transfer) is domestic ACH transfers are free for most U.S. bank account holders, whereas domestic wire fees can be $20 to $40 or more depending on the sending bank...  Although, there are a few U.S. financial entities that offer free or low cost domestic wires in some cases.

 

Edited September 1, 2019 by TallGuyJohninBKK

[Jingthing]

Might be helpful to some. For purpose I put personal remittance.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[TallGuyJohninBKK]

On 8/31/2019 at 8:39 PM, ThaiBob said:

Schwab's wire transfer forms, both domestic and international, have fields for the account holder and the account holder's address. There is no specific field for reason/purpose. There is a notes field where year's ago, I purchased a condo here and included sales contract number, address, etc. 

 

Schwab domestic wires sent to BKKB NY for forwarding onward to a Thai BKKB account work just fine. You're entering the ABA/routing number for BKKB NY as the recipient, and the sender's full Thai BKKB account number as the receiving account.

 

BKKB NY will charge the same sliding scale handling fee for handling the domestic wires as they have charged all along for handling ACH transfers. And BKKB TH on the receiving end will charge the same 0.25% commission as well, with caps on the low and high end.