Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[Pib]

31 minutes ago, skatewash said:

I'd be interested.  I tried to open a State Department Federal Credit Union account online from Thailand and was rejected (they told me I needed to apply in person).

They opened an acct online for me using my Thailand address.  Also got their debit card (nothing to shout about as it has a 1% foreign transaction fee therefore it just lives in the darkness of my safe)...and also got their 2% cash back, no foreign transaction fee credit card.  Debit and credit cards mailed to my Thailand address.

[skatewash]

19 minutes ago, Jingthing said:

When?

That's very hard to believe.

I opened one online about a year ago and there are multiple reports of others doing so as well.

The process will be somewhat different if you open it with a U.S. address and I.D. vs. a Thai address. 

Yes you can open it openly with a passport I.D. and Thai address online.

I suggest you try again. 

You do need to join one of the affiliate organizations to be eligible. The usual choices for expats are American Citizens Abroad which has a fairly high fee or a consumer organization that you can join online for five dollars.

 

If you continue to have problems I suggest you join the expat lobbying group and then if they give you flak ask for direct assistance from that group. They heavily market that account there!

 

I went with the 5 dollar one time option. 

Tried both about 3 weeks ago.  Rejected initially for trying to use my US mailing address (which as a CMRA is actually a non-residential address) as my physical address.  Fine, that's understandable, if unfortunate.  Tried using my Thai address where I actually live (showing PEA electricity bill, CAT internet bill, condo water bill, all with my name and address).  They said my condo in Thailand was not a residential address.  I've been living here for about 5 years, but what do I know.  I got the impression they really didn't want me for a customer and were using whatever excuse they thought would get me to walk away (kind of like a Thai bank ???? ).  Finally, they sent me a canned response saying they might be able to open an account for me if I applied in person.  That's not going to happen.

Entire experience with SDFCU was decidedly sub-optimal.  From applying for the account to the very unhelpful canned rejection notices SDFC has left a very bad taste in my mouth.  To be honest worse experience than I've ever had dealing with Thai Immigration (at least they don't think I'm living at a non-residential address!). I don't see why it's been recommended unless others' situations are very different than mine.

I joined American Consumer Council ($8/year) for my one-time qualifying association as it was the cheapest available (the $6/year you mention with ACA doesn't seem to exist anymore, unless you mean the $70/year membership).

[skatewash]

9 minutes ago, Pib said:

They opened an acct online for me using my Thailand address.  Also got their debit card (nothing to shout about as it has a 1% foreign transaction fee therefore it just lives in the darkness of my safe)...and also got their 2% cash back, no foreign transaction fee credit card.  Debit and credit cards mailed to my Thailand address.

What evidence of your Thai address did you use, if I may ask?

[Pib]

They will accept electric, water or landline phone (not mobile)....or even Yellow Book and Pink Thai ID card since those docs have your Thailand address on them and are Thai govt issued docs.  They currently have a Thai on staff to translate such docs from Thai to English..   And I think if you have your Thailand address on your US govt pension statements such as SS, military, VA, etc., that is acceptable also (I think).  Uploading "multiple docs reflecting your Thailand address" seems to be beneficial to help prove your Thailand residence. 

Edited September 29, 2019 by Pib

[Jingthing]

1 hour ago, skatewash said:

Tried both about 3 weeks ago.  Rejected initially for trying to use my US mailing address (which as a CMRA is actually a non-residential address) as my physical address.  Fine, that's understandable, if unfortunate.  Tried using my Thai address where I actually live (showing PEA electricity bill, CAT internet bill, condo water bill, all with my name and address).  They said my condo in Thailand was not a residential address.  I've been living here for about 5 years, but what do I know.  I got the impression they really didn't want me for a customer and were using whatever excuse they thought would get me to walk away (kind of like a Thai bank ???? ).  Finally, they sent me a canned response saying they might be able to open an account for me if I applied in person.  That's not going to happen.

Entire experience with SDFCU was decidedly sub-optimal.  From applying for the account to the very unhelpful canned rejection notices SDFC has left a very bad taste in my mouth.  To be honest worse experience than I've ever had dealing with Thai Immigration (at least they don't think I'm living at a non-residential address!). I don't see why it's been recommended unless others' situations are very different than mine.

I joined American Consumer Council ($8/year) for my one-time qualifying association as it was the cheapest available (the $6/year you mention with ACA doesn't seem to exist anymore, unless you mean the $70/year membership).

Sorry I forgot the exact cost of the cheap option. It's recommended because most expats reporting here seem to have been able to open accounts there and they're clearly on record as supporting expat accounts based on the American Citizens Abroad link. They are not a bank though so I can understand some of their processes might seem kind of odd. 

 

Too bad you had such a negative experience. It's not my role to make excuses for them and I'm not on their sales staff. So if it doesn't work for you, hope you have other alternatives.

Edited September 29, 2019 by Jingthing

[Pib]

1 hour ago, skatewash said:

Tried both about 3 weeks ago.  Rejected initially for trying to use my US mailing address (which as a CMRA is actually a non-residential address) as my physical address.  Fine, that's understandable, if unfortunate.  Tried using my Thai address where I actually live (showing PEA electricity bill, CAT internet bill, condo water bill, all with my name and address).  They said my condo in Thailand was not a residential address.  I've been living here for about 5 years, but what do I know.  I got the impression they really didn't want me for a customer and were using whatever excuse they thought would get me to walk away (kind of like a Thai bank ???? ).  Finally, they sent me a canned response saying they might be able to open an account for me if I applied in person.  That's not going to happen.

Entire experience with SDFCU was decidedly sub-optimal.  From applying for the account to the very unhelpful canned rejection notices SDFC has left a very bad taste in my mouth.  To be honest worse experience than I've ever had dealing with Thai Immigration (at least they don't think I'm living at a non-residential address!). I don't see why it's been recommended unless others' situations are very different than mine.

I joined American Consumer Council ($8/year) for my one-time qualifying association as it was the cheapest available (the $6/year you mention with ACA doesn't seem to exist anymore, unless you mean the $70/year membership).

Yea, it can sometimes be frustrating applying for a bank acct....and if definitely leaves a bad taste in your mouth.  Maybe they got suspicious in you first trying with a US mail forwarding address which they spotted as a mail forwarding company address and not a real physical address...and then when you shifted to attempting with your Thai address they thought you were just throwing addresses at them to see if one stuck....then the cold shoulder responses started.   

 

 

 

Edited September 29, 2019 by Pib

[skatewash]

31 minutes ago, Jingthing said:

Sorry I forgot the exact cost of the cheap option. It's recommended because most expats reporting here seem to have been able to open accounts there and they're clearly on record as supporting expat accounts based on the American Citizens Abroad link. They are not a bank though so I can understand some of their processes might seem kind of odd. 

 

Too bad you had such a negative experience. It's not my role to make excuses for them and I'm not on their sales staff. So if it doesn't work for you, hope you have other alternatives.

I'm a member of another credit union (also started initially for federal employees) and its policies are also a bit strange, so I'm kind of used to that.  Whenever I used by ATM debit card from that credit union it would result in a security lock being placed on the card, after which I had to call them to have it lifted.  I asked them why this was happening all the time.  They said that whenever I used the card they detected a change in my pattern of card usage.  They said I didn't use the card often so my pattern of usage was that I didn't use the card.  So when I used it, they would detect that deviation and slap a security lock on it.  I'm not kidding.  I asked how I could circumvent this and they said I should call before using the card and tell them I was going to use the card before I used it. Needless to say my pattern of usage for that card hasn't changed much since then. ????

[skatewash]

1 hour ago, Pib said:

Yea, it can sometimes be frustrating applying for a bank acct....and if definitely leaves a bad taste in your mouth.  Maybe they got suspicious in you first trying with a US mail forwarding address which they spotted as a mail forwarding company address and not a real physical address...and then when you shifted to attempting with your Thai address they thought you were just throwing addresses at them to see if one stuck....then the cold shoulder responses started.   

 

 

 

Yeah, I'll probably give it another shot after I get over being annoyed. ????  I purposely didn't send them copies of my Yellow Book and Thai Driver's license because I didn't realize they had someone to translate those from Thai into English (the yellow book is entirely in Thai as is the address on the back of the Thai Driver's License).

And yes, I probably got off on the wrong foot with them when I tried to use my US mailing address (which is non-residential) but my purpose in doing so was to avoid having to get my Thai documentation translated into English and to remain consistent with the address I use for all my existing financial accounts.  If I had known they had that capability I might have gone with my Thai address from the beginning.  I'm a little worried because all of the big three credit agencies only have my US mailing address as my official residence, as do all my US financial accounts (bank and brokerage).  No US financial institution has my Thai address.  I wondered if that would cause an address mismatch when they went to run a credit check on me.

Anyway, the lesson learned is that I should have opened all the financial accounts that I would need for the rest of my life before I left for Thailand.  I thought three would be sufficient and while none of them has been closed on account of residing in Thailand I do feel a little vulnerable to that happening.  All it would take is for them to query the US postal service's database of Commercial Mail Receiving Agencies to figure out it's a non-residential address.  It seems like I get all the scrutiny and pain of being a suspected international money-launderer without any of the benefits of actually being one. ???? 
 

Edited September 29, 2019 by skatewash
Changed <deleted> to annoyed. ;-)

[Pib]

8 minutes ago, skatewash said:

  I wondered if that would cause an address mismatch when they went to run a credit check on me.
 

I doubt it.  Not uncommon for people to have multiple addresses from owning more than one residence....living at more than one residence like in being a snowbird.

Edited September 29, 2019 by Pib

[Gumballl]

On 9/6/2019 at 3:42 AM, Pib said:

The Jan 2020 date deals with govt/private pension transfers; not personal bank transfers which is 6 Sep 19....like you doing a transfer from BoA. 

 

See JimGant's 12 July post talking the Jan 2020 date for pensions.

 

 

I just sent money on September 25 from BofA to Bangkok Bank (sister-in-law's account). My wife and I like to splurge, so we used the next-day delivery method ($10).

 

Back in August, I had updated the linked account to include my SIL's address. Maybe that helped.

[Pib]

I just sent money on September 25 from BofA to Bangkok Bank (sister-in-law's account). My wife and I like to splurge, so we used the next-day delivery method ($10).
 
Back in August, I had updated the linked account to include my SIL's address. Maybe that helped.

Maybe...however, Bangkok Bank slipped their 16 Sep cutoff date to 1 Oct so we still haven't reached their latest line in the sand.

[Pib]

19 hours ago, ThaiBob said:

After talking to another expat sending money to another Thai bank is problematical as PIB noted. The 55 dollar fee is to a Foreigh Currency Deposit Account. The 200-500THB fee applies to regular savings accounts. The NYC office does the currency exchange using the THO (offshore) rate a rep told me. The processing fee above includes the currency exchange and the deposit will show as FTT in your passbook. When I last used Schwab Bill Pay they cut a check and mailed it, no charge, so fingers crossed. If I understand this right, my costs (3000 dollars) will be 10 bucks plus 500 baht at the receiving end. I am doing a Schwab international wire transfer on the 30th and Schwab charges 25 dollars but I get the money the next day. 

 

BTW, I see Arthlyn George(NYC office) as the person who signed the Remittance letter so he should be the contact for questions. 

 

I think you are wrong about the $55 being for a only FCD account.,.the sentence I bolded above.  That $55 would be the "flat fee" if you instruct the NY branch to "not" accomplish the currency exchange at the NY branch; instead, send dollars to whatever acct you identified...whether it's a USD FCD or Thai baht savings account.

 

Since you are not allowing the NY branch to accomplish the exchange at their exchange rate (i.e., their THO off shore rate) which will surely be lower (worst) than the in-Thailand Bangkok Bank TT Buying Rate (a.k.a., the THB on shore rate).   If the NY branch is instructed to not accomplish the exchange that means they can not make a nice profit from using their lower exchange rate and therefore they make-up for that lost exchange rate profit by applying a high flat fee of $55. 

 

A similar thing happens at their London branch were they offer a lower sending fee (15 pounds) if allowing the London branch to accomplish the GBP-THB exchange compared to 20 pounds if not allowing the London branch to do the exchange.  But as many Brits have already found out they would have been better off in terms of total funds posting to their in-Thailand Bangkok Bank THB acct if they had paid the higher 20 pound fee and then get the Bangkok Bank in-Thailand TT Buying Rate because the London branch exchange rate sucked.  I expect the NY branch exchange rate will suck also.  It's been said a million times on ThaiVisa...DON'T LET THE SENDING BANK DO THE CURRENCY EXCHANGE ON THEIR END (and in this case the NY branch is really the sending bank) because western banks give a significantly lower USD-THB exchange rate than Thailand banks.

 

If you were sending the dollars to a FCD the dollars simply get deposited to your FCD account minus the receiving fee which is 0.25% (Bt200 min, Bt500 max).

 

If you were sending the dollars to Thai baht acct (i.e, a regular THB savings acct like the great majority have) then the receiving bank accomplishes the currency exchange using TT Buying Rate minus the receiving fee of 0.25% (Bt200 min, Bt500 max).

 

If you instruct the NY branch to convert to THB on their end then the cost should go like this:  They receive $3000 from you....they deduct their fee of $10 (worm-on-a-hook fee)....then using their NY branch exchange rate which will probably suck to convert the remaining $2,990 to THB.  Then they send to your in-Thailand Bangkok Bank acct who deducts a 0.25% (Bt200 min, Bt500 max) receiving fee before posting to your account.  The wild card here is "what will be the NY branch exchange rate?  The exchange rate is where the NY branch will get the bulk of their profit through the indirect fee of a lower exchange rate.  The $10 direct fee will just be icing on top...it's really a worm-on-the-hook fee in this case.  I'm sure you will not be happy with the NY branch exchange rate....but hey, I could be wrong...give it a try...bite the hook...see how it works out.

 

If you instruct the NY branch to "not" convert on their end "because you want to send USD for whatever reason" the cost will go like this:  They receive the $3000 from you, they deducted their $55 flat fee, send the remaining $2,945 to your in-Thailand Bangkok Bank acct where a receiving fee and/or currency exchange will occur. 

- If sending to a USD FCD acct they apply their 0.25% (Bt200 min, Bt500 max) receiving fee to the $2,945 received which works out to approx $7.36 and then deposit the remaining $2,937.64 to your FCD.  So that $3000 transfer really cost you $62.36 which equates to 2.08% of your original $3000.

- If sending to a THB acct they use the TT Buying Rate to convert the $2,945 to THB.  They then apply their 0.25% (Bt200 min, Bt500 max) receiving fee and post the remaining THB to your acct.   Since all the fees being applied are the same you end up with same amount of total fees being applied of $62.36 or 2.08% of your original $3000.

- I guess what I'm saying if sending where their flat $55 fee is applied Bangkok Bank gets to slice off a little over 2% in total fees. Ouch!!  2% of your $3000 ends up in Bangkok Bank's pocket and 98% in your pocket.  If you had used Transferwise instead they would have only taken less than 1% in fees.

 

Really, using their new Remittance Service whether the $55 flat fee without NY branch exchange method or the lower fee with NY branch exchange method is going to be slow and expensive.  Anyone deciding to use the Remittance Service should really price-out what an international wire (SWIFT) from their US bank will cost as it's probably going to be a better deal, faster, and less paperwork compared to the NY branch Remittance Service.  And of course include money transfer services like Transferwise in your price-out.

 

 

 

  

Edited September 30, 2019 by Pib

[TallGuyJohninBKK]

19 hours ago, ThaiBob said:

After talking to another expat sending money to another Thai bank is problematical as PIB noted. The 55 dollar fee is to a Foreigh Currency Deposit Account. The 200-500THB fee applies to regular savings accounts. The NYC office does the currency exchange using the THO (offshore) rate a rep told me. The processing fee above includes the currency exchange and the deposit will show as FTT in your passbook. When I last used Schwab Bill Pay they cut a check and mailed it, no charge, so fingers crossed. If I understand this right, my costs (3000 dollars) will be 10 bucks plus 500 baht at the receiving end. I am doing a Schwab international wire transfer on the 30th and Schwab charges 25 dollars but I get the money the next day. 

 

BTW, I see Arthlyn George(NYC office) as the person who signed the Remittance letter so he should be the contact for questions. 

 

Everything I read previously from BKKB NY re their remittance method made it sound like a big, troublesome, bureaucratic hassle that would likely not be worth the trouble for most folks here....

 

Finding a U.S. source for sending free or low-cost domestic wire transfers to BKKB NY and onward to BKKB Thailand seems like it would be a much preferable alternative.

 

[TallGuyJohninBKK]

4 hours ago, Pib said:

14 hours ago, Gumballl said:

I just sent money on September 25 from BofA to Bangkok Bank (sister-in-law's account). My wife and I like to splurge, so we used the next-day delivery method ($10).
 
Back in August, I had updated the linked account to include my SIL's address. Maybe that helped.

Maybe...however, Bangkok Bank slipped their 16 Sep cutoff date to 1 Oct so we still haven't reached their latest line in the sand.

 

Tomorrow's supposed to be the latest BIG day... AGAIN!!!!  

[Pib]

3 minutes ago, TallGuyJohninBKK said:

 

Tomorrow's supposed to be the latest BIG day... AGAIN!!!!  

Private investigators are closely watching the Bangkok Bank New York branch to see if anyone comes out and heads to the shoreline to draw a new line in the sand. ????️‍♂️

[Pib]

20 hours ago, ThaiBob said:

 When I last used Schwab Bill Pay they cut a check and mailed it, no charge, so fingers crossed.

Bill Pay should work but as you found out the Bill Payment would be via Schwab mailing a paper check to the NY branch.  I doubt any US bank has Bangkok Bank listed/linked for "electronic" payment....you bank will end up mailing a paper check via snail mail.

 

Like I just went in the Bill Payment area of my USAA bank account and started the process to add Bangkok Bank NY as a bill payee.  When you first enter the name of the company you want to pay once you enter the name "if" the name is contained within the bill payment network it will be identified as such and you will be able to pay electronically (kinda like an ACH transfer)...a screen pops up where you pretty much only have to enter the account number to be sent to as USAA has all the other info contained in the Bill Payment network.   But if not contained within the Bill Payment network then the screen that pops up is one you have to enter the complete name of the company, mailing address, account number, etc.. etc....etc....and then a paper check gets a mailed out via snail mail.  

 

[TallGuyJohninBKK]

20 hours ago, Presnock said:

For US citizens, my credit union opens accts via internet from Thailand.  Their wire transfers at $15 all done via internet with no problem to Bangkok Bank account.  Send US$ to get the best exchange rate plus your acct will indicate that the funds came from international account.  If interested let me know and I'll post contact info!

 

You could have just mentioned what CU you're talking about (there's no forum rule against that).  And likewise, since it's a CU, what if any membership eligibility requirements they have.

[Pib]

Quote

For US citizens, my credit union opens accts via internet from Thailand. 

And just for clarification do you mean they accept a Thailand address? 

 

Or, do you just mean you can apply for an acct via online with a Thailand IP address?

[TallGuyJohninBKK]

16 minutes ago, Pib said:

Bill Pay should work but as you found out the Bill Payment would be via Schwab mailing a paper check to the NY branch.  I doubt any US bank has Bangkok Bank listed/linked for "electronic" payment....you bank will end up mailing a paper check via snail mail.

 

Like I just went in the Bill Payment area of my USAA bank account and started the process to add Bangkok Bank NY as a bill payee.  When you first enter the name of the company you want to pay once you enter the name "if" the name is contained within the bill payment network it will be identified as such and you will be able to pay electronically (kinda like an ACH transfer)...a screen pops up where you pretty much only have to enter the account number to be sent to as USAA has all the other info contained in the Bill Payment network.   But if not contained within the Bill Payment network then the screen that pops up is one you have to enter the complete name of the company, mailing address, account number, etc.. etc....etc....and then a paper check gets a mailed out via snail mail.  

 

 

I've been doing the bill pay approach for some time domestically in the U.S. as a means of keeping some activity going in some otherwise dormant bank accounts of mine, without setting up domestic ACH links. In other words, setting up a repeating monthly check payment of $5 or $10 a month just to keep some accounts alive.

 

Enter the recipient bank account info of mine in the payee fields of my sending bank. No ABA numbers. Just account number, recipient name, address, etc.  I checked with a couple of my U.S. recipient banks for that, and they said I could address the check payment to myself (with their address) or to "myself c/o XXXX Bank or CU."  So far, it's worked like a charm... But I did check in advance to make sure the receiving banks would properly handle and deposit the paper checks sent to my accounts that way.

 

But I don't know what that method would mean if using BKKB NY as the recipient.

 

 

Edited September 30, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

20 hours ago, ThaiBob said:

When I last used Schwab Bill Pay they cut a check and mailed it, no charge, so fingers crossed.

 

Are you saying you've used Schwab bill pay to send a paper check already to BKKB NY?  And if so, what happened with that once it got to BKKB NY?

 

Do you mean you've already done that as a means of using their check-based remittance transfer service?

 

 

Edited September 30, 2019 by TallGuyJohninBKK

[ThaiBob]

2 hours ago, TallGuyJohninBKK said:

 

Are you saying you've used Schwab bill pay to send a paper check already to BKKB NY?  And if so, what happened with that once it got to BKKB NY?

 

Do you mean you've already done that as a means of using their check-based remittance transfer service?

 

 

I added BB PCL as a company. I entered my Thai acct no. for reference. I am waiting for Arthlyn George's reply to my email explaining timing and exchange rates. At the Pattaya presentation a rep said the NYC office would use the offshore rate (THO) which is currently competitive with the THB rate. As Pib mentioned if BB marks up the rate (2%) then I'll scrap the whole idea. My first transfer would be the first week in November. If Schwab mails their check from their NY office and if the turnaround time is a few days and if the exchange rate is favorable then and only then will this be a viable option. We'll see. 

[soisanuk]

2 hours ago, TallGuyJohninBKK said:

 

I've been doing the bill pay approach for some time domestically in the U.S. as a means of keeping some activity going in some otherwise dormant bank accounts of mine, without setting up domestic ACH links. In other words, setting up a repeating monthly check payment of $5 or $10 a month just to keep some accounts alive.

 

Enter the recipient bank account info of mine in the payee fields of my sending bank. No ABA numbers. Just account number, recipient name, address, etc.  I checked with a couple of my U.S. recipient banks for that, and they said I could address the check payment to myself (with their address) or to "myself c/o XXXX Bank or CU."  So far, it's worked like a charm... But I did check in advance to make sure the receiving banks would properly handle and deposit the paper checks sent to my accounts that way.

 

But I don't know what that method would mean if using BKKB NY as the recipient.

 

 

I was also present for the presentation at yesterday's Pattaya City Expats Club (PCEC) meeting.  As mentioned by others, it is to send funds to a person's Bangkok Bank Account, not to any other bank.  The comments about the exchange rate that the NY Branch will use are valid IMO. 

 

I know Chase Bank has recently added a "Global Transfer" feature for their customers to send funds Internationally for a US$5 fee, BUT Chase Bank converts the funds to the local currency before sending, they do not send it in USD.  I did a comparison check using US$2,300 as the transfer amount by Chase Global and by Transferwise (fee about US$27 as I recall). If using TW's exchange rate, the baht deposited was about 1,600 more than that using Chase Global, thus Chase actually costs you more.

 

The Terms & Conditions with the Application Form also notes that funds can be by "bank" check made payable to Bangkok Bank NY, which apparently per the Rep when I talked with her includes the paper checks generated by banks when using their online bill payment system - BUT the T&C notes it does not include checks from credit unions and if using a postal money order, the limit is US$2,500.

 

IMO it did not appear very attractive as procedures are not simple, exchange rate will likely be less than if conversion is done by Bangkok Bank in Thailand vs NY Branch rate, and it takes several days from initiating transfer until arrival - BUT for us USA folks  whose Embassy no longer certifies monthly income, it might be acceptable if they want to ensure funds always go to Bangkok Bank as a foreign source deposit and their bank's online banking does not provide for sending wire transfers.

 

As mentioned by Thaibob, the PCEC will be publishing something in their upcoming Newsletter including the application in a fillable pdf format.  For those that may be interested, the PCEC has videos on you tube for the presentation, PowerPoint slides. 

 

[TallGuyJohninBKK]

4 hours ago, Pib said:

Since you are not allowing the NY branch to accomplish the exchange at their exchange rate (i.e., their THO off shore rate) which will surely be lower (worst) than the in-Thailand Bangkok Bank TT Buying Rate (a.k.a., the THB on shore rate).   If the NY branch is instructed to not accomplish the exchange that means they can not make a nice profit from using their lower exchange rate and therefore they make-up for that lost exchange rate profit by applying a high flat fee of $55. 

 

I gather this THO rate is the term for what's called the Thai OFFshore baht rate, as opposed to the ONshore rate, i.e., the rate used inside Thailand.  I looked around a bit online, and couldn't find any current source for a Thai baht offshore rate.

 

So the discussion on this re BKKB NY would be better informed if someone knows/could post what that actual rate is for any given day(s), so it could be compared to the corresponding TT or card network rates for those days.

 

And if none of us know that rate, perhaps someone could ask BKKB NY to share via email what that rate would be for any given recent day(s).   That would likely put a lot of the mystery on this to rest.

 

[Pib]

At the 6:40 minute mark of the video the briefer says they "....will give the competitive Bangkok Bank New York exchange rate...." 

 

Whenever a bank says they will use their "competitive" rates that means that bank thinks their rates are close to the rates provided by other banks.  We already know from many TV posts over the years that allowing your western bank to accomplish the exchange results in a sore backside.

[TallGuyJohninBKK]

11 minutes ago, Pib said:

At the 6:40 minute mark of the video the briefer says they "....will give the competitive Bangkok Bank New York exchange rate...." 

 

Whenever a bank says they will use their "competitive" rates that means that bank thinks their rates are close to the rates provided by other banks.  We already know from many TV posts over the years that allowing your western bank to accomplish the exchange results in a sore backside.

 

I looked at it from a different perspective. If their remittance system is wanting to charge their customers $50+ for the NORMAL method of sending to Thailand in U.S. $, but no flat fee for BKKB NY doing the conversion and sending in Thai baht, that would seriously suggest they're instead expecting to make their cut off a lower exchange rate they themselves would use.

 

[Pib]

1 minute ago, TallGuyJohninBKK said:

 

I looked at it from a different perspective. If their remittance system is wanting to charge their customers $50+ for the NORMAL method of sending to Thailand in U.S. $, but no flat fee for BKKB NY doing the conversion and sending in Thai baht, that would seriously suggest they're instead expecting to make their cut off a lower exchange rate they themselves would use.

 

Yeap.  Pay me now or pay me now.

[JDGRUEN]

I must say, the mechanisms to enroll in the main transfer method described in this post sound unnecessarily complicated with little mention of the exchange conversion rate.  If you are of modest means I still say that TransferWise / TransferWise Borderless Account are the better values.  You can get predetermined - preset Exchange Rates, quoted fees before transmitting, easily understood App transfer steps and more.  For American Expats you can make use of Social Security Monthly payment Direct Deposit to a U.S. TW partner bank and watch the S.S. Funds appear instantly in your TW Borderless Account for you to forward to your Thailand Bank. Furthermore, you can be assured of getting the transfer deposit being labeled as International Transfer with FTT encoding by using TW and an Account at Bangkok Bank when making use of the Option "Reason" for Transfer... "Funds for Long Term Stay in Thailand". The TW App is available for download from the Android Play Store or the Apple Store. A TW website is available using an Apple or Windows compatible browser. Details are available at the Facebook "TransferWise Solutions" Group. 

[ThaiBob]

13 minutes ago, JDGRUEN said:

I must say, the mechanisms to enroll in the main transfer method described in this post sound unnecessarily complicated with little mention of the exchange conversion rate.  If you are of modest means I still say that TransferWise / TransferWise Borderless Account are the better values.  You can get predetermined - preset Exchange Rates, quoted fees before transmitting, easily understood App transfer steps and more.  For American Expats you can make use of Social Security Monthly payment Direct Deposit to a U.S. TW partner bank and watch the S.S. Funds appear instantly in your TW Borderless Account for you to forward to your Thailand Bank. Furthermore, you can be assured of getting the transfer deposit being labeled as International Transfer with FTT encoding by using TW and an Account at Bangkok Bank when making use of the Option "Reason" for Transfer... "Funds for Long Term Stay in Thailand". The TW App is available for download from the Android Play Store or the Apple Store. A TW website is available using an Apple or Windows compatible browser. Details are available at the Facebook "TransferWise Solutions" Group. 

I agree the initial setup seems cumbersome but I have diminished confidence  in TW after they screwed up my FTT coding recently and since they could not guarantee proper coding after following the steps you have mentioned above.  All systems have their pluses and minuses.  When I sent $3k last month the TW costs were actually slightly higher despite the more favorable exchange rate.  People that can do free SWIFT transfers seem to fair best but I am not one of them.

[TallGuyJohninBKK]

12 minutes ago, ThaiBob said:

I agree the initial setup seems cumbersome but I have diminished confidence  in TW after they screwed up my FTT coding recently 

 

For the TFW transfer you indicate above had FTT coding problems, did you use the drop-down menu selection for that transfer indicating the purpose to be longstay in Thailand -- which is supposedly TFW's solution to the missing FTT coding problem, provided the transfer is going to BKK Bank?

 

[ThaiBob]

4 minutes ago, TallGuyJohninBKK said:

 

For the TFW transfer you indicate above had FTT coding problems, did you use the drop-down menu selection for that transfer indicating the purpose to be longstay in Thailand -- which is supposedly TFW's solution to the missing FTT coding problem, provided the transfer is going to BKK Bank?

 

No. The TW correspondence was wishy wash, with enough uncertainty for me to look at other alternatives.