Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[TallGuyJohninBKK]

2 minutes ago, ThaiBob said:

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

 

There's a FB group on TH TFW transfers, with some of the participants posting info here periodically. And recently, AFAIK, they've indicated lately they've had almost 100% FTT compliance when the sending person...

a. chooses "Thailand longstay" or similar from TFW's drop-down menu of reasons for the transfer, and

b. the TFW transfer is going to BKK Bank as opposed to any of the other Thai bank companies.

 

[JDGRUEN]

Relative to TransferWise and the Reason for Transfer Option "Funds for Long Term Stay in Thailand"... this option did not appear until after the TW change (a.k.a Screwup) this past July.  There was no announcement by TW for routine use of this option but was originally described for use with investments. However, after I noticed the new Option (above) I notified TW users on various venues. This created a huve amount of interest - so next I created a Facebook Group. After two months membership has grown to nearly 500.  Extensive testing by Group members shows 100% success using TW with the "Funds for Long Term Stay in Thailand" Send Option and a Bangkok Bank Thailand Account. The results are a transfer deposit in the Account Register labeled as "International Transfer" and the same transfer is encoded as FTT in the bankbook update printout.  Unfortunately, this option (as stated above) only works with B.B. Accounts. 

 

The name of the FB Group is TransferWise Solutions. The Group functions as a TW Users Group. 

[Berkshire]

Has anyone done a domestic ACH since the new deadline of 1 Oct?

[TheAppletons]

On 10/6/2019 at 8:30 PM, Berkshire said:

Has anyone done a domestic ACH since the new deadline of 1 Oct?

 

  Yes.  Initiated a domestic ACH transfer on Monday, 7 October; the baht was in my Bangkok Bank account by 3:30 pm on Wednesday.  NFCU was the financial institution.

[Suradit69]

On 9/30/2019 at 4:45 PM, TallGuyJohninBKK said:

couldn't find any current source for a Thai baht offshore rate.

You can get slightly delayed rates with bid/ask shown using Yahoo Finance typing USDTHB=x

 

 

Also on CNBC television at the bottom of the screen the upper scrolling quote line lists currencies (among other things) the second of which is for dollar/baht.

[JDGRUEN]

Link Below:  A very good source of Exchange Rates from Thailand Domestic Financial Institutions... 

Especially for modest amounts of money

 

https://daytodaydata.net/

 

 

Edited October 10, 2019 by JDGRUEN
Correct link

[Pib]

17 hours ago, TheAppletons said:

 

  Yes.  Initiated a domestic ACH transfer on Monday, 7 October; the baht was in my Bangkok Bank account by 3:30 pm on Wednesday.  NFCU was the financial institution.

Was the transfer in IAT format? 

 

I would be falling down surprised if it was....then NFCU could become first known US bank/CU to be using IAT format for ACH transfers. 

 

It's probably still getting through because of the random nature that banks/CUs seem to be shutting down the non-IAT transfers based on Notice of Changes they might get from Bangkok Bank.  Or Bangkok Bank NY is turning their heads to some transfers as they go by.  Or they have redrawn their line in the sand for bank transfers....maybe aligned it with their other line in the sand of Jan 2020 for transfers coming from US govt agencies/civilian pension companies.

 

You might want to contact Bangkok Bank and ask if your latest transfer was in IAT format.  Contact Bangkok Bank NY or Bangkok Bank in Bangkok.  If you are in Thailand I would just give Bangkok a jingle...just takes them a minute or two to lookup the transfer and give the answer.....I've done it several times.  See below earlier post for contact info.

 

 

Edited October 10, 2019 by Pib

[mackayae]

Initiated a transfer on Oct. 3 from HSBC USA to BBL, received Oct. 9. It was a domestic transfer so I presume ACH format. I have yet to have one denied since the original deadline in April.

[albertik]

On ‎10‎/‎12‎/‎2019 at 11:33 AM, mackayae said:

Initiated a transfer on Oct. 3 from HSBC USA to BBL, received Oct. 9. It was a domestic transfer so I presume ACH format. I have yet to have one denied since the original deadline in April.

I received SS pension on 3 Oct. so I am guessing it (SS) was in the IAT format. Have yet to attempt a transfer from my BofA account domestically via New York branch but your post gives me encouragement. Thanks

[asiaexpat]

Two attempts from USAA Bank failed. One in July and one in Sept. USAA does not use IAT and I guess I am not lucky as some.

[Gumballl]

11 hours ago, albertik said:

I received SS pension on 3 Oct. so I am guessing it (SS) was in the IAT format. Have yet to attempt a transfer from my BofA account domestically via New York branch but your post gives me encouragement. Thanks

I sent wife's money on 7 Oct without issues from my BofA account to my sister-in-law's account through the NY branch of BB. My account has been linked to hers for years, and recently I chose to update the address of her account to reflect that it is in Thailand (as opposed to my address here in the USA).

[JDGRUEN]

On 9/30/2019 at 10:10 PM, TallGuyJohninBKK said:

 

There's a FB group on TH TFW transfers, with some of the participants posting info here periodically. And recently, AFAIK, they've indicated lately they've had almost 100% FTT compliance when the sending person...

a. chooses "Thailand longstay" or similar from TFW's drop-down menu of reasons for the transfer, and

b. the TFW transfer is going to BKK Bank as opposed to any of the other Thai bank companies.

 

Yes, what you wrote is correct. Stated thusly. Using TransferWise to transfer funds to Bangkok Bank Thailand (from any source foreign to Thailand) done when choosing the Reason for Sending option "Funds for Long Term Stay in Thailand (from a pick list) will result in the transfer deposit into B.B. being labeled as an" International Transfer" as displayed in the account register. Plus this same transfer is encoded as FTT in a B.B. Bankbook update printout. 

This has been tested about 50 - up to 75 times with transfers originating from many places worldwide. The success rate is 100%. And we can show this result can be turned on and off like a light switch by choosing another sending option such as "Monthly Expenses" which results in codes indicating a Domestic Transfer.

Testing also shows that a TW transfer to other Thai Banks will not produce a transfer deposit labeled "International Transfer" nor encoded as FTT. 

 

When transfering funds using TW to other Thai banks the First TW Partner Bank that receives the transfer can produce a FET proving it is an International Transfer. But obtaining FETs is a bit of a bureaucratic process. And Thai Immigration may not honor the FET Forms. 

FTT = Foreign Telegraphic Transfer 

FET = Foreign Exchange Transaction. 

If an Expat does not want to change banks for overall banking - he or she can just open a Bangkok Bank Account - have Foreign Transfers routed there - then use B.B. online and make a Domestic Transfer to their favorite bank. All necessary International Transfer Documentation can be easily obtained from Bangkok Bank. 

 

As Admin of the TransferWise Solutions currently - a two month old FB Group - I am proud to say that as of today we have 636 members. 

Link = 

https://www.facebook.com/groups/TWSOL/

[mokwit]

Does anybody know if Interactive Brokers sends in IAT format i.e. compatible after cut off date? (yes I could ask them, but chat even for something this simple usually takes 30 minutes and often you are cut off halfway through and have to re log in.)

[skatewash]

16 minutes ago, mokwit said:

Does anybody know if Interactive Brokers sends in IAT format i.e. compatible after cut off date? (yes I could ask them, but chat even for something this simple usually takes 30 minutes and often you are cut off halfway through and have to re log in.)

I don't, but if they were to use IAT format for a customer-initiated transfer they would be the only financial institution in the US to do so that I am aware of.  In other words, there are no US financial institutions (of which I am aware) that use the IAT format when a customer requests a transfer.  

Many US financial institutions use IAT format for business- or government-initiated transfers (e.g., pensions, social security), but they do not currently allow their regular customers to use that format on any transfer requests they might make.

If you find one that does let customers transfer money using the IAT format be sure to let us know.  Many would be interested.

[Thaigreg]

Just setup a transfer from my CU to Bangkok Bank.  Two small deposits were received in my Bangkok Bank account.  Next month I plan on doing a larger transfer.  My only worry is what will happen after Jan 2020.   I also have my SS going there by Direct Deposit.  Established thru the US Embassy in the Philippines.

[lopburi3]

1 hour ago, Thaigreg said:

Just setup a transfer from my CU to Bangkok Bank.  Two small deposits were received in my Bangkok Bank account.  Next month I plan on doing a larger transfer.  My only worry is what will happen after Jan 2020.   I also have my SS going there by Direct Deposit.  Established thru the US Embassy in the Philippines.

That sounds strange as word was (there own) they were not permitting any new account setups - have things changed?

[Pib]

1 hour ago, Thaigreg said:

Just setup a transfer from my CU to Bangkok Bank.  Two small deposits were received in my Bangkok Bank account.  Next month I plan on doing a larger transfer.  My only worry is what will happen after Jan 2020.   I also have my SS going there by Direct Deposit.  Established thru the US Embassy in the Philippines.

Truly strange since there were numerous attempts by other to setup new transfer link with their US bank/CU in mid 2018 and the trial deposits were being rejected.  Like as Bangkok Bank's first step in cutting off non-IAT format transfers.

 

Do you mind telling us who your CU is?

[soisanuk]

22 minutes ago, lopburi3 said:

That sounds strange as word was (there own) they were not permitting any new account setups - have things changed?

If those two small transactions went through, it indicates they were sent in the IAT format as Bangkok Bank NY stated late in 2018 that they would no longer set up such ACH transfers and would continue to accept domestic transfers for those already set up until April 1, 2019 (Yeah! I know, that date has continuously slipped and they have continued to process them).

 

In the mentioned recent set up of the linkage through a credit union - can you mention the credit union's name?  Do you know if they sent it in IAT format -  this would require you including address of recipient in Thailand when setting it up? 

Edited October 21, 2019 by soisanuk

[Thaigreg]

Just setup a transfer from my CU to Bangkok Bank.  Two small deposits were received in my Bangkok Bank account.  Next month I plan on doing a larger transfer.  My only worry is what will happen after Jan 2020.   I also have my SS going there by Direct Deposit.  Established thru the US Embassy in the Philippines.

[Thaigreg]

Just setup a transfer from my CU to Bangkok Bank.  Two small deposits were received in my Bangkok Bank account.  Next month I plan on doing a larger transfer.  My only worry is what will happen after Jan 2020.   I also have my SS going there by Direct Deposit.  Established thru the US Embassy in the Philippines.  My CU is Harborstone.  I also have an account with Global and had a transfer account until about 9 months ago.

Edited October 21, 2019 by Thaigreg

[Thailand J]

On 10/18/2019 at 10:51 AM, mokwit said:

Does anybody know if Interactive Brokers sends in IAT format i.e. compatible after cut off date? (yes I could ask them, but chat even for something this simple usually takes 30 minutes and often you are cut off halfway through and have to re log in.)

Consider using wire transfer with Interactive Brokers. First one is free every month, after that it's $10. Wire to Bangkok Bank Bangkok, bypass Bangkok Bank NY, use Chase as intermediary at $2 flat rate. The last time I got my money in about 3 hours.

[Berkshire]

Just wanted to report that I sent a domestic ACH from my US bank through BKK Bank NY on 21 October and received in Thailand today 24 Oct.  It appears to be business as usual. 

[Pib]

59 minutes ago, Berkshire said:

Just wanted to report that I sent a domestic ACH from my US bank through BKK Bank NY on 21 October and received in Thailand today 24 Oct.  It appears to be business as usual. 

Who is your US bank?  Bank of America, Chase, etc.

[Berkshire]

1 hour ago, Pib said:

Who is your US bank?  Bank of America, Chase, etc.

A federal Credit Union.

[Tariya]

Same for me. Sent my usual monthly from Bank of America (as we have for years) on the 21st and received it at Bangkok Bank today. So much chit-chat from so many "Nancys". All these months of nonsense and speculation and nothing has changed. And if it finally does, it does!  

[JDGRUEN]

On 10/24/2019 at 11:37 AM, Berkshire said:

A federal Credit Union.

And to think I made major changes in banking, social security direct and other related things back in February to get ahead of the April 1, 2019 cut off date. ????

[Thailand J]

It's good to have Plan B, even if you may never need it.

 

[Berkshire]

I hope those doing domestic ACH transfers will still report their success/failure.  I plan on doing one in November and will report.

[skatewash]

10 minutes ago, Berkshire said:

I hope those doing domestic ACH transfers will still report their success/failure.  I plan on doing one in November and will report.

Me, too, in early November.  For the amount I will be transferring it looked like BBK NY came out a little less expensive than Transfer Wise.

[richsilver]

Completed a transfer today from E-Trade in USA.  No problem.