Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[skatewash]

1 hour ago, skatewash said:

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.

Well, the money wasn't held as long at my brokerage as I was advised, so my early November transfer actually completed today.  No problems.

[soisanuk]

I received yesterday from the lady at Bangkok Bank HQ re current status for ACH transfers through the NY Branch:

 

Quote

 

Dear Khun D______l,

 

I trust this message finds your well.

 

 Just a short note to update the US Direct Deposit transfers via BBL NYB;

 

In order to BBL NYB to fully comply with the corrective actions for those customer who receives IAT transactions / International ACH do not have to take any actions and continue to receive their payment via BBL NYB and for a Non-IAT transactions, BBL NYB will start returning the Non-IAT (ACH) coming from Paypal and Amazon and other e-Commerce with effective from Monday, October 21, 2019.  The target date to return each type of ACH are as follows:

 

1.       Amazon and Paypal and other e-Commerce from 21 October, 2019.

 

2.       AC Transfers (Internet Banking) from 1 November, 2019

 

3.       Private Pension from 1 December, 2019.

 

4.       All other Non-IAT including Government payment from 1 January, 2020.

 

The customers may seek the other alternative ways to transfer money from US.

 

·       Thai Baht Remittance Services from BBL NYB or

 

·       Transfers via SWIFT or

 

·       Other transfer options

 

 I trust the above details helpful.

 

 Best regards,

 

 

 

W________ S________

Bangkok Bank Public Company Limited

Global Payment Services Department

333 Silom Road, Bangrak, Bangkok 10500 Thailand

 

[Pib]

My goodness, Bangkok Bank is now redrawing "multiple" lines in the sand now!   But above letter does make it sound like they are about done drawing new lines.

[TallGuyJohninBKK]

8 hours ago, Pib said:

My goodness, Bangkok Bank is now redrawing "multiple" lines in the sand now!   But above letter does make it sound like they are about done drawing new lines.

 

They've already drawn SO MANY date deadlines for cutting off regular consumer ACH transfers thru the New York branch that it's pretty hard at this point to believe they're done with their fiddling.

 

As far as this one for Nov. 1 (this Friday) being presumed to be the last and final one, I think we said the same thing last time, and the time before that, and the time before that....

[Pib]

[Somewhere In Time]

- My ACH domestic transfer via internet to Bangkok Bank NY posted on Oct 31st. 

- Funds received to my Bangkok Bank account here in Thailand this morning (Nov 4th).

 

The adventure continues...

 

SIT

[lopburi3]

2 minutes ago, Somewhere In Time said:

- My ACH domestic transfer via internet to Bangkok Bank NY posted on Oct 31st. 

- Funds received to my Bangkok Bank account here in Thailand this morning (Nov 4th).

 

The adventure continues...

 

SIT

Believe the last cutoff was Nov 1 (post 872) so you may have just made it under the wire.

[mackayae]

_{Oops! I just noticed I made a transfer to BBL from my US bank. I made it on the 31st but it was not recorded till the1st. Right now it shows pending at my US bank.}

[Somewhere In Time]

8 hours ago, lopburi3 said:

Believe the last cutoff stated Bangkok Bank "target date to return" AC Transfers (Internet Banking) was to be Nov 1 (post 872) so you may have just made it under the wire.

Indeed.

The sands of time are running low.  

 

The adventure continues...

 

SIT

[elektrified]

I'm about to file for U.S. social security and am at the point on the application where it asks if I want the funds transferred by direct deposit to a foreign country that participates in "IDD". Thailand is not listed on the drop down menu but the instructions say to select "Not Listed" and continue.

 

Without reading 59 pages of this thread, can someone just tell me -- is it no longer possible/was it ever possible to use this option in Thailand and if not, what do you suggest is a good way to make transfers each month? I have accounts at Kasikorn Bank and at Bangkok Bank. I also have a Transferwise account. I have only used the Transferwise account once and I transferred 1000 USD to Thailand and was charged only US $2.56 in commission. I suspect this was a promotional offer as I used a link that was furnished to me. I did a sample transfer just now and it looks like the commission is around 13-14 USD for up to $1,000. Are there any other transfer options?

 

Thanks in advance.

 

I just found this https://www.ssa.gov/forms/ssa-1199-op107.pdf     Is this applicable?

Edited November 5, 2019 by elektrified

[lopburi3]

8 minutes ago, elektrified said:

I'm about to file for U.S. social security and am at the point on the application where it asks if I want the funds transferred by direct deposit to a foreign country that participates in "IDD". Thailand is not listed on the drop down menu but the instructions say to select "Not Listed" and continue.

 

Without reading 59 pages of this thread, can someone just tell me -- is it no longer possible/was it ever possible to use this option in Thailand and if not, what do you suggest is a good way to make transfers each month? I have accounts at Kasikorn Bank and at Bangkok Bank. I also have a Transferwise account. I have only used the Transferwise account once and I transferred 1000 USD to Thailand and was charged only US $2.56 in commission. I suspect this was a promotional offer as I used a link that was furnished to me. I did a sample transfer just now and it looks like the commission is around 13-14 USD for up to $1,000. Are there any other transfer options?

 

Thanks in advance.

SS communications is supposed to be handled by Manila if you want direct deposit and living in Thailand.  Reports vary as to how efficient that communications channel is.  

As you mentioned Transferwise suspect you have a US account so that might be a easier target for payments and then use transferwise to send here when needed (especially if you do not have other payments going into US accounts).  Remember even if fee is $14 or so for Transferwise the exchange rate is very good.  

[soisanuk]

12 hours ago, elektrified said:

I'm about to file for U.S. social security and am at the point on the application where it asks if I want the funds transferred by direct deposit to a foreign country that participates in "IDD". Thailand is not listed on the drop down menu but the instructions say to select "Not Listed" and continue.

 

Without reading 59 pages of this thread, can someone just tell me -- is it no longer possible/was it ever possible to use this option in Thailand and if not, what do you suggest is a good way to make transfers each month? I have accounts at Kasikorn Bank and at Bangkok Bank. I also have a Transferwise account. I have only used the Transferwise account once and I transferred 1000 USD to Thailand and was charged only US $2.56 in commission. I suspect this was a promotional offer as I used a link that was furnished to me. I did a sample transfer just now and it looks like the commission is around 13-14 USD for up to $1,000. Are there any other transfer options?

 

Thanks in advance.

 

I just found this https://www.ssa.gov/forms/ssa-1199-op107.pdf     Is this applicable?

Thailand was added to the Social Security Direct Deposit system early this year.  It can be set up for any bank in Thailand that has entered into the arrangement for the International Direct Deposit (IDD) - if using Bangkok Bank, all deposits would be recorded as FTT (foreign transfer) which is important if you need to show at least monthly transfers of 65k baht to meet Immigration requirements for a retirement extension.  Not sure about other banks, but have heard that in the case of Kasikorn, Transferwise deposits go to their HQ and are distributed to branch accounts as domestic transfers, which could possibly the case with the IDD.

 

As to Transferwise (TW), there are several funding methods for which the fee varies. I use the ACH withdrawal (TW withdraws the funds from my bank account using the ACH (Automated Clearing House) system, converts it to baht, and remits it to my Bangkok Bank account usually (in July, it went to Kasikorn, another partner bank, and was transferred from K bank to my account as a domestic transfer - this happened to a large number of folks that month).  Since the July fiasco, for those of us needing to show monthly transfers as being foreign for Immigration, TW has since added another "reason" in their drop down menu to include "long stay in Thailand" - so far, per the many posters on the Facebook Group Transferwise Solutions, if going to a Bangkok Bank account, it goes to Bangkok Bank, not through another partner bank - thus being coded as a foreign transfer into the account - BUT, this may not be the case if it goes to Kasikorn or another partner bank and definitely not if to a non TW partner Thai bank.

 

I know of a few folks that use TW for direct deposit of their Social Security benefits.  This requires setting up the TW "Borderless" account which gives them a USA bank account number and that bank's ACH routing number.  They then had Social Security direct deposit their benefits to the borderless account (ACH routing number and the account number).  Once the funds are deposited in their Borderless account, they can at anytime initiate a transfer from that account to their Thai bank account (again, if using Bangkok Bank and long stay in Thailand, the deposit will be direct to Bangkok Bank and be recorded as an international transfer - coded FTT).  So far, they have not experienced any problems using this method.

 

[Pib]

2 hours ago, soisanuk said:

Thailand was added to the Social Security Direct Deposit system early this year.  It can be set up for any bank in Thailand that has entered into the arrangement for the International Direct Deposit (IDD) - if using Bangkok Bank, all deposits would be recorded as FTT (foreign transfer) which is important if you need to show at least monthly transfers of 65k baht to meet Immigration requirements for a retirement extension.  Not sure about other banks, but have heard that in the case of Kasikorn, Transferwise deposits go to their HQ and are distributed to branch accounts as domestic transfers, which could possibly the case with the IDD.

 

SSA IDD payments are "not" coded at Bangkok Bank as FTT/International Transfer as the last leg of the transfer is done via Bahtnet (domestic transfer).  The coding received is BTN/Bahtnet.  Since the last leg is via Bahtnet all Thai banks would code the transfer as such.  I have a family member on SSA IDD for months now....member's payment go to Bangkok Bank...a regular savings acct.  Although the payments are coded as Bahtnet you can get a Credit Advice which shows they transfers originated from outside Thailand.

 

[elektrified]

11 hours ago, soisanuk said:

Thailand was added to the Social Security Direct Deposit system early this year.  It can be set up for any bank in Thailand that has entered into the arrangement for the International Direct Deposit (IDD) - if using Bangkok Bank, all deposits would be recorded as FTT (foreign transfer) which is important if you need to show at least monthly transfers of 65k baht to meet Immigration requirements for a retirement extension.  Not sure about other banks, but have heard that in the case of Kasikorn, Transferwise deposits go to their HQ and are distributed to branch accounts as domestic transfers, which could possibly the case with the IDD.

 

As to Transferwise (TW), there are several funding methods for which the fee varies. I use the ACH withdrawal (TW withdraws the funds from my bank account using the ACH (Automated Clearing House) system, converts it to baht, and remits it to my Bangkok Bank account usually (in July, it went to Kasikorn, another partner bank, and was transferred from K bank to my account as a domestic transfer - this happened to a large number of folks that month).  Since the July fiasco, for those of us needing to show monthly transfers as being foreign for Immigration, TW has since added another "reason" in their drop down menu to include "long stay in Thailand" - so far, per the many posters on the Facebook Group Transferwise Solutions, if going to a Bangkok Bank account, it goes to Bangkok Bank, not through another partner bank - thus being coded as a foreign transfer into the account - BUT, this may not be the case if it goes to Kasikorn or another partner bank and definitely not if to a non TW partner Thai bank.

 

I know of a few folks that use TW for direct deposit of their Social Security benefits.  This requires setting up the TW "Borderless" account which gives them a USA bank account number and that bank's ACH routing number.  They then had Social Security direct deposit their benefits to the borderless account (ACH routing number and the account number).  Once the funds are deposited in their Borderless account, they can at anytime initiate a transfer from that account to their Thai bank account (again, if using Bangkok Bank and long stay in Thailand, the deposit will be direct to Bangkok Bank and be recorded as an international transfer - coded FTT).  So far, they have not experienced any problems using this method.

 

Thank you very much. Excellent information.

[Langsuan Man]

Seems like we are still tracking the moving lines in the sand

 

Placed a request for an EFTS from my Schwab Brokerage account to Bangkok Bank New York Branch yesterday, 6 Nov,  and today at 11:00 AM received notification that it had been received here in Thailand and available 

 

So the system for EFTS,  under the old system,  is still available for certain institutions 

[lopburi3]

27 minutes ago, Langsuan Man said:

Seems like we are still tracking the moving lines in the sand

 

Placed a request for an EFTS from my Schwab Brokerage account to Bangkok Bank New York Branch yesterday, 6 Nov,  and today at 11:00 AM received notification that it had been received here in Thailand and available 

 

So the system for EFTS,  under the old system,  is still available for certain institutions 

Suspect that line would be Jan 1.

Quote

4.       All other Non-IAT including Government payment from 1 January, 2020.

 

[Pib]

2 hours ago, Langsuan Man said:

Seems like we are still tracking the moving lines in the sand

 

Placed a request for an EFTS from my Schwab Brokerage account to Bangkok Bank New York Branch yesterday, 6 Nov,  and today at 11:00 AM received notification that it had been received here in Thailand and available 

 

So the system for EFTS,  under the old system,  is still available for certain institutions 

 

Don't surprise me a bit.  Below Bkk Bk latest lines in the sand taken from soisanuk's 30 Oct post above is probably even hard for Bkk Bk to implement unless reviewing each transfer "manually" vs letting their magic computer system do the screening automatically.  And I'm sure many, many, many transfers go thru the NY branch everyday from individuals, businesses, and local/state/federal govt agencies which means only a token few can be manually reviewed.   Like telling the difference between a personal bank transfer and a private pension transfer from bank XYZ without closely looking at different info in the transfer.  

 

But I expect it should be very easy to let their magic computer system to review and reject every transfer that did not have the "IAT" code in Standard Entry Class (SEC) field of the transfer file.   No IAT code--reject.   Apparently they are not ready to throw that switch as that also kills a lot of transfer fees...like $5 or $10 for each transfer passing through the NY branch plus the Bt200-Bt500 receiving fee on the Thailand end.  Hard for banksters to let go of a fee. 

 

Quote

 

1.       Amazon and Paypal and other e-Commerce from 21 October, 2019.

2.       AC Transfers (Internet Banking) from 1 November, 2019

3.       Private Pension from 1 December, 2019.

4.       All other Non-IAT including Government payment from 1 January, 2020.

 

 

[mackayae]

On 11/4/2019 at 10:58 AM, mackayae said:

_{Oops! I just noticed I made a transfer to BBL from my US bank. I made it on the 31st but it was not recorded till the1st. Right now it shows pending at my US bank.}

 

Just received notice from my US bank that these funds are being returned.

[soisanuk]

20 hours ago, Pib said:

 

Don't surprise me a bit.  Below Bkk Bk latest lines in the sand taken from soisanuk's 30 Oct post above is probably even hard for Bkk Bk to implement unless reviewing each transfer "manually" vs letting their magic computer system do the screening automatically.  And I'm sure many, many, many transfers go thru the NY branch everyday from individuals, businesses, and local/state/federal govt agencies which means only a token few can be manually reviewed.   Like telling the difference between a personal bank transfer and a private pension transfer from bank XYZ without closely looking at different info in the transfer.  

 

But I expect it should be very easy to let their magic computer system to review and reject every transfer that did not have the "IAT" code in Standard Entry Class (SEC) field of the transfer file.   No IAT code--reject.   Apparently they are not ready to throw that switch as that also kills a lot of transfer fees...like $5 or $10 for each transfer passing through the NY branch plus the Bt200-Bt500 receiving fee on the Thailand end.  Hard for banksters to let go of a fee. 

 

 

The requirement for IAT format is a rule of the ACH system and has been since 2009, but Bangkok Bank NY had not followed it.  They apparently "got caught" and told to comply with the rule, but appear to have been granted time so those already using the domestic ACH method could convert to using IAT or find another alternative to transfer funds.

 

Regardless of fees collected, at some point in time the ACH regulatory authority is going to say enough is enough and tell Bangkok Bank NY to either comply with ACH rules by a certain date or be cut off from using the ACH system. When that happens, IMO they will stop accepting domestic ACH transfers  unless they are in the IAT format (which US financial institutions do not offer to their retail customers).

[skatewash]

44 minutes ago, soisanuk said:

The requirement for IAT format is a rule of the ACH system and has been since 2009, but Bangkok Bank NY had not followed it.  They apparently "got caught" and told to comply with the rule, but appear to have been granted time so those already using the domestic ACH method could convert to using IAT or find another alternative to transfer funds.

 

Regardless of fees collected, at some point in time the ACH regulatory authority is going to say enough is enough and tell Bangkok Bank NY to either comply with ACH rules by a certain date or be cut off from using the ACH system. When that happens, IMO they will stop accepting domestic ACH transfers  unless they are in the IAT format (which US financial institutions do not offer to their retail customers).

That's exactly what's happening in my view.  Bangkok Bank is heroically (in my opinion) trying to drag this out as long as possible.  The whole problem originates with a US government rule and enforcement thereof.  If people don't like that this is happening then the blame should rightfully rest solely at the doorstep of the US Government.  Bangkok Bank is simply the tail of the dog, not the dog itself.  Bangkok Bank has handled this as well as possible given the circumstances they find themselves in and I'm proud to be a customer. 

I don't see how Bangkok Bank deserves any criticism over how they have handled this.  First, they were very clever to exploit this loophole in the beginning.  Then, they were able to delay the impact upon their customers for as long as possible, and it turned to be quite a long time.  Bangkok Bank deserves some kind of customer service award.  The US Government, not so much.

[mackayae]

21 hours ago, mackayae said:

 

Just received notice from my US bank that these funds are being returned.

Funds returned in one day.

[Langsuan Man]

1 hour ago, mackayae said:

Funds returned in one day.

Which bank please ? 

 

We are informally tracking which specific banks are rejecting these transfers. USAA appeared to be the first but so far brokerage accounts appear to be still getting thru 

[mackayae]

HSBC USA.

[Gumballl]

My latest transfer, using BofA, went through on Nov 8.

[how241]

5 hours ago, Gumballl said:

My latest transfer, using BofA, went through on Nov 8.

In the past, I have done many transfers. If I was to attempt a transfer now and it gets rejected and returned back to my USA  bank,  has anyone been changed any type of fees by their USA bank when the transfer is rejected and returned  from the Bangkok Bank NY  branch ?  Is it a FREE  shot  to still try and attempt a transfer or might I get hit with a fee.  I use  ALLY Bank.  Has anyone been changed a fee for a returned/rejected transfer attempt ???   Thanks for any info.

[Pib]

9 hours ago, how241 said:

In the past, I have done many transfers. If I was to attempt a transfer now and it gets rejected and returned back to my USA  bank,  has anyone been changed any type of fees by their USA bank when the transfer is rejected and returned  from the Bangkok Bank NY  branch ?  Is it a FREE  shot  to still try and attempt a transfer or might I get hit with a fee.  I use  ALLY Bank.  Has anyone been changed a fee for a returned/rejected transfer attempt ???   Thanks for any info.

I think a fee would only apply if you were attempting a "pull" funds transaction and Bangkok Bank rejected the request.....kinda like a writing a check that would bounce. But since you are doing a "push" transaction no fee would apply due to a rejection/money being sent back.

 

I know for USAA when Bangkok Bank rejected the funds back the USAA member was not charged any fee.

 

 

[how241]

Thanks 'Pib'  for the info.  I might try a transfer later this month and I will report back how it goes. I would appreciate anyone's info concerning fees being charged or not charged on returned/rejected transfer attempts.  Banks tend to be 'fee' collecting machines and will try to collect a fee whenever possible.  Thanks

[Gumballl]

1 hour ago, how241 said:

Thanks 'Pib'  for the info.  I might try a transfer later this month and I will report back how it goes. I would appreciate anyone's info concerning fees being charged or not charged on returned/rejected transfer attempts.  Banks tend to be 'fee' collecting machines and will try to collect a fee whenever possible.  Thanks

Is your account already "linked" to the the Bangkok Bank account? That is, have you gone through the hassle of having trial deposits made to the Bangkok Bank account. Usually it is two transfers, each less than $1, which you must then confirm with your bank. If you have already done this, then you may not have an issue transferring money.

 

I have 3 linked accounts; my own, my wife's, and lastly that of my sister in law. I did not have trouble transferring money last week (to SIL), nor to my own account in July. YMMV.

[how241]

39 minutes ago, Gumballl said:

Is your account already "linked" to the the Bangkok Bank account? That is, have you gone through the hassle of having trial deposits made to the Bangkok Bank account. Usually it is two transfers, each less than $1, which you must then confirm with your bank. If you have already done this, then you may not have an issue transferring money.

 

I have 3 linked accounts; my own, my wife's, and lastly that of my sister in law. I did not have trouble transferring money last week (to SIL), nor to my own account in July. YMMV.

"In the past, I have done many transfers."....In the past 4 years I have done Many successful transfers between my USA bank (Ally)  and the NY  Bangkok Bank branch and on to my Thailand bank ...

[skatewash]

Transfer from Vanguard to Bangkok Bank via NY branch initiated 11 November 2019.  Received SMS from Bangkok Bank, transfer completed 13 November 2019.