Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[mackayae]

20 hours ago, skatewash said:

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

Is this a BBL SSA account or a BBL Savings account?

[skatewash]

4 minutes ago, mackayae said:

Is this a BBL SSA account or a BBL Savings account?

Regular Bangkok Bank Savings account.  I should have indicated that.  I'm pre-SSA age. ????

Edited November 14, 2019 by skatewash

[richsilver]

I just received my ACH transfer from E-Trade Bank in the US.  No problem, same as always.

[TallGuyJohninBKK]

7 hours ago, richsilver said:

I just received my ACH transfer from E-Trade Bank in the US.  No problem, same as always.

 

Just to be clear -- you're talking about a domestic ACH xfer from E-Trade to BKKB NY...

 

and not a wire transfer either domestic to BKKB NY or international to BKKB TH?

 

[Berkshire]

Well it finally happened to me.  Tried to send my usual domestic ACH from my credit union on 12 Nov, funds just returned to my US account 14 Nov (no fees charged as far as I can tell).  No reason given yet, but assume it's the IAT thing.  Oh well, guess I'll be doing wire transfers from now on. 

[skatewash]

On 11/13/2019 at 1:47 PM, skatewash said:

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

Just to clarify some things that may be causing confusion.  The transfer from Vanguard to Bangkok Bank NY branch was sent via ACH, not wire.  The savings account in Bangkok Bank is a regular one, not associated with social security.

In other words, the transfer completed on 11 November was exactly the kind that should have been stopped according to the 1 November deadline. 

There are reports that they are stopping and sending back some similar transfers (perhaps from different US financial institutions).  It appears at this time that some are slipping through while others get caught out.  That would argue for a manual review process rather than an automatic computer check.  I suspect my next transfer will be via TransferWise as I don't expect this limbo to continue indefinitely.

[richsilver]

It was a domestic transfer to BKKB NY.  They automatically forward it to my savings account in Pattaya (There are no actual individual accounts at Bangkok Bank in NY).  ACH is only for domestic transfers, not international.

[Langsuan Man]

16 hours ago, richsilver said:

It was a domestic transfer to BKKB NY.  They automatically forward it to my savings account in Pattaya (There are no actual individual accounts at Bangkok Bank in NY).  ACH is only for domestic transfers, not international.

And your last sentence is the reason for Bangkok Bank NY starting to reject these "quasi" domestic transfers that show up in Thailand by magic 

[Soi Pig]

Well, they got me. I was unaware of this change, until my monthly automatic transfer didn't go through this month. My U.S. bank (that I use to transfer funds to BKK BK NY branch) didn't seem to know why at first, told me to try again. I did, and it was also returned. I was not charged any fee. Now here I am trying to figure out the best way to get me monies to me. 

 

????????????

[skatewash]

4 minutes ago, Soi Pig said:

Well, they got me. I was unaware of this change, until my monthly automatic transfer didn't go through this month. My U.S. bank (that I use to transfer funds to BKK BK NY branch) didn't seem to know why at first, told me to try again. I did, and it was also returned. I was not charged any fee. Now here I am trying to figure out the best way to get me monies to me. 

 

????????????

For Americans TransferWise seems to offer the best alternative at similar, sometimes lower costs.  TW has a better exchange rate but slightly higher fees, so it's basically a wash.  I haven't had to use TW yet as the Bangkok Bank NY Branch still works for me (sending from Vanguard), but when it finally gets cut off which I expect may be in the new year, then I will switch to TW.  There's a bit of a hassle to set the account up (just like there was with Bangkok Bank) but once that is done it seems to work the same or better (quicker).  If you need to document the foreign transfer of money into Thailand for Thai Immigration then having a Bangkok Bank account and using the "For purpose of long stay in Thailand" reason for the transfer seems to result in the coveted FTT (Foreign Telegraphic Transfer) code in your Bangkok Bank passbook.

[Thailand J]

On 11/13/2019 at 1:47 PM, skatewash said:

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

I think Vanguard is using IAT format. My transfers from Vanguard to Schwab showed as IAT's. Example:

[Berkshire]

Some of you ex-military guys may have the answer: I have a vet friend who intends to start an allotment to BKK Bank NY to his account in Thailand.  The funds will be coming from DFAS.  Do you guys think this will work?

[soisanuk]

2 minutes ago, Berkshire said:

Some of you ex-military guys may have the answer: I have a vet friend who intends to start an allotment to BKK Bank NY to his account in Thailand.  The funds will be coming from DFAS.  Do you guys think this will work?

It will work, but use the International Direct Deposit offered by SSA, DFAS, Veteran's Admin, etc.   IDD can be used for different Thai banks, not just Bangkok Bank.  Also, as I understand it, the IDD transfer can go into a regular savings account whereas setting up a Bangkok bank account for SSA or other Gov't checks to be sent via their New York Branch has some issues you should be aware of. 

 

One is that the accounts are restricted with no ATM and you must personally go to bank to withdraw funds or transfer to an another account that has an ATM or online banking. Two, is the transfer may or may not be in IAT (International ACH transfer) format, but sent as a domestic transfer (it is my understanding when setting up, if you don't use a Thai address it most likely will be sent as a domestic ACH transfer. If the latter, Bangkok Bank keeps saying they will soon start rejecting domestic ACH transfers even for Gov't pensions.

[Berkshire]

10 minutes ago, soisanuk said:

It will work, but use the International Direct Deposit offered by SSA, DFAS, Veteran's Admin, etc.   IDD can be used for different Thai banks, not just Bangkok Bank.  Also, as I understand it, the IDD transfer can go into a regular savings account whereas setting up a Bangkok bank account for SSA or other Gov't checks to be sent via their New York Branch has some issues you should be aware of. 

 

One is that the accounts are restricted with no ATM and you must personally go to bank to withdraw funds or transfer to an another account that has an ATM or online banking. Two, is the transfer may or may not be in IAT (International ACH transfer) format, but sent as a domestic transfer (it is my understanding when setting up, if you don't use a Thai address it most likely will be sent as a domestic ACH transfer. If the latter, Bangkok Bank keeps saying they will soon start rejecting domestic ACH transfers even for Gov't pensions.

Thanks for the reply....but I'm not sure if DFAS will be sending by ACH or some other wire transfer method.  My friend says that when he submitted the allotment request, DFAS only asked for a Routing Transit Number and Account Number.  He didn't even have to submit a name!  Anyways, he'll let me know if it goes through, although it won't happen until the new year.  

[soisanuk]

33 minutes ago, Berkshire said:

Thanks for the reply....but I'm not sure if DFAS will be sending by ACH or some other wire transfer method.  My friend says that when he submitted the allotment request, DFAS only asked for a Routing Transit Number and Account Number.  He didn't even have to submit a name!  Anyways, he'll let me know if it goes through, although it won't happen until the new year.  

Please do post when you hear from your friend.  The routing transit number would most likely be the Automated Clearing House number used by US Banks for domestic ACH transfers.  If he gave them the NY Branch ACH routing number and his Bangkok Bank Thailand account number, IMO it most likely will be sent by DFAS as a domestic ACH transfer.  Supposedly, Bangkok Bank will no longer accept domestic transfers of Gov't pensions on January 1 (if I recall correctly) - but, they have moved that date so many times, who knows when they will actually start rejecting them.

 

 

[JohnOFphon]

What a surprise. Just when it's certain.. for me...that you can't send money via BKK NY

Transferwise ups their fees for the second time this year.

How many more straws will be added before breaking many of our backs?

 

[thaihome]

My ACH transfer from First Internet Bank (FIB) was rejected Friday, November 29. Waiting for funds to be returned, hopefully today (their Monday).  

 

I do have to add it's great to have this resource to go to to find out what happened. I didn't realize this was coming. I've been doing this for something like 15 years. I guess everything has to end sometime.  Looks like I will be setting up a Transferwise account....

TH

[mokwit]

On 11/27/2019 at 9:51 PM, Thailand J said:

I think Vanguard is using IAT format. My transfers from Vanguard to Schwab showed as IAT's. Example:

Anybody know if Interactive Brokers is still working using the ACH transfer to BBL NY branch with Thai BBL account number?

[mackayae]

I did an international transfer from my US bank to my BBL account in Thailand on Nov 26. Still waiting. I am using TF until I find something better.

[lopburi3]

33 minutes ago, mackayae said:

I did an international transfer from my US bank to my BBL account in Thailand on Nov 26. Still waiting.

A Swift transfer to Thailand or an ACH transfer to New York.  The ACH route is no longer working for most transfers unless in international format.

35 minutes ago, mackayae said:

I am using TF until I find something better.

What is "TF"?  Some people use ATM cards but many have changed to using TransferWise.  

[Pib]

45 minutes ago, mackayae said:

I did an international transfer from my US bank to my BBL account in Thailand on Nov 26. Still waiting. I am using TF until I find something better.

ACH transfer or Int'l Wire (SWIFT) transfer?  They are completely different systems. 

 

Since you said "international transfer" I'm assuming you mean Int'l Wire (SWIFT) which is not impacted in any way by Bangkok Bank ACH transfer policy change.

[mackayae]

14 minutes ago, lopburi3 said:

A Swift transfer to Thailand or an ACH transfer to New York.  The ACH route is no longer working for most transfers unless in international format.

What is "TF"?  Some people use ATM cards but many have changed to using TransferWise.  

Sorry, meant TW not TF.

SWIFT international wire transfer.

My last ACH transfer, Nov 1, was returned.

[lopburi3]

9 minutes ago, mackayae said:

Sorry, meant TW not TF.

SWIFT international wire transfer.

My last ACH transfer, Nov 1, was returned.

Your SWIFT transfer should have been received by now so I would query your bank and make sure the information was correct - SWIFT code BKKBTHBK and address of branch and account number here in Thailand with exactly same name as on the account.  You did send USD rather than allowing them to convert to Baht I hope.  

 

The reference to TW means you have since Nov 26 sent money using them?  As that would have nothing to do with SWIFT International Transfer.

 

Edited December 7, 2019 by lopburi3
add information

[mackayae]

14 minutes ago, lopburi3 said:

Your SWIFT transfer should have been received by now so I would query your bank and make sure the information was correct - SWIFT code BKKBTHBK and address of branch and account number here in Thailand with exactly same name as on the account.  You did send USD rather than allowing them to convert to Baht I hope.  

 

The reference to TW means you have since Nov 26 sent money using them?  As that would have nothing to do with SWIFT International Transfer.

 

My last TW transfer was made on Dec 3 and received on Dec 6. USD was sent, baht received.

[mokwit]

On 12/3/2019 at 8:18 AM, mokwit said:

Anybody know if Interactive Brokers is still working using the ACH transfer to BBL NY branch with Thai BBL account number?

Came through in 1 business day - sent a "wire" (not ACH) to BBL NY giving my BBL Thai account number.

[Thailand J]

On 12/7/2019 at 7:11 PM, mokwit said:

Came through in 1 business day - sent a "wire" (not ACH) to BBL NY giving my BBL Thai account number.

My last wire from IBKR arrived in about 3 hours. I don't know why people are so much in love with BBL NY. I use CHASUS33 as intermediary for only $2, I recall it was the default when I linked BKKBTHBKXXX to IBKR.

 

Edited December 8, 2019 by Thailand J

[lopburi3]

7 hours ago, Thailand J said:

I don't know why people are so much in love with BBL NY

Because it was a cheap and simple domestic transfer which could be done online or by phone by almost anyone/anywhere.  Bank international wire transfers are much more convoluted, cost more and may not even be possible.  

[mokwit]

7 hours ago, Thailand J said:

My last wire from IBKR arrived in about 3 hours. I don't know why people are so much in love with BBL NY. I use CHASUS33 as intermediary for only $2, I recall it was the default when I linked BKKBTHBKXXX to IBKR.

 

I prefer BBL because I don't know what offshore conversion rate I might get with a correspondent bank in the chain. All of you who think you are paying $2 or whatever should compare what rate you are getting with the interbank rate. Banks mark up the conversion by about 340 pips last time I looked - about 3%. Do this: send say $100 to your bank in Thailand, then send the exact converted amount back, and see how much you are left with after adjusting for stated fees. Do this and you will understand how a bank makes its money on FX transfers.

 

 

[Thailand J]

3 hours ago, lopburi3 said:

Because it was a cheap and simple domestic transfer which could be done online or by phone by almost anyone/anywhere.  Bank international wire transfers are much more convoluted, cost more and may not even be possible.  

You are right in most cases but with Interactive Brokers wire transfers are charged the same  fees domestic or international :Free for the first one each month and after that $10 ea. Both domestic and international IBKR wires can be ordered online.

Edited December 9, 2019 by Thailand J

[Thailand J]

3 hours ago, mokwit said:

I prefer BBL because I don't know what offshore conversion rate I might get with a correspondent bank in the chain. All of you who think you are paying $2 or whatever should compare what rate you are getting with the interbank rate. Banks mark up the conversion by about 340 pips last time I looked - about 3%. Do this: send say $100 to your bank in Thailand, then send the exact converted amount back, and see how much you are left with after adjusting for stated fees. Do this and you will understand how a bank makes its money on FX transfers.

 

 

huh? the correspondent bank does not convert the transfer. BBL BK converts it to THB upon arrival.