Bangkok Bank ibanking question

[WaveHunter]

On 9/6/2018 at 6:34 PM, WaveHunter said:

Well that didn't work ?  Krungsri said "no" in no uncertain terms; you must be Thai.  Since Kasikorn Bank was right across them in Maya Mall, I tried them...they said "YES"!  Of course, we were conversing in broken English/Thai.  I opened an account and I'll be setting up internet banking tomorrow.  They said to come back once I did that and they would activate the international transfer function.  Optimistic but I'll believe it when I see it!

 

 

On 9/6/2018 at 1:12 PM, Pib said:

Yes....that's what I said.

Well, I guess you were right ? Even though it seemed to be a done deal, I got an email from Kasikorn saying my application for international transfer was being revoked due to improper documentation !@#$% 

 

I am SO sick of all of this nonsense with Thai banks!  I find it incredibly annoying that ALL of the funds in my Thai accounts come from the USA.  The "FET" is clearly marked on my passbook for all incoming deposits (made from my US bank's online banking.)  So, the documentation that funds are from OUTSIDE Thailand is clear.  

 

My understanding is that a) if the source of funds on account is sourced from outside of Thailand, documentation of FET is all that is required to move that money back out of the Kingdom, and b) The Bank of Thailand changed the rules about work permit being required and now does NOT require them  for international funds transfer through online banking.

 

I've seen it mentioned on several threads (which I think you participated in) that local bank branches are often not well informed on Bank of Thailand regulations or regulation changes, and that, if you press them, a resolution can usually be found.  My problem is that I don't speak Thai, and the bank personnel at Kasikorn barely speak English, so discussing anything beyond the basics with them is like entering "The Twilight Zone" LOL!!!  

 

 

Any advice (from you or any other knowledgeable person on how to deal with Kasikorn to straighten this out would certainly be appreciated?

[Pib]

Sounds like the branch you were dealing with gave you bad info and/or it was just an Thai-English miscommunication.  I know, preaching to the choir.

 

When your application for international transfers via ibanking reached the Kaiskorn office (probably in HQ) that does the final approval they rejected the application....an application the branch rep "thought" would be approved otherwise the rep wouldn't have taken the application to begin with.    But it wouldn't surprise me the branch rep knew it probably wouldn't be approved but wanted to the "bearer of rejection" to be the headquarters.     

 

Now just because your application for international transfers via ibanking was rejected that doesn't mean you can't do international transfers.  You'll just have to go to a branch to make the transfer where each transfer may require supporting documentation....and I don't mean a work permit but some doc showing why a payment must be made, maybe proof you had received funds from outside Thailand before, etc.     

 

TIT....Land of Smiles for incoming funds; Land of Frowns for outgoing money.

 

 

[WaveHunter]

On 9/12/2018 at 3:07 PM, Pib said:

Sounds like the branch you were dealing with gave you bad info and/or it was just an Thai-English miscommunication.  I know, preaching to the choir.

 

When your application for international transfers via ibanking reached the Kaiskorn office (probably in HQ) that does the final approval they rejected the application....an application the branch rep "thought" would be approved otherwise the rep wouldn't have taken the application to begin with.    But it wouldn't surprise me the branch rep knew it probably wouldn't be approved but wanted to the "bearer of rejection" to be the headquarters.     

 

Now just because your application for international transfers via ibanking was rejected that doesn't mean you can't do international transfers.  You'll just have to go to a branch to make the transfer where each transfer may require supporting documentation....and I don't mean a work permit but some doc showing why a payment must be made, maybe proof you had received funds from outside Thailand before, etc.     

 

TIT....Land of Smiles for incoming funds; Land of Frowns for outgoing money.

 

 

Yeah, it’s kind of ridiculous how difficult they make it to move money out of the Kingdom for Farangs.  I’m wiring all my funds back to the US, and then transferring funds back into Bangkok Bank as I need them from my us online banking.  

 

Kasikorn won’t even allow me to transfer funds INTO the Kingdom by internet banking from my USA bank!  So, my opening an account with them was really a complete waste of time.

 

Apparently, Bangkok Bank is the only Thai bank that is compliant with US regulations for internet banking (I guess that's related to the fact that they are the only Thai bank with a branch in the USA (NYC).

 

Oh well, live and learn and learn...Cryptocurrency is sounding better all the time!  I think what I'm most annoyed about is the fact that they will make me seek "permission" to move my money out!  I mean, it is MY money that I transferred IN so why should they have a right to decide whether or not I can move it OUT.  

Edited September 17, 2018 by WaveHunter

[Pib]

You can send money from a US bank to any Thai bank via US ibanking by doing an International Wire (a.k.a. SWIFT) transfer unless your US bank requires you to call-in or fax-in an Int'l Wire transfer request.

And come 1 Apr 19 you will no longer be able to do ACH transfers from US banks to your Bangkok Bank account in Thailand by using the Bangkok Bank New York branch ACH/ABA routing number "unless" your US bank can do an International ACH Transaction (IAT) which none do for retail bank accounts. But you can still do an Int'l Wire as always.

[simon43]

Am I missing something here?  I too have Bangkok Bank iBanking, and outbound international funds transfer is not supported.

 

no problem!  I have a Paypal account that's linked to my Bangkok Bank account.  I have a second Paypal account that's linked to an overseas bank.

 

To transfer funds out of Thailand, I just send funds from one Paypal account to t'other. The funds are taken from my BB account, sent to my second PP account and I then withdraw them to my overseas bank account - iBanking not required...

[WaveHunter]

On 9/17/2018 at 2:13 PM, simon43 said:

Am I missing something here?  I too have Bangkok Bank iBanking, and outbound international funds transfer is not supported.

 

no problem!  I have a Paypal account that's linked to my Bangkok Bank account.  I have a second Paypal account that's linked to an overseas bank.

 

To transfer funds out of Thailand, I just send funds from one Paypal account to t'other. The funds are taken from my BB account, sent to my second PP account and I then withdraw them to my overseas bank account - iBanking not required...

That's interesting.  A few questions:

1) Does PayPal charge a fee for transfer?

2) Is there a cap on how much you can transfer through PayPal

3) Why do you need two (2) PayPal accounts?  Can't you just link BOTH your Thai and oversea bank to one PayPal account?

[bravo19]

Am I missing something here?  I too have Bangkok Bank iBanking, and outbound international funds transfer is not supported.
 
no problem!  I have a Paypal account that's linked to my Bangkok Bank account.  I have a second Paypal account that's linked to an overseas bank.
 
To transfer funds out of Thailand, I just send funds from one Paypal account to t'other. The funds are taken from my BB account, sent to my second PP account and I then withdraw them to my overseas bank account - iBanking not required...

Is it really possible? How do you send funds from your thai bank account to your second paypal account? By ibanking? Because it is not possible to transfer funds from your thai bank account to your thai paypal account which is linked with your thai bank account


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[InsertNameHere]

On 9/4/2018 at 4:17 PM, Jingthing said:

I think you're probably out of luck.

 

To add, if your transfer method INTO Thailand from the U.S. is (as I suspect) via domestic ACH transfer to Bangkok Bank New York, that will be ending effective April 2019 as well.

 

If you're getting social security funds that way, that may be ending as well also effective April 2019. That has actually been the ONLY way to get direct social security funds into Thailand, only using Bangkok Bank's domestic ACH transfer scheme. So no other Thai can do that either. 

 

What will be the way to secure my social security/disability comes direct? or do I have to have a US bank again and then do wires each month?

[robsamui]

Just to say that I (I have a UK passport) and wanted to transfer funds online out of my BKK Bank to a UK account. I was unable to do this without sending a copy of my work permit, and the only choice I had was 'for repatriation'.

I have a WP and once I had sent a copy, it was authorised the following day.

 

All this was done over the last few days . . .

Edited September 27, 2018 by robsamui
editing

[robsamui]

On 9/17/2018 at 2:13 PM, simon43 said:

Am I missing something here?  I too have Bangkok Bank iBanking, and outbound international funds transfer is not supported.

 

no problem!  I have a Paypal account that's linked to my Bangkok Bank account.  I have a second Paypal account that's linked to an overseas bank.

 

To transfer funds out of Thailand, I just send funds from one Paypal account to t'other. The funds are taken from my BB account, sent to my second PP account and I then withdraw them to my overseas bank account - iBanking not required...

To open a PayPal account you have to have a bank account that is linked to it - in your name. 

 

Is it possible to open another Paypal account (in your name) linked to a different bank account? I thought this was not possible..

 

I have been doing it, yes, but to my daughter's PayPal account, not one in my name. But I ceased when I realised how much this was costing (10% when all the fess are accounted for) and now use Transferwise, at less than 3% all told, and  the money arrives here in my BKK Bank account the following day.

Edited September 27, 2018 by robsamui

[InsertNameHere]

I contacted the bank as far as social security/disability funds that go threw the branch at New York directly from SSA will not be affected all others will be as far as I was told.

[Jingthing]

9 minutes ago, InsertNameHere said:

I contacted the bank as far as social security/disability funds that go threw the branch at New York directly from SSA will not be affected all others will be as far as I was told.

If they are sent in IAT format, they will indeed still go through. If they are sent in domestic U.S. ACH format, they will be blocked. You need to find out SPECIFICALLY whether your payment is being sent in IAT format. 

It sounds like you got general CANNED information.

But it's already known that a significant portion of these SS payments are ineed being sent in ACH format and thus if not changed to IAT will be BLOCKED.

Bangkok Bank can do nothing for you as far as changing the format to IAT. 

Edited September 30, 2018 by Jingthing

[InsertNameHere]

10 minutes ago, Jingthing said:

If they are sent in IAT format, they will indeed still go through. If they are sent in domestic U.S. ACH format, they will be blocked. You need to find out SPECIFICALLY whether your payment is being sent in IAT format. 

It sounds like you got general CANNED information.

But it's already known that a significant portion of these SS payments are ineed being sent in ACH format and thus if not changed to IAT will be BLOCKED.

Bangkok Bank can do nothing for you as far as changing the format to IAT. 

Yes, I think their is no clarity on the differences between the two. As far as I now I do not see any money just go to the bank when the deposit is posted from SSA normally the 5th or the 3rd from USA. I am not clear on the method used as it was all done threw Manila in the Philippines via the SSA office that handles and submits the paper work to USA office. I do get mail form the USA SSA to my address here. So, I guess I'll follow up a month before the changes.

[Jingthing]

2 minutes ago, InsertNameHere said:

Yes, I think their is no clarity on the differences between the two. As far as I now I do not see any money just go to the bank when the deposit is posted from SSA normally the 5th or the 3rd from USA. I am not clear on the method used as it was all done threw Manila in the Philippines via the SSA office that handles and submits the paper work to USA office. I do get mail form the USA SSA to my address here. So, I guess I'll follow up a month before the changes.

The majority of the expat cases are in IAT. But not all. So you're probably OK. But to be sure, you're going to need to elevate this to get confirmation about whether it is being sent ACH or IAT in your specific case. A standard call to BB customer service won't cut it. 

Edited September 30, 2018 by Jingthing

[InsertNameHere]

1 minute ago, Jingthing said:

The majority of the expat cases are in IAT. But not all. So you're probably OK. But to be sure, you're going to need to elevate this to get confirmation about whether it is being sent ACH or IAT in your specific case. A standard call to BB customer service won't cut it. 

Yes, understand and will be on top of this to ensure I am not affected ty.

 

[Pib]

17 minutes ago, InsertNameHere said:

YSo, I guess I'll follow up a month before the changes.

 

11 minutes ago, InsertNameHere said:

Yes, understand and will be on top of this to ensure I am not affected ty.

 

Recommend you do not wait until a month before as that will surely be too late to get things fixed with Uncle Sam before you payment date "if" your payment is not already being sent in IAT format.   Your payment would be rejected to Uncle Sam.

 

Recommend you contact Bangkok Bank and have them look-up your "specific" payment to see which format it arrived in...IAT or PPD.  And do not accept an answer that all SSA payment arrive in IAT format because they do not....ensure the bank looks-up you specific payment.  

 

Hopefully your payment is arriving in IAT format, but if it's not, I would want to have 6 months to work the problem (6 months till 1 Apr 19) and get it fixed before any rejection occurred compared to the payment being rejected and then starting to work the problem with Uncle Sam. 

 

Bangkok Bank is definitely giving everyone plenty of time/notice to checkout/fix their payment if not already in IAT format...recommend you take advantage of the advance notification.

Edited September 30, 2018 by Pib

[InsertNameHere]

2 minutes ago, Pib said:

 

 

Recommend you do not wait until a month before as that will surely be too late to get things fixed with Uncle Sam before you payment date "if" your payment is not already being sent in IAT format.   You payment would be rejected to Uncle Sam.

 

Recommend you contact Bangkok Bank and have them look-up your "specific" payment to see which format it arrived in...IAT or PPD.  And do not accept an answer that all SSA payment arrive in IAT format because they do not....ensure the bank looks-up you specific payment.  

 

Hopefully your payment is arriving in IAT format, but if it's not, I would want to have 6 months to work the problem (6 months till 1 Apr 19) and get it fixed before any rejection occurred compared to the payment being rejected and then starting to work the problem with Uncle Sam. 

 

Bangkok Bank is definitely giving everyone plenty of time/notice to checkout/fix their payment if not already in IAT format...recommend you take advantage of the advance notification.

 

Thank you for the information I will call Monday/ go to the office

 

Edited September 30, 2018 by InsertNameHere

[sanmyintmaung]

On 9/27/2018 at 4:33 PM, robsamui said:

To open a PayPal account you have to have a bank account that is linked to it - in your name. 

 

Is it possible to open another Paypal account (in your name) linked to a different bank account? I thought this was not possible..

 

I have been doing it, yes, but to my daughter's PayPal account, not one in my name. But I ceased when I realised how much this was costing (10% when all the fess are accounted for) and now use Transferwise, at less than 3% all told, and  the money arrives here in my BKK Bank account the following day.

Opening a second Paypal account (in your name but with different email and address) is allowed. If you use US address for your second paypal, you can link US Bank account to it. Paypal exchange rate is horrible though.

Edited September 30, 2018 by sanmyintmaung

[robsamui]

2 hours ago, sanmyintmaung said:

Opening a second Paypal account (in your name but with different email and address) is allowed. If you use US address for your second paypal, you can link US Bank account to it. Paypal exchange rate is horrible though.

Why don't you simply use Transferwise?

It costs less than 2% in total fees, at a very good exchange rate.

In comparison PayPal is about 10% (taking into account the poor PayPal ex rate).

[sanmyintmaung]

3 hours ago, robsamui said:

Why don't you simply use Transferwise?

It costs less than 2% in total fees, at a very good exchange rate.

In comparison PayPal is about 10% (taking into account the poor PayPal ex rate).

Transferwise does not work for transferring Thai Baht out to US.

[robsamui]

On 9/30/2018 at 10:28 PM, sanmyintmaung said:

Transferwise does not work for transferring Thai Baht out to US.

Yes it does - but you send dollars or Sterling instead of baht, in exactly the same way as you send money via PayPal.

Edited October 6, 2018 by robsamui

[sanmyintmaung]

2 hours ago, robsamui said:

Yes it does - but you send dollars or Sterling instead of baht, in exactly the same way as you send money via PayPal.

I am surprised to know that Transferwise can be used to send currency outbound from Thailand to US. It will help me save a lot of money in outbound transfer fees if you could explain a little bit more on how it is done.

[Pib]

3 hours ago, robsamui said:

Yes it does - but you send dollars or Sterling instead of baht, in exactly the same way as you send money via PayPal.

You can not send money "from" Thailand using Transferwise.  See their webpage below.   

 

And your idea of sending USD or GBP (or any other currency) will not work because if you wanted to fund a USD/GBP funds transfer "from Thailand" you could not directly source it from your Thai bank account via Transferwise.  Transferwise can not directly debit funds from a Thai bank account.

 

To source the funds in the Thai bank account, whether it's a USD/GBP foreign currency account or THB account, you would need to go to the bank to initiate a wire transfer to Transferwise which means you pay a Thai bank sending fee.  If sourcing from a foreign currency account to send the USD/GBP directly you will also pay a 0.25% commission (Bt500 min).  And if soucring from a THB account you must buy USD/GBP from the Thai bank at their TT Selling Rate in that same transaction which equates to around a 0.5% fee. 

 

Now if you done all of above to generate that wire transfer you should only do that to wire the funds directly to your bank account in another country versus wiring the money to Transferwise just so they can send the money again with their fee tacked on to your bank account in another country.

 

https://transferwise.com/help/article/1570071/basic-information/supported-countries#/Thailand

[bravo19]

Yes it does - but you send dollars or Sterling instead of baht, in exactly the same way as you send money via PayPal.

Not possible to transfer any currencies out of thailand with transferwise!


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[robsamui]

TRANSFERWISE - my apologies - I was positive I had sent money to the UK.