Bangkok Bank New York Correspondent bank

[Suradit69]

In the past, for many years, I used the ACH transfer method from my broker to Bangkok Bank in New York, as have many others. As we all must know by now, that method is ending in a few months. When I did transfers of less than $2000, Bangkok Bank NY charged $5 and Bangkok Bank in Thailand charged Baht 200 and I got a text message on my phone with the transaction details. For larger transfer the fees were a bit more.

 

So I set up a foreign wire transfer facility with my broker using Bangkok Bank's SWIFT code BKKBTHB and my broker required me to designate a correspondent bank. I guess if you do the transfer from a bank account they may choose the correspondent bank, but you might still be able to request which bank you want to use if you find the correspondent bank's charges excessive.

 

Anyway, I designated Bangkok Bank in NY. Their SWIFT code is BKKBUS33.  Monday evening I used the SWIFT transfer for the first time for a transfer just shy of $2000 and this morning I received the deposit and, as usual, the text message detailing the transfer.

 

As far as fees were concerned, it was the same as doing the ACH transfer. $5 deducted in New York and Baht 200 in Thailand.

 

So, if you're doing SWIFT transfers to Bangkok Bank and paying much more, you might see if using Bangkok Bank NY as the correspondent bank is possible.

 

 

[mokwit]

Thx for the headsup.

[Langsuan Man]

I did the same thing as a test for two wires in the same amount to both Bangkok Bank and SCB from my Fidelity Brokerage account.

 

I did not list a correspondent bank for BB and used the BB Bangkok Thailand SWIFT code (BKKBTHBK), not the BB NY SWIFT code and I was only charged the 200 THB , min fee at both Bangkok Bank and SCB 

 

Using the NY SWIFT code allows BB to charge you the same as they charge for an EFTS, and they are not getting that fee from me any more, if they are no longer going to allow EFTS come April  

[mtls2005]

On 10/10/2018 at 10:31 PM, Langsuan Man said:

I did the same thing as a test for two wires in the same amount to both Bangkok Bank and SCB from my Fidelity Brokerage account.

 

I did not list a correspondent bank for BB and used the BB Bangkok Thailand SWIFT code (BKKBTHBK), not the BB NY SWIFT code and I was only charged the 200 THB , min fee at both Bangkok Bank and SCB 

 

Using the NY SWIFT code allows BB to charge you the same as they charge for an EFTS, and they are not getting that fee from me any more, if they are no longer going to allow EFTS come April  

 

 

Did you set these up with Fidelity using their Bank Wire Authorization Form(s)?

 

If so, you did this in person, right, maybe during a trip back to the U.S.? And with the Medallion signature guarantee?

 

And what explanation did you give for section 4, W-*-Certified Customers?

 

Were you able to initiate these transfers online? Was the fee $10 (with Fidelity)?

 

ANd you didn't list a correspondent bank for either Bangkok Bank or SCB?

 

 

 

 

Edited November 8, 2018 by mtls2005

[Langsuan Man]

 

 

Did you set these up with Fidelity using their Bank Wire Authorization Form(s)?

 

If so, you did this in person, right, maybe during a trip back to the U.S.? And with the Medallion signature guarantee?

 

And what explanation did you give for section 4, W-*-Certified Customers?

 

Were you able to initiate these transfers online? Was the fee $10 (with Fidelity)?

 

ANd you didn't list a correspondent bank for either Bangkok Bank or SCB?

 

 

 

 

Yes, Yes, my credit Union, no explanation required, must call, online not allowed, no fee, only 200 THB in Thailand, for BB no, they are their own correspondent bank, SCB, yes

 

Sent from my Pixel using Thailand Forum - Thaivisa mobile app

 

 

 

[mtls2005]

Thanks.

 

For SCB, did you list a correspondent bank? If so, which bank?

 

From: https://www.fidelity.com/customer-service/how-to-wire-money-out

 

Note: There's a $15 fee if you have a Fidelity representative process the wire or a $10 fee if you do the wire online.

 

Edited November 8, 2018 by mtls2005

[Langsuan Man]

You are quoting from the wrong part of Fidelity.  Your trying to send an International wire correct ?

 

go here to start:            https://www.fidelity.com/customer-service/how-to-wire-money-out

 

If you continue on to transfer out,  you will get to another page where you select what type of transfer, and there all your accounts that are eligible for transfers are listed and in big bold letters is this message:

 

Note: If you need to send an international wire transfer, or if the bank you want to add is not a member of the Federal Reserve System, you must use the Bank Wire Form (PDF).

 

And finally go here for the correct fee chart and you should note that there is either a $0 or a warning that other banks may charge fees.  Emails to Fidelity and most recent statements showed no fees charged

 

https://www.fidelity.com/cash-management/bank-wires

 

(By the way,  section 4 W, only applies if your tax country is not the USA)

 

For the SCB question see this screen capture:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Edited November 8, 2018 by Langsuan Man

[mtls2005]

Thanks for the SCB info.