Transfers from the USA to Thai Bank Accounts

[pookiki]

For the past six-plus years, I have been using Bangkok Bank's transfer service that allows me to transfer money from my bank account in the US to my Bangkok Bank account in Thailand via Bangkok Bank's clearing house in New York City.  The cost of the transactions is very reasonable.  However, Bangkok Bank will no longer provide this service effective 1 April unless transactions are 'IAT-ACH' compliant which my bank in the US cannot do.

 

Is there any other bank in Thailand that provides a similar service as Bangkok Bank in transfers from banks in the USA?  I've explored other alternatives to include Transfer Wise.  As it stands now, the only viable alternatives that I see is a wire transfer which is relatively expensive -but less than Transfer Wise - or using a debit card as the need for cash arises.  However, the current and soon to be past service with Bangkok Bank allowed me to do everything via internet banking with my bank in the USA.  Does anyone have any suggestions as to replacing Bangkok Bank with another bank in Thailand that offers similar services?

 

Of course this situation is all compounded by the probable changes in extending existing retirement visas.   Any help would be greatly appreciated!

 

By the way, I am aware that the direct deposit of my monthly social security to a separate Bangkok Bank deposit account is possible.

[lopburi3]

No there is no other bank offering ACH transfer service.  But question why Transferwise is not a viable alternative - for normal monthly living expense that transfer normally comes out the same or better than Bangkok Bank ACH transfers (as exchange rate is better and there is no 200 plus baht charge in Thailand).

[riclag]

Many comments on this subject, good luck. Oh! There isn't anything similar to the BKKNY to Thailand  that you and I have used for many years! It's international wire transfers for the future. I have a account with Etrade they charge $25 per wire transfer and it can be all done online!

[pookiki]

36 minutes ago, lopburi3 said:

No there is no other bank offering ACH transfer service.  But question why Transferwise is not a viable alternative - for normal monthly living expense that transfer normally comes out the same or better than Bangkok Bank ACH transfers (as exchange rate is better and there is no 200 plus baht charge in Thailand).

When I checked with Transfer Wise about making a transfer, I would first need to make a 'domestic' wire transfer to their account in the US and then they would transfer to my Bangkok Bank account.  They will not accept a transfer from my checking account which I can do via internet banking.  The fees for the domestic wire transfer plus the fees charged by Transfer Wise and Bangkok Bank make the 'favorable' exchange rates evaporate.

[pookiki]

42 minutes ago, riclag said:

Many comments on this subject, good luck. Oh! There isn't anything similar to the BKKNY to Thailand  that you and I have used for many years! It's international wire transfers for the future. I have a account with Etrade they charge $25 per wire transfer and it can be all done online!

Thanks for the info!

[lopburi3]

11 minutes ago, pookiki said:

When I checked with Transfer Wise about making a transfer, I would first need to make a 'domestic' wire transfer to their account in the US and then they would transfer to my Bangkok Bank account.  They will not accept a transfer from my checking account which I can do via internet banking.  The fees for the domestic wire transfer plus the fees charged by Transfer Wise and Bangkok Bank make the 'favorable' exchange rates evaporate.

That must be your US bank issue as Transferwise can most certainly obtain ACH transfers from banks - they can draw from both of my banks in USA with no issues and no charge.  They also allow use of cards but rate is a bit higher.  

Edit:  as I said there is no fee from Bangkok Bank at all.

Edited December 4, 2018 by lopburi3

[pookiki]

1 minute ago, lopburi3 said:

That must be your US bank issue as Transferwise can most certainly obtain ACH transfers from banks - they can draw from both of my banks in USA with no issues and no charge.  They also allow use of cards but rate is a bit higher.  

When I talked with the Transfer Wise CSR, I was informed that they cannot accept internet payments from the 'billpay' service I use. They were quite emphatic about that.

[lopburi3]

Not sure why you were even talking with anyone - it is all done online - even if they ask for copy of passport for larger transactions it is just online.  My accounts are just normal checking accounts and do not have any bill pay service.

[pookiki]

1 minute ago, lopburi3 said:

Not sure why you were even talking with anyone - it is all done online - even if they ask for copy of passport for larger transactions it is just online.  My accounts are just normal checking accounts and do not have any bill pay service.

The billpay service is the way I 'transfer' money from my checking account to another party. Transferwise told me that they could not accept such a transfer.

[lopburi3]

They use a normal ACH transfer - just as used for Bangkok Bank New York process.

[Pib]

7 minutes ago, pookiki said:

The billpay service is the way I 'transfer' money from my checking account to another party. Transferwise told me that they could not accept such a transfer.

Why don't you use the ACH Debit within Transferwise where they pull the money from your US bank account via ACH Debit transaction (not to be confused with funding via Debit Card).

 

Sounds like you are trying to "push" the money to Transferwise; just let them pull the money from your bank account via ACH Debit.

[pookiki]

4 minutes ago, Pib said:

Why don't you use the ACH Debit within Transferwise where they pull the money from your US bank account via ACH Debit transaction (not to be confused with funding via Debit Card).

 

Sounds like you are trying to "push" the money to Transferwise; just let them pull the money from your bank account via ACH Debit.

This is what the Transferwise CSR told me:

 

To be honest I’m not quite sure what is the ‘bill pay’ services your Credit Union bank offer. If it’s a service to send a cheque to any business or person within United State, unfortunately we cannot accept cash deposits, nor cheques deposit.

We can only accept deposits via local bank transfer, debit or credit card and in the U.S. via ACH Direct Debit. If you choose local bank transfer (Domestic Wire payment) as the payment method, our pay in bank details will be display on your screen. What you need to do is go to your online, mobile, telephone banking or go directly to your bank and create a local bank transfer to our bank details.

----------------

Based on this email, I further clarified the issue and was told that the domestic wire transfer was the only option.  if you can clarify this for me, I would appreciate it.

 

[Pib]

6 minutes ago, pookiki said:

----------------

Based on this email, I further clarified the issue and was told that the domestic wire transfer was the only option.  if you can clarify this for me, I would appreciate it.

 

Why are you trying to "push" the money to Transferwise via BillPay or domestic wire?   They will accept a wire but that's probably going to cost you.  And like they said no-can-do a BillPay which is basially a "push" transaction.

 

Once again why don't you fund the transfer via ACH Debit with Transferwise?  This is where Transferwise pulls the money from your account.  

 

 

Edited December 4, 2018 by Pib

[pookiki]

1 minute ago, Pib said:

Why are you trying to "push" the money to Transferwise via BillPay or domestic wire?   They will accept a wire but that's probably going to cost you.  And like they said no-can-do a BillPay which is basially a "push" transaction.

 

Once again why don't you fund the transfer via ACH Debit with Transferwise?  This is where Transferwise pulls the money from your account.  

 

Excuse me if I don't understand, but the ACH Debit would require the use of a debit or credit card as stated by the CSR, right?  If not, I'm not sure how to otherwise do an ACH Debit.

[gk10002000]

1 hour ago, riclag said:

Many comments on this subject, good luck. Oh! There isn't anything similar to the BKKNY to Thailand  that you and I have used for many years! It's international wire transfers for the future. I have a account with Etrade they charge $25 per wire transfer and it can be all done online!

I too have Etrade both brokeage, checking, IRAs, etc.  but have not needed to transfer anything internationally yet.  What Thai bank do you transfer funds to? 

[Pib]

1 minute ago, pookiki said:

Excuse me if I don't understand, but the ACH Debit would require the use of a debit or credit card as stated by the CSR, right?  If not, I'm not sure how to otherwise do an ACH Debit.

No, an ACH Debit is "not" use of a Debit or Credit card.   An ACH Debit is where Transferwise debits (withdraws, pulls) the funds from your bank account with your authorization.

 

[pookiki]

9 minutes ago, Pib said:

Why are you trying to "push" the money to Transferwise via BillPay or domestic wire?   They will accept a wire but that's probably going to cost you.  And like they said no-can-do a BillPay which is basially a "push" transaction.

 

Once again why don't you fund the transfer via ACH Debit with Transferwise?  This is where Transferwise pulls the money from your account.  

 

 

Thank you for the screen shot.  So, when I do the 'bank debit' (ACH), what information do they require? 

[pookiki]

24 minutes ago, Pib said:

No, an ACH Debit is "not" use of a Debit or Credit card.   An ACH Debit is where Transferwise debits (withdraws, pulls) the funds from your bank account with your authorization.

 

You have been most helpful.  I will try the ACH Debit method for my next transfer and let you know if it works OK or not.  Again, thank you for your kind assistance.

[Pib]

Thank you for the screen shot.  So, when I do the 'bank debit' (ACH), what information do they require? 

Just follow their instructions when doing the ACH debit. They will need to know your bank and account number. Just follow their instructions.