Monthly transfer USA to Thai bank.

[Alotoftravel]

For those who have regular month transfers from USA bank/brokerage to Thai bank, has your USA bank/brokerage ever question your residency as they frown on Usa bank/brokerage with overseas residency . I am checking out this concern of mine before I start my monthly transfer for the retirement income requirement , hate for my USA bank to close my account to solve this retirement income requirement by Thai immigration . Thanks for your replies .

[bkk6060]

Never been questioned.

I always keep a decent balance in my savings and checking accounts so I am sure they like having my money.

You probably know there is a question on US tax forms about foreign accounts. Of course, answer it honestly.

[pgrahmm]

Two of my pension funds will not work with anything offshore....I have to use a US address......

[silverhawk_usa]

Chase Bank in the U.S. uses my Thai address for my account and credit card.  I also did a wire transfer to BKK New York last week. No problem. My pension check is deposited in the Chase account.

[sfokevin]

Note that on April 1st BK Bank NY will no longer accept US ACH transfers that do not conform to IAT protocols... So basically the ACH method will end.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[chingmai331]

What do you know about the IAT, sfokevin, to support your claim that such payment transfers will end?

Do any USA banks use the IAT?  If some, but not all, why not all banks?  What are the requirements of the IAT protocols that make it onerous for USA banks?

 

 

[hml367]

chingmai331, if you are interested, here is a NACHA link  https://www.nacha.org/content/international-ach-transactions-iat-solutions-center

 

and another  https://www.nacha.org/products/guide-international-ach-transactions-iat

[sfokevin]

1 hour ago, chingmai331 said:

What do you know about the IAT, sfokevin, to support your claim

The link I provided above... 

 

A bit of irony or just plain BS it states that “some” banks may not do an international ACH when in reality no US bank will provide the IAT format for a ACH... The one acception being your SS ACH transfers - But you must confirm that the SS Dept has updated your information to provide the additional IAT information required by BK Bank for this transfer

[hml367]

2 hours ago, sfokevin said:

it states that “some” banks may not do an international ACH when in reality no US bank will provide the IAT format for a ACH... The one acception being your SS ACH transfers - But you must confirm that the SS Dept has updated your information to provide the additional IAT information required by BK Bank for this transfer

I think it is the U.S. end that is requiring the IAT format:

 

"Why were the NACHA Operating Rules related to International Payments changed?  Changes to the ACH formats and rules for cross-border payments were made in response to the request of the Office of Foreign Assets Control (OFAC) and the Financial Action Task Force (FATF) Special Recommendation VII." 

[moontang]

Sharebuilder froze my account, when I mentioned to a rep that I was in Thailand.  Fidelity otoh just makes you click on something for international users.  Basically, they don't want to get sued, if you get in trouble for trading in a foreign country, and do not want to be responsible if you lose money, because you were unable to execute from abroad.  I use Chase for the big bonus miles, otherwise I hate their guts.