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Posted
5 minutes ago, NCC1701A said:

I love this topic. I am laughing my a** off. :cheesy:

I agree. I forsee a slew of "Help, what do I do" topic coming April!

  • Like 1
  • Haha 1
Posted (edited)

"Hello welcome to Easy Bar."

"Thank you honey. Can I sit here?"

"Yes. Sorry we just meet but I want to tell you something all bar girls know. I worry you not know.  Bangkok Bank policy that goes into full effect 1 Apr 19 will reject all ACH transfers not in International ACH Transaction (IAT) format."

 "Thank you for telling me. I have it covered. I only make one transfer a year."

"Really? You have wife?"  

Edited by NCC1701A
Posted
2 hours ago, SpokaneAl said:

Once a year I manually request a wire transfer of money from my bank to the New York branch of Bangkok Bank, where it is available to us, which funds our stay when we return each year to Thailand. With all these discussions, will I still be able to perform this transfer?

 

 

That's a good question that I've been hoping someone will get an authoritative answer from BKKB NY on...

 

To wit...there are two potential kinds of wire transfers here:

 

1. a domestic wire transfer to BKKB NY's own Swift code.

 

2. an international wire transfer from the U.S. direct to BKK HQ in Thailand using their Swift code.

 

Certainly the #2 approach, an international wire usually with a higher sending fee, is going to remain valid since it's going to BKKB Thailand's address.

 

However, AFTER this coming April 1, I don't know if the New York branch is going to continue routing DOMESTIC U.S. wire transfers send to their NY branch Swift code onward to Thailand.

 

It would be very useful somewhere to get a clear and official answer to that, since domestic wires are often much less expensive to send, and sometimes even free on the sending end, depending on the sending institution.

 

Posted

SWIFT code wires will continue to go through.  What will not go through is a domestic ACH.  After sending a paper application and talking with USAA on the phone three times, I am convinced that they will not send an ACH to Bangkok Bank after April 1 and they apparently have no plans to institute an international (IAT) ACH.  Fortunately, Fidelity Brokerage will send monthly a SWIFT wire to Bangkok Bank for free.  My financial advisor in New York submitted the standing order for me so now it will only take a monthly phone call.  I wish that I could set up a recurring monthly transfer but the Fidelity agent told me that it wasn't a possibility. 

Posted (edited)
4 hours ago, DogNo1 said:

Fortunately, Fidelity Brokerage will send monthly a SWIFT wire to Bangkok Bank for free. 

Yes, forget the banks. Enjoy free SWIFT transfers from brokerage firms directly to Bangkok bank Bangkok. Fidelity, Vanguard or Schwab. I have never had to pay. HSBC or JPMOrgan as intermediary, free or $2.

Vanguard and Schwab wire transfers can be ordered online, Fidelity will need a phone call.

 

Edited by Thailand J
  • Haha 1
Posted
13 hours ago, JimBuckToo said:

My USAA and Bangkok Bank statements match. Tell me where the fee is. Hidden fees, malarkey or hogwash if you prefer.

 

12 hours ago, JimBuckToo said:

Seems like a pittance.

 

Why is anyone trying to reason with this person? 

Posted
4 hours ago, Thailand J said:

Yes, forget the banks. Enjoy free SWIFT transfers from brokerage firms directly to Bangkok bank Bangkok. Fidelity, Vanguard or Schwab. I have never had to pay. HSBC or JPMOrgan as intermediary, free or $2.

Vanguard and Schwab wire transfers can be ordered online, Fidelity will need a phone call.

 

 

You left out a few important details in the post above, including:

 

--setting up the Fidelity international transfers requires getting a so-called medallion signature, which you pretty much have to be back in the U.S. to get.

 

--although you've reported getting free international wire transfers from Schwab, their actual policy, as confirmed verbally by their transfer staff and their own website, is to charge $25 per international wire. They do also offer free DOMESTIC wires to clients with large account balances, but not to those with smaller account balances (under $100K or so, or some similar figure).

 

  • Thanks 1
Posted (edited)

Another reason to forget the banks:  those 3 brokerage accounts let me use my Thai address. I don't have to have a US address. I keep very high account balances I don't know ,may be they gave me special deals, may be I should just shut up.

" We give you free international wires, please don't tell anyone."

????

 

Edited by Thailand J
Posted
1 hour ago, Thailand J said:

Another reason to forget the banks:  those 3 brokerage accounts let me use my Thai address. I don't have to have a US address. I keep very high account balances I don't know ,may be they gave me special deals, may be I should just shut up.

" We give you free international wires, please don't tell anyone."

????

 

 

If memory serves, you have an international account with Schwab?

 

That's not the same as having a U.S. account with Schwab. There are higher minimums for setting up an international account with them, and basically almost no minimum for setting up a U.S. account. There are also restrictions on certain investments (U.S. mutual funds) when you have an international account.

 

Of course, with an international account, they're not going to mind you using a Thai address... But for U.S. accounts with Schwab or any other U.S. brokerage, it's probably not advisable to be using a foreign address.

 

Fidelity, for example, has a documented history of going after U.S. accounts they suspect of being foreign and forcing the accountholders to close them.

Posted (edited)

You can have all the details you want: google Fidelity, Vanguard or Schwab. Call to ask about free  or low cost international SWIFT.

Sorry I am unable to offer a complete guide. I have repeated myself enough times Fidelity and Vanguard don't mind I change to Thai address.

 

Good luck trying that with the banks, change to Thai address, or getting free SWIFT.

 

Edited by Thailand J
Posted

regarding fidelity.....about a year ago they figured out i was no longer living in the us.  no problem keeping the account, but it was restricted.  can not purchase mutual funds.  i could keep the ones i had, reinvest distributions, but could not purchase more shares directly.

 

they do offer free international swift.  to set up a standing order, by which i understand i would be able to transfer online, i would need to provide a medallion.  unavailable outside the usa (so far as i can find), and not provided by the us embassy.

 

this means if i choose the monthly income method, i need to call a service rep at fidelity each month to send the swift.  still free of charge, but a little more hassle.

  • Like 1
Posted
2 hours ago, ChouDoufu said:

regarding fidelity.....about a year ago they figured out i was no longer living in the us.  no problem keeping the account, but it was restricted.  can not purchase mutual funds.  i could keep the ones i had, reinvest distributions, but could not purchase more shares directly.

 

they do offer free international swift.  to set up a standing order, by which i understand i would be able to transfer online, i would need to provide a medallion.  unavailable outside the usa (so far as i can find), and not provided by the us embassy.

 

this means if i choose the monthly income method, i need to call a service rep at fidelity each month to send the swift.  still free of charge, but a little more hassle. 

Glad to hear .

Nice to set yourself free from VPN, rented mail box, google voice, magic jack, T-moble, etc.

Use your Thai address and just call on Dtac ????

Posted

USAA related so thought it ok to copy from another thread:

 

USAA and other US banks/CUs simply do not use ACH IAT to "send" payments for "retail" accounts....they can receive IAT payments but do not want to use ACH IAT to send for retail accounts.  Prefer to use the SWIFT system for international payments.

  •  
  • OK thanks.  Any guess a s to why? Perhaps because Swift is a money maker?

Why ask so many ""why's"?  

 The 5 Whys is a technique used in the Analyze phase of the Six Sigma DMAIC (Define, Measure, Analyze, Improve, Control) methodology. 

By repeatedly asking the question “Why” (five is a good rule of thumb), you can peel away the layers of symptoms which can lead to the root cause of a problem. Very often the ostensible reason for a problem will lead you to another question. Although this technique is called “5 Whys,” you may find that you will need to ask the question fewer or more times than five before you find the issue related to a problem.

 

 

Posted

If you have $200K in IRA or investment accounts you can get Chase Private Client status. Free SWIFT transfers. Can set up online and can be scheduled. I still maintain a US address so don't know what the hurdles are if you don't have one. 

Posted

For what it is worth.

 

USAA executive resolution called me yesterday to inform me that USAA does not and will not do international ACH transfers (IAT).  The representative that I spoke with got that answer from a director.

  • Like 2
Posted (edited)
51 minutes ago, M1Tanker said:

For what it is worth.

 

USAA executive resolution called me yesterday to inform me that USAA does not and will not do international ACH transfers (IAT).  The representative that I spoke with got that answer from a director.

Correction: "international ACH transfers (IAT)" should read "international ACH transactions" (Reference: https://www.nacha.org/content/international-ach-transactions-iat-solutions-center).

Edited by M1Tanker
  • 1 month later...
Posted

It wasn’t an April Fools Day joke. It was not a “takIng a donkey to water” and not drinking scenario. Transfer from USAA was initiated on 2 April and it was deposited in my Bangkok Bank ATM capable account this morning. People here on TV had me concerned here for a spell. But whewww! The drama was exhilarating if not somewhat stress inducing. This ‘donkey’ is glad I didn’t drink the water.


Sent from my iPad using Thaivisa Connect

Posted

The subject has been discussed "round the mulberry bush". Regardless of your financial situation and/or the institutions you use - you and your family, are the ones who suffer the consequences if your transfers are rejected (for any reason).

 

Call you sending institution, call your receiving institution, verify, verify, verify...

 

Me personally - my brokerage firm was sending ACH to Bangkok Bank NY for years without s hitch. Emailed Bangkok Bank help desk - transfers were not in the IAT format and would be rejected as of 01APR19. Had my brokerage firm talk directly with Bangkok Bank - cheapest acceptable transfer method will be SWIFT. My future transfers will be in the SWIFT format.

 

YOU, and only you, suffer the consequences - do your due diligence. Verify your transfer methodology.

Posted
1 hour ago, JimBuckToo said:

It wasn’t an April Fools Day joke. It was not a “takIng a donkey to water” and not drinking scenario. Transfer from USAA was initiated on 2 April and it was deposited in my Bangkok Bank ATM capable account this morning. People here on TV had me concerned here for a spell. But whewww! The drama was exhilarating if not somewhat stress inducing. This ‘donkey’ is glad I didn’t drink the water.

Sent from my iPad using Thaivisa Connect

Bangkok Bank NY apparently got an extension from the US Treasury OCC to the 1 Apr 19 cutoff date...this is discussed in related threads.  For how long it's unknown. The extension is probably driven/supported by the SSA and other govt agencies who use a combination of IAT and non-IAT payments to pay it's beneficiaries not prepared to switch to only IAT...and those agencies, especially the SSA, recommending to the US Treasury the Bangkok Bank "non-IAT" door be left open longer...how much longer....unknown at this time.   

 

Maybe consider this being in the eye of the hurricane....but winds from the other direction may soon arrive.

Posted
2 hours ago, Pib said:

Bangkok Bank NY apparently got an extension from the US Treasury OCC to the 1 Apr 19 cutoff date...this is discussed in related threads.  For how long it's unknown. The extension is probably driven/supported by the SSA and other govt agencies who use a combination of IAT and non-IAT payments to pay it's beneficiaries not prepared to switch to only IAT...and those agencies, especially the SSA, recommending to the US Treasury the Bangkok Bank "non-IAT" door be left open longer...how much longer....unknown at this time.   

 

Maybe consider this being in the eye of the hurricane....but winds from the other direction may soon arrive.

Can you point me in the direction of these threads,  I tried doing a search  for what I thought were relevant terms but come up empty. Thanks.

Posted
10 hours ago, avvocato said:

Can you point me in the direction of these threads,  I tried doing a search  for what I thought were relevant terms but come up empty. Thanks.

Here, all 35 pages worth of a subject beat to death

 

 

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