Automatic Money Transfers from US to Thailand

[statman78]

With the new immigration rules for retirement extensions I am trying to set up automatic transfers from my US bank account to my Bangkok Bank account here in Thailand.  I have been successful over the past couple of months transferring money on an individual basis but I need to call my bank every time. I prefer to have the transfers done automatically.  Last week I filled out the paperwork at had the first automatic transfer done.  It worked but then I received a notice from my bank that they could not do automatic, monthly transfers to a foreign bank account because of US banking regulations.  Currently my transfers go through the New York City branch of Bangkok Bank then into my account here in Thailand.  Since the final destination listed is my account in Thailand I am told automatic transfers are not allowed.

 

Has anyone been successful in doing monthly transfers from a US bank account to a Thai bank account without having to contact the US bank every time to do the transfer?

 

I was told that I can set up automatic transfers to another US bank like the New York branch of Bangkok Bank but I would need to have an account at that branch. It is my understanding that I cannot have an individual account at the New York City branch of Bangkok Bank. 

 

[ubonjoe]

35 minutes ago, statman78 said:

Currently my transfers go through the New York City branch of Bangkok Bank then into my account here in Thailand. 

That will not work after April 1st  unless you bank is sending them in the IAT format for international ACH transfers.

 

36 minutes ago, statman78 said:

It is my understanding that I cannot have an individual account at the New York City branch of Bangkok Bank. 

That is correct. 

I cannot help with your other questions.

[statman78]

Thanks Ubon,

Your clarification on the second point is helpful.  

 

My bank currently uses the IAT format for my transfers and it has worked.  That has Thai bank account listed as the final destination for the money.  When I tried to set up automatic monthly transfers so I wouldn’t need to contact them by email then follow up with a call every month, they told me it could not be done since the final account is not in the US.

 

Maybe there is a different bank that somebody is using that can do automatic transfers.  

 

[gentlemanjackdarby]

4 hours ago, statman78 said:

Thanks Ubon,

Your clarification on the second point is helpful.  

 

My bank currently uses the IAT format for my transfers and it has worked.  That has Thai bank account listed as the final destination for the money.  When I tried to set up automatic monthly transfers so I wouldn’t need to contact them by email then follow up with a call every month, they told me it could not be done since the final account is not in the US.

 

Maybe there is a different bank that somebody is using that can do automatic transfers.  

 

If your bank has the capability for consumers to make IAT ACH transfers and you're not confusing IAT ACH transfer with a wire (SWIFT) transfer, you've chanced upon the Holy Grail and there are a lot of inquiring minds on here who want to know.

 

Normally, ACH transfers don't require re-authorization each month (one of the selling points banks use to get folks set up recurring monthly 'bill payments') but wire (SWIFT) transfers are done one-off (either by authorization using one's bank online portal or by personal interaction with one's bank)

 

Please let us know if you've indeed found the 'Holy Grail'

[Pib]

Yea, he must be talking International Wires/SWIFT.   Highly, highly, highly doubtful his US bank uses ACH International ACH Tranaction (IAT) to "send" money for retail accounts....they may offer that ACH IAT capability for corporate/business accounts.  All US banks/credit unions have been able to "receive" ACH IAT for almost a decade now but I still know of none that provide ACH "IAT" sending capability for a retail account....instead banks use SWIFT as it generally a great cash cow and can be use to almost any country on Earth where ACH IAT has limited worldwide reach.

[onera1961]

5 hours ago, statman78 said:

My bank currently uses the IAT format for my transfers and it has worked.

Can you please tell us which bank it is that uses IAT format? Lots of people are waiting for that, I would guess

[onera1961]

48 minutes ago, Pib said:

capability for corporate/business accounts. 

Can you please tell me a bank that uses IAT for business accounts. I Have business accounts in a few bank (Bank of America, Citi, and Capital One). I can open an account in another bank if they guarantee IAT format.

[Pib]

11 minutes ago, onera1961 said:

Can you please tell me a bank that uses IAT for business accounts. I Have business accounts in a few bank (Bank of America, Citi, and Capital One). I can open an account in another bank if they guarantee IAT format.

 

For example...BoA corporate/business account products....see below post.

 

[gentlemanjackdarby]

11 minutes ago, onera1961 said:

Can you please tell me a bank that uses IAT for business accounts. I Have business accounts in a few bank (Bank of America, Citi, and Capital One). I can open an account in another bank if they guarantee IAT format.

I would think that 'heavy hitter' banks like BofA and Citi would offer IAT for their business accounts, since it seems that their calibre of corporate customers would be likely to need it

 

Do they not offer it to every business account?

 

The reason I ask is that I've toyed with the idea of opening a business account since it seems that a couple of 'piss-ant' local banks in my neck of the woods offer it; however, all the fees that corporate accounts get charged have made it seem likely not worthwhile.

 

As well, I think there would likely be 'difficulties' having a personal payment, such as a pension, deposited in a corporate account or making an ACH transfer from a personal account to a corporate account

 

Still searching for the 'Holy Grail'

[Martyp]

I have a B of A account and I just transfer money to my Thai bank from the B of A website. Why do you have to call and talk to anyone?

[statman78]

I use the banking section of Morgan Stanley and go through the guy who manages my IRAs.  I’ve tried setting it up to be able to transfer money online but can only transfer money to other US accounts.  To transfer out of the US I need to verbally confirm the request.

[gentlemanjackdarby]

8 hours ago, Martyp said:

I have a B of A account and I just transfer money to my Thai bank from the B of A website. Why do you have to call and talk to anyone?

Each bank is different - some have the ability to make wire (SWIFT) transfers built into their online banking (BofA, Citi) while others, usually credit unions and piss-ant local and regional banks, require a form to be completed and 'faxed', while others require a 'fax' and a phone call, etc.

 

Even banks with the ability built into their online banking may occasionally randomly select a transaction for verification or for additional scrutiny simply because something looks 'off', such as one's location, usually by the bank sending a PIN code or requiring a call.

 

Your results will likely vary