New problems sending funds from the US to cover visa extension

[CALSinCM]

Between the US and Thai governments and banks, the various changes in regulations and banking transfers have simply become an incredible pain in the butt. 

For years I've been transferring funds monthly via ACH transfers through Bangkok Bank NY.  The ability to make those ACH transfers ends this month.  I didn't think this would be a problem.  I expected I could set up an International wire transfer (SWIFT) though my brokerage, but today I find out that Thailand is on a list of counties that the brokerage will not send SWIFT transfer to.  So I now have a problem - How do I get my pension funds from the US to Bangkok Bank here in Thailand.  I'm stressed, have a major headache, and simply can't believe that over the last year things could get this bloody complicated. I don't want to deal with this, but here it is.  I can still pull funds out of my US bank via ATM, but I need to deposit fund into Bangkok Bank and show it as an International funds transfer to meet immigration requirements.  What are my options for money transfers? 

[moe666]

From your bank do a swift transfer, I have never had a problem doing swift transfer thru my credit union. I go on line make out the form my credit union calls me at around 11pm thai time to confirm the info and the next morning it my account

[Peasandmash]

I just sent 10K USD from my US bank to my BKK account. No problem.

 

[Scott424]

Since your brokerage won't to a  swift transfer, one option would be to open another account with a bank that will, transfer your money to the new account and then do a swift transfer to Thailand.  True, it is a pain, but it is an option.   Transferwise with all its potential issues would be another option.

[DrJack54]

Can some of the USA guys outline the actual detail of a transfer. We are all aware of transferwise  and less aware ofx. Another big player. I can post now a quote from ofx for current quote for transfer from au to my Thai bank. The exchange rate same transwise not too far away market rate. Good for LARGE transfers. For monthly social security come pensions come whatever....how are you happy with that? Next month I (sadly) back in au for couple of weeks. I will bring back 25k USD green.

Exchange Thailand. Green super rich is my go to company

[CALSinCM]

2 hours ago, moe666 said:

From your bank do a swift transfer, I have never had a problem doing swift transfer thru my credit union. I go on line make out the form my credit union calls me at around 11pm thai time to confirm the info and the next morning it my account

My credit union requires that I show up at their office in person.  14,000 miles away - that ain't going to happen. 
It seem US banks are set up in a way to prevent expats from, well, being expats.  I don't see a lot of support out there. 

[CALSinCM]

10 minutes ago, Scott424 said:

Since your brokerage won't to a  swift transfer, one option would be to open another account with a bank that will,

Try being out of the US for close to a decade.  Your IDs expire.  Then you attempt to open an account.  They need valid, non-expired ID, some want utility bills and the like.  US banks do not support the likes of retired expats even though I maintain a residential address in the US, maintain my residence status in my state, and vote.  So, short of returning back to the states to reapply for a DL or state ID, opening a bank account from here is going to be problematic. 

[DrJack54]

1 minute ago, CALSinCM said:

My credit union requires that I show up at their office in person.  14,000 miles away - that ain't going to happen. 
It seem US banks are set up in a way to prevent expats from, well, being expats.  I don't see a lot of support out there. 

Perhaps (if you have the funds) put 25k usd into fixed account deposit in Thai bank and chill. I'm assuming this was for you annual extension based on retirement. You didn't actually state unless I skipped that bit

[TallGuyJohninBKK]

2 hours ago, CALSinCM said:

I expected I could set up an International wire transfer (SWIFT) though my brokerage, but today I find out that Thailand is on a list of counties that the brokerage will not send SWIFT transfer to.

 

What brokerage is telling you that?

 

People here are doing wire transfers from various U.S. brokerages to Thailand all the time... There's often a fee for the intl xfer, but rarely hear anything of a ban on sending to Thailand.

 

As for the CU, do they mean you have to appear in person to authorize each and every intl xfer? Or are they saying, as some do, you need to authorize the FIRST intl xfer in person, and after that, you can repeat the same xfer either by online or telephone instruction?  It would be rare, in my experience, having a CU tell you you have to appear in person for each and every xfer.

 

 

Edited March 9, 2019 by TallGuyJohninBKK

[gentlemanjackdarby]

5 minutes ago, CALSinCM said:

Try being out of the US for close to a decade.  Your IDs expire.  Then you attempt to open an account.  They need valid, non-expired ID, some want utility bills and the like.  US banks do not support the likes of retired expats even though I maintain a residential address in the US, maintain my residence status in my state, and vote.  So, short of returning back to the states to reapply for a DL or state ID, opening a bank account from here is going to be problematic. 

OK, first thing to do is not panic.

 

Who is you U.S. brokerage?

 

The only major broker of which I'm aware that won't make international wire transfers for U.S. residents is Charles Schwab and since you maintain a U.S. residence, it's unlikely you would be able (or want) to set up a Charles Schwab International account, which does make international wire transfers

 

You might consider switching (moving) your brokerage account to a broker that makes international wire transfers - Fidelity is often mentioned as a good choice with low wire fees

 

You might also consider setting up a bank account with a bank or credit union that is used to dealing with folks serving or living overseas, such as USAA or Navy Federal Credit Union (if you're a U.S. vet or a family member of a vet) or a another federal credit union if you lack a service connection - I'd start with State Department FCU or Andrews FCU (those FCUs have relatively flexible ways to join)

 

You have a U.S. passport, which is the best form of identification; next you need to prove legal domicile and residence

 

Some states allow one to file a statement of legal domicile with the county recorder or the equivalent, which would prove legal domicile and **might** be acceptable to a financial institution to also prove residence

 

One possible way to prove residence, if you don't own a home or have utilities in you name and might be for example, using a relative's address for residence, is to have a statement drawn up by that relative stating, in essence, that their address is your legal domicile and residence and have it notarized. In some states, that is acceptable for proving residence

[Jingthing]

30 minutes ago, CALSinCM said:

Try being out of the US for close to a decade.  Your IDs expire.  Then you attempt to open an account.  They need valid, non-expired ID, some want utility bills and the like.  US banks do not support the likes of retired expats even though I maintain a residential address in the US, maintain my residence status in my state, and vote.  So, short of returning back to the states to reapply for a DL or state ID, opening a bank account from here is going to be problematic. 

Yes it is. 

But this place will.

https://www.sdfcu.org/

 

Also interactive brokers serves expats but extra fees if account is under 100K.

Edited March 9, 2019 by Jingthing

[BestB]

Citi bank account in both countries maybe a solution to avoid a number of fees, though Citi bank no longer is an intermidiary bank for international transfers, kbank is 

[griedarw]

Register an account with Transferwise.

Then add a Borderless Account (US$) to it.

[gamb00ler]

1 hour ago, gentlemanjackdarby said:

The only major broker of which I'm aware that won't make international wire transfers for U.S. residents is Charles Schwab and since you maintain a U.S. residence, it's unlikely you would be able (or want) to set up a Charles Schwab International account, which does make international wire transfers

I'm wondering on what basis you state Schwab doesn't do international wire transfers.  I'm a U.S. resident and I have used Schwab to send SWIFT transfers to Thailand many times.  I went to my local Schwab office and filled out a form with destination details (wife's Kasikorn account).  I can now just call them to send another SWIFT to that account.  Sometimes I do this while in Thailand.  I have several Schwab accounts but none of them are International.

[gentlemanjackdarby]

1 hour ago, gamb00ler said:

I'm wondering on what basis you state Schwab doesn't do international wire transfers.  I'm a U.S. resident and I have used Schwab to send SWIFT transfers to Thailand many times.  I went to my local Schwab office and filled out a form with destination details (wife's Kasikorn account).  I can now just call them to send another SWIFT to that account.  Sometimes I do this while in Thailand.  I have several Schwab accounts but none of them are International.

I signed into my Schwab account and looked around and, I'm glad to say, I was wrong on that one

 

It's possible I was thinking of the Schwab Bank account since that was my primary reason for opening a Schwab account, but I know that somewhere on the Schwab site, I came across a disclosure saying no international wires.

 

Likely it was the Schwab Bank account since that isn't a 'real' bank account as is a Citibank account - it just acts like one for most of the important bank account things.

 

I did find that I can send USD international wires online directly from my account with no forms, trips to an office, or calls to Schwab - I'm even happier with my account now

 

Thanks for keeping me honest!

[gk10002000]

Attaching Etrade's wire out form as an example.  You go online to Etrade, click on a link, provide some information, then you download this from their site, fill in the information then you attach/submit it to the online link you started with. 

bnkwireout(1).pdf

[garyk]

5 hours ago, CALSinCM said:

My credit union requires that I show up at their office in person.  14,000 miles away - that ain't going to happen. 
It seem US banks are set up in a way to prevent expats from, well, being expats.  I don't see a lot of support out there. 

IMO, The US and others are trying to curb the massive upcoming retirement population from retirement abroad. The numbers are staggering. The tightening has just started.  

 

[Puchaiyank]

Been using Transferwise for more than a year...safe, dependable, inexpensive, and they keep your previous xfers on file so you can do a simple repeat xfer...good exchange rates also...

[Date Masamune]

7 hours ago, gentlemanjackdarby said:

OK, first thing to do is not panic.

 

Who is you U.S. brokerage?

 

The only major broker of which I'm aware that won't make international wire transfers for U.S. residents is Charles Schwab and since you maintain a U.S. residence, it's unlikely you would be able (or want) to set up a Charles Schwab International account, which does make international wire transfers

 

You might consider switching (moving) your brokerage account to a broker that makes international wire transfers - Fidelity is often mentioned as a good choice with low wire fees

 

You might also consider setting up a bank account with a bank or credit union that is used to dealing with folks serving or living overseas, such as USAA or Navy Federal Credit Union (if you're a U.S. vet or a family member of a vet) or a another federal credit union if you lack a service connection - I'd start with State Department FCU or Andrews FCU (those FCUs have relatively flexible ways to join)

 

You have a U.S. passport, which is the best form of identification; next you need to prove legal domicile and residence

 

Some states allow one to file a statement of legal domicile with the county recorder or the equivalent, which would prove legal domicile and **might** be acceptable to a financial institution to also prove residence

 

One possible way to prove residence, if you don't own a home or have utilities in you name and might be for example, using a relative's address for residence, is to have a statement drawn up by that relative stating, in essence, that their address is your legal domicile and residence and have it notarized. In some states, that is acceptable for proving residence

I have made international transfers out of the brokerage aside so confused about what you posted concerning Schwab. For 12 plus years I did not have a US address and had the Schwab International account and Schwab Bank Account. (From last fall I do now have a US address, but off topic.) I WAS able to make international transfers, however not from Schwab Bank. The money had to originate from the Brokerage side, and requires a phone call for each transfer.As I always understood Schwab Bank will not send money overseas only receive it.

 

I also have the BKK bank ACH thing ending this April so concerned also.

[sfokevin]

4 hours ago, gk10002000 said:

Attaching Etrade's wire out form as an example.  You go online to Etrade, click on a link, provide some information, then you download this from their site, fill in the information then you attach/submit it to the online link you started with. 

bnkwireout(1).pdf 656.34 kB · 1 download

Curious?... They require a State or Federal ID... Is a passports considered at a Federal ID?...

[CALSinCM]

 

11 hours ago, TallGuyJohninBKK said:

 

What brokerage is telling you that?

 

People here are doing wire transfers from various U.S. brokerages to Thailand all the time... There's often a fee for the intl xfer, but rarely hear anything of a ban on sending to Thailand.

 

As for the CU, do they mean you have to appear in person to authorize each and every intl xfer? Or are they saying, as some do, you need to authorize the FIRST intl xfer in person, and after that, you can repeat the same xfer either by online or telephone instruction?  It would be rare, in my experience, having a CU tell you you have to appear in person for each and every xfer.

 

 

TDA

Regarding my credit union.  This is from their web pages.  So yes, you have to apply for a SWIFT transfer in person.

Foreign Wire Transfers

You will need to visit a Member Service Center to complete the International Wire Transfer Form.

Edited March 10, 2019 by CALSinCM

[CALSinCM]

10 hours ago, gentlemanjackdarby said:

OK, first thing to do is not panic.

 

Who is you U.S. brokerage?

 

The only major broker of which I'm aware that won't make international wire transfers for U.S. residents is Charles Schwab and since you maintain a U.S. residence, it's unlikely you would be able (or want) to set up a Charles Schwab International account, which does make international wire transfers

 

You might consider switching (moving) your brokerage account to a broker that makes international wire transfers - Fidelity is often mentioned as a good choice with low wire fees

 

You might also consider setting up a bank account with a bank or credit union that is used to dealing with folks serving or living overseas, such as USAA or Navy Federal Credit Union (if you're a U.S. vet or a family member of a vet) or a another federal credit union if you lack a service connection - I'd start with State Department FCU or Andrews FCU (those FCUs have relatively flexible ways to join)

 

You have a U.S. passport, which is the best form of identification; next you need to prove legal domicile and residence

 

Some states allow one to file a statement of legal domicile with the county recorder or the equivalent, which would prove legal domicile and **might** be acceptable to a financial institution to also prove residence

 

One possible way to prove residence, if you don't own a home or have utilities in you name and might be for example, using a relative's address for residence, is to have a statement drawn up by that relative stating, in essence, that their address is your legal domicile and residence and have it notarized. In some states, that is acceptable for proving residence

I actually maintain a residential address and I vote, ie, I have a voter registration card.  I've recently received my 1099-R at my residential address in the US, which have my address printed on it.  So I do have 'proof' of residence. 

[TallGuyJohninBKK]

3 minutes ago, CALSinCM said:

Regarding my credit union.  This is from their web pages.  So yes, you have to apply for a SWIFT transfer in person.

Foreign Wire Transfers

You will need to visit a Member Service Center to complete the International Wire Transfer Form.

 

Re your CU, you'd have to check with them on exactly what they mean by that particular language... But generally speaking, that kind of language means only you have to appear in person for the FIRST setup to a particular recipient, and after that initial setup, can do future transfers to that same recipient without having to appear in person.

 

So, you're saying, TD Ameritrade is saying they flatly won't do any international wire transfer to Thailand???  That's the first I've ever heard of that, and other people here on the forum do have TDA accounts I know....

 

 

[CALSinCM]

9 hours ago, griedarw said:

Register an account with Transferwise.

Then add a Borderless Account (US$) to it.

I looked at Transferwise last night.  I couldn't figure out how it works and how the money gets transferred from a US bank to a Thai bank through their service.

[CALSinCM]

 

7 hours ago, gentlemanjackdarby said:

I signed into my Schwab account and looked around and, I'm glad to say, I was wrong on that one

 

It's possible I was thinking of the Schwab Bank account since that was my primary reason for opening a Schwab account, but I know that somewhere on the Schwab site, I came across a disclosure saying no international wires.

 

Likely it was the Schwab Bank account since that isn't a 'real' bank account as is a Citibank account - it just acts like one for most of the important bank account things.

 

I did find that I can send USD international wires online directly from my account with no forms, trips to an office, or calls to Schwab - I'm even happier with my account now

 

Thanks for keeping me honest!

Schwab isn't an option.  I'd have to return to the US, set up residence and acquire a utility bill.  Requiring utility bills seems over-the-top.  What if you simply rent a room or live with family members.  Given these guidelines, even a millennial or extended family living together in one unit couldn't open an account because the utilities only in one family member's name.  That ludicrous.

 

From the Schawb website for required docs: 

• Passport—clear copy of current passport pages containing photos, signature, personal information and Machine Readable Zone (MRZ) lines for each account applicant. Also required for any Power of Attorney (POA) on the account.
• One utility bill for each account holder dated within the last six months. The document needs to show matching name and home/legal address (a post office box is not acceptable).
  
  Examples of utility bill include:
  • Gas
  • Electricity
  • Water

Edited March 10, 2019 by CALSinCM

[CALSinCM]

3 hours ago, Puchaiyank said:

Been using Transferwise for more than a year...safe, dependable, inexpensive, and they keep your previous xfers on file so you can do a simple repeat xfer...good exchange rates also...

I looked at it last night and could not figure out how it worked or how to set up transfers from a US bank to a Thai bank. 

[CALSinCM]

21 minutes ago, TallGuyJohninBKK said:

But generally speaking, that kind of language means only you have to appear in person for the FIRST setup to a particular recipient,

To reiterate, I'm 14000 miles from home and returning simply to set up a SWIFT transfer is an option at the bottom of my list.  I'm looking for other avenues available while still in Thailand.

Regarding TDA, it's been discussed in the past.  I found this last night. 

 

[watcharacters]

11 hours ago, gentlemanjackdarby said:

The only major broker of which I'm aware that won't make international wire transfers for U.S. residents is Charles Schwab and since you maintain a U.S. residence, it's unlikely you would be able (or want) to set up a Charles Schwab International account, which does make international wire transfers

 

Since when is this true?      I've made  wire transfers with Schwab.

 

To ADD:    Cal since you wrote it twice, 14,000 miles,  I wonder if your CU is sitting somewhere in the Atlantic Ocean.   ????

Edited March 10, 2019 by watcharacters

[CALSinCM]

7 hours ago, gentlemanjackdarby said:

I signed into my Schwab account and looked around and, I'm glad to say, I was wrong on that one

 

It's possible I was thinking of the Schwab Bank account since that was my primary reason for opening a Schwab account, but I know that somewhere on the Schwab site, I came across a disclosure saying no international wires.

 

Likely it was the Schwab Bank account since that isn't a 'real' bank account as is a Citibank account - it just acts like one for most of the important bank account things.

 

I did find that I can send USD international wires online directly from my account with no forms, trips to an office, or calls to Schwab - I'm even happier with my account now

 

Thanks for keeping me honest!

 

5 minutes ago, watcharacters said:

 

Since when is this true?      I've made  wire transfers with Schwab.

 

To ADD:    Cal since you wrote it twice, 14,000 miles,  I wonder if your CU is sitting somewhere in the Atlantic Ocean.   ????

That post about Schwab was updated (see above).

When I can here, in the back of my mind the flight crew said the flight was 14k miles. But that was a long time ago, memory being what it is.

[phuketrichard]

try;

https://www.aspiration.com/