New problems sending funds from the US to cover visa extension

[Puchaiyank]

32 minutes ago, CALSinCM said:

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. 

You will have to provide appropriate information on both banks...they will then send 2 test amounts to your bank which you must acknowledge...then you should be good to go...not that difficult...you will need to trust that your banking info is safe with them...

[sfokevin]

34 minutes ago, phuketrichard said:

try;

https://www.aspiration.com/

Outbound transfers $40 and must be called in... Not a very good option...

[55Jay]

Do feel like the walls are closing in a bit more, basically living a lie to some extent, careful not to make too much overt noise about living in Thailand, all in the name of anti-terrorism, anti-narco money laundering and offshore tax dodgers.   I use a financial advisor in the US so he does all the front end interface with various brokerages and fund management, and I get proxy vote and other communication electronically.  A few years ago, Advisor asked me not to make obvious reference to living in Thailand when we communicate by email, in case he gets audited.

 

Be great if there was some kind of program, like TSA Pre-check/global entry (whatever it's called), where US citizens moving abroad could register and become a cleared, known quantity.

 

 

[gk10002000]

4 hours ago, sfokevin said:

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

Yes, but in general I suspect Etrade will want you to provide the same evidence or documents you used to open the account with.  Just guessing they will stumble on every little point.  Passport numbers are not maintained when your passport is renewed, whereas in general as best as my memory tells me, my driver license, while having been renewed a few times still has the same number.  Give em a call for the best answer

[phkauf]

I use Fidelity for SWIFT transfers, have done 2 successfully now that the ACH system is closing for Bangkok Bank. Fidelity does not charge me a fee for the transfer and Bangkok Bank takes their usual cut. The funds are in my account a day sooner than with the ACH method.

I was able to set up standing instructions (Name, Address, Account#, etc.) with Fidelity and all I need to do is phone them up and request the specific dollar amount. Takes 5 minutes.

If you do not have a Fidelity account, to open one up you need to have a US residence and proof of such residence. My understanding is they do not open accounts for non-US residents any longer. In fact there are a number of limitations for non-US based account holders, such as the ability to purchase mutual funds is limited. As long as your time abroad is "not permanent" they tend to be ok with this arrangement, but it depends on the individual office and office manager.

[gk10002000]

I have wired money to Thailand and the Phillipines using Western Union, both online and in person. Not saying it is an affordable or reasonable approach,  but the online Western Union was easy, did not need any special Western Union account.  I just entered all my US bank information and the money was sent (to individuals).  I am assuming one could also use it to wire money to an institution, but that is just a guess/assumption. 

[TallGuyJohninBKK]

2 hours ago, CALSinCM said:

 

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

 

I'm not sure where you're getting those details from... Are you going to the Schwab website from a Thailand IP address or a US IP address?

 

When I go to the Schwab website via a U.S. VPN from Thailand, I get the following re opening an individual new U.S. (not international) brokerage account with them:

 

 

 

 

None of the passport and utility bill stuff you cite above was I ever required to provide in order to open a Schwab U.S. brokerage account as a U.S. citizen applying with a U.S. address.

 

[sfokevin]

1 hour ago, phkauf said:

I was able to set up standing instructions (Name, Address, Account#, etc.) with Fidelity

How did you do that?... They told me I needed to complete a form and get a medallion seal on it.... Which is impossible outside the US... Did you set this up over the phone?

[TallGuyJohninBKK]

1 hour ago, phkauf said:

I was able to set up standing instructions (Name, Address, Account#, etc.) with Fidelity and all I need to do is phone them up and request the specific dollar amount. Takes 5 minutes.

 In order to set up the standing instructions with Fidelity for an international wire transfer with Fidelity, (I mean for the very first time), did you either need to...

 

a. do that in person initially at a Fidelity branch in the U.S., and/or

 

b. provide a Medallion signature to Fidelity that, AFAIK, can only be obtained in the U.S.?

 

[TallGuyJohninBKK]

2 hours ago, CALSinCM said:

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.

 

 

Lots of folks here make periodic trips back to the U.S. to visit relatives or for other reasons. And those kind of trips would enable an expat to take care of setting up that kind of transfer documentation, if needed. But if you're not one of those periodic travelers, it still can be done.  You just have to be more chosey and careful about what financial institution you use to handle your intl xfers.

[Sheryl]

14 hours 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, 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.  

 

Agree, bank account is the best solution. I haven't heard of any banks not doing SWIFT transfers to Thailand. Even my Credit Union does. Costs $40-$50 dollars a pop, though. Set up a direct deposit between your brokerage account and the bank and then do bank SWIFT transfers.

 

Until there is more clarity/experience I cannot advise using Transferwise or similar service if one uses the income method for extension. Some transactions will come through as international but not all, and to date we have no idea if there will be a way, satisfactory to TI, for people to document the overseas origin of funds sent through an FX service that first passed through a different Thai bank.

 

Other alternative would be to switch to the 800K method in which case you can use any method of transferring funds that you like...ATM, Transferwise etc...and whatever schedule suits you. The downside of course is having to park 800K when interest rates in Thailand are pretty low. You can get ~ 2% in a fixed deposit.

[koratkarlos]

As a US citizen in Thailand I have been struggling with this issue for quite some time.  I tried the Bangkok Bank ACH method, but it was suspended to new accounts and now appears to expire this April.  Today I got a VPN to emulate being in the USA, Skype US phone, Google Voice US phone and did manage to setup a Transferwise Borderless account, but now I must send money into it and am having serious trouble with the phone SMS verification codes of the US Banks - I can use my debit card but not for large amounts as I fail the Visa verification menu.  There seems to be a particular problem with Wells Fargo Bank.  I tried a BillPay from WellsFargo to Transferwise but I am pretty sure the two small verification deposits will be denied.  I do have a Fidelity Account and I guess I can call them but comments in reference to Fidelity providing less and less service to expats are definitely true as I have been living outside the US for about 5 years now and have seen my privileges at Fidelity evaporate.

 

Any further advice is greatly appreciated.  

[moe666]

14 hours 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. 

You do have a passport, very good for ID

[moe666]

1 hour ago, gk10002000 said:

I have wired money to Thailand and the Phillipines using Western Union, both online and in person. Not saying it is an affordable or reasonable approach,  but the online Western Union was easy, did not need any special Western Union account.  I just entered all my US bank information and the money was sent (to individuals).  I am assuming one could also use it to wire money to an institution, but that is just a guess/assumption. 

My swift transfers from my credit union are done thru Western union. 30 dollars a crack is expensive. What people have to be careful of is burning all their bridges back to their home country, know of a couple of people who have done this and no way to set up banking or anything else. 

[grantbkk]

Bank of America to SCB for 17 years all done online. Used to have to do a phone call to B of A. Takes about 1 to 2 minutes. Money received in 6 to 12 hours.

[moe666]

1 hour ago, 55Jay said:

Do feel like the walls are closing in a bit more, basically living a lie to some extent, careful not to make too much overt noise about living in Thailand, all in the name of anti-terrorism, anti-narco money laundering and offshore tax dodgers.   I use a financial advisor in the US so he does all the front end interface with various brokerages and fund management, and I get proxy vote and other communication electronically.  A few years ago, Advisor asked me not to make obvious reference to living in Thailand when we communicate by email, in case he gets audited.

 

Be great if there was some kind of program, like TSA Pre-check/global entry (whatever it's called), where US citizens moving abroad could register and become a cleared, known quantity.

 

 

I do all my own interface with Schwab, fidelity, and my credit union they know I live here no big deal what so ever

[Sheryl]

23 minutes ago, koratkarlos said:

As a US citizen in Thailand I have been struggling with this issue for quite some time.  I tried the Bangkok Bank ACH method, but it was suspended to new accounts and now appears to expire this April.  Today I got a VPN to emulate being in the USA, Skype US phone, Google Voice US phone and did manage to setup a Transferwise Borderless account, but now I must send money into it and am having serious trouble with the phone SMS verification codes of the US Banks - I can use my debit card but not for large amounts as I fail the Visa verification menu.  There seems to be a particular problem with Wells Fargo Bank.  I tried a BillPay from WellsFargo to Transferwise but I am pretty sure the two small verification deposits will be denied.  I do have a Fidelity Account and I guess I can call them but comments in reference to Fidelity providing less and less service to expats are definitely true as I have been living outside the US for about 5 years now and have seen my privileges at Fidelity evaporate.

 

Any further advice is greatly appreciated.  

 

A  word of warning. I too am a US citizen and tried to set up a Transferwise account. They deactivated it mid-transfer without explanation and from similar reports on the web this happens a lot with Transferwise US.

 

I am now trying to set up an account with OFX and also running into difficulties but they at least talk to me and explain what the issues are (Thai address, basically. Oh and that my passport lists a middle name that does nto appear on my bank statement).  As you probably know the US has draconian laws and rules aimed at money laundering and tax evasion and this has many financial services running scared.

 

SWIFT transfers from my bank, however, go through fine though costly. I seem to recall reading somewhere that Wells Fargo would nto do SWIFT transfers to Thailand (not sure), if so you might need to think of another bank account.

 

Re the ACH Bangkok Bank issue see this thread

https://forum.thaivisa.com/topic/1080467-us-social-security-international-direct-deposit-idd-update/page/3/

 

 

 

 

[koratkarlos]

Hi Moe666

 

  Your quote "I do all my own interface with Schwab, fidelity, and my credit union they know I live here no big deal what so ever"

 

Glad to hear things are well for you.  With Fidelity they took away my options trading, mutual fund purchase, cash card as I was told to start using ETF's.  I can imagine what is next.  Do you get the low transfer rates using the US ACH system to transfer funds to Thailand?  If you do please share your knowledge.  Thanks.

[Sheryl]

20 minutes ago, grantbkk said:

Bank of America to SCB for 17 years all done online. Used to have to do a phone call to B of A. Takes about 1 to 2 minutes. Money received in 6 to 12 hours.

 

What's the fee?

[ChouDoufu]

1 hour ago, TallGuyJohninBKK said:

 In order to set up the standing instructions with Fidelity for an international wire transfer with Fidelity, (I mean for the very first time), did you either need to...

 

a. do that in person initially at a Fidelity branch in the U.S., and/or

 

b. provide a Medallion signature to Fidelity that, AFAIK, can only be obtained in the U.S.?

 

i emailed fidelity about that little problem about a month ago; they said i could mail in the standing order form without the medallion, but i would then need to call in and speak with a representative to confirm identity.  (i haven't done this just yet.....)

 

that's great if fidelity already has your account restricted as non-resident in the usa.  if you go this route with a us-based account, you'll likely lose the ability to purchase mutual funds.

[55Jay]

21 minutes ago, moe666 said:

I do all my own interface with Schwab, fidelity, and my credit union they know I live here no big deal what so ever

So do I, online, and I don't use an IP changer/VPN.  Apart from my FA, I try not to contact any humans at my two primary bank and credit facilities unless I really need to.

 

Goes back several years when we moved here.  I had to change my mailing address from the previous military FPO box address, so I went down the list changing to the new Thai house address.  For banking, no problem with 2 credit unions (Navy Fed and USAA), their web sites accepted the Thai/foreign address.

 

Not so for my two primary cash and credit facilities, Capital One and Schwab Bank.  Not knowing any better at the time, sent them emails asking for help changing the address.  Both responded abruptly - Schwab said they would close my accounts.  Capital 1 said they were closing my accounts, where did I want the check sent.  Holy s**t!   OK....scratch that, used my Mom's US address instead, and they both backed off. 

 

That set the tone for me and I've been careful not to poke the bear needlessly since then.  Which is annoying as a cursory glance at my account activity is all in Thailand. 

 

If I lived closer to BKK, I would get an APO box at the USE compound.

[CALSinCM]

2 hours ago, Sheryl said:

Agree, bank account is the best solution. I haven't heard of any banks not doing SWIFT transfers to Thailand. Even my Credit Union does. Costs $40-$50 dollars a pop, though. Set up a direct deposit between your brokerage account and the bank and then do bank SWIFT transfers.

My credit union will do a SWIFT transfer - if I show up in person.

TDA will not transfer to Thailand.

 

[CALSinCM]

1 hour ago, Sheryl said:

A  word of warning. I too am a US citizen and tried to set up a Transferwise account. They deactivated it mid-transfer without explanation and from similar reports on the web this happens a lot with Transferwise US.

I have a valid US address, I vote in my home state, have a voter's registration card.  A passport and a voter reg is all you need to establish that you are a resident for DMV in my state.  Not sure why the banks would reject the same as if you can apply for a DMV license or ID card - well - that's what is use as ID to open an account with the banks. 
But regarding Transferwise - noted. 

[dcnx]

As international banking becomes more restrictive (especially for Americans), count on this becoming more of an issue in the future. 

 

Chase closed my account in the US because of “excessive outgoing wires” sent to Thailand. That was their actual excuse. Banked with them for years (business account) and they put a stop to that without notice. Changed banks and fingers crossed.

[bkk6060]

8 minutes ago, dcnx said:

As international banking becomes more restrictive (especially for Americans), count on this becoming more of an issue in the future. 

 

Chase closed my account in the US because of “excessive outgoing wires” sent to Thailand. That was their actual excuse. Banked with them for years (business account) and they put a stop to that without notice. Changed banks and fingers crossed.

Just curious how many a month were you averaging with Chase?

Been with them for 20 years.

 

[gentlemanjackdarby]

9 hours ago, Date Masamune said:

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.

See post# 15 where I corrected my OP

[gentlemanjackdarby]

6 hours ago, CALSinCM said:

 

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

I thought of the situation where one might live with a family member which is why I suggested that maybe a notarized statement from a family member might work.

 

At one point, I was considering establishing residency in Tennessee, one of the (almost) no income tax states and using my brother's address and one of the things the state would accept, if one lived with a relative, was a statement from the relative.

 

Although Schwab only lists utility bills, it might be worth a call to their customer support to see if they will accept something else.

 

I've called their CS a couple of times and they've always been pleasant and helpful and, best of all, they answer the phone quickly and speak like professionals

[gentlemanjackdarby]

6 hours 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.   ????

See post# 15 where I corrected my OP

[phkauf]

4 hours ago, sfokevin said:

How did you do that?... They told me I needed to complete a form and get a medallion seal on it.... Which is impossible outside the US... Did you set this up over the phone?

True. They sent me the form which I filled out and signed. Had it scanned here into a .pdf and sent to my account rep in NYC. We then spoke over the phone and she was able to confirm my signature using the information on file. 

Hope that helps.

[gentlemanjackdarby]

4 hours ago, koratkarlos said:

As a US citizen in Thailand I have been struggling with this issue for quite some time.  I tried the Bangkok Bank ACH method, but it was suspended to new accounts and now appears to expire this April.  Today I got a VPN to emulate being in the USA, Skype US phone, Google Voice US phone and did manage to setup a Transferwise Borderless account, but now I must send money into it and am having serious trouble with the phone SMS verification codes of the US Banks - I can use my debit card but not for large amounts as I fail the Visa verification menu.  There seems to be a particular problem with Wells Fargo Bank.  I tried a BillPay from WellsFargo to Transferwise but I am pretty sure the two small verification deposits will be denied.  I do have a Fidelity Account and I guess I can call them but comments in reference to Fidelity providing less and less service to expats are definitely true as I have been living outside the US for about 5 years now and have seen my privileges at Fidelity evaporate.

 

Any further advice is greatly appreciated.  

Regarding bank SMS with Skype and Google Voice:

 

Skype CANNOT receive SMS messages UNLESS it's in reply to one that was sent FROM Skype - that means a verification SMS sent by a bank won't work with Skype

 

In my experience, in the past, Google Voice would receive SMS verification codes from all the banks that I use EXCEPT for BoFA - that is now working and I can receive verification SMS from BofA

 

Two suggestions:

 

Use your Google Voice number as the phone number for the bank from which you are trying to receives verification SMS - you may need to change it on the bank's website or by calling customer support;

 

If your bank offers it, try having them make a voice call with the SMS code to your Google Voice number