New problems sending funds from the US to cover visa extension

[dcnx]

2 hours ago, bkk6060 said:

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

Been with them for 20 years.

 

I was with them for 10 or 11 years sending 1 - 2 wires per month to Thailand. Each wire would range between $2000 - $10,000 USD. All business related and I had invoices and any paperwork should they need it.

 

The aggravating part was once they made their decision they wouldn’t discuss it further no matter who I spoke to on the food chain. “Policy” kept being thrown around as their out. Wouldn’t even look at my paperwork. 

 

I was in Thailand at the time and they would only send a check to a US address (wouldn’t send a final wire) for my balance in the name of my account with them. That was the only bank under that name so I had to go back to the USA, open a new account and deposit their check. It was a pain. Though, it worked out for a mileage run to keep my status with Star Alliance. 

 

 

Edited March 10, 2019 by dcnx

[bikerlou47]

<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 use Schwab and can make transfers to Thailand..easy 25 bucks

[JimmyJ]

 

 

 

9 hours ago, gentlemanjackdarby said:

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.

 

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

I have a Schwab brokerage and checking account.

 

I do not have utility bills in my name.

 

I don't recall how I got around that, but with one exception - Fidelity Investments - when that has been an issue (often), they want a scan of my DL and/or a recent bank or cc statement that has been mailed to my residential address.

 

 

 

Edited March 10, 2019 by JimmyJ

[JimmyJ]

https://thunfinancial.com/home/american-expat-financial-advice-research-articles/us-brokerage-accounts-american-expats-closed-2015/

 

https://www.brokerage-review.com/expert/expats/brokerages-closing-expats-accounts.aspx
 

 

 

[JimmyJ]

If anyone does open a Schwab account, there is a longstanding $100 bonus offer for opening a brokerage/checking account (one opens both at the same time).

Look around for the offer on their site if interested.

 

 

Edited March 10, 2019 by JimmyJ

[JimmyJ]

10 hours 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.

I've read reports of Chase actively freezing accounts for all sorts of things for people who do reside in the US, including funding new accounts via ACH (either push or pull) for amounts as low as $1500 or less.

 

I have a Chase checking and savings account which I am going to close, as to me at this point it's just looking for trouble, especially if one is actually residing abroad.

 

(I do have Chase credit cards which I am keeping).

 

Edited March 10, 2019 by JimmyJ

[JimmyJ]

Here's an interesting 2015 historical artifact from the"Tdameritrade refuses to wire money to Thailand" thread someone linked to:

 

"beachproperty

• Super Member
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•  #18

Posted July 15, 2015

Take heart in the fact that the longer it takes you to figure out how to transfer your money to Thailand you will be getting more Baht for dollar.

Last week....33.9 .....today 34.2"

 

A blast from the past.

 

Edited March 10, 2019 by JimmyJ

[JimmyJ]

I've opened accounts at 6 USA banks recently.

 

A common question on the application form these days is "Do you intend to send or receive from a non-USA bank?"

 

I'm 100% at getting approved.

If my answer had been "Yes", I wonder if I would have gotten any approved.

 

 

[cmarshall]

17 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.  

Fidelity is likely to close your account if they understand that you live abroad.  They did it to me.

 

I use Google Voice via Hangouts on my cell phone.  I send and receive sms messages that way without any problem.  

[cmarshall]

11 hours ago, dcnx said:

I was with them for 10 or 11 years sending 1 - 2 wires per month to Thailand. Each wire would range between $2000 - $10,000 USD. All business related and I had invoices and any paperwork should they need it.

 

The aggravating part was once they made their decision they wouldn’t discuss it further no matter who I spoke to on the food chain. “Policy” kept being thrown around as their out. Wouldn’t even look at my paperwork. 

 

I was in Thailand at the time and they would only send a check to a US address (wouldn’t send a final wire) for my balance in the name of my account with them. That was the only bank under that name so I had to go back to the USA, open a new account and deposit their check. It was a pain. Though, it worked out for a mileage run to keep my status with Star Alliance. 

 

 

I got a check from a closed credit union account not long ago.  I was able to deposit it to my State Department Federal Credit Union using my desktop scanner.  Many banks offer that service now, mostly through a cell phone app.

 

SDFCU is the only bank/cu that I found that would open an account for an expat.

[DrDave]

Just to be clear, Bangkok Bank is not discontinuing their ACH service in the US. What they're doing, effective April 1st, is requiring all ACH transaction to be in IAT (International ACH Transaction) format. This format is supported by institutions such as the Federal Government (e.g. Social Security) and others.  This format is most likely not supported by most US banks, but it's worth a check to see if your particular bank sends their ACH transactions in IAT format. 

[thailand49]

I don't but my brother does,  I haven't heard anything or from him in regards that Bangkok Bank in New York is no longer doing ACH Transfers?  He currently is having his Social Security Checks sent to the Bangkok Bank in New York then it is sent ACH to his Bangkok Bank in Thailand?

[bender92]

On 3/9/2019 at 10:57 PM, 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. 

Discover bank. Open account online and mail them a check or wire money. They do  international wires 

[ajarnmarc]

On 3/9/2019 at 10:57 PM, 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. 

My Kraft Food Credit union is the same, have to present the paperwork signed in person, and get the application online, but signatures have to be submitted from within the U.S. territory.

[ubonjoe]

8 minutes ago, thailand49 said:

I don't but my brother does,  I haven't heard anything or from him in regards that Bangkok Bank in New York is no longer doing ACH Transfers?  He currently is having his Social Security Checks sent to the Bangkok Bank in New York then it is sent ACH to his Bangkok Bank in Thailand?

I assume you mean he is having his SS payments direct deposited to his Bangkok Bank account via New York.

His might stop on April 1st if they are not being send in the IAT format. He should check with Bangkok Bank to confirm the being sent in the IAT format. About 80% are being sent in that format but he could be one of 20% that are not being sent that way.

[1130bobs]

As a US expat, my small bank in Wisconsin was bought out last year.  The new bank could never get the normal electronic transfer operating like the1st, so I could access my account via internet & transfer anything (later 5,000 usd limit) to Bangkok Bank.  But I can call & initiate a wire transfer to myself via Bangkok Bank.   SO,  different banks may allow different transfer methods. I agree, almost no way to open a new account without return in person to USA, & with just a passport (no state drivers license, etc,) it could be hard also.

Bangkok Bank has a branch in NYC, so that would be a good place to open a new account for direct deposit of USA funds.  I will look into this if I ever return to USA.

[kensisaket]

Get a debit card for your U.S. bank account.  Then go to BKK bank accounts desk (you need to go to a bank, not an auxiliary).  They have a debit card machine that you can use to transfer large amounts of money.  My U.S. credit union allows me to transfer $4000 USD per day with no fee on either end.  I remodeled my house last year and transferred over a million baht that way. It's an instantaneous transfer takes less than 2-3 minutes. I'm sure every U.S. bank has differing policies; but, it would be worth looking into.

 

 

Edited March 11, 2019 by kensisaket
more info

[jeffandgop]

10 minutes ago, kensisaket said:

Get a debit card for your U.S. bank account.  Then go to BKK bank accounts desk (you need to go to a bank, not an auxiliary).  They have a debit card machine that you can use to transfer large amounts of money.  My U.S. credit union allows me to transfer $4000 USD per day with no fee on either end.  I remodeled my house last year and transferred over a million baht that way. It's an instantaneous transfer takes less than 2-3 minutes. I'm sure every U.S. bank has differing policies; but, it would be worth looking into.

 

 

I do the same w/BKK Bank. HOWEVER, be cautioned that when you deposit the funds into your BKK Bank your bank book most likely will not reflect that the funds deposited were from outside Thailand, making it useless for supporting annual extensions of stay renewals (if you're are relying upon the 65,000 per month approach....).

[Baerboxer]

On 3/9/2019 at 11:02 PM, 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. 

 

Getting very similar in the UK. Unless you can meet the requirements on their check list, designed for people living in the UK, with UK utility bills, DL etc, then they don't really want to know you. 

 

No appreciation of what it's actually like and entails being an expat, and certainly not bothered in finding out or being flexible.

[elgenon]

On 3/9/2019 at 8:26 AM, 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 used to regularly read posts from an expat who said Schwab transferred his money to Thailand free. No longer does transfers?

[elgenon]

My old bank said to do a wire to Thailand i would have to initiate it while I am in the US because they needed my signature. They have been bought out so don't know now. But the new bank has been a pain for other reasons. 

[Searat7]

2 hours ago, DrDave said:

Just to be clear, Bangkok Bank is not discontinuing their ACH service in the US. What they're doing, effective April 1st, is requiring all ACH transaction to be in IAT (International ACH Transaction) format. This format is supported by institutions such as the Federal Government (e.g. Social Security) and others.  This format is most likely not supported by most US banks, but it's worth a check to see if your particular bank sends their ACH transactions in IAT format. 

I did some searching last week and could not find one major bank which offers IAT to consumers. If anyone does find one they should post here. I also contacted Northern Trust which I use for investments and they told me they would send international wire transfers for free so I will try that soon. 

[rwill]

I have been sending the money to my sister and have her wire it to me.  So maybe if you have a relative or friend you can trust that would be a solution.

 

(Those saying transferwise is cheap are wrong.  For a $50,000 transfer they want about $500.)

[jacko45k]

2 minutes ago, rwill said:

(Those saying transferwise is cheap are wrong.  For a $50,000 transfer they want about $500.)

That is a good point, their charges are a percentage and don't seem to hit an upper limit! Although I think their better exchange rate has got that covered up to amounts I have yet to test!

Edited March 11, 2019 by jacko45k

[rwill]

7 minutes ago, jacko45k said:

That is a good point, their charges are a percentage and don't seem to hit an upper limit! Although I think their better exchange rate has got that covered up to amounts I have yet to test!

I just did a 50k transfer a few days ago.  SCB now calls me to tell me the money has arrived and they need my passport number and expiration date.  She told me the exchange rate was 31.73 but she was giving a 'special rate' of 31.76.  I looked up the exchange rate at that moment and it was showing 31.88.  So they kept about 6,000 baht hidden 'fee'.  So that is about $188 plus the $75 my sister paid for the wire.  Still much cheaper than the $498 transferwise wanted plus I would have had to pay more to have the money wired to transferwise.

[Richard S]

I use bank of America and SCB  I write a check out every month on my account in the USA and present it to my SCB account ..  takes up around 45 days to clear , I keep a surplus of founds in my account at SCB knowing it takes 45 days approx ...  I write one every month around the 6-7 th of the month and have established a monthly deposit to satisfy immigration of funds arriving from overseas ... because the check is made out in dollars and arrives in baht ..  costs around 500 baht for $1500 ...  I also have my USA state pension payed into  Bangkok bank as the USA will only pay into this bank ... so I have 2 accounts showing bank transfers of funds .. 

Edited March 11, 2019 by Richard S

[jacko45k]

14 minutes ago, rwill said:

Still much cheaper than the $498 transferwise wanted plus I would have had to pay more to have the money wired to transferwise.

Which exchange rate did you look up? The posted one for SCB, or the Transferwise current one? I see a difference of about 0.2 baht/£  in favor of TW compared to what BB will be giving me. (On USD I currently see 0.15 baht/$ better). At $50k that is a difference of 7500B or $240 there too. I get free Swift transfers from my UK bank, and I can send money to Transferwise UK account free too. The USA banking system seems restrictive or pricey!

Edited March 11, 2019 by jacko45k

[cardinalblue]

Hard to believe a bank or brokerage house won’t do SWIFT to thailand...you need to verify or switch banks....

 

i have been doing it with ML using Bank of America to UOB for 20 years...

[Jim7777]

It’s easy you just call your bank in the States and manually request an international wire transfer.  I read about a lot of people on this forum making it seem more complicated than it is when it’s extremely simple.  I do it all the time at least once a month.  

[onera1961]

1 minute ago, cardinalblue said:

i have been doing it with ML using Bank of America to UOB for 20 years...

What is ML? I checked BofA for SWIFT but found it's expensive. I send 500USD every week to Bangkok Bank.