New problems sending funds from the US to cover visa extension

[ToddinChonburi]

Transferwise.com

[Jim7777]

4 hours ago, Sheryl said:

 

 

Some banks/credit unions however apparently will not do overseas SWIFT transfers or require the account holder to come to the bank in person. So this is variable by bank.  I can do mine online with follow up email verification questions, no need to call but they are costly. Your Credit Union's charge is unusually low. Most places $40-$50.

And You’re probably right about some of the smaller Credit Unions some of the smaller Credit Unions suck.  But USAA, Navy Federal, and PenFed are all great and very friendly to people like me.  I don’t really like the term “expat” though.  

[Jim7777]

6 minutes ago, ToddinChonburi said:

Transferwise.com

I’ve been looking into transferwise but I’m weary of it I don’t know if I trust those kind of apps yet.  

[moe666]

On 3/10/2019 at 1:51 PM, koratkarlos said:

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.

I have a self managed brokerage fund, I send all my withdrawals to my credit union and then transfer from there. I have a house in the US daughter lives there so this gives me an address in the US. I live in Thailand but my official home of address is in the states

[TallGuyJohninBKK]

48 minutes ago, Jim7777 said:

The low International wire transfer fees are just one of the benefits of using a military Federal Credit Union I guess it’s just a benefit of being retired military because most of my banking services are totally free with either USAA, Navy Federal Credit Union, and PenFed because I’m retired military and a disabled veteran.  I know it’s definitely not the same with private banks like BOA ETC.  I also get paid a day early with PenFed that’s how all Federal Credit Unions treat Active Duty Military, retired military, and all veterans pay it comes through a day early every month.  Just some of the benefits of being retired military and using a Federal Credit Union.  Most Federal Credit Union Services are free for Active Duty Military, retired military like me, and all veterans and the services that we do pay for such as International wire transfer fees are normally a lot cheaper than normal banks. I actually didn’t know that my wire transfer fees were cheaper until I saw your post and another post.  

 

One of the bad things about relying on PenFed, depending on how you use their account, is their checking debit card has I believe a 2% foreign currency fee when used outside the U.S. or for foreign source purchases, which is higher than I'd expect for a military related FCU.

 

One of the good things about dealing with Navy Fed is lately they've had a running succession of very good CD special offers. I think one of the more recent ones as a 17 month, 3.25% CD. And they've had another one that I believe hit 4% for multiple years, but it was only for IRA funds, not regular funds.

 

[gentlemanjackdarby]

9 hours ago, 1130bobs said:

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.

Still working my way through the thread, so I apologize if someone else has already replied:

 

The Bangkok Bank branch in NYC doesn't hold a charter as a retail bank, which means they can't open accounts for individuals.

 

They are a commercial bank

 

The way BBNY was (is) receiving ACH transfers from other U.S. banks to folks' accounts in Thailand was by using the ACH routing number of BBNY and the individual's account number in Thailand. Folks did not have accounts at BBNY - it was simply an ACH pass-through to the account in Thailand.

 

Effective April 1st, BBNY will no longer accept ACH deposits UNLESS they are coded in IAT (International ACH) format - that is the responsibility of the payor of one's deposit, e.g., U.S. Social Security or XYZ Corporation and currently, to the best of my knowledge, no bank in the U.S. offers the ability to send IAT ACH transfers to individual account holders.

[TallGuyJohninBKK]

15 minutes ago, gentlemanjackdarby said:

Schwab previously offered the Symantec VIP token, which is a small token that can be taken anywhere and a PIN is generated by pushing a button and is now offering the Symantec VIP app on a smartphone.

 

I've been a Schwab customer for a while, so I've used the physical token, which I prefer; no idea if Schwab is still offering that to new folks who opt to turn on two-factor authentication for their account or whether it's just the Symantec app on a smartphone.

 

As far as I know, Schwab is still making available both... I had a conversation with them about that a couple months back.

 

I didn't, and don't, like to carry the physical security tokens around with me when I'm traveling away from home, so I wanted something in the way of an alternative. Their answer was to use the Symantic VIP app on my Android phone and link it to the Schwab account. And it did indeed work just fine for the duration of my trip.

 

Another advantage to using one or the other of those is when you do, their online fraud detection system isn't so fussy about seeing different IP address, or foreign IP address, log-ins as compared to someone just logging in without either of those security devices. So they also end up helping the accountholder avoid any potential issues with having their online access frozen because some out of the ordinary internet thing tripped their security system.

 

 

[Jim7777]

4 hours ago, TallGuyJohninBKK said:

 

I'd say the normal range for international wires from the U.S. is from about $25 on the low end up to $60 or so on the high end at some places...  And probably the larger mega banks mostly in the $40-$60 range...  Offset by some brokerages that offer free or very low cost international xfers, and a few smaller banks and some CU's that have the $25 to $30 fees.

 

The problem is, even a lot of U.S. expats, for reasons that totally escape me, still do their retail banking with the BofAs, Chases, Citis, Wells Fargos, etc etc... And they're some of the worst when it comes to high intl wire transfer fees.

 

 

I never knew that the regular banks charged that much for International wire transfer fees.  I’ll definitely be staying with PenFed and Navy Federal for sure.  Thanks.  

 

And again I highly recommend that the OP call PenFed and try to open an account over the phone as I did back in January.  Like I said I didn’t have to show any identification I only had to send them the signature cards that are required by US law and that was it.  PenFed opened my accounts over the phone in literally five minutes and I wasn’t expecting it to be that easy.  

 

I had my VA and my retired military pension payments set up by Direct Deposits before I even sent them back the signature cards, and I already had my new debit card before I even sent them the signature cards, so it’s definitely worth a try for the OP he has till April 1st so he still has time and yes PenFed is open to the public as well.  Now that I fully understand his situation I think it’s good advice for him.  

[Jim7777]

15 minutes ago, TallGuyJohninBKK said:

 

One of the bad things about relying on PenFed, depending on how you use their account, is their checking debit card has I believe a 2% foreign currency fee when used outside the U.S. or for foreign source purchases, which is higher than I'd expect for a military related FCU.

 

One of the good things about dealing with Navy Fed is lately they've had a running succession of very good CD special offers. I think one of the more recent ones as a 17 month, 3.25% CD. And they've had another one that I believe hit 4% for multiple years, but it was only for IRA funds, not regular funds.

 

YES, that’s also true about PenFed when I use my PenFed debit card there is a higher foreign transaction fee and I have noticed that but I very rarely ever use my PenFed debit card in Thailand I mostly just use it for iTunes and online shopping but every once in a while I might use it here in Thailand.  I mostly just use my local SCB debit card with the Master Card logo on it so I usually don’t have to worry about foreign transaction fees which is another advantage to using a Thai bank account.  There are pros and cons to everything nothing is ever gonna be perfect.  

[kiteman9]

Advice to senders using US bank internet banking services

If you have a U.S. bank account, you can conveniently transfer funds to a recipient's bank account at Bangkok Bank in Thailand via the internet by completing the steps described below for an international ACH transaction (IAT). International ACH payments are processed in accordance with operating rules and formats developed by the Electronic Payments Association (NACHA).

The IAT is a special code (a Standard Entry Class or “SEC” Code) for ACH payments that enables financial institutions such as Bangkok Bank to identify and monitor international ACH payments and to perform screening to ensure compliance with Office of Foreign Assets Control (OFAC, U.S. Department of the Treasury) requirements.  The NACHA  rules require Bangkok Bank’s New York Branch which serves as intermediary, to ensure that payments that are transmitted to account of beneficiary in other country are appropriately classified as IATs and contain information as described below.

 

Bangkok Bank, New York Branch, is required to receive the ACH transactions in the required IAT format.  This means that we must require that senders who wish to transmit funds to recipients at Bangkok Bank in Thailand to provide certain identifying information.

 

Instructions

To initiate a such an international transaction , using internet banking when you log on to your bank in U.S. website, please select the International ACH and provide the following information to your bank:

Your name and physical address in Thailand

Your bank account number and the name and address of your Bangkok Bank Branch in Thailand

The 9-digit routing number 026008691 of Bangkok Bank New York Branch, which acts as intermediary in the transaction. 

 

Important Note: 

As some bank in U.S. may not provide the International ACH thorough their internet banking, please contact your bank on how to process your transfer.

Once Bangkok Bank’s New York branch receives the payment with the appropriate IAT format, they will process your payment to Bangkok Bank in Thailand for further credit to a recipient's bank account at Bangkok Bank in Thailand.

With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned.       

Bangkok Bank in Thailand will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in your transfer instruction from the banks in the U.S. matches the recipient’s name and account number at Bangkok Bank.

[sfokevin]

10 minutes ago, kiteman9 said:

As some bank in U.S. may not provide the International ACH thorough their internet banking, please contact your bank on how to process your transfer.

Kiteman9... No one has yet to find ANY US bank that will process an ACH in the IAT format... 

[Sheryl]

53 minutes ago, Jim7777 said:

I’ve been looking into transferwise but I’m weary of it I don’t know if I trust those kind of apps yet.  

 

Problems with ensuring reliable consistent coding asa foreig ntransfer need to eb resolved before I would advise anyone relying in 65k/mon method tio use TW.

 

Also should note that TW USA is nto as smooth sailing as TX UK seems to be. Many people have problem (including me). Not everyone, but a lot.

[gentlemanjackdarby]

9 hours ago, rwill said:

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.)

Transferwise is less expensive than a wire transfer for those folks just trying to meet the monthly income minimum of THB 65,000 (about USD 2,100)

 

And at this point, the understanding is that Thailand Immigration is requiring a minimum THB 65K transfer each and every month; no transferring large amounts periodically (to save on wire transfer fees) and averaging the amount, which means folks using the income method have to make a transfer each month

 

With wire transfers, the more one transfers, the lower the cost (as a percentage of the amount transferred) which somewhat eases the pain of the cost, since that doesn't change and still sticks in my throat a bit since my banks run around USD 50.

 

For someone just able to make the THB 65K transfer, that's about 2.38% not counting any 'haircut' one might get from the poor exchange rate one usually gets unless transferring USD. And, of course, the fee is still USD 50 which, at the end of the day, is USD 50 or USD 600 over a year.

 

Of course, with a wire transfer, one gets rock-solid proof that the transfer was an international transfer and unlikely to have 'difficulties' receiving the money, as some have reported with Transferwise

[gentlemanjackdarby]

9 hours ago, Sheryl said:

Now that is very interesting. I never even thought of depositing a check. How does it work? Do you just go to the teller or do you need to go to the foreign exchange counter first?

And does the deposit get coded FTT?

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app
 

I started a thread in early February posing that question, but there wasn't much of a response.

 

https://forum.thaivisa.com/topic/1082694-alternative-method-to-meet-thb-65k-monthly-foreign-income-deposit-requirement/

 

I think it's a viable option so long as one pays strict attention to the timing of the deposit and the check clearing.

 

Banks being what they are, I'd expect that a foreign check would have a designation on one's statement indicating that it's, well, a foreign check, i.e., something along the line of 'foreign item for collection' which, in most people's thinking (not necessarily Thai Immigration's) would prove that the funds came from outside the country.

[gentlemanjackdarby]

7 hours ago, TallGuyJohninBKK said:

 

I'd say the normal range for international wires from the U.S. is from about $25 on the low end up to $60 or so on the high end at some places...  And probably the larger mega banks mostly in the $40-$60 range...  Offset by some brokerages that offer free or very low cost international xfers, and a few smaller banks and some CU's that have the $25 to $30 fees.

 

The problem is, even a lot of U.S. expats, for reasons that totally escape me, still do their retail banking with the BofAs, Chases, Citis, Wells Fargos, etc etc... And they're some of the worst when it comes to high intl wire transfer fees.

 

 

I'll agree with you on the high end, but one of the things to watch out for on the banks and brokerages quoting the low end is that that low amount is their fee only; if one reads the fine print, some of those banks say that if there's an intermediary bank somewhere along the way (which is to be expected for most banks and CUs other than the largest), there will be extra charges - I know USAA does this and they do disclose it (relatively) clearly while Fidelity is much more wishy-washy.

 

One of the reasons for using what I call 'heavy-hitter' banks while living abroad is that they generally are more used to dealing with folks living outside the U.S.

 

I have set up accounts at 3 of the 4 that you mention in anticipation of 'extended travel' when I retire and they all offer things that my local piss-ant bank can't:

 

Citi, BofA, and Chase all offer the ability to make wire (SWIFT) transfers from their online banking - no completing paper forms and/or faxing or showing one's face in the branch to get it done. It's costly, but I wanted that capability just in case something like 'verified' foreign transfers were required somewhere along the line;

 

Citibank offers Global Transfers, which allow one to make transfers, online, in real-time, and for free, from one's home country Citi account to one's Citi account in an awful lot of foreign countries, including Thailand and the PI, which are of particular interest TO ME. HSBC also offers that same service, but HSBCs are thin on the ground in the U.S. (and not all that common in countries of interest TO ME) and one must have a fairly high balance to avail of that for free - Citi offers that on their lowest accounts for free;

 

Citi is located in most of the countries in SE Asia and in some countries they have ATMs with no fees; granted, they're not on every street corner, but at least they're there. 

 

BofA offers 'real' TFA (two-factor authentication) to access my account online EVERY TIME and using a physical device (SAFE PASS), which is a step-up from TFA on an app on a phone and a lot better and more reliable than SMS verification. TFA is very important TO ME

 

Chase offers free international wire transfers to their 'private client' customers but, IN MY OPINION, a brokerage such as Charles Schwab is a much better place to put that much money (USD 250,000, but my local Chase banker was willing to offer it to me for significantly less) since Schwab offers a much larger range of investment options and I find their site much easier to use; however, some folks with a lot more money than I have might find the Chase option appealing

 

In some countries, the 'heavy hitter' banks may not need an intermediary bank for wire transfers, saving a bit on fees and making for faster transfers; for example, Wells Fargo has a close relationship with BPI and several other banks in the PI as well as Vietinbank and Vietcombank in Vietnam through their remittance service.

[TallGuyJohninBKK]

9 minutes ago, gentlemanjackdarby said:

Citibank offers Global Transfers, which allow one to make transfers, online, in real-time, and for free, from one's home country Citi account to one's Citi account in an awful lot of foreign countries, including Thailand and the PI, which are of particular interest TO ME. HSBC also offers that same service, but HSBCs are thin on the ground in the U.S. (and not all that common in countries of interest TO ME) and one must have a fairly high balance to avail of that for free - Citi offers that on their lowest accounts for free;

 

Citi is located in most of the countries in SE Asia and in some countries they have ATMs with no fees; granted, they're not on every street corner, but at least they're there. 

 

If I recall from past inquiries with CitiBank Thailand, access to their Global Transfers system is only provided with pretty high deposit balance accounts. And I think it's similar with Citi in the U.S.   Though if you want to pay them $50 or $60 for regular wire transfers, they're happy to take your money.  From distant memory, I'm also vaguely recalling Citi also charges a foreign currency conversion fee on those kinds of global transfers.

 

 

[gentlemanjackdarby]

7 hours ago, The Theory said:

What I don’t understand is:

If the Bangkok Bank New York does the change from ACH to IAT, why don’t do it to all transfers ?!!

And domestic transfers to BKK bank New York/Thailand will be in trouble (will be rejected) as well. 

 

 

 

 

The IAT ACH standards that are giving BB NY users fits are simply a change to the ACH record layout requiring the initiator of the ACH payment, for example, one's employer (in the case of one's wages) or one's pension payor (in the case of a monthly pension), to complete additional fields in the ACH record, specifically, more information about where the payment is going to end up and to whom it's ultimately going that is not required in a domestic ACH transfer (an ACH transfer that starts and ends with sender and receiver both under U.S. jurisdiction).

 

On the payor's side, if they choose to offer it, it likely requires significant changes to their internal procedures (for example, payroll) and to their processing software; changing procedures typically isn't expensive but it is time consuming while modifying software is usually both time consuming and expensive.

 

In other words, it's the sender of a payment that needs to make a change to conform to the IAT standards, NOT the U.S. bank sending the payment nor the U.S. bank receiving the payment (in this case BB NY) and, obviously, not the U.S. ACH system

[gentlemanjackdarby]

7 minutes ago, TallGuyJohninBKK said:

 

If I recall from past inquiries with CitiBank Thailand, access to their Global Transfers system is only provided with pretty high deposit balance accounts. And I think it's similar with Citi in the U.S.   Though if you want to pay them $50 or $60 for regular wire transfers, they're happy to take your money.  From distant memory, I'm also vaguely recalling Citi also charges a foreign currency conversion fee on those kinds of global transfers.

 

 

In the case of Citi Thailand, the minimum TO OPEN an account is THB 1,000,000 (about USD 31,500); it seems there MIGHT be some wiggle room on the balance once the account is opened, i.e., let the balance drop and pay a monthly fee.

 

In the case of Citi Philippines, the minimum TO OPEN an account is PHP 1,000,000 (about USD 19,000)

 

In the U.S. as far as I can see (and I have a Citi account), Global Transfers is available to anyone with an account for free - there are no disclosures on the Citi website as there are on the HSBC site detailing a minimum balance (for free) or fees (for those below the minimum balance.

 

Citibank allows the Global Transfer to be made is USD, assuming one has a USD account at the receiving Citibank, so currency conversion losses aren't really a problem

 

The minimum balance at Citi Thailand is really not that much above the fixed deposit requirement for a retirement extension of THB 800,000 (about USD 25,000) and Thailand is 'nice' in that they allow the fixed deposit to be at any bank in Thailand, unlike, for example, the PI, which restricts the fixed deposit for their SRRV to certain banks, of which Citi is not one.

 

The biggest problem, FOR ME, with having a largish fixed deposit in a bank in Thailand is that in Thailand, unlike the U.S., one can't designate an account beneficiary so that when one dies, the account balance is transferred to the beneficiary with just a death certificate, eliminating the need for courts and lawyers.

[TallGuyJohninBKK]

3 hours ago, gentlemanjackdarby said:

In other words, it's the sender of a payment that needs to make a change to conform to the IAT standards, NOT the U.S. bank sending the payment nor the U.S. bank receiving the payment (in this case BB NY) and, obviously, not the U.S. ACH system

 

There are two different scenarios that operate differently on this:

 

A. is the retail account consumer accountholder who wants to send an international ACH thru their own U.S. bank's online banking setup.

 

B. is big institutions like the federal government or some pension providers who are themselves the ones initiating the payment and then sending those thru the bank systems.

 

Re A, I'd be happy to provide any of my U.S. banks with the additional details that IAT requires of them, but as is well known by now, pretty much NONE of them have built into their online banking systems any ability for consumers to originate IATs. In this case, it's absolutely the U.S. banks that have failed to provide access to the IAT system to their consumer customers.

 

Re B, the big payors scenario like with the federal government is more the kind of situation that you're describing above, where the non-bank sender of the payment needs to add the required additional info particularly for the recipient details to the transaction information in order for the banks to meet their obligations.

 

Bottom line, I've never heard or seen any explanation of why the consumer banks have failed to provide access to their customers to an IAT system that's probably now about 10 years old. My only guess and assumption is, they're happy to continue collecting often steep traditional international wire transfer fees as they've always done, and don't see any need to do anything different.

 

Edited March 11, 2019 by TallGuyJohninBKK

[gentlemanjackdarby]

1 hour ago, TallGuyJohninBKK said:

 

There are two different scenarios that operate differently on this:

 

A. is the retail account consumer accountholder who wants to send an international ACH thru their own U.S. bank's online banking setup.

 

B. is big institutions like the federal government or some pension providers who are themselves the ones initiating the payment and then sending those thru the bank systems.

 

Re A, I'd be happy to provide any of my U.S. banks with the additional details that IAT requires of them, but as is well known by now, pretty much NONE of them have built into their online banking systems any ability for consumers to originate IATs. In this case, it's absolutely the U.S. banks that have failed to provide access to the IAT system to their consumer customers.

 

Re B, the big payors scenario like with the federal government is more the kind of situation that you're describing above, where the non-bank sender of the payment needs to add the required additional info particularly for the recipient details to the transaction information in order for the banks to meet their obligations.

 

Bottom line, I've never heard or seen any explanation of why the consumer banks have failed to provide access to their customers to an IAT system that's probably now about 10 years old. My only guess and assumption is, they're happy to continue collecting often steep traditional international wire transfer fees as they've always done, and don't see any need to do anything different.

 

You've laid it out nicely and I agree 100%

 

I took a look at the record layout, which is public, provided by the folks that run the ACH and the additional fields to be completed for an IAT ACH as well as a couple of fields that would require different values to designate an IAT ACH don't seem to me to be a big deal.

 

As far as the banks making it available to consumers, it seems to me that whether one wishes to make an IAT ACH either as payment for goods or services, as one would do now for, as an example, paying one's electric bill or making a transfer to one's overseas bank account, as one would do now when making a transfer to the bank across town, would only require minimal 'tweaking' to the existing customer-facing interface on the website and likely adding those fields to the data table used by the interface and mapping those fields to the ACH record. Doesn't seem like a big deal to me.

 

One wrinkle that would need to be addressed would be handling any currency conversion, although that's likely already been addressed by the payment gateways - hell, I'd be happy if it was USD -> USD or reject the transfer, since that's easily handled by simply getting an overseas USD account. Of course, there will be those people who would insist on a currency conversion, but the banks could, just as they do now, recover some of their costs from those folks.

 

Of course, there will be some entities who'd scream that allowing consumers to make almost-free payments and transfers outside of the U.S. would 'fund terrorists' or 'fund social systems not in keeping with U.S. values' or some other BS, but those folks can already be funded by wire transfers or, simplest of all, PayPal. After all, one can pretty much send money to anyone (angel or demon) with an e-mail address using PayPal right now.

[streetlite]

On 3/10/2019 at 12:24 AM, griedarw said:

Register an account with Transferwise.

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

I've been in communication with TW for a month concerning how the deposits show as International transfers to my Bangkok bank. They do NOT guarantee that it shows because we cannot designate the bank that they send from. It is a hit or miss issue using TW. Everyone who has been using this system needs to address it to TW so they will give us a choice of which of their accounts to use when transferring to our accounts. Some exerts from my communication:

 

"When we send funds out to your recipient, the money will come from our local bank account in that country. For example, when we send to recipient’s in Thailand, the money will be sent from our local Thailand account. Being that the money is coming from a local bank account in that country, it would not be an international transfer and won’t appear this way."

 

"Unfortunately we are unable to signify exactly which partner bank will be used, as the system determines the use of one due to a multitude of factors.

However, I’m happy to raise this feedback to the relevant team.

Additionally though, would a transfer receipt or borderless account statement work to prove the money came from an international source? The receipt for a transfer would show the beginning to end, for example, showing USD to THB. The statement would show the USD being added and then being converted into another currency within your account."

Immigration will not allow you to use receipts or statements. They want to see a bank printout only, at this time. Adjustments need to be made somewhere.

[oceanbreeze851]

Thank you for starting this topic. I have been to Thailand many times but we have not moved to Thailand. We plan on moving next year. I have started my Charles Swab checking account and I will transfer my 401K to the brokerage account next year. My US address will be with my sister in Florida. I have not checked with Charles Swab about wire transfers but I can use my debit card with free atm fees. I will look at

Aspiration.com. Maybe transfer money from Charles Swab to Aspiration and then transfer to a bank in Thailand. I plan to get my marriage visa before leaving the USA and then deposit 400,000 baht to a bank when I meet the requirements needed to open said bank account. I will also look at USAA, Penfed, Navy FCU as I am retired military for funds transfer. Also, I have used XE Money Transfer in the past.  You fill out the request online, provide the starting bank account and ending bank account number and swift number. You have to call the company to verify you know where the money is going. This whole process takes about a week for the money to be removed from 1 account and to be deposited to the account in Thailand. The total cost is less than 1 baht per dollar sent. You can specify the starting dollar amount or the specific receiving baht amount. 

[Lee4Life]

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. 

Not all financial institutions in the U.S. are that way. My bank allows remote wire transfers, the remote wire transfer can be initiated by a phone call in which a prearranged ID and Password are used and then special codes that represent the amount you wish to transfer.

  I know this doesn't help the immediate situation, but is it possible for you to change financial institutions in the U.S. to one which will work better for you? 

[skatewash]

5 hours ago, streetlite said:

I've been in communication with TW for a month concerning how the deposits show as International transfers to my Bangkok bank. They do NOT guarantee that it shows because we cannot designate the bank that they send from. It is a hit or miss issue using TW. Everyone who has been using this system needs to address it to TW so they will give us a choice of which of their accounts to use when transferring to our accounts. Some exerts from my communication:

 

"When we send funds out to your recipient, the money will come from our local bank account in that country. For example, when we send to recipient’s in Thailand, the money will be sent from our local Thailand account. Being that the money is coming from a local bank account in that country, it would not be an international transfer and won’t appear this way."

 

"Unfortunately we are unable to signify exactly which partner bank will be used, as the system determines the use of one due to a multitude of factors.

However, I’m happy to raise this feedback to the relevant team.

Additionally though, would a transfer receipt or borderless account statement work to prove the money came from an international source? The receipt for a transfer would show the beginning to end, for example, showing USD to THB. The statement would show the USD being added and then being converted into another currency within your account."

Immigration will not allow you to use receipts or statements. They want to see a bank printout only, at this time. Adjustments need to be made somewhere.

Well, it looks like people complaining to TW has had an effect.  There's now a "manual" way to do what you are trying to do (guarantee that the TW ends up being coded as international) and TW are working on a more permanent solution for the future.

Details here:

 

https://forum.thaivisa.com/topic/1086999-using-transferwise-money-service-to-move-money-from-foreign-bank-to-thai-bank-for-new-visa-requirements/?do=findComment&comment=13902703

 

[Pib]

22 hours ago, Sheryl said:

But no added charge/fee?

I'm currently using the 800k method but need a cost-effective way to bring in additional funds for living costs. I have some lead time before more funds needed so taking time to clear would be OK.

Never even thought of a check! If it works and entails no fee I'll have to order more from my bank. Certainly better than paying $45 a pop for Swift transfer when not needing the funds immediately.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app
 

Yes, there is a charge/fee in the $15/Bt400 to $25/Bt500 ball park, you get the Sight Bill/Cheque Exchange rate which is around 0.1 to 0.2 baht lower than the TT Buying Rate used for incoming international transfers, and it take 2 to 6 weeks for a check to clear.  See example fees below from Bangkok Bank and Krungsri Bank....other Thai banks have very similar fees.

 

Bangkok Bank Cheque Collection Fee

 

Krungsri Bank Cheque Collection Fee

 

[marcusarelus]

2 hours ago, oceanbreeze851 said:

Thank you for starting this topic. I have been to Thailand many times but we have not moved to Thailand. We plan on moving next year. I have started my Charles Swab checking account and I will transfer my 401K to the brokerage account next year. My US address will be with my sister in Florida. I have not checked with Charles Swab about wire transfers but I can use my debit card with free atm fees. I will look at

Aspiration.com. Maybe transfer money from Charles Swab to Aspiration and then transfer to a bank in Thailand. I plan to get my marriage visa before leaving the USA and then deposit 400,000 baht to a bank when I meet the requirements needed to open said bank account. I will also look at USAA, Penfed, Navy FCU as I am retired military for funds transfer. Also, I have used XE Money Transfer in the past.  You fill out the request online, provide the starting bank account and ending bank account number and swift number. You have to call the company to verify you know where the money is going. This whole process takes about a week for the money to be removed from 1 account and to be deposited to the account in Thailand. The total cost is less than 1 baht per dollar sent. You can specify the starting dollar amount or the specific receiving baht amount. 

Read a review of Aspiration holding accounts hostage and no customer service to open back up.  Google Aspiration review.  

[Sheryl]

Thanks Pib.

That makes it rather less appealing. Though still an option.

Hopefully SS IDD will come online as that will largely solve my problem.

Re SS IDD, 2 questions:

1. I know that BB requires a separate account for this which can only be withdrawn from in person. Do you know if that is a Bank rule or a SS rule?

2. When one has such an account us it an issue uf some time (e.g. several months) passes beforw you come in to withdraw the money? I'm out of the country a lot.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[Sheryl]

Thank you for starting this topic. I have been to Thailand many times but we have not moved to Thailand. We plan on moving next year. I have started my Charles Swab checking account and I will transfer my 401K to the brokerage account next year. My US address will be with my sister in Florida. I have not checked with Charles Swab about wire transfers but I can use my debit card with free atm fees. I will look at
Aspiration.com. Maybe transfer money from Charles Swab to Aspiration and then transfer to a bank in Thailand. I plan to get my marriage visa before leaving the USA and then deposit 400,000 baht to a bank when I meet the requirements needed to open said bank account. I will also look at USAA, Penfed, Navy FCU as I am retired military for funds transfer. Also, I have used XE Money Transfer in the past.  You fill out the request online, provide the starting bank account and ending bank account number and swift number. You have to call the company to verify you know where the money is going. This whole process takes about a week for the money to be removed from 1 account and to be deposited to the account in Thailand. The total cost is less than 1 baht per dollar sent. You can specify the starting dollar amount or the specific receiving baht amount. 

Are you sure Aspiration can do outgoing international transfers? I don't see mention on their wrbsite. Also what is required and what fee?

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[riclag]

On 3/11/2019 at 3:57 AM, JimmyJ said:

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.

 

 

I have read some of your comments on page 5 . I had a B of A  Merrill Edge brokerage account. One day I decided to change some mutual funds  on the advice of a CSR. He said no problem you can do this online. I said I prefer that he manage it because I was out of the country traveling. He insisted I could perform these changes online. I did. One week later my account was closed. I explained what transpired but they held their ground.

 

[riclag]

It appears some of the institutions are being discriminate in their transferring practices (living abroad and having a US residence).

 

The ACH BKK BK NY setup was nice in the respect that you didn't have to state a reason why one needs to transfer monies. 

I'm curious now seeing that I use swift transfers(Etrade $25).I use Travel expenses as a reason .So using 12 transfers a year with travel expenses as a reason could send up red flags,another thing to stress about.It would probably be wise to split these transfers up with another institution .