New problems sending funds from the US to cover visa extension

[55Jay]

13 hours ago, gentlemanjackdarby said:

//snip// 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.

Yup, don't think that exists here.  My Schwab and TDA accounts in US are flagged as "TOD", Transfer on Death.  A really handy feature, presuming it works as advertised.

Edited March 12, 2019 by 55Jay

[TallGuyJohninBKK]

2 hours ago, Pib said:

it take 2 to 6 weeks for a check to clear.

Re the foreign checks deposit idea, that kind of variation in deposit timeframes -- should there actually be those kind of variations -- could be a real headache/potential killer for anyone relying on Immigration's required monthly Thai bank deposits method.

 

Because when Immigration says "monthly," in this instance, they do appear to mean each and every month of the prior 12 months, without fail or exception.  At best, it would require very careful and close monitoring throughout the year, and if a particular check happens to be headed toward being late in being deposited here, making some other kind of hasty replacement transfer.

 

 

Edited March 12, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

1 hour ago, riclag said:

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 .  

 

That's another facet of this debacle that has yet to play out, because we're still in the early days....

 

But as you point out, an accountholder at a particular bank or brokerage in the U.S. doing monthly foreign wire transfers, month after month endlessly in a reasonably substantial amount such as $2K each month, might well end up raising status questions at some point, depending on the particular institution.

 

That's why, as I've been thinking about this, I had pretty much decided, if I ever needed to go the monthly deposits route, I'd do my best to arrange to be doing the transfers from some U.S. account where I do NOT have substantial holdings, e.g., not from my main brokerage accounts or places where I have large/significant deposits...  That way, if something ended up turning south, an account closure or freeze would not have a significant impact.

 

[Pib]

1 hour ago, Sheryl said:

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
 

1.  I think it was a bank rule to keep the US Treasury and pension paying agency such as the SSA happy that the bank took extra efforts to deter fraudulent activity like a pensioner passing away but the spouse (or any joint account holder if allowed)  intentionally or unintentionally failing to promptly notify the US govt that the dear pensioner was quietly barbecued  at the local temple which would have terminated monthly benefit payments.   Make the US Treasury/govt agency feel secure in even though the funds are really leaving the US via ACH (i.e, Bkk Bk NY relaying the funds overseas) that Bangkok Bank is taking extra efforts to ensure no fraudulent activity occurs, US govt can recover any over-payments, etc.  Yes I know in the U.S. that benefit payments can go to joint accounts, but in the U.S. a pensioners death is quickly reported by multiple agencies (and usually family) and US laws allows easy recovery of over-payments within US borders.  But it gets much harder trying to recover money that is sent to foreign countries with no restrictions on the accounts.  Banks in the Philippines have the same policy as Bangkok Bank regarding direct deposit of US govt payments via ACH....i.e.., no debit card, must physically appear at a branch to withdraw funds, etc.  Retirees in the Philippines used Philippines banks in Los Angeles and Guam routing number to get their payments into their Philippines bank accounts.....basically was doing the same thing as what Bangkok Bank does via it's NY branch.  I don't know if those Philippines banks in LA and Guam are cutting off non ACH IAT transfers also.  But I bet they are.  Plus IDD for the Philippines supposedly started mid 2018 but hard to find an info on how it's going....what restrictions, if any, Philippines banks apply to IDD.....maybe the same as ACH....maybe none.  We'll just have to wait and see what if any fine-print applies to IDD for Thailand.  The impression I got from a Bangkok Bank point of contact is the IDD should allow debit cards and not require in person withdrawals---but as said we need to wait for the details to be released.  The difference between the IDD program and ACH program polices/rules is just different. 

 

2.  US govt payments going into the current Bangkok Bank special Direct Deposit account for payment via ACH and I expect whatever special account "might" be required for IDD can set in the account as long as desired....just like a regular account. 

[Sheryl]

Thanks!

 

So it would work for me though I'd need to keep a good "cushion" in the regular savings account (aside from the 800K already set aside in a FD) to cover online payments made while out of the country and unable to get to the bank in person.

 

 

[Pib]

8 minutes ago, Sheryl said:

Thanks!

 

So it would work for me though I'd need to keep a good "cushion" in the regular savings account (aside from the 800K already set aside in a FD) to cover online payments made while out of the country and unable to get to the bank in person.

Well, as said, we'll have to wait and see what restrictions may apply.  With the Bangkok Bank current Direct Deposit savings account you can not use ibanking to transfer funds out of the account like if you want to send me some money or just pay a bill.   Instead, you must physically  visit any branch to withdraw/transfer funds....like maybe wanting to transfer funds to a "regular" savings account so you can pay bills from that account, have a debit card with that account, etc.   We just need to standby to see what IDD for Thailand will allow...but my gut tells me IDD will be less restrictive and will have more choices than just Bangkok Bank once IDD gets fully up to speed.

[gentlemanjackdarby]

5 hours ago, 55Jay said:

Yup, don't think that exists here.  My Schwab and TDA accounts in US are flagged as "TOD", Transfer on Death.  A really handy feature, presuming it works as advertised.

I've been involved in several 'TODs' when elderly relatives have passed on and the process in all of them was fast and problem-free, since we had the required documents, which were just an original death certificate and the beneficiaries ID.

 

No asking for additional forms, such as a copy of a house deed or pictures of us standing in front of it, no trips to an embassy, etc.????

 

Your results may vary, but they likely won't - U.S. financial institutions have that down

 

The banks didn't even make a sales pitch to get us to keep the money with them

 

An FYI for those that may not be aware: It's up to the account owner to designate a beneficiary while still living and that just involves completing a form at the bank, brokerage, etc. Banks SHOULD ask their customers to make a designation when the account is set up or periodically down the road if one isn't designated at set up, but typically don't

 

My pension provider and deferred-compensation administrator do that routinely for those folks who have not made a designation.

[gentlemanjackdarby]

4 hours ago, TallGuyJohninBKK said:

 

That's another facet of this debacle that has yet to play out, because we're still in the early days....

 

But as you point out, an accountholder at a particular bank or brokerage in the U.S. doing monthly foreign wire transfers, month after month endlessly in a reasonably substantial amount such as $2K each month, might well end up raising status questions at some point, depending on the particular institution.

 

That's why, as I've been thinking about this, I had pretty much decided, if I ever needed to go the monthly deposits route, I'd do my best to arrange to be doing the transfers from some U.S. account where I do NOT have substantial holdings, e.g., not from my main brokerage accounts or places where I have large/significant deposits...  That way, if something ended up turning south, an account closure or freeze would not have a significant impact.

 

I've considered that and I'm leaning toward having my son make the monthly transfer from time-to-time since, if it came down to it, he could show his face at the bank to prove he's living in the U.S.

 

I lean toward designating the transfer as 'monthly expenses' - for all the bank knows, I'm just a kid traveling around and my son is the dad paying for it. Nice change!

 

Great idea though about using an 'unimportant' account to make the transfers

[55Jay]

Just now, gentlemanjackdarby said:

I've been involved in several 'TODs' when elderly relatives have passed on and the process in all of them was fast and problem-free, since we had the required documents, which were just an original death certificate and the beneficiaries ID.

 

No asking for additional forms, such as a copy of a house deed or pictures of us standing in front of it, no trips to an embassy, etc.????

 

Your results may vary, but they likely won't - U.S. financial institutions have that down

 

The banks didn't even make a sales pitch to get us to keep the money with them

 

An FYI for those that may not be aware: It's up to the account owner to designate a beneficiary while still living and that just involves completing a form at the bank, brokerage, etc. Banks SHOULD ask their customers to make a designation when the account is set up or periodically down the road if one isn't designated at set up, but typically don't

 

My pension provider and deferred-compensation administrator do that routinely for those folks who have not made a designation.

Thanks, I've been meaning to search and read up on it.  My financial advisor/staff does the paperwork drill between me and the brokerage outfits but last time I was in the States, asked them how it would actually work - wife being a foreigner, living on the other side of the planet.  They got quiet, hadn't dealt with that situation before but said she could simply contact them and work through it. 

 

I need to gin up some Cliff Notes for her, POC details, what to do, etc., leave it in the safe with all the other stuff.  Be nice to have a similar arrangement for the main Thai bank accts here.  Only joint accts we have are the secondary accounts with ATM access. 

[riclag]

Using the Bkk Bk NY ach we didn't need any justifications. Now with swifts we must have a reason for transferring monies  ,travel expense,monthly expenses etc.

Anymore?

When I set up my Etrade swift ($25) after finding out about the NY bank Apr 1 topic. I suggested to the CSR for a reason (living expense,he said, no!)

Edited March 12, 2019 by riclag

[JimGant]

On 3/11/2019 at 7:37 PM, gentlemanjackdarby said:

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 now a $2100 TW transfer costs about $18 -- where the soon-to-be-defunct ACH transfer thru Bangkok Bank NY cost $16 ($10 upfront NY, $6 back-end [200 baht]). And the 2 buck difference would be absorbed by the better TW FX rate. So, we now have a wash. So, quit crying about sending money to Thailand monthly to meet the new Immigration rules -- it won't be a hit on your pocket. Only larger sums sent (like $30k for a new car) would be superior by ACH -- but a $30k SWIFT transfer, even at $45, would significantly trump Transferwise. My only complaint would be that you (now, anyways) can't set up an automatic monthly transfer with TW -- you have to physically log on and fat finger in your monthly transfer. Not really a big deal -- but a somewhat irritant.

 

But, I hate to mess around with this, especially if the TW wasn't properly encoded. Thus, I ACHed $25k to my Bangkok Bank account a few months ago for my future Immigration needs. This was from an expiring USAA CD, paying .76%. I now could put this in a FD account, paying 1.5% -- so no loss here -- but as JackDarby pointed out, I can't label this account as a POD to my wife, as beneficiary. So, when I croak -- and this is my only probatable asset -- I might end up paying some lawyer 50,000 baht just to transfer these funds to my wife. No, think I'll leave it in my savings account, which has my wife's name on it as POA, which means before the bank knows I'm dead, she can easily - in person or online -- transfer the funds to her account. Would gladly trade lost interest for not paying a lawyer. Besides, as I monitor my stock ups and downs, I wonder why I'm even considering a few lost satang here in Thailand.

Edited March 12, 2019 by JimGant

[sfokevin]

1 hour ago, riclag said:

Using the Bkk Bk NY ach we didn't need any justifications. Now with swifts we must have a reason for transferring monies  ,travel expense,monthly expenses etc.

Anymore?

When I set up my Etrade swift ($25) after finding out about the NY bank Apr 1 topic. I suggested to the CSR for a reason (living expense,he said, no!)

The transfer purpose is a new IAT requirement... Transferwise has a drop down menu to deal with this... I choose “Monthly Living Expenses”... With banks & brokers you want to not appear to be living here full time... 

[gentlemanjackdarby]

2 hours ago, 55Jay said:

Thanks, I've been meaning to search and read up on it.  My financial advisor/staff does the paperwork drill between me and the brokerage outfits but last time I was in the States, asked them how it would actually work - wife being a foreigner, living on the other side of the planet.  They got quiet, hadn't dealt with that situation before but said she could simply contact them and work through it. 

 

I need to gin up some Cliff Notes for her, POC details, what to do, etc., leave it in the safe with all the other stuff.  Be nice to have a similar arrangement for the main Thai bank accts here.  Only joint accts we have are the secondary accounts with ATM access. 

Although you didn't ask and you can take it for what it's worth or leave it, me being me and not liking unknowns, I'd give some thoughts to a couple of things:

 

I'd be concerned about the brokerages simply saying for your wife to 'give them a call when it happens and we'll work through it' simply because of the mechanics. The reason I say that is if your brokerage accounts holds positions, for example, in equities and if your wife not a U.S. resident (without regard to being a U.S. citizen or not), would they close your positions as soon as your wife asks to transfer the account? THAT could be a financial disaster if the markets are down.

 

Or in other words, would the brokerage allow your wife to maintain your account and positions (or create an account for her with your positions) if she so desired if she's not a resident?

 

It would also be helpful if there was someone Stateside, such as an attorney or experienced relative who could handle the inevitable running around that happens when one passes on. In my experience, banks and other financial institutions are helpful in that situation, but things seem to work much more easily when doing things in person.

 

 

[koratkarlos]

Although I do not really know what happened I changed my account to go to my wife if something happened to me at Bangkok Bank in Korat.  They closed out my savings book and gave me a new one with the same account number.  They were surprised that I was willing to do this.  I had to pay some baht and I guess, the money will go to my wife if I have misfortune.  So the people saying there are no beneficiaries to a Thai account may want to check again.  Maybe I should too.

[Neocon]

6 hours ago, Pib said:

1.  I think it was a bank rule to keep the US Treasury and pension paying agency such as the SSA happy that the bank took extra efforts to deter fraudulent activity like a pensioner passing away but the spouse (or any joint account holder if allowed)  intentionally or unintentionally failing to promptly notify the US govt that the dear pensioner was quietly barbecued  at the local temple which would have terminated monthly benefit payments.   Make the US Treasury/govt agency feel secure in even though the funds are really leaving the US via ACH (i.e, Bkk Bk NY relaying the funds overseas) that Bangkok Bank is taking extra efforts to ensure no fraudulent activity occurs, US govt can recover any over-payments, etc.  Yes I know in the U.S. that benefit payments can go to joint accounts, but in the U.S. a pensioners death is quickly reported by multiple agencies (and usually family) and US laws allows easy recovery of over-payments within US borders.  But it gets much harder trying to recover money that is sent to foreign countries with no restrictions on the accounts.  Banks in the Philippines have the same policy as Bangkok Bank regarding direct deposit of US govt payments via ACH....i.e.., no debit card, must physically appear at a branch to withdraw funds, etc.  Retirees in the Philippines used Philippines banks in Los Angeles and Guam routing number to get their payments into their Philippines bank accounts.....basically was doing the same thing as what Bangkok Bank does via it's NY branch.  I don't know if those Philippines banks in LA and Guam are cutting off non ACH IAT transfers also.  But I bet they are.  Plus IDD for the Philippines supposedly started mid 2018 but hard to find an info on how it's going....what restrictions, if any, Philippines banks apply to IDD.....maybe the same as ACH....maybe none.  We'll just have to wait and see what if any fine-print applies to IDD for Thailand.  The impression I got from a Bangkok Bank point of contact is the IDD should allow debit cards and not require in person withdrawals---but as said we need to wait for the details to be released.  The difference between the IDD program and ACH program polices/rules is just different. 

 

2.  US govt payments going into the current Bangkok Bank special Direct Deposit account for payment via ACH and I expect whatever special account "might" be required for IDD can set in the account as long as desired....just like a regular account. 

When Bangkok Bank receives a direct deposit transfer from a USG agency, Bangkok Bank is legally liable for the proper distribution of those funds. For overpayments, the USG goes only to Bangkok Bank for recoupment. It's not about making the USG/UST "feel secure". It's about Bangkok Bank protecting their bottom line.

 

Bangkok Bank instituted their restrictive fraud prevention policy on direct deposit accounts in response to losing a pile of money on continuing payments to dead recipients that were being collected by dishonest families, sometimes for years.

[sfokevin]

4 minutes ago, koratkarlos said:

Although I do not really know what happened I changed my account to go to my wife if something happened to me at Bangkok Bank in Korat.

Your not sure what happened?... Did they make the new account a joint account?... If the balance in this account is going to be used for you to get an extension I believe it must be in your name only - No joint account 

[JimGant]

19 minutes ago, sfokevin said:

Your not sure what happened?... Did they make the new account a joint account?... If the balance in this account is going to be used for you to get an extension I believe it must be in your name only - No joint account 

Probably same as what I did. We went to the bank, indicated that I wanted my wife's name on my account as a Power of Attorney (or equivalent, as they may label it something else), and ipso presto, her name was attached -- but still a solo (not joint) account, with same account number. No problems, I'm sure, when I present this account to Immigration at next renewal. And, as said, you can't do this with a Fixed Deposit account, thus you're staring probate -- rather the wife is -- should you go the FD route. No big deal, really, as the wife would not need this money soonest. Just the idea of paying a lawyer for her to get the money. Absence of POD in Thailand is maddening; however, the concept of trusts doesn't exist here, and a POD is alternatively labeled a toten trust.

[JimGant]

3 hours ago, 55Jay said:

Thanks, I've been meaning to search and read up on it.  My financial advisor/staff does the paperwork drill between me and the brokerage outfits but last time I was in the States, asked them how it would actually work - wife being a foreigner, living on the other side of the planet.  They got quiet, hadn't dealt with that situation before but said she could simply contact them and work through it. 

 

I need to gin up some Cliff Notes for her, POC details, what to do, etc., leave it in the safe with all the other stuff.  Be nice to have a similar arrangement for the main Thai bank accts here.  Only joint accts we have are the secondary accounts with ATM access. 

If your POD/TOD beneficiary doesn't have an SSN or TIN, this is nearly impossible to setup. I have no kids, but nieces and nephews on both sides of the pond. Already, the US relatives are listed as POD/TODs on my and/or joint accounts. This actually increases FDIC insurance coverage on these accounts -- but that's another story. So, how do I incorporate my Thai relatives into my estate -- without having to write a US Will or establish trusts in the US to accommodate them. Since all my assets in the US are financial, I don't need a Will -- just the POD/TODs. At least as the US relatives are concerned. No, not looking to hire a lawyer to set something up for all of this. Will probably just bring the Thai relatives' share of estate over here to Thailand. Or maybe not worry about it -- what have they done for me lately?????

[TallGuyJohninBKK]

4 hours ago, gentlemanjackdarby said:

Or in other words, would the brokerage allow your wife to maintain your account and positions (or create an account for her with your positions) if she so desired if she's not a resident?

 

It would also be helpful if there was someone Stateside, such as an attorney or experienced relative who could handle the inevitable running around that happens when one passes on. In my experience, banks and other financial institutions are helpful in that situation, but things seem to work much more easily when doing things in person.

 

This topic really deserves its own separate on-point thread -- how to pave the way for the Thai wife to take over/inherit one's U.S. brokerage and financial assets upon one's passing.... Especially if the wife is a non-U.S. citizen living outside the U.S. at the time of one's passing.

 

I've been wrestling with exactly these same kinds of issues. Who wants to create it, and then post a referral link here....?

[eppic]

I've seen lots of complicated solutions mentioned here but there is one very simple and straightforward one (I believe alluded to by a previous poster but not in detail).

 

All that's necessary is to open a brokerage account with Interactive Brokers, and you can do that using just about any worldwide address (yes, you will need proof of that address).  Personally, I have accounts with Interactive (IB), Schwab, and Fidelity (mostly dormant).  If I want cash in Thailand I can use any  of those three options, but generally I first wire or ACH from IB to Schwab and then do ATM withdrawals here.  I do this to avoid being screwed by Thai banks for incoming transfer fees and fx rates, but I could just as easily do a wire directly to my Thai banks.

 

Details:

 

-Transfer is done online and can be done to most any worldwide bank after initial set-up of transfer instructions

-Can include standing monthly transfers (I do this into my Schwab account and previously did to Singapore accts)

-Cost of first monthly wire from IB is ZERO dollars. Subsequent wires are $10.

-IB has a $10 monthly fee if the account is inactive (no trades) and below $100k balance, but even if that applies, $10 is minimal considering the savings

-The application does require submission of previous trading experience (they don't like novices); your honestly level here is up to you, but you can simply state enough experience to qualify.

 

So, for anyone having major headaches over this, IB can provide a solution at minimal cost (zero, in my case).

 

Note, I once did a BKK Bank transfer through the NY Branch, but found all in cost (fees, fx rate, timing) to be better simply using IB directly or IB->Schwab->ATM (best).  Of course, if you wire from IB you will still be screwed by your incoming Thai bank, but no way to avoid that.

 

Plus, you don't need to be a US citizen / resident for this, works just as well for Brits (as is my wife) or anyone else.

 

I would post a link to IB fees and minimums, but it would probably just get deleted, so Google is your friend

 

 

 

Edited March 12, 2019 by eppic

[elgenon]

On 3/10/2019 at 10:10 PM, TallGuyJohninBKK said:

 

Schwab U.S. brokerage account holders can do both domestic and international wires with Schwab without, to the best of my knowledge, having to be physically present to set them up or execute them.

 

The normal fee for outbound international xfers with Schwab is $25. They have an official policy to waive that fee for three domestic wires per quarter for people with account balances over $100K. And yes, there has been one member who has repeatedly posted that he's getting the international wire fees waived, though I'm not sure any others members here have reported that same experience.

 

https://www.schwab.com/public/schwab/nn/agreements/schwab_pricing_guide_for_individual_investors.html

 

 

 

I'm with Fidelity. Apparently they don't have a similar policy.

[Langsuan Man]

23 hours ago, elgenon said:

I'm with Fidelity. Apparently they don't have a similar policy.

So long as you have a standing order for Wires obtained via a Medallion Signature Guarantee, which can only be obtained in the US, by a very limited number of US banks and credit unions and of course Fidelity Investment Centers 

[TallGuyJohninBKK]

On 3/13/2019 at 4:50 AM, eppic said:

-Cost of first monthly wire from IB is ZERO dollars. Subsequent wires are $10. 

-IB has a $10 monthly fee if the account is inactive (no trades) and below $100k balance, but even if that applies, $10 is minimal considering the savings

 

Just to be clear, are you saying IB will do outbound international wires for free for the first one per month, and only $10 fee for any subsequent intl wires in the same month?  Without any huge balance or trading requirements (aside from the potential inactivity monthly fee you mention above...)

[TallGuyJohninBKK]

On 3/13/2019 at 9:50 AM, elgenon said:

I'm with Fidelity. Apparently they don't have a similar policy.

 

Fidelity doesn't have a similar policy of what???

[elgenon]

As Schwab. Reimbursement of costs of transferring money.

[elgenon]

23 hours ago, Langsuan Man said:

So long as you have a standing order for Wires obtained via a Medallion Signature Guarantee, which can only be obtained in the US, by a very limited number of US banks and credit unions and of course Fidelity Investment Centers 

Thanks. Would you mind explaining this in more detail? Never heard of anything like this.

[Pib]

1 hour ago, elgenon said:

Thanks. Would you mind explaining this in more detail? Never heard of anything like this.

 

Google Medallion Signature....go to the link below for more info/just for example.  But it's basically confirmation/guarantee of your signature and identity that some financial companies will require in some cases....and Medallion Signature are only available from certain financial institutions in the U.S. 

 

https://www.lynalden.com/medallion-signature-guarantee/

Quote

The stamp and signature by the financial institution is a guarantee that your personal signature is valid, that you are who you say you are, that you legally own the assets you’re trying to transfer, and generally that the financial institution will accept liability in the case of forgery.

 

Edited March 15, 2019 by Pib

[teetersb]

I have just started using the Transferwise process and my first experience was satisfying. On Tuesday I opened my account and transferred $1,300 (40 k Baht) from the USA to Thailand. It took 4 days and I checked yesterday by updating my bankbook, which shows "FTT", while my Online statement shows "International Transfer". Next week I will go to immigration, after I get my 6 mos. printed statement from BK bank. I'll post after I have submitted my Visa extension.

[Tony125]

On 3/11/2019 at 8:07 AM, ubonjoe said:

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.

I have my Fed Gov Pension sent 1/2 to Bangkok Bank and the other  1/2  to a USA bank that I use ACH transfer to Bangkok Bank NY from time to time. Are you saying the US bank will no longer be able to send money I designate online to Bangkok Bank? They also do wire transfers  as I have done that a few times for large amounts.

[skatewash]

48 minutes ago, Tony125 said:

I have my Fed Gov Pension sent 1/2 to Bangkok Bank and the other  1/2  to a USA bank that I use ACH transfer to Bangkok Bank NY from time to time. Are you saying the US bank will no longer be able to send money I designate online to Bangkok Bank? They also do wire transfers  as I have done that a few times for large amounts.

The issue is that the US Government has cracked down on ACH transfers that result in money going outside of the US which is what Bangkok Bank NY Branch is doing (you send a domestic ACH and it ends up in Thailand).  Consequently as of April 1, 2019 Bangkok Bank NY Branch will no longer be able to do this unless the ACH is sent in a new international format (IAT, which contains more data about where the money is going).  Some pension providers and other commercial businesses already send ACH transfers in the new format (IAT), but no one has to my knowledge identified any financial institution (presumably including your US bank) that allows retail customers like yourself to send an ACH using the new format (IAT).  Post April 1, you will no longer be able to send money via ACH to Bangkok Bank's NY Branch and have it forwarded to your bank in Thailand.

 

You can continue to wire money to your bank in Thailand using SWIFT (although the costs may be greater than the old ACH method).  There are ways to check whether your pension is already being sent to Bangkok Bank using the new IAT format.
 

Edited March 15, 2019 by skatewash