New problems sending funds from the US to cover visa extension

[Sheryl]

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

[hlj]

Why not open a savings account at Bangkok Bank and have direct deposit into the New York Bangkok Bank they transfer it to your Bangkok Bank account here which takes 2 to 5 days to clear. There should be no problem with this being it is going directly into

a Bangkok Bank.  This is the way I have my money sent here with little to no wire transfer fee.

[TallGuyJohninBKK]

1 hour ago, Searat7 said:

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. 

 

If there is a U.S. bank or CU that allows its retail customers to send IATs (international ACHs), then no one here has yet been able to find it... 

 

Despite BKKB suggesting to the contrary when they blithely suggest on their website that their U.S. customers should just contact their U.S. bank about setting up IATs.

 

[TallGuyJohninBKK]

43 minutes ago, Sheryl said:

And does the deposit get coded FTT?
 

 

Re depositing foreign checks, there's often a substantial amount of time -- depending on the banks involved -- before the funds are credited to the Thai account. So in this new world of required monthly transfers for Immigration, a sender would have to be very careful about that.

 

And then, as for the key FTT issue, that's the as yet unanswered million dollar question re foreign check deposits.

 

[Sheryl]

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.

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[The Theory]

No comments !!!!

Edited March 11, 2019 by The Theory

[TallGuyJohninBKK]

2 hours ago, elgenon said:

I used to regularly read posts from an expat who said Schwab transferred his money to Thailand free. No longer does transfers?

 

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

 

 

 

Edited March 11, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

1 hour ago, Richard S said:

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 .. 

 

So are you saying SCB codes your U.S. check deposit into their account as a foreign funds transfer?  And are willing to record it that way via a foreign transfers letter for Immigration?

 

[TallGuyJohninBKK]

8 hours ago, 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.

 

That's interesting. I too open new U.S. checking accounts periodically via the online route, and don't recall any of them ever asking me that question as part of the application process... At least, not yet.  I also rarely if ever have any problem opening a new account, but they almost always want to see (or be provided the details of) a U.S. state DL or ID as part of the account opening process.

 

Though I did notice in a recent update on Schwab domestic ACH transfer service, which they call MoneyLink, that there was a specific provision saying the customer would not use MoneyLink to send funds outside the U.S. (e.g. the Bangkok Bank NY route).

 

But just to be clear, Schwab MoneyLink is their domestic U.S. ACH system, and that provision does NOT impact customers' ability to send international wire transfers from Schwab.

 

 

[TallGuyJohninBKK]

21 minutes 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
 

 

There is a Thai banks' fee for processing foreign check deposits, but if memory serves, it's a whole lot less than the typical international wire transfer fee from the U.S.

 

In catching up on this thread from the weekend, I noticed there was a prior poster who said he's been doing monthly foreign check deposits here, and the turnaround time was running about 45 days.... which seems long....

 

When I asked about the Thai bank fees for this a while back, my memory says the answer was a flat processing fee of a couple hundred baht (-+ 200-300) and then probably the normal foreign currency conversion cut on incoming funds.

 

[Sheryl]

 
There is a Thai banks' fee for processing foreign check deposits, but if memory serves, it's a whole lot less than the typical international wire transfer fee from the U.S.
 
In catching up on this thread from the weekend, I noticed there was a prior poster who said he's been doing monthly foreign check deposits here, and the turnaround time was running about 45 days.... which seems long....
 
When I asked about the Thai bank fees for this a while back, my memory says the answer was a flat processing fee of a couple hundred baht (-+ 200-300) and then probably the normal foreign currency conversion cut on incoming funds.
 

Very useful, thanks.

Time to order new checks!

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[Jim7777]

On 3/9/2019 at 11:16 PM, TallGuyJohninBKK said:

 

What brokerage is telling you that?

 

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

 

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

 

 

There is no ban on international Wire Transfers to Thailand I just called and asked my bank.  It sounds like he’s just having an issue with automatic ACH Direct Deposits through Bangkok Bank in New York.  I make International Wire Transfers to SCB manually over the phone every month with no problems from my Credit Union in the States and it’s easy as pie.  

 

Although when I was originally thinking about how I was gonna do my International wire transfers I did consider opening an account at Bangkok Bank’s New York branch and setting up automatic transfers and I do remember the Bangkok Bank branch in New York telling me about new regulations regarding automatic transfers through their branch.  I didn’t quite understand it but I ended up going with SCB and I just make my International wire transfers manually over the phone every month and it really is super easy.  So there maybe some truth to what he’s saying regarding the automatic transfers to the Bangkok Bank New York branch because I remember talking to them on the phone about that back in November but you can still transfer money from the United States to your Thai bank account no problem.  

 

As far as the issue with the Bangkok Bank New York branch I believe they said that your automatic transfers have to be set up a certain way and if they’re not new regulations require that they be returned, but if the automatic transfers are set up the right way they will be processed no problem.  I remember that’s what they told me back in November.  

 

Regardless if there is a problem with automatic International wire transfers just do them manually like many of the rest of us do, but no there is no ban on transferring money from the United States to Thailand not according to my bank or Federal Trade Commission regulations.  In fact Thailand is in bed with our banking system and our FTC.  

[TallGuyJohninBKK]

3 minutes ago, Jim7777 said:

There is no ban on international Wire Transfers to Thailand I just called and asked my bank.  It sounds like he’s just having an issue with automatic ACH Direct Deposits through Bangkok Bank in New York.  I make International Wire Transfers to SCB manually over the phone every month with no problems from my Credit Union in the States and it’s easy as pie.  

 

Although when I was originally thinking about how I was gonna do my International wire transfers I did consider opening an account at Bangkok Bank’s New York branch and setting up automatic transfers and I do remember the Bangkok Bank branch in New York telling me about new regulations regarding automatic transfers through their branch.  I didn’t quite understand it but I ended up going with SCB and I just make my International wire transfers manually over the phone every month and it really is super easy.  So there maybe some truth to what he’s saying regarding the automatic transfers to the Bangkok Bank New York branch because I remember talking to them on the phone about that back in November but you can still transfer money from the United States to your Thai bank account no problem.  

 

As far as the issue with the Bangkok Bank New York branch I believe they said that your automatic transfers have to be set up a certain way and if they’re not new regulations require that they be returned, but if the automatic transfers are set up the right way they will be processed no problem.  I remember that’s what they told me back in November.  

 

Regardless if there is a problem with automatic International wire transfers just do them manually like many of the rest of us do, but no there is no ban on transferring money from the United States to Thailand not according to my bank or Federal Trade Commission regulations.  In fact Thailand is in bed with our banking system and our FTC.  

 

The poster's comment you're referring to was talking about an issue that one person was having with ONE particular U.S. brokerage firm -- not any kind of broad policy against sending money to Thailand by U.S. banks, credit unions or even other brokerages.

 

As for BKKB, you can't open an account with the NY branch. You used to be able to have the NY branch route your U.S. bank or CU-initiated ACH transfers onward to your BKKB account in Thailand. But that service is due to end this coming April 1.

 

 

[Jim7777]

20 minutes ago, Sheryl said:

Very useful, thanks.

Time to order new checks!

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

My monthly international wire transfers that I do every month manually over the phone with my bank in the States only take about 2 or 3 days to post to my SCB account and it was the same for Bangkok Bank as well.  It’s a lot easier to just call the bank and do it manually it’s only a $20 dollar fee for International wire transfers at my Credit Union.  People are making it out to seem harder than what it really is.  I’ve been doing it since November now without any problems every month.  I even just called my bank’s 24 hour phone number and there’s no change.  I think some people might be having issues transferring larger sums of money from different types of accounts like brokerages or 401Ks.  I just use my checking account in the States every month and keep it simple.  I just transfer like half of my monthly pension payments every month and it’s really simple and in accordance with immigration’s new rules.  

[TallGuyJohninBKK]

5 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. 

 

The government payments via direct deposit method is continuing, though last I heard, even Social Security isn't yet to the point of having all of its payments IAT compatible, even for those recipients officially listed as residing in Thailand.

 

However, for the private transfers arena, no one here as yet has been able to identify a single U.S. bank or CU that will allow its retail customers to send IAT transfers.  And if you ask BKKB NY or TH to suggest a U.S. institution that can actually do IATs for retail customers, last time I asked, they still had no answer.

 

[mike787]

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. 

You have a US passport...can that meet the banks ID requirements?  Or they need 2 pieces of ID?

[Jim7777]

4 minutes ago, TallGuyJohninBKK said:

 

The poster's comment you're referring to was talking about an issue that one person was having with ONE particular U.S. brokerage firm -- not any kind of broad policy against sending money to Thailand by U.S. banks, credit unions or even other brokerages.

 

As for BKKB, you can't open an account with the NY branch. You used to be able to have the NY branch route your U.S. bank or CU-initiated ACH transfers onward to your BKKB account in Thailand. But that service is due to end this coming April 1.

 

 

I know, that’s why I went with a local Thai bank SCB and I just transfer the money manually over the phone every month.  I remember when I called the Bangkok Bank branch in New York back in November they basically told me the same thing so I didn’t even consider that as an option after I spoke with the Bangkok Bank New York branch over the phone last year.  I just simply opened an SCB account and I just make my monthly wire transfers manually and it’s not so difficult to do it that way.  

[Sheryl]

18 minutes ago, Jim7777 said:

My monthly international wire transfers that I do every month manually over the phone with my bank in the States only take about 2 or 3 days to post to my SCB account and it was the same for Bangkok Bank as well.  It’s a lot easier to just call the bank and do it manually it’s only a $20 dollar fee for International wire transfers at my Credit Union.  People are making it out to seem harder than what it really is.  I’ve been doing it since November now without any problems every month.  I even just called my bank’s 24 hour phone number and there’s no change.  I think some people might be having issues transferring larger sums of money from different types of accounts like brokerages or 401Ks.  I just use my checking account in the States every month and keep it simple.  I just transfer like half of my monthly pension payments every month and it’s really simple and in accordance with immigration’s new rules.  

 

 

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.

[TallGuyJohninBKK]

14 minutes 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.

 

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.

 

 

Edited March 11, 2019 by TallGuyJohninBKK

[The Theory]

5 hours ago, 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.

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. 

 

 

 

 

Edited March 11, 2019 by The Theory

[TallGuyJohninBKK]

20 hours ago, gentlemanjackdarby said:

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;

 

I use a U.S. GV number for virtually all my banking and brokerage SMS needs, and rarely if ever have had any problem with that. I seem to recall some folks here saying in the past it didn't work with Wells Fargo, but as I have never had a WF account, I can't speak to that.

 

[Jim7777]

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. 

I recently switched to PenFed Credit Union back in January right over the phone without showing any identification at all I just had to send them the signature cards for my wife and I.  And that was all now I Bank with Pentagon Federal Credit Union in the States and my accounts with them work just fine and so do our US ATM cards.  And I easily make my monthly wire transfers manually over the phone with PenFed every month without any problems into my SCB account here in Thailand. 

 

But I don’t know it might be easier for me to open up an account with a new Federal Credit Union over the phone from here in Thailand since I’m retired military and the Credit Unions can verify that I’m retired military from my Social Security Number.  I mean I didn’t even send them any form of identification.  I opened the accounts right over the phone back in January, I only sent them the signature cards required by law, and Pentagon Federal Credit Union even knows what my rank was when I retired so they were obviously able to verify my identity without even seeing me in person or even seeing my identification.  So if you’re qualified for PenFed I highly recommend that Credit Union or Navy Federal Credit Union, or USAA, but definitely PenFed because they took care of me right over the phone back in January without asking me for any ID at all or anything except for just my name, SSN, and DOB and my new PenFed accounts were opened within 5 minutes over the phone really easy.  And I’ve been in Thailand for 5 years and I was able to do it over the phone.  

 

I was expecting it to be harder I thought they would want me to mail them copies of my ID at least but nope it was a lot easier than I thought.  So maybe try opening a new bank account over the phone and you might be surprised how easy it really is.  If you already use a Credit Union then you are probably qualified for PenFed so maybe give them a call.  

Edited March 11, 2019 by Jim7777

[ubonjoe]

35 minutes ago, The Theory said:

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. 

They do not change it to the IAT format. The SSA sends it to the New York branch in the IAT format.

Unless the transfer is in the IAT format it will be rejected.

[TallGuyJohninBKK]

7 minutes ago, Jim7777 said:

 So if you’re qualified for PenFed I highly recommend that Credit Union or Navy Federal Credit Union, or USAA, but definitely PenFed because they took care of me right over the phone back in January without asking me for any ID at all or anything except for just my name, SSN, and DOB and my new PenFed accounts were opened within 5 minutes over the phone really easy.  And I’ve been in Thailand for 5 years and I was able to do it over the phone.  

 

Penfed, despite the name, is basically open to the general public. If you're not current or ex military, you can still join by taking out membership in a nonprofit entity they support.

 

Navy Fed, on the other hand, requires its members to be either current or former military, or a relative of someone who is or was... apart from some other more narrow membership criteria they have.

 

Both are relatively expat friendly, and have reasonable rates for international wire xfers.

 

 

 

[Jim7777]

1 hour 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.

 

 

When I used Navy Federal Credit Union they only charged me $20 dollars for my International wire transfer fees, and now I use Pentagon Federal Credit Union and they charge me a $30 dollar international Wire Transfer fee every month but it’s okay because I make all that money back since I no longer pay any ATM fees.  Before the new immigration rules began I was just using my US ATM Card and I was paying 220 Baht in ATM fees every time I used the ATM but not anymore.  So even with the $30 dollar wire transfer fee and even the exchange rates I’m still saving a lot more money this way every month.  I know that USAA, Navy Federal Credit Union, and PenFed all do International Wire Transfers because I’ve used all 3, but I do it manually over the phone.  I know my PenFed does process my wire transfers through Wells Fargo because I’ve seen it on my Credit Advices at SCB here in Thailand but it’s fine because they still show up on my statements as International wire transfers.  

 

So for me I don’t mind paying the $30 dollar International wire transfer fee through PenFed.  I will say that Navy Federal Credit Union was better at processing them but with PenFed they seem to post to my Thai bank account a little bit faster.  I just have to make sure that I have the right bank employee on the phone who has experience in processing International wire transfers before going forward with it or just ask to speak with a manager but I have never had any problems with my International wire transfers every month, so far so good they have been going really smooth.  Knock on wood.  

[Jim7777]

34 minutes ago, ubonjoe said:

They do not change it to the IAT format. The SSA sends it to the New York branch in the IAT format.

Unless the transfer is in the IAT format it will be rejected.

I remember back in November I called Bangkok Bank in New York and that’s exactly what they told me so I didn’t even consider that as an option I just opened a local SCB account here.  Plus I’m not even on Social Security I’m retired military and a 100% Disabled Veteran.  So that was never even an option for me to use Bangkok Bank in New York but back in November I did think about it until after I called them.  

 

Although my wife will start receiving her Social Security this year from the United States I just got confirmation from the Manila Social Security Office a week ago.  We’re just going to save her money since it’s income that we’re not used to receiving anyway so we might as well just save that money.  We’ll save her money in our US Bank Account.  My wife is a Thai citizen but has been a United States Permanent Resident since 1985 and she worked and paid taxes in the United States for almost 30 years.  We originally got married in the United States 21 years ago so we have the Kor Ror 22 Thai Marriage Certificate.  

[Jim7777]

3 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.

You know I don’t know if I can do it online but I prefer to call and do it, they always send me an International Wire Transfer receipt to my email after it’s processed every month I do it.  And actually ever since I switched over from Navy Federal Credit Union to Pentagon Federal Credit Union (PenFed) they have been charging me $30 US dollars for my International wire transfer fees.  Navy Federal Credit Union used to only charge me $20 dollars for my International wire transfer fees but now with PenFed I’m paying an extra $10 dollars.  I’m now paying $30 dollar fees every month I do my International wire transfers.  So ever since I switched to PenFed I have been paying a little more than I did with Navy Federal but I guess you’re right that’s still not bad at all.  

 

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.  

 

Oh yeah and they do ask me verification questions as well when I do it over the phone just questions I think they find on my credit report to verify my identity before they process my International wire transfers, it’s the same every month.  

Edited March 11, 2019 by Jim7777

[gentlemanjackdarby]

7 hours ago, elgenon said:

I used to regularly read posts from an expat who said Schwab transferred his money to Thailand free. No longer does transfers?

See post# 15 where I corrected my OP

[gentlemanjackdarby]

3 hours ago, TallGuyJohninBKK said:

 

I use a U.S. GV number for virtually all my banking and brokerage SMS needs, and rarely if ever have had any problem with that. I seem to recall some folks here saying in the past it didn't work with Wells Fargo, but as I have never had a WF account, I can't speak to that.

 

Agree

 

When I first got GV, I couldn't get a verification from BofA, but for the last couple of years, I've got them with no problem.

 

My mortgage was with Wells Fargo and I do recall having problems with them, but that seemed to be the least of their website/IT problems

 

Google is constantly updating GV capabilities which, I believe, is why BofA now works with GV; likely other 'problem banks' will get sorted sooner rather than later.

 

I use my GV number for just about everything and, as you say, I don't have problems with anything I can think of.

 

And now that I'm thinking of it, folks who are considering Charles Schwab don't need to worry about having a U.S. cell number for SMS verification - 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.

 

Either one of those options is a vast improvement over SMS verification and is the preferred option if given the choice 

[Jim7777]

3 hours ago, TallGuyJohninBKK said:

 

Penfed, despite the name, is basically open to the general public. If you're not current or ex military, you can still join by taking out membership in a nonprofit entity they support.

 

Navy Fed, on the other hand, requires its members to be either current or former military, or a relative of someone who is or was... apart from some other more narrow membership criteria they have.

 

Both are relatively expat friendly, and have reasonable rates for international wire xfers.

 

 

 

Oh yeah they both sure are expat friendly.  Yes that’s true about PenFed membership but if you are Active Duty Military, retired military as I am, or for any veteran they treat you the same as any other Credit Union like Navy Federal.  PenFed even refers to me by my rank that I retired as on the phone and in their letters in the mail.  I also get paid a little faster through PenFed then I did with Navy Federal.  They both are great banks though.  It’s some of the smaller Credit Unions that suck.  The big Credit Unions like USAA, Navy Federal, and PenFed are awesome.  

 

The only thing I liked better about Navy Federal was that they’re open 24/7 and my International wire transfer fees were $10 dollars cheaper, other than that I’m actually happier with PenFed and maybe the OP should try to open an account with them over the phone just like I did back in January.  Although I think they might have been able to verify my identity easier over the phone with my SSN because I’m retired military but I’m not sure.  They figured out what my rank was and I never told them so they obviously verified my identity somehow and they verified that I am retired military somehow, or maybe just because of my VA and retired military pensions paid through Direct Deposit I’m not exactly sure.  But it might be something that the OP should try in his situation is to maybe call PenFed and try to open an account over the phone, because I was able to do exactly that without showing them any ID at all but I’m not sure if that was because I’m retired military which a Credit Union can easily verify.  Maybe he can open a PenFed account right over the phone just like I did without having to show any ID.  I was able to do that all I had to send PenFed was the signature cards that are required by law but they didn’t even ask me for any identification.  

 

So I think the OP should try doing what I did back in January.  I highly recommend that he at least try.  

 

PenFed isn’t open 24/7 like Navy Federal but PenFed still has some good long hours.  And yes their International wire transfer fees are quite reasonable.  

Edited March 11, 2019 by Jim7777