NY Bank Direct Deposits to Thailand

[Danthai]

Received email from NY Bank today. Give you idea what is happening and 3 ways to transfer funds. Dfas after 1 hour long distant conversation with retired military pay has no clue about the change to IAT transfers!

 

Dear Mr. Chambers

I would like to  sincerely apologize for the inconvenience. I understand your frustration. Thank you for being a valuable customer.

Below is an explanation of why we are requesting customers to contact their financial  institutions and request them to use the correct IAT code when sending payments to us.

 Transactions  going to Bangkok Bank Thailand are considered cross  border transactions because the funds are ultimately being deposited into your account with Bangkok Bank in Thailand.
For ACH transactions transmitted to us as ACH and process outside of the country, our bank is required to comply with the rules and formats developed by the Electronic Payments Association (NACHA). The International ACH (IAT) is a special code (a Standard Class Entry or "SEC Code") used for ACH payments that enables financial institutions such as Bangkok Bank to identify and monitor International ACH Payments and to perform screening in order to comply with the Office of Foreign Asset Control (OFAC ) requirements.
Kindly contact your bank or originator and inquire if they are able to remit funds to us using the correct IAT format.  If they are unable to do so, there are 2 options available below for transferring funds to Bangkok Bank Thailand.
I regret any inconvenience  caused.
You may  contact me at 212 329-9237 with any further questions.

Options:

1.      Request your bank to wire transfer funds through our New York Branch and provide your bank with the following details:  

*       Beneficiary name and full address in Thailand

*       Beneficiary A/C number

*       Intermediary Bank:      Bangkok Bank Public Co., Ltd.
                                        29 Broadway, 19th Floor
                                        New York, NY 10006
                                        Fed Routing no. 026008691

*       Beneficiary Bank:       Bangkok Bank Public Co., Ltd.
                                        Branch address in Thailand


When fund passes through our New York Branch we will deduct our fees* before transferring the balance in U.S. dollar on the same day of receipt to our Bangkok office who will further credit the Beneficiary's account in Thai Baht on the following day at the exchange rate in Thailand.  They may check the rate on our Bank website at www.bangkokbank.com (TT rate), for reference. 

* Fee structure:-
        Amount                                          Fees
Less than       $50                                           no deduction
$50.01   -      $100                                            $3
$100.01 -       $2,000                                          $5
$2,000.01-      $50,000                                 $10
More than $50,000                                               $20


2.       Transfer funds with our New York Branch's Remittance services, as follows:

2.1  If the customer is currently in U.S:

Please provide email address or address and send them the Remittance application form and ask them to complete and mail back to us with the U.S. postal money order (limit to $2,500.-) or Bank Cashier's check made payable to "Bangkok Bank Public Co., Ltd." and copy of their valid I.D.

    2.2  If customer is not currently living in U.S. please ask for their email address and send them the Remittance application form via email and advise them to follow below steps:   


a)      Order the check from their bank (please ask them to check their online banking whether they can order the check on line) and made payable to "Bangkok Bank Public Co., Ltd."  with above address and have it mailed to us.  Please tell them that e-check is not acceptable.  

Bangkok Bank Public Co., Ltd.
29 Broadway, 19th Floor
New York, NY 10006
Attn: Remittance Unit

b)      Complete Remittance Application and send it with the copy of ID via email to our helpdesk.  Upon receipt of the check from their bank, we will contact customer to confirm and process their Remittance application and transfer funds on the third business day after depositing their check.  We will send the receipt to them via email.   For the first time customer, please ask them to mail the original Remittance application, for our record.   If no original receipt, we will not process their future application.

c)      Please also inform customer that they have an option to transfer in Thai baht at our New York Branch's exchange rate or transfer in U.S. dollars to be convert to Thai Baht at Bangkok Bank's exchange rate in Thailand.  Our current Remittance fees per transaction are as follows:


*       Thai Baht remittance fees:-

Remittance Amount                                       Fees                  
Up to $100                                              $3
$100.01 -       $2,000                                  $5
$2,000.01-      $50,000                         $10
More than $50,000                                       $20

*       U.S. dollars remittance fee:  $55.- (regardless of the amount)

Please  specify the currency that they would like us to transfer in the Remittance Application so the appropriated fees will be applied.   


Kindly note that either method, our Bangkok office will also deduct their fee of 0.25 Baht per 100.- Baht, minimum 200.- and maximum 500.- Baht, before crediting funds to beneficiary's account.
Regards
Lyn George



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Edited March 28, 2019 by metisdead
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[Pib]

Going to be interesting as to what happens to transfers/payments on and after 1 Apr 19 via Bangkok Bank New York, especially US govt payments like Social Security, military retirement, etc. 

 

The Manila Social Security Office continues to say no one needs to worry about their SS benefits being suspended by SSA if not being sent in ACH "IAT" format as they are talking to Bangkok Bank NY and HQ SSA on the issue. 

 

But the key word the Manila SS Office is using is don't worry about the SSA "suspending" a person's benefit payment. Well, of course they will not automatically "suspend" a payment if "rejected" by a bank like not being sent in ACH "IAT" format....the SSA will try to find out why it was rejected and work the issue with the person that was suppose to receive the payment.   But the bottom line is the person didn't get the payment regardless of using the suspend or rejected word.

 

I have a family member whose SS pension payment to Bangkok Bank  is not being sent in ACH IAT format...that member is one of the 20% not in IAT format going to Bangkok Bank.  All efforts for the past 6 months with Manila and Baltimore SS Offices to get it changed to IAT format have been unsuccessful....the member latest 3 Feb payment was still not in IAT format.

 

Supposedly the Bangkok Bank NY branch has asked the US Treasury to extend the 1 Apr deadline for at least US govt SS payments....whether that will be granted or not they don't know.  Apparently as of a few weeks ago still no word back on their request.

 

Yeap, transfers/payments via Bangkok Bank beginning 1 Apr is surely going to bring some bad news for some....possibly even with my family member.   Then everyone of those emails from the Manila SS Office saying don't worry will be heading back to Manila as hate mail.

 

 

[Pib]

The option to mail Bangkok Bank NY a check for them to cash and then electronically transfer the funds to your in-Thailand Bangkok Bank account with their standard fees sounds like a real winner--NOT!!!!   I'm going to guess approx "zero" folks will use that method unless maybe they live or work right next to the NY branch.