Bangkok Bank Requiring Transfers in IAT format April 1, 2019

[Dillpickles98]

Back in October I started a thread "New requirement for 'O' & Married 'O' Visa Extensions" those who participated referred to the PCEC Newsletter, among other sources, about transfers through Bangkok Bank, New York must be in IAT protocols, or they would be rejected. PCEC further said most banks don't do such transfers. Back then I spoke with the head of I.T. Services at my bank. All you naysayers, and financial experts doubted what I said, he said was true, you were wrong.

 

To recap what he said, this was nothing new on behalf on Bangkok Bank, it was to bring Bangkok Bank into compliance with new Homeland Security laws. That every bank in the U.S. uses IAT protocols even in transfers from one bank to another in the U.S. Whether or, not they can, or will do an international transfer is up to their policy, or the capabilities of their I.T. System. Bangkok Bank, New York is the clearing house of all Thai banks. We have had accounts with Thai Farmers, Thai Military, and Kasikorn Bank, all first cleared through Bangkok Bank, New York. I have been transfering funds to Thailand since 2002. And nothing has changed.

 

My buddy travels to the U.S. every three months, he could not find a bank in all of Los Angeles, CA. that could. He is on a retirement visa. I'm here to tell you my bank can do IAT ACH transfers, and nothing has changed in the way my transfers are handled. PCEC  went on to say this new ruling would take effect 1 April 2019. All transfer of funds from the U.S. not meeting Bangkok Bank's new requirement would be rejected.

 

Since the death of Income Statements many are still wondering how they will handle this, the 800,000 THB, or 400,00 as in my case, on deposit with recent activity for a new visa extension. Since nothing has changed for me, I prefer my funds in the U.S.. I set up recurring transfers for the first of every month. I did this for the first transfer in March, now April 2nd a day past the deadline, and my funds are in Bangkok Bank. Because of the time difference I just received the email notice from my bank the transfer has completed. Of course I already knew this, because I checked Bangkok Banks website. I had only been making three transfers a year for the past nine years. In the past when I request funds my bank gives a delivery date, along with an email of the request, email that it is scheduled, and another when completed.

 

PCEC also said there may be issues with receiving Social Security funds deposited from the U.S. I'll wait and see on April 3, the day my deposit is usually made. At that time I will get the data sheets for both ACH transfers. Seriously doubt any issues there, since it must be deposited in a deposit only account, the only way to get it, is in person, or by my wife, to transfer it to an accessible account.  

 

If anyone has found another bank that can do IAT ACH protocols I'd like to know, though I really don't care, I just know what works for me.  If anyone would like to know how it is done, I'd be glad to show you the way.

 

DP. 

Edited April 2, 2019 by Dillpickles98

[CharlieH]

MOVED to Banking

[Chou Anou]

https://transferwise.com/us/blog/international-ach-transfer

[marcusarelus]

Have you read the thousands of posts on this issue in this and the home country forum?  Probably should get your information correct before posting.  For example, it's my understanding that Bangkok Bank has said Apr 1 is now not the cut off date.  And you can call Bank of Bangkok NYC to check your SS account or go to Bank of Bangkok in Thailand to check what format your deposits are now in.  Interesting thought that your wife can pick up your direct deposit account.  A number of us have checked with the NYC bank of Bangkok and some have ACH and some IAT. 

Edited April 2, 2019 by marcusarelus

[Dillpickles98]

My info is correct for me, I know the format for both My bank and Soc.Sec I get the data sheets which states so. I don't need to call anyone. It's not an issue for me. Someone as knowledgeable as you should know what a data sheet looks like, and how to tell what info is contained therein.

 

DP.

[marcusarelus]

4 minutes ago, Dillpickles98 said:

My info is correct for me, I know the format for both My bank and Soc.Sec I get the data sheets which states so. I don't need to call anyone. It's not an issue for me. Someone as knowledgeable as you should know what a data sheet looks like, and how to tell what info is contained therein.

 

DP.

Are your SS deposits in IAT?  How does your wife withdraw your direct deposit account?  What date is Bangkok Bank really changing?  When are other banks going to be able to accept Social Security deposits? 

[Dillpickles98]

Yes they are, I get the data sheets every month. That way I can see what the exchange rate was for the day of that transfer. Our Bangkok Bank branch is small, and right at our corner they know us, we have joint and separate accounts, but she still has to take my passport for them to copy. We were married in the U.S. but to open a joint account you must have a marriage registration from the Bureau of Foreign Affairs. Since we have a marriage registration  & joint accounts her signature is acceptable. When we were down on the beach they knew us, the main branch for Pattaya, my Driver licence was enough for them. Until they know you they won't offer the data sheet, you have to ask for it. Your asking me what the new cutoff date is? After posting it has changed and is not april 1, 2019?

 

If you set up Social Security here, as I did, I applied online when I became of age. It's automatically in IAT format. I got my first check in the next month I applied. You have to provide your address, and other information, open a direct deposit account, with the letter sent to you email from Soc.Sec., then send Soc.Sec that account number, along with the swift code, and routing number of Bangkok Bank. I don't know how Sec.Soc determines it is a direct deposit account. maybe by account number code. But sure they have a way, as they don't want someone collecting it after your dead, unless your wife is eligible for survivors benefits, for that, you must have been married 10 years while in the U.S.. If your looking into doing it, they will send you a verification form every two years. Normally they don't if in the U.S. until you reach 80 yrs old. 

 

Similar to my bank, but receiving bank doesn't have be Bangkok Bank any Thai Bank. If you can find one in the U.S. who does international transfers. Open an account in the Thai bank, send the U.S. bank the account number, swift code & routing number, they make two trial deposit in dollars usually 0.13 or 0.18 cents you then have to verify those amounts, by online banking account, check the exchange rate for the day the trial deposit were made, then enter the amount in U.S. dollars. Beware that you must round up to the nearest cent as the trial deposit are in Thai Baht in the Thai bank. Make a mistake, and you have to start the whole process again. Three times and the bank in the U.S. will not allow IAT ACH transfers. They will assume you have hacked the account, and block the online account. I don't even have to be alive, my wife will get her survivor benefits from my employer for life, the recurring deposits from our bank will continue until the accounts are depleted, or I change them. I have only one thing left to do, name a secondary beneficiary, should she die before the accounts are depleted.

 

We do have U.S. ATM cards along with credit cards, but I must update our banks travel advisory yearly, and alert them anytime we leave the kingdom. we never use them, because of the ATM fees however no fee if used inside the bank. My bank doesn't charge me for anything, except if we use an ATM card there is a small fee for foreign transaction, usually less the $1.00. I pay my taxes by online check, which I get an email alert when cashed, and can download a copy of.

 

DP.

[marcusarelus]

Did your SS come yet?

[Pib]

 #1

Dillpickles98 Posted 16 hours ago (edited)

Quote

Back in October I started a thread "New requirement for 'O' & Married 'O' Visa Extensions" those who participated referred to the PCEC Newsletter, among other sources, about transfers through Bangkok Bank, New York must be in IAT protocols, or they would be rejected. PCEC further said most banks don't do such transfers. Back then I spoke with the head of I.T. Services at my bank. All you naysayers, and financial experts doubted what I said, he said was true, you were wrong.

To recap what he said, this was nothing new on behalf on Bangkok Bank, it was to bring Bangkok Bank into compliance with new Homeland Security laws. That every bank in the U.S. uses IAT protocols even in transfers from one bank to another in the U.S. Whether or, not they can, or will do an international transfer is up to their policy, or the capabilities of their I.T. System.
 

 

All US banks since the 2009-2013 have been able to "receive" IAT no problem; however, not one bank has been identified by any poster I remember saying they have confirmed/be told by their bank that they will "send" in ACH IAT format for a "retail" account....an account like you or me will have...like the common-man has   Instead, they only send in ACH "domestic" format or Wire (i.e,. domestic or international wire).   Some large banks, like Bank of America" who also offer "corporate/business" accounts offer IAT send capability in some of their various payment packages.  

 

Quote

Bangkok Bank, New York is the clearing house of all Thai banks. We have had accounts with Thai Farmers, Thai Military, and Kasikorn Bank, all first cleared through Bangkok Bank, New York. I have been transfering funds to Thailand since 2002. And nothing has changed.

I seriously, seriously doubt Bangkok Bank is the clearing house for all Thai banks.   But if you can provide a solid reference...like a link to an authoritative source....I stand ready say I stand corrected.  And I think you are still talking ACH transfers, but Thai Farmers, TMB, K-bank you mentioned do not have ACH routing numbers to relay funds to Thailand.  And you can not use use the Bangkok Bank NY branch ACH routing number to route funds via ACH to another Thai bank.   Now on the outside chance your are talking SWIFT transfer for this banks you mentioned they have their own SWIFT codes which are different from the Bangkok Bank SWIFT code.

 

Quote

  My buddy travels to the U.S. every three months, he could not find a bank in all of Los Angeles, CA. that could. He is on a retirement visa. I'm here to tell you my bank can do IAT ACH transfers, and nothing has changed in the way my transfers are handled. PCEC  went on to say this new ruling would take effect 1 April 2019. All transfer of funds from the U.S. not meeting Bangkok Bank's new requirement would be rejected.

I believe your buddy.  And just who is "your" bank...this bank that will use IAT to "send" funds from your account.  

 

Quote

Since the death of Income Statements many are still wondering how they will handle this, the 800,000 THB, or 400,00 as in my case, on deposit with recent activity for a new visa extension. Since nothing has changed for me, I prefer my funds in the U.S.. I set up recurring transfers for the first of every month. I did this for the first transfer in March, now April 2nd a day past the deadline, and my funds are in Bangkok Bank. Because of the time difference I just received the email notice from my bank the transfer has completed. Of course I already knew this, because I checked Bangkok Banks website. I had only been making three transfers a year for the past nine years. In the past when I request funds my bank gives a delivery date, along with an email of the request, email that it is scheduled, and another when completed.

Bangkok Bank NY has apparently got an extension of the 1 Apr 19 deadline....non-IAT transfers are still coming thru....that's why you're got thru as others.  Words has it the extension from the US Treasury Office of the Controller of Currency (OCC) extended the deadline (date is unknown at this time) since various US govt agencies at still not transmitting all govt payment in IAT format....this has had the added benefit of non-IAT bank transfers still being allow through.  The US Embassy-Bangkok and Manila SSA Office were supposedly also involved in helping to support an extension of the deadline

 

Quote

 

PCEC also said there may be issues with receiving Social Security funds deposited from the U.S. I'll wait and see on April 3, the day my deposit is usually made. At that time I will get the data sheets for both ACH transfers. Seriously doubt any issues there, since it must be deposited in a deposit only account, the only way to get it, is in person, or by my wife, to transfer it to an accessible account.  

 

My family member's SS payment posted to her Bangkok Bank account this morning....but it was in IAT format so it would have arrived even if Bangkok Bank has slammed the door on non-IAT payment effective 1 Apr...as mentioned they being allowed to leave the door open longer...how much longer we don't know yet.

 

 

Edited April 3, 2019 by Pib

[Dillpickles98]

Well if you doubt Bangkok Bank is the clearing house for all Thai banking, you can call them in New York it's a toll free call, don't tell me it's not. I have talked to them. Fact check for yourself. I don't deal in speculation, everything I post is fact as I know it, and that works for me. If you were someone of expertise working in my bank, or Bangkok Bank then of course I'd believe you, but your not.

 

In the other thread I mentioned my bank by name, if you like you can call them yourself, but seriously doubt you will get past an operator with no account number. But Google it, maybe there is someone you can talk to. Los Angeles Federal Credit Union, LAFCU.gov is their website. A Bank specifically for federal, state, and city employees, and retirees. There are 5,00,000 retirees living all over the world, some countries not friendly with the U.S. transfers can not be made. You couldn't possibly think 5,000,000 Americans have to resort to others means to get funds overseas. 

 

Everytime I call, during bank hours the call goes to whatever office I need in Los Angeles CA. In particular if I call after banking hours, which is a 13 hour difference in time. the call normally goes to Arizona, If I call regarding a credit card, or ATM it goes to Oklahoma.  Every major city in the U.S. has a Federal Credit Union. so named after the city they are in. Let Google do your work, Why believe me, I am pointing you to it. 

 

If you care to call them both Bangkok Bank, New York, or Los Angeles Federal Credit Union, be aware of the time difference. You will not be able to speak to a live person after hours unless you can provide an account number. You don't have to be a federal, state, or city employee to open an account, many think that, that's why more outsiders don't join. But you do have to be there in person.

 

You as well as others can not tell me anything about this issue, unless you work for my bank or Bangkok Bank, you can fact check everything for yourself.

 

I'm off to Bangkok Bank now to transfer my Soc.Sec from the fixed account, and get the so called data sheets for the IAT ACH transfers. I won't post them, though I could, I'll just leave the readers to find out the hard way, and go on with my life. As usual with this forum, anyone offering help, or facts is met with debate, and speculation. I am just putting the information out there if anyone cares to use it. If not, think I lose any sleep?

 

DP.

 

   

Edited April 3, 2019 by Dillpickles98

[marcusarelus]

14 hours ago, Dillpickles98 said:

Well if you doubt Bangkok Bank is the clearing house for all Thai banking, you can call them in New York it's a toll free call, don't tell me it's not. I have talked to them. Fact check for yourself. I don't deal in speculation, everything I post is fact as I know it, and that works for me. If you were someone of expertise working in my bank, or Bangkok Bank then of course I'd believe you, but your not.

 

In the other thread I mentioned my bank by name, if you like you can call them yourself, but seriously doubt you will get past an operator with no account number. But Google it, maybe there is someone you can talk to. Los Angeles Federal Credit Union, LAFCU.gov is their website. A Bank specifically for federal, state, and city employees, and retirees. There are 5,00,000 retirees living all over the world, some countries not friendly with the U.S. transfers can not be made. You couldn't possibly think 5,000,000 Americans have to resort to others means to get funds overseas. 

 

Everytime I call, during bank hours the call goes to whatever office I need in Los Angeles CA. In particular if I call after banking hours, which is a 13 hour difference in time. the call normally goes to Arizona, If I call regarding a credit card, or ATM it goes to Oklahoma.  Every major city in the U.S. has a Federal Credit Union. so named after the city they are in. Let Google do your work, Why believe me, I am pointing you to it. 

 

If you care to call them both Bangkok Bank, New York, or Los Angeles Federal Credit Union, be aware of the time difference. You will not be able to speak to a live person after hours unless you can provide an account number. You don't have to be a federal, state, or city employee to open an account, many think that, that's why more outsiders don't join. But you do have to be there in person.

 

You as well as others can not tell me anything about this issue, unless you work for my bank or Bangkok Bank, you can fact check everything for yourself.

 

I'm off to Bangkok Bank now to transfer my Soc.Sec from the fixed account, and get the so called data sheets for the IAT ACH transfers. I won't post them, though I could, I'll just leave the readers to find out the hard way, and go on with my life. As usual with this forum, anyone offering help, or facts is met with debate, and speculation. I am just putting the information out there if anyone cares to use it. If not, think I lose any sleep?

 

DP.

I think you mean direct deposit account not fixed account and I paid for the call to Bank of Bangkok NYC.  How do you call for free? 

[Dillpickles98]

Yes, I did mean Fixed Account. Sorry you paid for a call to Bangkok Bank, New York. It has been so long since I found it necessary to call them, and I was in the U.S. at the time.

 

But, I can still call for less than $1.00 for a 1 hour call. Sometimes calls to the U.S. last up to 40 minutes, it cost about $0.10. I have a Skype number with a Los Angeles area code. As you should know no entity, or business can call an 11 digit number outside the U.S. That Skype number is forwarded to my Thai phone number, if I don't answer it in 30 seconds. That time limit is set by me, before the call is forwarded to my Thai phone. There is also an option for the caller to leave a voice message.  

 

If you have a Paypal, Amazon, eBay, IRS, Soc.Sec, Bank, or any other account in the U.S. you will find it impossible to have a Thai phone number verified. Thus you can't receive SMS messages, when they want to Identify you with an SMS code, or with issues with that entity.

 

You didn't mention if I was correct about Bangkok Bank, New York being the clearing house for all Thai Banks in Thailand. But that's ok, as I know, and you now know I was correct. 

 

DP.  

Edited April 4, 2019 by Dillpickles98

[marcusarelus]

29 minutes ago, Dillpickles98 said:

Yes, I did mean Fixed Account.

You have your SS deposited to a fixed account?  Don't you mean direct deposit account?

[marcusarelus]

33 minutes ago, Dillpickles98 said:

If you have a Paypal, Amazon, eBay, IRS, Soc.Sec, Bank, or any other account in the U.S. you will find it impossible to have a Thai phone number verified. Thus you can't receive SMS messages, when they want to Identify you with an SMS code, or with issues with that entity.

 

DP.  

I use 2ndLine for my calls to the US government.  I got a medicare card the last time with it with no problem.  I bought a Florida number. 

[marcusarelus]

35 minutes ago, Dillpickles98 said:

You didn't mention if I was correct about Bangkok Bank, New York being the clearing house for all Thai Banks in Thailand. But that's ok, as I know, and you now know I was correct. 

 

DP.  

I never thought about it.  I did read that soon all Thai banks will be able to handle SS deposits and I don't know if a direct deposit account will still be necessary. 

[Dillpickles98]

It is a Fixed account, nothing can done with those funds, with online banking, you must appear, or have someone authorized to withdraw it, or transfer it to another account. Look, call Soc.Sec it is their requirement. Why are you asking me these questions when you don't believe me, and you can easily be satisfied by calling them yourself.

Direct deposit is only possible in the U.S. A fixed account is mandatory for Soc.Sec. direct deposit in a foreign country.

 

I will not answer any other question from you, you have the phone numbers, or can Google it. If you have nothing to do than try to punch holes in the information I have given here, I do, do your own homework.  

Edited April 4, 2019 by Dillpickles98

[marcusarelus]

14 minutes ago, Dillpickles98 said:

It is a Fixed account, nothing can done with those funds, with online banking, you must appear, or have someone authorized to withdraw it, or transfer it to another account. Look, call Soc.Sec it is their requirement. Why are you asking me these questions when you don't believe me, and you can easily be satisfied by calling them yourself.

Direct deposit is only possible in the U.S. A fixed account is mandatory for Soc.Sec. direct deposit in a foreign country.

 

I will not answer any other question from you, you have the phone numbers, or can Google it. If you have nothing to do than try to punch holes in the information I have given here, I do, do your own homework.  

A fixed deposit account is an investment account and a type of savings account in which money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period. It is a safer investment option when compared to other investment types such as shares or the money market.

 

What you have in Thailand for Social Security at Bangkok Bank is called a direct deposit account.  You will confuse people by calling the accounts the wrong name.  You are the only one authirzed to withdraw money from it except in an emergency see American embassy for details. 

 

A fixed account is not mandatory in Thailand for Social Security but a direct deposit account is right now although this might change shortly. 

Edited April 4, 2019 by marcusarelus

[TallGuyJohninBKK]

On 4/2/2019 at 9:00 PM, Dillpickles98 said:

I'm here to tell you my bank can do IAT ACH transfers,

 

If that's true re your Los Angeles Federal Credit Union account, yours is the first and only such report to have surfaced on TVF to that effect. 

 

And when you talk about sending money to Thailand, how exactly are you or your bank sending it? ACH or wire transfer? Because you talked about giving your bank Swift code info, which only is used for wire transfers, not ACH transfers. And the details you described sounded more like those for a wire transfer than an ACH transfer.

 

The supposed April 1, 2019 cutoff date that BKKB NY was planning to enforce seems to have been postponed, and the staff there have told me at least that they are NOT cutting off/rejecting regular ACH transfers from the U.S., at least not yet, as the bank had publicly said it would do.

 

So for right now, regular ACH (non IAT) transfers going thru BKKB NY to Thailand are continuing to be processed, whether they're being send by private parties from their individual bank accounts, or whether they're government payments being send to private recipients in Thailand (like from Social Security, military pensions, etc etc.)

 

How long that's going to continue, for right now, I don't think we know.  But the fact that ACH transfers being sent right now thru BKKB NY are arriving in Thailand does NOT necessarily mean they're IAT compatible. Because BKKB NY isn't actually enforcing that IAT policy yet.

 

 

Edited April 4, 2019 by TallGuyJohninBKK

[Pib]

 

 

Direct deposit is only possible in the U.S. A fixed account is mandatory for Soc.Sec. direct deposit in a foreign country.

 

 

 

I guess the wife and need to go close our Bangkok Bank direct deposit savings accounts which are "not" fixed accounts along with the thousands of other US folks with Bangkok Bank direct deposit accounts which are not fixed accounts.

 

You are confused with what a fixed account is. A fixed savings account is one you can not remove the funds from until the account maturity date without partial or total loss if interest earned. And for some fixed accounts you can not add additional funds after the initial deposit window closed. It's very similar to what is called a Certificate of Deposit (CD) in the US banking system.

 

While a Bangkok Bank direct deposit savings account has restrictions like no ATM card allowed, can not transfer-out funds via ibanking, must appear in person at a branch to withdraw/transfer funds it is not a fixed account.

 

Take a review of any Thai bank website to study-up on what a fixed account is.

 

 

 

[Dillpickles98]

Yes, Direct Deposit, and  fixed accounts are different. I posted in Error, and I do know the difference, but they don't concern me. As far as Soc.Sec is concerned my bank book for Soc.Sec says for Deposit Only. It is dedicated to Soc. Sec only. I do know someone who has had the required 800,000 THB in a fixed account for many years, he doesn't ever need to touch it. it just sits there for visa extension purposes. 

 

The type of direct deposit accounts have different restrictions, the only one that I aware of is Soc.Sec. So while our other accounts do not have any restrictions, the Soc.Sec account does. Deposit can only be made from Soc.Sec., though I am not certain of that, I have never had reason to question it, or try to deposit funds to it. When it comes we just move to our joint account.

 

DP.  

[marcusarelus]

23 minutes ago, Dillpickles98 said:

Yes, Direct Deposit, and  fixed accounts are different. I posted in Error, and I do know the difference, but they don't concern me. As far as Soc.Sec is concerned my bank book for Soc.Sec says for Deposit Only. It is dedicated to Soc. Sec only. I do know someone who has had the required 800,000 THB in a fixed account for many years, he doesn't ever need to touch it. it just sits there for visa extension purposes. 

 

The type of direct deposit accounts have different restrictions, the only one that I aware of is Soc.Sec. So while our other accounts do not have any restrictions, the Soc.Sec account does. Deposit can only be made from Soc.Sec., though I am not certain of that, I have never had reason to question it, or try to deposit funds to it. When it comes we just move to our joint account.

 

DP.  

Nope.  You can deposit from anyone into a direct deposit account.  I tried it last night from my SCB account.

[Pib]

53 minutes ago, Dillpickles98 said:

The type of direct deposit accounts have different restrictions, the only one that I aware of is Soc.Sec. So while our other accounts do not have any restrictions, the Soc.Sec account does. Deposit can only be made from Soc.Sec., though I am not certain of that, I have never had reason to question it, or try to deposit funds to it. When it comes we just move to our joint account.

 

DP.  

Nope. I send transfers to my Bangkok Bank Direct Deposit account from my US banks, Transferwise, and OFX.   Ditto for the wife's Bangkok Bank direct deposit account.

[moontang]

so it should be business as usual for my doing ach with capital one?

[Pib]

11 minutes ago, moontang said:

so it should be business as usual for my doing ach with capital one?

As long as Bangkok Bank keeps the non-IAT door open....a door that did not close on 1 Apr 19 as scheduled...has been left open...for how much longer and why it was left open no one is really sure as Bangkok Bank hasn't said anything official.  With that door still open non-IAT transfers for govt payments and bank transfers are still walking thru.

 

I expect US Treasury OCC gave Bangkok Bank an extension...I say that only because a rep at HQ Bangkok Bank told me in mid March the NY branch had requested an extension from OCC.....didn't say how long of an extension was requested.  

[hereforgood]

so it should be business as usual for my doing ach with capital one?

I just got a message from a good friend that banks with Capital One his went through without a hitch to New York and ended up in his account here in Pattaya. He initiated it on the 1st of April in the US and it just arrived here today.

Sent from my LG-H990 using Tapatalk

[Pib]

Below is a partial quote of a Bangkok Bank New York reply to a question I had about non-IAT payments continuing to come through.  I appears they have just delayed the implementation date...are giving customers more time to try to fix their "non-IAT" payments coming from their bank, company, govt agency, etc., or arrange an alternate money transfer method.   

 

In my opinion Bangkok Bank NY requested an extension from US Treasury OCC with the core justification being the impact on those many beneficiaries who receive "non-IAT US govt payments" such as social security payments.   The SSA IDD for Thailand was suppose to go operational the first quarter of 2019 (i.e., by 31 Mar 19) according to a US Embassy-Bangkok Oct 18 statement but did not go operational in the first quarter....it's still in the testing phase....but I bet SSA is close to going operational.   If such an OCC extension was approved it might have been too tough to only let US govt payments through and block all other non-IAT payments like bank transfers.  So, for now, all non-IAT transfers are still being allowed to go through.  

 

But I think it's clear from the quote the 1 Apr 19 date has only been delayed by Bangkok Bank....like how BREXIT keeps getting delayed, an execution gets delayed, etc., but eventually gets carried out.  So, get your ACH payments changed to IAT format if possible or find an alternative transfer method like SWIFT, money transfer service, etc., as the clock is ticking down but we do not know for how long.

 

Quote

In order to comply with the NACHA’s rule, our New York Branch should process the ACH transactions to the recipient in Thailand only if it comes in an IAT format with effective from April 1, 2019.  However, we understand that our Bank’s customers are still trying to contact the remitter to change their format or finding an alternative to receive the funds, we, therefore, will not return the non-IAT transaction yet as planned but will continue process such transactions to give more time to the customer to notify the remitter or change the method of payment. 

 

[Dillpickles98]

From other sources I read, that I can't quote, only because I was not particularly interested since my bank is already in compliance, it is not only Bangkok Bank that requested the extension, but many U.S. banks have been given time to come into compliance. So the extension of the new regulations are stalled, giving all banks time to get set up, for those which are not. Which could take years.

 

Until someone receives a notification of a change of any new requirements, things will remain the same for bank transfers, and Social Security.

 

So that enfact make this a dead issue for now.

 

 

DP.   

 

 

[Pib]

Just as a reminder for others listening in, if you are unsure as to if your govt or civilian ACH payment/transfer from your bank/credit union/brokerage or govt agency is in IAT format or not, you simply need to call/email the points of contact below at HQ Bangkok Bank in Bangkok or Bangkok Bank New York with the details of your payment/transfer you want to check on. 

 

Specifically, approx date of payment/transfer, approx amount, your name, and your Bangkok Bank account number.   

 

This way you will know for sure if your payment/transfer is being sent in IAT format or not.

 

Bangkok Bank New York

 

HQ Bangkok Bank in Bangkok.  

 

Edited April 6, 2019 by Pib

[TallGuyJohninBKK]

8 hours ago, Dillpickles98 said:

So the extension of the new regulations are stalled, giving all banks time to get set up, for those which are not. Which could take years.

 

To comply with IAT requirements for its ACH transfers, a U.S. bank would have to enable a sender to start adding additional sender information that currently NONE of them incorporate into their ACH processes, including the home address and location for the owner of the recipient account.

 

I've seen/heard ZERO indication that any of the financial entities I deal with, which are many, are doing anything to move in that direction. The IAT rules have been in place for about a decade now, and U.S. banks haven't done anything about that, because they see ACH transfers as purely domestic and only see international recipient transfers as being Swift international wire transfers, where that additional recipient info has already long been required.

 

On the other hand, what probably IS going on behind the scenes is some additional time for BIG U.S. government pension and other payors (Social Security, military, etc.) to bring their payroll systems into IAT compliance, because they DO have to send a lot of payments internationally, and aren't going to be doing those via individual foreign wire transfers.

 

 

 

Edited April 6, 2019 by TallGuyJohninBKK

[Pib]

And currently SSA, DFAS (mil retirement), VA, etc.,  can send in ACH IAT format if a person has their foreign address on-file with those agencies and any other requirements complied with the sending agency may have to send in IAT format.   But if a person has their US address on-file with their govt payment agencies then domestic ACH format is probably going to be used.   

 

Domestic ACH format is not being replaced by ACH IAT format; it's just ACH IAT format is for international payments with the additional info and special coding requirement which a Domestic ACH format does not require.   

 

ACH IAT is nothing new...it's been around since 2009 and all banks can receive IAT no problem.  But whether a bank wants to modify its system to also "send" in IAT format is another question.  None of my numerous banks/CUs will "send" in IAT format; they will only send in Domestic ACH format or Wire....with Wire being the method where the additional sender info is requested/required....basically the same info contained in an ACH IAT transfer.

 

Hopefully some folks doing "bank/CU transfers" will contact one of the Bangkok Bank points of contacts given above to see if their ACH transfer is arriving/being sent in IAT format and report the results. Plus, that person will then have a "definitive" answer if their bank/CU is being send in IAT format.  No need to worry about what their sending bank rep told them on the phone/in an email which may have not been accurate info or misunderstood.

 

Yeap, contact Bangkok Bank to confirm if your ACH payment/transfer is arriving in IAT format or not.  If the answer is Yes, then great!!!...and also tell us the bank/CU you are using.  if the answer is No, then at least you know and can start planning for an alternative sending method.