Bangkok Bank Requiring Transfers in IAT format April 1, 2019

[TallGuyJohninBKK]

1 hour ago, Pib said:

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.

 

 

Pib, right now, when I send a domestic ACH through any of my U.S. institutions, the sending entity has absolutely no information on the physical address / location of the recipient. My sending bank basically knows the routing number, account number and the recipient account owner's name. As long as that remains the case, I'm not sure any such transfer could ever be IAT compatible under the current system.

 

[Pib]

20 minutes ago, TallGuyJohninBKK said:

 

Pib, right now, when I send a domestic ACH through any of my U.S. institutions, the sending entity has absolutely no information on the physical address / location of the recipient. My sending bank basically knows the routing number, account number and the recipient account owner's name. As long as that remains the case, I'm not sure any such transfer could ever be IAT compatible under the current system.

 

I  agree....but to be absolutely sure call Bangkok Bank to confirm....then you are 100% sure.  Like that bank transfer you did the last week to Bangkok Bank...give them a call Monday to confirm it's arrival format.

[KhunFred]

Too deep for me. This thread cleared up nothing. An officer of Bangkok Bank, New York told me via email that my transfers were not currently in IAT format, but said they were working with all governmental agencies to make sure that they were by the deadline. That was some months ago. Since then, I have been doing TransferWise transfers from my credit union in the USA to Bangkok Bank. I get SMS messages telling me when those transfers arrive.  The ability of ALL Thai banks to receive SS funds should clear up most of the problems.

[Dillpickles98]

I understand your dilemma, my posts have always been correct as I know it. My recurring transfers have continued, since I set it up as of February 2019. The April 1, 2019 deadline has been extended, so say some here, in the PCEC Newsletter. Also in the letter I received from Bangkok Bank described below, the deadline is now June 30, 2019. I don't get SMS from Bangkok Bank when the funds arrive, I get an email & SMS from my U.S. bank the transfer was completed. normally a few hours after, I see it in online iBanking Bangkok Bank.

 

In a letter I got from Bangkok Bank, Bangkok received April 30, 2019. Their concern in that letter was I hadn't updated my address since I opened the account. At the time I used my mother-n-laws address back in 2010, since I had just retired, and didn't have a address I could call permanent at that time. All it took was a trip to my bank branch, with my passport, as they always want a copy, and an envelope addressed to me at my present address, They weren't even interested in any other proof, such as my lease for my house, or the details from my U.S. bank of how the transfers are made. The foreign clerk at my branch updated my address, and the branch code. The letter went on to say transfers must be in the IAT ACH protocols which have been discussed earlier. The teller that changed my address said I had nothing further to do, as she is the one who prints out the IAT ACH data sheets, I request at every transfer to check what the exchange rate was at the time of the transfer.

 

To add to this, I received a letter from Social Security saying there is NOTHING I must do to keep getting my Soc.Sec direct deposited in it's deposit only account. 

 

I suggest you contact your bank in the U.S.. I previously described the process I had to do to set it up in detail. But the naysayers with 1,000's of post who think they are experts, don't buy it. That's fine with me. Transfer from my U.S. bank came through May 2, 2019, Soc.Sec. came through as always on the 3Rd of the month, May 3.2019. The transfer data sheets were identical, and as they have always been, except for the transaction code, and the amounts.

 

DP.  

[dave s]

32 minutes ago, Dillpickles98 said:

The teller that changed my address said I had nothing further to do, as she is the one who prints out the IAT ACH data sheets, I request at every transfer to check what the exchange rate was at the time of the transfer.

They can just look at the screen and tell you the exchange rate, or print all the data on the screen. I did that once. But you can ask for a free service that sends you an SMS on every foreign transfer (not the one that sends an SMS every single time you do something!), for example in April:

   SOCIAL SECURITY ADMINISTRA

   has transferred THB***** (USD*****@31.56 - THB200.00

   from abroad into *****.

[Dillpickles98]

You can do it however you like. I prefer to have the Data Sheet for my records. The Data Sheet is what they see on their monitors, they print it on half of A4 paper size with the Bangkok Bank letterhead.  

 

Thanks for the info as for a SMS, I didn't know Bangkok Bank offered it for deposits aswell, but it's not that important, I already know when transfers & Soc.Sec. is deposited. I do get them for payments, top offs, and transfers, both email & SMS.

 

DP.

[Danthai]

On 4/6/2019 at 7:02 PM, TallGuyJohninBKK said:

 

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.

 

 

 

My DFAS goes to BBK bank Direct deposit account. Neither my SS or DFSA direct deposits are in the new IAT  format, but coming through. Because of holiday weekend, mySS on 4th not,posting until 4 PM tonight, but usually get DFAS on 2nd, and SS on third or 4th. Has been like clockwork except delayed May 4 deposit.  manager how to change to new Sansai address. Had me fill in new address and will send it to Airport Plaza BKK where  I opened account and then on to BBK, BKK,  and BBK Bank NY. My counter mtransfersm were a 100th the trouble  the BKK Bank is now.

[TallGuyJohninBKK]

4 hours ago, Danthai said:

My DFAS goes to BBK bank Direct deposit account. Neither my SS or DFSA direct deposits are in the new IAT  format, but coming through. Because of holiday weekend, mySS on 4th not,posting until 4 PM tonight, but usually get DFAS on 2nd, and SS on third or 4th. Has been like clockwork except delayed May 4 deposit.  manager how to change to new Sansai address. Had me fill in new address and will send it to Airport Plaza BKK where  I opened account and then on to BBK, BKK,  and BBK Bank NY. My counter mtransfersm were a 100th the trouble  the BKK Bank is now.

 

BKKB extended the previously announced cutoff date for non-IAT transfers until June 30 at last report... So, even non IAT format transfers are continuing to go thru the NY branch for now... But that doesn't mean forever....

 

[Pib]

7 hours ago, Danthai said:

My DFAS goes to BBK bank Direct deposit account. Neither my SS or DFSA direct deposits are in the new IAT  format, but coming through. Because of holiday weekend, mySS on 4th not,posting until 4 PM tonight, but usually get DFAS on 2nd, and SS on third or 4th. Has been like clockwork except delayed May 4 deposit.  manager how to change to new Sansai address. Had me fill in new address and will send it to Airport Plaza BKK where  I opened account and then on to BBK, BKK,  and BBK Bank NY. My counter mtransfersm were a 100th the trouble  the BKK Bank is now.

You need to change your address on file with SSA to your Thailand address to get your SS payment changed to ACH "IAT" format.  Just updating your address with Bangkok Bank...putting your Thailand address on a SF1199 will not get the format changed nor update your address with SSA.

 

 Now when it comes to DFAS you'll also need to get with them to change your address to your Thailand address.....and I'm not sure that will result in change to ACH IAT.  

Edited May 7, 2019 by Pib

[Jimi007]

Well now suddenly my ACH transfers are being rejected by Bangkok Bank. I'm in the US so I can't go to a Branch to update my information to be IAT complaint. My temporary solution I guess is wire transfer. Bank of America will wave the fee until next October. Hopefully by then B of A will add IAT or I can sign something back in Thailand to comply. Not sure. I just found out about this today. My transfers always went through before this past week. Ah more hoops!

 

[Dillpickles98]

Hi Jimi007, Yes for the first time in 10 yrs. my December recurring transfer was rejected. The problem is with Bangkok Bank, New York. I am sure you remember me being rather adamant about my Bank being in IAT compliance, well as it turns out they are not. When the funds were returned to my bank the reason for the rejection was given Error Code 83. I had my IT guy at my bank check it. The error code was Rejected by incorrect format.

 

I think it was published here that Bangkok Bank would be using the IAT format on April 31, 2019. Well seems we fell through the cracks until now. After I got the rejection notice I took it to my branch here in Pattaya. My contact at that branch researched it, printed the data transmittal sheet, which I usually ask for a copy of. She said the rejection was cause by my address was not appearing on it.

 

I called Bangkok Bank, New York twice, agents there said they were aware that it was causing many problems for Americans. But they must follow the law as written by the Thai Govt. Apparently until just recently they were allowing regular ACH transfers to pass. My guy IT at my bank connected me to banking headquarters. There are two different types of transmittal forms used, The first, the one, we and everyone else were using is considered a normal ACH domestic transfer. There is no place on that electronic form to input an address. Just bank info. The second form in IAT format has required space provided for the address of the recipient.
 

The only banks in the U.S. that are in compliance are U.S. Govt. Banks, as far as know. All other banks have not yet adopted the IAT protocol. So I called my IT guy again. He said IAT wire transfers were possible, but they require the sender to appear in person at the bank. Since he knows that is not an option for me, he said I could give Pwr of Attorney to anyone willing to appear at my bank to initiate the transfer. My only other options is to use our U.S. ATM cards, or draw cash from my Visa credit card. I always look for a Plan "B"., and I found one. 

 

There is nothing you can do in Thailand, or Bangkok Bank, New York. However what I did was join Navy Federal Credit Union. If you know any Veterans living overseas, there has been no interruptions in there retirement, or benefits from being in the Armed Forces, DOD, or any retired U.S. Govt. employees. I applied on the phone, they emailed me, and requested documents, DL, passport, Bank names, routing numbers, & account numbers. Soc.Sec. card, Veteran I.D., Veteran Medical card. last W-2's, tax return & the source of my retirement, in total 12 attachments. 

 

They ask how much of an initial deposit I wished to make, minimum of $5.00 I agreed to $50.00 and to the terms of the agreement. Once I saw the pending withdrawal from my U.S. bank, I knew I had been accepted as a member. When that $50.00 cleared at Navy Federal, I received an email from Navy Federal Credit Union, that my membership had been accepted, and to go to their website, use the code provided, then enter a screen name and password. I did so with their agent on the phone. I just initiated a $500.00 transfer to Navy Federal, it will clear Dec 26,2019. 

 

How they handle overseas transfers is by phone call. Just call them, Identify yourself, give the amount, and to which bank account you want it send to. They said it take 4 days, and the fee is $25.00. However it was free with my U.S. Bank in the past, and Bangkok Bank, New York will of course take their cut, and the BKK Bank branch will take their fee. So I intend to transferring large amounts, to nurelize the cost.

 

I suggest if your not a veteran, don't work DOD, or the govt. you can still become a member if a family is, or was. I didn't know you could open a bank account without ever being present. It only took 5 days to become a member, and have online banking. Not only that, they are available 24/7 by phone. I'll give you the website, you can apply online, but much faster by phone. When they request documents , they will give a secure email address to send them to, the number of files exceeds the space limitations of any email attachments, they will reply by email that they have been received.

 

Their service are so good, I am thinking of closing my other U.S. bank accounts. I stopped receiving my SSA here in Thailand, now sending it to my U.S. bank to avoid the fee in New York, then again at my branch.

 

navyfederal.org is the website. Look it over, then call 1-888-842-6328 if you wish to join.

 

So far it's the best option, I'll know more when I receive, there packet of information in the mall. 

 

Hope this helps, you or anyone who has kept an eye on this thread. 

 

DP.               

Edited December 21, 2019 by Dillpickles98

[Pib]

On 12/21/2019 at 3:38 AM, Jimi007 said:

Well now suddenly my ACH transfers are being rejected by Bangkok Bank. I'm in the US so I can't go to a Branch to update my information to be IAT complaint. My temporary solution I guess is wire transfer. Bank of America will wave the fee until next October. Hopefully by then B of A will add IAT or I can sign something back in Thailand to comply. Not sure. I just found out about this today. My transfers always went through before this past week. Ah more hoops!

 

Nothing Bangkok Bank can do for you.  Only your US sending  bank can help...and the only way they can help is to send in ACH "International ACH Transaction (IAT)" format--which they do not use.  I know of no US bank that uses ACH IAT format except some large banks for special corporate/business accts which need to pay for foreign services/products, pay foreign payroll, etc., in select countries.  All US bank can "receive" ACH IAT format transfers for around a decade now but none I know of "send" in ACH IAT format for regular retail accts like most people have.....US bank generally only use ACH domestic format.  If you want to send funds outside the US you will need to do an International Wire (a.k.a., SWIFT)....or possibly a Domestic Wire to Bangkok Bank NY.  And wires are usually pricey and not nearly as easy to do for many folks in comparison to ACH transfers.

 

And when talking to/dealing with your US bank don't confuse ACH IAT with an International Wire.  Some people have been misusing the IAT terminology...using it as it applies to any type of international transfer and this has surely resulted in some misunderstanding/miscommunications.   IAT means "International ACH Transaction" and only applies to the ACH system; does not apply to Wires, Transferwise-type transfers, etc.  

 

 

Edited December 22, 2019 by Pib