Retired Military and SS payments to BKK After April 1.

[Danthai]

Comments from Military and SS pensions being received direct deposits after April 1 BKK Bank NY Deadline.

[Kelsall]

Good post and no replies indicates no problem.

 

I'm beginning to think this whole IAT format issue is nothing more than a wild goose chase started by Bangkok Bank, and I for one fell for it.  In other threads it is apparent Bangkok Bank wants the average person getting these deposits to ensure that they are sent in the required format.  Sorry, not my job.  Either let the deposits through or shut down the whole program and suffer the loss of fees.  They need to work with the international money transfer community and fix their problem.  But, as recent days of successful deposits have shown, there is no problem.

Edited April 6, 2019 by Kelsall

[noise]

I am waiting to see if my standing order from my U.S. bank to my Chiangmai Bangkok Bank branch that has been in place for umpty ump years is honored this month or not.  I doubt it will be.

 

Either at the end of February or the beginning of March I tried to make a new, one time domestic transfer to a new account in Chiangmai.  Rejected by New York.  Contacting them they said it was the wrong format, not IAT ACH.  I then tried sending a domestic wire through NY since wires are in the IAT ACH format.  It was accepted and deposited here.

 

My reading of all the information I could find is that this is imposed by the US Govt to combat tax evasion and money laundering.  Using the plain ACT format gives the impression the money stops in NY.  But it doesn't, it continues overseas to our local bank accounts.  The U.S. govt told Bangkok Bank that if it wants access to the U.S. banking system, it must track the physical address in Thailand of the receiver as well as the physical address of the bank branch in which the money is deposited.   Make sense to me.

[Kelsall]

A friend of mine made a successful deposit ACH through BKK Bank NY Branch on April 3.  No problem.

[hml367]

3 hours ago, noise said:

I am waiting to see if my standing order from my U.S. bank to my Chiangmai Bangkok Bank branch that has been in place for umpty ump years is honored this month or not.  I doubt it will be.

 

Either at the end of February or the beginning of March I tried to make a new, one time domestic transfer to a new account in Chiangmai.  Rejected by New York.  Contacting them they said it was the wrong format, not IAT ACH.  I then tried sending a domestic wire through NY since wires are in the IAT ACH format.  It was accepted and deposited here.

 

My reading of all the information I could find is that this is imposed by the US Govt to combat tax evasion and money laundering.  Using the plain ACT format gives the impression the money stops in NY.  But it doesn't, it continues overseas to our local bank accounts.  The U.S. govt told Bangkok Bank that if it wants access to the U.S. banking system, it must track the physical address in Thailand of the receiver as well as the physical address of the bank branch in which the money is deposited.   Make sense to me.

This is from https://www.nacha.org/content/international-ach-transactions-iat-solutions-center

 

I think Bangkok Bank is just complying with the U.S.A. requirements.

 

 

Revised IAT Scenario H - Money TransmittersThird-Party Service Providers (1).pdf

[NancyL]

There is a long-running thread about this topic in the Banking forum.  It appears that Bangkok Bank has delayed implementation of termination of ACH transfers, not decided to continue them indefinitely:

 

https://forum.thaivisa.com/topic/1050250-major-change-eff-1-apr-19-in-bangkok-bank-ach-transfers/page/33/

 

[Danthai]

It sort of indicates if DFAS and SS came through they are being sent in the acceptable way.