Bangkok Bank Changes from money coming from America

[westbounder]

Hi,

I got a letter today from Bangkok Bank here in Thailand stating that I need to make some changes to my account

if I still want to have my monthly money transferred from Bkk Bank in New York City to my Bkk Bank account here in Thailand.

 

Has anyone else got this same letter or have any knowledge of this?
I am not sure what I need to do.

 

Thank You

 

[villagefarang]

Talk with the bank.

[TallGuyJohninBKK]

20 minutes ago, westbounder said:

Has anyone else got this same letter or have any knowledge of this?
I am not sure what I need to do.

 

There's several threads already running on the recent BKKB letter regarding NY branch transfers, and even more threads running on the broader issue, which is BKKB's looming plan to essentially stop allowing U.S. bank customers to send ACH transfers to their NY branch onward to Thailand. That cutoff date is now projected to come on June 30.

 

Since basically no U.S. banks will allow private customers to use the newer IAT-format method that BKKB NY is going to require, it's effectively going to force U.S. accountholders to seek other still viable ways of sending money to Thailand:

--domestic wire transfers sent to the BKKB NY branch using their ABA # and your Thailand account number (which will still work post June 30).

--international wire transfers sent directly to BKKB TH using their Swift code

--private party international fund transfer services like Transferwise, OFX and others.

 

Both the domestic and international wire transfer routes I mention above are likely going to be more expensive for most U.S. folks than the longstanding BKKB NY ACH transfer method, since most U.S. bank customers have the ability to send free ACH transfers, but far fewer probably have access to free or very low cost wire transfers.

 

The cost of using the private transfer services in terms of fees and overall net funds received can come close to the overall net cost/funds received from the longstanding BKKB NY ACH transfer method that's going to be ending. But those can be more complicated to set up initially, and you may run into quirks in the process because you're dealing with private companies other than banks.

 

 

[marcusarelus]

No changes to SS direct deposits or VA deposits that are already in the IAT format as I understand it.  Correct me if I'm wrong.  Yes, I checked mine. 

[TallGuyJohninBKK]

22 minutes ago, marcusarelus said:

No changes to SS direct deposits or VA deposits that are already in the IAT format as I understand it.  Correct me if I'm wrong.  Yes, I checked mine. 

 

That's why I specifically worded my answer to the OP's question in the context of private U.S. bank customers trying to send their own money to Thailand -- not government/federal agencies sending benefit checks...

 

But you're correct re the federal payors... Unlike you and me as private citizens, the feds ARE able to send IAT compatible transfers, and are in the process of converting their payments into that format for the folks in Thailand who are receiving them.

 

The impact of the BKKB policy change is likely to end up being minimal for federal benefit recipients here.

 

But for private parties who are trying to send their own funds, it's going to mean significant changes and complications from a longstanding BKKB NY domestic ACH transfer method that many had grown accustomed and comfortable to using -- one that soon is going to cease to exist.

 

[Hank Gunn]

Just as a further clarification to this development, it’s the US government that now requires these international transfers in the newer format and BKK Bank is just following protocol.

 

The US inter-bank transfer system is referred to as the ACH (Automated Clearing House). All it requires is an account number and a routing number (basically a bank ID). Because BKKB has a branch/office in NYC, Americans were able to use that branch’s routing number in combination with their account number in Thailand. With the new policy, dictated by the US government and ostensibly aimed at tax-evasion and money-laundering, all international money transfers must now follow the IAT protocol (International ACH Transfer) which requires additional information like the receiver’s address.

 

Hope that puts the current situation in better context.

[gk10002000]

Soooo, with the recent and still changing immigration policies of showing monthly 65k baht transfers, does this pose a complication?  I won't have my social security going anywhere but to a USA bank.  I would be transferring in monies from several possible sources.   Now if I decided to go the income method next year, well, let's see how things shake out

[TallGuyJohninBKK]

2 hours ago, gk10002000 said:

Soooo, with the recent and still changing immigration policies of showing monthly 65k baht transfers, does this pose a complication?  I won't have my social security going anywhere but to a USA bank.  I would be transferring in monies from several possible sources.   Now if I decided to go the income method next year, well, let's see how things shake out

 

If you don't want Social Security to direct deposit your funds into a Thai bank account, you're going to end up post June 30 with several foreign funds transfer choices for Thai Immigration purposes:

 

1. Find a U.S. bank that will enable their consumer customers to send IAT compatible transfers -- something that pretty much no one has been able to find.

 

2. Plan on sending domestic wire transfers from your U.S. bank to BKKB NY addressed to BKKB NY's 9-digit ABA routing number along with your Thai BKKB account number for forwarding onward to Thailand -- something BKKB NY will continue doing for WIRE TRANSFERS, but not for traditional ACH transfers.

 

3. Plan on sending international wire transfers from your U.S. bank to BKKB TH addressed to BKKB TH's Swift code address and your Thai BKKB account number.

 

(All of methods 1, 2, and 3 above are going to meet/satisfy Thai Immigration's requirement for showing and documenting incoming foreign bank transfer deposits. But the two wire transfer methods above are likely going to incur higher sending fees than the ACH transfers via BKKB NY method that people have been using).

 

4. Plan to use one of the various private money transfer services like Transferwise -- which can meet Thai Immigration's foreign transfer requirements if set up and configured the right way with the private transfer service.

[Gumballl]

My sister in law received such a letter the other day from Bangkok Bank. I send money (usually once a month), on behalf of my wife, to her family in LOS.

 

SIL went to the bank to confirm that she receives money from my account. AFAIK, that is all she had to do.