Send US$ Via Transferwise to BK Bank

[mosan]

13 minutes ago, Pib said:

Correct.  Not given the ACH bank debit option via trial deposits for my bank (not to be confused with funding via debit card)..  In fact, one time I attempted to go the trial deposit method but as soon as I entered my routing number the TW system recognized it's one of the banks that interfaces with Plaid and immediately took me to the screen where your use the TW interface to log onto my bank.  

Did some research on the API and it seems that what you're doing is accessing your own account and sending the money to TW at the instant you're processing a transfer with them--which is not very different from them pulling the money from your account (also using the ACH system). What I'd like to know from you is how quickly TW then dispatches the money--and is received--on this end in Thailand. 

[Pib]

9 minutes ago, mosan said:

Did some research on the API and it seems that what you're doing is accessing your own account and sending the money to TW at the instant you're processing a transfer with them--which is not very different from them pulling the money from your account (also using the ACH system). What I'd like to know from you is how quickly TW then dispatches the money--and is received--on this end in Thailand. 

All the API does is verify you own the account, you have sufficient money in the account to fund the transfer, and you can select the account to fund from in case you have multiple accounts at the bank like a checking and savings account.   And of course by doing this you are authorizing the transfer which allows TW to begin the pull of funds.   It's an encrypted process, TW does not see or save any of your banking credentials.  If you ever bought off Ebay and used PayPal to fund the buy, it kind works like that....you log onto your PayPal account thru a Ebay interface....once paid you are back into Ebay.

 

But since TW has seen you have adequate funds I guess that gives them more of warm fuzzy and the transfer may complete faster.   Like my last two TW transfers took less than 20 hours from the time I initiated the transfer to the funds posting in my Thai bank account.  In fact, the funding posted to my Thai bank account before the ACH debit posted to my US bank account.

[Thailand J]

1 hour ago, Pib said:

Need to subtract $25 worth of baht from the TW amount as a wire costing around $25 will be needed to get the money to TW to fund the transfer.  ACH bank debit (i.e., ACH Pull) can not be used for amounts of over $15K.

Thanks. I am a TW dummy. So,

CS: 821,805 B

TW: 820,887 B

 

 

 

[sfokevin]

1 hour ago, onera1961 said:

Or use DeeMoney if available for your country. Nothing to peove

Sent from my JKM-LX2 using Thailand Forum - Thaivisa mobile 

 

As a general rule it is probably a good idea to prove the provadece of any large sums of money you have in foreign banks... 

[quandow]

11 hours ago, tlock said:

Can anyone else confirm if Bangkok Bank charges a 500B receiving fee for Transferwise?  I thought I had seen somewhere that it appears as a domestic transfer to BKK Bank...

I was never charged anything like a "receiving fee" from Bangkok Bank.

[jacko45k]

13 hours ago, mtls2005 said:

 

When I did my calculation earlier this morning the BKK T/T rate was 31.62, maybe pre-open? 

 

Now I get:

CS:  821,805.18

TW: 821,289.70

For that amount of difference I would actually shun Transferwise for 2 more important reasons. There are no security guarantees, if they went belly up during the transfer, I see no recourse. With SWIFT type transfers they are clearly and always labeled as International, not 100% sure with Transferwise. The only down I see is the BB rate can move against you while TW is fixed. 

[SammyJ]

15 hours ago, mosan said:

TransferWise does (did) not ask for your user ID and password, they use your account number and routing number. The same numbers printed on the bottom of paper checks and deposit slips that have been used by banks and financial institutions for eons to access (pull or push) money to your account. If your bank allows you to initiate SWIFT transfers from Thailand then all well and good. TransferWise is doing nothing new, just providing a service cheaper and easier than most financial institutions can provide. Besides most of my transfers I've done over the last 6 months has averaged $21 in fees and, and the deposits arrive here in approximate 24 to 36 hours--all initiated from my phone or desktop in a matter of 1 or 2 minutes... I use Bangkok bank and all transfers have arrived coded as FTT (foreign telex transfer) to date.

 

 

sorry, but TW absolutely did ask for my user id and pw--i do know the difference between that and routing numbers=and, as another poster said,, within tw, once logged in, an interface comes up and asks u directly to enter user id and pw==tw acknowledges this on their own help section, and if you are comfortable providing that, then please go ahead.  I am not.  they promise how secure it is and how you don't need to worry about it, but that is the same sort of thing some of the largest financial companies in the US promised and then had major and serious data breeches that compromised millions with the loss of the personal data--including financial information.  so, i did not elect to share that or allow some system to have that info either---so, the option, then presented to me was to WIRE transfer the funds payment to them (which my bank charges for) and indicated that by wiring the funds, it could delay the international transfer by days--so, i just went ahead and did a SWIFT transfer.

Also, has been discussed here and many other places, there is the small chance that your transfer via TW will not show up as an international transfer to your Thai bank.

 

 

[Thailand J]

Apparently asking for user id and pw to link an external bank account is becoming more common. Both Charles Schwab and Interactive Brokers gave me that option when I tried to link my new State Dept Fed Credit Union bank account, but i opted for the two trial deposits method.

Edited May 10, 2019 by Thailand J

[Pib]

18 minutes ago, Thailand J said:

Apparently asking for user id and pw to link an external bank account is becoming more common. Both Charles Schwab and Interactive Brokers gave me that option when I tried to link my new State Dept Fed Credit Union bank account, but i opted for the two trial deposits method.

It becoming very common....and sometimes when a person is logging onto their bank account they might actually be doing it through a third party API that the bank uses....totally transparent to the customer.

 

For those folks who decide they will never do such are relegating themselves to not being able to use certain services.  Up to them. 

 

Plus, when Transferwise uses the API provided by Plaid to interface with a certain bank well they can only do that if the other bank also uses/blesses use of the API.   If the other bank is OK with use of the API then the customer should be also.

 

[Pib]

https://plaid.com/financial-institutions/

Transferwise uses Plaid to interface with many, many, many US banks.  See snapshots below.

 

 

Plaid supports approx 9,600 financial institutions in the US/Canada...like those listed on the right hand side.  These banks trust Plaid...why shouldn't the customer.

 

 

[Thailand J]

May be the two trial deposits method will be obsolete soon, but until then given the option, that will be my choice EVERYTIME.

[OliverKlozerof]

 

Thought you guys might be interested to hear (and see) results of the transfer from my Schwab acct to my BK Bank acct. Filling the form on the Schwab site was dead simple. However, to confirm it at the end, they sent a 4-digit code to my cell phone here (a DTAC number that they had on record). It arrived very quickly and allowed me to confirm the transfer. However, I then got a confirmation email which said I *may* also be required to call them with verbal confirmation. Sure enough, this morning I got a second email with the number I needed to call (there was a number for calling from outside US, which I used...as usual, because I rarely call the US from my cell, I had to look up how to do it: dial 001 to exit Thailand, then: 1, area code, number). A very short 'voice maze': press 1 for English, enter my 8-digit acct number. Then a young man in Denver asked my mother's maiden name (one of my security questions, I guess), about how much money in total I had with Schwab, and the confirmation number that was in the email I received. Done. Thanks you very much.
You'll notice in the image above (from which I deleted my particulars, of course), there was an "other fee" of $10.90. The asterisk by it appears to connect to the asterisked note below it, which says, "recipient may receive less due to fees charged by the recipient's bank and foreign taxes." I'm not completely clear about what this means, but am not going to get too ruffled about it.
Also, Schwab's $25 fee was *added* to the amount on their end, whereas the $10.90 was subtracted on the receiving end, I guess implying that is BK Bank's "fee."
Cheers, DP

[Pib]

That $10.90 is not a receiving end fee by Bangkok Bank....their receiving fee is 0.25% (Bt200 min, Bt500 max) which for $25,989.10 will be the Bt500 max (approx $15.60).  And remember this fee will not appear on your Bangkok Bank statement/ibanking as it's applied before posting to your account.  The only way to see it is if you are signed-up to receive the free SMS Remittance Alert or go to the branch and get a Credit Advice.

 

That $10.90 fee is some Schwab or intermediary bank fee.

[Pinot]

I use XE Money Transfer (XE.com) sending 70k baht a month to qualify for the monthly method. XE doesn't charge a transfer fee but gets you with a slightly lower exchange rate. It ends up costing about $15 instead of Transferwise's fee of about $25. Used XE for the last three months. No issues. Kasikorn doesn't charge a fee. It does take 5 days after the money has landed to appear in my account. 

[Pinot]

2 hours ago, OliverKlozerof said:

 

Thought you guys might be interested to hear (and see) results of the transfer from my Schwab acct to my BK Bank acct. Filling the form on the Schwab site was dead simple. However, to confirm it at the end, they sent a 4-digit code to my cell phone here (a DTAC number that they had on record). It arrived very quickly and allowed me to confirm the transfer. However, I then got a confirmation email which said I *may* also be required to call them with verbal confirmation. Sure enough, this morning I got a second email with the number I needed to call (there was a number for calling from outside US, which I used...as usual, because I rarely call the US from my cell, I had to look up how to do it: dial 001 to exit Thailand, then: 1, area code, number). A very short 'voice maze': press 1 for English, enter my 8-digit acct number. Then a young man in Denver asked my mother's maiden name (one of my security questions, I guess), about how much money in total I had with Schwab, and the confirmation number that was in the email I received. Done. Thanks you very much.
You'll notice in the image above (from which I deleted my particulars, of course), there was an "other fee" of $10.90. The asterisk by it appears to connect to the asterisked note below it, which says, "recipient may receive less due to fees charged by the recipient's bank and foreign taxes." I'm not completely clear about what this means, but am not going to get too ruffled about it.
Also, Schwab's $25 fee was *added* to the amount on their end, whereas the $10.90 was subtracted on the receiving end, I guess implying that is BK Bank's "fee."
Cheers, DP

 

I'm traveling in Italy and couldn't get a code. To do a domestic transfer to the transfer service, I had to write the transfer info all out on a piece of paper, sign and date it and then take a pic of it with my camera. I then sent that jpg to them online. Domestic transfers from Schwab are free. I'm using XE.com to do the transfer and it costs about $15. 

[Thailand J]

If you inform Schwab this is a 'Standing order', you will not have to go through a phone verification the next time you order another transfer into the same bank account. You will get two e-mails; one to inform you they have got your order and another when the order is completed.

 

For years Schwab had used Chase as intermediary at $2. I would call and ask about the $10.90, may be it's something you can avoid next time.

 

[OliverKlozerof]

Got confirmation from Schwab yesterday (May 14 2019) that the transfer was complete. This morning (15th), yet to show up in my BK Bank acct when I log on (https://ibanking.bangkokbank.com/SignOn.aspx). Anyone know how long it will take? Slightly nerve wracking while my funds are suspended in the ether.
Thx

[Pib]

4 hours ago, OliverKlozerof said:

Got confirmation from Schwab yesterday (May 14 2019) that the transfer was complete. This morning (15th), yet to show up in my BK Bank acct when I log on (https://ibanking.bangkokbank.com/SignOn.aspx). Anyone know how long it will take? Slightly nerve wracking while my funds are suspended in the ether.
Thx

Hopefully your money posted to your Thai bank acct today.  But if it didn't maybe the Schwab really hasn't released the funds yet....some kind of hold/clearing time is underway based on how you did the transfer....what account you pulled the funds from....I'm guessing right now.  Yes, maybe they have completed most transfer requirements...like the rocket being on the launch pad but actual blast off hasn't occurred yet.   I notice in your earlier post that Schwab said the funds would be available 16 May....still 2 days away.    

 

[NoshowJones]

On 5/9/2019 at 8:28 AM, essox essox said:

friend of mine uses TW from Uk to Thailand, he has had no problems

He is lucky, apart from my first three transactions, they have given me nothing but problems.

Edited May 15, 2019 by possum1931

[OliverKlozerof]

I'm now in Europe for a month or so. Today, May 19 (here), when logging in to my BK Bank online acct, still no funds. Schwab had said money would be available on the 16th. I've sent messages to both Schwab and BK Bank about this a day or two ago, but maybe because it's been the weekend they haven't replied. 
BTW, after calling Schwab (per their email instructions) in the US to confirm I actually wanted to do this (answering security questions, etc.), the day the transfer was actually carried out I received a call from a woman who I assumed was from their transfer dept (I forgot exactly how she introduced herself), again asking security questions. Though this seemed a bit redundant, she knew everything about the requested transfer, so I assumed it was legit. At the end I asked her if the transfer would be carried out that day (13th), and she said yes. Sure enough, I later that day received an email from Schwab confirming that it had been done. And logging in to my Schwab acct showed the money had been withdrawn. Did anyone else receive a call from the transfer dept the day it was carried out, again asking security questions?

[Number 6]

Sorry,  not to hijack the thread. I've heard that Schwab doesn't care/monitor you being overseas? Y/N? My Fidelity accounts were barred from trading. I've always been a Vanguard ETF fanboi but heard and read being overseas an issue. Thank you.

[Langsuan Man]

6 hours ago, Number 6 said:

Sorry,  not to hijack the thread. I've heard that Schwab doesn't care/monitor you being overseas? Y/N? My Fidelity accounts were barred from trading. I've always been a Vanguard ETF fanboi but heard and read being overseas an issue. Thank you.

Yes, they sure as hell do care, they are just a little more trusting when you tell them you are overseas for part of the year.  After 40 years with Fidelity they pulled that crap with me because I refused to answer a CSR's questions concerning my travel when I called about a domestic wire issue.  So suddenly I am barred from trading Mutual Funds from Fidelity

 

So I called Schwab and discussed at length this overseas / US location thing.  For some reason these brokerage companies have morphed "know your customer" to "know where your customer is located for less than 180 days" but Schwab says they trust you when you say you are out of the country for less than half a year unless they discover otherwise (like foreign ISP activity or ATM withdrawals).  So I moved everything out of Fidelity to Schwab, except enough to qualify for Fidelitiy's free International wires

 

The scary thing is the lack of management oversight, to save a few bucks these brokerages and banks have given way too much power to Customer Service Representatives 

[OliverKlozerof]

BTW, my transfer from Schwab to BK Bank did eventually go through. The holdup: I had made a mistake in my acct number at BK Bank (!). Once that was fixed, it just took a couple more days. Whew.

[baddogonceagain]

Update for Charles Schwab - Bangkok Bank customers on ACH/IAT issue. I pinged Charles Schwab (6-27-19) and this is what the robot told me: "I'm not aware of any change to the foreign wire process." Are they just plain stupid or is there no problem at all? I'll find out by next Wednesday as I was asking them a $1000 question.

 

[Pib]

Update for Charles Schwab - Bangkok Bank customers on ACH/IAT issue. I pinged Charles Schwab (6-27-19) and this is what the robot told me: "I'm not aware of any change to the foreign wire process." Are they just plain stupid or is there no problem at all? I'll find out by next Wednesday as I was asking them a $1000 question.
 

Your sending bank would have no clue if an intermediary/receiving bank plans to reject an ACH transfer due to a policy change at the intermediary/receiving bank.

[baddogonceagain]

If I understand the problem correctly it is being generated by the U.S. government. They see a data leak that they want to plug and have made the banks responsible for adapting and carrying out the execution. The intermediary banks like Bangkok Bank have indicated their knowledge of the proposed change April one year ago by sending out their nastygram to foreign clients. It's much like a game of 'liar's poker', where everyone seems to be waiting for the other party to move. I'm a curious onlooker checking for financial damage to my accounts or transfer methods. Everything I do while resident abroad seems to be a wild experiment of some sort such as sending money to myself even though I don't intend it to be. Sometimes it works and sometimes it doesn't. I'm thinking that my U.S. government payers "know the ropes" and my payments from them won't be affected. Here's how the 1000 USD Charles Schwab payment finished, and of course, the outcome had some unexpected parts to it. The money was scheduled for transfer on 28 June. It was sent and received by Bangkok Bank that day (Hoo-Yaa!). I was also dunned a "tax" for that one transaction only by the bank, for the first time in 14 years, for the sum of "47.28" Thai Baht. Where did that come from? Is BBK going to respond to the new transfer format by taxing it's foreign customers for their trouble? Is there even a new international (and presumably, universal) transfer format? Might this be a move by Commandante-0 to raise taxes in general? I haven't a clue.

[baddogonceagain]

Just checked all my BBK accounts and they're taxed too after a small bank interest deposit. I had my Thai wife check her BBK accounts and she doesn't show any. This is starting to look like the Thai government at work fleecing foreigners.