Can you still transfer money from USA to Bangkok Bank

[Captain 776]

ABSOLUTELY.    I DO IT FREQUENTLY

[quandow]

If you really need this transfer to go through, use TransferWise. I've had excellent results and, after having my master account hacked and mayhem ensuing in ALL my accounts, TransferWise was responsive and dealt with the issue quickly and professionally.

[dpcjsr]

The bank told me that transfers would no longer work after June 1, so you still have a couple of days to get in one more transfer. (if your bank allows transferring in the international format then there is no problem but I have yet to find a bank doing that). 

 

Come June 1 we need a new way to get money to Thailand. TransferWise has both good and bad reviews on the internet so I am not sure one way or another yet. 

 

My American bank, Charles Schwab, charges $25 for a wire transfer so I may do that a couple of times a year. Also my Schwab ATM cards works here and there are no fees for using it, so that is possible when I need smaller amounts quickly. I believe that Chase may have a similar arrangement. 

 

[55Jay]

56 minutes ago, dpcjsr said:

The bank told me that transfers would no longer work after June 1, so you still have a couple of days to get in one more transfer. (if your bank allows transferring in the international format then there is no problem but I have yet to find a bank doing that). 

 

Come June 1 we need a new way to get money to Thailand. TransferWise has both good and bad reviews on the internet so I am not sure one way or another yet. 

 

My American bank, Charles Schwab, charges $25 for a wire transfer so I may do that a couple of times a year. Also my Schwab ATM cards works here and there are no fees for using it, so that is possible when I need smaller amounts quickly. I believe that Chase may have a similar arrangement.

I was reluctant to try Transferwise and put weight on the relative handful of negative/problematic reviews opposed to the vast majority of good ones.  Finally bit the bullet and set up a TW account; 4 months of transfers since then without any issues.  Actually, had one initially but in the end, chalked it up to operator error (me).

 

Yep, other options are still out there. 

 

- Good old max ATM pulls, ideally w/a card that doesn't charge foreign transaction fee and reimburses the Thai banksters' ATM fee.... then physically deposit money into Thai bank acct.

 

- Over-the-Counter withdrawals using ATM/Debit card (if your Thai bank will do it).

 

- I've never tried it, but @Pib has posted a couple of times over the years about Over-the-Counter withdrawals (Cash Advance) using a US issued credit card, then dump US account funds on the card same day to cover the transaction.

 

- As you said, larger amount SWIFT wires a few times a year to spread the costs vs. more frequent/monthly transfers.

 

- Other money transfer outfits get mentions on here as well.  OFX, etc.... 

Edited May 29, 2019 by 55Jay

[Bubbha]

I use Transferwise and a borderless account.

 

From my US bank, I send US$ via ACH to my Transferwise borderless account (a US account based in New York). This takes 3 business days. On the day that the funds arrive in my Transferwise borderless account (Day 3), I then sent the funds along to my bank account in Thailand. 

 

The funds arrive at my bank account in Thailand on the 4th business day at 2 pm.

 

So if I initiate the process on Monday (US time), the funds arrive at my account in Thailand on Thursday afternoon (assuming no bank holidays in both countries).

 

The process might be a bit faster if you direct Transferwise to use ACH to debit your bank account - not sure, really, as I have not tried this.

 

I agree that Transferwise would be more expensive than direct bank to bank wires for very large transfer amounts.

 

However, for monthly/quarterly living expenses, this works well for me.  

 

I offer my experience as a way to inform options for others - acknowledging that their are many good options available and everyone's needs are different.  

[connda]

5 hours ago, Bubbha said:

I use Transferwise and a borderless account.

 

From my US bank, I send US$ via ACH to my Transferwise borderless account (a US account based in New York). This takes 3 business days. On the day that the funds arrive in my Transferwise borderless account (Day 3), I then sent the funds along to my bank account in Thailand. 

 

The funds arrive at my bank account in Thailand on the 4th business day at 2 pm.

 

So if I initiate the process on Monday (US time), the funds arrive at my account in Thailand on Thursday afternoon (assuming no bank holidays in both countries).

 

The process might be a bit faster if you direct Transferwise to use ACH to debit your bank account - not sure, really, as I have not tried this.

 

I agree that Transferwise would be more expensive than direct bank to bank wires for very large transfer amounts.

 

However, for monthly/quarterly living expenses, this works well for me.  

 

I offer my experience as a way to inform options for others - acknowledging that their are many good options available and everyone's needs are different.  

 

5 hours ago, 55Jay said:

I was reluctant to try Transferwise and put weight on the relative handful of negative/problematic reviews opposed to the vast majority of good ones.  Finally bit the bullet and set up a TW account; 4 months of transfers since then without any issues.  Actually, had one initially but in the end, chalked it up to operator error (me).

 

Yep, other options are still out there. 

 

- Good old max ATM pulls, ideally w/a card that doesn't charge foreign transaction fee and reimburses the Thai banksters' ATM fee.... then physically deposit money into Thai bank acct.

 

- Over-the-Counter withdrawals using ATM/Debit card (if your Thai bank will do it).

 

- I've never tried it, but @Pib has posted a couple of times over the years about Over-the-Counter withdrawals (Cash Advance) using a US issued credit card, then dump US account funds on the card same day to cover the transaction.

 

- As you said, larger amount SWIFT wires a few times a year to spread the costs vs. more frequent/monthly transfers.

 

- Other money transfer outfits get mentions on here as well.  OFX, etc.... 

I think I've got enough info to figure this out.  Thanks much!

[5633572526]

On 5/28/2019 at 2:59 PM, bipper said:

Transferwise are significantly cheaper than Bangkok Bank rates for any amount and the exchange rate is way better too. Silly.

Price quoted me from transferwise was double the Bangkok bank rate for my now monthly transfer. I contacted them about it and they apologized, the rep expressed surprise at the Bangkok bank rate and suggested I keep using Bangkok bank.

[pgrahmm]

22 hours ago, 55Jay said:

I was reluctant to try Transferwise and put weight on the relative handful of negative/problematic reviews opposed to the vast majority of good ones.  Finally bit the bullet and set up a TW account; 4 months of transfers since then without any issues.  Actually, had one initially but in the end, chalked it up to operator error (me).

 

Yep, other options are still out there. 

 

- Good old max ATM pulls, ideally w/a card that doesn't charge foreign transaction fee and reimburses the Thai banksters' ATM fee.... then physically deposit money into Thai bank acct.

 

- Over-the-Counter withdrawals using ATM/Debit card (if your Thai bank will do it).

 

- I've never tried it, but @Pib has posted a couple of times over the years about Over-the-Counter withdrawals (Cash Advance) using a US issued credit card, then dump US account funds on the card same day to cover the transaction.

 

- As you said, larger amount SWIFT wires a few times a year to spread the costs vs. more frequent/monthly transfers.

 

- Other money transfer outfits get mentions on here as well.  OFX, etc.... 

Easy to do a cash advance at the counter with a debit card = problem is that it doesn't count towards a visa extension - neither does a counter deposit into the bank....Even if you can produce the paper trail.....

[bipper]

3 hours ago, 5633572526 said:

Price quoted me from transferwise was double the Bangkok bank rate for my now monthly transfer. I contacted them about it and they apologized, the rep expressed surprise at the Bangkok bank rate and suggested I keep using Bangkok bank.

Study it more you will see the TW rate is better than any bank rate. Its online no overheads and the transfer fees are minimal. I was using Bangkok bank for years. Also recently Bkk bank gave up their own system. They use Standard Chartered's system now and they charge their fees too on top of their own.

 

Unless there has been a complete change I suggest to all to approach them with extreme caution.

Edited May 30, 2019 by bipper
Grammar

[fredge45]

On 5/29/2019 at 10:59 AM, dpcjsr said:

The bank told me that transfers would no longer work after June 1, so you still have a couple of days to get in one more transfer. (if your bank allows transferring in the international format then there is no problem but I have yet to find a bank doing that). 

 

Come June 1 we need a new way to get money to Thailand. TransferWise has both good and bad reviews on the internet so I am not sure one way or another yet. 

 

My American bank, Charles Schwab, charges $25 for a wire transfer so I may do that a couple of times a year. Also my Schwab ATM cards works here and there are no fees for using it, so that is possible when I need smaller amounts quickly. I believe that Chase may have a similar arrangement. 

 

I have been trying to have Schwab use the system suggested by Bangkok Bank but they refuse and will give no reason for doing so.  They're about to lose a big customer from their attitude.

[TallGuyJohninBKK]

On 5/28/2019 at 3:53 PM, chilidog said:

If you go back and read the letter they sent you I believe it has something to do with US social security. I make 3-4 transfers a month with no issues.

 

The whole U.S. government payments issue is a separate one from where the sender is a private party trying to transfer funds from their own U.S. bank account to Thailand.

 

For the private party sender, they'll have TWO wire transfer methods that will continue unchanged with BKKB even after the end of June:

--send a domestic wire to BKKB NY addressed to their routing/ABA number and using your TH BKKB account number, and your money will get forwarded onward to your TH account.

or

--send an international wire direct to BKKB TH using their Swift code and your TH BKKB account number...

 

The part that's due to change, as noted above, is the domestic ACH transfers that go thru the BKKB NY branch. At some point, possibly after June 30, they've said they're only going to accept something called an IAT formatted transfer, which no U.S. banks that anyone is aware of offer to their consumer customers. So that change is going to effectively shut down the ACH route for U.S. consumer banking customers.

 

The original cutoff date was supposed to be last April, but BKKB extended it without any public announcement at the time. And even the BKKB website still refers to an April cutoff date... But then they extended the cutoff supposedly now to June 30.  Whether that will be enforced then, or delayed again, remains to be seen.

 

But the bottom line is, right now, for ACH transfers where someone has PREVIOUSLY established a link between their U.S. bank account and BKKB NY, the ACH transfers should still be working. However, if someone right now is trying to establish a NEW ACH transfer link with BKKB NY, that's probably not going to be accepted.

 

[TallGuyJohninBKK]

6 hours ago, fredge45 said:

I have been trying to have Schwab use the system suggested by Bangkok Bank but they refuse and will give no reason for doing so.  They're about to lose a big customer from their attitude.

 

If you have a U.S. Schwab brokerage account, it's perfectly easy in their online banking to set up and send a DOMESTIC WIRE from your Schwab brokerage account to BKKB NY, and onward to Thailand.

 

The fee is a flat $25 (although that's waived if you have a $100K or greater balance in your account), and it's entirely done from within the transfers tab. It doesn't require calling or having any personal contact with anyone from Schwab whatsoever.

 

But, if you're talking about an IAT ACH transfer, there's no known U.S. bank or brokerage that offers IAT ACH transfers to its consumer customers. So if that's what you're trying to do, you'd better plan on closing all your U.S. accounts in frustration.

 

Re the IAT ACH route, BKKB has been consciously pulling a scam on their U.S. customers by repeatedly suggesting and advising that they can continue sending money to Thailand via IAT ACH transfers, when they know full well that there's basically not any U.S. bank that can/will do what they're advising. As regards the IAT ACH transfer method, they're basically sending folks down a dead-end road.

 

[TallGuyJohninBKK]

9 hours ago, bipper said:

Study it more you will see the TW rate is better than any bank rate. Its online no overheads and the transfer fees are minimal. I was using Bangkok bank for years.

 

Transferwise can well be MORE expensive than BKKB wires for LARGER amounts for one particular reason.

 

Whereas wires usually have a flat fee structure, Transferwise has a commission-based fee structure, where for U.S. originated transfers they're charging a 0.56% commission on the entire amount transferred no matter how large, plus a smaller flat fee and a variable fee based on the payment method you select.

 

At some point, the cost of that 0.56% fee on the entire amount of your transfer, plus their other smaller fees, begins to exceed the costs associated with flat-fee based transfers, even accounting for variations in the exchange rates used among different methods.

 

 

 

[TallGuyJohninBKK]

On 5/29/2019 at 10:59 AM, dpcjsr said:

The bank told me that transfers would no longer work after June 1, so you still have a couple of days to get in one more transfer. (if your bank allows transferring in the international format then there is no problem but I have yet to find a bank doing that). 

 

Come June 1 we need a new way to get money to Thailand. TransferWise has both good and bad reviews on the internet so I am not sure one way or another yet. 

 

My American bank, Charles Schwab, charges $25 for a wire transfer so I may do that a couple of times a year. Also my Schwab ATM cards works here and there are no fees for using it, so that is possible when I need smaller amounts quickly. I believe that Chase may have a similar arrangement. 

 

 

The big differentiating factor is whether...

a] someone just needs to access funds in Thailand in general

or

b] someone needs funds in Thailand to satisfy Immigration's monthly foreign fund transfers method for retirement extensions.

 

If it's for the first/general reason, the methods and options are numerous and varied, as other posters have detailed here.

 

If it's for satisfying Thai Immigration's monthly foreign transfers scam, the available, viable options quickly get a whole lot fewer, mainly being wire transfers or some private fund transfer services.

 

AFAWK, ATM withdrawals, debit card advances and credit card advances aren't going to work for Immigration and their monthly foreign transfers scheme.

 

But could be used to build up and/or replenish a Thai bank deposit to be used for Immigration's bank deposit method. 

 

Edited May 30, 2019 by TallGuyJohninBKK

[how241]

I recently set-up a Transferwise borderless acct. as a backup to the BKK  bank that will finish soon.  I did a small test transfer of $30 USD.   It quickly arrived at my Pattaya Bangkok Bank and it clearly showed International transfer. Overall fast and good.

[Pib]

Just for others listening in and not familiar with Transferwise, you don't need the Borderless acct option on your Transferwise account to do transfers to Thailand.   

 

A borderless account (which is basically like a bank account opened thru Transferwise) is primarily to receive payments in various currencies to include US govt payments, hold/convert various currencies, etc.,....but not needed to do a Transferwise transfer.   For US folks it could definitely come in handy if having issues in using ACH Bank Debit to fund your Transferwise transfer, no longer have a US bank account, etc.  A nice option to have for some folks.

 

 

[Pib]

I used Transferwise this week to transfer Bt100K....funds posted to my Thai bank account 47 hours later. 

 

The last time the wife and I did a couple of Transferwise transfers earlier in the year for a few hundred dollars each just to ensure the accounts still worked, each transfer arrived in approx 20 hours.   

 

Seems Transferwise works faster for smaller amounts...they just need that initial ACH Bank Debit (i.e., ACH Pull) feedback from your US funding bank the bank will honor the ACH Pull request.  But for larger amounts (which I think is approx over $1950) Transferwise seems to want to wait a little longer to ensure the dollars do indeed arrive to fund the transfer before sending the THB to your Thai bank account.

[hereforgood]

I put in a transfer to Bangkok bank NY from my US bank 2 days ago so when it comes through or gets rejected I will post the results here.

[Pib]

18 minutes ago, hereforgood said:

I put in a transfer to Bangkok bank NY from my US bank 2 days ago so when it comes through or gets rejected I will post the results here.

Keep in mind that 1, 2, and 3 Jun is a three day weekend....holiday for queen's birthday on 3 Jun/Monday....if the transfer does not post today/31 May you may not see the transfer post before before 4 Jun 

[hereforgood]

Keep in mind that 1, 2, and 3 Jun is a three day weekend....holiday for queen's birthday on 3 Jun/Monday....if the transfer does not post today/31 May you may not see the transfer post before before 4 Jun 

Thank you for that I appreciate the reminder I would have been getting worried if I didn't have it now I know there's a reason that I won't if in fact it doesn't post today.

Sent from my LG-H990 using Tapatalk

[fusion58]

On 5/28/2019 at 3:17 PM, how241 said:

Check again and you will find Transferwise is MANY times more expensive for large transfer amounts .  They will charge $100-$200 or more as the transfer amount go into the thousands.  Bangkok bank has fixed fees  $10-$20  up to 50K...BUT  Transferwise will give you a Much better exchange rate.   Moot point as Bangkok Bank will stop on June 30.

That’s correct.

 

I’ve found the “break even” point for me is ~$2500USD.

 

 

[joealx]

8 hours ago, fusion58 said:

 Moot point as Bangkok Bank will stop on June 30.

Is that an actual fact?

[how241]

2 hours ago, joealx said:

Is that an actual fact?

I guess we will not know for sure until until July 1 but the June 30 deadline will probably be the end.  They already extended one time.

Edited June 2, 2019 by how241

[ronjomtien]

Anyone tell me why why the new alpha codes are 8 digit for BKK and Siam and the swift codes numerics are 9 digits in the past all the time. Will US banks online accept 8 digits? Confused.

[av8r915]

On 5/31/2019 at 4:20 AM, hereforgood said:

I put in a transfer to Bangkok bank NY from my US bank 2 days ago so when it comes through or gets rejected I will post the results here.

I'm going to try my last ACH transfer today or tomorrow via NYC ($2k).  I'm anxiously awaiting your results, thanks.

[hereforgood]

I'm going to try my last ACH transfer today or tomorrow via NYC ($2k).  I'm anxiously awaiting your results, thanks.

My transfer just cleared this morning took a few extra days due to the holiday here in Thailand thanks to the poster for warning me about that. Other than that all good

Sent from my LG-H990 using Tapatalk

[Berkshire]

On 6/4/2019 at 9:21 AM, hereforgood said:

My transfer just cleared this morning took a few extra days due to the holiday here in Thailand thanks to the poster for warning me about that. Other than that all good

Sent from my LG-H990 using Tapatalk
 

I just did an ACH 3 June (USA) and it arrived today 5 Jun. 

[richsilver]

Mine arrived this morning as well.

[Gumballl]

My transfer arrived too after a "few" days; even after almost a 2 year lull in sending money to my Bangkok Bank savings account, which has been "linked" for years, I am still able to conduct ACH transfers via the NYC branch.

 

The thing that brings me to enter this post is the cost. I transferred $1500, which yielded me 46399 Baht. That's an exchange rate of 30.93 Baht per $1. Taking into account today's rate (31.4 Baht per $1), it would seem that Bangkok Bank assessed me a fee, more or less in the ball park of $22 for the transfer. Ouch!

 

Is this normal? A better question... what are the fees that Bangkok Bank assesses for an incoming transfer? Are the TransferWise rates better?

 

P.S. I transferred the money via ACH from BofA to Bangkok Bank NYC at a snails pace for a $3 fee. On top of that, another $22+ fee!

Edited June 6, 2019 by Gumballl

[Berkshire]

35 minutes ago, Gumballl said:

My transfer arrived too after a "few" days; even after almost a 2 year lull in sending money to my Bangkok Bank savings account, which has been "linked" for years, I am still able to conduct ACH transfers via the NYC branch.

 

The thing that brings me to enter this post is the cost. I transferred $1500, which yielded me 46399 Baht. That's an exchange rate of 30.93 Baht per $1. Taking into account today's rate (31.4 Baht per $1), it would seem that Bangkok Bank assessed me a fee, more or less in the ball park of $22 for the transfer. Ouch!

 

Is this normal? A better question... what are the fees that Bangkok Bank assesses for an incoming transfer? Are the TransferWise rates better?

 

P.S. I transferred the money via ACH from BofA to Bangkok Bank NYC at a snails pace for a $3 fee. On top of that, another $22+ fee!

When determining currency exchange rate, you need to use what BKK bank uses (https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates).  The TT rate, so it's 31.25 today.  That may not be exact as it depends on when the funds actually arrived, but it should be close.  There should be about a 200 bt fee upon arrival.