US bank account

[Marpa47]

Has anybody used the State Department Federal Credit Union (www.americansabroad.org/sdfcu-account/), for ongoing transactions in the US? Any advice?

 

 

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[livram]

I joined 4 months ago so I could have my SSA and 2 other pensions direct deposited. I have been in Thailand for 25 years with no USA address. I joined ACA(Americans Abroad) for $55 to be eligible but could have joined American Consumers for $6 fee if I remember correctly.

 

I used an envelope with my Thai name and address in English, an Internet bill and a copy of my passport for ID verification and was accepted the next day.

I opened a savings account and received a SDFCU debit card by mail and temp password via email for ebanking.

 

The ebanking site is very good. The first transfer I made was an International Wire($30) to Thai Bank and received in 2 days. Since then I have been using a domestic wire to Transferwise and then on to Thailand. Domestic transfers are $6 if you have direct deposits with them.

 

Few questions that I had were answered the next day.

 

[Jingthing]

I still had a valid US driver's license when I opened the account. Even though I told them that I lived abroad they encouraged me to open it with the U.S. address because for that only a soft credit check is needed not hard. You can change your residence with them later. I opened it with the low cost affiliation option as mentioned in the previous post. They seem to take customer service very seriously. It's almost quaint.

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[cmarshall]

I have had an account with SDFCU for the past couple of years and am satisfied with their service.  They have one good feature in particular.  You can initiate a SWIFT transfer online up to a limit.  My other bank requires a confirming phone call.  The fact that they will open an account for an expat is of course a big plus.  As I recall they demanded a fair amount of documentation, but it was approved.  When I have had to call them, they picked up quickly and were helpful.  They offer Popmoney transfers, but not Zelle.  Unlike my other bank, the SDFCU cell phone app does not require turning on location to perform certain transactions.  I once had to deposit a check by scanning with a desktop scanner.  Worked fine.  They respond to emails promptly.

 

There are a few minor negatives.  ACH transfers seem to take longer than at other banks/CUs.  They don't offer two-factor authentication for login to the website, but I don't maintain a high balance there, so it's not a particular worry.  If you use their bill paying service and don't actually make a payment in a three-month period, they will threaten you with a penalty.

[mtls2005]

Does anyone have a link to:

 

14 hours ago, livram said:

but could have joined American Consumers for $6 fee if I remember correctly

or

 

14 hours ago, Jingthing said:

I opened it with the low cost affiliation option

 

 

14 minutes ago, cmarshall said:

You can initiate a SWIFT transfer online up to a limit. 

Do you know what the limit is?

 

 

 

Do they offer credit cards?

 

With their ATM/debit card. do they reimburse for the THL ATM fee?

 

 

 

 

 

 

[cmarshall]

Actually, in looking for the details of the wire transfer policy, I don't think there is a limit on wire transfers per se, but there may be a limit on how much you can transfer online without a phone call.  But I can't find the details without initiating an actual transfer.  If you do recurring transfers you can set up the details ahead of time and get their approval, but you have to initiate each transfer manually.

 

They do offer credit and debit cards, but I don't have either.

 

You can call them for more detailed info.  They have a 24 hour line.

Edited June 3, 2019 by cmarshall

[Pib]

I've been thinking about opening a SDFCU account also simply since it "seems" an expat friendly bank on the surface....I really don't need another US bank account but I like the part that SDFCU seems expat friendly.....surely driven by many (probably most) of its members being current and former St Dept folks stationed/living in most every country on Earth.

 

SDFCU website leaves a lot to be desired in terms of detailed info in some areas.....and sometimes that lack of detailed info like the possible "bill payment penalty" mentioned by cmarshall a few posts up can be enough to piss a person off.   

 

Reimbursement of ATM fees up to a certain amount each on certain accts is available on some of their accounts....but some of the account requirements to earn interest and/or get ATM reimbursements don't seem that friendly....info on their website.

 

But from looking at their website today I see one of the credit cards they off provides 2% cash back with no foreign transaction fee.  And they have some called a Member Emeritus Program which provides $6 domestic wires vs their standard $20 fee for  domestic wire.....could come in handy for doing domestic wire to Bangkok Bank NY which could be relayed to your in-Thailand Bangkok Bank account even after 30 Jun 19.     

 

Regarding the ACC membership fee, that $8/year or $15 lifetime.

 

Yea, a lot of info on their website but a lot of it is lacking in detail....even when downloading their disclosures.  Guess I will need to call after I do more review and get my list of questions written down.  And if I do join versus going with my US address I would probably want to joint with my Thailand address unless their is significant downsides to that.

 

 

[Pib]

Regarding that SDFCU Visa Credit Card that provides 2% cash see below what one "self-employed" person is going thru in applying for one.  I'm sure the person's case is an exception driven by his self-employment.

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/SDFCU-Premium-Cash-Back-2-years-of-tax-returns-requested/td-p/5582377

[gamb00ler]

14 minutes ago, Pib said:

Regarding that SDFCU Visa Credit Card that provides 2% cash see below what one "self-employed" person is going thru in applying for one.  I'm sure the person's case is an exception driven by his self-employment.

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/SDFCU-Premium-Cash-Back-2-years-of-tax-returns-requested/td-p/5582377

If SDFCU wanted to look that far up my a$$ I would ask them if they would kindly look for pre-cancerous polyps at the same time so I could cancel my colonoscopy appointment.

[cmarshall]

I didn't know about the SDFCU Member Emeritus Program.  Glad to find out now, because I am about to start receiving my SS payments which I will now direct to them.  Since a SWIFT transfer to Bangkok Bank is domestic, the cost will drop to $6, instead of $20.  

 

 

 

This premiere package of financial services is made exclusively for retirees. To qualify, a member must have direct deposit of retirement benefits or maintain a balance of $2,500 in their SDFCU Savings Account.

• Receive FREE SDFCU checks
• The cost of domestic wire transfers is only $6.00
• Get FREE money orders
• Purchase FREE travelers cheques

[Jingthing]

38 minutes ago, cmarshall said:

I didn't know about the SDFCU Member Emeritus Program.  Glad to find out now, because I am about to start receiving my SS payments which I will now direct to them.  Since a SWIFT transfer to Bangkok Bank is domestic, the cost will drop to $6, instead of $20.  

 

 

 

This premiere package of financial services is made exclusively for retirees. To qualify, a member must have direct deposit of retirement benefits or maintain a balance of $2,500 in their SDFCU Savings Account.

• Receive FREE SDFCU checks
• The cost of domestic wire transfers is only $6.00
• Get FREE money orders
• Purchase FREE travelers cheques

Excuse me, so you can do a SWIFT transfer to Bangkok Bank New York the same way as the now defunct ACH method, that will flow through to your Bangkok Bank account in Thailand?

[cmarshall]

34 minutes ago, Jingthing said:

Excuse me, so you can do a SWIFT transfer to Bangkok Bank New York the same way as the now defunct ACH method, that will flow through to your Bangkok Bank account in Thailand?

Yes and it is a domestic wire, which is a few dollars cheaper than an international one.  SWIFT has its own format which is distinct from ACH.  

[Pib]

2 hours ago, Jingthing said:

Excuse me, so you can do a SWIFT transfer to Bangkok Bank New York the same way as the now defunct ACH method, that will flow through to your Bangkok Bank account in Thailand?

It's not a "SWIFT" transfer which is an international transfer using a SWIFT code; it's a domestic wire using an ABA/ACH code (i.e., routing number) which Bangkok Bank NY will relay on to your in-Thailand Bangkok Bank. 

 

A domestic wire usually requires full sender and receiver info (like addresses) which meets the requirements to fully identify the sender and receiver---what an ACH "IAT" transfer also does....but a domestic ACH transfer does not.   And of course a SWIFT/Int'l Wire requires full sender and receiver info.

 

Bangkok Bank NY will also charge their sliding scale fee of $5 or $10 for typical transfer amounts in doing that domestic wire relay....and you still have the in-Thailand receiving fee of 0.25% (Bt200 min, Bt500 max).    So, you would still experience the "Bangkok Bank fees" for the domestic wire as you would for an ACH transfer, but at least you would experience a lower sending bank fee as a domestic wire is cheaper than an Int'l wire and also still be able to get money to your Bangkok Bank account.

[mtls2005]

4 hours ago, Pib said:

Regarding that SDFCU Visa Credit Card that provides 2% cash see below what one "self-employed" person is going thru in applying for one.  I'm sure the person's case is an exception driven by his self-employment.

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/SDFCU-Premium-Cash-Back-2-years-of-tax-returns-requested/td-p/5582377

 

Meanwhile, I got a Chase Freedom (Visa) CC this week; approved instantaneously online. 

 

Can anyone share the details on ACC or American Consumers? 

 

Is it this... https://www.americanconsumercouncil.org/membership.asp?dname=Americanconsumercouncil.org

[skatewash]

On 6/3/2019 at 4:23 PM, mtls2005 said:

 

Meanwhile, I got a Chase Freedom (Visa) CC this week; approved instantaneously online. 

 

Can anyone share the details on ACC or American Consumers? 

 

Is it this... https://www.americanconsumercouncil.org/membership.asp?dname=Americanconsumercouncil.org

Yes

[longball53098]

On 6/3/2019 at 4:21 PM, Pib said:

It's not a "SWIFT" transfer which is an international transfer using a SWIFT code; it's a domestic wire using an ABA/ACH code (i.e., routing number) which Bangkok Bank NY will relay on to your in-Thailand Bangkok Bank. 

 

A domestic wire usually requires full sender and receiver info (like addresses) which meets the requirements to fully identify the sender and receiver---what an ACH "IAT" transfer also does....but a domestic ACH transfer does not.   And of course a SWIFT/Int'l Wire requires full sender and receiver info.

 

Bangkok Bank NY will also charge their sliding scale fee of $5 or $10 for typical transfer amounts in doing that domestic wire relay....and you still have the in-Thailand receiving fee of 0.25% (Bt200 min, Bt500 max).    So, you would still experience the "Bangkok Bank fees" for the domestic wire as you would for an ACH transfer, but at least you would experience a lower sending bank fee as a domestic wire is cheaper than an Int'l wire and also still be able to get money to your Bangkok Bank account.

Pib, Have you done a domestic wire transfer using BBL New York to your Thai BBL account? What US Bank? How simple/difficult? Did you need to do anything special at your US Bank end or just initiate a domestic wire transfer using BBL routing number?  Tell me the details please.

 

PK

[Pib]

2 hours ago, longball53098 said:

Pib, Have you done a domestic wire transfer using BBL New York to your Thai BBL account? What US Bank? How simple/difficult? Did you need to do anything special at your US Bank end or just initiate a domestic wire transfer using BBL routing number?  Tell me the details please.

 

PK

I did an ibanking test around 6 months from SDFCU....a domestic wire.   Initiated the transfer in the evening Thailand time and the transfer arrived next morning Thailand time....less than 24 hours.  Simple process....just entered the NY branch routing number and my in-Thailand acct number along with the other standard info requested on the domestic wire online screen/menu.  A couple other folks have posted they have successfully done domestic wires from their US banks/credit unions/brokerages to their Bangkok Bank accts. 

 

Now you will still pay the same Bangkok Bank NY branch ACH fee which is typically $5 or $10 for typical transfer amounts and the in-Thailand Bangkok Bank receiving fee of Bt200-500...same-same fees as with an ACH transfer.  And of course you will have your sending bank's domestic wire fee.  For me the SDFCU domestic wire sending fee was only $6....but most US banks charge around $20 for a domestic wire.

 

 

[cmarshall]

15 hours ago, longball53098 said:

Pib, Have you done a domestic wire transfer using BBL New York to your Thai BBL account? What US Bank? How simple/difficult? Did you need to do anything special at your US Bank end or just initiate a domestic wire transfer using BBL routing number?  Tell me the details please.

 

PK

I do a domestic wire transfer from SDFCU to Bangkok Bank each month to fulfill the income requirements for my visa renewal.  At SDFCU you can do a wire transfer two ways by filling out a form with data for the account at BKK Bank (account #, ABA #, etc.) or, having done that once, you can ask the wires department at SDFCU to create a template for subsequent transfers which you can then initiate by email.  Since there is no overlap in the working day between Bangkok and Virginia, the money always arrives first thing the next day.  SDFCU sends a confirming email when they receive my request and BKK Bank sends me an SMS when it is received with the exact amount in baht and the conversion rate.  

 

I would prefer a fully automated wire process, but as it is, it works quite well.  I had a glitch one time, which was my error, and called the wires department who had already fixed it before I called.

[longball53098]

Thx Cmarshall and PIB for the info.