Domestic Wire to NYC

[Tariya]

Has it been determined whether BBK-NY will accept a domestic wire from a U.S. bank and credit to the appropriate Thai BBK account, or not?

[mosan]

Yes, you can do that...provided you want to pay the domestic wire charge if whatever financial institution you're using requires one.

Edited June 2, 2019 by mosan
spelling correction

[ubonjoe]

At this time you can do a ACH transfer from a bank in the states to the branch in New York. But if it is the first time it might be rejected or your bank will do test transfers.

Later this month it may have to be in the IAT format for ACH transfers. Previously they stated April 1st but extended it until the end of this month.

Info here: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[Tariya]

Thanks, I understand this. I've been following this thread from the beginning and I've been using the ach method for a number of years. What I can't determine is whether the BBK-NYC branch will accept domestic wires after June 30 and credit my BBK account in Thailand.

[Thailand J]

Good question. I am waiting for someone who actually has made a domestic wire after Bangkok Bank deadline and come to confirm. Anything else is just speculation. I hope it works, as domestic wires are more cost effective for some.

 

Sorry for repeating, as domestic wires use ABA routing number, I prefer to just initiate international SWIFT wires, bypass BKKBNY, use Chase as intermediary for $2. Repeating a "standing order", transferring into the same account do not get a phone call from Schwab. Lately I get a security code via phone SMS from Schwab to finish the transfer order, which is something new. Interactive Brokers is the most user friendly when it comes to money transfer: one sms to link a Thai bank, another sms to transfer money...no phone verifications ( Schwab) or medallion signatures  ( Fid, Vanguard.) req.

 

[Tariya]

This what I received from BBK_NYC when I inquired whether they will accept domestic wire transfers:

 

Request your bank to wire transfer funds through our New York Branch Fed Routing no. 026008691 and provide below details:

 ·         Beneficiary name

 ·         Beneficiary full address in Thailand

 ·         Beneficiary A/C number

 ·         Note from your bank to Bangkok Bank New York “ For further credit to Bangkok Bank in Thailand”

 ·         Intermediary Bank:    Bangkok Bank Public Co., Ltd.

                                               29 Broadway, 19^th Floor

                                               New York, NY 10006

                                               Fed Routing no. 026008691

 

I replied with the question if this will still be true after June 30. Haven't heard back yet.

 

Not quire sure what this means:

"Note from your bank to Bangkok Bank New York For further credit to Bangkok Bank in Thailand”

 

 

[Berkshire]

10 hours ago, Tariya said:

This what I received from BBK_NYC when I inquired whether they will accept domestic wire transfers:

 

Request your bank to wire transfer funds through our New York Branch Fed Routing no. 026008691 and provide below details:

 ·         Beneficiary name

 ·         Beneficiary full address in Thailand

 ·         Beneficiary A/C number

 ·         Note from your bank to Bangkok Bank New York “ For further credit to Bangkok Bank in Thailand”

 ·         Intermediary Bank:    Bangkok Bank Public Co., Ltd.

                                               29 Broadway, 19^th Floor

                                               New York, NY 10006

                                               Fed Routing no. 026008691

 

I replied with the question if this will still be true after June 30. Haven't heard back yet.

 

Not quire sure what this means:

"Note from your bank to Bangkok Bank New York For further credit to Bangkok Bank in Thailand”

 

 

The 30 June date only applies to ACH transfers.  Policy for wire transfers, domestic or international, has not changed. 

[Thailand J]

 

16 hours ago, Tariya said:

         Beneficiary name

 ·         Beneficiary full address in Thailand

 ·         Beneficiary A/C number

 ·         Note from your bank to Bangkok Bank New York “ For further credit to Bangkok Bank in Thailand”

 ·         Intermediary Bank:    Bangkok Bank Public Co., Ltd.

                                               29 Broadway, 19^th Floor

                                               New York, NY 10006

                                               Fed Routing no. 026008691

Domestic wires   are ACH transfers, perhaps with additional information they will meet IAT standards,  I hope so.

Most of the time I can attach "for further credit instructions", that is where I can type in the infos above.

 

 

 

 

[livram]

1 hour ago, Thailand J said:

 

Domestic wires   are ACH transfers, perhaps with additional information they will meet IAT standards,  I hope so.

Most of the time I can attach "for further credit instructions", that is where I can type in the infos above.

 

 

 

 

Domestic Wires and ACH transfers are different. ACH is processed in batches and usually free. Domestic Wires are processed individually and lusually more expensive.

[Pib]

Yeap, ACH and Domestic Wires are different.   ACH involves a clearing house; a wire is bank-to-bank.

 

https://mysecurityawareness.com/article.php?article=393&title=whats-the-difference-between-ach-and-wire-transfers

Quote

 

ACH Transactions

With an ACH transaction, the bill payments you schedule in your online banking account, for example, are transferred by your bank in a group or a batch, along with all their other customer's scheduled payments, usually at the end of the business day. The batch is sent to the clearing house as a single transaction to be processed, as opposed to a direct bank-to-bank transaction. Banks also receive their ACH transactions in a batch as well. This simplifies the transfer of funds, and because it's completely automated, each individual transaction does not need individual attention. ACH transactions often free, but they are not immediate.

Wire Transfers

A wire transfer, on the other hand, is a direct bank-to-bank transaction that allows you to move money from your account directly into the account of someone else.  When a wire transfer is made, both account holders are verified, as well as the amount of money in each account. Wire transfers are fast and secure; and since they're handled individually by the banks, they can take place in real time: however, there is a fee for this type of service.

 

 

[Thailand J]

I did not know domestic wires do not go though automated clearing house, ACH.

Perhaps clearing house batched transfers are done with fixed format and do not have information required to meet IAT. With wires senders can add more information.

 

Do domestic wires use ACH or ABA numbers? A bank's ACH and ABA numbers are not always the same, may be I can google research when I wake up in the morning... ????

 

 

Edited June 5, 2019 by Thailand J

[Pib]

Domestic wires use ABA numbers.