Routing Number Boeing Pension Bank To Siam Commercial Bank

[dsfbrit]

A friend of mine needs some help please. He is a Thai and his American partner died a while ago.

The American partner left money to him in his Will in the form of a company pension and he has been receiving that for the last year via a cheque from the American company.

 

Cashing the cheque took a month for some reason, so he contacted Boeing and they agreed to transfer money each month to his Thai bank - Siam Commercial Bank.

 

The American company is Boeing, so hardly a small company and I would have thought it would be easy dealing with their pension's department.

 

Apparently not.

 

He was sent a form by Boeing that he returned to Boeing several months ago, but now he has not received the money via a SWIFT transfer nor by cheque.

 

Boeing want to be supplied with the 'Routing Number'.

 

He went to Siam Commercial Bank and asked for the routing number, but they did not know it.

They say it is whatever is used by Boeing Pension Bank.

 

Tomorrow I will have a copy of the Boeing paperwork that has been sent to him.

 

In the meantime I am just making sure I understand the system.

 

The routing number is just the Correspondent Bank isn't it?

 

Shouldn't that be known by Boeing ?

 

How can I help him find the Routing Number/Correspondent Bank ?

 

Thanks for your help

 

 

[onera1961]

Routing number is a nine digit number used by us banks to route funds from one bank to another using ACH. Automatic clearance house. Only US banks have routing. International wire transfer is done using SWIFT code. They are not the same.

Sent from my Hi9Pro using Thailand Forum - Thaivisa mobile app

[dsfbrit]

Onera1961, thanks for the reply.

 

Yes I have slowly been discovering that whilst searching about this subject. In fact I thought I understood how the banking system worked using Correspondent banks, SWIFT codes etc..

 

Apparently I don't understand.

 

Some banks DO use the SWIFT system it seems or at least they do not need to ask the customer who the Correspondent bank is - is that correct???

 

I had to look into this recently when I was considering moving money from the UK to Thailand to 'satisfy' the new Visa extension rules. Namely, using the monthly pension method and not having to put 800K baht in a Thai bank.

 

The money had to be shown arriving in the Thai bank as an 'international transfer' to satisfy immigration the money had come from abroad. My bank - Kasikorn did this - others did not as they used an intermediary bank - called in most cases I believe the Correspondent bank.

 

When I started looking into this USA transfer problem, I thought I could see a similar situation.

 

For the USA side of the transfer to send money to Thailand, it had to have a routing number.

 

Fair enough.

 

I found that because Bangkok Bank had a branch in New York, it also had a routing number 026008691.

 

That meant that if the Boeing pension in the USA had to be sent to a Bangkok bank account in Thailand all he would have to do is write 026008691/account number and the money would arrive in his account.

 

A simple process.

 

I suggested that he open a new bank account with Bangkok bank and problem solved.

 

He does not want to do this.

 

What I do not understand now though, is how the SCB bank receives transfers from the USA.

 

Surely, if Bank Of America for example were being used to  transfer this money to SCB, then they would not expect the customer to know how the SCB received cash form the USA.

 

Wouldn't they know this?

 

He has been to SCB and asked them for the USA Routing Number and they just looked at him as if he were mad.

 

Use the SWIFT code they said.

 

I have read other threads on TV about Americans receiving money from credit unions having a similar problem.

 

Is it just that smaller financial institutions in the USA have a problem not knowing the Correspondent bank?

 

I will get the paperwork that was sent from Boeing today and maybe that will explain everything.

 

I would still like to understand the USA side of the system better, just out of curiosity, so would appreciate any more information on this, or just a pointer where to find the info.

 

There is a lot of information on the net, but a lot of it is irrelevant and takes ages to sort through. Some of it, like on TV for example, is relevant but a bit out of date now.

 

Thanks again for your help.

 

edit: should he go to SCB in Thailand and argue with them until they give him the Routing Number in USA - it sounds to me SCB are the people who should know this ???

 

Am I wrong???

 

 

 

 

 

Edited July 23, 2019 by dsfbrit

[userabcd]

SCB are correct and cannot give him a routing number, it is a US system. Info is available on the internet.

 

Internationally, banks are using swift codes and sort codes.

 

Contact the corresponding bank in the US and arrange with them to send the payment via the swift code system or,

 

If he wants a routing number then as someone already suggested, use Bangkok Bank.

 

Take a look at this thread from 2008

Anyone Have The Routing Number For Kasikornbank?

Edited July 23, 2019 by userabcd

[dsfbrit]

Userabcd, thanks for the reply.

I suggested he opens a new bank account - that is what I would do.

What you say is correct of course, but the problem lies in the inability to identify the Correspondent bank in the USA.

 

Boeing wants to send money to Thailand using a Routing Number. Fair enough, but they are asking the customer in Thailand for this routing number.

 

The Routing Number is the number of the Correspondent bank in the USA.

 

He says that SCB did not know who the Correspondent bank is in the USA.

 

Surely, SCB ought to know the Correspondent bank in the USA they use for SWIFT transfers.

 

I will go and read that link, thanks for that

 

edit: the link isn't working. A search on those keywords brought back lots ot stuff, so do you have the link again please ?

 

 

Edited July 23, 2019 by dsfbrit

[userabcd]

Is it not the routing number of the account in which to deposit the money that Boeing is asking for unless I misunderstand something?

 

I do not think SCB has a branch in the US. I would guess all their financial transactions are done through swift or through 3rd party intermediaries.

 

''www.usbank.com/.../checking-customer-resources/aba-routing-number.html

106 rows · Your bank routing number is a nine-digit code that's based on the U.S. Bank location where your account was opened. It's the first set of numbers printed on the bottom of your checks, on the left side. You can also find it in the U.S. Bank routing number chart below. Your account number (usually 10-12 digits) is specific to your personal account''

 

Here is the link https://forum.thaivisa.com/topic/213824-anyone-have-the-routing-number-for-kasikornbank/

 

Edited July 23, 2019 by userabcd

[onera1961]

5 hours ago, dsfbrit said:

That meant that if the Boeing pension in the USA had to be sent to a Bangkok bank account in Thailand all he would have to do is write 026008691/account number and the money would arrive in his account.

 

A simple process.

No, it is not a simple process. Bangkok bank will reject it because most probably Boeing will use domestic ACH format and Bangkok bank requires iACH (international ACH) format. There is no easy way except doing a wire transfer using SWIFT from Boeing to SCB. However, Wire transfer will cost Boeing, If possible, you Boeing can transfer to a US bank (all US banks have routing number) and then somebody can transfer the money every month using transferwise from US bank to SCB. Or else, Boeing may be persuaded to wire the money deduct the charge from recipients check. Or talk to Boeing if they can do it using iACH. 

Edited July 23, 2019 by onera1961

[dsfbrit]

Thanks very much for you help.

 

I have looked at the link referenced and read a lot of other threads about USA-Thailand transfers.

 

It is obviously not completely straight forward - not an easy process at times.

 

However, from my research it is apparent that SCB is not the bank I would choose to start with to transfer money from the USA to Thailand. Especially a pension that will be received for the rest of this guy's life.

 

Also, the Boeing Pension fund has not yet paid him the money ONLY because they are waiting for him to provide a 'Routing Number'.

 

Therefore, I will recommend that he open a Bangkok bank account here in Thailand and then he can put the Routing Number of Bangkok bank New York on the form.

 

If that does not work then it will be interesting to see what Boeing Pension scheme ask for next.

 

I will post on here in a few weeks (?) time how successful this was, so others can see if this approach works or not.

 

Thanks again for you help.

 

[userabcd]

Worth reading Bangkok Banks website regarding direct transfers from the USA:

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

[Gumballl]

This is an interesting topic.

 

In the OP there is a mention that the pensioner died. It also mentions that he left his pension to his 'partner'.

 

Doesn't a pension normally stop when the recipient passes away? Is the 'partner' a legal spouse of the recipient? If so, maybe the pension can continue.

 

I do agree that transferring monies from Bangkok Bank (via NY branch) is easy, but one must first link the sender's account with the recipient's, something that Boeing may be unwilling to do.

 

If this 'partner' is based in Thailand, and has no way to make it to the US, forcing Boeing to continue paying the pension may be difficult.

[scoutman360]

It sounds to me that someone at Boeing assumes this is a domestic transfer (thus, asking for a Routing number). I bet that the staff normally are trained for domestic, and don't ask the right questions for international transfers. I would contact them with the Thai bank's SWIFT number. That might shake them into a proper train of thought.  Don't bother with the intermediary bank info. Boeing's bank will take care of all that, not you.

 

If they won't accept a SWIFT code, then go the Bangkok Bank NY routing approach if it can be done (iACH format, as others have said). My small U.S. credit union said their ACH transfers are in iACH format, so no worries there, for me. Also, you might want to see if BBNY has any transfer limits.

 

 

[Pib]

Like others have said, do not confuse an ABA/ACH "routing number" with a SWIFT "code."  When Boeing is asking for a routing number they are not asking for a SWIFT routing number/code.  SWIFT does not use routing numbers....they use codes.    The ACH and SWIFT funds transfer system are two completely different animals....ACH uses ABA routing numbers and SWIFT uses SWIFT codes.   It would be like you trying to use a person's email address to dial them on a phone or vice versa.  ABA stands for American Bankers' Assn and ACH for Automated Clearing House.  

 

Boeing is asking for the 9 digit ABA/ACH routing number like the one you listed for Bangkok Bank.  Bangkok Bank is only, repeat the only, Thai bank that can receive ACH transfers via use of their New York branch routing number into the person Bangkok Bank account in Thailand.  The Bangkok Bank NY routing number can only be used to relay funds to a Bangkok Bank acct in Thailand; not to relay funds to another Thai bank acct like at SCB, K-bank, TMB, etc.  An account number at the NY branch is not needed to use their routing number....it's a setup that's been in-place for decades...used for decades by Americans to transfer funds from their US bank accts, receive private and govt pensions, etc.  I've loss count of how many times I've used it over the years to transfer funds to my Bangkok Bank accounts.

 

However, US govt policy changes have tightened-up regarding the ACH transfers "when the funds are actually leaving the US."  So, Bangkok Bank must tighten-up it's ACH receiving/relay policies also....their NY branch must comply.    All known US banks and probably most US companies that pay pensions using the ACH system (remember ACH uses ABA routing numbers) use the ACH "domestic" format which includes less information than the ACH "International ACH Transaction (IAT)" format.   

 

The ACH domestic format does not include as much detailed info about the sender, detailed info on the recipient (like full address and phone number), and some special ACH IAT coding.  Generally US banks/companies simply DO NOT use the ACH IAT format for various reasons; instead for funds which need to be transferred outside the US (if they will send outside the US) they use the SWIFT system.

 

As you've read Bangkok Bank has been in a process to tighten-up their ACH transfer policy since around Apr 2018....if using ACH to transfer funds the funds must be transferred in the "IAT" format. Their latest line in the sand for rejecting ACH non-IAT format transfers is 1 Sep 2019 for transfers from US banks....like a transfer you and I would do to send some money.   And 1 Jan 2020 for private and govt pension payments like the Boeing private pension payment being talked.  The original deadline was 1 Apr 2019 but Bangkok Bank NY was able to get an extension from the US govt primarily due to the impact on some US govt pension payments only paid in ACH domestic format....give those US govt agencies or the pensioner more time to figure an alternate way to make/receive the payment.

 

If Boeing does send their pension payments in ACH IAT format and the person will open a Bangkok Bank acct then his problem is solved.  But if Boeing does not use the ACH IAT format....only uses the ACH domestic format then come 1 Jan 2020 then the payment would be rejected by Bangkok Bank...kicked back to Boeing.  The person would need to ask if Boeing uses ACH IAT format for their ACH transfers and hope the Boeing person actually understands what is being asked....hope he knows the difference between domestic and IAT format in answering the question.

 

And for whatever reasons it is not uncommon for many US entities which pay out pensions to only use the ACH domestic format and they will not use the SWIFT system.  It's like they don't want to be involved in the extra cost and legal requirements of international transfers. Instead, they will instead just mail a check where different rules apply.

 

 

Edited July 25, 2019 by Pib

[Pib]

16 hours ago, scoutman360 said:

My small U.S. credit union said their ACH transfers are in iACH format, so no worries there, for me. Also, you might want to see if BBNY has any transfer limits.

Unless your credit union requires entry of the recipient's full name, address, and phone number plus the reason for the transfer on "each and every transfer you initiate" they are not sending in ACH IAT format. 

 

While every US bank and CU can "receive" ACH IAT format transfers no problem....have been able to do such since around 2099-2013...that does not mean they "send" in IAT format.  

 

Assuming you have done ACH transfer from your CU to Bangkok Bank it is very easy to confirm if your CU uses ACH IAT format to send funds.  Just contact the Bangkok Bank New York branch or the Bangkok Bank Head Office in Bangkok to ask if your transfer was in ACH IAT format.  You will need to provide your name, account number, date of transfer, and amount....they can then look it up in their system in just a few seconds and see if it was in ACH IAT format or not.   

 

 

[Thailand J]

i am sure Boeing has retirees or beneficiaries living overseas. They'll know how to send international wires.

 

Provide Boeing SCB's SWIFT code which is SICOTHBKXXX, and the bank's head quarter address. Lately all my wires from USA were through J P Morgan Chase Bank as intermediary so i suggest Chase ( SWIFT Code CHASUS33) , or any bank Boeing prefers as intermediary.

 

You friend wants to stay with SCB so don't try too hard, keep it simple.

 

 

Edited July 28, 2019 by Thailand J