Do Thais have anything like ACH for transfers between Thai banks?

[Hal65]

Or is the high fee SWIFT system the only option? I have an account at Bangkok Bank, Krungsri, Thanachart and Kasikorn. 

[KhunBENQ]

I can only comment on transfers via internet banking,

Transfers between all major Thai banks (incl. yours) are free and done in an instant.

I don't know what fees might apply for counter service (with paper form).

[Pib]

Thai banks have much better domestic transfer systems than ACH in the US.  You can transfer funds between Thai bank instantly for free or very low cost a variety of way.  I do it frequently between my Thai bank accounts. 

 

The US is really behind the money transfer curve with the ACH system.  The ACH system is improving with a slow move toward "same day" payment....but that is still just same day vs immediate.

 

[lopburi3]

As said transfers here are immediate and free between your own or other accounts.  ATM machines offer the same service using your normal card.  Many local merchants require such payment for goods and services.  They now have PromptPay allowing anyone to obtain a payment account number at any bank.  So you do not even require a normal bank account to receive funds.  

[sfokevin]

You can even link your phone number to your bank account so you only need to give another person your phone number to transfer money to you...

[Max69xl]

1 hour ago, KhunBENQ said:

I can only comment on transfers via internet banking,

Transfers between all major Thai banks (incl. yours) are free and done in an instant.

I don't know what fees might apply for counter service (with paper form).

Every type of Interbank transfer is not free,it depends on the type. I pay my rent using Bangkok Bank and transfer the money to Kasikorn Bank. There are three different types of transfers depending on when I want the money to be delivered. I use the "free" option,but there's one that cost 25 baht. 

My money is transfered in the morning and is still instant. Go figure.

[KhunBENQ]

2 minutes ago, Max69xl said:

Every type of Interbank transfer is not free,it depends on the type

True but I have no need to pay for a delayed transfer.

Instant transfer is free.

And instant means in seconds.

 

Edited August 30, 2019 by KhunBENQ

[Max69xl]

1 hour ago, Pib said:

Thai banks have much better domestic transfer systems than ACH in the US.  You can transfer funds between Thai bank instantly for free or very low cost a variety of way.  I do it frequently between my Thai bank accounts. 

 

The US is really behind the money transfer curve with the ACH system.  The ACH system is improving with a slow move toward "same day" payment....but that is still just same day vs immediate.

 

You can choose the ACH system when using TransferWise for transfers from the US to Thailand. But I don't know the reason for it 

[Max69xl]

9 minutes ago, KhunBENQ said:

True but I have no need to pay for a delayed transfer.

Instant transfer is free.

And instant means in seconds.

 

That's correct. 

[Max69xl]

23 minutes ago, sfokevin said:

You can even link your phone number to your bank account so you only need to give another person your phone number to transfer money to you...

Is that between banks,too? 

[sfokevin]

2 hours ago, Max69xl said:

Is that between banks,too? 

Yes... It’s called PromptPay

Edited August 30, 2019 by sfokevin

[Max69xl]

20 minutes ago, sfokevin said:

Yes... It’s called PromptPay

Ok,I have never used it. I thought sending money using a phone number only worked when having same bank.

[Pib]

12 hours ago, Max69xl said:

You can choose the ACH system when using TransferWise for transfers from the US to Thailand. But I don't know the reason for it 

The reason is to fund your Transferwise transfer.   Transferwise does an ACH Pull from your bank account.

[scorecard]

16 hours ago, KhunBENQ said:

I can only comment on transfers via internet banking,

Transfers between all major Thai banks (incl. yours) are free and done in an instant.

I don't know what fees might apply for counter service (with paper form).

99% of my Thai friends, and all in my Thai family use different forms of internet banking across all of the Thai banks and often, and most do their transactions using their smartphone, with some doing it on their notebook. 

[scorecard]

12 hours ago, Max69xl said:

Ok,I have never used it. I thought sending money using a phone number only worked when having same bank.

Set up internet banking with any Thai bank where you have a savings account and you can instantly add accounts (to receive funds) located in all Thai banks. Set up to add accounts located in other Thai banks in your own internet banking facility is very easy and takes just 3 or 4 seconds and ready to use. 

[KhunBENQ]

21 minutes ago, scorecard said:

99% of my Thai friends, and all in my Thai family use different forms of internet banking across all of the Thai banks and often, and most do their transactions using their smartphone, with some doing it on their notebook. 

Even I as a skeptic brought myself to use the smartphone from time to time (Bangkok Bank app).

Doing regular transfers for the grandchildren without rising from the lounge chair

And the Bangkok Bank app is better arranged than the website.

[ThaiBunny]

17 hours ago, Pib said:

Thai banks have much better domestic transfer systems than ACH in the US.  You can transfer funds between Thai bank instantly for free or very low cost a variety of way. 

Almost everywhere has much better transfer systems than ACH in the US. It's the legacy of a completely fragmented, State-based banking "system"

[scorecard]

3 minutes ago, KhunBENQ said:

Even I as a skeptic brought myself to use the smartphone from time to time (Bangkok Bank app).

Doing regular transfers for the grandchildren without rising from the lounge chair

And the Bangkok Bank app is better arranged than the website.

And totally easy, and the receiver gets an instant SMS to say  XXXBaht funds have been lodged in their account.

[Mavideol]

17 hours ago, Pib said:

Thai banks have much better domestic transfer systems than ACH in the US.  You can transfer funds between Thai bank instantly for free or very low cost a variety of way.  I do it frequently between my Thai bank accounts. 

 

The US is really behind the money transfer curve with the ACH system.  The ACH system is improving with a slow move toward "same day" payment....but that is still just same day vs immediate.

 

if US bank switch to ACH system they will go belly up fast, not enough profits, SWIFT system is the milking cow, keep squeezing and it will keep dripping, we pay for the cow

[Pib]

4 minutes ago, Mavideol said:

if US bank switch to ACH system they will go belly up fast, not enough profits, SWIFT system is the milking cow, keep squeezing and it will keep dripping, we pay for the cow

What are you talking about?  "US banks already use the ACH system." 

 

Don't confuse the ACH "domestic" transfer system with the SWIFT "international" transfer system.

[Mavideol]

1 minute ago, Pib said:

What are you talking about?  "US banks already use the ACH system." 

 

Don't confuse the ACH "domestic" transfer system with the SWIFT "international" transfer system.

when in the US transferring money between my banks always charged a lot of money in Thailand I transfer between my Thai bank accounts and not charged, thus US banks making profits in inner banks domestic transfers, I do know US banks do have ACH and SWIFT for international transfers  but the post was about Thai banks domestic transfers,  thus ACH domestic

[Pib]

2 minutes ago, Mavideol said:

when in the US transferring money between my banks always charged a lot of money in Thailand I transfer between my Thai bank accounts and not charged, thus US banks making profits in inner banks domestic transfers, I do know US banks do have ACH and SWIFT for international transfers  but the post was about Thai banks domestic transfers,  thus ACH domestic

Transferring funds between US banks using ACH is free or low cost.  None of my numerous US banks/credit unions charge for an ACH transfer.  I frequently move money between my US bank account using ACH--no fees...the transfer completes in 1 to 3 business days.

[quandow]

I use SCB online to pay my rent to Bank of Ayudhya. Instant, free (two per month), quite easy. I read the small print, it appears I MAY be charged 50 baht for each transfer over the initial 2 free, but that's STILL much less expensive than any ACH charges I've seen.

[Max69xl]

49 minutes ago, scorecard said:

Set up internet banking with any Thai bank where you have a savings account and you can instantly add accounts (to receive funds) located in all Thai banks. Set up to add accounts located in other Thai banks in your own internet banking facility is very easy and takes just 3 or 4 seconds and ready to use. 

I have internet and mobile banking in 2 different Thai banks. But never used PromptPay.

[Mavideol]

1 hour ago, Pib said:

Transferring funds between US banks using ACH is free or low cost.  None of my numerous US banks/credit unions charge for an ACH transfer.  I frequently move money between my US bank account using ACH--no fees...the transfer completes in 1 to 3 business days.

without trying to make a big deal out of nothing.... it all depends the sate you live on or even the city within the same state

[rwill]

Like others have said instant transfers between Thai banks is easy, fast and normally free.  Just use online banking with your computer or use the banks phone app.

[Pib]

5 minutes ago, Mavideol said:

without trying to make a big deal out of nothing.... it all depends the sate you live on or even the city within the same state

I've got US banks on the west and east coasts...plus some in the middle of the US.  I move money between them using ACH no problem...and for free.

 

A few US banks/credit unions may not offer much of any online ACH service but they will be in the very small minority of banks now days.

[Mavideol]

9 minutes ago, Pib said:

I've got US banks on the west and east coasts...plus some in the middle of the US.  I move money between them using ACH no problem...and for free.

 

A few US banks/credit unions may not offer much of any online ACH service but they will be in the very small minority of banks now days.

you just named some Credit Unions and some banks such as US Bank, Citibank and couple other in Southern California use to charge me and I say use because haven't bank with them for the past 10 years, point received, thks

[emptypockets]

Oh dear Hal, what a tangled web you have weaved.

[edwardflory]

Use "YOUR" banks application, all MAJOR Thai banks should be listed for transfer...takes less than a minute once you learn to use the apk