USAA Domestic Wire Freebies

[JimGant]

Sent $10,000 from USAA by domestic wire through Bangkok Bank NY to my account in Thailand. Accomplished online; sent 2:30PM Thai time, Oct 16; received into my Thai account at 11:30AM, Oct 17 -- 19 hours. This was about the same transit time I had experienced with ACH transfers. Plus, cost was the same: $10 upfront fee with Bangkok Bank NY; 500 baht backend fee in Thailand. And NO wire fee from USAA!

 

I don't know why -- maybe because I've been a member since 1967. Anyway, USAA members, check out whether you too have a freebie. To be able to accomplish an online wire initiation, you probably have to go into your profile/security section and enable 6-digit one-time-password security.

 

This $10k transaction cost a total of $26+ in Bangkok Bank fees. A TransferWise of $10k would have cost $88 (less a slight savings in FX). To send $25k with a USAA domestic wire, the cost would still be $26 (but would have to be initiated by phone call). And even if USAA charged their $20 domestic wire fee, your cost would still be only $46. TransferWise: $171!

 

Smaller TW numbers, we know, are competitive: $2200 would cost $21 with TW -- $16+ with USAA -- and with the better TW FX rates, this is all in the same ball park. But, for sure, you'll get the FTT coding using Bangkok Bank domestic wire.

 

In the USAA domestic wire template they have a "other information" block. I added "Reason: Living Expenses." Probably didn't have to, but this is the only data element Bangkok Bank doesn't have that's required by the Fed laundry police for international transfers. Same situation with TW.

[Pib]

Jim,

   Must be because you were one of the founding members and/or being so "hansum."   I just checked my USAA acct to see if I got freebie domestic wire transfers and no....the standard $20 domestic transfer fee is being quoted when I start a domestic transfer.  See below snapshot of part of the first screen when beginning a domestic wire transfer....your screen reported a $0 fee where mine is reporting $20.  And I use the Multiple Factor/6 digit security logon.

    I'm going to guess it because of the amount of assets you have with USAA in terms of bank acct balances, investments, etc.   But I may give USAA a call to ask what it talks to get the fee waived....X-amount of assets, being hansum, etc.

 

 

Edited October 17, 2019 by Pib

[Pib]

Just got off the phone with USAA and asked what is required to get free domestic wire transfers. Answer was:
- be deployed,
- have a home equity line of credit, or
- be a wealth management member

First two were clear to me but I then asked what does it take to have wealth management membership. The answer was to have at least one million dollars in financial assets with USAA.

[JimGant]

Hey, if you can't be hansum, might as well be rich...????

[Langsuan Man]

For those who can avail themselves of it, the best deal is still Fidelity International Wire, that is free of all fees except the 200-500 THB fee all International transfers attract when they arrive in Thailand

 

Downside is that you have to be in the US at least once to have your foreign bank(s) authorized via Fidelity's Wire Authorization Form that requires a Medallion Guarantee and  you must call a Fidelity agent to initiate a wire transfer (supposedly so they can read you the Dodd-Frank warning about International transfers) 

[Thailand J]

I can get free wires from Fidelity, Vanguard, Schwab International and Interactive Brokers. Fidelity wires are free to all, others  may require high balances.

Both Fidelity and Vanguard require a Medallion signature to link a Thai bank. Interactive Brokers can be a little tricky to wire to an account not in my name. Schwab is the most user friendly. I can link any bank to Schwab online, no paperwork required. A phone call is required for the first transfer, tell them this is a " standing order" and the subsequent transfers into the same account can be done online. Bypass Bangkok Bank NY, use Chase as correspondent bank for $2 flat rate.

 

Other then the US governemnt agencies, Vanguard is the only place I have seen ACH in IAT format, but i prefer international wire and bypass Bangkok Bank NY.

 

 

Edited October 19, 2019 by Thailand J

[lou norman]

but i prefer international wire and bypass Bangkok Bank NY.

 

Why? What is the advantage of bypassing BBNY?

[TheAppletons]

9 hours ago, lou norman said:

but i prefer international wire and bypass Bangkok Bank NY.

 

Why? What is the advantage of bypassing BBNY?

The $10 fee.

[Pib]

12 hours ago, TheAppletons said:

The $10 fee.

Maybe not as the avoided $10 NY branch fee would be offset by the higher cost of an international wire as international wires (a.k.a., SWIFT) are generally quite more expensive than a lower cost domestic wire and a free/low cost ACH transfer.

[TheAppletons]

15 hours ago, Pib said:

Maybe not as the avoided $10 NY branch fee would be offset by the higher cost of an international wire as international wires (a.k.a., SWIFT) are generally quite more expensive than a lower cost domestic wire and a free/low cost ACH transfer.

  Thanks, I'm well aware of that.  It helps to read the entire thread for context.

 

In post #6, ThailandJ stated he gets virtually free wires (specifically from Schwab, Fidelity, and Vanguard) and that he was happy to use those services to bypass BBL NY. 

 

In post #7, lou norman asked that poster what was the advantage to bypassing BBL NY, to which I replied the $10 fee.  

 

Edited October 21, 2019 by TheAppletons

[Thailand J]

When sending international wire tranfer, Chase as intermediary charges $2 flat fee.

Bangkok Bank NY as intermediary charges according to the same schedule for ACH, domestic and international wires.

If you are sending international wire, using Chase may be a better option.

 

Edited October 22, 2019 by Thailand J