Monthly Income - Bangkok Bank Frustration

[Rig Pig]

Earlier this year I started having my monthly Social Security (SSA) payments sent directly to my account at Bangkok Bank. When received they are coded as BAHTNET ( computer) and BTN (passbook). As I understand they should be shown as FFT (foreign funds transfer). I go each month to the bank and ask them to print a Transfer Record document for me. On the print out it very clearly states that the transfer originator is the Social Security Adminstration, Federal Reserve Bank of NY (see attached). When I ask Bangkok Bank why it is not shown as a foreign funds transfer, they say "talk to your bank". I try to explain to them that all I can do is give SSA my Bank Name, Account Number and Swift Code. At that point the personnel at Bangkok Bank start acting as though I'm speaking English, they don't understand and have no suggestions or solutions!

Is this potentially a problem for extension renewal? Has anyone else encountered similar circumstances? Appreciate any input you can provide. Thanks.

 

Bangkok Bank Tranfer Record 03 July 2019.pdf

[lopburi3]

The FFT would be used if from Bangkok Bank New York using the international ACH format (which requires no card/internet access account).  You are using international direct deposit, which is a new system, but which should be fine for bank letter and immigration.  Just continue to get those transfer records in case asked.  Do not believe there is any track record yet as this is a new system and a new requirement for most people.  What people have had success with is a 12 month record of deposits printout (from main office as only 6 month available from branch). 

Edited November 28, 2019 by lopburi3

[Rig Pig]

12 minutes ago, lopburi3 said:

The FFT would be used if from Bangkok Bank New York using the international ACH format (which requires no card/internet access account).  You are using international direct deposit, which is a new system, but which should be fine for bank letter and immigration.  Just continue to get those transfer records in case asked.  Do not believe there is any track record yet as this is a new system and a new requirement for most people.  What people have had success with is a 12 month record of deposits printout (from main office as only 6 month available from branch). 

Thank you.

[soisanuk]

21 hours ago, lopburi3 said:

The FFT would be used if from Bangkok Bank New York using the international ACH format (which requires no card/internet access account).  You are using international direct deposit, which is a new system, but which should be fine for bank letter and immigration.  Just continue to get those transfer records in case asked.  Do not believe there is any track record yet as this is a new system and a new requirement for most people.  What people have had success with is a 12 month record of deposits printout (from main office as only 6 month available from branch). 

The FTT code is recorded in my passbook for deposits coming in through Transferwise (same code when I previously used domestic ACH transfers through Bangkok Bank NY Branch).  As to Bahtnet transactions for IDD deposits, it is my understanding these are routed through the Bank of Thailand, thus the different code.  As mentioned, this is relatively new service for Thailand and deposits can go to a Bank account in other than Bangkok Bank.  So, it remains to be seen what, if any, difficulty may be encountered at Bangkok Bank when asking for a letter listing foreign deposits to your account (such a letter is required by Pattaya Immigration for those using the 65k monthly income method that cannot get an Embassy certification letter).    I agree with the suggestion that you continue to get the transfer records.

 

As to a 12 month record of deposits, I had no problem getting this information from the Pattaya Branch where I opened my account.  Prior to my renewal of extension last June, I had obtained 12 months of certified bank statements from Bangkok Bank's Customer Service counter at Tesco Lotus South -- they did have to request those from Bangkok and it took a week to receive them.  HOWEVER, the Immigration Officer at Pattaya Immigration said she would not accept those, instead she said I needed a letter from the bank listing the deposits for the 12 month period - she provided me with a sample letter and told me to go to the branch where I opened my account as they were the only one that could provide it to cover the 12 month period.  She was correct. I immediately went to the branch where I opened my account, showed them the letter I needed, and they provided it listing 12 months of deposits (first they had to print out "credit advices" for each deposit (fee 500 baht) from which they then prepared the letter (fee 100 baht)). This process took a little over an hour.

Edited November 29, 2019 by soisanuk

[Spike1938]

My SS has always gone to my USA bank.

I then transfer all or part to my Bangkok Bank account.

As a senior citizen my American bank does not charge me for the transfer so my only loss is in the exchange rate.

Since it is coming from an American bank it shows as foreign transfer.

 

[lopburi3]

19 minutes ago, soisanuk said:

As to a 12 month record of deposits, I had no problem getting this information from the Pattaya Branch where I opened my account.

Did the branch have the information or obtain from Bangkok?  It is my understanding only Bangkok can provide the paperwork so it takes a couple of days to obtain if for more than six months - if six months or less then a branch can just print out.

[pmarlin]

When changes were made about income letters I made the wire transfers from the US bank each and every month and sucked up the transfer fees but at least  it was a FTT each month. I get SS, VA, and Army retirement pay. A few months back SS and VA started IDS transfers so changed my VA to direct deposit to BBK Bank as it was easier to do than SS , The first one arrived early and as a local transfer. So now I had two transfers in the same month and no FTT for that transfer. After doing some research found that US Government transfer us an intermediary bank in Thailand and then do a domestic bank transfer to Bangkok Bank. I don't like hassles or confusions with the bank or immigration so changed my VA direct deposit back to my US bank now only do the once a month wire transfer and suck up the fee and besides the direct deposit into Bangkok Bank the US used a poor exchange rate.  I have learned that when dealing with Banks and government here you better make it simple and easy to understand.  

Edited November 29, 2019 by pmarlin

[Bennyl]

Suggest to change the bank.

I had a few issues with Bangkok Bank showing similar attitude.
Moved to Kasikorn, all good since then.    

[soisanuk]

1 hour ago, lopburi3 said:

Did the branch have the information or obtain from Bangkok?  It is my understanding only Bangkok can provide the paperwork so it takes a couple of days to obtain if for more than six months - if six months or less then a branch can just print out.

Yes, the branch had the information.  As mentioned, they had to go into their computer system to print out a credit advice (part of their internal documentation for foreign transfers) for each deposit - they then prepared the letter listing the date & amounts from those credit advices.  For the 12 preceding months, I had 2 or 3 foreign deposits in each month, so it took them a little over an hour to prepare the letter for me - they also gave me a copy of each of the "credit advice" print outs which I didn't need as all Immigration wanted was the  letter. I returned to Immigration, provided the Officer with the letter, and she completed the process (she had already examined all my other documents including the 2nd Bank letter - the one confirming my account).

[Max69xl]

23 hours ago, lopburi3 said:

The FFT would be used if from Bangkok Bank New York using the international ACH format (which requires no card/internet access account).  You are using international direct deposit, which is a new system, but which should be fine for bank letter and immigration.  Just continue to get those transfer records in case asked.  Do not believe there is any track record yet as this is a new system and a new requirement for most people.  What people have had success with is a 12 month record of deposits printout (from main office as only 6 month available from branch). 

Several Bangkok Bank branches issues 12 month bank letters. Jomtien branch was one of the first, if not the first. 

[srowndedbyh2o]

2 hours ago, Spike1938 said:

My SS has always gone to my USA bank.

I then transfer all or part to my Bangkok Bank account.

As a senior citizen my American bank does not charge me for the transfer so my only loss is in the exchange rate.

Since it is coming from an American bank it shows as foreign transfer.

 

What US bank do you use? No charge transfers for senior citizens is great! 

[bangkokgalaxy]

Hello everyone. I've been dutifully transferring 65k into my Bangkok Bank account from the US for the past year. I'm going to immigration soon to get an retirement extension.

 

But...I noticed my bank statements say "Interbank Transfer via SMART" not FFT. I've also read that Bangkok Bank can't/won't provide a letter verifying that these are indeed originating in the US (because they've passed through a third party Thai bank before making it to my Bangkok Bank account).

 

Has Bangkok Bank found a way to provide the documentation that states these are international transfers? If not, what are my options before visiting immigration?

[lopburi3]

7 minutes ago, bangkokgalaxy said:

Hello everyone. I've been dutifully transferring 65k into my Bangkok Bank account from the US for the past year. I'm going to immigration soon to get an retirement extension.

 

But...I noticed my bank statements say "Interbank Transfer via SMART" not FFT. I've also read that Bangkok Bank can't/won't provide a letter verifying that these are indeed originating in the US (because they've passed through a third party Thai bank before making it to my Bangkok Bank account).

 

Has Bangkok Bank found a way to provide the documentation that states these are international transfers? If not, what are my options before visiting immigration?

You can obtain paperwork from the bank used that should allow Bangkok Bank to write such a letter but it is still the managers call as to what they will do.  Some reported getting a normal statement of deposits for 12 months, passbook and just letter of account balance/belonging to applicant has been accepted by immigration but most have had this happen with Transferwise and have PDF copies from them to show if asked, and copies of home bank statements.

[Pib]

The final leg of US govt payments accomplished via IDD is a domestic transfer using the Thailand Bahtnet System. Typically Citibank Thailand is doing that final leg thru the Bahtnet System as Citibank is one of contractor/processor banks that the US govt uses for IDD transfers.  IDD transfers flow through the SWIFT system and not the ACH system.

 

So, the final receiving bank (Bangkok Bank in this cases) codes the transfer as a domestic transfer in your ibanking/passbook....it will be a BTN code vs a  FTT code.   However, Bangkok Bank can still provide you a Credit Advice which will show the funds funds originated from the US.   BUT,  Bangkok Bank will not provide a letter for immigration stating your BTN coded transfers were international transfers since the final leg was via domestic Bahtnet system.   

 

To get such a letter you must go to the Thailand bank identified in the Credit Advice as accomplishing the final leg of the transfer which I expect is Citibank Thailand.  If you can't get the letter then you will need to hope your immigration office will accept monthly Credit Advices....some might but I expect most will not because the immigration offices want a simple letter from your bank saying the transfers were international.  

[fordguy61mi]

8 hours ago, srowndedbyh2o said:

What US bank do you use? No charge transfers for senior citizens is great! 

I was wondering the same thing.

[Pib]

10 hours ago, Spike1938 said:

My SS has always gone to my USA bank.

I then transfer all or part to my Bangkok Bank account.

As a senior citizen my American bank does not charge me for the transfer so my only loss is in the exchange rate.

Since it is coming from an American bank it shows as foreign transfer.

 

Are you doing an ACH transfer or a SWIFT (Int'l Wire) transfer?

 

If ACH it's pretty much standard that US banks do not charge a sending fee regardless of your age (none of my bank do).  Now if your transferring via SWIFT/Wire then there are few US banks that do not charge a sending fee....the great, great majority charge a healthy SWIFT/Wire Sending fee unless you allow the Sending bank to accomplish the exchange which is a bad idea as you get boned on the lower exchange rate that western banks offer for Thai baht.

 

However regardless of whether sending via ACH or SWIFT you will still have the Thai bank receiving fee of approx 0.25% (Bt200 min, Bt500 max). 

 

And if using ACH which routes through the Bangkok Bank NY branch to your in-Thailand Bangkok Bank branch the NY branch applies a pass thru fee of typically of $5 or $10 depending on the amount you are sending...but that NY branch ACH pass-thru service for bank transfers unless in ACH "IAT" format is coming to an end as we speak.

 

And none of these Bangkok Bank fees will appear anywhere on your Bangkok Bank ibanking/passbook as they are applied before posting to your acct....this fools a lot of people into thinking no fees were applied but indeed they were....people may think they just got a lower exchange rate for some reason.

[Suradit69]

On 11/28/2019 at 11:47 AM, lopburi3 said:

The FFT would be used if from Bangkok Bank New York using the international ACH format (which requires no card/internet access account).

My bank uses Bangkok Bank New York as a correspondent bank for a SWIFT transfer and I get the FFT designation on all my transfers.

 

My bank (actually broker) has no direct banking relationship  with Bangkok Bank so I designation BB New York as the correspondent bank for them to use. Bangkok Bank charges me the same amount that they did when I was using the ACH transfers so the result is the same as when I was using ACH.

[lopburi3]

9 hours ago, Suradit69 said:

Bangkok Bank charges me the same amount that they did when I was using the ACH transfers so the result is the same as when I was using ACH.

For you this works well as your broker does not charge for SWIFT - for most banks that would be an additional charge.

[Suradit69]

13 minutes ago, lopburi3 said:

For you this works well as your broker does not charge for SWIFT - for most banks that would be an additional charge.

OK, but the original question was about getting the designation for foreign sourced deposit in your bank book and I've never had a problem with that.

[lopburi3]

2 minutes ago, Suradit69 said:

OK, but the original question was about getting the designation for foreign sourced deposit in your bank book and I've never had a problem with that.

The question was about SS payments and they can still use ACH International Format to Bangkok Bank New York and that will result in the FFT code OP asked about and is what I was posting.  That you use SWIFT to Bangkok Bank New York and results in the FFT is good information - was not trying to say otherwise, just that there could be additional cost for some.