ACH vs IAT format

[Captain 776]

Lots of confusion on this issue.

Many have been having funds deposited into Bangkok Bank New York City but recently over the last 4-5 months those funds were not accepted and returned to the issuing bank.

Why?

Because in April 2019 the Dept of Treasury issued a mandate to change the transfer Format from ACH to IAT as it supposedly offers better security and more importantly to Dept of Treasury the new format makes it easier for them to track money laundering.

Some have even had Social Security checks returned but that has now been fixed per Bangkok Bank N Y International Transfer Dept and both Social Security and Veterans Check’s are now issued in IAT format.

My S S never got returned and my Dec payment went thru fine. 
However 2 retirement fund checks were returned in Dec.

i was able to fix it by calling the retirement fund and requesting them to have their bank start issuing my checks in IAT format in January...........we shall see if that really happens.

I personally called both banks myself and asked...........if the retirement fund requests you to change format......can you......will you do it.  They replied no problem, have them contact us.

So........at this time your Social Security check and Veterans Check’s are already in IAT format because Treasury issued the order and they are both Federal agencies and have made the change.

If you had other funds going to B B N Y...........contact the source of that money and request they change the Format.

you can verify this information easily.

 

Google Dept Treasury change ACH to IAT format April 2019

also

Google ACH to IAT format and click images

 

It is nothing more than all the same info in different boxes on a different form format.

[PC800]

I understand and agree with everything you have said about IAT (International ACH Transfer) which replaced ACH for international transfers.  My problem has been it's been difficult to find a bank that will use IAT.  I have 3 bank accounts and 1 credit union, and nobody can help me.  One of the banks, Wells Fargo, has their own system called ExpressSend which I think uses the IAT format.  But, they only serve China, Philippines, India, and Viet Nam in Asia.  If you can find a bank that will use IAT, it would be interest to many.   

[EVENKEEL]

JHChrist, I need a PHD just to transfer money, 

 

What is the charge for Bangkok Bank NEW YORK to transfer to account in Thailand. I tried a $10.00 test transfer and only like 150 bht showed up in my Thailand Account.

[Langsuan Man]

11 hours ago, EVENKEEL said:

JHChrist, I need a PHD just to transfer money, 

 

What is the charge for Bangkok Bank NEW YORK to transfer to account in Thailand. I tried a $10.00 test transfer and only like 150 bht showed up in my Thailand Account.

$10 dollars attracts the same 200 THB minimum fee a larger amount does.

 

But I am surprised that you were even able to try a test deposit via a US Bank through Bangkok Bank New York's branch since most have recently been rejected and funds returned to the sending bank 

[EVENKEEL]

10 hours ago, Langsuan Man said:

$10 dollars attracts the same 200 THB minimum fee a larger amount does.

 

But I am surprised that you were even able to try a test deposit via a US Bank through Bangkok Bank New York's branch since most have recently been rejected and funds returned to the sending bank 

I did that last transfer a few months back. I'll try again, didn't realize it was a 200 bht charge for transfer.

Edited December 17, 2019 by EVENKEEL

[Langsuan Man]

11 hours ago, EVENKEEL said:

I did that last transfer a few months back. I'll try again, didn't realize it was a 200 bht charge for transfer.

Minimum is 200 THB, Maximum is 500 THB, can't find the chart anymore on the Bangkok Bank website (BTW, this fee appears to be a government mandated fee, since it is collected from all inbound transfers, it is just hidden in SWIFT wire transfers )

[Pib]

13 hours ago, EVENKEEL said:

I did that last transfer a few months back. I'll try again, didn't realize it was a 200 bht charge for transfer.

 

On 12/16/2019 at 10:59 PM, EVENKEEL said:

JHChrist, I need a PHD just to transfer money, 

 

What is the charge for Bangkok Bank NEW YORK to transfer to account in Thailand. I tried a $10.00 test transfer and only like 150 bht showed up in my Thailand Account.

 

Fees on the Bangkok Bank website....link/snapshot below.

 

A $10 transfer would not have incurred a NY branch fee but would have incurred a Bt200 receiving fee at your in-Thailand branch.  Please note both of these fees are applied "before posting" to your acct and these fees will not appear anywhere on your ibanking/passbook which fools a lot of people into thinking no fees were applied but they were indeed applied.  You will receive the bank's TT Buying Rate which is used for incoming international transfers....mostly likely their opening/0830 rate for the day.

 

Please note in the there is one minor error below where is says USD 100.1 - 2,000.00...it's suppose to say USD 100.01 - $2,000.000

 

But doing ACH transfer with Bangkok Bank is fast becoming history and probably will be on 1 Jan 2020 unless the ACH transfer is in ACH "International ACH Transaction (IAT)" format which few if any US banks/CUs/brokerages/etc., for a retail acct like you and I normally have.  The ACH IAT format is more details than the ACH Domestic format which Bankgok Bank NY was accepting for decades to relay funds to your in-Thailand Bangkok Bank account.  Some large banks providing special corporate/business do provide ACH IAT sending capability as an additional capability (and price).  But basically, US financial entities only use Int'l Wire (SWIFT) for international transfers.   

 

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

[Pib]

And within soisanuk's 30 Oct 2019 post below is Bangkok Bank NY's last known lines in the sand....cutoff off dates for accepting ACH transfers unless in ACH "IAT" format. 

 

We are now past the date for any non-IAT transfers being accepted by the NY branch unless it's a US govt non-IAT payment where the line in the sand is 1 Jan 2020.  I expect come early January we'll have posts about a person's military/SSA/VA govt pension payment not showing up since many of these  govt payments are not in IAT format....many are, but many are not.   

 

 

[EVENKEEL]

I tried a $100. transfer to Bangkok Bank (New York) and it got kicked back to my US bank.

[Langsuan Man]

11 hours ago, EVENKEEL said:

I tried a $100. transfer to Bangkok Bank (New York) and it got kicked back to my US bank.

Which bank please, we are keeping an unofficial tally of which banks are being rejected

[EVENKEEL]

12 hours ago, Langsuan Man said:

Which bank please, we are keeping an unofficial tally of which banks are being rejected

I transferred from Navy Federal, But isn't it Bangkok Bank (New York) that kicks the money back. It showed money left my account and 2 days later the $100. was back in my Navy Fed account.

[Langsuan Man]

11 hours ago, EVENKEEL said:

I transferred from Navy Federal, But isn't it Bangkok Bank (New York) that kicks the money back. It showed money left my account and 2 days later the $100. was back in my Navy Fed account.

So now everyone here that has a Navy Federal Credit Union account will know that BB no longer accepts EFTS from Navy Federal, some other banks are still getting processed 

[Pib]

Between this and related threads talking the ACH IAT issue and the number of people now reporting rejection of their bank ACH transfers to the NY branch it appears only US govt non-IAT payments are still getting through...and even those supposedly will not get thru come 1 Jan 2020.  Come 1 Jan 2020 any ACH transfer must be in ACH "IAT" format regardless of who is sending it or it will get rejected by Bangkok Bank NY.   Then a person will need to use an Int'l Wire (SWIFT), possibly a Domestic Wire, a money transfer service like Transferwise, or Bangkok Bank NY branch's slow & expensive Baht Remittance Service.