U.S. topic -- Is there any reason to keep Bangok Bank account open now that ACH transfers are gone?

[EVENKEEL]

5 hours ago, Jaybott said:

 

I'm a US Dept of Defense employee and I have a $100.00 allotment per pay period going to Bangkok Bank.  Just for emergency baht if I wind up at DMK or BKK with none.  Anyway this last pay period; 13 December my allotment went thru posted as an International Transfer.  I also transferred $1000.00 from Navy Fed, same day and it bounced back.  So it looks like DFAS will still work.

 

 

The nice thing about Navy Fed is you can transfer any amount for $25.00 directly to Thai account.

[cmarshall]

9 hours ago, ifmu said:

Question ..do you mean SS auto pay credit union transfer to BB in new york which goes to BB thai .. ?

No, I mean a normal domestic wire transfer.  My SS benefits are direct deposited in SDFCU, not Bangkok Bank.  Each month I initiate a domestic wire transfer from SDFCU to BB for a cost of $6.  It arrives the next morning about 9 AM.

[Langsuan Man]

The main reason to keep a Bangkok Bank account is because this is Thailand and things constantly change.

 

I doubt that Bangkok Bank is going to continue to go quietly into the night and continue to loose all the fees that they collected during the years that the "scheme" was operating

 

I am waiting for Bangkok Bank to start complying with the law and make all EFTS, comply with ACH IAT requirements, something they can easily do at their end 

[Number 6]

SDFCU

 

Better to set up with address if I can provide one?

 

Will they send free debit card?

 

I have no interest in credit card.

 

Anyone keep largish amounts of money here? 25k up?

 

Do you get online statement etc, paper both?

 

Sorry to hijack. Thanks

 

 

 

 

 

 

 

[WhatupThailand]

It will not matter when the world banking system goes down.

Will be a lot of whining when all the money in the banks disappear.

 

Only keep what you need in a Bank, take that paper out and turn it into something real.

The Fake Fiat Money system is already cracking at the seams.

 

Take a clue from the Banks, who are already buying up all the Gold and other Real Assets,

while they can.

 

[Langsuan Man]

1 minute ago, WhatupThailand said:

It will not matter when the world banking system goes down.

Will be a lot of whining when all the money in the banks disappear.

 

Only keep what you need in a Bank, take that paper out and turn it into something real.

The Fake Fiat Money system is already cracking at the seams.

 

Take a clue from the Banks, who are already buying up all the Gold and other Real Assets,

while they can.

 

Sounds like a shill for Bitcoin

[AAArdvark]

1 hour ago, Number 6 said:

SDFCU

 

Better to set up with address if I can provide one?

 

Will they send free debit card?

 

I have no interest in credit card.

 

Anyone keep largish amounts of money here? 25k up?

 

Do you get online statement etc, paper both?

 

Sorry to hijack. Thanks

 

 

 

 

 

 

 

They use two addresses.  One is named Contact and then there is a place to enter foreign address.  In my case, both of those addresses are the same Thai address. I had to phone them to fix an issue with the contact address.  On the application I just used the Thai address.

They will send a free debit card and check starter pack of 10.  

I set mine up to do online statements.

No reason to not keep large amounts in SDFCU

One thing to keep in mind is that in order to join any Credit Union you have to meet the membership requirements.  In this case you have to work for the State Department / Foreign Service.  However, they make it easy for others to join.  On their web site they will point you to an organization to join.  It is simple and I paid $15 for a lifetime membership and then turned off email from them.   Also, there is probably no other financial company which is more familiar with foreign living since the majority of their members are in the Foreign Service.

 

 

Edited December 21, 2019 by AAArdvark

[Tracyb]

20 hours ago, Jingthing said:

Surely you must have a clue about what the problem might have been? 

They provided no reason.  I met all of the qualifications they listed.  Others have since told me they were unable to join using the on-line method, too.  Oh well, it was no big deal for me as I found other means to take care of business without using SDFCU.  Not holding any grudges.  C'est la vie!

[AAArdvark]

4 minutes ago, Tracyb said:

They provided no reason.  I met all of the qualifications they listed.  Others have since told me they were unable to join using the on-line method, too.  Oh well, it was no big deal for me as I found other means to take care of business without using SDFCU.  Not holding any grudges.  C'est la vie!

Are you a member of the State Department or did you join the organization they the say to use?  

Except for waiting 14 days, and a minor issue with my Thai address, I had no issues with the online application.

[Tracyb]

3 minutes ago, AAArdvark said:

Are you a member of the State Department or did you join the organization they the say to use?  

Except for waiting 14 days, and a minor issue with my Thai address, I had no issues with the online application.

I applied with the qualification of a sibling being employed by the state department.  It should have been a slam dunk on the qualifying issue.  In the meantime I've also read some reviews of SDFCU complaining about poor service.  So, as I said....  I found other ways to meet my needs and ..... no grudges!

[Number 6]

1 hour ago, AAArdvark said:

They use two addresses.  One is named Contact and then there is a place to enter foreign address.  In my case, both of those addresses are the same Thai address. I had to phone them to fix an issue with the contact address.  On the application I just used the Thai address.

They will send a free debit card and check starter pack of 10.  

I set mine up to do online statements.

No reason to not keep large amounts in SDFCU

One thing to keep in mind is that in order to join any Credit Union you have to meet the membership requirements.  In this case you have to work for the State Department / Foreign Service.  However, they make it easy for others to join.  On their web site they will point you to an organization to join.  It is simple and I paid $15 for a lifetime membership and then turned off email from them.   Also, there is probably no other financial company which is more familiar with foreign living since the majority of their members are in the Foreign Service.

 

 

Thanks for that. I think I'll start off with everything going to US so to avoid any intl paperwork issues.

 

I was aware of that issue. I'd belonged to CU before. Appears a method to just create account. Do they ask for membership verification later? Could I get the organization or list I can joint to resolve member issue? Thanks.

[Pib]

19 hours ago, The Theory said:

And the “fees” And exchange rate are the same as other banks ?!!!

Don't know if you asking a question or agreeing based on the ending punctuation. 

 

But yea, when looking at Bangkok Bank and other Thai banks entire fee schedule their fees are basically the same...of course with minor plus and minus fee variations for some fees...but generally same-same....little difference.  Ditto for their exchange rates....sometimes Bangkok Bank are among the highest....sometimes in the middle....sometimes the lowest...varies day-to-day.   

 

Very  little banking competition in Thailand.  Heck, most Thai banks are proud members of the Thai Bankers Association where they surely set around in smoke-filled rooms agreeing on what fees everyone should charge.....wink-wink...etc.  Being a member of such an association in many western countries would be considered an monopolist/anti-competition practice---but not in Thailand.

 

IMO which bank a person chooses is usually due to some unique product/service the bank offers....like how Bangkok Bank has the ACH receiving capability which no other Thai bank has but that service has been devalued with the ACH IAT policy change and money transfer services like Transferwise.   Another example is the Krungsri Bank Mee Tae Dai Savings acct which use to be tax free and pay fixed acct rates but although it still pays fixed acct type rates the Thai govt policy change requiring 15% tax withholding even for interest amounts below Bt20K per year unless providing your Thai tax ID number has made that acct less desirable for many (but I did provide my tax ID to avoid tax withholding so I'm still getting all the advantages).  Oh maybe because it was just easy to open an acct at a certain bank....or simply because it was recommended to you by other expats/family/friends for no particular reason. 

 

[Max69xl]

12 minutes ago, Pib said:

Don't know if you asking a question or agreeing based on the ending punctuation. 

 

But yea, when looking at Bangkok Bank and other Thai banks entire fee schedule their fees are basically the same...of course with minor plus and minus fee variations for some fees...but generally same-same....little difference.  Ditto for their exchange rates....sometimes Bangkok Bank are among the highest....sometimes in the middle....sometimes the lowest...varies day-to-day.   

 

Very  little banking competition in Thailand.  Heck, most Thai banks are proud members of the Thai Bankers Association where they surely set around in smoke-filled rooms agreeing on what fees everyone should charge.....wink-wink...etc.  Being a member of such an association in many western countries would be considered an monopolist/anti-competition practice---but not in Thailand.

 

IMO which bank a person chooses is usually due to some unique product/service the bank offers....like how Bangkok Bank has the ACH receiving capability which no other Thai bank has but that service has been devalued with the ACH IAT policy change and money transfer services like Transferwise.   Another example is the Krungsri Bank Mee Tae Dai Savings acct which use to be tax free and pay fixed acct rates but although it still pays fixed acct type rates the Thai govt policy change requiring 15% tax withholding even for interest amounts below Bt20K per year unless providing your Thai tax ID number has made that acct less desirable for many (but I did provide my tax ID to avoid tax withholding so I'm still getting all the advantages).  Oh maybe because it was just easy to open an acct at a certain bank....or simply because it was recommended to you by other expats/family/friends for no particular reason. 

 

If the monthly transfers has to show up as foreign when using TransferWise, then Bangkok Bank is the best choice. They also understood quite fast what was needed from them when it came to bank statements and bank letters. My branch came up with a 12 months statement almost immediately,when other branches and other banks just issued 6 months statements, and still do. You have to wait up to a week to get a 12 months statement. 

[Pib]

4 hours ago, Number 6 said:

SDFCU

 

Better to set up with address if I can provide one?

 

Will they send free debit card?

 

I have no interest in credit card.

 

Anyone keep largish amounts of money here? 25k up?

 

Do you get online statement etc, paper both?

 

Sorry to hijack. Thanks

Don't understand your first question....you will definitely need "some" address to open any bank acct.  If you meant can you use your Thai address or US address, the answer is Yes.  Use either.   I used my Thai address when applying, but also have my US mailing address in their ibanking setup in order to do online ACH transfers.  But you will probably need to provide proof of residence with SDFCU....for sure if using a foreign address....and of course proof of identity and maybe even income.  They do (or at least did) have person on staff who is fluent in Thai who can translate any proof of residence docs like a utility bill, etc., if you use your Thai address.

 

Yes they will send a free debit card but since it does not reimburse Thai ATM fee and has a 1% foreign transaction fee it's probably one you would only want to use within the US/for USD purchases.

 

I know you said you have no interest in a credit card....just saying they have a 2% cash back on everything (even more on some products), no foreign transaction, no annual fee Visa credit card.

 

You can have paper and/or online docs....I use online docs.

 

The key thing about SDFCU is they are an expat-friendly bank and provide a couple nice product/service like the 2% cash back on everything credit card (most cards are 1.5% or less on everything), provide a $6 domestic wire service, etc. No need to hide in the shadows about having a foreign address.  But being an expat-friendly bank was the biggest reason I joined them.

[ChouDoufu]

1.  if you have your immigration funds in a bangkok bank fixed account, you can get a passbook update when you request your guarantee letter with no activity required.  some other banks require a deposit/withdrawal for an update.

 

2.  bangkok bank online system works well outside thailand, even from china.  handy if you need to check balances for your fbar filing.

 

3.  accounts at multiple banks might be useful for americans.  no telling when any particular bank will get fed up with the fatca requirements and simply close all us citizen accounts.  and no telling when the us government will decide to levy sanctions on any particular bank.

[Max69xl]

14 minutes ago, ChouDoufu said:

1.  if you have your immigration funds in a bangkok bank fixed account, you can get a passbook update when you request your guarantee letter with no activity required.  some other banks require a deposit/withdrawal for an update.

 

2.  bangkok bank online system works well outside thailand, even from china.  handy if you need to check balances for your fbar filing.

 

3.  accounts at multiple banks might be useful for americans.  no telling when any particular bank will get fed up with the fatca requirements and simply close all us citizen accounts.  and no telling when the us government will decide to levy sanctions on any particular bank.

1. You can even update the Bangkok Bank FDA bank book in the update machines. But never withdraw money from a FDA, you'll lose interest. 

[ChouDoufu]

27 minutes ago, Max69xl said:

1. You can even update the Bangkok Bank FDA bank book in the update machines. But never withdraw money from a FDA, you'll lose interest. 

possible to use the machines, but i would never do that.  if the machine jams, or the print cartridge runs out of ink, or the printing is illegible....

 

i'll get the human at the counter to do the update.

[gamb00ler]

On 12/19/2019 at 12:54 AM, AAArdvark said:

I have had an online SDFCU membership application in the works for 13 days now and it is still pending.  I have submitted all required documents.  Even phoning them does not help.

I also just opened an SDFCU account.  It took several days, but that was mostly my own fault for not reading their documentation request carefully.  I called and they quickly informed me of my omission.  Once I uploaded the missing document my account was opened within the hour.

 

However, I find their website incomplete and difficult to find information.  They do offer slightly better term deposit rates than either Schwab or Fidelity.

 

Their online description of how to qualify for their $6 rate for a domestic wire transfer sounds harder than other posters describe. It’s probably some combination of their poor wording and my weak comprehension.

Edited December 21, 2019 by gamb00ler

[Max69xl]

10 minutes ago, ChouDoufu said:

possible to use the machines, but i would never do that.  if the machine jams, or the print cartridge runs out of ink, or the printing is illegible....

 

i'll get the human at the counter to do the update.

And how many times have you seen that happen? I think never. I'm using the update machines for my savings accounts twice a month. I've never had a problem. If <deleted> happens,don't you think the bank will fix it? 

[AAArdvark]

2 hours ago, Number 6 said:

Thanks for that. I think I'll start off with everything going to US so to avoid any intl paperwork issues.

 

I was aware of that issue. I'd belonged to CU before. Appears a method to just create account. Do they ask for membership verification later? Could I get the organization or list I can joint to resolve member issue? Thanks.

Whatever address you use, you have to prove it.  I used a copy of my Thai condo lease and a copy of my AIS bill.   That was a lot easier to prove than my US address.  During the application they ask for this proof or you can wait. You can change the address later online.  Better to do it during the application to save time.   The name of the organization to join is American Consumer Counsel and on their web page they say what you need to be a member and then there is something that says could can also qualify by joining this particular organization.  Just look over the web page you can find it. 

[ChouDoufu]

13 minutes ago, Max69xl said:

And how many times have you seen that happen? I think never. I'm using the update machines for my savings accounts twice a month. I've never had a problem. If <deleted> happens,don't you think the bank will fix it? 

why, yes.  i have indeed.  inserted my savings passbook into the machine...when spat out, there were three entries over-printed on one line.  it happens.

 

can the bank fix it?  maybe.  can the clerk force a re-print in the same passbook?  will the manager need to approve it?  will an IO having a bad hair day accept a book with smudged printing? 

 

i wouldn't want to have to deal with that on the way to apply for my extension.

 

 

[Pib]

4 hours ago, gamb00ler said:

Their online description of how to qualify for their $6 rate for a domestic wire transfer sounds harder than other posters describe. It’s probably some combination of their poor wording and my weak comprehension.

SDFCU has revamped their public webpage and I can't find the page that talks the Emeritus Program requirements anymore which qualfiies a person for $6 domestic wires, but cmarshall's post below quotes what it said.  Basically to qualify a member must have direct deposit of retirement benefits or maintain a balance of $2,500 in their SDFCU Savings Account.

 

 

 

[gamb00ler]

8 hours ago, Pib said:

SDFCU has revamped their public webpage and I can't find the page that talks the Emeritus Program requirements anymore which qualfiies a person for $6 domestic wires, but cmarshall's post below quotes what it said.  Basically to qualify a member must have direct deposit of retirement benefits or maintain a balance of $2,500 in their SDFCU Savings Account.

I did a Google search of their website and the only mention of "emeritus" is in two PDF's.  One is an application for a Share Checking account and the other is their current fee schedule.  Maybe that program is no longer available to new members.  I'll call on Monday to inquire.

Edited December 21, 2019 by gamb00ler
addition

[Langsuan Man]

4 hours ago, gamb00ler said:

I did a Google search of their website and the only mention of "emeritus" is in two PDF's.  One is an application for a Share Checking account and the other is their current fee schedule.  Maybe that program is no longer available to new members.  I'll call on Monday to inquire.

Emeritus status is only for present or past Department of State Employees and cannot be obtained by those who apply using the alternatives listed here.  SDFCU does stand for State Department Federal Credit Union after all   

[AAArdvark]

1 hour ago, Langsuan Man said:

Emeritus status is only for present or past Department of State Employees and cannot be obtained by those who apply using the alternatives listed here.  SDFCU does stand for State Department Federal Credit Union after all   

Are you sure about the "past Department of State Employees" bit?  I am a former Department of State employee (Foreign Service) and was not allowed to apply based on that and had to apply using the alternatives.

 

Also, it is probably time that we took this subject to a new thread as we have probably passed the hijack threshold. 

[cmarshall]

2 hours ago, Langsuan Man said:

Emeritus status is only for present or past Department of State Employees and cannot be obtained by those who apply using the alternatives listed here.  SDFCU does stand for State Department Federal Credit Union after all   

Has that changed?  I applied for and received emeritus status in Aug. although I have never been an employee of the federal government.  My SDFCU account had been open for two years by that time.

Edited December 22, 2019 by cmarshall

[Pib]

51 minutes ago, cmarshall said:

Has that changed?  I applied for and received emeritus status in Aug. although I have never been an employee of the federal government.  My SDFCU account had been open for two years by that time.

Ditto for me....never been a St Dept employee....but am a military and federal civil service retiree.  

[Pib]

3 hours ago, Langsuan Man said:

Emeritus status is only for present or past Department of State Employees and cannot be obtained by those who apply using the alternatives listed here.  SDFCU does stand for State Department Federal Credit Union after all   

LSM, 

   Where did you find that info....on the SDFCU webpage maybe? 

 

Their webpage use to talk the Emerius benefit...talked it on the webpage below which is completely different now....all new pictures and different wording from a few months ago.  

https://sdfcu.org/membership#membership-benefits-1

 

On the webpage there use to be a picture of a older couple grinning from ear-to-ear and then below text next to that happy couple saying:

 

Quote

 

This premiere package of financial services is made exclusively for retirees. To qualify, a member must have direct deposit of retirement benefits or maintain a balance of $2,500 in their SDFCU Savings Account.

• Receive FREE SDFCU checks
• The cost of domestic wire transfers is only $6.00
• Get FREE money orders
• Purchase FREE travelers cheques

 

[Pib]

From a SDFCU Powerpoint slide show I stumbled across....a question followed by the correct answer.

 

[AAArdvark]

I think most of those benefits are taken care of by having an Advantage Checking Account instead of a Basic.  $2000 balance with no penalty for going under.