Two recent attempts to transfer funds via ACH to Bangkok Bank failed apparently due to new international requirements for more information that my bank does not have a process to handle.  Anyone find a workaround?  

SWIFT International Wires

I use a simple wire transfer.   It does cost $30 per wire, but I find it very convenient to do it on line logged in to my account; no 3rd party involved.  Prior to wiring, I had to set up the Thai account with the all the details, see attached.   Now I effectively log in, specify the amount, and click send.  

 

Several of my friends use Transfer Wise and are perfectly happy with them.   They seem to be cheaper, but I prefer to maintain complete control of my money.

Wire Checklist Feb 2020.pdf

Edited February 7, 20206 yr by noise

 

OP,

  Not really new requirements....it's just the US Treasury is requiring Bangkok Bank New York branch to fully comply with US Treasury regulations governing the international transfer of funds via the ACH system.  The NY branch was using some legal workaround before, but it no longer being allowed.   

 

    Still no problem using the ACH system to transfer funds to a foreign bank which has ACH capability like Bangkok Bank...it's just the ACH transfer must be in  ACT "International ACH Transaction (IAT)" format---ACH "IAT".  Versus the ACH Domestic format where funds are supposed to stay within the US.   The information contained a ACH IAT format transfer is more detailed than an ACH Domestic transfer....the ACH IAT format info required is very similar to SWIFT info such as the full name and address of the recipient.

 

This ACH IAT format is not new....been around for around for around 11 years now...all US banks can "receive" an ACH IAT format transfer no problem; but none (or extremely few) offer ACH IAT "sending" capability to retail customer....the typical guy on the street.  U.S. banks simply choose not to use ACH IAT to "send" funds expect for some business customer who needed to make frequent foreign payments such as paying for foreign goods/services and foreign payroll.  Plus, few foreign banks are part of the US ACH system but they all can use the SWIFT system to receive/send funds.

 

Instead, to accomplish a bank/credit union/brokerage/etc., transfer where the funds are leaving the US those financial entities offer an International Wire using the SWIFT system/codes which normally carry a healthy SWIFT sending fee.  A person can also do a Domestic Wire to Bangkok Bank NY for relay to your in-Thailand Bankgok Bank acct if the Domestic Wire includes similar info as contained in an ACH IAT transfer....a Domestic wire usually costs about half of an International Wire.

 

Anyway, this subject has been talked/crossfed a bunch in multiple ThaiVisa threads and other places since mid 2018 when Bangkok Bank first announced the new policy which got extended/slipped to the right several times.  But apparently on 1 Dec 2019 Bangkok Bank finally closed the door completely and if using ACH to send to Thailand it must be sent in ACH IAT format, which as mentioned, US banks don't use ACH IAT format to send international transfers; instead, they use SWIFT.

 

So, what does a person do now....maybe a person who has been relying on the Bangkok Bank NY ACH transfer method possibly for decades to accomplish transfer of funds from their US bank to their Bangkok Bank acct?  Well, they can do International Wires (SWIFT) which can be pricey and possibly not-so-straight-forth/easy at some US banks....or use a money transfer service like Transferwise which many people have switched to. 

 

Or, maybe if having a no foreign transaction fee debit card (to avoid/minimize any fees) do ATM or counter withdrawals using the card at a Thai bank.  Now while this card method works absolutely great if you have the right card...that is, a no foreign transaction fee and fee rebating card--if  you are looking to also get "international transfer coding" on your Thai bank acct for documentation purposes, well, an ATM/counter withdrawal using the card does not do that.  But it does get your money "immediately" in hand with no fees combined with an exchange rate that puts more baht in your hands for dollars expended than even a Transferwise transfer.

 

 

10 hours ago, Berkshire said:

 

Thank you!  I was in US most of 2018 and all of 2019 and did not see this thread. My first reject was Dec 2019.  Just used Schwab online wire.  Like many said in the earlier thread ATM works great with rebate but did have to shop for better fx rates.

 

15 hours ago, Leung Falang said:

Just used Schwab online wire

Thanks for this info, good to know

 

Schwab must have recently decided to match Fidelity's free International wires, without the requirement for a Medallion Guarantee standing order 

On 2/7/2020 at 10:50 PM, Langsuan Man said:

Thanks for this info, good to know

 

Schwab must have recently decided to match Fidelity's free International wires, without the requirement for a Medallion Guarantee standing order 

Schwab now on line instead of fax, fee $25 plus another fee.

4 hours ago, Leung Falang said:

Schwab now on line instead of fax, fee $25 plus another fee.

Sort of , depending on your account and destination of the wire;  See transcript below 
 

 

8:06:51 AM : Johnathan H.: An outgoing wire transfer fee is $25. However, you get 3 wire fees waived per account per quarter.

 

8:08:09 AM : Johnathan H.: There are two ways to transfer to an external account. You have linked to several external accounts. When you transfer that way there is no fee never. When doing a wire transfer fee that has a fee of $25 but with your account you would have the fee waived 3 times per account per quarter.

 

ME: Does the destination make any difference 

 

8:09:23 AM : Johnathan H.: Now, only domestic U.S. wires can have the fee waived, international wire transfer always has the $25 fee

Above has been Schwab's policy for at least a few years.

I have a Schwab International brokerage account, all of my international wire fees were waived, more then 3 times per quarter. Here are  examples , showing the first 4 in January 2020.

 

Edited February 11, 20206 yr by Thailand J

14 hours ago, Thailand J said:

I have a Schwab International brokerage account

If you have a Schwab One International account that is a completely different animal than a normal Schwab Brokerage account, thus the rules and fees are completely different

 

  https://international.schwab.com/public/international/accounts_products/accounts/brokerage_account

I can't find anywhere about waiving the $25 international wire in USD.

 

6 hours ago, Thailand J said:

I can't find anywhere about waiving the $25 international wire in USD.

 

Initiate a transfer and see if there is a fee. if no fee, you're OK.