Can we send wire transfers if US shuts down?

[Berkshire]

California is telling everyone to stay home.  New York may be doing the same soon.  So if we have to send a wire transfer through BKK Bank NY, will there be anyone there to process our transfer?  I don't think wire transfers can be processed electronically....or maybe it can.  Your thoughts welcome.

[TallGuyJohninBKK]

Hopefully, BKKB NY has some work at home/electronic/online processing capability and has prepared for these kinds of unexpected contingencies... Though, I wouldn't bet on it!!!

 

 

You might send an email to the NY Branch asking them their status, and do they anticipate any disruptions in their handling of wire transfers to BKKB TH...

 

Edited March 20, 2020 by TallGuyJohninBKK

[bkk6060]

It is an electronic transfer it will go thru.

 

[Berkshire]

2 minutes ago, TallGuyJohninBKK said:

Hopefully, BKKB NY has some work at home/electronic/online processing capability and has prepared for these kinds of unexpected contingencies... Though, I wouldn't bet on it!!!

 

I should worry about my US bank as well.  They always call me to verify the transfer. 

[Berkshire]

1 minute ago, bkk6060 said:

It is an electronic transfer it will go thru.

 

Hope so.

[TallGuyJohninBKK]

4 minutes ago, Berkshire said:

I should worry about my US bank as well.  They always call me to verify the transfer. 

 

I've been getting a lot of emails lately from my various generally smaller U.S. banks... The general upshot of which seems to be... many are closing their public branch/lobby operations, but are maintaining their online services and even drive thru banking in the case of places that offer that. So they're not ceasing to operate their workplaces, just limiting their direct interaction with the public.

 

[TallGuyJohninBKK]

Examples from today:

 

Schwab:

 

Quote

Effective March 20, we are temporarily closing public access and walk-in traffic to all U.S. branch locations, including Puerto Rico. While we will be limiting in-person access, our branch personnel will continue to support your needs virtually during this time. If you have urgent business, please contact the branch directly by phone and we will assist you.

 

Service Credit Union:

 

Quote

In accordance with CDC guidelines amid the Coronavirus (COVID-19) outbreak, we have made the decision to close all in-store branch locations and stand-alone branch lobbies. Drive-thru and ATM services will be available at a number of branch locations.

 

[Langsuan Man]

I think EFTS and Wires will not be effected, and I would not be surprised if many banks loosen their rules for online transactions to continue to earn while walk in traffic stops

 

That being said there is always the chance that the no congregating rules and mandatory closures may spread to back office operations.  So if it were me, I would do your online transfers and wires now, just in case 

[new2here]

The non-customer facing aspect of banking will (have to) continue on as each bank has daily inter-bank/Fed funds settlements and the like.  So folks in the network security, cash management, accounting and other mission critical functions will go on as the bank really does have near 24/7 operations going on. 
 

So while I suspect that we will see sizable branch office and other direct customer contact points close enmass, we don’t see any real “closure” of the bank as a whole.

i wouldn’t be surprised if the processing time to either originate an outgoing wire or the processing of an incoming wire slows as I’ll bet staffing has been pared back, but it can’t stop.

 

The only way I can foresee a whole bank system shutdown is IF the Federal Reserve banking network also shuts down as they really are the “banks bank” and without them not a whole lot can really function. 

[DogNo1]

I received an email from Fidelity saying that they would remain open for business by telephone or Internet during the crisis.  I transferred my monthly amount just a few days ago.  Now I dread having to brave the crowds at Chaeng Wattana to extend my stay.  I sure wish that Thai Immigration would just grant everyone a gratis 60 day extension so that we could go to extend once the pandemic has dissipated.

[Emdog]

I had my brother send me a wire transfer couple of days ago. No problem, other than I forgot to tell him to send in dollars, and not baht. difference of 1 baht per dollar can add up in a hurry...

[DJ54]

 Banks are listed as essential businesses. .......

[arend]

Bangkok Bank in NY no longer proesses or facilitates transfers to Bangkok Bank in TL. My last transfer was returned to the bank of origin (US). I had to use Xoom - paypal. I learned that they overcharge in a sneaky way by having a low exchange rate. Friend told me about Transferwise. I can save around $30 on a $1000 transfer compared to Paypal....

[Benmart]

Oh dear. If there is not a crisis, let me create one in my head. This forum seems incapable of foretelling the future, although many seem to think they can. I live in the present and not in the past or future.

[Tony125]

35 minutes ago, arend said:

Bangkok Bank in NY no longer proesses or facilitates transfers to Bangkok Bank in TL. My last transfer was returned to the bank of origin (US). I had to use Xoom - paypal. I learned that they overcharge in a sneaky way by having a low exchange rate. Friend told me about Transferwise. I can save around $30 on a $1000 transfer compared to Paypal....

Bangkok Bank NYC will not transfer to Thailand using ACH transfer but will still do a tranfer to BKK Bank Thialnd if you wire transfer from a US  Bank to BKK NYC. Can also do a International Wire Transfer direct to BKK Bank Thailand but is more expensive.  I have done it both ways using Bank of America.

[SAINT THOMAS]

Install and sign up, the western union app on you're phone, its cheaper then sending international through the bank.

 

I just sent my wife money she picked up the other day at the post office or she could have at Bangkok Bank and a few other people money to their bank accounts for supplies.

 

You just need their bank account number if wiring to their bank, address, phone number, etc. the routing number for Bangkok bank is already set up on the app and all banks there to choose from.

 

Picking the money up is instant, wiring to their bank takes 2-4 business days

[Pib]

19 minutes ago, Tony125 said:

Bangkok Bank NYC will not transfer to Thailand using ACH transfer but will still do a tranfer to BKK Bank Thialnd if you wire transfer from a US  Bank to BKK NYC. Can also do a International Wire Transfer direct to BKK Bank Thailand but is more expensive.  I have done it both ways using Bank of America.

Bangkok Bank still processes ACH transfers on to your in-Thailand Bangkok Bank if the transfers are ACH "IAT" formatted transfers.  But that's the problem....most/all US banks do no use ACH IAT format; they only use the the ACH Domestic format.  However, most US govt agencies like Social Security, VA, etc.,  are now using ACH IAT format if you have your foreign address on file with them...and those ACH IAT format payment arrive Thailand no problem.

[Pib]

I've been getting many, many emails from my US banks and various US govt agencies basically saying they are closed for "walk-in, face-to-face" service (unless maybe an emergency) but fully up & running for service via ibanking, mbanking, emails, online chats, telephone calls, etc.   

[ThailandRyan]

7 hours ago, new2here said:

The non-customer facing aspect of banking will (have to) continue on as each bank has daily inter-bank/Fed funds settlements and the like.  So folks in the network security, cash management, accounting and other mission critical functions will go on as the bank really does have near 24/7 operations going on. 
 

So while I suspect that we will see sizable branch office and other direct customer contact points close enmass, we don’t see any real “closure” of the bank as a whole.

i wouldn’t be surprised if the processing time to either originate an outgoing wire or the processing of an incoming wire slows as I’ll bet staffing has been pared back, but it can’t stop.

 

The only way I can foresee a whole bank system shutdown is IF the Federal Reserve banking network also shuts down as they really are the “banks bank” and without them not a whole lot can really function. 

But how will I get my money Donald promised he was having the fed send...

[Iron Tongue]

Who told you the US was shutting down?  Do those voices in your head tell you other things as well?

 

[watthong]

8 hours ago, DogNo1 said:

Now I dread having to brave the crowds at Chaeng Wattana to extend my stay.  I sure wish that Thai Immigration would just grant everyone a gratis 60 day extension so that we could go to extend once the pandemic has dissipated.

I Jimmy Cricket got words from the Blue Fairy that your wish might just be granted (if you promise to be a good boy!) Normally I would do my extension around this time of the year as well. But considering we are now at "war" I wouldn't show up at CW as yet if I can help it, waiting for the virus, er, I mean the ("dirty-farang") dust to settle. I'm sure folks on both sides of the immigration counter would calm down somewhat and hopefully act in a sensible way once the chickens get their head back up and start pecking around normal again. In short in time like this, just take a deep breath and wait a day/week/month or two...I was all ready to go this coming week but now decide to stay home and wait until May.

[Pib]

11 hours ago, ThailandRyan said:

But how will I get my money Donald promised he was having the fed send...

Speaking of that, below CNBC article gives a fair overview....and the potential challenges in getting money to people since the US govt/IRS/etc., may not have your latest address, bank acct for direct deposit, etc., since people are always moving and/or changing bank accts.   Looks like any refund would be based on your "2018" federal tax return; not your 2019 return which many people haven't filed yet (I filed my 2019 return late last week).

 

https://www.cnbc.com/amp/2020/03/20/coronavirus-rescue-checks-may-shortchange-americans-on-social-security.html

[Berkshire]

On 3/22/2020 at 12:15 AM, Iron Tongue said:

Who told you the US was shutting down?  Do those voices in your head tell you other things as well?

 

Hmmm....seriously?  Don't follow the news much?

[Berkshire]

Just an update that I sent a wire transfer from my US bank Tuesday and just received into BKK Bank today.  Took a day longer than usual, but otherwise, no problem.  It would seem that in most countries (at least USA and Thailand), the financial system is still working as it should....so far.

[ThailandRyan]

Sent a wire on Tuesday from my Chase bank account to my KBank and received it in less than 24 hours.....mine had no hold-ups...I sent it in USD, and did not have it wired in THB which will take an extra day as it is processed by a third party before it hits your bank and will not show up with the right code for your extensions.

Edited March 26, 2020 by ThailandRyan

[ThailandRyan]

26 minutes ago, Berkshire said:

Just an update that I sent a wire transfer from my US bank Tuesday and just received into BKK Bank today.  Took a day longer than usual, but otherwise, no problem.  It would seem that in most countries (at least USA and Thailand), the financial system is still working as it should....so far.

Think your delay was due to a problem that Bangkok Bank was having yesterday across their system...

[Berkshire]

23 hours ago, ThailandRyan said:

Think your delay was due to a problem that Bangkok Bank was having yesterday across their system...

Could be.  I also sent through BKK Bank NY.  It normally just takes a day, but one day delay under the circumstances is completely understandable.

Edited March 27, 2020 by Berkshire

[Toosetinmyways]

If anyone is interested I received a message from my trading company on Friday 27 march USA time. Online trading is unaffected but any other requests other than trading, such as transfer assets between accounts, transfer money or liquidate accounts will be done on a strict first come first done basis. As of 27 march requests received will be dealt with on 1 April.

 

[Thailand J]

I requested money transfer from Interactive Brokers on Saturday 11am Thai time, got the money in my Bangkok Bank account at 9.07am Monday.