Bangkok Bank New York - How Do You Open An Account?

[Thomas J]

I am retired and living in Thailand.  I have a Bangkok Bank account here.  How does a person living in Thailand open a Bangkok Bank account - New York.  I occasionally want to transfer money and the wire transfer route is less than easy to do.  I have gone to their website but I do not see a procedure to open a checking/savings account.  I can't believe you can't do it online given they only have the one office in New York. 

[Trillian]

I doubt that BB New York has a retail banking license, funds can be routed through the branch from other US banks and to BB branches in Thailand but consumers can't open accounts there, just like BB London. BB London is a commercial bank only, it's for trade purposes only, I think BB NY is the same thing.

Edited June 12, 2020 by Trillian

[Thomas J]

6 minutes ago, Trillian said:

I doubt that BB New York has a retail banking license, funds can be routed through the branch from other US banks and to BB branches in Thailand but consumers can't open accounts there, just like BB London. BB London is a commercial bank only, it's for trade purposes only, I think BB NY is the same thing.

Trillian

That can't be true.  I have seen numerous posts on Thai Visa about people using Bangkok Bank New York accounts for their Social Security Deposits. 

[Trillian]

3 minutes ago, Thomas J said:

Trillian

That can't be true.  I have seen numerous posts on Thai Visa about people using Bangkok Bank New York accounts for their Social Security Deposits. 

I'm pretty sure those are ACH routing transfers rather than deposits at the actual BB NY branch.

 

In the UK, a UK bank account holder could make a transfer from say HSBC UK, to BB London and specify their BB Thailand bank account number and the funds would be passed through to Thailand, the London branch is BB is nothing more than a pass through vehicle and retail accounts can't be opened there, that is a fact, I think the same applies (or used to until it was stopped recently I believe). 

 

But if you say it can't be true, so be it.

[Firefan]

Trillian is right. Cheers!

[Thomas J]

7 minutes ago, Trillian said:

'm pretty sure those are ACH routing transfers rather than deposits at the actual BB NY branch.

 

In the UK, a UK bank account holder could make a transfer from say HSBC UK, to BB London and specify their BB Thailand bank account number and the funds would be passed through to Thailand, the London branch is BB is nothing more than a pass through vehicle and retail accounts can't be opened there, that is a fact, I think the same applies (or used to until it was stopped recently I believe). 

 

But if you say it can't be true, so be it.

Trillian

I think you may be correct.  Apparently BKK New York can accept social security deposits etc and acts as a conduit for transfers to Thailand.  Even though the social security recipients are "retail" customers the New York office acts strictly as a sort of correspondent bank and passes them on to Thailand.  

[Trillian]

1 minute ago, Thomas J said:

Trillian

I think you may be correct.  Apparently BKK New York can accept social security deposits etc and acts as a conduit for transfers to Thailand.  Even though the social security recipients are "retail" customers the New York office acts strictly as a sort of correspondent bank and passes them on to Thailand.  

I thought I had read that BB was no longer allowed to make those transfers because it was seen as a conduit for offshore funds escaping tax, I am uncertain on this aspect however, perhaps others can clarify.

[ubonjoe]

As said you can only transfer funds to your Bangkok Bank account here via the New York branch. The transfers must be done in IAT format for ACH transfers.

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

[ubonjoe]

3 minutes ago, Trillian said:

I thought I had read that BB was no longer allowed to make those transfers because it was seen as a conduit for offshore funds escaping tax, I am uncertain on this aspect however, perhaps others can clarify.

They can still be done but they have to be in the IAT format.

[timendres]

You do not "open an account" with the NY branch. If you have a Bangkok Bank account, then it is tied to the NY branch by virtue of the branch being tied into the entire BB system.

 

The NY branch is not a "retail" bank. It can only perform electronic transactions, and only incoming, not outgoing.

 

Here is the BB website page describing the details:

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

[Trillian]

OK now I recall, the ACH transfers can be requested by the US customer but have to be approved by the US gov., it's only the US gov. agency that can authorize the transfer rather than the individual. I don't believe for example that a US customer could use that same vehicle for non-gov. related or private transfers.

Edited June 12, 2020 by Trillian

[Firefan]

Yes, and do not forget the IAT format Ubonjoe mentions. That you would need to check with sender. I tested in Feb from Schwab (without asking them about IAT stuff) and it worked but probably best to ask first. CHeers!

[lopburi3]

25 minutes ago, Trillian said:

OK now I recall, the ACH transfers can be requested by the US customer but have to be approved by the US gov.,

The issue is domestic ACH does not provide the identification required for international transfers so it has to be in international format which US banks do not use for private customers.  Up until about a year ago this was not enforced - it is now.  Suggest you check on using Transferwise as most of us now use.  Once set up it is easy and does not take long to set up.

[moontang]

29 minutes ago, Firefan said:

Yes, and do not forget the IAT format Ubonjoe mentions. That you would need to check with sender. I tested in Feb from Schwab (without asking them about IAT stuff) and it worked but probably best to ask first. CHeers!

Was it a SWIFT transfer or ACH?

Edited June 12, 2020 by moontang

[Firefan]

When sending from Schwab to Bkk Bank NY it was of course a LOCAL (ACH?) domestic transfer.

That said: last attempt about a month ago to do a transfer like that failed. I will have to check w Schwab why, or simply do a swift instead. Do other people still have success w the transfer via BKK bank NY?

[Pib]

1 hour ago, Firefan said:

When sending from Schwab to Bkk Bank NY it was of course a LOCAL (ACH?) domestic transfer.

That said: last attempt about a month ago to do a transfer like that failed. I will have to check w Schwab why, or simply do a swift instead. Do other people still have success w the transfer via BKK bank NY?

The reason the ACH transfer failed is because Schwab, nor any other US banks, uses the ACH "International ACH Transaction (IAT) format; instead, they use the ACH Domestic format.  As of late last year Bangkok Bank finally implemented the policy of only accepting the ACH IAT format for an ACH transfer meant to be forwarded to Thailand.  They were suppose to implement 1 Apr 2019 but delayed it till late 2019.   If an ACH transfer hits Bangkok Bank NY for forwarding to your in-Thailand Bangkok Bank acct, the NY branch will reject it if not in ACH IAT format.  

 

Now you can do a "Domestic Wire" from Schwab using the Bangkok Bank routing number and acct number as you used for an ACH transfer.  The NY branch will then forward it on to your Thailand acct, but the same two Bangkok Bank fees (i.e., the NY fee and in-Thailand receiving fee) will apply just like in a ACH transfer that you use to do.  And of course there will be the Schwab Domestic Wire $25 fee unless you have at least $100K in total assets with Schwb.

 

You can also do an International Wire (a.k.a., SWIFT)....once again there will be the Schwab International Wire fee of $25.  As this will not go thru the Bangkok Bank NY branch there will be no fee by the NY branch, but there will still be the in-Thailand branch receiving fee.

 

You should also consider opening a Transferwise  acct....works fine and fast for transfers to Thailand. 

Edited September 5, 2020 by Pib

[ding]

Is my plan sound:

 

I intend to use a Schwab Bank High Yield Investor Checking account.

 

Security seems good (it's an online only account) but it's not FDIC insured.

It has no fees, no minimums, free brokerage account you can ignore 100%.

I've read it uses the current exchange rate at ATM's but can't verify that yet.

I need to direct deposit Social Security, government pension, and 2 other pensions. Need to verify those.

Time is of the essence if fraud or trouble is suspected. They have time limits for you to report, depending on the instrument and circumstances I guess, and they are hidden in your customer terms of service details. 

 

We've had a BB account for years but the NY relay seems unnecessarily troublesome.

 

https://www.schwab.com/checking

 

• It’s accepted at millions of merchant outlets and ATMs in more than 200 countries and territories worldwide.^†
• You incur no foreign-exchange transaction fees for purchases made with your debit card.^‡
• Any ATM fees you pay are rebated on a monthly basis.^§
• It offers additional travel benefits, including Fraud Protection for Unauthorized Transfers or Purchases, Travel Accident Insurance, and Travel and Emergency Assistance Services. It’s linked to a Schwab One brokerage account with no minimum balance requirement and free online transfers between accounts.

[ding]

Just to add:

American banks now have zero reserve requirements and a vault cash requirement of $0.

https://www.federalreserve.gov/monetarypolicy/reservereq.htm

What could possibly go wrong?

[lopburi3]

4 hours ago, ding said:

We've had a BB account for years but the NY relay seems unnecessarily troublesome.

If for passing ACH domestic transfers now yes but having Thai account is very positive and you will be be charged any fee for using those cards in Thailand or ATM fees so believe having a local account very positive.  Having several US accounts is also positive (you never know when they will kill an account so best to have several).  For those of us not traveling there is no real need for ATM fee returns or debit card use as we just use Thai accounts.  Getting money here is very easy using Transferwise and from most banks SWIFT transfers are OK (but often expensive for smaller amounts).  

[Thailand J]

5 hours ago, ding said:

Is my plan sound:

 

I intend to use a Schwab Bank High Yield Investor Checking account.

That account requires a US address. 

With a Thai address I have opened a Schwab International Brokerage account which comes with a United Missouri Bank checking account that I can use to receive deposits and for US payments. It also comes with an ATM card with no fees at both ends after reinbersement. Your balance in the bank account is the cash balance in the brokerage account. You can log in to wire money to Bangkok Bank Bangkok ( not NY) with Chase as intermediary at $2 flat fee.

Everytime they waived the $25 wire fee I am not sure why, could be that international accounts get free wires  or could be my high balance.

 

 

 

[Pib]

 

6 hours ago, ding said:

Is my plan sound:

 

I intend to use a Schwab Bank High Yield Investor Checking account.

 

Security seems good (it's an online only account) but it's not FDIC insured.

 

 

It's insured, just like any other US bank acct whether you open it online, mailing in an application, visiting a brick & mortar branch.  Quite a few folks (like me) have the acct.  And as mentioned by Thailand J it requires a US address to open. 

 

You can open a Schwab "International" acct with a foreign address but it has a completely different set of of rules like a minimum $25,000 USD to open.

 

 

https://www.schwab.com/checking/faqs

Is the money in my High Yield Investor Checking account FDIC-insured?

 

Yes, the funds in your High Yield Investor Checking account are insured, in aggregate, up to $250,000 based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC). Learn more about FDIC insurance.

 

[Thailand J]

there is no minumum to open a LITE brokerage account with Interactive Brokers. It comes with a US based checking account with which you can receive deposits. Swift transfer can be ordered online directly to Bangkok Bank Bangkok, free once a month every month if that is your first withdrawal of the month.

 

Both Schwab and IB can be opened with a Thai address. No need to hide your location, no need to keep a US address or mail box, no VPN needed to sign in online, no US phone number to maintain....

 

Keep your US banks for other purposes,, but for money transfers when you are retired and living in Thailand, like OP, goto plan B.  B=Brokerage accounts.

 

 

 

 

 

Edited September 7, 2020 by Thailand J

[scoutman360]

My tiny little credit union in the U.S. makes domestic transfers using IAT format. Not all banks do, and it is not something you must request. They just use it, or they do not. It is simply a format that requires additional information. As said before, ask your U.S. financial institution. If you are lucky, then the BBK NY transfer method is very simple and can be used.

[unheard]

On 9/7/2020 at 7:34 AM, Thailand J said:

there is no minimum to open a LITE brokerage account with Interactive Brokers.

Does a Schwab account have any advantages over Interactive Brokers for a person who wants just to efficiently transfer money (monthly) from the U.S. to Thailand?

[Thailand J]

For SWIFTCODE transfers  to Thailand, both Schwab and IB are efficient, both can be ordered online.

With Schwab you may get a call to verify your order, but not with IB. To avoid the need of phone verification, you can fill in a form , fax or email it to Schwab to place a "standing order" . You wont get a call when you transfer into the same account again.

After that Schwab or IB worked about the same to me.

I use my Dtac phone number on both accounts, to receive calls and security codes.

 

[zeekgarcia]

On 9/5/2020 at 7:36 PM, Pib said:

The reason the ACH transfer failed is because Schwab, nor any other US banks, uses the ACH "International ACH Transaction (IAT) format; instead, they use the ACH Domestic format.  As of late last year Bangkok Bank finally implemented the policy of only accepting the ACH IAT format for an ACH transfer meant to be forwarded to Thailand.  They were suppose to implement 1 Apr 2019 but delayed it till late 2019.   If an ACH transfer hits Bangkok Bank NY for forwarding to your in-Thailand Bangkok Bank acct, the NY branch will reject it if not in ACH IAT format.  

 

Now you can do a "Domestic Wire" from Schwab using the Bangkok Bank routing number and acct number as you used for an ACH transfer.  The NY branch will then forward it on to your Thailand acct, but the same two Bangkok Bank fees (i.e., the NY fee and in-Thailand receiving fee) will apply just like in a ACH transfer that you use to do.  And of course there will be the Schwab Domestic Wire $25 fee unless you have at least $100K in total assets with Schwb.

 

You can also do an International Wire (a.k.a., SWIFT)....once again there will be the Schwab International Wire fee of $25.  As this will not go thru the Bangkok Bank NY branch there will be no fee by the NY branch, but there will still be the in-Thailand branch receiving fee.

 

You should also consider opening a Transferwise  acct....works fine and fast for transfers to Thailand. 

 

Does anyone know how much Bangkok Bank NY charges to receive a domestic bank wire from a US bank to forward to a Bangkok Bank account in Thailand?

[lopburi3]

1 hour ago, zeekgarcia said:

 

Does anyone know how much Bangkok Bank NY charges to receive a domestic bank wire from a US bank to forward to a Bangkok Bank account in Thailand?

Do not believe that is an option anymore unless bank makes the order in international format 'IAT" (which they don't do for normal accounts).  

[moontang]

Bangkok Under the old ach system, they would take 10 bucks off the top for amount from 2000.01 to 50,0000.  I did a swift to Bbl to purchase a cm home, years ago, and it did go through bkkbank NY. Can't give you a better answer but ideally find an entity that uses the new ach format.  BTW, I sent to us, yesterday, and fidelity took 15 usd off of 13000.

[Mansell]

It is very simple. Go into your Bangkok Bank here and explain how you want your Social Security to come through their New York branch. The bank has the correct form for you to fill in and sign with all the correct info, then they send it to the USA, and within around a month your SS will arrive in your bank and you will receive a text message informing you your money is in your account, usually on the 3rd of the month. You do have to have two accounts, one without an ATM card which the money goes into. You then go into the bank and ask them to transfer it into the other account so you can access it that way.

All those talking about TransferWise might check out OFX, they are an Australian company I use for moving money around. They tell you your exchange rate in that moment. My charge for receiving 2000 dollars from the USA was 5 dollars. It may not be as fast as TransferWise, but it is cheaper and usually takes a couple of days. You can do it all on your computer after your first transfer with just a few strokes directly from your bank account. Been using them for a few years now, and very happy.

[ianguygil]

Transfer money from the US to Thailand via Bangkok Bank’s New York branch

 

Foreign Remittance Service (bangkokbank.com)