Xfer United States Funds To Kasikorn Bank Thailand

[Mekong Bob]

I do transfer monies every month from Bank of America to Kasikorn with no problem.

One time I transfered over 20000 USD and I had to wait a few days but that was only because the bank manager was not very helpful.

If the transfer is over 20000 USd go to the bank manager after the transfer and let him know, you will have to sign a piece of paper then he will call Bangkok and the monies will be released.

I am not aware of any sister bank or an issue as you stated in your question.

To execute the transfer you neem the swift number, account number and address of bank.

I just opened an account with Kasikorn in Chiang Mai, and I intend to transfer funds from my Bank of America account in USA to this bank on a regular basis (monthly). Anything you can suggest to me? Are there Kasikorn banks in New York as well as Los Angeles? Thanks.

<email address removed>

[Maestro]

... Are there Kasikorn banks in New York as well as Los Angeles?...

Yes. They are mentioned in earlier posts in this topic, which please read.

I just opened an account with Kasikorn in Chiang Mai, and I intend to transfer funds from my Bank of America account in USA to this bank on a regular basis (monthly)...

Give Bank of America an order to remit to your account with Kasikorn in Chiang Mai. They will know how to do it.

--

Maestro

[JimGant]

She told me that besides Bangkok Bank, NY, I could transfer money from my US account through JP Morgan Chase Bank, NY (SWIFT : CHASUS33/ Fed ABA Number 021000021/ CHIPS MBR 002) So last time I sent my money thru JP Morgan, NY

Interesting. Was this set up as an ACH transfer from your US account to JP Morgan? How did they know your Bangkok Bank account number in Thailand?

Curious, because setting up an ACH transfer to Bangkok Bank that mimics a routine US domestic ACH transfer has just the ABA number of Bangkok Bank NY, followed by your Bangkok Bank account number in Thailand. Looks -- and works -- just like a domestic ACH transfer (except it can only be a 'push' to Thailand, not a 'pull'). In your case with JP Morgan, the "CHIPS MBR 002" you mention is where your Bangkok Bank account number should be.....(?).

[JimGant]

Although I hate BofA they have a low xfer fee of $3.00. Then BB in NYC (the 'intermediate' bank) charges a flat-fee of $5.00. Bangkok Bank in Thailand charges the standard Thai bank fee of .25% of the amount transferred with a minimum charge of 200 baht and a maximum charge of 500 baht.

This is an ACH transfer, and works just like transferring money between two domestic US accounts. Usually easy to set up on-line with most modern financial institutions, where they ask for the ABA number (the bank or financial institution's 'address'), and your account number. In this case, you use Bangkok Bank New York's ABA number (legitimate, because it's domestically located), and your Bangkok Bank in Thailand account number (or a 3rd party number, if your bank allows). You can only send one-way -- to Thailand. Trying to 'pull' from Thailand will get you a 'tilt,' and possibly close you down.

BofA, and some others, charge for ACH transfers (because they have to pay a middleman, which also slows transfers down). Most other banks don't charge. The BB NY fees vary. Zero for $50 or less; $3.00 for $51-$100; $5.00 for $101-$2000; and $10 for $2001-$50000. And, as the quote above says, there is a .25% charge on the Thai side (same as you would get with a wire transfer).

Sending $8000 via ACH will cost about .3% off the TT rate. As discussed on another thread, this will be about the best deal you can get for keeping yourself supplied with baht, unless you have a completely fee-free ATM card (like E*Trade) that reimburses any 150bt ATM owner's fee.

For details on the ACH transfers to BB NY see HERE

That link also discusses sending to 3rd party accounts, as follows:

In case you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary's name. Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary name and Bangkok Bank will have to return funds to the remitter.

Whether you could further designate a non-Bangkok Bank account number along with the 3rd party name (or your name), I don't know. Maybe that's how Chocolate (above), who used JP Morgan, was able to accomplish his transfer........(?).

Setting up ACH transfer service with your bank may require you to use their 'bill pay' service.

Bank of America has been problematic over the years with their ACH service via BB NY. This was because their middleman for ACH transfers didn't like the aspect of having an ACH international connection (even tho restricted to 'push' only). This apparently is no longer a problem. However, there is a new problem I read about, and this involves a new security gig, whereby over certain amounts via ACH require you to authenticate -- and this authentication code is sent via SMS! A lot of good that does if you're in Thailand! However, for $19.95 you can buy a card with a row or two of one-time cross out codes. Anyway, more about this on their website.

Oh, ACH transfers take about two business days, slightly longer than for the more expensive SWIFT wire transfers. For those institutions with middlemen, like B of A, the transfer time can be 3-4 days.

[selftaopath]

Thank you all so very much for your detailed post. I wonder if you can assist with my "challenge." Because I'm living in Thailand I have been stopped from opening a savings account with Citibank in America. I suspect I would get the same response from any US bank. I am a US Citizen, but with my living here it seems like I'm caught in a "catch 22." Any ideas? LOL Other than fly back to US and open a few accounts :-) I have a US mailing address but I'm not there to collect it and the RA doesn't seem responsible enough to assist me. Oh and my bank in HI LOL - kinda like another 3rd world - told me "they are not set up to electronically transfer funds YET!!!!!! Can you believe that????

Regards,

Keoki

[j0hnga1t]

I wired money from San Francisco to Kasikorn Bank in December for a purchase of a condo. My banker at First Republic Bank said all she needed was an account name and number AND a swift code. When I got the approved wire advice, it showed JP Morgan Chase as the intermediary Bank.

[selftaopath]

I wired money from San Francisco to Kasikorn Bank in December for a purchase of a condo. My banker at First Republic Bank said all she needed was an account name and number AND a swift code. When I got the approved wire advice, it showed JP Morgan Chase as the intermediary Bank.

Thanks for your post. And thanks to everyone who's shared their experience. Question: Did Kasikorn bank charge you .25 for transfer fee? I think this is the exorbitant charge they claim. There is a Kasikorn bank in LA, CA, USA. I wonder what the Swift codes are for it and the Bangkok Bank in NY?

While checking my Bank of Hawaii account I noticed, they now have "the ability" to transfer funds to external accounts. LOL Ah gotta love an efficient bank eh?

Cheers,

Keoki

[selftaopath]

I did a wire transfer from my Citibank account in the USA to my Kasikorn Bank account in Bangkok last week. When I opened the account at Kasikorn Bank I told them that I would be doing a wire transfer in the near future. The clerk at the Kasikorn Bank handed me a paper with the banks name,

Swift Code:" KASITHBK" and telephone number for English help, Tel. 02-888-8800. I went online to my Citibank Account to the International Wire Transfer section and filled in the information. I filled in that I wanted to send US Dollar to Thailand. I completed all the information at about 5:00 pm Thai time. I had checked the exchange rate for changing a $100 Dollar Bill in person at the bank for that day.The next day at 10:30 AM I went to the Kasikorn Bank and the money was in the account. The exchange rate was almost exactly the same as if I had changed $100 Dollar Bill at the bank in Thiland.The charge for the wire transfer was $30 US Dollar. This charge was debited from my US Citibank account. The transfer of money was very straight forward and clear to understand. It appears that the use of intermedate banks and other information is confusing what actually should be a simple transaction.

Thanks for the info. I'm not trying to confuse anything; but you have to understand that not all banks in the United States and Thailand work the same. (At least this has been my experience).

example: When I opened my Krung Thai account in Thailand I also told the clerk I would be doing wire transfers via my US bank's website. She handed me a paper that contained the SWIFT code (KRTHTHBK). Also on the paper is a list of 7 intermediate banks which she told me I MUST GO THRU FIRST in order to transfer funds from my US bank account to my Krung Thai bank account. This is what I've done for 2 years and never had a problem transferring money.

I suspect your funds go thru an intermediary bank; the Citibank website's software must handle the details in the background.

LDB

LDB, when you perform the transfer via the web are you still charged a $30 (or more or less) fee for the transfer? From what macone is saying the normal SWIFT transfer fees apply but I want to make sure that is also the case for you since I thought I remember seeing something a while back about someone transferring funds from a US Bangkok Bank account to a Thai Bangkok Bank account and not having to pay the standard SWIFT fee.

I don't have a Thai bank account but my wife has one. I have a Suntrust bank account but their SWIFT fee increased from $30 to $50 the last time I used them. I'd really like to find a cheaper alternative to sending large sums of money from the US to Thailand. I understand your main reason for going through the website to transfer your funds is the convenience factor. I'd just like to know if it also saves you in transfer fees.

donx,

The cheapest way I've found (thanks Dave) to send money from the United States to Thailand is as follows.

Bank of America account ----> Bangkok Bank (NYC) ------> Bangkok Bank (Thailand)

Although I hate BofA they have a low xfer fee of $3.00. Then BB in NYC (the 'intermediate' bank) charges a flat-fee of $5.00. Bangkok Bank in Thailand charges the standard Thai bank fee of .25% of the amount transferred with a minimum charge of 200 baht and a maximum charge of 500 baht.

**************

As a comparison I have also transferred money from my Netbank account to my Krung Thai account in Thailand.

Netbank charges a flat-fee of $20 regardless of the amount transferred. The beautiful thing about Netbank is they impose NO LIMITS on the amount you can transfer. The 'intermediary' bank I use with this transfer is Krung Thai bank Los Angeles branch; they also charge a $20 flat-fee. When the funds are received by Krung Thai bank in Thailand they charge the standard fee as stated above. As you can see, one transfer method costs $8.00 on the United States side while the other method costs $40.00. Quite a savings if one transfers on a regular basis.

Here is an actual 'wire transfer history' from Netbank's website. Some fields I've 'xxxxxxx' for obvious reasons.

Note the red-bolded line for those who don't seem to know about 'intermediary' banks.

Transfer Amount: $4,000.0

Entry Date and Time: 11/27/2006 03:24:08 PM ET

Originating Account: My Money Market - XXXXXXXX

Beneficiary Name: Steven Xxxxxxxxxx

Beneficiary Street Address Line 1: xxxxxxx xxxxx xxxxxx

Beneficiary City: xxxxxxxx xxxxxxxx

Beneficiary State: xxxxxxxxxx xxxxxxxxxx

Beneficiary ZIP Code:

Beneficiary Country: Thailand

Beneficiary Account Number: xxxxxxxxxx

Beneficiary Bank Code: KRTHTHBK

Beneficiary Bank Name: KRUNG THAI BANK PUBLIC COMPANY LIMITED

Beneficiary Bank City: xxxx xxxxx

Beneficiary Bank Country: Thailand

Intermediary Bank Name: KRUNG THAI BANK, LIMITED

Status: Completed

Completion Date: 11/28/2006 10:06:52 AM

Again, as I stated before.....I do everything myself from Thailand on my US bank's websites. Perhaps this is why I've had to educate myself a little on how things actually work.

Sorry for such a long post but I hope it helps someone.

LDB

So it appears we will pay .25 for electronic transfer of funds. Is this correct? I have heard that fee to process a personal check for deposit is $10.00 UDS. Could this be a more cost efficient maneuver?

Thanks to everyone who posited serious and informative posts.

Keoki

[selftaopath]

Quote: One more question. Have you ever tried to transfer funds to another account besides an account in your name? The last time I transferred funds I think we used my brother-in-law's account since my wife's bank accounts in Thailand had been dormant. She now has an active account but it is probably in her maiden name so the name on the account will be different from the account we set up together at BofA.

***************

I think it varies bank to bank.

Examples: Bank of America WOULD NOT let the funds go thru when I tried to send to my wife's Bangkok Bank account in Thailand. I tried in vain to find out why. Bank of America has a lot of employees who don't have a clue about what they are doing. I've been given bogus info by BofA employees on many occasions. I suppose it's because they are so big and have a large turnover of employees.

Netbank DID let me send to my wife's Thailand account with no problem. I did the transfer myself on the web.

Another reason I love Netbank and hate BofA.

I'm guessing if you go to BofA in the states you can set up your wife's Thai account to be able to receive funds. However, before I left the states I would do a transfer to make sure it works.

Sorry Lovedablues I don't intend to be a "bore." Do you know if these are the same bank? Would it matter? Cheers,

Kasikorn Public Co Lmtd

350 S Grand Ave. Ste 3050

Los Angeles, CA 90071

(213) 680-9331

AND

Bank Name: KASIKORNBANK, L.A. AGENCY

Location: LOS ANGELES, California

Routing Number: 1220-3767-6

SWIFT code: KASITHBK

[OriginalPoster]

is it more than 20000$ if so I heard that the thai government will hold on to it for 1 year.........lol

I think it was 30% of the deposit, but depended on the purpose of the transfer. There were exemptions for certain purposes. I haven't seen anybody mention it lately,

I wonder if it's still being enforced.

Don't think so. I recently transferred in a shade over US20K to a KBank account and no hold was put on any portion of it.

Edited May 24, 2010 by OriginalPoster

[Pib]

Bank of America has been problematic over the years with their ACH service via BB NY. This was because their middleman for ACH transfers didn't like the aspect of having an ACH international connection (even tho restricted to 'push' only). This apparently is no longer a problem. However, there is a new problem I read about, and this involves a new security gig, whereby over certain amounts via ACH require you to authenticate -- and this authentication code is sent via SMS! A lot of good that does if you're in Thailand! However, for $19.95 you can buy a card with a row or two of one-time cross out codes. Anyway, more about this on their website.

The card is called the SafePass card and has been in use for about a year now along with the SMS method. One of the two methods (SMS or SafePass authentication) is required to do certain internet banking and to transfer any amount over $1000. The SafePass card does work from anywhere in the world. But you must have a U.S. mailing address "within the 50 states" to order/receive the card and your BoA account needs to be established state-side also. They won't ship to APO/FPO addresses either.

[jfchandler]

Forgive me for saying so after re-reading this entire thread, but a lot of the posts here are just adding to the confusion on this topic, and not really settling the underlying question....

People here are confusing and mixing up two different things:

1. international wire/SWIFT transfers, whether initiated online or by paper form, which can go from any bank to any bank, and for which the sender usually pays a sending fee in the U.S. ranging from $25 to $60, plus usually some small % fee by the receiving Thai bank. That's where the discussion of intermediary or correspondent banks comes into play.

2. Online ACH (Automated Clearinghouse) transfers from the U.S., which often are free or have a very small fee from the sending banking/account. That is what occurrs with the BofA to BKK Bank New York to BKK Bank in Thailand route that Jim Gant and others have mentioned.

When people use this method, they are sending an online ACH from their U.S. bank to the New York branch of BKK Bank using their 9-digit ABA number (which is kind of an ID number for U.S. banks)... just the same as online transfers of funds from one U.S. bank to another.

(You can only send ACHs domestically to other banks with U.S. ABA numbers. But for some reason, BKK Bank has a U.S. ABA # thru which they can receive ACH'd funds from U.S. bank accounts.)

Anyone clearly can send a wire transfer from their U.S. bank to Kasikorn bank, either online with some sending banks or via paper document. That's no big deal, and usually is going to be more expensive.

But what hasn't been clearly answered thru this thread is: is there some similar arrangement to BKK Bank for Kasikorn Bank, where the sender sends an online ACH of funds to some Kasikorn ABA #, such as thru their L.A. office, and they then automatically forward the funds onward to your Kasikorn account in Thailand. That would be a very big deal, and much less expensive than any variety of wire/SWIFT transfer.

P.S. - Re the ACH method, much has been discussed about using Bank of America accounts to initiate the process. But in truth, as long as you have a BKK Bank in Thailand, you can use any U.S. bank/account that permits outbound ACH transfers to send funds to the BKK Bank's New York branch via their ABA #, and they will send those funds onward to your Thailand account (using the Thai account info you enter as part of the sending process).

I have seen in other posts that other Thai banks appear to have U.S. ABA numbers associated with their L.A. or N.Y. offices. But I don't believe I've ever seen/read here on TV any clear evidence that any of the other Thai banks are set up to handle ACH'd funds and forward them onward to Thailand, the same as BKK Bank does.

[lopburi3]

1. Using Swift there are normally three charges. US bank fee. Corresponding bank fee. Receiving Bank fee. Both the corresponding bank fee and receiving bank fee are taken from the amount transferred so may not be obvious. On a $9k transfer I have normal fee of $2 to $5 at corresponding bank and at receiving Thai bank it is .25% in range 200-500 baht. The big fee is normally sending bank.

2. ACH has about, or higher, corresponding bank fee and same receiving bank fee but probably little or no sending bank fee.

In my experience ACH is one business day longer than Swift.

[jfchandler]

I agree with what you say below, Lop...

The ACH approach usually is going to be more economical, especially if one can send the ACH from a U.S. bank that does so for free or for a very small fee of a couple bucks. And then, at least for the BKK Bank branch in New York, their handling fee is very small also, ranging from free for amounts less than $50, to $20 for amounts above $50,000 U.S. Last I checked, it was $10 for amounts above $2,000 to $50,000, which probably is the range most people's activity would fall.

For most people with U.S. bank accounts, their sending fee to originate a traditional wire transfer is likely going to exceed the fees involved in doing an ACH.

IT SURE would be nice to know if any other Thai banks have a setup for ACHing funds from the U.S. similar to the route with BKK Bank. Because lots of folks here have their Thai bank accounts with banks other than BKK.

1. Using Swift there are normally three charges. US bank fee. Corresponding bank fee. Receiving Bank fee. Both the corresponding bank fee and receiving bank fee are taken from the amount transferred so may not be obvious. On a $9k transfer I have normal fee of $2 to $5 at corresponding bank and at receiving Thai bank it is .25% in range 200-500 baht. The big fee is normally sending bank.

2. ACH has about, or higher, corresponding bank fee and same receiving bank fee but probably little or no sending bank fee.

In my experience ACH is one business day longer than Swift.

[ianguygil]

The reason Bangkok Bank can offer this service is that we have a branch in New York, right downtown on Broadway. Most other Thai banks do not have a US presence, so it is unlikely you will find this. We also have presence in the following countries:

China

Hong Kong

Indonesia

Japan

Laos

Malaysia

Myanmar

Singapore

Taiwan

Philippines

UK

Vietnam

[jfchandler]

Maybe you should learn a bit more about the banking industry you claim to be associated with...

Yes... BKK Bank has a branch in New York. But several of the other Thai banks also have offices/branches in Los Angeles, and I know because I lived there for decades.

And of course, if you had bothered to actually read the thread you're posting in, you'd have seen mention and discussion and even the address for a Kasikorn office in downtown L.A.

So it's hardly correct to say other Thai banks don't have a U.S. presence. That would come as a big surprise to all the Thai ex-pats living in Los Angeles and elsewhere who do business with those offices.

[ianguygil]

Clearly somebody who likes to let out his frustrations on the Internet. And who does not read the actual posts they complain about.

The words I used were "Most other Thai banks do not have a US presence", and in that I am correct. Most. Not all. And I am also correct in that Bangkok Bank has unique capabilities because of the International Branch network in many countries. There is also a huge difference between an office, an agency office and a branch in terms of banking capabilities. No need to explain that to you as you are clearly an "expert".

As for my banking expertise, a few members of the forum have been helped directly, both with information and with problems they may have perceived or experienced. And I do not need to explain any more than that to somebody with this attitude.

Edited July 3, 2010 by ianguygil

[ianguygil]

Should any members have other questions on this thread they would like to direct to me, please send me a PM, as I will not be looking at this thread again. Thank you

Edited July 3, 2010 by ianguygil

[jfchandler]

Clearly someone who takes issue with misleading and self-serving commercial advertising statements being fobbed off on ThaiVisa members...

[jfchandler]

Just for the record...

In addition to BKK Bank's office in New York, Kasikorn Bank and Krung Thai Bank both have offices in the Los Angeles area...

Here's a snippet from a recent Federal Reserve report on Thai banks' presence in the U.S.

Then in addition, the parent companies that own several Thai banks, such as UOB and Standard Chartered, also have banking operations in the U.S. as well.

[InterestedObserver]

<Snip>

While checking my Bank of Hawaii account I noticed, they now have "the ability" to transfer funds to external accounts. LOL Ah gotta love an efficient bank eh?

Yup, they sure do. I just enter the dollar amount and the cash magically winds up in my Bangkok Bank account in Thailand converted into baht at a favorable exchange rate.

[JimGant]

IT SURE would be nice to know if any other Thai banks have a setup for ACHing funds from the U.S. similar to the route with BKK Bank. Because lots of folks here have their Thai bank accounts with banks other than BKK.

I think if any others did have a similar setup, we'd know about it.

But why just Bangkok Bank? Possibly because they can function as their own intermediary bank, while the others cannot (or just haven't gone the extra mileage to do so).

The reason Bangkok Bank can offer this service is that we have a branch in New York

Or maybe if your branch is not in New York, you can't provide this ACH/SWIFT function?

[jfchandler]

The strange part about that is, Jim, that as I recall, certainly Kasikorn and I think KT do have ABA numbers under their names that show up in directory listings, and have been posted here on TV at various times.

But I can't recall anyone ever reporting having successfully done a U.S. to Thailand transfer from them. On the other hand, I don't recall many/any instances of people saying they TRIED to do so with Kasikorn or KT...

I don't have accounts with them myself, or else, I'd try on my own... It would be nice if someone who knows what they're doing about these kinds of things tried with either of those banks and then reported the outcome. Then we'd know for sure.

The logic goes if BKK Bank can do that, why not the others... and it's not because they don't have ABAs.... I'm sure the answer is as Ian suggested... it's because they're in New York, and near Broadway to boot... That solves everything, of course...

IT SURE would be nice to know if any other Thai banks have a setup for ACHing funds from the U.S. similar to the route with BKK Bank. Because lots of folks here have their Thai bank accounts with banks other than BKK.

I think if any others did have a similar setup, we'd know about it.

But why just Bangkok Bank? Possibly because they can function as their own intermediary bank, while the others cannot (or just haven't gone the extra mileage to do so).

[ianguygil]

Hi Jim

I could not resist.....

I finally got some time to answer this in the following thread. If this still does not make sense please let me know via PM. Thank you.

Ian

http://www.thaivisa....-bank-new-york/

Edited July 4, 2010 by ianguygil

[Ratsima]

Resurrecting this old thread. So, as of now, has anyone out there successfully done an ACH transfer via Kasikorn bank in LA to their Kasikorn bank account in Thailand?

That is, in the manner easily accomplished with Bangkok Bank's New York branch?

I've been using Bangkok Bank for moving money for a long time, but I'm very tired of their poor service. I've got a Kasikorn account and would much prefer to use them for money transfer.

[hawkke]

1. Sent a "wire transfer" request from my credit union in the USA to my Kasikornbank account in Thailand, using Kasikornbank LA as correspondent bank using their aba number, and was notified by telephone 24 hours later by my credit union that it rejected.

2. Sent a second request using Wells Fargo Bank as correspondent bank based on a 2007 attachment back on page two of this discussion. Received the money in my Kasikornbank account in Thailand 12 hours later! Credit Union charged $30 to my account, and lost about 0.29% in transit based upon Kasikornbank TT rate.

3. eMailed [email protected] and received this: (Correspondent bank is JPMorgan Chase Bank. "Further credit..." refers to your account in Thailand.)

Wire transfer instructions for remitters who want to remit funds to Thailand

JPMorgan Chase Bank, New York (ABA021000021)

For credit KASIKORNBANK PCL., Head Office, Bangkok, Thailand

Swift Code “KASITHBK”

Account number 001-1-875101

Further credit to the account of Mr./Mrs. _____________________

With Bank __________________ Branch ___________________

Beneficiary’s account number _____________________________

[OriginalPoster]

The reason Bangkok Bank can offer this service is that we have a branch in New York, right downtown on Broadway. Most other Thai banks do not have a US presence, so it is unlikely you will find this. We also have presence in the following countries:

China

Hong Kong

Indonesia

Japan

Laos

Malaysia

Myanmar

Singapore

Taiwan

Philippines

UK

Vietnam

Since you (Bangkok Bank) have a branch in Singapore, does it follow that I can transfer money from my OCBC account in Singapore directly to my Thai Bangkok Bank account just as I would from that OCBC accounts at other banks in Singapore?

Presently I can transfer back & forth between my OCBC and DBS accounts in Singapore over the internet by a method that appears to be analogous to ACH transfers in the US. In the past I sent email to Bangkok Bank enquiring whether I could transfer money from Singapore to my Bangkok Bank account by the same means but I never received a reply. OCBC's internet banking system does let me set up my Bangkok Bank account as a payee but I have not had the guts to initiate a test transfer as it occurred to me that the money might go into the ether.