Transferring Money to Bangkok Bank (NY branch) via TransferWise using "wire transfer" method vs. ACH

[Isaanman]

Has anyone ever chosen to transfer large amounts of money to extend their retirement visa ($28,000 or more) from their domestic US bank to Thailand via Bangkok Bank (NY Branch) using TransferWise by choosing to send it via wire transfer as opposed to an ACH transfer? When I go to send the needed amount (plus some spending ฿) on the TW website I am offered the choice of sending it via "bank debit (ACH)" for a $46+ fee or via "wire transfer" for only a $5+ fee. I am not sure if the "wire transfer" fee includes the $30+ wire fee from my US sending bank (Wells Fargo) or not or if WF considers such a "wire transfer" as a domestic one (given the BB branch is located in NY) or an international one; I would get creamed on the terrible exchange rate for an international wire from WF, if this transfer via TransferWise was perceived as such! I do not think this is the case, but cannot confirm it one way or another.

Also, if I understand things correctly (and the online info, apart from secondary sources, is terribly vague about this point!), I do not have any limitations on the amount I can send via a wire transfer from WF; whereas, I am limited to sending a maximum of $25,000 in a 30-day period via ACH transfers--which would not be enough to get my ฿800k in the bank to season the entire 2 months before requesting my extension in mid-February. I did not know about this monthly limitation until last week week and did not have enough time to request WF to raise my daily/monthly transfer amount limitations. Now, I need to get the money in my BB by early next week.

 

If anyone has done anything like this before with TW and/or WF and can speak to confirm or deny any of these matters, I would greatly appreciate your timely counsel. Thanks. 

[JimGant]

On 12/4/2020 at 3:32 PM, Isaanman said:

($28,000 or more) from their domestic US bank to Thailand via Bangkok Bank (NY Branch) using TransferWise

You're mixing apples and oranges -- Transferwise is stand alone and has no interface with BB NY. So, your choices are:

1. Using TW (where, if you use the wire option, this fee is what WF charges, and is NOT included in the TW tabulation of fees.) Once the money reaches TW (either by wire, or by direct debit [I'm restricted to a max of $20k for direct debit]), it will flipped across the pond, in dollars at the agreed upon FX rate,  with NO interface with TransferWise!)

2. Sending a wire from WF to BB NY, which will be treated as a domestic wire, whatever their charge is. And then will be forwarded to Thailand, in dollars, with the customary fees of $10 for greater than $2000, 500 baht at the other end for greater than $2000 receipts. Only tell WF, if by phone, that this is strictly a domestic wire (which it is, albeit, not strictly....). BB NY automatically sends in dollars, where you'll receive the BB TT rate for the day/hour of receipt.

3. Do an international SWIFT transfer -- and with your amounts ($28k) and time restraints, I'd go this avenue (hopefully, you're set up with WF to immediately do this on phone ......). Don't worry about the fees in contrast to a wire or TW -- right now, assuming WF international wire fee is something like $45, you'll probably do better, by a little than TW, since their lock in rate is speculative, and the baht is on a tear -- downward. Normally, in steadier waters, there's about a 20 satang advantage for TW over the BB TT rate -- and which for large amounts, doing a TW direct debit, you're a few baht ahead.

Quote

I would get creamed on the terrible exchange rate for an international wire from WF,

Just make sure you tell them emphatically to wire dollars, not baht. You'll then get the best rate you can for a wire, i.e.,  the BB TT rate. Sounds like time, not procedure, is now your enemy. So, again, hopefully you can accomplish a SWIFT international wire over phone or internet with WF.......

Good luck.

[JimGant]

On 12/9/2020 at 1:38 PM, JimGant said:

it will flipped across the pond, in dollars at the agreed upon FX rate,  with NO interface with TransferWise!)

That should have read: "with NO interface with Bangkok Bank NY."

[thailand49]

Not exactly sure what you are saying?  But going through Bank in New York you are wasting your time and taking an extra step that really isn't necessary!

 

Times you need to get something done in a hurry sure we think about saving but at times like this money for visa requirement and the weakness of the dollar you need to bite the bullet.

 

I have accounts with Wells Fargo, two plus years I needed to move large sums thought about using Wells but being here in Thailand, unable, they use Zelle and there are restriction to the amount as I remember doing it over the phone wasn't allowed?

 

I ended up using my other accounts Credit Union,  notified them as to my actions I made two Debit Card transfer 15,000 USD, ( Transferwise )  all done in a few days. During that same year I was home in the States for a visit, I made a 30,000 USD on the computer with Transferwise with their main account in N.Y. Wells Fargo I went to my credit union and wired Wells in N.Y. the 30,000 an hour later within a few hours everything was done money was in my Thai account in Thailand Bangkok Bank.

 

Hope that helps, In Jomtien if using the 800,000 baht method told they don't care where the money comes from that was given for my application.

[CaliDream]

I don't know about the rest of you, but my experience has been that I am unable to transfer from my U.S. account to my BB account via BBNY anymore.  Am I wrong?  Is it working again?  If so, this is great news and certainly the most cost-effective way to go.

[dlclark97]

It has been some time now, Bangkok Bank New York no longer accepts domestic ACH transfers.  I send USD directly by wire transfer to my USD account at my Thai bank branch here in Thailand.  In my situation there is no fee for the wire transfer from my US financial institution.  I must first communicate my intentions to my US bank and get a 'CODE' that I must include on my written request to complete the transfer.

[condohope]

I filled up my retirement account in Thailand via TW from Europe and had no limitation whatsoever. I set an alarm with TW to inform me when the rate of exchange I desired was triggered and I looked at the chart and decided to change Euros to Thai Baht and off the money went to arrive at my Thai account the next day. Before you hit the send button with TW the negligable transfer cost is shown in detail.  WF has some criminal charges settled and to me it looks like a hidden exchange control is already working in the background in the US. American banks have the worst exchange rates and are the most diffcult to deal with. I cancelled Citi and Schwab for that matter. Good luck!

[timendres]

8 hours ago, CaliDream said:

I don't know about the rest of you, but my experience has been that I am unable to transfer from my U.S. account to my BB account via BBNY anymore.  Am I wrong?  Is it working again?  If so, this is great news and certainly the most cost-effective way to go.

 

7 hours ago, dlclark97 said:

It has been some time now, Bangkok Bank New York no longer accepts domestic ACH transfers.

 

As I understand it, it is not that BBL has stopped accepting ACH transfers. The issue is the "protocol" being used to make the transfer. This is why social security payments can still be made into BBL NY - because the SSA uses the new "international" ACH headers when making the transfer, which BBL accepts. I believe the issue is that no domestic banks (that I know of) utilize the new "international" headers, and thus their ACH transfers are not accepted by BBL NY.

[The Theory]

14 hours ago, CaliDream said:

I don't know about the rest of you, but my experience has been that I am unable to transfer from my U.S. account to my BB account via BBNY anymore.  Am I wrong?  Is it working again?  If so, this is great news and certainly the most cost-effective way to go.

Not working that way anymore. 

[The Theory]

8 hours ago, condohope said:

I filled up my retirement account in Thailand via TW from Europe and had no limitation whatsoever. I set an alarm with TW to inform me when the rate of exchange I desired was triggered and I looked at the chart and decided to change Euros to Thai Baht and off the money went to arrive at my Thai account the next day. Before you hit the send button with TW the negligable transfer cost is shown in detail.  WF has some criminal charges settled and to me it looks like a hidden exchange control is already working in the background in the US. American banks have the worst exchange rates and are the most diffcult to deal with. I cancelled Citi and Schwab for that matter. Good luck!

You should not do any exchange before transfer. Receive $ amount then do exchange in Thailand.

[fceligoj]

I looked into doing as such through a WF account, but had really misgivings.  Plus you then are at mercy of the Bangkok Bank's exchange rate and their fees.  I've looked at the alternate TransferWise approach as you suggested but one needs to have an interface with your US Bank.

 

The only bank that allows you to send International Transfers online is Chase. >$5,000 US cost only $5.  But there too your are at their whim of exchange rate and Bangkok Bank fees.

 

A transfer service such as TransferWise seems to be the best approach still.

[DrJack54]

4 hours ago, fceligoj said:

 

A transfer service such as TransferWise seems to be the best approach still.

I recently purchased a townhouse and just today transferred 80k aud to my Thai bank.

I used Transferwise. I often use OFX. Could only send 80k as TW has limits. Tomorrow another 80k.

I even checked western union as they do good deals for Oz. 

I also even looked at transfer from my Oz bank to Thai bank. I stated all the comparisons in my current thread.

Transferwise (despite a $486 fee) gave the best amount of Thai baht to land in my Thai bank. 

I even did an imaginary where I had a suitcase with 80k from Oz and took it to the very good (best) exchange house in Bangkok SuperRich Green and Transferwise still came out ahead.