Latest Wire Transfer Experience, Usa To Thailand.

[ProThaiExpat]

Sent fax last night to my financial institution, Schwab, who provides wire services "same day", if request is received prior to 12 noon EDT, midnight our time.

Faxed request last evening and it was in my account at SCB by 12:19pm today.

Including all fees, have no idea if SCB charges any, my money was converted at 34.44. X.com reports forex conversion rate of 33.33.

BKK reports a conversion rate of 34.55 as of 6 pm last night. Todays closing at 6 pm will tell me if the 11 Satang difference between yestedays 6 pm rate and todays will narrow the spread some, thus lowering my perception of what my "fee" would be. Have no idea where BKK gets the rate they report.

There are many threads on how to transfer money from the U.S. to Thailand and I have posted my method. This confirms my belief I have found the cheapest and fastest way to do it. Schwab waives the 25 USD wire fee for one transfer a quarter, minimum Schwab deposit requirement is 25K USD I believe.

[LoveDaBlues]

I'm pretty sure SCB charges the standard Thai banking rate on international transfers of .25% on the amount transferred with a minimum charge of 200 baht and a max of 500 baht.

I like my way of transferring better. Do it on the internet; cost $8.00 USD and standard Thai banking xfer fee. I don't have to maintain a high balance either.

I don't have any way of sending a fax unless I drive into town; kind of defeats the purpose (fuel cost, etc.).

[Maestro]

Including all fees, have no idea if SCB charges any, my money was converted at 34.44.

When you go to update your bank book you can ask the bank to give you a print-out of the transaction. This will have details of the exchange rate used and the bank charges.

You can also see SCB’s exchange rate on their website. The bank buying rate for T/T applies for your type of transaction.

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Maestro

[Loom]

Sent fax last night to my financial institution, Schwab, who provides wire services "same day", if request is received prior to 12 noon EDT, midnight our time.

Faxed request last evening and it was in my account at SCB by 12:19pm today.

Did u set up the account in the past 5 years? Fidelity requires US bank/fin inst signature guarantees to establish outward wires and other changes to account features. I believe they will do ad hoc outward wires by fax, however, and I can draw funds by depositing a bank draft from the Fido account in my offshore bank. But it takes a month. Maybe Schwab is the way to go even though it's been best to play the US on the short side these days.

[ProThaiExpat]

As an exercise in mental health, I have distanced myself from paying attention to bank fees over which I have no control, and that includes conversion rates. By dividing the total transferred by the baht amount credited to my account than comparing it with reported conversion rates, I am happy if the net is withing 10 satang of what I got.

Loom: I have been monitoring most reports of bringing money into Thailand posts and concluding that most banking institutions act very much alike, I worked out my system to avoid fees. The post earlier that an e-mail triggers a wire transfer is news to me.

My bank in Hawaii charges $45 for the minimum transfer and $60 for anything meaningful.

Schwab permits "moneylink" a pre-arranged inter-bank transfer system by internet at no cost, so I can log into my Schwab account and transfer money between my bank and Schwab effortlessly. Schwab does put a 3 day hold on incoming funds.

Schwab will not accept e-mail wire transfer orders, however, on their down loadable wire transfer form, they do provide an option that the form can act as a continuing Schwab to overseas bank wire transfer authorization, so once faxed or mailed to them, you can telephone the wire transfer department and they will wire transfer pursuant to that standing authorization.

I prefer the documentation accompanying a fax wire transfer request so do it that way.

On shorts, QID is my vehicle of choice now and I am heavy into it until September. I have shorted QQQQ a lot in the past but like the "enhanced" features of QID.

[Loom]

On shorts, QID is my vehicle of choice now and I am heavy into it until September. I have shorted QQQQ a lot in the past but like the "enhanced" features of QID.

Fidelity won't lend shares to short without a US address so I've been missing short US opportunities (US homebuilders) and instead realocating more for long positions in Asian markets in the past few years. QID looks like a good way to buy a little insurance in the US.

Fidelity requires the signature guarantees to establish a standing outward bound wire that can be executed with a phone call. I haven't tried their fax outbound wire service yet. It's taken me three separate calls each lasting an hour plus over the last three months just to find someone who can explain my wire options properly. In the meantime I've just written more checks against the account while watching the dollar drop. I understand Schwab is better geared to deal with offshore clients but I'm checking with HSBC Intl. now to see if they have a solution.

[ProThaiExpat]

I use the address of a friend in California as my permanent U.S. address and he knows to tell anyone who calls that I am traveling in Asia.

It would seem the financial institutions are only complying with Homeland Security and Treasury regulations regarding a U.S. address and I have yet to have one contact the address given, except in one instance a confirming letter was sent to that address.

I set up an online savings account with IG Direct and was able to do it using the U.S. address without difficulty, even while in Thailand.

[Loom]

That's "home land" security for you. What's the big <deleted> big deal if a US citizen wants to transfer funds to himself in Thailand or anywhere else in Asia. Seems like the tight security on outbound transfers is more for the benefit of the destination. So much for "home" land security. I haven't done an inbound transfer lately, but don't recall that it every raised anyone's eyebrows. So it's a security risk for capitol to leave the US but no problem for capital to go in. What a joke. Must just be some sort of a disguise for loose capital controls. The dollar must be more vunerable to a reduction in foreign loans than I imagine...

[Loom]

The rant in my previous post may not have been too far off the mark. The Monetary Authority of Singapore is stepping up its anti-money laundering efforts and will start imposing "know your customer" requirements on outbound wires in July. Finally a little quid pro quo.

[richard10365]

The U.S. government sends my penison check to Bangkok Bank, NY who SWIFTs it to Thailand for $5. It gets converted to Thai Baht by Bangkok Bank on Silom road for 200 baht at the onshore exchange rate and put in my bank account. I'm not sure what is cheaper than that.

[LoveDaBlues]

The U.S. government sends my penison check to Bangkok Bank, NY who SWIFTs it to Thailand for $5. It gets converted to Thai Baht by Bangkok Bank on Silom road for 200 baht at the onshore exchange rate and put in my bank account. I'm not sure what is cheaper than that.

A friend of mine in BKK does the same thing. Very smart and extremely cheap way to get your pension bucks to Thailand.

I basically do the same thing except I pay an extra $3.00 and do my xfers online from BofA to BKK in NYC. I have more control this way and can vary the amounts I send rather than have my pension check sent automatically.

[coops]

I don't have any way of sending a fax unless I drive into town; kind of defeats the purpose (fuel cost, etc.).

If you're sat in front of a PC at home with a phone line, you do have a very simple way.

Your PC can dial up the fax number and send the document - Windows comes as standard with a basic fax facility (or it used to.... haven't had to use it myself for years....) or can fax from within Word etc. You pay the usual phone call cost - your PC just blasts the fax data at the laughable fax data rate down the phone line to the receiving fax machine.

hmmm, - if you need to print and sign then fax, you'll need a scanner aswell. Scan it then fax it thru your PC.

Mind you those fax machines are dirt cheap for a basic one...

[lopburi3]

The U.S. government sends my penison check to Bangkok Bank, NY who SWIFTs it to Thailand for $5. It gets converted to Thai Baht by Bangkok Bank on Silom road for 200 baht at the onshore exchange rate and put in my bank account. I'm not sure what is cheaper than that.

Is this into a normal account or the special no ATM access account that is supposed to be used for USG payments? That would be a problem for some and for others, myself included, we do not want all funds transferred as we maintain accounts in the US for credit card/check payments. Believe others have mentioned using check deposit here as a cheap alternative (understanding there will be several weeks delay).

[richard10365]

The U.S. government sends my penison check to Bangkok Bank, NY who SWIFTs it to Thailand for $5. It gets converted to Thai Baht by Bangkok Bank on Silom road for 200 baht at the onshore exchange rate and put in my bank account. I'm not sure what is cheaper than that.

Is this into a normal account or the special no ATM access account that is supposed to be used for USG payments? That would be a problem for some and for others, myself included, we do not want all funds transferred as we maintain accounts in the US for credit card/check payments. Believe others have mentioned using check deposit here as a cheap alternative (understanding there will be several weeks delay).

There are two ways to set this up. You can let the bank set it up and you will get the special no ATM access account where you physically have to be present to withdraw your money.

The other way is how I did it. I opened up a regular savings account with ATM access with Bangkok Bank on Silom Road.

I can select where my money goes by accessing the MyPay website from DFAS (Defense Finance and Accounting Service). I plug in my account number, routing number to Bangkok Bank, NY, my name and type of account (savings or checking) in the direct deposit section of my MyPay DFAS internet account.

Every 2nd of the month my money is in my bank account here in Thailand unless there is a weekend or holiday on that day. The latest it has ever come was around the 5th. When I need money, I use my ATM and withdraw however much I need.

I don't have a bank account or credit card in the states so I just send my entire pension check over.

I am starting school in August and the VA (veterans affairs) is paying for it since its part of my VA educational benefits. My particular benefit is VEAP and I can only get paid by U.S. Treasury check. Bangkok Bank told me they can cash these checks. The first monthly check would take 7 days to clear. After that, my monthly checks would clear the same day I brought them into the bank. Each time the cost would be 200 baht.

Edited May 29, 2007 by richard10365

[ProThaiExpat]

If your getting the offshore conversion rate, there is definitely cheaper ways to do it!!!!

[LoveDaBlues]

I don't have any way of sending a fax unless I drive into town; kind of defeats the purpose (fuel cost, etc.).

If you're sat in front of a PC at home with a phone line, you do have a very simple way.

Your PC can dial up the fax number and send the document - Windows comes as standard with a basic fax facility (or it used to.... haven't had to use it myself for years....) or can fax from within Word etc. You pay the usual phone call cost - your PC just blasts the fax data at the laughable fax data rate down the phone line to the receiving fax machine.

hmmm, - if you need to print and sign then fax, you'll need a scanner aswell. Scan it then fax it thru your PC.

Mind you those fax machines are dirt cheap for a basic one...

no phone line. no fax machine. no scanner. I'm quite happy paying roughly $13 USD total to send any amount of money; I just go online and it takes a couple of minutes.

[LoveDaBlues]

If your getting the offshore conversion rate, there is definitely cheaper ways to do it!!!!

He's not getting the offshore rate.

[ProThaiExpat]

If your getting the offshore conversion rate, there is definitely cheaper ways to do it!!!!

He's not getting the offshore rate.

Your right, I misread his post, he definitely said on-shore rate.

I have learned something here. While I don't want to have my government pension sent every month to Thailand, I guess I could have it sent to Bangkok Bank N.Y into a savings account there then transfer it to Thailand whenever I chose.

I suspect Bangkok Bank N.Y has standard U.S. accounts that have check writing so in all respects it is probably a U.S. Bank. That would work for me.

Major caveat is that I tried to have my check sent to Thailand before by Bangkok Bank and both efforts failed. Once by the bank itself and then through the Embassy in BKK on the second attempt. I just gave up. Now I am wedded to the concept that my funds accumulate in an institution that allows investment of the funds while they wait to be brought to Thailand or simply draw interest if left in the bank account.

I would like to hear more from the poster who can order a wire transfer via his computer online. What institution allows computer generated wire orders?

[lopburi3]

As far as I know Bangkok Bank Office in New York is not a US bank and does not offer local accounts. But believe I have seen a claim that someone opened an account there (but details were not provided so suspect they may have 'helped' open a Thai based account).

New York Branch

The New York branch is a US federal chartered branch which functions as a wholesale bank.

There are many services available including:

* Trade Finance

* Corporate Lending

* Remittance/Funds Transfer

* Deposit Accounts (restricted)

Please contact the branch directly for more details:

New York Branch

Dr. Thaweelap Rittapirom, SVP, Branch Manager

Bangkok Bank PCL New York Branch

29 Broadway, 20th Floor, New York

NY 10006

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

Swift: BKKB US 33

Telex:(023) 175459 BKBK UT

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869