Questions from my US Bank about International Transfers?

[sqwakvfr]

I have had the same accounts with the same US Bank for over 25 years.  I will not name the bank but they are based in Texas and serves active duty military, veterans and families.

 

About a week ago I had to complete an online questionnaire before  I could access my accounts.  The questions that were most disturbing were:

 

1. Do I intend to make any future international wire transfers? 

2. If yes then how much do I intend to transfer?

 

I thought this was none of their business as to what I intend to do with  my account.  Therefore, I sent out 5 emails and called the bank 5 times to get some answers

 

I was told the following:

 

1. The Patriot Act requires it?  What?

2. US Anti-Laundering Laws requires it?

3. All new account holders must answer these questions? Funny I have had same account for 25 years? 

 

These answers do not make much sense to me.  I have never transferred money out of my US Bank Account to a foreign bank and based upon this latest exchange I doubt I will.

I am now waiting for a written reply from someone who identified herself as an "Advocacy Consultant"??? 

 

My future plans to make 65,000 Baht monthly transfers just died.

 

Has anyone with a US Based Bank account been asked such questions?

[tonray]

2 minutes ago, sqwakvfr said:

Has anyone with a US Based Bank account been asked such questions?

I was only called via phone the first time I transferred to Thailand. Just to make sure it was me and not fraudulent. After that never get any issue, initiate transfers online without any hassle. Charles Schwab...the best

[Saraburi121]

Never had any questions from my US based credit union such as was posed by your bank.  My credit union serves military and families as well. 
 

The only question I am asked to transfer money is “what is the purpose of the transfer “  which is living expenses.  Also a phone call to verify details of the transfer and identity confirmation. 
 

Maybe another new law?  Seems odd. 

[david555]

I had those questions also sometimes to from my European banks, it is requirement from governments by internationally money laundering  rules , more called by banks as "know your customer " document 

[sqwakvfr]

Thanks David555, I think during one of my calls with my bank one of the reps kept on saying this could be "KYC" document?

KYC= Know Your Customer?  

 

But in the end I felt it was very invasive.   

[david555]

24 minutes ago, sqwakvfr said:

Thanks David555, I think during one of my calls with my bank one of the reps kept on saying this could be "KYC" document?

KYC= Know Your Customer?  

 

But in the end I felt it was very invasive.   

I found it like a marketing questionnaire that time , and i told them that  also ...., i think they make it convenient for both Gov. & Bank 

it is indeed  a KYC called , i have one blanc on pc , but is in Dutch language ...if interested i can send to compare the questions 

[Lemsta69]

24 minutes ago, sqwakvfr said:

Thanks David555, I think during one of my calls with my bank one of the reps kept on saying this could be "KYC" document?

KYC= Know Your Customer?  

 

But in the end I felt it was very invasive.   

this is the new reality mate so better get used to it . KYC, AML/CTF, SoF, FATCA, FBAR. it makes your bloody head spin! ????

[david555]

34 minutes ago, Lemsta69 said:

this is the new reality mate so better get used to it . KYC, AML/CTF, SoF, FATCA, FBAR. it makes your bloody head spin! ????

A reminder ...... from 2022 Thailand would / should ....join OECD money reporting in full (up to now only intentions & promises ...  ) , but then 2022 some tests  and in 2023 full reporting ....

So keep in mind 

 

(they had to finalize this years their promises/ intentions )

[Lemsta69]

24 minutes ago, david555 said:

A reminder ...... from 2022 Thailand would / should ....join OECD money reporting in full (up to now only intentions & promises ...????  ) , but then 2022 some tests  and in 2023 full reporting ....

So keep in mind 

 

(they had to finalize this years their promises/ intentions )

thanks. I've read this in other threads / sites. fun times ahead for those of us that want to fly under the radar.

[david555]

4 minutes ago, Lemsta69 said:

thanks. I've read this in other threads / sites. fun times ahead for those of us that want to fly under the radar.

Look under 2023 and the yellow highlighted  parts.....

Thailand dragged his feet as long they could seems ... ????

OECD AEOI-Commitments 2023 Thailand start.pdf

[John Drake]

3 hours ago, sqwakvfr said:

I will not name the bank

Why not?

[JHacker]

1 hour ago, sqwakvfr said:

Thanks David555, I think during one of my calls with my bank one of the reps kept on saying this could be "KYC" document?

KYC= Know Your Customer?  

 

But in the end I felt it was very invasive.   

That is because you, (like myself) are not of the top 1% or top 10% or whatever it is! They seem to be able to move tens of millions around the world freely. Check out the Pandora Papers!

[edwardflory]

I deal with a small Texas bank also.  I advised them I will be traveling Asia, only question asked, " how long", I said a few years. My travel advisory is good to 2030.

I use my debit card to transfer monies ( normally $1000 ) to Thai Bank account.  My US BANK DEBIT POSTING is around $1.50 to $2.00 over the XE (apk) Currency rate for $1000.

( I have a Senior account at my US bank, only charged for NSF checks - check YOUR US BANK )

Swipe card at TELLER counter, have deposited straight into Th account - do NOT touch the money.----***Do NOT use customer service***---. I  can withdraw what money I want at banks ATM as I leave bank.

Edited October 20, 2021 by edwardflory
addl info

[rwill]

If you can afford to open a schwab one international account it is one of the best options.  It takes $25,000 to open it.  If you already own stocks you can transfer them to satisfy that too.  With the schwab account you can use your foreign address and telephone number.  Wire transfers are free.  And if you ask for a debit card there are no fees and they also pay the foreign Thai ATM fee for you too.  They will call you after you apply to talk to you, also part of the KYC thingy.  

 

It's really a plus to me not to have to maintain a US address and phone number.  Lots of US banks now want to send you an SMS to do transactions  and only take US numbers.

[SCOTT FITZGERSLD]

those kind of questions /questunairees are coming now from banks all over the world.

nothing personal against you, allthough indeed very annoying and disturbing.

Obama's heritage.

my advice to you is not to take it hard, but to complete the form. it is just a formality.

the bank will not give up. they might close your account if you refuse to answer. i played with one bank and refused to sign such form. they threatened to close my account and i still refused. they blocked my account for transfers and i still did not do anything. than they opened all but came back few months later to harras me again.

 

those forms acctually means nothing because anyway if you have an exceptional money transfer the bank will ask for details. and terrorists or drug cartels could not  care less about those forms.

it should not affect your 65K payment or any other payments. it is really just one big

nonsense formality that has to be filled.

 

 

 

Edited October 20, 2021 by SCOTT FITZGERSLD

[wwest5829]

1 hour ago, JHacker said:

That is because you, (like myself) are not of the top 1% or top 10% or whatever it is! They seem to be able to move tens of millions around the world freely. Check out the Pandora Papers!

And the Panama Papers preceding the Pandora Papers.

[TimBKK]

2 hours ago, John Drake said:

Why not?

USAA Bank.  Have no idea why OP would not say.

[86Tiger]

2 hours ago, JHacker said:

That is because you, (like myself) are not of the top 1% or top 10% or whatever it is! They seem to be able to move tens of millions around the world freely. Check out the Pandora Papers!

Guy, we all can move money around the world freely.  But, not in secret. 

 

Governments of the world are in search of monies to tax and it will only get more intense as they feel more pressure to pay the bills.  There is no longer an "under the radar" and has not been for some years now, if you have a bank account anyway.

 

Unless one is involved in cash only business with no accounting of how the funds were accumulated there would be no problems once your bank has you on record as sending regular or even not so regular international transfers.

 

 

Anyone has issue needs to petition the governments under which they reside, that is where the requirements are generated.  Banks don't give 2 flips where or how often you send funds.  They make a cut coming and going so they are all for it.

[sqwakvfr]

“USAA Bank.  Have no idea why OP would not say.”

 

Because I have developed a habit of not naming institutions while i am in Thailand.  Just trying to stay consistent while i am in LOS.  Besides I gave enough hints to make it easy.  Been with them for 33 years and the last two have been very disappointing.  Losing trust in them and discovered not so easy to open an account at another US Institution while I am sitting in CNX.

[AgMech Cowboy]

6 hours ago, sqwakvfr said:

Has anyone with a US Based Bank account been asked such questions?

No, and I've used Wells Fargo and Chase. I now use WISE and am sad I didn't use them sooner. 

NOTE: I tried to USAA, but their method was much too cumbersome. They want the info via voice instructions.

[caughtintheact]

Have had USAA accounts for many years, but have never been asked questions like that. Maybe because I only have a couple of credit card accounts that I only use rarely for small amounts to keep them active. 

[pablo el sueco]

I've banked with USAA for about 7 years.   Every two years or so, they make me answer those questions when I try to login; I think it has happened three times now.  At first I felt like they were being very confrontational, but I got used to it.  After I answer the questions, my login is successful.

[Dickp]

First I Had Bank America savings for 25 years, checking, savings and Stock accounts. Then one day they gave 15 days to find a new bank because of my stock account no long handled people living overseas. Open USAA savings and stocks that lasted 5 years then they sold the stock management to Charles Schwab, have savings and stock accounts for the last 10 years. No problems with them since then stock have gone from $25,000 to $110,000. I'm happy

Edited October 20, 2021 by Dickp

[Leveraged]

Ill be another person who is satisfied with Charles Schwab. Schwab One account and Brokerage Account, never an issue. 

 

Best combo to date for me is Schwab checking combined with Wise . com multi currency account with their prepaid mastercard debit card. Cool thing about wise is they allow you to use WhatsApp for 2FA, so no need to fuss around with SIM cards or phone numbers while traveling. Best exchange rates, spend in local currency. 

 

I dealt with insufferable banks in the US for WAAAAAY too long before I got with the program and updated. 

 

[bkk6060]

Biden's 87,000 New IRS Agents Will Generate Cash for Democrat Campaign Coffers. President Joe Biden plans to shovel $80 billion into the Internal Revenue Service to hire 86,852 new agents, a Treasury Department report confirmed Thursday.

 

 

Big big crack down starting in the U.S.  Biden hiring all these IRS agents to watch everything you do with your money.

[david555]

1 minute ago, bkk6060 said:

Biden's 87,000 New IRS Agents Will Generate Cash for Democrat Campaign Coffers. President Joe Biden plans to shovel $80 billion into the Internal Revenue Service to hire 86,852 new agents, a Treasury Department report confirmed Thursday.

 

 

Big big crack down starting in the U.S.  Biden hiring all these IRS agents to watch everything you do with your money.

So is this really true that any  600USD transaction a report must be made ...?   I thought it was a sarcastic joke only ....

 

And we in  my Europe country may not pay ANY cash higher than 3000€ (higher must be by bank) , And we thought we are under severe control  ????.....what about 600 US dollar transaction ????

[ubonjoe]

Moved to the Business and Banking Forum.

[1FinickyOne]

7 hours ago, sqwakvfr said:

based upon this latest exchange I doubt I will.

not really sure what you are afraid of?? I am here more than 20 years, and have sent money wires for far far more than that amount and had atm withdrawals for more than that... sure, there is paperwork or reporting that the bank has to do... nothing for me to do.

 

Assuming, as i do, that your money is legit, then what does it matter? They can probably trace everything through oyur bank anyway.. it's all in a computer somewhere. 

[skatewash]

41 minutes ago, 1FinickyOne said:

not really sure what you are afraid of?? I am here more than 20 years, and have sent money wires for far far more than that amount and had atm withdrawals for more than that... sure, there is paperwork or reporting that the bank has to do... nothing for me to do.

 

Assuming, as i do, that your money is legit, then what does it matter? They can probably trace everything through oyur bank anyway.. it's all in a computer somewhere. 

The reason one might care about these kind of things is that the more paperwork and reporting the bank has to do the less desirable a customer you are to the bank.  The less willing the bank is to let you open a bank account.  20 years ago this was not so much of a problem.  Try opening a bank account now and see how easy that is.

[The Hammer2021]

KYC protocols standard these days.