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Questions from my US Bank about International Transfers?


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1 hour ago, pablo el sueco said:

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.

KYC !!!! SOP

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Use Line to contact the manager. (So you don't have to pay for the call).

 

They may well need some quick answers to some questions.  Answer them and be done with it.

 

You may need to transfer money in an emergency and you don't need this to hinder you.

 

That said I've used Chase to transfer millions of baht with no problem whatsoever. (So far).

 

Definitely seems odd.

 

 

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10 hours 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 )

what does it mean for thailand tax residents?

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8 hours ago, rwill said:

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.

I would like to know how you manage to wire to a foreign account for free.  Every time I try to do that, they remind me of $15 fee for that service.

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6 hours ago, sqwakvfr said:

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.

What a quaint, old-fashioned notion.

 

Business today (including banking) is being run by a generation (generations?) of people with no sense of long-term loyalty.  Or, long-term anything.  They eschew pensions because they want to port their 401k as they flit from employer to employer.  They (for whatever reason*) place no priority on seniority or longevity.  If it suits the moment (short-term) they will abandon an employer, customer, bank, whatever, in a heartbeat.  It's all about now.  (And, all about me, of course.) Those of us who would think that 33 years of loyalty to an institution meant anything positive are almost laughably out of date.  </end rant from cynical, aging Boomer>

 

*Although the previous paragraph is truly how I feel, I sometimes wonder if their attitude is the result of the world we are leaving them.  Maybe they feel the future is so bleak, dark and useless that they feel helpless when facing it.  That could/would turn ones perspective to be more short-term focused.  What's the use of long-term planning if there may be no future worth living? </end philosophical pondering by cynical, aging Boomer>

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3 minutes ago, wpcoe said:

Business today (including banking) is being run by a generation (generations?) of people with no sense of long-term loyalty.  Or, long-term anything.  They eschew pensions because they want to port their 401k as they flit from employer to employer.  They (for whatever reason*) place no priority on seniority or longevity.  If it suits the moment (short-term) they will abandon an employer, customer, bank, whatever, in a heartbeat.  It's all about now.  (And, all about me, of course.) Those of us who would think that 33 years of loyalty to an institution meant anything positive are almost laughably out of date.  </end rant from cynical, aging Boomer>

 

Im a younger person (borderline) and I dont think youll find anyone who'd rather have a 401k vs a decent pension, but the job market nowadays has dictated that, not employees. 

 

Same with banks. The days of knowing who you are and getting perks & credit are completely dead. Youre nothing more than a number and thats it. They couldn't care less if they lose your business. 

 

Thats just how todays world is. You've always got to continually shop around wether it be employment, banking, retirement, technology. If you coast for even a year youll start losing out and fall behind. 

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Quote

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

NO ... although I use a brokerage firm for my USA 'banking'.  Always have, well over 30 yrs now.  Pension gets direct deposited there.  Which I withdraw via Thai ATM if needed.

 

Soc Sec get direct deposited in my local Thai bank (BkkBank)

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7 hours ago, MrJ2U said:

Use Line to contact the manager. (So you don't have to pay for the call).

 

They may well need some quick answers to some questions.  Answer them and be done with it.

 

You may need to transfer money in an emergency and you don't need this to hinder you.

 

That said I've used Chase to transfer millions of baht with no problem whatsoever. (So far).

 

Definitely seems odd.

 

 

 

15 years ago I had these problems with first Bank of America then Wells Fargo. DUMPED THEM. Since getting "Chuck" Bank years ago no issues, maybe it helps my retirement accounts are all managed by Charles Schwab also due to my employer

 

Actually thanks to the pandemic and being locked out off Thailand 10 months I now have a solid US address.

 

Is Chase good for expats? I just  opened a private client account with JP Morgan Chase  to see how they are as my mortgage was just sold to Chase.

Edited by Captain Monday
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2 hours ago, connda said:

they are a good bank.  Just fill in the form and call it good.  :thumbsup:

Maybe in the past.  The last two years with USAA have been difficult(in my case and maybe not in your experience).  Collecting the kind of information USAA wanted from me appears to be intrusive.  It is obvious this information will be plugged into an algorithm that will monitor my banking activities.  If nothing comes of it then "all good".  But information and data about persons and institutions are the new global commodity.  A commodity that can be use for other than it's intended purposes.  Also, if this information gathering exercise is to comply with the Patriot Act and Federal Anti-Money Laundering Laws then obviously various federal agencies can access without a warrant.  I believe in the privacy of my personal information(banking and otherwise).  Of course if any Federal Agency wants to investigate and collect information about me then do what the law requires:  GET A DAM WARRANT AND LAWFULLY SERVE THE WARRANT.    

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45 minutes ago, sqwakvfr said:

Maybe in the past.  The last two years with USAA have been difficult(in my case and maybe not in your experience).  Collecting the kind of information USAA wanted from me appears to be intrusive.  It is obvious this information will be plugged into an algorithm that will monitor my banking activities.  If nothing comes of it then "all good".  But information and data about persons and institutions are the new global commodity.  A commodity that can be use for other than it's intended purposes.  Also, if this information gathering exercise is to comply with the Patriot Act and Federal Anti-Money Laundering Laws then obviously various federal agencies can access without a warrant.  I believe in the privacy of my personal information(banking and otherwise).  Of course if any Federal Agency wants to investigate and collect information about me then do what the law requires:  GET A DAM WARRANT AND LAWFULLY SERVE THE WARRANT.    

Don't be so paranoid! Some girl named "Tiffani" in a Ft.Worth Office tower is just checking some required boxes. Answer a few simple questions you should have no problem continuing to make legitimate transfers. If not, get another bank.  I suggest Charles Schwab. 

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13 hours ago, pablo el sueco said:

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.

Are you sure they are the same type of questions?  USAA has sets of security questions to verify who you are, like names of schools attended, name of 1st pet., etc.. I also get the latter questions once in a while. However the questions cited in this thread are designed to show future intentions, like whether or not you intend to make any future international wire transfers.

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1 hour ago, caughtintheact said:

Are you sure they are the same type of questions?  USAA has sets of security questions to verify who you are, like names of schools attended, name of 1st pet., etc.. I also get the latter questions once in a while. However the questions cited in this thread are designed to show future intentions, like whether or not you intend to make any future international wire transfers.

Yes, I am sure these were not the standard security questions.  Security questions are not posed in an assaultive, belligerent context as were these "kyc" type of questions.  Security questions do not leave me cowering.

Edited by pablo el sueco
correct misspelling
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Not being paranoid because I have seen “procedural or innocent” answers turn into a nightmare for some.  Based upon my experience in Law Enforcement for over 20 years I have seen a number of innocent people get caught up in investigations even though “if you do nothing wrong then you have nothing to worry about”.  Anytime a representative of a governmental agency says this then worry.  The information I gave to USAA sets up parameters for all future banking activities.  This will establish a pattern and any deviation from this pattern could trigger an alert.  IF the alert is only for internal bank monitoring then “no harm, no foul”.  But if this is reported to the US Government?  Well then?

 

Or I could just be paranoid? 555 ?

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

 

NO ... although I use a brokerage firm for my USA 'banking'.  Always have, well over 30 yrs now.  Pension gets direct deposited there.  Which I withdraw via Thai ATM if needed.

 

Soc Sec get direct deposited in my local Thai bank (BkkBank)

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14 hours ago, skatewash said:

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.

Thanks. I am sure you must be right... It just took some remembering back to when I was younger and starting in business and as it progressed, the banks became progressively nicer to me as my balances increased to the point where they became rather catering. 

 

I never liked the way I, or the way others were treated, due to an assumed bank balance. On one return trip to the States, I went to my bank and a couple of young bank tellers, in their young bank teller suits, arrived to find me sitting in the parking lot waiting for the bank to open, bundled from the cold, on a piece of cardboard box, freezing as I had no winter clothing...  when I asked what time they open, they yelled at me that they were not going to open today and I should go away... they thought I was homeless and looking for a place to get out of the cold... they were a bit surprised when they finally did open the doors and I walked in, all the managers greeted me and invited me to sit down so they could personally take care of my business...

 

I am sure it is not cost effective to be a banker for a customer w/a $20 balance - but that is no reason to treat people disrespectfully. 

 

your point is well taken. 

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9 hours ago, Leveraged said:

The days of knowing who you are and getting perks & credit are completely dead

Not true - at least about the perks and knowing who you are. I have not been in my bank in 10 years and they know my voice on the phone, at least one lady does. It is not that they consider me a handsome man, it has everything to do with bank balance. 

 

9 hours ago, Leveraged said:

You've always got to continually shop around

This, I am sure is very true... 

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16 hours ago, TofuHead said:
On 10/20/2021 at 3:11 PM, rwill said:

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.

Expand  

I would like to know how you manage to wire to a foreign account for free.  Every time I try to do that, they remind me of $15 fee for that service.

It looks like this:

 

Screenshot (3).png

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On 10/20/2021 at 2:35 PM, edwardflory said:

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.

.

 

Really, I had no idea this could be done!

 

So I can go into Bangkok Bank, swipe my stateside ATM card at the teller window, enter PIN, and transfer money into my Bangkok Bank for a couple of bucks?

 

What is the maximum one can transfer, if any, with one swipe?

 

I usually just call my credit union every couple of months and wire transfer any amount for a flat fee of $30, but this saves talking on the phone for ten minutes.

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1. The Patriot Act requires it?  What?

.... the Patriot Act expired Dec 2020

2. US Anti-Laundering Laws requires it?

... banks already have to keep records of any transfer over $250, silly in itself, as they keep

records of every transaction anyway.

... must report any transfer of $10k or more ... so asking you how many is silly

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3 hours ago, JimGant said:

Probably cheaper to use Wise, as USAA charges $45 for international SWIFT wires. But large amounts can be cost effective (I used USAA earlier this year to transfer $60k, and it beat Wise).

I did a cost comparison between WISE and State Department Federal Credit Union (SDFCU). 

My comparison used a WISE multi-currency account as the source and the average exchange rate from Bangkok Bank, Kasikorn bank and SCB bank on the day in question.  SDFCU charges $30 for an international SWIFT transfer.

 

WISE's higher fees but better exchange rate resulted in more Thai baht for amounts up to about 21K US$.  Above 21K the SWIFT transfer was better.  I only did this comparison for a single day.  If the exchange rate at Thai banks as compared to WISE's improves or weakens, the breakeven point between the two methods will change.

 

Since USAA charges $45 for SWIFT I would estimate that WISE would be better for up to 27K US$.  The less your US bank charges for SWIFT the sooner that method becomes better than WISE.

 

Edited by gamb00ler
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25 minutes ago, gamb00ler said:

I did a cost comparison between WISE and State Department Federal Credit Union (SDFCU). 

My comparison used a WISE multi-currency account as the source and the average exchange rate from Bangkok Bank, Kasikorn bank and SCB bank on the day in question.  SDFCU charges $30 for an international SWIFT transfer.

 

WISE's higher fees but better exchange rate resulted in more Thai baht for amounts up to about 21K US$.  Above 21K the SWIFT transfer was better.  I only did this comparison for a single day.  If the exchange rate at Thai banks as compared to WISE's improves or weakens, the breakeven point between the two methods will change.

 

Since USAA charges $45 for SWIFT I would estimate that WISE would be better for up to 27K US$.  The less your US bank charges for SWIFT the sooner that method becomes better than WISE.

 

Thanks.  The question which is better WISE or SWIFT can only be answered in the context of how much money you are sending in your transfer.  As this post explains generally Wise is better for smaller amounts where a big fixed SWIFT wire transfer fee can be avoided.  However, in larger transfers the Wise fee (because it is never capped) can approach and overtake the big fixed SWIFT wire transfer fee even though the exchange rate for Wise will generally always be better.  The question can only be answered definitely by doing a comparison for a specific amount on a specific day.  Wise makes it easy to do the comparison, but you have to piece together the cost of doing the SWIFT from your bank, which will have cost components of SWIFT fee charged by your home bank, exchange rate, and Thai exchange conversion fee (0.25% of the amount transferred, capped at a minimum of 200 baht and a maximum of 500 baht) charged on the back-end by every Thai bank (as authorized by the Bank of Thailand).

Edited by skatewash
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