Best ways to transfer money from US to Bangkok Bank account here?

[dlclark97]

I am also with Fidelity.  Fidelity wire transfers my funds directly to my local Bangkok Bank account upon request and at no charge.  A phone call is all that is needed to request the transfer.  Could probably also be set up to do this on a scheduled basis although not sure about this as I only periodically transfer amounts needed for a few months.  Message/talk with them to see how to set this up.  

[KhunLA]

12 minutes ago, dlclark97 said:

I am also with Fidelity.  Fidelity wire transfers my funds directly to my local Bangkok Bank account upon request and at no charge.  A phone call is all that is needed to request the transfer.  Could probably also be set up to do this on a scheduled basis although not sure about this as I only periodically transfer amounts needed for a few months.  Message/talk with them to see how to set this up.  

Do you use ETF or Wire transfer ?  Was looking at that just last night.  Need to top up my monthly SS DD by a wee bit.

 

THANKS

[wwest5829]

I have my SS deposited automatically into my Fidelity Acct. While I had used the transfer to the Bangkok Bank NYC Branch, I was no longer able to do that as Fidelity does not conform to the international form required so ... Now, I monthly transfer $2200 from my Fidelity Account to my  Bangkok Bank Acct. via "Wise". Works well by my "checking" the reason for transfer is for long term living expenses in Thailand. This assures the transfer is directly logged into Bangkok Bank as an FTT transfer meeting immigration income requirements. I have used the monthly income method 65,000 baht per month for over a decade on my O-A Visa Extension of Stays. Why not 800,000 baht in a Thai bank? Because my funds are actively generating dividend and growth income for my monthly expenses. Currently, sustainable retirement income without end.

[Wake Up]

21 hours ago, gamb00ler said:

Your question is not as simple as it appears.

 

For large transfers (>21K US$) a SWIFT transfer will likely give the most ฿ per $.

 

There are debit cards available from some US banks/brokers that add no foreign transaction fees.  These will probably offer the best result up to the limit the bank places on your withdrawal.  A Mastercard (MC) debit card generally offers better rates than one from Visa.  However I have found that the limits are generally lower on MC vs Visa.  On the surface, Wise offers a better exchange rate but that rate doesn't include the fees they add (about ½%).

 

The Wise transfer service may be the best if you don't have/can't get a good debit card.  It will likely be the best choice for medium to smaller sized transfers.

Great advice and excellent math of transfers.  For the OP Vanguard only charges a 10 dollar wire fee. When in USA get yourself a Charles Schwab debit card. It allows you to take baht out of the atms and once a month Schwab gives you back the atm fees. 

[HerewardtheWake]

Wake Up, good point: I also use a Schwab debit card and can get up to 25,000 Baht /day(?) and the 220 Baht fee the Bangkok Bank  ATM charges is refunded by Schwab. Do you happen to know if there is some kind of a limit on how many times in a month one can use such a card at an ATM and whether Schwab has a limit of reimbursement of ATM fees? Thanks.

[Tedly]

21 hours ago, HerewardtheWake said:

Ohyesuare, I just checked and here are the numbers.

 

$5,000 transferred from a debit account at SchwaB to Bangkok Bank via:

 

Moneywise: B 164,800 deposited into BKK account $1.99 fee

 

Wise: B 164,654 deposited into BKK account. $36.04 fee.

 

I don't know enough about interbank finances, so I concede there is possibly a spread in there some place, but I just look at the final amount in Baht deposited and the attendant fees. I'll glad to learn if there is a catch someplace in all of this.

 

USD

 

RECEIVE

 

 

THB

Change Receiver Countr

1.0000 USD = 32.9600 THB¹

Select a Payment Option

 

 

Credit Card ²

127.99 USD

Transfer Fee

 

 

Debit Card

1.99 USD

Transfer Fee

 

 

Online Bank Account

Learn More

 

 

Cash at Location

Learn More

-

Select a Receive Method

Some options not supported due to high send amount

 

5,000

USD

• 7.99 USD
  Bank debit (ACH)
  fee
• 28.05 USDOur fee
• –36.04 USDTotal fees

  ---

• =4,963.96 USDAmount we’ll convert
• ×33.1700Guaranteed rate (16 hrs)

Recipient gets

THB

 

 Is Moneywise a Schwab deal? I tried Googling Moneywise and that brought up mention of Charles Schwab. That seems like something I might like to try since it is so much cheaper than wise/transferwise which I normally use.

[chilly07]

22 hours ago, gamb00ler said:

Your question is not as simple as it appears.

 

For large transfers (>21K US$) a SWIFT transfer will likely give the most ฿ per $.

 

There are debit cards available from some US banks/brokers that add no foreign transaction fees.  These will probably offer the best result up to the limit the bank places on your withdrawal.  A Mastercard (MC) debit card generally offers better rates than one from Visa.  However I have found that the limits are generally lower on MC vs Visa.  On the surface, Wise offers a better exchange rate but that rate doesn't include the fees they add (about ½%).

 

The Wise transfer service may be the best if you don't have/can't get a good debit card.  It will likely be the best choice for medium to smaller sized transfers.

Wise will also let you open a bank account, and provide you with a debit card

[mtls2005]

1 hour ago, HerewardtheWake said:

I also use a Schwab debit card and can get up to 25,000 Baht /day(?)

 

Schwab does allow up to a $15,000 teller advance, per day. But best to review the terms and conditions on your Schwab Visa ATM Debit card. This is probably the "best" (yielding the most THB) method of bringing in larger quantities.

 

 

Without any detail the OP should just use Wise. The "adding another account" lament doesn't really fly.

 

Or do a SWIFT Wire Transfer from an existing account in the U.S. to Bangkok Bank here in thailand. 

[Skeptic7]

To clarify...MoneyGram bank-to-bank (USD-THB) transfer is free. Zero fees. It puts the most baht in your Thai bank account. But it's slow. Can take a full week if transfer initiated on any day other than Monday. It also has a slightly limited number of accepted US banks, but Citibank is one. 

 

Wise accepts nearly every US bank, including my US Credit Union...which MG wouldn't accept. Wise is FAST. I used Wise for a few years until discovering MG last year. 

 

Wise is great, but for USD to THB, if not in any rush, MG gives the best exchange rate.

[mtls2005]

27 minutes ago, Tedly said:

Is Moneywise a Schwab deal?

 

I think it is MoneyGram

 

or

 

Wise (pka TransferWise)

 

or 

 

Pennywise!!! Easily the scariest method to transfer 1 cent.

 

 

 

 

[bbko]

20 hours ago, HKexpat said:

How to set up a Wise account “correctly” to meet the Visa requirements?  Please elaborate.  

Contact Wise and ask them to "tag" your transfers to only use Bangkok Bank as their transfer partner, this is a one time deal, once tagged your account is ready.

Then when you make transfers choose the "Long Term Stay in Thailand".  If done correctly, the transfer will be available 2pm the next business day, if Wise says the transfer will take a couple of minutes something might be wrong and best to recheck.

[thailand49]

A few years back before signing up with Wise I did a Google search got a list of other companies that does transfers. No matter how it was put by some of these companies there was always a catch in the fine print. 

Although Wise has rise there rates or fee a bit when it comes out of the wash based on the exchange rate that is given so far unless someone can attest to something different I find Wise to still be the best.

If you need to send large amounts 30,000 USD sure Wise is going to be a bit of a problem if you are doing it from Thailand. In the past, I've need to do large amount I basically use the ACH, DEBIT CARD method but it only allows you 10,000USD at one time within a time period. I did this last August, if I use Wise if the money is in the Thai bank at 5PM, I can't make another transfer in that amount until after Midnight.  I once was back home in the U.S. made a Wise transfer online, once confirm I went to my bank and ask them to wire transfer 50,000 USD to Wise Wells Fargo account in N.Y.

 

My brother who is also here in Thailand use to have his Social Security Check sent to the N.Y. branch Bangkok Bank, then it was sent here ACH to his Bangkok Bank, last year I show him he could get a few extra thousand baht by using Wise because of their rates I also do this monthly. So far Wise is the best option!  Good luck

[DJ54]

Just recently set up Direct Deposit with Bangkok Bank basically for US Social Security payments 

and other payments received. 

 

 

- Changed regular ATM account to Direct Deposit

- Money from US is routed through BKK Bank New York as  intermediary.

- Monies deposited to BKK Bank New York show up sane time in BKK Bank Thailand. 

- Direct Deposit account  does not have ATM card any withdrawals have to be done in person inside bank and no internet banking . 

- When I go to bank I transfer the money from Direct deposit account to BKK Bank ATM account.

 

Bangkok Bank Headquarters are very helpful with questions and sorting out issues. I just stared

SS payments to BKK Bank in the last two months prior were DD to Chase. A digit was missing on

account change by SS. Bangkok Bank New York notified BKK Thailand and they contacted me 

to fill out paper so they could deposit in my account. The other choice was send payment back 

to SS and I’d have to sort it out with SS Manila.

 

My point... I was very surprised on how well BKK Headquarters 

sorted this out. Note I sent an email to SS @ January 5 regarding payment not arrived.. I’ve 

not heard back from them yet... A big Thanks to BKK Bank.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

 

 

 

[Tony125]

On 1/27/2022 at 1:30 PM, HerewardtheWake said:

I tried Bangkok bank but nobody in New York answers the phone. So I gave up. Somebody said that the Pattaya  branch can arrange it, but it is too much bother to talk in English with the bank staff.  May be, but I decided not to bother.

 

I have used wise.com (formerly transferwise.com) for a while. Their charges were lower than others. Transfer from a Bank of America account cost me a wire fee of $35 and then they skim off a bit by playing with the exchange rate. The only advantage was the speed. Same with Schwab and Fidelity ( but with a lower $25 wire fee).

 

I now use moneygram.com. It gives what appears to be the prevailing exchange rate, but I'd imagine they also play a little bit with the exchange rate spread, but it seems to be less than the others. Transferring from a debit account in the US is $1.99 each time I transfer $5,000.00. I am not sure if it goes up with a higher transfer amount. A shortcoming is it takes up to 48 hours for the money to appear in my Bangkok Bank account. I expect moneygram kites the money for a couple of days.

No need to call or do anything with Bangkok Bank NYC simply use their routing number  and your account number at your Bangkok Bank in Thailand.  If your US bank doesn't do ACH tranfers in IAT format you can still do a domestic wire transfer to Bangkok Bank NYC .

 

026008691

 

Indicate the Routing Number 026008691 of Bangkok Bank's branch in New York and your account number with Bangkok Bank in Thailand on your “Authorization Agreement for Automatic Deposits (ACH Credits)” form or “Related Direct Deposit” form.

[lopburi3]

7 hours ago, Real Name Hidden said:

I use wire transfer (I.e. swift) to Bangkok bank (not the New York branch) for a flat fee of $25.  Money is in my account the next business day.

Remember there could be a hidden bank fee if a 3rd party bank has to be used for transfer (often required) and there will be 1/4% fee on amount received by Thai bank in range 200-500 baht removed from amount before being deposited to account.   Normally a good method for larger transfers but can be an issue making from some banks.

[GrandPapillon]

30 minutes ago, Tony125 said:

No need to call or do anything with Bangkok Bank NYC simply use their routing number  and your account number at your Bangkok Bank in Thailand.  If your US bank doesn't do ACH tranfers in IAT format you can still do a domestic wire transfer to Bangkok Bank NYC .

 

026008691

 

Indicate the Routing Number 026008691 of Bangkok Bank's branch in New York and your account number with Bangkok Bank in Thailand on your “Authorization Agreement for Automatic Deposits (ACH Credits)” form or “Related Direct Deposit” form.

does that really works? that would be amazing if you can use this with your THB account number in Thailand,

 

doing international transfer using a "local US" system, that could raise eventually a lot of compliance red flags for the banks and US authorities

Edited January 28, 2022 by GrandPapillon

[Tony125]

On 1/27/2022 at 1:48 PM, david_je said:

I haven't looked into detail on how they work, but with Wise, etc., I am wary of having to open yet another account or sharing my financial info with with yet another entity -- opening it up to more security concerns and hassles. Thinking would be better to transfer directly from institution where I already have account. Any thoughts on this welcome. 

Since you have Bank of AMerica (as I do ) you can  do a domestic wire transfer to Bangkok Bank NYC   using their routing mumber  026008691 and your account number at you Bangkok Bank  in Thailand. Can do ACH transfers from a bank  IF they are in IAT format.

026008691

 

Indicate the Routing Number 026008691 of Bangkok Bank's branch in New York and your account number with Bangkok Bank in Thailand on your “Authorization Agreement for Automatic Deposits (ACH Credits)” form or “Related Direct Deposit” form.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand

[Tony125]

20 minutes ago, GrandPapillon said:

does that really works? that would be amazing if you can use this with your THB account number in Thailand,

 

doing international transfer using a "local US" system, that could raise eventually a lot of compliance red flags for the banks and US authorities

No as wire transfer was always alowed to either the NYC Bangkok Bank or directly to Bangkok Bank in THailand. It's just that the ACH has to be in IAT format, the wire transfer has all the info as an IAT ACH tranfer has wether it goes to BKK Bank NYC or in THailand.

 

[Paulaew]

4 minutes ago, Tony125 said:

No as wire transfer was always alowed to either the NYC Bangkok Bank or directly to Bangkok Bank in THailand. It's just that the ACH has to be in IAT format, the wire transfer has all the info as an IAT ACH tranfer has wether it goes to BKK Bank NYC or in THailand.

 

I have yet to find a bank or brokerage that would do ACH transfers in the IAT format. I've always had to do SWIFT wire transfers (which are simple enough). Does your bank support ACH in IAT format?

 

Paul Laew

[Tony125]

2 minutes ago, Paulaew said:

I have yet to find a bank or brokerage that would do ACH transfers in the IAT format. I've always had to do SWIFT wire transfers (which are simple enough). Does your bank support ACH in IAT format?

 

Paul Laew

No they don't which is why I have to do a wire tranfer

[DJ54]

1 hour ago, GrandPapillon said:

does that really works? that would be amazing if you can use this with your THB account number in Thailand,

 

doing international transfer using a "local US" system, that could raise eventually a lot of compliance red flags for the banks and US authorities

Edited 1 hour ago by GrandPapillon

Yes.. 

[GrandPapillon]

2 hours ago, Tony125 said:

No as wire transfer was always alowed to either the NYC Bangkok Bank or directly to Bangkok Bank in THailand. It's just that the ACH has to be in IAT format, the wire transfer has all the info as an IAT ACH tranfer has wether it goes to BKK Bank NYC or in THailand.

 

ACH to Thailand? I don't get it, ACH is "local US" only, not international. 

 

Edited: OK, found this. IAT is a new form of ACH for international transfer. Not sure if this US inbound and US outbound

 

https://frbservices.org/resources/financial-services/ach/faq/iat.html

Edited January 28, 2022 by GrandPapillon

[GrandPapillon]

interesting, could explain the recent "transfer" shortage in December when everything stopped internationally between Thailand the US for regular wire transfer with corresponding banks, they were asking for additional info on the source and recipient of the transaction

 

1. Why is the implementation of IAT necessary?

   IAT was developed to respond to OFAC’s request to align the NACHA Rules with OFAC compliance obligations and to make it easier for RDFIs to comply with those obligations. In the current environment, many U.S. financial institutions are receiving international payments that cannot be properly identified. These unidentifiable payments enter the U.S. through correspondent banking relationships and are often difficult to trace or accurately process as international payments. The new IAT code supports the end of anonymity and promotes traceability of international electronic payments.

Edited January 28, 2022 by GrandPapillon

[gamb00ler]

8 hours ago, Skeptic7 said:

To clarify...MoneyGram bank-to-bank (USD-THB) transfer is free. Zero fees. It puts the most baht in your Thai bank account. But it's slow. Can take a full week if transfer initiated on any day other than Monday. It also has a slightly limited number of accepted US banks, but Citibank is one. 

 

Wise accepts nearly every US bank, including my US Credit Union...which MG wouldn't accept. Wise is FAST. I used Wise for a few years until discovering MG last year. 

 

Wise is great, but for USD to THB, if not in any rush, MG gives the best exchange rate.

I asked MoneyGram if a US citizen residing in Thailand could transfer $ to a Thai bank account.  They answered that it was not possible at this time.  Perhaps I can use my US based mailing address to skirt their restrictions.  Anyone tried to use a US mailing address/ID to use MoneyGram to send to Thailand?

[Paulaew]

12 hours ago, mtls2005 said:

I am fairly certain that you need to set up a standing wire transfer order for each bank (Bangkok Bank, SCB, etc.) BEFORE requesting a transfer via a phone call. It also requires My Voice verification, and an OTP sent via SMS (I use Google Voice).

 

The standing wire transfer order must be endorsed with a Medallion signature, said to be unavailable here. So this must be set up when you are in the U.S.

I just wanted to correct this for the many Fidelity clients in this this forum.

 

The information quoted above about standing wire transfer orders is correct. But you don't need to have a standing order in order to request an international wire transfer from Fidelity. You just have to call them and request a SWIFT transfer to your account in Thailand. No Medallion signature guarantee is required, only the usual phone call to your number of record in your profile.

 

I base this information on a call today to Fidelity to initiate a wire transfer to my Bangkok Bank account.

 

Hope this helps.

 

Paul Laew

[mtls2005]

10 hours ago, Paulaew said:

I just wanted to correct this for the many Fidelity clients in this this forum.

Good to know. Thanks.

 

It used to be the policy that you needed a standing order, I am moderately certain, as I verified this in person circa 2018 when I established orders for both BBL and SCB.

 

Maybe this has changed. 

 

I continue to call each month, and each month the rep. asks if I have an standing order. 

 

It certainly helps the OP as they have a Fidelity account, as this would make a transfer quite easy.

 

 

 

 

[Skeptic7]

10 hours ago, gamb00ler said:

I asked MoneyGram if a US citizen residing in Thailand could transfer $ to a Thai bank account.  They answered that it was not possible at this time.  Perhaps I can use my US based mailing address to skirt their restrictions.  Anyone tried to use a US mailing address/ID to use MoneyGram to send to Thailand?

Yes I do maintain a US mailing address and entered it on my MG account.

[david_je]

On 1/28/2022 at 8:51 PM, Paulaew said:

I just wanted to correct this for the many Fidelity clients in this this forum.

 

The information quoted above about standing wire transfer orders is correct. But you don't need to have a standing order in order to request an international wire transfer from Fidelity. You just have to call them and request a SWIFT transfer to your account in Thailand. No Medallion signature guarantee is required, only the usual phone call to your number of record in your profile.

Paul, does this one-time transfer require any special set-up for transfers before making that call, such as registered link with Bangkok Bank (or do you tell them your BB account details during the call)? Or any special verification of your identity, such as calling you back on your registered number (my registered number is U.S. number). And the transfer can be from the settlement fund or from selling a fund, which you would also initiate during that phone call? Thank you.

[Paulaew]

11 minutes ago, david_je said:

Paul, does this one-time transfer require any special set-up for transfers before making that call, such as registered link with Bangkok Bank (or do you tell them your BB account details during the call)? Or any special verification of your identity, such as calling you back on your registered number (my registered number is U.S. number). And the transfer can be from the settlement fund or from selling a fund, which you would also initiate during that phone call? Thank you.

There is no special setup required before making a request for Fidelity to initiate an international wire transfer to your Thai bank. I provided my Bangkok Bank details (just the SWIFT code, my bank account number and the name on the account).

 

For security purposes, Fidelity will want to phone you for verification. You can add your Thai mobile to your profile (you can have multiple phone numbers in your profile, so you don't need to remove your US number).

 

You can only transfer funds from your cash account, so if you need to sell some securities, do that first before you request a wire transfer.

 

Hope this helps.

 

Paul Laew

[david_je]

14 minutes ago, Paulaew said:

There is no special setup required before making a request for Fidelity to initiate an international wire transfer to your Thai bank. I provided my Bangkok Bank details (just the SWIFT code, my bank account number and the name on the account).

 

For security purposes, Fidelity will want to phone you for verification. You can add your Thai mobile to your profile (you can have multiple phone numbers in your profile, so you don't need to remove your US number).

 

I just tried to add my Thai number, but adding a number requires a verification code be sent to my already registered U.S. number, so I guess I will have to coordinate later with my brother who can check that phone. By the way, the site has a "primary number" and a "secondary number". During the transfer funds call to Fidelity, you can select which of those numbers to call you on?  How long for funds to reach your Bangkok Bank account? Thanks for your help.