US based bank that supports IAT transfers

[BudRight]

A few years ago Bangkok Bank in New York stopped forwarding ACH transfers to accounts in Thailand unless the transfers were IAT compliant. At the time, nobody knew of any US based based banks that sent AIT compliant transfers for individuals. Does anyone now know of any US based banks that can now send IAH compliant transfers (optimally through their online banking system)?

Please note that I am not talking about SWIFT transfers. Also, I do know about TransferWise, but they do not code their transfers as international and this is to satisfy immigration requirements.

 

Thank you in advance for helpful replies.

Edited February 12, 2022 by BudRight

[cmarshall]

The better solution is State Department Federal Credit Union.  They offer accounts to expats.  If you have your pension, either SS or any pension, direct deposited into your SDFCU account every month then you qualify for "emeritus member" status, the chief benefit of which is that you can do domestic wire transfers at $6 a pop.  Then if you have an account at Bangkok Bank you can do a wire transfer, not an ACH transfer, to that account in any amount.  The funds will be available at BKK Bank first thing in the morning of the next business day.  BBK Bank is the only Thai bank that is also a US bank with an ABA number, which is required for a domestic wire transfer.

 

These transfer do get coded as foreign transfers on a bank statement from BKK Bank.  I use the income method myself for visa renewal.

[lopburi3]

Have not seen any mention of commercial banks using IAT for private customers - believe it is available for commercial accounts.  But believe some have mentioned using wire transfer to BBL New York rather than ACH to get around this issue.

 

You are aware Wise does make transfers to Bangkok Bank accounts that are coded FTT if you request they flag specific account and/or select fund for long term stay in Thailand as reason for transfer?  Seems to work well but delays the 5 second process until 1400 same or next workday.  But even to accounts at other banks immigration normally accepts Wise receipt and/or paperwork you can obtain from the transferring bank to show foreign origin.  

[rodknock]

transfer wise use reason; long stay in Thailand

it will be listed as international transfer, that has been what i have used and had no issues.

i just completed a transfer this week.

[BudRight]

12 hours ago, cmarshall said:

The better solution is State Department Federal Credit Union.  They offer accounts to expats.  If you have your pension, either SS or any pension, direct deposited into your SDFCU account every month then you qualify for "emeritus member" status, the chief benefit of which is that you can do domestic wire transfers at $6 a pop.  Then if you have an account at Bangkok Bank you can do a wire transfer, not an ACH transfer, to that account in any amount.  The funds will be available at BKK Bank first thing in the morning of the next business day.  BBK Bank is the only Thai bank that is also a US bank with an ABA number, which is required for a domestic wire transfer.

 

These transfer do get coded as foreign transfers on a bank statement from BKK Bank.  I use the income method myself for visa renewal.

I do not have any sort of social security or pension, but thanks for the tip about SDFCU and the domestic wire transfers (as I hadn't considered the latter option).

[BudRight]

6 hours ago, rodknock said:

transfer wise use reason; long stay in Thailand

it will be listed as international transfer, that has been what i have used and had no issues.

i just completed a transfer this week.

Wow, great. I'll try that.

[cmarshall]

13 minutes ago, BudRight said:

I do not have any sort of social security or pension, but thanks for the tip about SDFCU and the domestic wire transfers (as I hadn't considered the latter option).

You don't have to be an "emeritus member" to do a domestic wire transfer from SDFCU to BBK Bank, but if you aren't it will cost you $20 each instead of $6.  You could also do an international wire transfer to any other Thai bank for a cost of $25 per.

 

Some brokerage firms, such as Fidelity and Vanguard, offer free domestic wire transfers, but I wouldn't recommend those particular brokerage firms, because they would freeze your account if they got wind that you became an expat.  

[bkk6060]

 

Wire transfer 25 bucks from most banks.

[mtls2005]

1 hour ago, cmarshall said:

to do a domestic wire transfer from SDFCU to BBK Bank

BBL NY charges a sliding fee, from 0$ to $20  

 

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

 

And BBL THL charges a sliding fee, 200 baht to 500 baht.

 

So these can add up.

 

WISE seems simpler, and more cost-effective? (I don't use WISE - I did pilot it once just as a backup.)

 

Pretty easy to do a quick comparison.

 

I just make an international SWIFT wire transfer directly - OK there is an intermediary bank JP Morgan Chase.

 

 

For the OP - I don't profess to follow all these threads closely but some of our resident forum experts continue to say that there are no retail banks in the U.S. supporting the new IAT format.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Edited February 13, 2022 by mtls2005